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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, October 5, 2023, Vol. 24, No. 200

                           Headlines



C Y P R U S

BANK OF CYPRUS: Moody's Ups Deposit Ratings From Ba1, Outlook Pos.


F R A N C E

ACCOR SA: Fitch Gives 'BB(EXP)' Rating on EUR500MM Sub. Bond
EUTELSAT COMMUNICATIONS: Moody's Cuts CFR to Ba2, Outlook Negative


G E R M A N Y

TUI CRUISES: Fitch Hikes LongTerm IDR to 'B', Outlook Positive


I T A L Y

GUALA CLOSURES: Moody's Affirms B1 CFR & Alters Outlook to Positive


L U X E M B O U R G

TRAVELPORT FINANCE: BlackRock Fund Marks $1.2MM Loan at 39% Off


N E T H E R L A N D S

INFARM: Declared Bankrupt in the Netherlands
LEALAND FINANCE: BlackRock Fund Marks $347000 Loan at 44% Off


P O R T U G A L

VASCO FINANCE 1: Fitch Gives 'Bsf' Final Rating on Class E Notes


S E R B I A

EI PIONIR: Put Up for Auction for RSD201.1 Million


S P A I N

SABADELL CONSUMER 1: Fitch Gives Final BB+sf Rating on Cl. D Notes


S W E D E N

SAS: Swedish Government's Stake Wiped Out as Part of Rescue Deal


T U R K E Y

TURKCELL: S&P Affirms 'B' LongTerm ICR & Alters Outlook to Stable


U N I T E D   K I N G D O M

CHESHUNT LAKESIDE: Enters Administration
CLARA.NET HOLDINGS: Fitch Lowers LongTerm IDR to B, Outlook Stable
CLARANET INT'L: S&P Lowers LongTerm ICR to 'B-', Outlook Stable
MAISON BIDCO: Fitch Affirms LongTerm IDR at 'BB-', Outlook Stable
SHERWOOD OAKS: Set to Go Into Administration

TOWER BRIDGE 2022-1: Fitch Affirms 'BB+sf' Rating on Class X Notes

                           - - - - -


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C Y P R U S
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BANK OF CYPRUS: Moody's Ups Deposit Ratings From Ba1, Outlook Pos.
------------------------------------------------------------------
Moody's Investors Service has upgraded Bank of Cyprus Public
Company Limited's and Hellenic Bank Public Company Ltd's ratings,
including their long-term deposit ratings to Baa3 from Ba1 and
their Baseline Credit Assessments (BCAs) and Adjusted BCAs to ba2
from ba3.

The outlook on the two banks' long-term deposit and senior
unsecured debt ratings is positive.

The main driver for the rating upgrade is the continued resilience
of the Cypriot economy and credit conditions, which are leading to
supportive operating conditions for Cypriot banks. This has led
Moody's to raise its Macro Profile score for Cyprus to "Moderate",
from "Moderate-".

The rating action also captures the continued improvements in
Cypriot banks' individual solvency profiles, with further gradual
improvements in asset quality and capital metrics, and a
significant strengthening in banks' core profitability.

The positive outlooks reflect Moody's expectations that the two
banks will maintain solid profitability and capital metrics, and
will continue to reduce legacy asset quality risks, countering any
new nonperforming loans (NPL) that may stem from the higher
interest rate environment and still-high inflation.

RATINGS RATIONALE

CYPRUS' MACRO PROFILE WAS RAISED TO MODERATE, FROM MODERATE -

The main rating driver for the upgrades is the strengthened
resilience of the Cypriot economy and bank credit conditions
leading to a more supportive operating environment for the
country's banks.

The Cypriot economy continues to be resilient despite significant
external shocks, the latest being the Russia-Ukraine military
conflict and related sanctions, and Moody's expects GDP growth of
2.3% in 2023 and 2.8% in 2024 for Cyprus, which is higher than the
rating agency's forecast for the euro area (0.7% in 2023 and 1.2%
in 2024). Moody's also expects solid medium-term GDP growth of 3.2%
on average over 2025-27 supported by significant foreign direct
investment projects and investments, with investments and growth
further underpinned by sizeable European Union funds and the
related reforms spelt out in Cyprus' national recovery and
resilience plans.

At the same time, while residual asset risks remain, in the context
of still elevated NPLs, the higher interest rate environment and
still-high inflation, initial indications are of a limited impact
on the Cypriot banks' asset quality profile as banks continue to
resolve their legacy asset quality issues leading to further
improvements in asset quality metrics in the last few quarters.

As a consequence, Moody's has increased Cyprus' macro profile score
by one notch to "Moderate", which in turn translates into upward
pressure on rated banks' standalone credit profiles.

BANK-SPECIFIC RATING DRIVERS

BANK OF CYPRUS

--- Rationale for Upgrade

The upgrade of Bank of Cyprus' long-term ratings and assessments
reflects Cyprus' higher Macro profile of "Moderate", underpinned by
the resilience of the Cypriot economy and overall credit
conditions, that is in turn reducing risks to the bank's credit
profile.

The higher ratings also reflect continued gradual improvements in
asset quality and capital metrics, and a significant strengthening
in the bank's core profitability. Reported nonperforming exposures
(NPEs) declined to 3.6% of gross loans as of June 2023, from 4.0%
as of December 2022, and the bank strengthened its coverage to 78%
of NPEs as of June 2023. Bank of Cyprus reported a Common Equity
Tier 1 (CET1) capital ratio of 16.0% as of June 2023 (which
incorporates dividend accruals and the reviewed results for the
first half of 2023), up from 15.2% as of year-end 2022, the highest
level in recent years. Finally, reported net income to tangible
assets strengthened materially to 1.6% during the first six months
of 2023, from 0.5% during 2022, supported by the higher interest
rate environment and the bank's cost cutting initiatives.

--- Rationale for Positive Outlook

The positive outlook on the long-term deposit and senior unsecured
debt ratings reflects Moody's expectation that residual
asset-quality risks will continue to recede as the bank continues
to reduce its stock of foreclosed real estate assets, as the bank
maintains solid profitability and capital metrics, and as asset
quality metrics remain resilient to the higher inflation and
interest rate environment.

Bank of Cyprus' Baa3 long-term deposit ratings continue to be
placed two notches above its ba2 BCA, driven by the current
protection afforded to depositors from more loss-absorbing junior
securities. The positive outlook on the long-term deposit ratings
also takes into account that potential future debt issuances by the
bank and evolution of its balance sheet could provide a higher
buffer for depositors.

HELLENIC BANK

--- Rationale for Upgrade

The upgrade of Hellenic Bank's long-term ratings and assessments
reflects Cyprus' higher Macro profile of "Moderate", underpinned by
the resilience of the Cypriot economy and overall credit
conditions, that is in turn reducing risks to the bank's credit
profile.

The higher ratings also reflect continued gradual improvements in
asset quality and capital metrics, and a significant strengthening
in the bank's core profitability. Hellenic Bank's NPEs dropped to
3.3% of gross loans as of June 2023, excluding NPEs that are 90%
guaranteed by the government, from 3.6% as at year-end 2022,
adjusted for its latest NPE sale. Hellenic Bank's CET1 ratio was at
a high 20.8% as of June 2023, up from 19.1% as of year-end 2022.
Net income to tangible assets also strengthened significantly to
1.6% during the first six months of 2023, from 0.4% during 2022,
supported by the higher interest rate environment and the bank's
cost cutting initiatives.

--- Rationale for Positive Outlook

The positive outlook on the long-term deposit and senior unsecured
debt ratings reflects Moody's expectation that the bank will
maintain solid profitability and capital metrics, as asset quality
metrics remain broadly stable in spite of the higher interest rate
environment and still-high inflation that is weighing on borrowers'
loan repayment capacity.

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

Bank of Cyprus' ratings could be upgraded if the bank maintains
solid profitability and capital metrics, it reduces its stock of
real estate property and it mitigates the impact of any weaker
borrower repayment capacity on its asset-quality metrics. Bank of
Cyprus' deposit ratings could also benefit from increased future
debt issuances or from a shrinking of its balance sheet, which
significantly raise the buffers available to absorb losses.

Given the positive outlook, it is unlikely that there will be a
downgrade in Bank of Cyprus' ratings. The positive outlook on the
bank's ratings may be changed to stable if Moody's determines that
recent asset quality improvements will reverse, the current
operating environment will weaken or if the rating agency
determines that solid profitability metrics are not sustainable.

Hellenic Bank's ratings could be upgraded if the bank manages to
maintain solid profitability, by further enhancing operational
efficiencies, growing its lending sustainably and increasing other
sources of revenue to counter its high reliance on net interest
income. Sustaining recent NPE improvements, improving its NPE
coverage ratio and maintaining solid capital levels are also
important for an upgrade.

Given the potential acquisition of a majority stake in Hellenic
Bank by Greece's Eurobank S.A., the ratings may also be impacted by
any upgrade to Eurobank S.A.'s BCA (ba2, deposit rating of Baa3,
with a positive outlook).

Given the positive outlook, it is unlikely that there will be a
downgrade in Hellenic Bank's ratings. The positive outlook on the
bank's ratings may be changed to stable if Moody's expects that
recent asset quality improvements will reverse or that the
operating environment will weaken, or if the rating agency
determines that solid profitability metrics are not sustainable.

LIST OF AFFECTED RATINGS

Issuer: Bank of Cyprus Holdings Public Ltd Company

Outlook Actions:

No Outlook

Upgrades:

Subordinate Medium-Term Note Program (Foreign Currency), Upgraded
to (P)Ba3 from (P)B1        

Subordinate Medium-Term Note Program (Local Currency), Upgraded to
(P)Ba3 from (P)B1          

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

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

Pref. Stock Non-cumulative (Local Currency), Upgraded to B2 (hyb)
from B3 (hyb)                  

Subordinate Regular Bond/Debenture (Local Currency), Upgraded to
Ba3 from B1            

Issuer: Bank of Cyprus Public Company Limited

Outlook Actions:

Outlook, Remains Positive

Upgrades:

Adjusted Baseline Credit Assessment, Upgraded to ba2 from ba3

Baseline Credit Assessment, Upgraded to ba2 from ba3

ST Counterparty Risk Assessment, Upgraded to P-2(cr) from P-3(cr)

LT Counterparty Risk Assessment, Upgraded to Baa2(cr) from
Baa3(cr)

ST Counterparty Risk Rating (Foreign Currency), Upgraded to P-2
from P-3

ST Counterparty Risk Rating (Local Currency), Upgraded to P-2 from
P-3

LT Counterparty Risk Rating (Foreign Currency), Upgraded to Baa2
from Baa3

LT Counterparty Risk Rating (Local Currency), Upgraded to Baa2
from Baa3

ST Bank Deposits (Foreign Currency), Upgraded to P-3 from NP

ST Bank Deposits (Local Currency), Upgraded to P-3 from NP

LT Bank Deposits (Foreign Currency), Upgraded to Baa3 POS from Ba1
POS

LT Bank Deposits (Local Currency), Upgraded to Baa3 POS from Ba1
POS

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

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

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

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

Senior Unsecured Regular Bond/Debenture (Local Currency), Upgraded
to Ba2 POS from Ba3 POS              

Issuer: Hellenic Bank Public Company Ltd

Outlook Actions:

Outlook, Remains Positive

Upgrades:

Adjusted Baseline Credit Assessment, Upgraded to ba2 from ba3

Baseline Credit Assessment, Upgraded to ba2 from ba3

ST Counterparty Risk Assessment, Upgraded to P-2(cr) from P-3(cr)

LT Counterparty Risk Assessment, Upgraded to Baa2(cr) from
Baa3(cr)

ST Counterparty Risk Rating (Foreign Currency), Upgraded to P-2
from P-3

ST Counterparty Risk Rating (Local Currency), Upgraded to P-2 from
P-3

LT Counterparty Risk Rating (Foreign Currency), Upgraded to Baa2
from Baa3

LT Counterparty Risk Rating (Local Currency), Upgraded to Baa2
from Baa3

ST Bank Deposits (Foreign Currency), Upgraded to P-3 from NP

ST Bank Deposits (Local Currency), Upgraded to P-3 from NP

LT Bank Deposits (Foreign Currency), Upgraded to Baa3 POS from Ba1
POS

LT Bank Deposits (Local Currency), Upgraded to Baa3 POS from Ba1
POS

Subordinate Medium-Term Note Program (Foreign Currency), Upgraded
to (P)Ba3 from (P)B1          

Subordinate Medium-Term Note Program (Local Currency), Upgraded to
(P)Ba3 from (P)B1                

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

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

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

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

Subordinate Regular Bond/Debenture (Local Currency), Upgraded to
Ba3 from B1                        

Senior Unsecured Regular Bond/Debenture (Local Currency), Upgraded
to Ba2 POS from Ba3 POS      

PRINCIPAL METHODOLOGY

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




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

ACCOR SA: Fitch Gives 'BB(EXP)' Rating on EUR500MM Sub. Bond
------------------------------------------------------------
Fitch Ratings has assigned Accor SA's (BBB-/Stable) planned EUR500
million undated deeply subordinated bond an expected rating of
'BB(EXP)'. The proposed securities qualify for 50% equity credit.
The assignment of final rating is contingent on the receipt of
final documents conforming to information already reviewed.

The 'BB(EXP)' rating is two notches below Accor's Issuer Default
Rating (IDR) of 'BBB-', reflecting the bond' higher loss severity
and risk of non-performance relative to senior obligations. The
proposed bond will be used to finance the tender offer for Accor's
existing EUR500 million hybrids as the company intends to maintain
around EUR1 billion of hybrid debt in its capital structure. The
new hybrid issue will rank equally with existing hybrid
instruments.

KEY RATING DRIVERS

50% Equity Credit: The proposed securities qualify for 50% equity
credit as they meet Fitch's criteria for subordination, remaining
effective maturity of more than five years, full discretion to
defer coupons and no events of default. Deferrals of coupon
payments are cumulative and there are no look-back provisions.

Effective Maturity Date of Hybrid: The deeply subordinated bonds
are perpetual notes with no legal maturity date. They are callable
5.5 years after the issue date (first step-up date) and every year
subsequently on any interest payment date. Fitch deems the second
coupon step-up date falling 25.5 years from the issue date as an
effective maturity date. This is because the cumulative coupon
step-up would exceed 100bp, the threshold defined by its criteria.

Change-of-Control Clause: The terms of the hybrids include call
rights in the event of a change of control. If this event triggers
a downgrade of the Accor's IDR to a non-investment grade, the
company has the option to redeem all of the securities. If Accor
elects not to redeem the hybrid securities, the then prevailing
Interest rate, and each subsequent interest rate on the securities
will increase by 5%. Change-of-control clauses with call options
that result in a coupon step-up of up to 500bp, if the hybrid is
not called, do not negate equity credit, as per its criteria.

'BBB-' IDR: Accor's IDR of 'BBB-' reflects its strong post-pandemic
business recovery and is also based on its assumption that future
shareholder remuneration and investments will be aligned with the
company's commitment to investment-grade rating. The rating also
incorporates Accor's leading position in the global hospitality
market, strong geographic and price-segment diversification and
financial flexibility, as well as improved cost-structure
flexibility.

DERIVATION SUMMARY

Accor is an asset-light hotel operator, which Fitch views as more
stable than an asset-heavy business model that is fully reliant on
hotel ownership or leasing. However, in contrast to other
asset-light peers, such as Wyndham Hotels & Resorts Inc. (BB+/
Stable) and Hilton Worldwide Holdings Inc, Accor is more reliant on
management fees than franchising fees and is therefore more exposed
to volatility in revenue per available room (RevPAR) during
economic cycles.

Accor compares well with Hyatt Hotels Corporation (BBB-/Stable) as
they have both recently transitioned to asset-light business models
with most of their revenue driven by management fees from hotel
owners. Accor has a larger room-system size than Hyatt but is
smaller in EBITDAR as Hyatt has stronger profit margins, benefiting
from its focus on the luxury and upscale segments that generate
higher management and franchising fees per room.

At the same time, Accor's greater diversification by price segments
and substantial presence in the economy segment make it more
resilient to economic cycles than Hyatt. Accor is also more
geographically diversified than Hyatt as it has a lower
concentration on a single region (Europe for Accor and north
America for Hyatt) and has a wider footprint in Asia-Pacific.
Accor's stronger business profile is offset by its higher leverage
than Hyatt's and Fitch therefore rates both companies at 'BBB-'.

Accor is rated one notch below Whitbread PLC (BBB/ Stable), an
asset-heavy hotel operator. Whitbread's room system size is 10x
smaller than Accor's and its hotel portfolio is concentrated in the
UK market, with some growing presence in Germany. Accor is also
more diversified by price segment as Whitbread is focused on the
economy segment. However, their one-notch rating difference stems
from Whitbread's lower leverage and resilient performance during
economic cycles. Fitch may considers allowing a greater debt
capacity for Accor's rating once stability of its EBITDA improves.

Accor is rated higher than other European peers in the lodging
sector, such as NH Hotel Group S.A. (B/ Positive), Sani/Ikos Group
S.C.A. (B-/ Negative), Alpha Group SARL (B-/ Stable). This is
because of its substantially stronger business profile and
financial flexibility, as well as its lower leverage metrics.

KEY ASSUMPTIONS

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

- RevPAR growth of 15%-20% in 2023, moderating to low-single
  digits from 2024

- Room-system growth in low- to mid-single digits over 2023-2026

- Strong growth in Fitch-adjusted EBITDA in 2023, in line with
  Accor's guidance

- Capex of around EUR500 million in 2023, reducing to EUR250
  million a year for 2024-2026

- Working-capital net inflow in 2023, driven mostly by the
  termination of supplier credit to AccorInvest

- Dividends of EUR288 million (ordinary and special) in 2023
  and at 50% of free cash flow (FCF) calculated in accordance
  with Accor's approach for 2024-2026

- Equity credit of 50% for EUR1 billion hybrids

- Bolt-on M&A (including acquisition of subsidiaries and
  minority stakes) of EUR250 million a year over 2024-2026

- No divestment of Accor's 30% stake in AccorInvest

- Share buyback spending to be aligned with commitment to
  investment-grade rating

RATING SENSITIVITIES

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

- Room system expansion, accompanied by system-wide RevPAR growth
  and improving EBITDA margin

- Successful cost optimisation and full transition towards an
  asset-light business model, leading to a more stable EBITDA
  margin

- EBITDAR net leverage (adjusted for variable leases) below 3.5x
  on a sustained basis, supported by a consistent financial policy

- EBITDAR fixed-charge coverage above 3x on a sustained basis

- Mid-single-digit FCF margin (after dividends)

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

- Weakening operating performance reflected in slower revenue
  growth to low single digits and EBITDA margin below 18% on a
  sustained basis

- EBITDAR net leverage (adjusted for variable leases) above 4x
  on a sustained basis due to operating underperformance or
  higher-than-expected shareholder remuneration

- EBITDAR fixed-charge coverage below 2.5x on a sustained basis

- Neutral or volatile FCF margin (after dividends)

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: At end-June 2023, Accor's EUR1.6 billion of
readily available cash and undrawn revolving credit facility of
EUR1.2 billion (maturing in June 2025) were sufficient to cover
short-term debt of EUR0.5 billion. Accor's refinancing in 2019 and
2021 extended its debt maturity profile, with no material
maturities before 2026.

ESG CONSIDERATIONS

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

   Entity/Debt              Rating           
   -----------              ------           
Accor SA

   Subordinated        LT   BB(EXP)   Expected Rating


EUTELSAT COMMUNICATIONS: Moody's Cuts CFR to Ba2, Outlook Negative
------------------------------------------------------------------
Moody's Investors Service has downgraded to Ba2 from Ba1 the
corporate family rating and to Ba2-PD from Ba1-PD the probability
of default rating of Eutelsat Communications SA ("Eutelsat" or "the
company"), a leading satellite operator. Concurrently, Moody's has
downgraded to Ba2 from Ba1 the ratings on the senior unsecured debt
instrument ratings issued by its main operating subsidiary Eutelsat
SA, including the EUR800 million and EUR600 million notes maturing
in October 2025 and July 2027, respectively. Previously, the
ratings of both entities were placed on review for downgrade. The
outlook on the ratings is negative.

This rating action concludes the review for downgrade of Eutelsat
SA's ratings originally initiated on July 29, 2022, when Eutelsat
announced[1] the merger with OneWeb, the global low Earth orbit
(LEO) satellite communications network, powered by a constellation
of 634 LEO satellites that enable high-speed, low latency
connectivity for governments, businesses and communities. The
review for downgrade continued after the downgrade of Eutelsat SA's
ratings to Ba1 from Baa3 and the assignment of Eutelsat's Ba1 CFR
and Ba1-PD PDR on June 14, 2023.

This rating action follows the announcement[2] that on September
28, 2023, Eutelsat completed its all-share combination with OneWeb,
following Eutelsat's shareholders' approval.

"The downgrade to Ba2 from Ba1 reflects the expected deterioration
in Eutelsat's credit metrics following the merger with OneWeb,"
says Ernesto Bisagno, a Moody's Vice President - Senior Credit
Officer and lead analyst for Eutelsat.

"The negative outlook takes into account the execution risk from
the merger, and the fact that the combined entity's free cash flow
will remain negative over 2023-26, because of OneWeb's material
investment programme," adds Mr Bisagno.

RATINGS RATIONALE

The rating action reflects the expected deterioration in Eutelsat's
credit metrics resulting from the merger with OneWeb. Pro forma for
the transaction, Eutelsat's Moody's-adjusted leverage increased to
5.2x as of June 2023 from 4.1x on a stand-alone basis. Although the
merger is an all-share transaction, the increase in leverage is
caused by OneWeb's negative EBITDA contribution.

The merger will create the first integrated GEO/LEO player globally
and the combined entity will be able to better address the
connectivity growth opportunity, with an estimated addressable
market of EUR16 billion in 2030.

Management expects to achieve total synergies of EUR1.5 billion
after taxes (net of implementation costs), including average annual
expected revenue synergies of EUR150 million by 2027, with hybrid
GEO/LEO offerings providing a premium service to customers; pretax
cost savings of more than EUR80 million by year 5, mostly through
elimination of duplicate costs; and average savings estimated from
capital spending optimisation of more than EUR80 million from
2025.

The combined entity's EBITDA should grow at a mid-teen compound
annual growth rate (CAGR) over the medium to long term, outpacing
sales growth, with the EBITDA margin gradually returning to

Eutelsat's historical level of around 70% beyond 2026. Management
expects OneWeb's EBITDA to start improving in 2024 and to break
even in 2025. However, the company marginally reduced the EBITDA
expectation for the combined entity in fiscal 2024 (ending June 30,
2024) to EUR725 million-EUR825 million from EUR750 million- EUR850
million guided in October 2022. The revision was mainly driven by a
revenue recognition delay at OneWeb.

Moody's expects the combined entity's Moody's-adjusted debt/EBITDA
ratio will decline towards 4.0x by 2026, driven by higher EBITDA.
However, FCF will remain negative over 2023-26 because of the
significant increase in capital spending related to OneWeb's Gen-2
constellation.

The transaction entails some degree of execution risk, particularly
owing to the large capital spending programme and the integration
of the two constellations. In addition, EBITDA growth will also
depend on Eutelsat's ability to scale up the OneWeb business and
achieve the planned  synergies. Moody's nevertheless notes the
steady increase of the OneWeb order backlog to about EUR1 billion.

Pressure on FCF will be partially offset by the suspension of
dividends over 2023-25, the $300 million of pre-tax C-band proceeds
expected to be received by Q1 FY2023-24; and the potential for cost
and capital spending synergies from 2025. In addition, Eutelsat's
FCF generation excluding OneWeb would also remain  positive.

Eutelsat's Ba2 rating reflects the company's strong market position
as the third-largest fixed satellite services (FSS) operator
globally; its status as a convergent LEO/GEO operator; its order
backlog, which covers 3.1x of its revenue; and its strong
profitability. The rating is constrained by the weakened credit
metrics following the merger with OneWeb; the execution risk of the
integration and capex plan, and the difficult market conditions for
satellite operators with the ongoing revenue contraction in the
video segment.

LIQUIDITY

Eutelsat's liquidity is adequate, underpinned by cash and cash
equivalents of around EUR482 million as of June 2023; and access to
committed bank facilities of EUR850 million (fully undrawn as of
June 2023), of which EUR200 million will mature in June 2027, and
the rest in September 2025. The company also has access to a EUR159
million structured debt facility (fully undrawn as of June 2023).
In addition, by Q1 FY2023-24, the company will receive around $300
million related to the monetisation of the C-band assets.

However, after the merger with OneWeb, the company is expected to
generate negative FCF (around EUR-400 million each year over
2024-25) because of the increased capital spending requirements.
Although the existing liquidity sources offer some cushion, the
company will need to raise additional funding over the next 12
months. In addition, the company faces an EUR800 million bond
maturity in October 2025.

Eutelsat's access to committed bank facilities is restricted by a
net leverage covenant set at net debt/EBITDA below 4.0x (for the
facilities at the Eutelsat level, with the calculation taking into
account the expected proceeds after tax from the C-band
monetisation, for the calculation until June 2024); while at the
Eutelsat Communications level the net leverage covenant has been
relaxed to 4.75x until 2024, and 4.5x until 2025. As a result,
Moody's expects sufficient headroom over the next 12 months,
although marginally below historical levels because of the
increased leverage.

STRUCTURAL CONSIDERATIONS

Eutelsat's PDR of Ba2-PD reflects the use of a 50% family recovery
rate assumption, as is consistent with capital structures that
include both bank debt and bonds. The bonds are rated Ba2, in line
with the long term CFR, as the vast majority of the group's debt is
sitting at the Eutelsat SA level.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects Eutelsat's high leverage and the fact
that the combined entity will remain FCF negative over 2023-26,
which will require significant funding needs, at a time when the
company will also face material debt maturities starting in 2025.

The negative outlook also reflects the execution risk associated
with the transaction, with potential downside risks to Moody's
expectations, in particular related to Eutelsat's ability to scale
up the OneWeb business and to restore earnings growth.

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

Upward rating pressure over the next 12-18 months is unlikely but
would require an improvement in Eutelsat's operating performance
owing to a combination of strong revenue and earnings growth, along
with improved free cash flow (FCF), and a stronger liquidity.
Quantitatively, a rating upgrade would require its Moody's-adjusted
gross debt/EBITDA ratio to decline below 3.75x, and its Moody's
adjusted FCF/debt ratio to increase in the mid-to-high single digit
range.

Further downward rating pressure would develop if Eutelsat's EBITDA
does not recover and leverage does not reduce from the current high
levels, with its Moody's-adjusted gross debt/EBITDA sustainably
exceeding 4.25x. A further deterioration in free cash flow
generation or failure to address the 2024-25 funding needs in the
next quarters could also lead to downward pressure on the ratings.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Communications
Infrastructure published in February 2022.
COMPANY PROFILE

Eutelsat SA is the main operating subsidiary of Eutelsat
Communications SA, which was created in 1977 and is headquartered
in Paris (Eutelsat). Eutelsat is one of Europe's leading satellite
operators and one of the top-three global providers of FSS. The
company's fleet of 36 geostationary satellites reaches up to 150
countries in Europe, Africa, Asia and the Americas. Eutelsat
generates around 60% of its business from the video segment.




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

TUI CRUISES: Fitch Hikes LongTerm IDR to 'B', Outlook Positive
--------------------------------------------------------------
Fitch Ratings has upgraded TUI Cruises GmbH's (TUI) Long-Term
Issuer Default Rating (IDR) to 'B' from 'B-'. The Outlook is
Positive. Fitch has also upgraded TUI Cruises' senior unsecured
notes to 'CCC+' from 'CCC' The notes' Recovery Rating remains at
'RR6'.

The upgrade reflects its expectations of continued profit
improvement driven by recovery in occupancy to pre-pandemic levels,
ramp-up of new operating capacity, and as price increases offset
cost inflation.

The 'B' IDR also reflects the company's solid business
fundamentals, with a strong market position as the second largest
cruise line in Europe, diversified offering, one of the industry's
youngest and most efficient fleet and predictable demand supporting
high operating margins.

Fitch projects a recovery in EBITDA margin to above 30%, which
would in turn reduce EBITDA leverage to 6.0x-6.5x in 2023-2024.
This is despite an expected increase in debt in 2024 to finance two
new vessel deliveries. The leverage metric will further decline to
below 5.5x from 2025 on further profit generation and increasing
free cash flow (FCF), which is underscored in the Positive
Outlook.

KEY RATING DRIVERS

Solid Revenue Recovery: TUI has demonstrated strong recovery
post-pandemic, with ramp-up of occupancies ahead of Fitch's
forecasts for 2023, translating into projected revenues of EUR1.7
billion for this year, after a strong rebound in 2022 to above
pre-pandemic levels. In the year to date, particularly in 2Q23,
occupancies were near capacity and profitability averaged close to
32% in 8M23. Fitch expects TUI to maintain this performance, with
variations linked to seasonality.

Improved Deleveraging Prospects: The upgrade and the Positive
Outlook reflect TUI's improved deleveraging prospects. Fitch
expects EBITDA leverage to decline to 6.0x at end-2023 from 10.1x
in 2022 but to increase modestly to 6.4x in 2024 due to new debt to
finance its two vessel deliveries, which is still consistent with a
'B' IDR.

Profit contributions from the new vessels would reduce EBITDA
leverage further to be below 5.0x from 2025, which in combination
with TUI's steady operating profile, would support a further
upgrade within the next 12-18 months. Conversely, a delayed ramp-up
of added capacity, occupancies trending below Fitch's assumptions
or weaker-than-expected margins could disrupt the deleveraging path
and reduce the prospect of a positive rating action.

Strong Business Profile: TUI has a strong market position as the
second largest German cruise line with around a 30% market share.
Its concentrated customer base enables the company to better adapt
its product offering to customer preferences, resulting in a high
level of repeat bookings at close to 60% of total customers. This
allows TUI to maintain its current market position while growing
via additions of new ships from 2024 onwards.

EBITDA Margins to Ease: TUI 's premium product offering enabled it
to generate industry-leading EBITDA margin of close to 40% in 2019.
However, due to the integration of the luxury segment (acquired in
2019) and current higher inflation, Fitch assumes EBITDA margins
will trend lower to 30%- 35%, albeit remaining strong for the
industry.

New Vessels to Support Growth: The Positive Outlook materially
hinges on TUI's capacity expansion with the addition of three new
ships from 2024 to 2026. Supportive demand and constrained global
cruise ship supply due to delivery times should underpin TUI's
ramp-up of operations in these new additions. Fitch expects these
to be as profitable as the current fleet in light of proven
synergies, lower fuel consumption and economies of scale. Delayed
deliveries or postponed itineraries would, however, derail the
deleveraging path and affect the rating.

Enhanced Liquidity Buffer: Fitch expects TUI to generate positive
FCF in 2023 of over EUR200 million, after EUR108 million positive
FCF in 2022. The cost of the fleet expansion in 2024 will likely
lead to deeply negative FCF. Fitch also acknowledges limited
flexibility in maintenance capex. TUI's exposure to interest rates
is limited with only about 20% of its total debt on variable rates.
Tolerance for higher leverage targets or deviation from its
pre-pandemic financial policy would weaken TUI's liquidity position
and affect its ratings.

Standalone Rating: TUI is rated on a standalone basis despite its
50% ownership each by TUI AG and Royal Caribbean. Both the
shareholders reflect TUI as a joint venture in their financial
accounts with no relevant contingent liabilities or cross
guarantees between the owners and TUI. TUI manages its funding and
liquidity independently. Operational related-party transactions
with the owners, primarily in marketing and technical operations,
are conducted on an arms-length basis.

DERIVATION SUMMARY

All major cruise operators such as Royal Caribbean, Carnival or NCL
Corporation (Norwegian Cruises) faced severe operating pressures
and liquidity tensions during the pandemic, which drove multi-notch
downgrades across the Fitch-rated portfolio. TUI exhibits a weaker
market position than industry leaders, whose fleet capacity and
EBITDAR are significantly higher.

However, TUI benefits from recognised brand awareness and
diversification into the luxury segment, where competition is less
intense. During 2022, TUI successfully managed to return to close
to pre-pandemic occupancy levels despite exposure to its core
German market.

Fitch estimates TUI will deleverage faster than its competitors; it
was one of the first lines to resume operations during the
pandemic, which led to lower liquidity needs and better sourcing of
staff (which benefited margins). While peers doubled and tripled
their debt quantum during the pandemic, Covid-19's impact on
leverage was milder at TUI. Therefore, Fitch expects TUI to return
to its pre-pandemic metrics sooner than its peers.

KEY ASSUMPTIONS

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

- Low single-digit ticket price growth from 2024 onwards

- Occupancies of 97% in 2023 for Mein Schiff and 67% for
  Hapag-Lloyd Cruises, and improving marginally for 2024-2026

- EBITDA margin at 30.4% in 2023 and improving gradually to 32.5%
  in 2026

- Cost of floating-rate debt to increase in line with Fitch's
  assumption on eurozone base rates

- Restricted cash of EUR45 million

- Capex at 14%-15% of revenue in 2023, followed by major one-off
  cash outlay for fleet expansion of EUR1.4 billion in 2024

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that TUI would be reorganised as a
going-concern (GC) in bankruptcy rather than liquidated. Ships can
be sold for scrap but this typically does not occur until near the
end of its useful life (30-40 years) and at a much greater discount
than mid-life ships. This is due to the inherent cash flow
generating ability of the ships, even older ones, which can be
moved into cheaper/less favorable locations as they age.

Fitch has assumed a 10% administrative claim.

TUI's GC EBITDA of EUR536 million is based on Fitch forecasts for
2023 EBITDA, which is about 10% lower than 2019's.

The GC EBITDA estimate reflects Fitch's view of a stressed but
sustainable, post-reorganisation EBITDA level on which Fitch bases
the enterprise valuation (EV).

An EV multiple of 6.5x EBITDA is applied to the GC EBITDA to
calculate a post-reorganisation EV. This reflects market M&A
multiples for cruise operators of 9x-20x over the last 20 years
(though these assets typically do not change hands frequently)

TUI's EUR705 million revolving credit facility (RCF) and term loan
B, EUR121 million KfW loan and all the vessel financing are secured
and rank ahead of its EUR523.5 million senior unsecured notes in
its waterfall-generated recovery computation. The RCF is assumed to
be fully drawn on default.

The allocation of value in the liability waterfall results in 0%
recovery for the senior unsecured notes corresponding to 'RR6'.

RATING SENSITIVITIES

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

− Timely and profitable capacity growth with occupancy and cost
  control leading to an EBITDA margin above 32%

− Visibility on positive FCF generation and ECA financing
  sustaining comfortable liquidity

− Total debt/EBITDA sustained below 5.5x, supported by
  consistent financial policy

− Improvement in recovery assumptions due to EBITDA growth
   or reduction in prior-ranking debt could lead to an
   upgrade of the senior unsecured bond rating

Factors That Could, Individually or Collectively, Lead to the
Outlook Being Revised to Stable:

- Delayed ramp-up of new capacity leading to lack of
  visibility over deleveraging to below 5.5x by end-2025

Factors That Could, Individually or Collectively, Lead to
Downgrade:

- Pricing power and occupancy weakness leading to high
  single-digit revenue decline and EBITDA margin below 27%

− Total debt/EBITDA sustained above 6.5x

- EBITDA/interest below 2.5x

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: TUI's liquidity is adequate. Total cash and
equivalents at end-June 2023 was EUR95.5 million (excluding Fitch
restricted cash of EUR40 million) alongside EUR312 million of
undrawn and available credit lines. In December 2022, TUI extended
its term loan and RCF in the amount of EUR700 million to December
2025 from March 2024, with an extension option until December 2026
(at its own discretion). In addition, further covenant headroom
until 1Q25 has been agreed with all parties.

Available liquidity, including Fitch-expected positive FCF in 2023
- after its EUR242 million capex for 2023 but excluding EUR138
million of planned drawdowns on pre-arranged loans for vessel
financing - is sufficient to cover short-term debt of EUR446
million (excluding leases).

ISSUER PROFILE

TUI Cruises is a mid-sized cruise ship business with two brands,
Mein Schiff and Hapag-Lloyd Cruises, operating in the premium and
luxury/expedition segments of the market, respectively. Its
customer base is primarily in Germany.

ESG CONSIDERATIONS

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

   Entity/Debt              Rating         Recovery   Prior
   -----------              ------         --------   -----
TUI Cruises GmbH     LT IDR   B      Upgrade           B-

   senior
   unsecured         LT       CCC+.  Upgrade     RR6   CCC




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

GUALA CLOSURES: Moody's Affirms B1 CFR & Alters Outlook to Positive
-------------------------------------------------------------------
Moody's Investors Service has changed the outlook of Guala Closures
S.p.A. to negative from stable. Guala is a global manufacturer of
plastic and aluminium closures for the beverage industry.

Concurrently, Moody's has affirmed Guala's B1 corporate family
rating and B1-PD probability of default rating, and B1 instrument
rating on its EUR500 million backed senior secured notes due 2028.

Moody's has also assigned a B1 instrument rating to the proposed
EUR350 million backed senior secured FRNs due 2029. Proceeds from
the issuance of the new notes will be used to fund a distribution
to Guala's shareholders, to pay for a 70% stake in the Chinese
company Yibin Fengyi Packaging Co., Ltd. (Fengyi), for general
corporate purposes (including further bolt-on acquisitions) and to
pay fees and expenses associated with the transaction.

"The change in outlook to negative from stable reflects the
significant deterioration in Guala's credit metrics pro-forma for
the proposed transaction. The incremental debt will require
sustained EBITDA growth in order to improve the company's credit
metrics to appropriate levels for the B1 rating category which
might be challenged in the context of weakening consumer sentiment
and geopolitical risk," says Donatella Maso, a Moody's Vice
President - Senior Credit Officer and lead analyst for Guala.

"After this transaction, Guala will be weakly positioned in its B1
rating with limited room for underperformance" – adds Ms Maso.

The rating action reflects corporate governance considerations
associated with the strong appetite for high leverage of Guala's
shareholders as demonstrated with the proposed recapitalization
(Financial Strategy and Risk Management), which are captured under
Moody's General Principles for Assessing Environmental, Social and
Governance Risks methodology for assessing ESG risks.

RATINGS RATIONALE

The proposed issuance is credit negative for Guala because it will
weaken its credit metrics. Pro-forma for the transaction, Guala's
leverage, as adjusted by Moody's, will materially increase to 6.4x
from 4.1x based on LTM June Moody's adjusted EBITDA of EUR153
million, well above the guidance for the current B1 rating
category. The transaction will also double the company's interest
expenses weakening its interest cover and cash flow cover ratios.
However, more positively, the transaction will improve the
liquidity sources of the company by increasing the cash balance by
up to EUR70 million (excluding Fengyi) and by increasing the super
senior revolving credit facility (RCF) by EUR54 million to EUR150
million.

Guala's operating performance in 2022 benefitted from a strong
demand recovery post pandemic particularly in the higher margin
luxury and safety closures product categories and three waves of
price increases to compensate for cost inflation, and operating
efficiency including procurement and footprint optimizations, which
offset some operational disruptions in Ukraine and Belarus and the
exit from the Russian market. As a result, Guala's revenue
increased by 33.5% year-over-year and its EBITDA, as adjusted by
Moody's, increased by 48% to EUR159 million, a level that the
company never reached historically.

However, in H1 2023 company's operating performance started to be
impacted by 9% volumes decline because of softening consumer demand
and customer destocking partially offset by a favourable product
mix (higher spirits sale in North America), price increases
implemented during 2022 and cost saving initiatives.

Moody's expects that Guala will be able to resume growth in its
EBITDA and gradually expand its margins from 2024. Customers'
orders will normalize in 2024, and Guala will continue to benefit
from positive industry trends such as premiumization and the
ongoing substitution of cork with aluminium screw caps and from its
investments in capacity and operational efficiency over the
2022-2024 period. The acquisition of Fengyi, once completed, will
contribute to approximately EUR40 million revenue and EUR5.5
million EBITDA per annum.

At the same time, Moody's cautions that the pace of EBITDA growth
could be derailed in the near term by risks posed by a weakening
macroeconomic environment which may hamper the consumer demand and
particularly the out-of-home consumption of beverage with a
negative effect on volumes and profit margins, prolonged customers
destocking, the ability to maintain current prices on the back of
declining input costs and the uncertainty around the company's
presence in Ukraine, which accounts for approximately 11% of
group's EBITDA, although only 50% relates to domestic market.

The incremental debt to primarily fund the proposed shareholders
distribution will require a sustained increase in EBITDA to
maintain the company's credit metrics within appropriate levels for
the current rating category. Although the rating agency forecasts
that the company will be able to reduce leverage from the current
6.4x towards 5.0x by 2025, the deleveraging remains contingent to
the above mentioned risks.

Moody's also expects that the company's free cash flow (FCF)
generation will be weak in 2023 and 2024 due to increased interest
costs and approximately EUR80 million of special projects aiming at
increasing the existing capacity and improving production
efficiency. These investments, consist in the construction of new
plants in Scotland and in China, in the expansion of its Mexican
facilities and in the enhancement of the group's IT infrastructure.
Beyond 2024, Moody's anticipates improvement in FCF generation.

Guala's B1 rating remains constrained by its small scale compared
with its much larger and consolidated customer base; the fact that
more than 50% of its revenue is derived from more commoditised
products (standard closures) that are subject to more intense
competition; a degree of customer concentration; its exposure to
raw material price volatility, particularly for aluminium and
plastic resins; and its exposure to foreign-exchange fluctuations
because of the currency mismatch between cash flow and debt, which
is mainly euro denominated.

On the positive side, the B1 rating is supported by Guala's solid
business profile, which is underpinned by its market-leading
position in the niche and less-standardised safety and luxury
closure segments; its presence in the less discretionary food and
beverage end markets; and by its good geographical
diversification.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

Moody's believes that governance was a key rating driver in the
rating action. The sizable increase in debt demonstrates the
aggressive financial policy of its owners and the overall tolerance
to operate with high leverage, deviating from the stated targeted
leverage of 3.0-3.5x. The higher weight of the governance risk
factors led Moody's to change Guala's Credit Impact Score (CIS) to
CIS-4 from CIS-3.

LIQUIDITY

The B1 rating is supported by a good liquidity profile. The company
will have access to approximately EUR155 million of cash on balance
sheet pro-forma for the transaction and Fengyi acquisition; full
availability under its EUR150 million super senior RCF maturing in
2027; and no significant debt maturities until 2028, when the
EUR500 million senior secured notes are due. These sources of
liquidity are sufficient to cover intra-year working capital swings
because of seasonality, capital spending (excluding IFRS 16 lease
repayments but including growth capex) of 8-9% of revenue per year
in 2023-2024; dividends to minority shareholders; and deferred
consideration liabilities.

STRUCTURAL CONSIDERATIONS

The B1 rating on the existing EUR500 million senior secured notes
due 2028 and on the proposed EUR350 million senior secured FRNs due
2029 is the same as the CFR because they represent most of the debt
in the capital structure.

Both the notes and the super senior RCF are mainly secured against
share pledges of certain companies of the group, but the RCF ranks
ahead of the notes upon enforcement. Moody's typically view debt
with this type of security package to be akin to unsecured debt. As
of June 2023, the subsidiaries guaranteeing the notes represented
together with the issuer, 45% of consolidated revenue, 43% of
consolidated adjusted EBITDA and 49% of total assets, which the
rating agency considers to be weak.

NEGATIVE RATING OUTLOOK

The negative outlook reflects the macroeconomic and geopolitical
risks which could prevent Guala to deliver its growth plan and
improve its credit metrics to levels considered appropriate for the
B1 rating category. The outlook assumes that the company will not
embark in material debt funded acquisitions or further shareholders
distributions.

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

Given the negative outlook, an upgrade on the rating is unlikely in
the next 12 to 18 months. However, upward rating pressure could
develop if Guala demonstrates its ability to continue to grow its
EBITDA; its profitability (measured as EBITDA margin) remains in
the high teens; its financial leverage (measured as
Moody's-adjusted (gross) debt/EBITDA) falls below 4.0x; its
FCF/debt stays above 5% on a sustained basis, while maintaining a
solid liquidity profile.

Downward rating pressure could arise if Guala fails to improve its
operating performance so that its Moody's-adjusted (gross)
debt/EBITDA remains sustainably above 5.0x; FCF remains negative
beyond 2024; its liquidity weakens; or there is evidence for a more
aggressive financial policy of its owners.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass and Plastic Containers published in
December 2021.

COMPANY PROFILE

Headquartered in Italy, Guala Closures S.p.A. (Guala) is a global
leader in the production of safety closures for spirits and
aluminium closures for wine. It is a major global company in the
production and sale of closures for the beverage industry. The
company operates in five continents with 31 production facilities
and employs over 5,000 people.

For the 12 months that ended June 30, 2023, Guala generated EUR914
million of revenue and EUR153 million of EBITDA (on a
Moody's-adjusted basis). The company is majority owned by
independent entities indirectly owned by Investindustrial VII L.P.




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

TRAVELPORT FINANCE: BlackRock Fund Marks $1.2MM Loan at 39% Off
---------------------------------------------------------------
BlackRock Debt Strategies Fund, Inc has marked its $1,288,000 loan
extended to Travelport Finance SARL to market at $783,426 or 61% of
the outstanding amount, as of June 30, 2023, according to BlackRock
Debt's Form N-CSRS report for the first half of 2023, filed with
the Securities and Exchange Commission.

BlackRock DSFI is a participant in a Term Loan B to Travelport
Finance SARL. The loan matures on May 29, 2026.

BlackRock Debt Strategies Fund, Inc is registered under the
Investment Company Act of 1940, as amended, as a closed-end
management investment company.

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




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

INFARM: Declared Bankrupt in the Netherlands
--------------------------------------------
Miriam Partington at Sifted reports that Infarm, once Europe's
largest vertical farming company, has been declared bankrupt in the
Netherlands as of Sept. 19, according to official documents.

The news comes after the company shut down operations across its
key markets of the UK, France, Germany, the Netherlands and Denmark
over the last year, Sifted relates.

In June, Sifted reported that Infarm was leaving Europe altogether
and has set its sights on expanding to the Middle East, Sifted
notes.

Infarm, which launched in 2013, grows vegetables like salad leaves
and herbs in vertical farms and sells them via supermarkets,
restaurants and wholesalers.  The company has raised US$473 million
in total, according to Dealroom, from high profile investors like
Atomico and Balderton.

But like many vertical farms, Infarm has been hit hard by rising
energy prices, which prevented the company from reaching
profitability, Sifted discloses.

In November 2022, Infarm laid off half of its staff, citing the
economic downturn, the increasing costs of energy and disruption of
supply chains, Sifted recounts.


LEALAND FINANCE: BlackRock Fund Marks $347000 Loan at 44% Off
-------------------------------------------------------------
BlackRock Debt Strategies Fund, Inc has marked its $347,000 loan
extended to Lealand Finance Co. BV to market at $194,289 or 56% of
the outstanding amount, as of June 30, 2023, according to BlackRock
Debt's Form N-CSRS report for the first half of 2023, filed with
the Securities and Exchange Commission.

BlackRock DSFI is a participant in a 202 Take Back Term Loan to
Lealand Finance Co. BV. The loan accrues interest at a rate of
6.19% ((1-mo. LIBOR US + 1.00%, 3.00% PIK) per annum. The loan
matures on June 30, 2025.

BlackRock Debt Strategies Fund, Inc is registered under the
Investment Company Act of 1940, as amended, as a closed-end
management investment company.

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




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

VASCO FINANCE 1: Fitch Gives 'Bsf' Final Rating on Class E Notes
----------------------------------------------------------------
Fitch Ratings has assigned Vasco Finance No. 1 final ratings.

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

Class A PTTGCHOM0018    LT  AAsf  New Rating   AA(EXP)sf
Class B PTTGCIOM0017    LT  A-sf  New Rating   A-(EXP)sf
Class C PTTGCJOM0016    LT  BBBsf New Rating   BBB(EXP)sf
Class D PTTGCKOM0013    LT  BBsf  New Rating   BB(EXP)sf
Class E PTTGCLOM0012    LT  Bsf   New Rating   B(EXP)sf
Class F PTTGCMOM0011    LT  NRsf  New Rating   NR(EXP)sf
Class R PTTGCNOM0010    LT  NRsf  New Rating   NR(EXP)sf
Class X PTTGCOOM0019    LT  NRsf  New Rating   NR(EXP)sf

TRANSACTION SUMMARY

Vasco Finance No. 1 is a cash flow securitisation of a revolving
EUR206.7 million portfolio of credit card receivables originated by
WiZink Bank S.A.U. - Sucursal em Portugal (WiZink Portugal; not
rated). WiZink Portugal, the Portuguese branch of Wizink Bank,
S.A.U., registered in Spain and majority-owned by Värde Partners,
acts as portfolio servicer, originator and seller.

KEY RATING DRIVERS

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

At the 'AA' stress scenario commensurate with the class A notes'
rating, the asset assumptions are 30% annual charge-offs, an 11.2%
yield, a 4.9% MPR and a zero purchase rate. The zero purchase rate
assumption reflects that no further credit card drawings after the
end of the revolving period are included in this transaction.

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

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

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

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

RATING SENSITIVITIES

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

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

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

Sensitivity to Increased Charge-offs:

Current ratings (class A/B/C/D/E): 'AAsf' / 'A-sf' / 'BBBsf' /
'BBsf' / 'Bsf'

Increased charge-offs by 25%: 'A+sf' / 'BBBsf' / 'BB+sf' / 'B+sf' /
'NRsf'

Increased charge-offs by 50%: 'A-sf' / 'BBB-sf' / 'BBsf' / 'Bsf' /
'NRsf'

Increased charge-offs by 75%: 'NRsf' / 'NRsf' / 'NRsf' / 'NRsf' /
'NRsf'

Sensitivity to Reduced MPR:

Current ratings (class A/B/C/D/E): 'AAsf' / 'A-sf' / 'BBBsf' /
'BBsf' / 'Bsf'

Decreased MPR by 25%: 'Asf' / 'BBBsf' / 'BB+sf' / 'B+sf' / 'NRsf'

Decreased MPR by 50%: 'BBBsf' / 'BBsf' / 'BB-sf' / 'Bsf' / 'NRsf'

Decreased MPR by 75%: 'B+sf' / 'NRsf' / 'NRsf' / 'NRsf' / 'NRsf'

Sensitivity to Increased Charge-offs and Reduced MPR:

Current ratings (class A/B/C/D/E): 'AAsf' / 'A-sf' / 'BBBsf' /
'BBsf' / 'Bsf'

Increased charge offs and reduced MPR by 25%: 'BBB+sf' / 'BB+sf' /
'BB-sf' / 'Bsf' / 'NRsf'

Increased charge offs and reduced MPR by 50%: 'BBsf' / 'Bsf' /
'NRsf' / 'NRsf' / 'NRsf'

Increased charge offs and reduced MPR by 75%: 'NRsf' / 'NRsf' /
'NRsf' / 'NRsf' / 'NRsf'

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

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

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

DATA ADEQUACY

Vasco Finance No. 1

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

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

ESG CONSIDERATIONS

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



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

EI PIONIR: Put Up for Auction for RSD201.1 Million
--------------------------------------------------
Djordje Jajcanin at SeeNews reports that Serbian insolvent
electronic equipment manufacturer EI Pionir KT has been auctioned
off to local company Lunas for RSD201.1 million (US$1.8
million/EUR1.7 million), the Serbian Agency for Licensing of
Bankruptcy Trustees said.

In the auction, Lunas acquired a building covering an area of 5,350
square metres, the agency said in a statement last week, SeeNews
relates.

EI Pionir KT was declared bankrupt in July 2016, SeeNews
discloses.




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

SABADELL CONSUMER 1: Fitch Gives Final BB+sf Rating on Cl. D Notes
------------------------------------------------------------------
Fitch Ratings has assigned Sabadell Consumer Finance Autos 1, FT
final ratings, as listed below.

   Entity/Debt               Rating               Prior
   -----------               ------               -----
Sabadell Consumer
Finance Autos 1, FT

   Class A ES0305723001   LT  AAsf    New Rating   AA(EXP)sf
   Class B ES0305723019   LT  Asf     New Rating   A(EXP)sf
   Class C ES0305723027   LT  BBB+sf  New Rating   BBB+(EXP)sf
   Class D ES0305723035   LT  BB+sf   New Rating   BB+(EXP)sf
   Class E ES0305723043   LT  NRsf    New Rating   NR(EXP)sf
   Class F ES0305723050   LT  NRsf    New Rating   NR(EXP)sf

TRANSACTION SUMMARY

This is the first transaction originated by Sabadell Consumer
Finance S.A.U. (SCF) backed by a static portfolio of fully
amortising auto loans originated in Spain.

KEY RATING DRIVERS

Eligibility Criteria Limit Default Risk: Fitch has assumed a
default base case of 4% for the pool. Only loans that have at least
13 months of seasoning and 10 instalments already paid are
eligible. Although SCF focuses mostly on used vehicle financing,
Fitch believes this is partially offset by the positive selection
coming from the eligibility criteria. Fitch factored this into the
assumptions, alongside its forward-looking view for the sector.

Robust Recovery Performance: Fitch has assumed a recovery base case
of 55% for new vehicles and 50% for used vehicles. Historical data
show substantial and consistent recoveries for both types of
vehicles, driven by the fact the loans are secured by the financed
vehicles. Fitch applied a recovery haircut of 40% at 'AA'.

Pro-Rata Amortisation: The class A to E notes are repaid pro rata
after the closing date until the occurrence of a sequential
amortisation event. In its base case, Fitch believes the switch to
sequential amortisation is unlikely during the first years after
closing, given the portfolio performance expectations compared with
defined triggers. This has been reflected in the default stress
multiples.

Interest Rate Risk Mitigated: The transaction benefits from an
interest rate swap agreement that adequately hedges the interest
rate mismatch arising from the assets paying a fixed interest rate
and the class A to E notes paying floating rate.

PIR Mitigated (Criteria Variation): Fitch views payment
interruption risk (PIR) as mitigated by the cash reserve equal to
1.2% of the class A to E notes' outstanding balance, which would
cover senior costs and interest on the notes for more than two
months, which Fitch views as sufficient to implement alternative
arrangements upon Banco de Sabadell, S.A. (BBB-/Positive) losing
its 'BBB-' rating of instead of the 'BBB' envisaged by Fitch's
Structured Finance and Covered Bonds Counterparty Rating Criteria.
This represents a criteria variation and has a positive rating
impact on the class A notes of two notches.

RATING SENSITIVITIES

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

Long-term asset performance deterioration such as increased
delinquencies or reduced portfolio yield.

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

Better asset performance than expected driven by lower
delinquencies and higher recoveries.

Increasing credit enhancement ratios, as the transaction
deleverages to fully compensate for the credit losses and cash flow
stresses commensurate with higher rating scenarios, may lead to
upgrades.

CRITERIA VARIATION

Sabadell Consumer Finance Autos 1, FT PIR risk analysis has been
analysed separately given remedial actions that are not fully in
line with Fitch's Structured Finance and Covered Bonds Counterparty
Criteria. The transaction holds two months of liquidity to cover
senior fees, net swap payments and interest payments on the notes,
with remedial actions, including funding of additional liquidity,
upon Banco de Sabadell losing either a 'BBB-' Long-Term IDR or 75%
ownership of SCF. Fitch's criteria specifies at least one month of
liquidity with remedial actions set at the loss of 'BBB' and'F2'
ratings.

Fitch considers the additional liquidity provided in the
transaction (two months compared with one month in the criteria)
sufficiently compensates the additional risk from remedial actions
being established one notch lower than its criteria. This criteria
variation has a positive rating impact on the class A notes of two
notches.

DATA ADEQUACY

Sabadell Consumer Finance Autos 1, FT

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

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

Overall, and together with any assumptions 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.




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

SAS: Swedish Government's Stake Wiped Out as Part of Rescue Deal
----------------------------------------------------------------
Richard Milne at The Financial Times reports that Scandinavian
airline SAS is wiping out existing shareholders as part of a rescue
deal that involves bigger rival Air France-KLM and private equity
firm Castlelake becoming new investors alongside the Danish state.

The long-struggling airline said on Oct. 3 that it would receive
US$475 million in new equity and US$700 million in convertible debt
as part of the deal, taking it off the stock exchange with no
payment to current shareholders and little to bondholders, the FT
relates.

According to the FT, Castlelake will become the biggest shareholder
with a 32% stake as well as a majority owner of the convertible
debt.  Air France-KLM would own 20%, while the Danish government --
the sole Scandinavian nation still invested in the airline -- would
own 26%, the FT states.

The Swedish government's stake will be wiped out under the proposed
deal, which SAS said did not need approval of existing
shareholders, the FT notes.

The airline will move from its current Star Alliance group to Air
France-KLM's SkyTeam as part of a transaction that it hopes will
finally take it out of Chapter 11 bankruptcy protection after more
than a year, the FT states.

SAS has struggled for more than a decade with high costs and weak
profitability and filed for bankruptcy protection last July in the
US as it sought new owners after the Covid-19 pandemic and
subsequent stop in much of global travel pushed it over the edge,
the FT relays.

The Norwegian government had already sold out of SAS and the
Swedish state indicated it would put in no fresh money, leaving
Denmark alone of the three countries that founded the airline in
1946, the FT notes.

                  About Scandinavian Airlines

SAS SAB -- https://www.sasgroup.net -- Scandinavia's leading
airline, with main hubs in Copenhagen, Oslo and Stockholm, is
flying to destinations in Europe, USA and Asia. In addition to
flight operations, SAS offers ground handling services, technical
maintenance, and air cargo services. SAS is a founder member of the
Star Alliance, and together with its partner airlines offers a wide
network worldwide.

SAS AB and its subsidiaries, including Scandinavian Airlines
Systems Denmark-Norway-Sweden and Scandinavian Airlines of North
America Inc., sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10925) on July 5,
2022. In the petition filed by Erno Hilden, authorized
representative, SAS AB estimated assets between $10 billion and $50
billion and liabilities between $1 billion and $10 billion.

Judge Michael E. Wiles oversees the cases.

The Debtors tapped Weil, Gotshal & Manges, LLP as global legal
counsel; Mannheimer Swartling Advokatbyra AB as special counsel;
FTI Consulting, Inc. as financial advisor; Ernst & Young AB as tax
advisor; and Seabury Securities, LLC and Skandinaviska Enskilda
Banken AB as investment bankers. Seabury is also serving as
restructuring advisor. Kroll Restructuring Administration, LLC is
the claims agent and administrative advisor.

The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee is represented by Willkie Farr & Gallagher, LLP.




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

TURKCELL: S&P Affirms 'B' LongTerm ICR & Alters Outlook to Stable
-----------------------------------------------------------------
S&P Global Ratings revised the outlook on its long-term issuer
credit rating on Turkcell to stable from negative, in line with the
outlook on the long-term rating on Turkiye, and affirmed its 'B'
ratings.

S&P said, "We cap our ratings on Turkcell at the level of our T&C
assessment on Turkiye, where Turkcell generates the overwhelming
majority of its cash flow. The T&C assessment reflects our view of
the likelihood that Turkiye would restrict access to foreign
currency liquidity for Turkish companies.

"On Sept. 29, 2023, we revised outlook on Turkiye to stable from
negative, affirmed the unsolicited 'B' global scale and 'trA/trA-1'
national scale ratings and maintained our T&C assessment at 'B'.

"The stable outlook on our long-term issuer credit rating on
Turkcell reflects that on the long-term rating on Turkiye.

"We could downgrade Turkcell if we revised down our T&C assessment
on Turkiye to 'B-', which could result if we downgraded the
sovereign.

"We could raise our rating on Turkcell if we revised upward our T&C
assessment on Turkiye to 'B+', which could happen if we upgrade the
sovereign."




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

CHESHUNT LAKESIDE: Enters Administration
----------------------------------------
Madeleine Knight at Property Week reports that Cheshunt Lakeside
Developments, which aimed to create 1,725 homes, including
affordable housing, for a mix of residents in Hertfordshire, has
gone into administration along with developer Inland Homes.


CLARA.NET HOLDINGS: Fitch Lowers LongTerm IDR to B, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has downgraded Clara.net Holdings Limited's
(Claranet) Long-Term Issuer Default Rating (IDR) to 'B' from 'B+'.
The Outlook is Stable. Consequently, Fitch has downgraded the
group's secured loan facilities' rating to 'B+' from 'BB-'. The
Recovery Rating remains at 'RR3'.

The downgrade reflects Claranet's high leverage, negative
Fitch-defined free cash flow (FCF) and weak interest coverage
metrics. Fitch believes the capital structure is under pressure
from debt-funded acquisitions that are yet to contribute
significant EBITDA, slower-than-expected organic EBITDA growth and
a high interest rate environment. Fitch therefore views Claranet's
financial profile and credit metrics as being more consistent with
a 'B' rating, albeit with limited rating headroom.

The Stable Outlook reflects its expectations that the financial
profile will improve by financial year-ending June 2025, supported
by a sound business model as a specialist provider of
mission-critical services for the small and medium sized enterprise
(SMB) and sub-enterprise markets. Discipline on further bolt-on M&A
(in terms of multiples paid and funding mix) and FCF trending
towards neutral to positive will be critical to maintaining a 'B'
rating profile.

KEY RATING DRIVERS

High Gross Leverage: Fitch estimates Fitch-defined EBITDA leverage
to have increased to around 6.4x at FY23 (FY22: 6.2x), as a result
of a forecast GBP40 million draw on its revolving credit facility
(RCF) to fund acquisitions and operations during FY23 plus
weaker-than-expected Fitch-defined EBITDA growth to GBP59 million.
Fitch forecasts leverage to remain above its downgrade threshold
(5.7x) until FY25 with gradual deleveraging supported by organic
and acquisition EBITDA growth but constrained by RCF utilisation
for further M&A and operations. Fitch continues to treat Claranet's
GBP19.5 million shareholder loan as equity under its methodology.

High Interest Costs: Fitch forecasts UK and eurozone base rates of
5.5% and 4.5%, respectively, at end-2023, and falling to 3.75% and
4.5% at end-2024. As Claranet does not benefit from interest-rate
hedging, Fitch expects the high rates to drive negative FCF and
weak EBITDA interest coverage over the next two years. Fitch
expects interest cover to decline to 1.8x in FY24 (FY23: 2.5x)
before it improves to 2.0x in FY25. Claranet has flexibility to cut
discretionary cash outlays to conserve FCF and reduce RCF reliance
although around half of Fitch-defined capex is customer-linked and
therefore critical to revenue growth.

Gradual Margin Improvement: Fitch estimates flat FY23 Fitch-defined
EBITDA margin at 11%, reflecting an improvement in trading
conditions and the initial impact of price increases. This is
offset by cost inflation, underperformance in the UK business and
the integration of its Mandic acquisition in Brazil. The UK
business has subsequently undergone a restructuring during 2H23.

Fitch sees scope for stable margin expansion in the medium term to
above 12%, including contribution from future M&A. Growth drivers
include sector expansion, a shift towards managed services from
cloud reselling and the full effect of contractual inflation-linked
price increases coupled with cost improvement. However, operational
investments will take time to benefit financial performance.

Acquisitive Strategy: Claranet's growth has been underpinned by
M&A, including three acquisitions during FY23. Many recent
acquisitions have involved significant debt financing. Fitch views
bolt-on M&A a strategically rational tool to add scale in existing
regions and additional capabilities as Claranet's scale and market
shares remain small. Claranet has demonstrated a good M&A record
but, under challenging funding conditions, its strategy entails
greater execution risk in realising synergies to support
deleveraging. Further debt-funded M&A, including earn-outs could
slow deleveraging.

Potential Brazil IPO: Claranet is considering an initial public
offering (IPO) of a minority share of its listed Brazilian entity
with the aim to diversify the funding base and to realise
additional capital value. Fitch estimates the Brazilian business
comprises about 18% of total company-defined EBITDA with recurring
EBITDA margin above 50%. This makes it a growth driver for
Claranet. Although Fitch views an IPO as an event risk, subject to
market conditions, any cash raised in Brazil and at the parent,
Claranet Group Limited (CGL) through an IPO that is used to repay
debt may result in faster deleveraging and lead to improved cash
flow metrics.

Cloud, Growth Driver: Third-party research indicates CAGR for
2023-2027 in private cloud, public cloud and cybersecurity will be
9%, 16% and 10%, respectively, with Claranet's main regions to grow
at high single digits. The trend reflects a move towards global IT
outsourcing from on-premise applications where Claranet benefits
from a proven record of managing cloud-based and cloud-agnostic,
mission-critical applications. It has partnerships and
certifications with large public cloud providers and technology
partners. Conversely, connectivity and workplace solutions are
likely to see low single-digit growth.

Market Niche: A focus on servicing SMB and sub-enterprise clients
shields Claranet from competition from larger IT integrators. The
target customer base values localised and personalised support and
expertise. Relationships, once established, tend to endure, which
has helped maintain churn at mid-teen percentages and provide good
revenue visibility. Over 55% of FY23 revenues, including
usage-based services, are recurring. However, the SMB segment is
also at greater risk during times of economic distress.

Moderate Competition Risk: Fitch believes cost-effective
off-the-shelf solutions or the entry of hyper-cloud providers into
this segment could pose longer-term competition risk. Claranet's
markets are fragmented with many regional providers, reflected by
regional market shares in the low-to-mid single digits.

Off-Shoring Potential Benefits: Claranet's India Hub became
operational during FY23 and should help alleviate some of the
labour market challenges it faces elsewhere with lower-cost but
highly skilled IT professionals. Offshoring is a cost-efficient and
scalable model used by many technology firms although, distinctly,
Claranet plans to utilise it as a source of talent to be integrated
into a locally led client-facing function. However, the success of
this model will depend on how effectively Claranet continues to
service its customer base in a cost-effective yet personalised
manner.

DERIVATION SUMMARY

Claranet's range of offered services has some overlap with large IT
services companies, such as DXC Technology Company (BBB/Stable) and
Accenture plc (A+/Stable), but on a much smaller scale as it caters
to primarily medium-sized companies and sub-enterprise sized
clients, a segment that is typically underserved by larger peers.

TeamSystem S.p.A. (B/Stable), Unit4 Group Holding B.V. (B/Stable)
and Dedalus SpA (B-/Stable) are software service providers with
loyal customer bases, as underlined by their low churn rates. This,
together with their stronger market positions and recurring
revenue, provides more debt capacity than Claranet.

Another close peer is Centurion Bidco S.p.A (B+/Negative), the
acquisition vehicle for Ingegneria Informatica S.p.A., a leading
Italian software developer and provider of IT services to large
Italian companies. It has maintained a strong market share and
stable customer relationships in various industrial segments,
successfully competing with international IT services companies
such as Accenture and IBM. Its larger size and strong domestic
market position allow it to sustain higher leverage at its 'B+'
rating.

KEY ASSUMPTIONS

- Revenue CAGR of 10% FY23-FY26, primarily driven by growth in
cloud services, cyber security and contribution from acquisitions

- Fitch-defined EBITDA margin improving to 12.5% by FY26 from
around 11% in FY23, including contributions from acquisitions.
Fitch-defined EBITDA is on a pre-IFRS16 basis and includes
capitalised development costs

- Capex excluding capitalised R&D costs averaging 5% of sales in
FY23-FY26

- Change in working-capital at -1% of sales in FY23 and -0.7% in
FY24-FY26

- Interest payments on shareholder loan treated as common
dividends. No dividends made in FY24

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that Claranet would be reorganised as
a going-concern (GC) in bankruptcy rather than liquidated given the
technical expertise within the group and its stable customer base.

Fitch estimates that post-restructuring EBITDA would be around
GBP50 million. An enterprise value (EV) multiple of 5.5x is applied
to the GC EBITDA to calculate a post-reorganisation EV. The
multiple is in line with that of other similar software and managed
services companies.

Fitch would expect a default to come from higher competitive
intensity or technological risk leading to customer and revenue
losses. Post-restructuring Claranet may be acquired by a larger
company, capable of transitioning its clients onto an existing
platform, or the discontinuation of certain business lines or
cutback its presence in certain geographies, in turn reducing
scale.

Its waterfall analysis generated a ranked recovery in the 'RR3'
band after deducting 10% for administrative claims to account for
bankruptcy and associated costs, indicating a 'B+' instrument
rating for the current senior secured debt, with expected
recoveries at 62% based on current metrics and assumptions. Fitch
deems the EUR75 million RCF equally ranking and fully drawn in the
event of default.

RATING SENSITIVITIES

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

- Fitch-defined EBITDA leverage below 4.7x on a sustained basis
with a disciplined M&A strategy and positive operating trends
including an improving share of recurring and usage-based revenues

- Successful integration and delivery of synergies in line with
management's plan, leading to improvements in leverage and
profitability, including FCF margins above 5% and cash flow from
operations (CFO) less capex above 5% of total debt

- Fitch-defined EBITDA interest coverage above 3.0x on a sustained
basis

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

- Operating and competitive pressures, poor delivery of synergies
and/or additional debt-funded acquisition resulting in
Fitch-defined EBITDA leverage above 5.7x on a sustained basis

- Weakening FCF towards break-even or negative territory

- Fitch-defined EBITDA interest coverage below 2.0x on a sustained
basis

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: Fitch estimates Claranet had GBP28 million
of cash on its balance sheet and GBP20 million undrawn on its RCF
at FY23, available for general corporate purposes and acquisition
funding. Fitch forecasts balance-sheet cash averaging GBP15 million
in FY24-FY26, including RCF drawdowns. Fitch believes Claranet has
sufficient available liquidity to support operations but expect the
RCF to be utilised to support negative FCF. Claranet's term loan B
has a maturity in FY28.

ISSUER PROFILE

Claranet is a medium-sized provider of managed IT services
primarily focusing on cloud-related services for small and
medium-sized companies and the sub-enterprise customer segment. It
also offers cybersecurity, connectivity and workplace solutions.

ESG CONSIDERATIONS

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

   Entity/Debt                 Rating         Recovery   Prior
   -----------                 ------         --------   -----
Clara.net Holdings Limited

                        LT IDR   B    Downgrade             B+

Claranet Finance Limited

   senior secured       LT       B+   Downgrade    RR3      BB-

Claranet Group Limited

   senior secured       LT       B+   Downgrade    RR3      BB-


CLARANET INT'L: S&P Lowers LongTerm ICR to 'B-', Outlook Stable
---------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on IT
managed services provider Claranet International Ltd. (Claranet) to
'B-' from 'B'. S&P also lowered its issue rating on Claranet's term
loans to 'B-' from 'B'.

S&P said, "The stable outlook reflects our expectation of solid
revenue and margin growth in Claranet's other markets (excluding
the U.K.), and a stabilization in the U.K. market from fiscal 2025.
This will enable the company to reduce its S&P Global
Ratings-adjusted leverage excluding preferred equity certificates
(PECs) to less than 7x in fiscal 2024, and gradually transition
toward minimally positive FOCF by fiscal 2025."

An underperformance in the U.K. and related restructuring resulted
in weaker credit metrics in fiscal 2023 than we previously
expected. Claranet has seen reduced demand and increased churn in
the U.K., especially for legacy products. On top of the revenue and
EBITDA decline, Claranet initiated a reorganization of its U.K.
operations, which increased its restructuring costs to nearly £9
million and further depressed EBITDA and cash flows. This
combination, along with higher working capital outflows, was a key
contributor to Claranet's negative FOCF after leases of about £15
million, compared with our base case of roughly breakeven. S&P
understands key issues in the U.K., including a sales team
restructuring and a change in the go-to-market approach have been
dealt with, but think revenue recovery will take at least another
year.

S&P said, "We expect Claranet's cash flows will remain under
pressure in fiscal 2024, caused by the increasing cost of debt and
remaining operational softness in the U.K.While we expect about
6%-7% organic growth in fiscal 2024, we continue to forecast a
negative performance in the U.K. This will be alongside Claranet's
continued restructuring costs. We forecast reported post-lease FOCF
will remain negative by about £12 million in fiscal 2024. This is
mainly due to a significant increase in interest costs to about
£35 million on its existing term loans and revolving credit
facility (RCF). We currently forecast Claranet's post-lease FOCF
will only be minimally positive in fiscal 2025. In addition, we
expect FOCF to debt to remain below 3.0% in fiscals 2024 and 2025.
We note that, while we expect the company to gradually transition
back to positive FOCF, this could be slowed by an underperformance
in any other parts of the business, which we currently do not
anticipate, or a delay in improvements to the U.K. operations.

"Future growth relies on demand for cloud transformations and cyber
security. We forecast growth of about 7%-8% for Claranet's hosting
segment, driven by customer transitions to both private and public
cloud. In addition, revenue from cyber security services should
benefit from strong demand as security threats grow and cyber
security becomes a key pillar of most companies' ICT strategy. This
should be somewhat mitigated by lower demand for Claranet's
remaining segments, notably networks. Supplemented by acquisitions,
this should support the company's transition toward positive FOCF
in fiscal 2025.

"A Brazilian IPO could meaningfully improve Claranet's leverage and
cash flow generation, but is subject to execution risk. We
understand Claranet plans an IPO for its Brazilian subsidiary as
soon as the Brazilian market allows, with most of the proceeds used
at the group level to partly pay down term loans or fund future
merger and acquisitions (M&A) instead of funding with debt. Under a
potential IPO, we anticipate adjusted leverage could fall below 6x
in fiscal 2025 (just below 5x excluding the preferred equity), and
FOCF could significantly improve in fiscal 2025. Assuming 50% of
the proceeds are used to repay debt, and the remainder for M&A, we
see FOCF after leases potentially approaching £20 million in
fiscal 2025. Nevertheless, at this point, we see significant
uncertainties about the timing, pricing, and potential use of
proceeds from a possible IPO. Hence, this is not included in our
base case.

"The stable outlook reflects our expectation of solid revenue
growth and improving margins enabling the company to reduce its S&P
Global Ratings-adjusted leverage, excluding PECs, to less than 7x
in fiscal 2024 and a gradual transition toward minimally positive
FOCF by fiscal 2025.

"We could lower the rating if continued underperformance leads to
sustainably negative cash flow generation and potential liquidity
issues.

"We do not see immediate rating upside, given our expectation of
continued cash burn in fiscal 2024. We could raise the rating if
Claranet's growth more than offsets its increased debt service
burden, enabling it to generate positive and growing post-lease
FOCF on a sustained basis and FOCF to debt of more than 3%. We may
also raise the rating if proceeds from an IPO of its Brazilian
subsidiary are used to repay debt and support it toward a
significant improvement in cash flow generation.


MAISON BIDCO: Fitch Affirms LongTerm IDR at 'BB-', Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Maison Bidco Limited's (trading under
the name of Keepmoat) Long-Term Issuer Default Rating (IDR) at
'BB-' with a Stable Outlook. Fitch has also affirmed Maison Finco
Plc's GBP275 million senior secured notes at 'BB+' with a Recovery
Rating of 'RR2'. The notes are guaranteed by Maison Bidco Limited,
Keepmoat Homes Limited and other key group entities.

The affirmation reflects Keepmoat's strong business profile and its
exposure to the cyclicality of demand for housing in the UK. The
homebuilder works with local authorities and registered providers
(RPs) in sourcing land and delivering mixed-tenure residential
developments. The mixed model of collaborative RP sales (nine
months to end-July 2023: 44% of sales volume) and open market sales
- the latter directly affected by rising interest rates and UK
consumer confidence - brings benefits and stability to Keepmoat's
financial profile.

Fitch expects its net debt/EBITDA to remain below 2.5x FY23-FY26
(financial year end October) in the absence of material, unexpected
dividend distributions.

KEY RATING DRIVERS

Capital-Light Business Model: Keepmoat maintains a capital-light
business model by acquiring cheaper brownfield sites from its land
partners on deferred payment terms. It works closely with Homes
England, local authorities and RPs from the early stages of a
development, including the identification and sourcing of suitable
land and its project planning. In residential schemes commissioned
by RPs, staged payments enhance the project's cash flow cycle. In
addition, Keepmoat's ability to defer land investments could help
reduce its working-capital requirements.

RP Sales Provide Some Stability: Fitch believes that Keepmoat's
partnership model affords it some demand resilience. Softer demand
for housing in FY22 due to inflationary pressures and increases in
mortgage rates will affect Keepmoat's FY23 and FY24 financial
profile. In 9MFY23, Keepmoat's revenue grew 6% year-on-year to
GBP550 million (FY22: GBP778 million), on higher volume and average
selling prices (ASPs). Due to build-cost inflation and sales mix,
its EBITDA margin tightened to 10.3% (FY22: 14.1%), at GBP57
million (FY22: GBP110 million).

Fitch expects demand from RPs to be stable due to their social
mission and access to grant funding. Keepmoat has the flexibility
to increase sales to RPs during the development of a site as it
demonstrated in 9MFY23. Including elective deals made with RPs, 44%
of Keepmoat's volume delivered in 9MFY23 was to RPs (FY22: 25%).

Under-supplied Housing Market: Fitch expects demand for Keepmoat's
products to be comparatively stable based on its ASP and
geographical focus in north England, the Midlands and parts of
Scotland. The ASP of Keepmoat's homes was stable at GBP207,000 in
9MFY23 (FY22: GBP204,000). This was well below the UK average house
price of GBP290,000 in July 2023. The UK housing market continues
to be under-supplied. In 2022, the UK saw 232,280 new houses but
this fell short of the government's target of 300,000 new homes a
year.

The underlying need for quality affordable homes is beneficial for
Keepmoat, especially in regions away from London where the
structural housing need is conducive to a less volatile market. At
end-July 2023, Keepmoat had an order book of 2,039 plots, which
provides good sales visibility over the next six months.

Established Partnerships: Fitch believes that Keepmoat can maintain
its competitive advantage amid the housing sector's growing shift
towards RP sales. Other homebuilders have been increasing sales to
RPs and the private rented sector to mitigate declines in private
sales. Although this could increase competition for Keepmoat, the
company has long established collaborations with its land and
delivery partners. In addition, the need for housing means demand
will be met either through social housing, affordable housing or
private rentals if people are not buying homes.

Weaker Demand Outlook from FTBs: About 71% of Keepmoat's FY22 open
market sales were to first-time buyers (FTBs). This segment of the
market has been directly hit by higher mortgage rates and the end
of the government's help-to-buy scheme. About 44% of Keepmoat's
FTBs used the help-to-buy scheme in FY22. Keepmoat is seeing
increasing demand from second-time buyers, investors and the
private rented sector.

Cautious Land Acquisitions: Keepmoat is more cautious in its land
acquisitions in the current climate of weakened housing demand and
high interest rates. Its land bank amounted to 22,800 plots at
end-July 2023, which represents about six years of delivery at
current plot volumes.

Long-Term Leverage to Remain Steady: Fitch expects Keepmoat's net
debt/EBITDA to remain commensurate with its ratings. At FYE22, net
debt/EBITDA was close to Fitch's forecast at 1.8x. Fitch expects
this leverage ratio to remain below 2.0x for FY23-FY26, albeit with
an increase in FYE24 to 2.5x due to lower volume and stagnant ASP.

Aermont Capital, the company's private equity investor, currently
has no intention of extracting dividends from Keepmoat on a regular
basis and Fitch expects this to help build its cash position.

DERIVATION SUMMARY

Keepmoat is a UK partnership-focused housebuilder operating within
the affordable end of the UK market. Relative to traditional
housebuilding, the partnership model has lighter demands on
capital, as the land acquired is generally cheaper and can be
acquired through deferred payment terms.

Its geographic focus on the north and the Midlands, and away from
London, is similar to that of Miller Homes Group (Finco) PLC
(B+/Stable). Both companies offer predominantly standardised
single-family homes, although Miller Homes' ASP in 2022 was higher
at GBP286,000, compared with Keepmoat's GBP204,000. Both are owned
by financial sponsors. However, Miller Homes's net debt/EBITDA at
3.0x following its acquisition by Apollo is higher and constrains
its IDR at 'B+'.

The Berkeley Group Holdings plc (BBB-/Stable) also focuses on
housing-led schemes on brownfield sites like Keepmoat. However,
Berkeley's geographical focus on London and the south east, its
products (mainly large multi-family condominiums) and an ASP of
GBP608,000 differentiate its business model from Miller Homes's and
Keepmoat's.

Spanish housebuilders AEDAS Homes, S.A. (BB-/Stable), and Via
Celere Desarrollos Inmobiliarios, S.A.U. (BB-/Stable) focus on
their most affluent domestic areas. These companies offer
mid-to-high value units of large multi-family condominiums,
although the scale of each project is generally much smaller than
that of Berkeley.

UK and Spanish homebuilders have similar funding profiles as both
rely on small customer deposits (5% -10% in the UK and up to 20% in
Spain) while having to fund land acquisition, before marketing and
development costs, up to completion. In Spain, the seller may offer
deferred payment terms to the buyer of the land, limiting the
homebuilder's cash outflow at the time of the acquisition. Keepmoat
also enjoys deferred payment terms when purchasing the land. This
is a feature of its partnership model, which entails working
closely with local authorities from the early stages of a
development, including the identification and sourcing of suitable
land and its project planning.

Kaufman & Broad, S.A. (BBB-/Stable), one of the largest French
homebuilders, has the best funding profile with staged instalments
received from its customers through the construction phase. Kaufman
& Broad can also purchase land after marketing, unlike its European
peers, and makes use of land purchased under an option agreement,
as does Miller Homes.

KEY ASSUMPTIONS

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

- Completion of 3,900 units in FY23 followed by a decline in FY24
to about 3,700 units. Volume to improve to 3,900-4,000 units a year
in following two years

- ASP of GBP207,000 from FY23 to FY24 followed by 2% increase in
FY25

- Slimmer profit margins due to stagnant ASP, build-cost inflation
and higher sale volume to RPs

- Disciplined land acquisition

- No dividend payments from FY23 to FY26

RATING SENSITIVITIES

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

- Net debt/EBITDA below 1.5x on a sustained basis

- Consistently positive free cash flow

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

- Net debt/EBITDA above 3.0x on a sustained basis

- A change in the partnership model towards an increase in
speculative development or land purchases

- Unexpected distribution to shareholders leading to a material
reduction in cash flow generation and slower deleveraging

LIQUIDITY AND DEBT STRUCTURE

Healthy Liquidity: Keepmoat has a strong liquidity position as it
has no near-term debt maturities. It had a healthy cash balance of
GBP67 million at end-July 2023 and also an undrawn super senior
revolving credit facility (RCF) of GBP70 million. Both its GBP275
million senior secured notes and GBP70 million senior RCF mature in
2027.

ESG CONSIDERATIONS

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

   Entity/Debt              Rating          Recovery   Prior
   -----------              ------          --------   -----
Maison FinCo plc

   senior secured     LT     BB+  Affirmed    RR2      BB+

Maison Bidco
Limited               LT IDR BB-  Affirmed             BB-

   senior secured     LT     BB+  Affirmed    RR2      BB+


SHERWOOD OAKS: Set to Go Into Administration
--------------------------------------------
Sam Metcalf at TheBusinessDesk.com reports that the developer of a
major residential development in north Nottinghamshire is set to
call in administrators.

Sherwood Oaks Homes Limited, which is behind the GBP100 million
Oaks scheme in Forest Town, near Mansfield, has filed a notice of
appointment to appoint administrators, according to documents seen
by TheBusinessDesk.com.

OakNorth Bank, which holds a charge over the company, has applied
for it to be put into administration, TheBusinessDesk.com relates.

Sherwood Oaks Homes is a company registered in Woodford Green,
Essex.  In its latest accounts, made up to the end of February
2022, it had assets of just over GBP12.5 million and owed GBP12.6
million to creditors, TheBusinessDesk.com discloses.


TOWER BRIDGE 2022-1: Fitch Affirms 'BB+sf' Rating on Class X Notes
------------------------------------------------------------------
Fitch Ratings has upgraded Tower Bridge Funding 2022-1 PLC's (TBF
2022-1) class B and D notes and affirmed the others.

   Entity/Debt              Rating           Prior
   -----------              ------           -----
Tower Bridge Funding 2022-1 PLC

   A XS2432287196      LT  AAAsf  Affirmed   AAAsf
   B XS2432287352      LT  AAAsf  Upgrade    AA+sf
   C XS2432287436      LT  A+sf   Affirmed   A+sf
   D XS2432287519      LT  Asf    Upgrade    BBB+sf
   X XS2432287600      LT  BB+sf  Affirmed   BB+sf

TRANSACTION SUMMARY

Tower Bridge Funding 2022-1PLC (TBF2022-1) is a securitisation of
owner-occupied and buy-to-let mortgages originated by Belmont Green
Finance Limited and backed by properties in the UK. The transaction
includes origination up to end-November 2021 and assets from Tower
Bridge Funding No.3 PLC.

KEY RATING DRIVERS

Increasing CE Supports Stable Performance: Credit enhancement (CE)
has increased since the last review in October 2022 to 13.73% from
11.00% for the class B notes, as at the September 2023 payment
date, due to sequential amortisation and the non-amortising general
reserve fund available to absorb credit losses for the class A to D
notes. The increased CE helped offset the deteriorating asset
performance (total arrears increased to 4.4% in August 2023
compared with 1.4% as at August 2022) and led to the upgrade of the
class B notes and D notes.

Robust to Deteriorating Performance: Fitch considered additional
stress cases in its rating determination to capture the potential
impact on the transaction's performance if faced with a modest
increase in defaults and mortgage refinancing risk in the current
rising interest rate macroeconomic environment. This included an
15% increase in the weighted average foreclosure frequency (WAFF)
across all rating levels. All of the notes' ratings were robust to
these tests.

Interest Deferability: The interest payments for all rated
collateralised notes other than the class A notes are deferrable
until they become most senior. In its analysis, Fitch tested the
class A and B notes' ratings on a timely basis and assessed the
liquidity protection provided by the general reserve fund for the
class C and D notes. The liquidity provisions are insufficient for
the class C notes and more junior notes to achieve a rating above
'A+sf'.

Strong Excess Spread: The portfolio can generate substantial excess
spread as the assets earn significantly higher yields than the
notes' interest and transaction senior costs. Prior to the step-up
date, the class X excess spread notes receive principal via
available excess spread in the revenue priority of payments. On and
after the step-up date, available excess spread is diverted to the
principal waterfall and can be used to amortise the notes. Fitch
caps excess spread notes' ratings, and therefore the class X notes
at 'BB+sf'. The accelerated amortisation mechanism is positive for
the ratings of the senior and mezzanine notes.

Product Switch Limit Reached: The limit on the amount of product
switches allowed to be retained in the pool has been reached. As a
result, any new product switches will be repurchased. Fitch has
therefore not modelled any potential for further product switches
allowing for fixed-rate loans to revert to their reversionary rate,
which creates a surplus of excess spread and has contributed to the
upgrades of the class B and class D notes.

RATING SENSITIVITIES

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

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

Additionally, unanticipated declines in recoveries could result in
lower net proceeds, which may make certain notes susceptible to
potential negative rating action, depending on the extent of the
decline in recoveries. Fitch tested a sensitivity of a 15% increase
in the WAFF and a 15% decrease in the WA recovery rate (RR) and the
results indicate a two-notch downgrade of the class D 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 FF of 15% and an increase in the RR of 15%. The
class D notes would benefit from a one notch upgrade due to
improved asset performance.

DATA ADEQUACY

Tower Bridge Funding 2022-1 PLC

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

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

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

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

ESG CONSIDERATIONS

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



                           *********


S 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-
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Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

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

This material is copyrighted and any commercial use, resale or
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