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

                          E U R O P E

          Tuesday, October 17, 2023, Vol. 24, No. 208

                           Headlines



G E R M A N Y

PEACH PROPERTY: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable


I R E L A N D

ARMADA EURO II: Moody's Affirms B1 Rating on EUR12MM Class F Notes


I T A L Y

GOLDEN BAR 2023-2: DBRS Gives BB Rating on Class E Notes
SIENA NPL 2018: DBRS Confirms BB(high) Issuer Rating


K A Z A K H S T A N

NATIONAL COMPANY: Moody's Lowers CFR to B2, Outlook Remains Stable


L U X E M B O U R G

NEPTUNE HOLDCO: Moody's Affirms 'B3' CFR & Alters Outlook to Stable


N E T H E R L A N D S

AURORUS 2023: Moody's Assigns B2 Rating to EUR6.3MM Class F Notes
AURORUS 2023: S&P Assigns CCC-(sf) Rating on Class G-Dfrd Notes


P O R T U G A L

ULISSES FINANCE 2: DBRS Confirms B(low) Rating on Class E Notes
VASCO FINANCE 1: DBRS Finalizes B(high) Rating on Class E Notes
VIRIATO FINANCE 1: DBRS Confirms B Rating on Class E Notes


S P A I N

AUTONORIA SPAIN 2023: DBRS Finalizes BB(high) Rating on F Notes


U N I T E D   K I N G D O M

AVON PRODUCTS: S&P Affirms 'BB-' LongTerm ICR, Outlook Stable
BLANKSTONE SINGTON: Put Into Special Administration
HAMON UK: Goes Into Administration, Halts Operations
KBOX: Enters Administration Due to Trading Difficulties
SCOTGOLD RESOURCES: In Funding Talks with Potential Investor

TAURUS 2021-4: DBRS Confirms BB(low) Rating on Class E Notes
TIME GB: Put Into Administration, Owes Nearly GBP85 Million


X X X X X X X X

[*] EUROPE: Company Bankruptcies Expected to Keep Rising

                           - - - - -


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G E R M A N Y
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PEACH PROPERTY: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Peach Property Group AG's (Peach)
Long-Term Issuer Default Rating (IDR) at 'BB' and its unsecured
rating at 'BB'/'RR4'. The Outlook is Stable.

Peach's ratings reflect the stability of the rental income from its
EUR2.6 billion German regional residential-for-rent portfolio. As
part of the mechanisms of regulated rent indices (including
regional Mietspiegels), inflation-related rental uplifts are phased
and will take time to monetise compared with more immediate
increases in Peach's cost of debt, which re-sets as debt is
refinanced.

Although Peach's net debt/EBITDA leverage is consistent with the
rating, interest cover will decline with the higher cost of debt
upon refinancing. At end-June 2023 (1H23), liquidity and tangible
plans covered small 2024 debt maturities, but end-2025 debt
maturities consisting of a EUR300m unsecured bond and a EUR230
million secured debt funding pose significant refinancing risks.

Market fundamentals remain solid for German residential-for-rent
assets, such as Peach's, with reduced supply and increased demand,
resulting in rental stability. With liquidity, including no
dividends, diverted to aid debt requirements, maintenance spend to
spur future years' rent increases or to meet ESG requirements may
be constrained and weaken the portfolio.

KEY RATING DRIVERS

Stable Rent Increases: FY22's like-for-like in-place rent growth
was 4.4% (FY23 target: 3.6%). Fifty percent was attributable to
annual increases in in-place rents (uplifts allowed, including the
period's CPI-driven increases). Twenty percent was attributable to
rent increases upon vacancy reduction (YE22 occupancy: 93.1%), and
30% was due to re-letting at higher rents upon tenant churn.

Peach cannot immediately maximise rents by recent inflation due to
Mietspiegel phasing of rent uplifts and tenant affordability
considerations. Uplifts closer to market rents are crystallised
when units are refurbished upon tenant churn, which is included
within Peach's EUR30-40 million maintenance spend per year.

Fundamentals of Supply & Demand: The market fundamentals of strong
demand from housing (including from increased migrants), yet little
supply (recently accentuated by German development company
insolvencies and granting of building permits), particularly at the
affordable level of housing stock, points to strong fundamentals
for Peach's asset class.

Non-Prime Portfolio: Peach's portfolio focusses on average quality
residential-for-rent units in non-prime, but often large,
nationally relevant cities, of which most are located in
North-Rhine-Westphalia. The portfolio is clustered, helping to
create efficiencies in provision of local services to tenants
(local Peach Points). Within the group's stubborn vacant units
(YE22: 1,899 units, 6.9%; 1H23: 1,988 units or 7.2%), some
inherited upon portfolio acquisitions in 1999 and 2000, Peach has
identified 130 units where capex can achieve a target 10%
return-on-cost threshold, but the bulk of the remainder of the
portfolio may not achieve this threshold, so could be sold
instead.

The portfolio's average 1H23 in-place rent is EUR6.11 sq m per
month (comparable to Vonovia's EUR7.49 at YE22, Heimstaden's
group-implied EUR9.7 at YE22, D.V.I.s Berlin-weighted portfolio of
EUR8.5 at YE22). Peach's lower rents represent the quality and
locations of the portfolio.

Swiss Development Started: The CHF140 million Peninsula Wadenswil
residential-for-sale development at Lake of Zurich has started with
60% of units notarised or reserved, with handover planned for
2024/2025. Despite netting purchasers' advance payments, there is a
working capital burden upon Peach that inflates group debt until
completion receipts.

High Leverage Persisting: The improvement of Peach's net
debt/EBITDA leverage will take longer until 2025 when Fitch
forecasts the ratio to settle at around 19.4x, aided by annual
3.0%-4% organic rental growth and the completion of its Swiss
development project. However, increased cost of debt puts interest
cover under pressure which will remain at or below 1.3x throughout
2023-2024 before improving to 1.4x in 2025.

Focus on End-2025 Debt Maturities: Management is focused on
addressing two scheduled key bullet debt maturities in 2025: the
EUR300 million unsecured bonds maturing November 2025, and EUR230
million secured bank funding due December 2025. Fitch believes that
German banks are conducive to refinancing existing secured debt.
Unsecured bonds will be more expensive to refinance given Peach's
step back from investment-grade rating ambitions and 2022's
refinancing with secured debt.

Consistent with other residential-for-rent property companies, the
interest coverage ratio at today's higher cost of debt determines
lower leverage for companies funding sub-3% net income-yielding
residential assets. Fitch has calculated that should Peach's 2025
debt be financed at around 5%, its interest coverage ratio would be
1.4x (or 1.2x at 7%). Fitch-calculated YE22 loan-to-value (LTV) was
near-60%.

Refinance Options: The company is investigating various options
including asset disposals to increase cash resources to reduce
indebtedness, but peers are also looking to sell
residential-for-rent units in a dry market. Peach has cancelled the
2022 cash dividend payable in 2023 and EUR4.5 million of hybrid
instruments' interest is to be deferred for the time being, subject
to a likely continued suspension of dividend payments.

Unencumbered Asset Cover: With the increase in secured debt, and
some reduction in the YE22 portfolio valuation, the unencumbered
investment property/unsecured debt ratio is 0.9x. At this level of
ratio, Peach's unsecured rating is at the same level as its IDR.

DERIVATION SUMMARY

Fitch-rated residential-for-rent investment property companies
D.V.I. Deutsche Vermogens- und Immobilienverwaltungs GmbH
(BBB-/Stable) and Heimstaden Bostad AB (BBB/Rating Watch Negative)
have the most relevant portfolios of comparison for Peach Property
Group.

German cities are classified into A-D categories, mainly based on
the reach of a city's relevance (international to local). The seven
German cities in the 'A' category include Berlin, which is where
DVI's assets (EUR3.1 billion at end-FY22) as well as many of
Heimstaden Bostad's German assets (around EUR9.3 billion) are
located. Berlin's prime-character is reflected in the gross rental
yields for these peers of around 2.7% and 2.2% respectively at
YE22. In contrast, Peach's more secondary portfolio (EUR2.6
billion) shows a higher 4.4% gross rental yield. It is more
diversified and consists of 'B' cities, that have over 250,000
inhabitants and national significance, such as Bochum and Dortmund
(together 13% of portfolio value), but also smaller 'D' cities with
a regional focus such as Kaiserslautern and Gelsenkirchen (together
16% of portfolio value).

Contrary to other European markets, regional cities in Germany have
high economic relevance and are historically more resilient to
economic downturns than the top cities. This is less relevant for
residential assets where, due to supply & demand imbalances, market
vacancies are low in both prime and lower-category cities,
consequently they provide a stable rental income profile.

However, future rent indexation in top cities, especially in
Berlin, are significantly limited by local reference rents
(Mietspiegel) and extensive capex is required for more pronounced
rent increases. Peach's affordable rents of EUR6 sq m per month
(below DVI's Berlin-weighted EUR8.5 equivalent) are less
constrained by local rental indices, but instead are bound by
affordability issues. Additionally, within Peach's portfolio, in
some cases, capex-based rent increases can't be realised as they
wouldn't achieve required returns because of elevated construction
and financing costs.

At end-FY24, driven by its high LTV ratio of 57%, Fitch forecasts
Peach's net debt/EBITDA at around 21x, slightly below Heimstaden's
23x which is more justified through relatively higher quality
assets. This is well above the more comparable and investment
grade-rated DVI at around 13x for its residential portfolio. In
addition to the burdening amount of debt relative to Peach's
higher-yielding assets, given indicative pricing of its unsecured
debt, Fitch expects the company to increase secured lending
(potentially at the cost of pledging more assets): both these
factors restrict Peach's rating to the 'BB' rating category.

KEY ASSUMPTIONS

Fitch's Key Assumptions within its Rating Case for the Issuer

- Annual rental growth of 3.0%-4.0% (higher in 2023, then
decreasing) from indexation and re-lettings

- Fitch assumes around EUR40 million of renovation and development
capex per year during 2023-2026, down from EUR76 million in 2022.
This will not reduce vacancy (further) but will keep it stable at
around 7%-8%.

- Fitch assumes completion of Peach's Swiss residential-for-sale
development in 2025 with net disposal proceeds of EUR30 million.
Receipt of these funds have been smoothed over the next three years
in its forecasts.

- Disposal of 2,000 units in 2024 generating around EUR100 million
of net disposal proceeds (assuming EUR100,000 value per unit).

- Interest costs on euro-denominated variable-rate funded debt rise
due to policy rate changes (FY23 policy rate: 4.5%, FY24: 3.75%)
and higher cost of new debt generally (FY25 refinancings' all-in:
4.5%).

RATING SENSITIVITIES

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

- Net debt/EBITDA below 17x

- EBITDA net interest coverage above 1.75x

- Vacancies below 7%

- Liquidity score above 1.0x, and debt maturities refinanced well
in advance and supported by undrawn committed credit facilities

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

- Tangible plans in place by June 2024 for end-2025 debt
refinancings

- Delays in planned 2024 disposals and lower values realised

- Net debt/EBITDA above 19x

- EBITDA net interest coverage below 1.5x

- Costs for holding vacancies increasing to 5% of rent roll

- For the senior unsecured debt rating: the unencumbered
assets/unsecured debt ratio declining to less than 1.0x and higher
proportions of secured debt

LIQUIDITY AND DEBT STRUCTURE

Focus on Debt Refinancings: During 1H23, Peach repaid upcoming debt
maturities with a combination of cash on balance sheet, by tapping
secured debt, and by issuing a convertible, and a mandatory
convertible, bond. At end-1H23, the remaining EUR31 million of debt
maturities over the following 18 months are well covered by EUR59
million of undrawn RCF.

Peach faces two main bulk maturities of EUR586 million at end-2025,
including a secured funding and the EUR300 million unsecured bond.
Fitch expects management to have tangible plans in place to
refinance end-2025 debt by mid-2024.

With 91% of fixed-rate debt at end-FY22, Peach's imminent interest
rate risk is limited, however the reported average interest costs
of 2.7% do not include expensive hybrid debt with a 9.25% margin
since the June 2023 step-up event.

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
   -----------             ------        --------   -----
Peach Property
Group AG            LT IDR BB  Affirmed             BB

   senior
   unsecured        LT     BB  Affirmed    RR4      BB

Peach Property
Finance GmbH

   senior
   unsecured        LT     BB  Affirmed    RR4      BB




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I R E L A N D
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ARMADA EURO II: Moody's Affirms B1 Rating on EUR12MM Class F Notes
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Armada Euro CLO II Designated Activity Company:

EUR28,000,000 Class B-1 Senior Secured Floating Rate Notes due
2031, Upgraded to Aaa (sf); previously on Apr 22, 2022 Upgraded to
Aa1 (sf)

EUR10,000,000 Class B-2 Senior Secured Floating Rate Notes due
2031, Upgraded to Aaa (sf); previously on Apr 22, 2022 Upgraded to
Aa1 (sf)

EUR20,000,000 Class C-1 Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Aa3 (sf); previously on Apr 22, 2022
Upgraded to A1 (sf)

EUR8,500,000 Class C-2 Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Aa3 (sf); previously on Apr 22, 2022
Upgraded to A1 (sf)

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

EUR193,000,000 (Current outstanding EUR176,206,140) Class A-1
Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf);
previously on Apr 22, 2022 Affirmed Aaa (sf)

EUR25,000,000 (Current outstanding EUR22,824,630) Class A-2 Senior
Secured Floating Rate Notes due 2031, Affirmed Aaa (sf); previously
on Apr 22, 2022 Affirmed Aaa (sf)

EUR30,000,000 (Current outstanding EUR27,389,556) Class A-3 Senior
Secured Fixed Rate Notes due 2031, Affirmed Aaa (sf); previously on
Apr 22, 2022 Affirmed Aaa (sf)

EUR22,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Baa1 (sf); previously on Apr 22, 2022
Upgraded to Baa1 (sf)

EUR23,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on Apr 22, 2022
Affirmed Ba2 (sf)

EUR12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed B1 (sf); previously on Apr 22, 2022
Upgraded to B1 (sf)

Armada Euro CLO II Designated Activity Company, issued in April
2018, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Brigade Capital Europe Management LLP. The
transaction's reinvestment period ended in May 2022.

RATINGS RATIONALE

The rating upgrades on the Class B-1, Class B-2, Class C-1 and
Class C-2 notes are primarily a result of the deleveraging of the
Class A-1, Class A-2 and Class A-3 notes following amortisation of
the underlying portfolio since the last review in May 2023. The
transaction also benefits from a shorter weighted average life of
the portfolio which reduces the time the rated notes are exposed to
the credit risk of the underlying portfolio.

The affirmations on the ratings on the Class A-1, Class A-2, Class
A-3, Class D, Class E and Class F Notes are primarily a result of
the expected losses on the notes remaining consistent with their
current ratings after taking into account the CLO's latest
portfolio, its relevant structural features and its actual
over-collateralization (OC) levels.

The Class A-1, Class A-2, Class A-3 notes have paid down by
approximately EUR21.6 million (8.70%) since closing and
EUR19.4million (7.82%) since last review in May 2023. As a result
of the deleveraging, over-collateralisation (OC) has increased.
According to the trustee report dated March 2023 [1] the Class A/B,
Class C, Class D and Class E OC ratios are reported at 140.72%,
127.88%, 119.29% and 111.62% compared to September 2023 [2] levels
of 142.55%, 128.68%, 119.50% and 111.38%, respectively.

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

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

Performing par and principal proceeds balance: EUR377.3m

Defaulted Securities: EUR3.28m

Diversity Score: 47

Weighted Average Rating Factor (WARF): 2825

Weighted Average Life (WAL): 3.64 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.52%

Weighted Average Coupon (WAC): 4.32%

Weighted Average Recovery Rate (WARR): 45.28%

Par haircut in OC tests and interest diversion test: 0.224%

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

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

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




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I T A L Y
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GOLDEN BAR 2023-2: DBRS Gives BB Rating on Class E Notes
--------------------------------------------------------
DBRS Ratings GmbH assigned credit ratings to the following classes
of notes (collectively, the Rated Notes) issued by Golden Bar
(Securitization) S.r.l. - Series 2023-2 (the Issuer):

-- Class A-2023-2 Notes (Class A Notes) at AAA (sf)
-- Class B-2023-2 Notes (Class B Notes) at A (high) (sf)
-- Class C-2023-2 Notes (Class C Notes) at A (low) (sf)
-- Class D-2023-2 Notes (Class D Notes) at BBB (sf)
-- Class E-2032-2 Notes (Class E Notes) at BB (sf)
-- Class F-2032-2 Notes (Class F Notes) at B (low) (sf)

DBRS Morningstar did not assign credit ratings to the Class
Z-2023-2 Variable Return Notes (together with the Rated Notes, the
Notes).

The credit rating on the Class A Notes addresses the timely payment
of scheduled interest and the ultimate repayment of principal by
the final maturity date. The credit ratings on the Class B to Class
E Notes address the ultimate payment of scheduled interest (and
timely when most senior class outstanding) and the ultimate
repayment of principal by the final maturity date. The credit
rating on the Class F Notes addresses the ultimate payment of
scheduled interest and the ultimate repayment of principal by the
final maturity date.

CREDIT RATING RATIONALE

The Issuer is a special-purpose entity, incorporated for the
purpose of issuing asset-backed securities. The Issuer has already
engaged in several securitization transactions that were also
carried out in accordance with Italian securitization law. The new
securitization is fully segregated from the Issuer's previous
securitizations.

Only the Class A Notes to Class E Notes are collateralized and
backed by a portfolio of fixed-rate receivables related to Italian
standard auto loans and balloon auto loans granted by Santander
Consumer Bank S.p.A. (SCB; the Originator or the Seller) to private
consumers and sole proprietors residing in the Republic of Italy.
SCB will also act as the Servicer for the transaction. The Class F
Notes are uncollateralized and were issued to fund the cash reserve
at closing.

The credit ratings are based on the following considerations:

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

-- Credit enhancement levels that are sufficient to support DBRS
Morningstar's projected expected net losses under various stress
scenarios.

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay investors according to the terms under which
they have invested.

-- The Seller and Servicer's capabilities with respect to
originations, underwriting, servicing, and financial strength.

-- The appointment of a backup servicer facilitator upon closing.

-- The transaction parties' financial strength with regard to
their respective roles.

-- The credit quality, diversification of the collateral, and
historical and projected performance of the Seller's portfolio.

-- The sovereign credit rating on the Republic of Italy, currently
at BBB (high) with a Stable trend.

-- The consistency of the transaction's legal structure with DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions” methodology, the presence of legal opinions that
address the true sale of the assets to the Issuer.

DBRS Morningstar's credit ratings on the Rated Notes addresses the
credit risk associated with the identified financial obligations in
accordance with the relevant transaction documents. The associated
financial obligations are the related principal amount outstanding
and the related interest amounts.

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

DBRS Morningstar's long-term credit ratings provide opinions on
risk of default. DBRS Morningstar considers risk of default to be
the risk that an issuer will fail to satisfy the financial
obligations in accordance with the terms under which a long-term
obligation has been issued. The DBRS Morningstar short-term debt
rating scale provides an opinion on the risk that an issuer will
not meet its short-term financial obligations in a timely manner.

TRANSACTION STRUCTURE

The transaction features a 15-month revolving period scheduled to
end in December 2024. During this period, the Issuer will purchase
new receivables that the Originator may offer subject to certain
eligibility criteria and transfer limits. During the amortization
period, the repayment of the Notes will be pro rata among the Class
A Notes to Class E Notes until a sequential redemption event
occurs, at which point the amortization of the Class A Notes to
Class E Notes will be fully sequential. Sequential redemption
events include, among others, the breach of performance related
triggers, the default of the Seller, the termination of the
servicing agreement, or the Seller not exercising the call option.

The Class A Notes to Class E Notes benefit from a fully funded
non-amortizing cash reserve equal to 1.4% of the Class A to Class E
Notes initial balance, which the Issuer can use to pay senior
expenses, swap payments, and interest of the Rated Notes. The Class
F Notes are only redeemed through available excess spread.

COUNTERPARTIES

The Bank of New York Mellon SA/NV - Milan Branch (BNYM) has been
appointed as the Issuer's account bank for the transaction. DBRS
Morningstar has a Long-Term Senior Debt rating of AA (high) and a
Long-Term Deposits rating of AA (high) on BNYM and considers BNYM
to meet the relevant criteria to act in this capacity. The
transaction documents contain downgrade provisions relating to the
account bank consistent with DBRS Morningstar's legal criteria.

Banco Santander SA (Santander) has been appointed swap counterparty
for the transaction. DBRS Morningstar's public Long Term Critical
Obligations Rating on Santander is AA (low) with a Stable trend,
which meets the criteria to act in such capacity. The hedging
documents contain downgrade provisions consistent with DBRS
Morningstar's derivative criteria.

Notes: All figures are in euros unless otherwise noted.


SIENA NPL 2018: DBRS Confirms BB(high) Issuer Rating
----------------------------------------------------
DBRS Ratings GmbH confirmed its credit rating on the Class A Notes
issued by Siena NPL 2018 S.r.l. (the Issuer) at BB (high) (sf) with
a Stable trend on the credit rating.

The transaction represents the issuance of Class A, Class B, and
Class J notes as well as a Class X detachable coupon (collectively,
the notes). The credit rating on the Class A notes addresses the
timely payment of interest and the ultimate payment of principal on
or before its final maturity date. DBRS Morningstar does not rate
the Class B notes, the Class J notes, or the Class X detachable
coupon.

At issuance, the notes were backed by a EUR 24.1 billion portfolio
by gross book value consisting of a mixed pool of Italian
nonperforming residential, commercial, and unsecured loans
originated by Banca Monte dei Paschi di Siena S.p.A., MPS Capital
Services Banca per le Imprese S.p.A., and Monte dei Paschi di Siena
Leasing. The portfolio was composed of secured commercial and
residential loans (57.8% of total GBV) and unsecured loans (42.2%
of total GBV) mostly due by Italian small and medium-sized
enterprises (SMEs) (81.0% of total GBV).

The receivables are serviced by Special Gardant S.p.A. (Special
Gardant; formerly Credito Fondiario S.p.A.), doValue S.p.A.
(doValue; formerly Italfondiario S.p.A.), Cerved Credit Management
S.p.A. (Cerved; formerly Juliet S.p.A.), and Prelios Credit
Servicing S.p.A. (Prelios; collectively, the special servicers).
Master Gardant S.p.A. (Master Gardant S.p.A.; formerly Credito
Fondiario S.p.A.) also operates as the master servicer in the
transaction.

CREDIT RATING RATIONALE

The credit rating confirmation follows a review of the transaction
and is based on the following analytical considerations:

-- Transaction performance: An assessment of portfolio recoveries
as of 30 June 2023, focusing on (1) a comparison between actual
collections and the special servicers' initial business plan
forecast, (2) the collection performance observed over recent
months, and (3) a comparison between the current performance and
DBRS Morningstar's expectations.

-- Portfolio characteristics: The loan pool composition as of June
2023 and the evolution of its core features since issuance.

-- Transaction liquidating structure: The order of priority
entails a fully sequential amortization of the Notes (i.e., the
Class B Notes will begin to amortize following the full repayment
of the Class A Notes and the Class J Notes will begin to amortize
following the repayment of the Class B Notes).

-- Performance ratios and underperformance events: as per the most
recent July 2023 payment report, all servicers have breached their
special servicer subordination fee event and 10% of their fees
above the base fee are subordinated in the priority of payments
whereas the mezzanine notes (interest) trigger has not occurred.

-- Liquidity support: The transaction benefits from an amortizing
cash reserve providing liquidity to the structure and covering
potential interest shortfall on the Class A notes. The cash reserve
target amount is equal to 3.5% of the Class A notes' principal
outstanding and is currently fully funded.

-- Interest rate risk: The transaction is exposed to interest rate
risk in a rising-interest-rate environment because of the
underhedging of the Class A notes, which is a result of the
underperformance in terms of collections.

TRANSACTION AND PERFORMANCE

According to the latest investor report from July 2023, the
outstanding principal amounts of the Class A, Class B, and Class J
Notes were EUR 1,055.4 million, EUR 892.2 million, and EUR 565.0
million, respectively. As of the July 2023 payment date, the
balance of the Class A Notes had amortized by 63.8% since issuance,
and the aggregated transaction balance was EUR 2,512.5 million.

As of June 2023, the transaction was performing below the
Servicer's business plan expectations. The actual cumulative gross
collections from the transfer date (20 December 2017) equalled EUR
3,102.5 million whereas the Servicer's initial business plan
estimated cumulative gross collections of EUR 4,200.5 million for
the same period. Therefore, as of June 2023, the transaction was
underperforming by EUR 1,098.0 million (-26.1%) compared with the
initial business plan expectations.

At issuance, DBRS Morningstar estimated cumulative gross
collections for the same period of EUR 3,067.6 million in the BBB
(sf) stressed scenario. Therefore, as of June 2023, the transaction
was performing above DBRS Morningstar's initial stressed
expectations.

The business plan assumes total cumulative gross collections from
the transfer date of EUR 6,247.8 million. Excluding actual
collections, the special servicers' expected future collections
from July 2023 are now EUR 2,047.3 million. The updated DBRS
Morningstar BB (high) (sf) rating stress assumes a haircut of 14.7%
including actual collections from the transfer date.

The Class A notes would pass higher rating stress scenario;
however, DBRS Morningstar believes that higher ratings would not be
commensurate with the risk associated with the transaction, given
(1) the consolidated underperformance of the portfolio, (2) the
recent deteriorating conversion ratio of collections to Class A
principal repayments (partially as a result of rising interest rate
and GACS fees), (3) the increased interest rate risk as the Class A
is currently underhedged, and (4) the reduced liquidity support as
the current cash reserve currently covers senior costs and interest
for only one quarterly payment date.

Notes: All figures are in euros unless otherwise noted.



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

NATIONAL COMPANY: Moody's Lowers CFR to B2, Outlook Remains Stable
------------------------------------------------------------------
Moody's Investors Service has downgraded to B2 from B1 the
corporate family rating and to B2-PD from B1-PD the probability of
default rating of National Company Food Contract Corp JSC (FCC), a
state-owned grain trader in Kazakhstan. Concurrently, Moody's has
downgraded to caa1 from b3 the company's Baseline Credit Assessment
(BCA), which is a measure of its stand-alone credit strength. The
outlook remains stable.

RATINGS RATIONALE

The rating action reflects FCC's highly volatile operating
performance and very weak financial profile with persistently
negative operating cash flow and an unsustainable capital
structure, driven by: (1) the company's exposure to the inherent
cyclicality of the agricultural industry, exacerbated by its
reliance on the Kazakh grain sector and its social role as the
market regulator on behalf of the state; and (2) governance risk
consideration related to the company's historically aggressive
financial policy and operating strategies, that are also
significantly influenced by the government, which have constrained
its ability to demonstrate a track record of sustainable operations
under the recently revamped business model, as Moody's initially
expected.

In particular, the aggressive state-encouraged rise in grain
purchases at peak prices in 2021-22, which FCC chose to fund with
the new short-term debt at high interest rates, drove the
increasingly negative operating cash flow, despite FCC's fairly
sound earnings and profitability, supported by favourable market
fundamentals during this period. This, coupled with substantial
investments in the portfolio of marketable securities in order to
hedge currency risk, resulted in a major step-up in the company's
debt level, thus eroding its financial capacity to withstand future
marker downcycles.

Therefore, in 2023, when grain prices plummeted, FCC's earnings
dropped dramatically as it chose to largely suspend its sales not
to record losses, while relying on the rollover of its expensive
external short-term financing raised last year. As a result, the
company's already leveraged capital structure turned unsustainable,
with Moody's-adjusted net debt/EBITDA (incorporates a debt
deduction adjustment amounting to 50% of the grain stock under
Moody's Trading Companies methodology) spiking to 28.5x in the 12
months that ended June 30, 2023 (8.9x in 2022 and 4.9x in 2021),
while its EBIT/interest expense ratio plummeted to 0.2x (0.8x in
2022 and 2.1x in 2021).

Heavy debt burden is, to some extent, offset by the company's large
grain stock, which backs its access to new bank funding and may
serve as a fairly reliable source of liquidity. In particular, to
restore its financial profile, FCC plans to use the proceeds from
the accelerated grain sales in 2024-25 under the expected
improvement in the pricing conditions as well as from its maturing
financial instruments to service debt due. The company has also
sharply cut its procurement campaign in 2023 and will solely rely
on the state funding to finance its grain purchases in 2024-25 (at
least KZT40 billion and up to KZT120 billion of financial aid is
expected in the end 2023 and 2024).

However, these measures will not be sufficient to meaningfully
strengthen FCC's balance sheet and improve sustainability of its
business in the next two years, given additional heavy burden from
elevated interest payments. Overall, Moody's expects the company's
adjusted net leverage to stay above 15.0x and interest coverage
below 1.0x in 2023-24. Its consistent move towards a more
conservative operating and financial policies and plans for
deleveraging are also yet to be implemented and remain subject to
the volatile grain prices as well as the government's decisions on
future support measures and potential interventions in the domestic
grain market.  

FCC's rating also factors in its small size and exposure to
developing operating and regulatory environment in Kazakhstan,
while, at the same time, continues to reflect the company's: (1)
status as the state grain trader with the strategic role of
ensuring food security in Kazakhstan and supporting the development
of the domestic grain market; and (2) the proven state support
including ordinary support via initiation of- and active
involvement in FCC's business turnaround, adoption of a more
favourable regulatory framework, and direct financial aid in the
form of subsidies, budget loans and equity injections.

Moody's views FCC as a government-related issuer (GRI) because the
company is owned by the Government of Kazakhstan (Baa2 stable).
Therefore, FCC's B2 rating factors in a sizeable uplift to its caa1
BCA based on Moody's assumption of the strong probability of state
support to the company in the event of financial distress, and the
high default dependence between the company and the government.

ENVIRONMENTAL, SOCIAL, GOVERNANCE (ESG) CONSIDERATIONS

FCC's Credit Impact Score was revised to CIS-5 from CIS-4, that
indicates that the credit rating is lower than it would have been
if ESG risk exposures did not exist and that the negative impact is
higher than for issuers scored CIS-4. The revision is driven by
governance risks (governance issuer profile score is G-5,
previously G-4) with Financial Strategy and Risk Management and
Management Credibility and Track Record assessments changed to 5
from 4 to reflect the company's aggressive financial and operating
policies, that are also significantly influenced by the
government's protective interventions in the market, which, along
with social role as the market regulator with the full oversight by
the government, have constrained FCC's ability to demonstrate
sustainable solid operating performance and led to its very weak
financial profile. The governance risks are only partly offset by
FCC's vital role of ensuring the national food security and proven
state support.

FCC's environmental and social risks exposure, as reflected in E-3
and S-3, respectively, is mainly driven by its dependency on
agricultural goods and links to food production.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook on FCC's rating reflects Moody's expectation
that the state support measures and the company's substantial grain
reserves, coupled with the recently adopted more conservative
operating and financial policy, will help FCC start reducing debt
in absolute terms and maintain adequate liquidity over 2024-25,
although its credit metrics will likely remain weak. The stable
outlook also factors in the rating agency's assumption of a strong
probability of extraordinary sovereign support to FCC in case of
need.

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

Moody's could upgrade the rating if the company (1) demonstrates a
consistent track record of stabilised financial and operating
performance, with positive operating cash flow; (2) pursues
predictable and sustainable managerial practices and financial
policy; (3) demonstrates a track record of sound and disciplined
liquidity management; (4) improves its balance sheet, with
Moody's-adjusted net debt/EBITDA declining below 5.0x and debt/book
capitalisation below 60% on a sustained basis.

The rating could be downgraded if (1) FCC's operating and financial
performance remains sustainably weak, preventing any meaningful
reduction in its debt level; (2) its liquidity deteriorates, with
rising concerns over the company's ability to access external
funding and meet its debt service requirements; or (3) Moody's
revises its assessment of strong government support for the company
downward.

PRINCIPAL METHODOLOGY

The methodologies used in these ratings were Trading Companies
published in June 2022.

CORPORATE PROFILE

National Company Food Contract Corp JSC (FCC) is the state grain
trader and is fully owned by the Kazakh government through the MoA.
FCC implements the state policy in the grain sector of Kazakhstan,
and its principal activities include purchasing grain from local
producers, selling it for domestic use and export, and maintaining
the country's reserves to ensure food security in Kazakhstan, the
stability of the domestic grain market, the systemic support to
farmers, and the development of the export potential. FCC is also
engaged in commercial operations, including storage, transshipment
and the sale of grain. For the 12 months that ended June 30, 2022,
FCC generated revenue of KZT39.8 billion (around $88 million) and
Moody's-adjusted EBITDA of KZT5.5 billion (around $12 million).  




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

NEPTUNE HOLDCO: Moody's Affirms 'B3' CFR & Alters Outlook to Stable
-------------------------------------------------------------------
Moody's Investors Service has affirmed Neptune Holdco S.a.r.l.
(Armacell)'s B3 corporate family rating and B3-PD probability of
default rating. Concurrently Moody's has affirmed the B3 instrument
rating assigned to the EUR710 million backed senior secured term
loan B and EUR110 million backed senior secured revolving credit
facility (RCF) borrowed by Neptune Bidco S.a.r.l. and co-borrowed
by Armacell Insulation United States Holding Inc., both
subsidiaries of Neptune Holdco S.a.r.l. The outlook on the ratings
of both entities has been changed to stable from negative.

RATINGS RATIONALE

The rating action reflects:

-- Moody's expectation that Armacell's credit metrics will be
aligned with the B3 rating by the end of 2023. This includes
Moody's adjusted debt/EBITDA below 7.0x (7.1x in the last twelve
months ending June 2023 and 8.7x in 2022), along with positive FCF.
The improvement in credit metrics will be driven by earnings
growth, supported by a positive inflation balance, contributions
from acquisitions, cost-saving initiatives, and volume growth.

-- Armacell's high exposure to the commercial (55% revenue) and
industrial segments (16%). Together with contributions from new
products, this will likely mitigate weaker demand in residential,
APAC, and office segments in 2024.

-- Moody's expectations that earnings will remain stable in 2024,
supported by broadly stable volume and management's continued focus
on cost-saving initiatives. These factors will result in positive
FCF and gross leverage below 7.0x in 2024, in line with the
requirements for the current ratings.

-- Armacell's exposure to positive market fundamentals, including
higher energy and technical standards, which support the
substitution of legacy insulation materials.

Armacell's rating continues to be constrained by its high leverage
which weakly positions the company in the current rating category
leaving limited  flexibility for underperformance; the company's
exposure to volatile input costs, which results in some earnings
volatility because the company can increase selling prices with a
three- to six-month time lag; governance considerations related to
its acquisitive strategy and tolerance for high leverage, which
could result in debt-funded acquisitions delaying the company's
deleveraging trajectory; and increasing interest rate, which will
weigh on Armacell's ability to generate significant FCF because
around 30%  of the debt is unhedged.

LIQUIDITY PROFILE

Armacell's liquidity profile is adequate. Liquidity is supported by
around EUR49 million of available cash (excluding restricted cash),
as well as around EUR77 million available under its EUR110 million
guaranteed revolving credit facility (RCF). This is more than
enough to cover basic cash needs including working capital swings
and debt repayment. Moody's expect that Armacell will generate
positive FCF between EUR10-20 million in 2023, and EUR3-5 million
in 2024 supporting liquidity.

Neptune Bidco S.a.r.l. has no imminent refinancing risk with its
RCF and guaranteed senior secured Term Loan B due in 2026 and 2027,
respectively.

STRUCTURAL CONSIDERATIONS

The EUR710 million guaranteed senior secured term loan B and EUR110
million RCF are rated B3, in line with the CFR, reflecting their
pari passu ranking and the fact that they share the same security
and guarantor package. The facilities are borrowed by Neptune Bidco
S.a.r.l. and guaranteed by operating subsidiaries representing at
least 80% of group EBITDA.

Neptune Holdco S.a.r.l.'s capital structure also contains around
EUR89 million of preferred equity certificates, which Moody's
treats as equity and hence are not considered in Moody's liability
waterfall.

OUTLOOK

The stable outlook reflects Moody's expectation that debt/EBITDA
will remain below 7.0x over the next 12-18 months. The stable
outlook is further supported by Moody's expectations of positive
FCF in 2023 and 2024. These forecasts exclude debt funded
acquisitions or shareholder distributions.

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

The ratings could be upgraded if strong earnings growth results in
sustained improvement in credit metrics, including:

- Moody's adjusted gross leverage below 6x

- Moody's adjusted EBITA / interest sustainably above 1.5x

- Sustainable positive FCF generation

The ratings could be downgraded if:

- Moody's adjusted gross leverage remains above 7x for a prolonged
period of time;

- Prolonged periods of negative FCF or other factors would lead to
a deterioration in the company's liquidity profile;

- Moody's adjusted EBITA/Interest declines towards 1.0x.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Manufacturing
published in September 2021.

COMPANY PROFILE

Neptune Holdco S.a.r.l. (Armacell) is an intermediate holding
company for the Armacell group, headquartered in Capellen,
Luxembourg. Armacell is a global market leader in the technical
equipment insulation market and a leading provider of engineered
foams for high-tech and lightweight applications. Its applications
are principally sold in the commercial and residential equipment
markets, and the transportation, sports and leisure, energy and
general industrial end markets. In the 12 months that ended June
2023, the company generated around EUR844 million in revenue.
Neptune Holdco S.a.r.l. is owned by PAI Partners (60% ownership)
and KIRKBI A/S (40%).




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

AURORUS 2023: Moody's Assigns B2 Rating to EUR6.3MM Class F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to Notes issued by Aurorus 2023 B.V.:

EUR221.7M Class A Asset-Backed Notes 2023 due 2049, Definitive
Rating Assigned Aaa (sf)

EUR25.3M Class B Asset-Backed Notes 2023 due 2049, Definitive
Rating Assigned Aa3 (sf)

EUR10.5M Class C Asset-Backed Notes 2023 due 2049, Definitive
Rating Assigned A3 (sf)

EUR14.3M Class D Asset-Backed Notes 2023 due 2049, Definitive
Rating Assigned Baa3 (sf)

EUR11.7M Class E Asset-Backed Notes 2023 due 2049, Definitive
Rating Assigned Ba2 (sf)

EUR6.3M Class F Asset-Backed Notes 2023 due 2049, Definitive
Rating Assigned B2 (sf)

Moody's has not assigned ratings to the EUR11.1M Class G
Asset-Backed Notes 2023 due 2049, EUR15.8M Class H Asset-Backed
Notes 2023 due 2049, EUR3.3M Class X Notes 2023 due 2049, which
also issued at the closing of the transaction.

RATINGS RATIONALE

The transaction is a 12-month revolving cash securitisation of
unsecured consumer loans extended by Qander Consumer Finance B.V.
(not rated) to obligors in the Netherlands. The originator will
also act as the servicer of the portfolio during the life of the
transaction.

As of September 30, 2023, the portfolio shows 97.0% non-delinquent
contracts with a weighted average seasoning of around 3.5 years.
The portfolio consists of a majority of amortising loans (87.1%)
which have equal instalments during the life of the loan. The
remainder of the portfolio consists of revolving loans (12.9%).

According to Moody's, the transaction benefits from credit
strengths such as (i) a granular portfolio; (ii) an experienced
originator/servicer and a back-up servicer; and (iii) appropriate
credit enhancement levels. Furthermore, the Notes benefit from a
non-amortising cash reserve funded at closing at 1.2% of the
initial Notes balance of Class A to D Notes. The reserve will
provide liquidity during the life of the transaction to pay senior
expenses, hedging costs and the coupon on the Class A to D Notes
(Class B to D Notes when no PDL is recorded). When the Class A to D
Notes are redeemed, the cash reserve covers interest of the most
Senior Class of Notes outstanding.

However, Moody's notes that the transaction features some credit
weaknesses such as (i) a revolving period of 12 months; (ii) loans
with a revolving nature and the ability to redraw amounts up to a
defined credit limit for up to 3 years; and (iii) a slow
amortization of the portfolio leading to loan maturities of up to
15 years.

Moody's analysis focused, among other factors, on (1) an evaluation
of the underlying portfolio of financing agreements; (2) the
macroeconomic environment; (3) historical performance information;
(4) the credit enhancement provided by subordination and cash
reserve; (5) the liquidity support available in the transaction
through the reserve fund; and (6) the legal and structural
integrity of the transaction.

MAIN MODEL ASSUMPTIONS

Moody's determined the portfolio lifetime expected defaults of
5.5%, a recovery rate of 20.0% and Aaa portfolio credit enhancement
("PCE") of 21.0% related to the receivables. The expected defaults
and recoveries capture Moody's expectations of performance
considering the current economic outlook, while the PCE captures
the loss Moody's expect the portfolio to suffer in the event of a
severe recession scenario. Expected defaults, recoveries and PCE
are parameters used by Moody's to calibrate its lognormal portfolio
loss distribution curve and to associate a probability with each
potential future loss scenario in the ABSROM cash flow model to
rate Consumer ABS.

Portfolio expected defaults of 5.5% are in line with the EMEA
Consumer ABS average and are based on Moody's assessment of the
lifetime expectation for the pool taking into account: (i)
historical performance of the loan book of the originator, (ii)
benchmark transactions, and (iii) other qualitative considerations,
such as the revolving nature of some of the loans in the pool.

Portfolio expected recoveries of 20.0% are in line with the EMEA
Consumer ABS average and are based on Moody's assessment of the
lifetime expectation for the pool taking into account: (i)
historical performance of the loan book of the originator, (ii)
benchmark transactions, and (iii) other qualitative
considerations.

PCE of 21.0% is in line with the EMEA Consumer ABS average and is
based on (i) Moody's assessment of the borrower credit, (ii) the
replenishment period of the transaction, and (iii) the revolving
feature combined with a long maturity of some loan products. The
PCE level of 21.0% results in an implied coefficient of variation
("CoV") of 43.0%.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in December
2022.

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

Factors that may cause an upgrade of the ratings include
significantly better than expected performance of the pool together
with an increase in credit enhancement of the Notes.

Factors that may cause a downgrade of the ratings include a decline
in the overall performance of the portfolio and a meaningful
deterioration of the credit profile of the originator and servicer
Qander Consumer Finance B.V.


AURORUS 2023: S&P Assigns CCC-(sf) Rating on Class G-Dfrd Notes
---------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Aurorus 2023
B.V.'s class A to G-Dfrd floating-rate notes. The issuer also
issued unrated class H, X, and RS notes.

Aurorus 2023 B.V. is an ABS transaction that securitizes a
portfolio of unsecured consumer loans originated and serviced by
Qander Consumer Finance B.V. in the Netherlands.

The transaction refinances the receivables previously backing the
Aurorus 2020 B.V. transaction, including several legacy revolving
loan and credit card products that have been discontinued and are
now effectively fixed-rate amortizing loans. Furthermore, following
a regulatory shift in the Netherlands, approximately 95% of
Qander's new originations are now fixed-rate amortizing loans. As a
result, 89% of the pool at closing is considered fixed-rate
amortizing loans, while the remaining 11% is from loan products
that permit further draws up to a predefined credit limit and
consists predominantly of floating-rate loans.

During the 12-month revolving period, the issuer will use the
collections to purchase additional receivables from the seller. Any
further advances on revolving loans will be sold the issuer over
the life of the transaction, which will be funded first by a
limited amount of principal collections after the revolving period
and, after the first optional redemption date, solely by draws on
the subordinated loan.

There are separate interest and principal waterfalls. Unlike prior
Aurorus transactions, following the end of the revolving period the
principal waterfall will initially pay pro rata. The principal
waterfall will revert to full sequential repayment upon specified
trigger breaches or following the first optional redemption date in
October 2026.

  Ratings

  CLASS     RATING     AMOUNT (MIL. EUR)
  A         AAA (sf)      221.7

  B         AA (sf)        25.3

  C-Dfrd    A+ (sf)        10.5

  D-Dfrd    BBB+ (sf)      14.3

  E-Dfrd    BB (sf)        11.7

  F-Dfrd    B- (sf)         6.3

  G-Dfrd    CCC- (sf)      11.1

  H         NR             15.8

  X         NR              3.3

  RS        NR              N/A

Dfrd--Deferrable.
NR--Not rated.
N/A--Not applicable




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

ULISSES FINANCE 2: DBRS Confirms B(low) Rating on Class E Notes
---------------------------------------------------------------
DBRS Ratings GmbH took the following credit rating actions on the
notes (collectively, the rated notes) issued by TAGUS - Sociedade
de Titularizacao de Creditos, S.A. (Ulisses Finance No.2) (the
Issuer):

-- Class A Notes upgraded to AA (sf) from AA (low) (sf)
-- Class B Notes upgraded to A (high) (sf) from A (low) (sf)
-- Class C Notes confirmed at BBB (low) (sf)
-- Class D Notes confirmed at BB (low) (sf)
-- Class E Notes confirmed at B (low) (sf)

The credit rating on the Class A Notes addresses the timely payment
of interest and the ultimate repayment of principal on or before
the legal final maturity date in September 2038. The credit ratings
on the Class B Notes, Class C Notes, Class D Notes, and Class E
Notes address the ultimate repayment of interest (timely when most
senior) and the ultimate repayment of principal by the legal final
maturity date.

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

-- Portfolio performance, in terms of delinquencies, defaults, and
losses, as of the August 2023 payment date;

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

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

The transaction is a Portuguese securitization of auto loan
receivables granted and serviced by 321 Credito – Instituicao
Financeira de Credito, S.A., a subsidiary of Banco CTT S.A., after
the acquisition that closed in May 2019. The transaction closed in
September 2021 and included an initial 12-month revolving period,
which ended on the September 2022 payment date (included). As of
the August 2023 payment date, the EUR 191.0 million portfolio
(excluding defaulted receivables) consisted primarily of loans
granted for the purchase of used vehicles (more than 99% of the
outstanding pool balance).

PORTFOLIO PERFORMANCE

As of the August 2023 payment date, loans that were one to two
months and two to three months in arrears represented 1.2% and 0.3%
of the portfolio balance, respectively. Gross cumulative defaults
were 1.7% of the original portfolio balance, with cumulative
recoveries of 13.2% to date. The good performance as well as the
lower pool factor contributed to the upgrades on the Class A and
Class B Notes.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and maintained its base case PD assumptions at
6.9% and its LGD assumptions at 53.9%.

CREDIT ENHANCEMENT

The subordination of the junior obligations provides credit
enhancement to the rated notes. As of the August 2023 payment date,
credit enhancement to the Class A, Class B, Class C, Class D, and
Class E Notes was 18.5%, 14.5%, 6.5%, 2.0%, and 0.5%, respectively.
The credit enhancement has remained stable because of the pro rata
amortization mechanism, until a sequential redemption event
occurs.

The cash reserve account is available to cover senior expenses and
interest shortfalls on the Class A Notes and on the Class B and
Class C Notes if not deferred. The cash reserve account was funded
at closing with EUR 1.5 million and its required balance is set at
0.6% of the rated notes balance, subject to a EUR 0.4 million
floor. The cash reserve has always been at its target level since
closing and, as of the August 2023 payment date, the reserve stood
at EUR 1.1 million.

Deutsche Bank AG acts as the account bank for the transaction.
Based on DBRS Morningstar's public Long-Term Issuer Rating on
Deutsche Bank AG at "A" with a Stable trend, the downgrade
provisions outlined in the transaction documents, and other
mitigating factors inherent in the transaction structure, DBRS
Morningstar considers the risk arising from the exposure to the
account bank to be consistent with the credit ratings assigned to
the rated notes, as described in DBRS Morningstar's "Legal Criteria
for European Structured Finance Transactions" methodology.

Deutsche Bank AG acts as the cap counterparty for the transaction.
DBRS Morningstar's public rating on Deutsche Bank AG is consistent
with the credit ratings assigned to the rated notes, as described
in DBRS Morningstar's "Derivative Criteria for European Structured
Finance Transactions" methodology.

Notes: All figures are in euros unless otherwise noted.

VASCO FINANCE 1: DBRS Finalizes B(high) Rating on Class E Notes
---------------------------------------------------------------
DBRS Ratings GmbH finalized its provisional ratings on the Class A,
Class B, Class C, Class D, and Class E Notes (collectively, the
Rated Notes) issued by Tagus – Sociedade de Titularizacao de
Creditos, S.A. (Vasco Finance No. 1) (the Issuer) as follows:

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

DBRS Morningstar did not assign ratings to the Class F, Class R or
the Class X Notes (collectively with the Rated Notes, the Notes)
also issued by the Issuer.

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

The Issuer is a securitization of credit card receivables granted
to individuals under credit card agreements originated and serviced
by WiZink Bank, S.A.U. Portuguese branch (WiZink Portugal or the
originator). WiZink Portugal is the rebranding of the acquired
BarclayCard operation in Portugal. The Issuer is the second credit
card securitization program established by WiZink Portugal in
addition to the existing Tagus – Sociedade de Titularizacao de
Creditos, S.A. (Victoria Finance No. 1) (Victoria Finance)
established in July 2020. DBRS Morningstar notes that the Issuer
and Victoria Finance both have a subset of receivables randomly
selected from the entire credit card portfolio managed by WiZink
Portugal and therefore expects the collateral of the Issuer to
perform similarly to that of Victoria Finance.

CREDIT RATING RATIONALE

-- The transaction's capital structure, including the form and
sufficiency of available credit enhancement to support DBRS
Morningstar's expectations of the charge-off rate, monthly
principal payment rate (MPPR) and yield rate under various stress
scenarios.

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay the Rated Notes.

-- The originator's capabilities with respect to origination and
underwriting.

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

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

-- The credit quality, the diversification of the collateral and
the historical and projected performance of the securitized and
total managed portfolios.

-- DBRS Morningstar's sovereign rating on the Republic of Portugal
at 'A' with a Stable trend.

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

TRANSACTION STRUCTURE

The Issuer has separate waterfalls for interest and principal
payments and includes a scheduled 12-month revolving period. During
this period, additional receivables may be purchased by the Issuer
provided that the eligibility criteria set out in the transaction
documents are satisfied and existing receivables may be repurchased
by the originator to reset the Issuer's collateral equal to the
balance at the transaction closing. The revolving period may end
earlier than scheduled if certain events occur, such as the breach
of performance triggers or a servicer termination.

After the end of the scheduled revolving period, the Notes (except
the Class R Notes) will enter into a pro rata amortization. The
amortization amounts are based on the respective percentages (which
are the outstanding amount of each class of Notes divided by the
aggregate Notes amount) until the breach of a sequential
amortization trigger or an event of default after which the Notes
will be repaid sequentially. The transaction includes a cash
reserve to cover the shortfalls in senior expenses, servicing fees,
senior swap payments, and interest on the Class A Notes and, if not
deferred, Class B and Class C Notes. The reserve target amount is
2% of the outstanding principal amount of the Class A, Class B and
Class C Notes and would amortize down to a floor equal to 0.5% of
the initial amount of the Class A, Class B and Class C Notes.

The interest rate risk for the transaction is considered limited as
an interest rate swap is in place to reduce the mismatch between
the fixed-rate collateral and the floating-rate Rated Notes.

COUNTERPARTIES

Deutsche Bank AG is the account bank for the transaction. Based on
DBRS Morningstar's Long-Term Issuer Rating of 'A' on Deutsche Bank,
and the downgrade provisions outlined in the transaction documents,
DBRS Morningstar considers the risk arising from the exposure to
the account bank to be consistent with the ratings assigned.

BNP Paribas is the initial swap counterparty for the transaction.
DBRS Morningstar's rating on BNP Paribas meets the criteria to act
in such capacity. The transaction documents contain downgrade
provisions consistent with DBRS Morningstar's criteria.

PORTFOLIO ASSUMPTIONS

As of July 2023, Victoria Finance reported an estimated MPPR of
8.3%, in line with the historical average of 7.8% since its closing
in 2020; a yield rate of 16.2% noticeably lower than the average of
19.2% since its closing; and an annualized gross charge-off rate of
2.9%, marginally higher than the average of 2.3% since its
closing.

To further assess the charge-off rates, DBRS Morningstar conducted
a roll rate analysis of the delinquencies. The annualized
charge-off rates based on six-month and 12-month average
delinquency roll rates of the managed portfolio are estimated to be
7.1% and 6.6%, respectively.

Charge-off rates reported by Victoria Finance since its closing
have been approximately at least 1% lower than those of the managed
portfolio. The better performance is because of the eligibility
criteria that includes receivables only up to 30 days delinquent.

DBRS Morningstar set its expected charge-off rate at 8%, the same
level for Victoria Finance, in consideration of the positive
selection of eligible receivables and the stable charge-off rates
of the managed portfolio since Q4 2018. As the eligible receivables
are less than 30 days past due and the delinquent receivables are
typically charged off after 210 days past due except for the
borrower's insolvency, the Issuer's charge-off levels are expected
to be negligible within six or seven months after the Issuer's
inception before they start to normalize. DBRS Morningstar
considers various lengths of charge-off normalization in its
cashflow analysis.

The MPPR levels of the total managed portfolio have been trending
upwards and stabilized at around 6.5% since mid-2022. In addition,
MPPRs reported by Victoria Finance have been on average around 1.5%
higher than the managed portfolio since its closing.

DBRS Morningstar set its expected MPPR at 5.75%, the same level for
Victoria Finance, based on the historical trend and the positive
selection of eligible receivables.

DBRS Morningstar notes as of July 2023 the managed portfolio and
Victoria Finance reported a yield of 15.0% and 16.2%, respectively.
Both reported levels are lower than the latest usury rate of 17.4%
applicable in the third quarter of 2023. The slightly lower
reported levels are mainly driven by a promotion campaign offered
by the originator between November 2022 and June 2023. However,
portfolio yield is expected to rise over time when the higher usury
rate is applied to new accounts and some of the older accounts with
lower usury rates default and are written-off from the receivables
pool.

DBRS Morningstar set its expected yield at 15.0%, the same level
for Victoria Finance, in light of the prevailing performance and
the potential improvement.

DBRS Morningstar's credit ratings on the Rated Notes address the
credit risk associated with the identified financial obligations in
accordance with the relevant transaction documents. The associated
financial obligations for each of the Rated Notes are the related
Interest Amounts and the related initial Principal Amount
Outstanding.

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

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

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS
Governance (G) Factors

In respect of appropriately defined mechanisms in the structure on
how to deal with future events under the Transaction Governance,
DBRS Morningstar notes that for the Issuer there is no clarity of
activities to be conducted by the successor servicer as the entity
remains unknown until its appointment. While the backup servicer
facilitator undertakes to find a suitable replacement within 60
calendar days of a servicer termination event, the absence of
clearly pre-defined tasks to be assumed by the future successor
servicer creates uncertainty in respect of the execution timing and
resources required. These risks may lead to changes in borrower
behavior that could subsequently affect future collateral
performance.

DBRS Morningstar considered adjustments in the cashflow analysis to
account for the potential exposure, which leads to a one notch
lower rating outcome than without such adjustments, and concludes
there is a significant Transaction Governance factor in the credit
analysis.

Notes: All figures are in euros unless otherwise noted.

VIRIATO FINANCE 1: DBRS Confirms B Rating on Class E Notes
----------------------------------------------------------
DBRS Ratings GmbH confirmed its credit ratings on the notes
(collectively, the rated notes) issued by Tagus - Sociedade de
Titularizacao de Creditos, S.A., Viriato Finance No. 1 (the
Issuer):

-- Class A notes at AA (low) (sf)
-- Class B notes at A (high) (sf)
-- Class C notes at BBB (high) (sf)
-- Class D notes at BB (high) (sf)
-- Class E notes at B (sf)

The credit rating on the Class A notes addresses the timely payment
of scheduled interest and the ultimate repayment of principal by
the legal final maturity date in October 2040. The credit ratings
on the Class B, Class C, Class D, and Class E notes address the
ultimate payment of interest while junior to other outstanding
classes of notes but the timely payment of scheduled interest when
they are the senior-most tranche, and the ultimate repayment of
principal by the final maturity date.

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

-- Portfolio performance, in terms of delinquencies, defaults, and
losses, as of the August 2023 payment date;

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

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

The transaction is a securitization of Portuguese unsecured
consumer loan receivables originated by WiZink Bank S.A.U.,
Portuguese Branch. The transaction closed in September 2021 and
included an initial 12-month revolving period, which ended on the
September 2022 payment date, when the rated notes started to
amortize on a pro rata basis. As of the August 2023 payment date,
the EUR 107.7 million portfolio (excluding defaulted receivables)
consisted of fixed-rate unsecured amortizing personal loan
receivables granted without a specific purpose for existing credit
card customers (credito adicional) and further advances (top-up) to
private individuals domiciled in Portugal.

PORTFOLIO PERFORMANCE

As of the August 2023 payment date, loans that were one to two
months and two to three months delinquent represented 1.0% and 0.7%
of the portfolio balance, respectively, while loans more than three
months delinquent represented 1.8%. Gross cumulative defaults were
3.8% of the original portfolio balance, with cumulative recoveries
of 40.4% to date.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and maintained its base case PD and LGD
assumptions at 8.2% and 20.0%, respectively.

CREDIT ENHANCEMENT

The subordination of the junior obligations provides credit
enhancement to the rated notes. As of the August 2023 payment date,
credit enhancement to the Class A, Class B, Class C, Class D, and
Class E notes was 24.0%, 20.0%, 12.0%, 6.5%, and 3.5%,
respectively. The credit enhancement has remained stable because of
the pro rata amortization mechanism and will continue to remain
stable until a sequential redemption event occurs.

The cash reserve account is available to cover senior expenses and
interest shortfalls on the Class A, Class B, and Class C notes. The
cash reserve account was funded at closing with EUR 1.3 million and
its required balance is set at 1.0% of the outstanding Class A,
Class B, and Class C notes, subject to a EUR 0.7 million floor. The
cash reserve has always been at its target level and, as of the
August 2023 payment date, stood at EUR 0.9 million.

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

BNP Paribas SA (BNP Paribas) is the swap counterparty for the
transaction. DBRS Morningstar's public credit rating on BNP Paribas
is consistent with the credit ratings assigned to the rated notes,
as described in DBRS Morningstar's "Derivative Criteria for
European Structured Finance Transactions" methodology.

Notes: All figures are in euros unless otherwise noted.




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

AUTONORIA SPAIN 2023: DBRS Finalizes BB(high) Rating on F Notes
---------------------------------------------------------------
DBRS Ratings GmbH finalized its provisional credit ratings on the
following classes of notes (the Rated Notes) issued by AutoNoria
Spain 2023, FT (the Issuer):

-- Class A Notes at AAA (sf)
-- Class B Notes at AAA (sf)
-- Class C Notes at AA (high) (sf)
-- Class D Notes at AA (sf)
-- Class E Notes at BBB (sf)
-- Class F Notes at BB (high) (sf)

The rating assigned to the Class D Notes, Class E Notes and Class F
Notes differs from the provisional ratings previously assigned of
AA (low) (sf), BB (high) (sf) and BB (low) (sf) respectively, due
to the lower than previously expected margins across all notes and
lower than expected fixed leg of the swap, which resulted in higher
available funds and improved the cash flow analysis of the Class D
Notes, Class E Notes and Class F Notes in DBRS Morningstar's rating
stress scenarios.

The credit rating on the Class A Notes and the Class B Notes
addresses the timely payment of interest and the ultimate repayment
of principal by the final maturity date. The credit ratings on the
Class C Notes, Class D Notes, Class E Notes, and Class F Notes
address the ultimate repayment of interest (timely when most
senior) and the ultimate repayment of principal by the final
maturity date.

CREDIT RATING RATIONALE

The transaction represents the securitization of receivables
relating to a pool of retail auto loan receivables originated by
Banco Cetelem, S.A.U. (Banco Cetelem; the Seller and Servicer) to
Spanish borrowers. The initial pool of receivables comprises only
classic amortizing loans for the purchase of new (62.4%), semi-new
(16.8%), and used cars (10.1%), as well as for recreational
vehicles (3.4%) and motorbikes (7.3%). The transaction includes a
six-month revolving period.

DBRS Morningstar based its credit ratings on a review of the
following analytical considerations:

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

-- Relevant credit enhancement in the form of subordination and a
liquidity reserve fund;

-- Credit enhancement levels that are sufficient to support DBRS
Morningstar's projected cumulative net loss under various stressed
cash flow assumptions for the Rated Notes;

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay investors according to the terms under which
they have invested;

-- Banco Cetelem's capabilities with regard to originations,
underwriting, and servicing, and its financial strength;

-- The transaction parties' financial strength with regard to
their respective roles;

-- The credit quality of the collateral and historical and
projected performance of the Seller's portfolio;

-- The sovereign rating on the Kingdom of Spain, currently at "A"
with a Stable trend; and

-- The consistency of the transaction's legal structure with DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology and the presence of legal opinions that
address the true sale of the assets to the Issuer.

TRANSACTION STRUCTURE

The transaction includes a six-month revolving period; during this
time, the originator may offer additional receivables that the
Issuer can purchase provided that the eligibility criteria and
concentration limits set out in the transaction documents are
satisfied. The revolving period may end earlier than scheduled if
certain events occur, such as the breach of performance triggers,
the default of the Seller, or a Servicer termination event.

The transaction features separate waterfalls for interest and
principal. At the end of the scheduled revolving period, the
transaction incorporates a mixed pro rata/potentially sequential
amortization mechanism. Prior to a sequential redemption event,
principal is allocated to Rated Notes on a pro rata basis.
Following a sequential redemption event, which is link to a Class G
PDL debit amount greater than 0.50% of the aggregate principal loan
balance, amongst others, principal is allocated on a sequential
basis. Once the amortization becomes sequential, it cannot switch
back to pro rata.

The transaction benefits from an amortizing liquidity reserve
funded at closing to an amount equal to 1.5% of the Class A to
Class F Notes and floored at 0.60% of the Class A to Class F Notes'
initial balance as at the closing date. The reserve is available to
the Issuer only in restricted scenarios where the interest and
principal collections are not sufficient to cover the shortfalls in
senior expenses, interest on the Class A Notes and, if not
deferred, interest payments on other classes of Rated Notes.

Principal available funds may be used to cover certain senior
expenses and interest shortfalls that would be recorded in the
transaction's principal deficiency ledger (PDL) in addition to the
defaulted receivables. The transaction includes a mechanism to
capture excess available revenue amounts to cure PDL debits and
also interest deferral triggers on the subordinated classes of
Rated Notes, conditional on the PDL debit amount and seniority of
the Rated Notes.

COUNTERPARTIES

BNP Paribas, S.A., Spanish Branch (BNPP Spain) has been appointed
to act as the account bank for the transaction. Based on DBRS
Morningstar's private rating on BNPP Spain and the downgrade
provisions outlined in the transaction documents, DBRS Morningstar
considers the risk arising from the exposure to the account bank to
be consistent with the ratings assigned, as described in DBRS
Morningstar's criteria.

The swap counterparty for the transaction will be Banco Cetelem and
will benefit from a swap guarantee provided by BNP Paribas SA
(BNPP). DBRS Morningstar currently does not rate Banco Cetelem but
DBRS Morningstar has a Long Term Critical Obligations Rating of AA
(high) with a Stable trend on BNPP, which meets DBRS Morningstar's
criteria to act in such capacity. DBRS Morningstar's rating on the
chosen swap guarantor counterparty and the downgrade provisions
referenced in the hedging documents are consistent with DBRS
Morningstar's criteria.

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

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

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




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

AVON PRODUCTS: S&P Affirms 'BB-' LongTerm ICR, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' long-term issuer credit
rating on Avon Products Inc. S&P also affirmed its 'BB-' rating on
its senior unsecured debt that has a remaining amount of about $20
million. At the same time, S&P withdrew Avon's 'b' stand-alone
credit profile (SACP).

S&P said, "The stable outlook reflects that of Avon's parent
company, Natura. We usually rate highly strategic subsidiaries one
notch below the rating on the group. We also expect business
integration to continue such that the subsidiaries Avon and Natura
Cosmeticos S.A. are operating as business units of the group.

"In our view, Natura & Co Holding S.A (Natura: BB/Stable/--;
brAAA/Stable/--) continues to integrate the business and provide
financial support to Avon Products Inc. (Avon), indicated by its
recent repurchase of $191 million of Avon's 2043 bonds.

"As a result, we now view Avon's group status to Natura as highly
strategic, from our previous view of strategically important."

Natura continues to demonstrate that Avon is part of the group's
long-term strategic view. The parent is making concentrated efforts
to integrate operations, especially in Latin America, where the two
companies historically have been competitors. Natura is already
integrating systems and consultants in Peru and Colombia, and S&P
thinks it could do the same in its largest operations such as
Argentina, Brazil, and Mexico in the next few quarters. S&P expects
that in the future, Avon will operate as a business unit integral
to the group.

In addition, following a capital injection in the form of a
follow-on during the pandemic and the repurchase of Avon's 2023
bonds, Natura recently announced its repurchase of Avon's 2043
bonds, which it will fund by the expected cash inflow from the sale
of its subsidiary Aesop at Natura's level. Natura has completed
$191 million of debt repurchase, with only about $20 million of
debt remaining outstanding at Avon.


BLANKSTONE SINGTON: Put Into Special Administration
---------------------------------------------------
Tony McDough at Liverpool Business News reports that Liverpool
stock broker Blankstone Sington (BSL) has been put into special
administration.

Based at Walker House in Exchange Flags in the city centre, the
firm was founded in 1976 by former Liverpool Stock Exchange
Chairman Michael Blankstone and his business partner Reggie
Sington.

Special administration is similar to a normal administration
whereby the administrators either look to sell the business as a
going concern or wind it up.

However, special administration is used for investment firms such
as BSL and also requires clients assets to be recovered as soon as
is reasonably practicable.

BSL, which was well known for trading in the shares of Everton
Football Club, saw temporary restrictions imposed on its activities
in November 2021 by the Financial Conduct Authority, LBN
discloses.

According to LBN, these prevented the firm from disposing or
diminishing the value of its own assets, accepting new client money
or new custody assets from existing clients and from opening new
client accounts, without the FCA's written consent.

They were put in place due to the "loss of several experienced
staff who cannot easily be replaced".

Andrew Poxon, Alex Cadwallader and Hilary Pascoe of Leonard Curtis
were appointed joint special administrators on October 13, 2023.
The firm's directors resolved to place the company into special
administration and applied to court for an order to that effect,
LBN relates.


HAMON UK: Goes Into Administration, Halts Operations
----------------------------------------------------
Business Sale reports that Hamon UK Limited, a wet cooling
specialist based in Hull and founded in 1975, has fallen into
administration and ceased trading.

According to Business Sale, while the company's collapse means
there is no ongoing business to market, administrators are now
seeking to secure a sale of the company's assets.

In its accounts for the year ending December 31 2022, Hamon UK
reported turnover of close to GBP4.4 million, down from GBP4.8
million a year earlier, while its losses narrowed from GBP1.9
million in 2021 to GBP1.3 million, Business Sale discloses.  At the
time, the company's current assets were valued at GBP1.1 million,
but net liabilities amounted to GBP3.79 million, Business Sale
states.

In those accounts, the company's directors said that several
customers continued to operate within COVID-19 restrictions and
guidelines, which, combined with the bankruptcy of its parent
company and most of its subsidiaries (collectively known as Hamon
Group) in April 2022, meant that the expected recovery did not
materialise, Business Sale notes.

Despite reporting "significant improvements" in both orders and
profitability on existing contracts in the early months of 2023,
the company encountered further cashflow problems when a contract
failed to materialise and it was unable to access financial
support, Business Sale relays.

As a result, Andrew Mackenzie and Laura Baxter of Begbies Traynor
were appointed as joint administrators to the company on September
29, 2023, Business Sale recounts.  All 40 of the company's staff
have been made redundant, with its assets now set to be sold off,
according to Business Sale.


KBOX: Enters Administration Due to Trading Difficulties
-------------------------------------------------------
Emma Lake at The Caterer reports that dark kitchen brand operator
KBox falls into administration Dark kitchen brand business KBox has
fallen into administration after experiencing "trading
difficulties".

KBox licensed delivery-only brands, working with restaurants to
monetise spare kitchen capacity, according to The Caterer.

It was founded in 2015 and grew during the pandemic when the
delivery market expanded rapidly, working with restaurants, pubs
and hotels.  Its teams devised brands as well as delivering the
training and technology required to launch them in operators'
premises.


SCOTGOLD RESOURCES: In Funding Talks with Potential Investor
------------------------------------------------------------
Scott Reid at The Scotsman reports that Scotgold Resources, the
firm behind the Cononish gold and silver mine near Tyndrum on the
West Highland Way, is locked in fresh funding talks just days after
it warned that it may have to appoint administrators.

According to The Scotsman, in a brief statement to investors, the
firm, whose shares are currently suspended, said it was in advanced
discussions with a new strategic investor which, should final
agreement be reached, are expected to provide sufficient funding
for the business to continue as a going concern.

It added: "Whilst financing discussions are at an advanced stage,
in the event the company cannot secure financing with the new
strategic investor, this could result in the appointment of
administrators.  Further announcements will be made in due
course."

At the start of October, Scotgold said talks with an "advanced
prospective investor" had failed and it was in discussions with its
existing funders which could result in the appointment of
administrators "over the coming days", The Scotsman relates.

The firm has had a challenging time at Cononish over the years but
remains confident that its transition to a new mining technique,
called long hole stoping (LHS), will bear results, The Scotsman
discloses.  Last month, it said the board had decided that trading
in the company's shares on London's junior Alternative Investment
Market (Aim) would be suspended, The Scotsman recounts.  It added
that a mine plan until July 2025 has been received and was under
internal review, The Scotsman notes.  This plan supports the use of
long hole open stope mining, The Scotsman states.


TAURUS 2021-4: DBRS Confirms BB(low) Rating on Class E Notes
------------------------------------------------------------
DBRS Ratings Limited confirmed its credit ratings on the commercial
mortgage-backed floating-rate notes due August 2031 issued by
Taurus 2021-4 UK DAC (the Issuer) as follows:

-- Class A at AAA (sf)
-- Class B at AA (low) (sf)
-- Class C at A (low) (sf)
-- Class D at BBB (low) (sf)
-- Class E at BB (low) (sf)
-- Class F at B (high) (sf)

The trends on all ratings remain Stable.

The confirmations reflect the transaction's stable performance over
the past year with both loans secured in the transaction performing
in line with the terms outlined in their respective facility
agreements.

The transaction is a securitization of GBP 844.0 million at
origination in August 2021, comprising two interest-only, senior
commercial real estate loans: the Fulham loan totaling GBP 633.2
million and the United VI loan totaling GBP 210.9 million. The
loans were advanced by Bank of America Europe DAC to entities owned
and managed by Blackstone Inc. (Blackstone). The loans are secured
separately by two portfolios, which, in aggregate, comprised 324
light-industrial and logistics assets at cut off. Both loan
portfolios are integrated into Blackstone's logistics platform,
Mileway. The portfolios are well diversified across all major
regions in the UK, with the majority of assets located in and
around major UK logistical hubs.

In May 2023, the outstanding aggregate loan amount decreased to GBP
797.9 million following the disposal of 39 properties from the
Fulham portfolio as of the May 2023 interest payment date (IPD)
while the United VI portfolio remained unchanged. Consequently, the
number of properties securing the transaction decreased to 285 from
324 at origination.

FULHAM

The Fulham loan, which accounts for 73.6% of the pool, was granted
to the ten Fulham borrowers with Blackstone as ultimate beneficiary
to refinance the existing Fulham loan previously securitized in
Taurus 2020-2 UK DAC. At securitization, the Fulham portfolio
comprised 275 predominantly logistics and industrial properties.
The portfolio averaged a 90% occupancy with over 2,000 tenants. On
the May 2023 IPD, the outstanding loan amount stood at GBP 587.0
million and the number of assets in the portfolio was 236.

The Fulham portfolio is highly granular with mostly urban logistics
and multi-let properties, and a few land parcels. The portfolio
comprised a total of 14.1 million square feet (sf) as of the May
2023 IPD and it was 92.1% occupied. The largest five tenants
represent only 6.7% of the gross rental income (GRI) and the
largest tenant, GXO Logistics UK Limited, only accounts for 2.9%.
As of May 2023, the GRI stood at GBP 63.6 million, up from GBP 61.3
reported on the May 2022 IPD in spite of the 12 property disposals
that took place during this time. The net rental income (NRI) was
GBP 58.7 million in May 2023, also showing improvement over the May
2022 figure of GBP 54.0 million. Given the increase in NRI, Debt
Yield (DY) improved over this period as well, having increased to
10.0% from 9.0%. There was positive letting activity over the
quarter ending May 2023, with 45 new tenants signing leases at the
properties, generating approximately GBP 1.09 million in new rent
annually.

A new valuation was provided by Jones Lang Lasalle Limited (JLL)
since DBRS Morningstar's last round of surveillance. The valuation
dated 30 November 2022 indicates a portfolio value of GBP 959.8
million, including a portfolio premium of 2.25%. The aggregated
value of the individual assets stands at GBP 938.7 million per the
new appraisal report. This represents an increase of 8.0% over
JLL's previous valuation dated 31 March 2021 on a like-for-like
basis.

The servicer report dated May 2023 indicates an LTV of 64.8%, which
does not incorporate the new valuation figures. However, based on
DBRS Morningstar's calculation and accounting for all the property
disposals that took place as of May 2023, DBRS Morningstar
estimates an LTV of 61.5% based on the May 2023 loan balance and
the most recent market valuation including the portfolio premium.

The cash trap covenants were not breached since issuance. The loan
maturity is on August 17, 2026.

UNITED VI

The United VI loan, which accounts for 26.5% of the pool, was
granted to the six United VI borrowers with Blackstone as ultimate
beneficiary to finance and refinance: (1) the acquisition of the
portfolio; (2) the indebtedness of members of the group; and (3)
general corporate expenses. At securitization, the United VI
portfolio comprised 49 mostly urban logistics, single-let and
multi-let properties. The portfolio averaged an 84% occupancy with
approximately 250 tenants. On the August 2023 IPD, the outstanding
loan amount stood at GBP 210.9 million and the number of assets in
the portfolio was unchanged at 49.

The portfolio is geographically diversified across the UK; however,
there is significant concentration in the north west, which
represents 47% of the total market value (MV). The remaining assets
are located in the north east (25% of MV), the south east and
London (17%), and the midlands (11%). The portfolio comprises a
total of 2.9 million square feet (sf) and it was 98.8% occupied as
of the May 2023 IPD, up from the 90.8% occupancy reported in May
2022. Over this period GRI increased to GBP 19.0 million from GBP
16.1 million and NRI increased to GBP 17.0 million from GBP 16.2
million. The tenancy is granular with the largest five tenants
representing only 4.7% of the GRI and the largest tenant, AAH
Pharmaceuticals Limited, accounting for 1.1% of the GRI as of the
May 2023 IPD. According to the May 2023 servicer report, there are
22 new incoming tenants, which will generate approximately GBP 868K
in new rent annually.

The servicer reports an LTV of 66.0% in the May 2023 servicer
report. Similar to the Fulham loan, this figure does not
incorporate the most recent valuation figures. Savills Advisory
Services Limited (Savills) provided the most recent valuation of
the portfolio and valued the collateral at GBP 304.4 million as of
January 31, 2023. Savills did not include a portfolio premium in
their valuation of the portfolio. The resulting LTV is 69.29% based
on DBRS Morningstar's calculation using the most recent market
value. This represents an increase over the May 2023 LTV of 66.0%
due to the lack of a portfolio premium in the January 2023
valuation.

Cushman & Wakefield plc provided the initial valuation of the
portfolio and valued the collateral at GBP 319.4 million as of 24
May 2021 including a portfolio premium capped at 5%. The May 2023
LTV figure is calculated based on this figure. Not including a
portfolio premium, the initial value of the portfolio stood at GBP
304.1 million, which is in line with the most recent valuation of
GBP 304.4 million.

The debt yield for the United VI loan stands at 8.1% as of the May
2023 IPD and the cash trap covenants were not breached. The loan
maturity is on 17 August 2026.

FULHAM AND UNITED VI

DBRS Morningstar's NCF for the Fulham loan decreased to GBP 45.4
million as of September 2023, down from its initial value of GBP
49.7 million at issuance, accounting for the property disposals.
DBRS Morningstar's NCF for the United VI loan was GBP 13.2 million
as of September 2023, unchanged from issuance. As of September
2023, DBRS Morningstar's value for the properties securing the
Fulham and United VI loans was GBP 646.2 million and GBP 210.7
million, respectively. DBRS Morningstar's value for the Fulham
portfolio represents a 32.3% haircut to the most recent valuation
and results in a DBRS Morningstar LTV of 90.8%. DBRS Morningstar's
value for the United VI portfolio represents a 30.8% haircut to the
most recent valuation and results in a DBRS Morningstar LTV of
100.1%.

The transaction features a Class X interest diversion structure;
however, no trigger event has occurred since issuance.

On the closing date, the Issuer entered into a liquidity facility
agreement with Bank of America, N.A. (BofA), in which BofA made
liquidity support of GBP 18 million available. The Issuer liquidity
reserve can be used to cover interest shortfalls on the Class A,
Class B, and Class C notes. The liquidity facility balance
currently stands at GBP 17.0 million. The liquidity reserve amount
can provide interest payments on the covered notes for up to 12.6
months based on the interest rate cap strike rate of 1.5% per annum
(p.a.) or 6.8 months based on the Sonia cap of 4.0% p.a.,
respectively.

The transaction is structured with a five-year tail period to allow
the special servicer to work out the loans at maturity by August
2031, which is the final legal maturity of the notes.

Notes: All figures are in British Pound Sterling unless otherwise
noted.


TIME GB: Put Into Administration, Owes Nearly GBP85 Million
-----------------------------------------------------------
Lucca de Paoli at Bloomberg News reports that a key unit of
collapsed UK caravan giant RoyaleLife was placed into
administration last week, as a fight heats up among debtors owed
hundreds of millions of pounds.

Time GB Group Limited is one of around 200 companies that make up
RoyaleLife, a group that was owned and founded by self-proclaimed
billionaire Robert Bull, but has now mostly collapsed into
insolvency, Bloomberg discloses.  The firm acted as a treasury
company for RoyaleLife, undertaking money transfers across the
group, and is the closest thing the caravan giant had to a
corporate center.

The administration application for Time GB is an abrupt u-turn
considering that Mr. Bull told the London High Court as recently as
June that it was solvent with excess assets of more than GBP60
million (US$73.4 million), Bloomberg notes.  The company now has
net liabilities of nearly GBP85 million, Mr. Bull told the court
through a statement last month, and it's facing down debts of at
least GBP500 million from more than 10 creditors, Bloomberg states.


Those creditors are just a fraction of the vast array of financial
backers that helped fuel RoyaleLife's rapid rise into a sprawling
holding company with a portfolio of 96 static caravan parks,
Bloomberg says.  Many of its units have now been shuttered by
lenders including Intermediate Capital Group Plc, Avenue Capital
and Sun Communities Inc., setting up a rush to recover debts,
Bloomberg notes.

It isn't clear exactly how much is owed to RoyaleLife's creditors,
but a proposed whole group refinancing mentioned in court documents
earlier this year was for around GBP1.5 billion according to
Bloomberg.

Court filings obtained by Bloomberg show that Time GB has some
GBP200 million worth of assets, mostly made up of money owed from
other entities in Mr. Bull's sprawling empire, Bloomberg discloses.
A large number of those companies have been placed into separate
administrations by lenders with security over particular units,
Bloomberg states.

Mr. Bull had applied to the court for administrators to be
appointed to Time GB from FRP Advisory Limited, a firm that has
given ad-hoc restructuring advice to RoyaleLife for more than a
year, Bloomberg recounts.  In a hearing on Oct. 9, however, Prentis
appointed administrators from ReSolve instead to avoid any
potential conflicts of interest, Bloomberg relates.

ICG is claiming GBP500 million in the proceedings against
RoyaleLife, while Sun Communities is owed more than GBP300 million,
Bloomberg discloses.  Both have hired insolvency practitioners to
help run and recover value from the parts of the business they were
lenders to, Bloomberg notes.

According to Bloomberg, James Cowper Kreston, the accountancy firm
working for for ICG, has put a portfolio of parks on the market
through Christies & Co, while administrators at Alvarez & Marsal
have hired Avison Young to carry out a sale of assets.

Park Homes Investments Limited, a vehicle part owned by the family
office of Rod Aldridge, the founder of FTSE 100 outsourcing firm
Capita Plc, is claiming around GBP58 million, Bloomberg states.
The debt owed to that entity is accruing at GBP45,000 a day, Park
Homes's barrister told the court, Bloomberg relays.




===============
X X X X X X X X
===============

[*] EUROPE: Company Bankruptcies Expected to Keep Rising
--------------------------------------------------------
Rene Wagner at Reuters reports that the number of companies in
Europe that go insolvent will keep growing until at least late next
year as higher interest rates and tougher financing conditions
weigh on businesses, according to a Scope Ratings analysis seen by
Reuters on Oct. 12.

According to Reuters, it said small businesses in sectors that are
cyclical and sensitive, such as retail and construction, are facing
the most pressure in the current economic environment.

Bankruptcy declarations in the European Union reached the highest
level since 2015 in the second quarter of this year, and available
statistics indicate the rise in defaults has not come to a halt in
the third quarter, according to the analysis, Reuters discloses.

Scope said while some of the rise in defaults is due to catch-up
effects from the end of government pandemic support, increased
macroeconomic risks, including higher interest rates and the
refinancing wall, are the reason insolvencies will not plateau
until the second half of 2024 and early 2025, Reuters relates.

It said European companies will be on the hook for about EUR8.2
billion (US$8.71 billion) in additional interest payments in
refinancing maturing capital-market debt next year, Reuters notes



                           *********


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

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

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

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