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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

          Friday, October 20, 2023, Vol. 24, No. 211

                           Headlines



A Z E R B A I J A N

INT'L BANK OF AZERBAIJAN: Fitch Alters Outlook on BB- Rating to Pos


G E R M A N Y

PONY SA COMPARTMENT 2023-1: Fitch Gives 'BB(EXP)' Rating on F Debt
PONY SA COMPARTMENT 2023-1: Moody's Assigns (P)B2 Rating to F Notes


I R E L A N D

CARLYLE EURO 2019-1: Moody's Affirms B2 Rating on EUR10MM E Notes


I T A L Y

FIBER BIDCO: Moody's Affirms 'B2' CFR, Outlook Remains Stable


K A Z A K H S T A N

NOMAD INSURANCE: S&P Affirms 'BB' ICR & Alters Outlook to Positive


P O L A N D

SYNTHOS SPOLKA: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable


R U S S I A

AGROBANK JSC: Fitch Assigns BB-(EXP) Rating on Sr. Unsec. Eurobonds


S P A I N

SANTANDER CONSUMER 2023-1: Moody's Gives Ba2 Rating to Cl. E Notes


U N I T E D   K I N G D O M

BYRON BURGER: To Shut Down Oxford Branch on Oct. 29
EQUITY RELEASE 5: Fitch Affirms 'BB+sf' Rating on Class C Notes
EUROSAIL 2006-3: Fitch Lowers Rating on Class E1c Notes to 'B-sf'
HASTINGS PIER: Community Group Mulls Acquisition After Collapse
INLAND HOMES: Future of BCP Housing Scheme Left Uncertain

OCADO GROUP: Moody's Affirms 'B3' CFR, Outlook Remains Stable
PROPITEER GROUP: Put Into Administration by Peterborough Council
ROYALE PARK: Investors Owed More Than GBP308MM, Report Shows
STRATTON MORTGAGE 2021-1: Fitch Affirms BB+ Rating on Class E Notes


X X X X X X X X

[*] BOOK REVIEW: The Titans of Takeover

                           - - - - -


===================
A Z E R B A I J A N
===================

INT'L BANK OF AZERBAIJAN: Fitch Alters Outlook on BB- Rating to Pos
-------------------------------------------------------------------
Fitch Ratings has revised OJSC International Bank of Azerbaijan's
(IBA) Outlook to Positive from Stable. The bank's Viability Rating
(VR) and Long-Term Issuer Default Ratings (IDRs) have been affirmed
at 'bb-' and 'BB-', respectively.

KEY RATING DRIVERS

IBA's ratings are driven by its intrinsic credit strength, as
measured by its VR of 'bb-'. The VR captures the bank's solid
balance-sheet structure, robust financial metrics and strong
domestic franchise. These are counterbalanced by IBA's exposure to
the emerging, oil-dependent and dollarized Azerbaijani economy. The
assigned VR is one notch below the implied rating of 'bb' due to
the negative effect of the business profile.

The Positive Outlook on the bank's IDRs reflects Fitch's
expectations that IBA will benefit from a favourable operating
environment in terms of revenue generation and business volumes.

Banking Sector Improving: Fitch has revised the Outlook on the 'b+'
operating environment score for Azerbaijani banks to positive from
stable. This captures its expectation that the financial stability
in a highly cyclical Azerbaijani economy will continue to improve,
due to stronger financial profiles of domestic banks and tighter
regulatory oversight. The latter is also leading to a moderation of
legacy asset-quality risks.

Strong Franchise; State-Ownership: IBA is the largest bank in
Azerbaijan, making up 26% of sector assets and 20% of sector loans
at end-1H23. This results in the bank's strong domestic franchise
and considerable pricing power. IBA is 96% state-owned.

Robust Asset Structure: At end-1H23, net loans made up just 33% of
total assets, while non-loan exposures are mostly of at least 'BB+'
credit quality. This balance-sheet structure translates into IBA's
asset quality and profitability being more resilient than domestic
peers, as well as into solid capital and liquidity buffers. For
these reasons, and due to IBA's large domestic market shares, Fitch
rates IBA one notch above the operating environment score.

Reasonable Loan Quality Ratios: IBA's impaired loans (Stage 3 loans
under IFRS 9) equalled a modest 4.3% of gross loans at end-1H23 and
were 1x covered by total loan loss allowances. Stage 2 loans added
another 0.9%. Fitch believes the largest corporate exposures are
adequately classified and provisioned. Fitch expects the impaired
loan ratio to remain below 5% in 2023-2024, although elevated loan
growth may result in a higher cost of risk, due to portfolio
seasoning.

Superior Profitability: The bank's annualised net interest income
rose to 4.9% of average earning assets (including cash and cash
equivalents) in 1H23 (2022: 3.9%). Coupled with good operating
efficiency (cost/income ratio was 41%), this led to a strong
pre-impairment profit, covering a high 11% of average gross loans.
As a result, IBA's annualised operating profit/risk-weighted assets
(RWAs) ratio was a high 6.4% in 1H23 (2022: 6.6%). Fitch expects
the bank's operating profitability to moderate in the medium term,
but to remain strong.

Solid Capital Buffer: IBA's Fitch Core Capital (FCC) ratio was a
high 30% at end-1H23, down from 32% at end-2022. Fitch expects
IBA's FCC ratio to reduce towards 24% in the medium term due to
fast loan growth (Fitch estimates 30% in 2023 and 25% in 2024) and
considerable dividend pay-outs.


Concentrated Funding, Ample Liquidity: The bank is mostly
deposit-funded (end-1H23: 87% of total liabilities). Single-name
deposit concentration is very high, with an outsized contribution
from state-owned corporates (end-1H23: 60% of total deposits), but
Fitch views these depositors as stable and core. IBA's liquidity
buffer is substantial in both local and foreign currencies, as
reflected by a gross loans/customer deposits ratio of 46%.

RATING SENSITIVITIES

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

The Outlook on IBA could be revised to Stable due to either of the
following:

- A renewed material loan-quality pressure, for example, stemming
from fast expected loan growth;

- A significant moderation of capital/liquidity buffers due to a
combination of fast growth and large dividend pay-outs.

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

IBA's ratings upgrade would result from continuous improvement of
the Azerbaijani economic environment, and IBA's extended record of
business model stability and reasonable quality of newly issued
loans.

An upgrade of Azerbaijan's sovereign rating (BB+/Positive) would
not automatically trigger an upgrade of IBA's ratings.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

IBA's senior unsecured debt is rated 'BB-', in line with its
Long-Term IDR, as the likelihood of default on these obligations
reflects the likelihood of default of the bank.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

The senior unsecured debt rating is sensitive to changes in IBA's
Long-Term IDR.

VR ADJUSTMENTS

The operating environment score of 'b+' is below the 'bb' category
implied score because of the following adjustment reasons:
regulatory and legal framework (negative) and financial market
development (negative).

The business profile score of 'bb-' is above the 'b & below'
category implied score because of the following adjustment reason:
market position (positive).

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

ESG CONSIDERATIONS

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

   Entity/Debt                        Rating           Prior
   -----------                        ------           -----
OJSC International
Bank of Azerbaijan   LT IDR             BB- Affirmed   BB-
                     ST IDR             B   Affirmed   B
                     Viability          bb- Affirmed   bb-
                     Government Support ns  Affirmed   ns

   senior
   unsecured         LT                 BB- Affirmed   BB-




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G E R M A N Y
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PONY SA COMPARTMENT 2023-1: Fitch Gives 'BB(EXP)' Rating on F Debt
------------------------------------------------------------------
Fitch Ratings has assigned Pony S.A. Compartment German Auto Loans
2023-1 expected ratings.

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

   Entity/Debt          Rating           
   -----------          ------           
Pony S.A.
Compartment German
Auto Loans 2023-1

   Class A          LT AAA(EXP)sf  Expected Rating
   Class B          LT AA+(EXP)sf  Expected Rating
   Class C          LT A+(EXP)sf   Expected Rating
   Class D          LT BBB+(EXP)sf Expected Rating
   Class E          LT BB(EXP)sf   Expected Rating
   Class F          LT BB-(EXP)sf  Expected Rating

TRANSACTION SUMMARY

The transaction is a securitisation of German auto loans originated
to private and commercial borrowers by Hyundai Capital Bank Europe
GmbH (HCBE), a joint venture between Santander Consumer Bank AG
(SCB; 51% stakeholder) and Hyundai Capital Services Inc (49%
stakeholder). The transaction has a 12-month revolving period. This
is the second issuance, after Pony 2021-1, from this originator
that Fitch has rated.

KEY RATING DRIVERS

Low Originator Book Defaults: The low historical defaults of HCBE's
loans and better than expected performance of the predecessor
transaction are outweighing Fitch's deteriorating asset outlook.
This is reflected in its base case default rate of 1.5%, which is
lower than the 1.8% base case Fitch assumed for HCBE's previous
issuance. The increased availability of HCBE's default data and a
shorter revolving period drive the lower 'AAA' default multiple of
6.75x compared with 7.0x applied by Fitch in the predecessor
transaction.

Pro-Rata Principal Allocations: Repayment dynamics of the notes
depend upon the length of pro-rata allocation of principal,
starting once the class A over-collateralisation increases to at
least 11%. In Fitch's view, the principal deficiency ledger trigger
is the most effective amongst the sequential payment triggers to
terminate pro-rata allocations if asset performance deteriorates.
In its modelling, the length of pro-rata payments is limited in the
driving 'AAA' scenario, at just three months, while at 'BB',
allocations are pro-rata for about half of the transaction's
lifetime.

Reserve Funding Through Unrated HCBE: Rating triggers for the
funding of a commingling, set-off and replacement servicer fee
reserve by HCBE refer to the rating SCB which holds a 51% stake in
HCBE. Fitch considers the reference to SCB's rating adequate for
this purpose, based on its assessment of the bank's investment
objectives and HCBE's relevance in SCB's long-term strategic
objectives.

Counterparty Risks Addressed: The transaction features a liquidity
reserve to reduce payment interruption risk. It will be funded at
closing and provide about three months of coverage of the issuer's
expenses. Considerations for a replacement of the servicer, and
remedial actions for the transaction account bank and swap
counterparty are adequately defined and in line with its
counterparty criteria.

RATING SENSITIVITIES

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

Asset performance deterioration beyond its current expectations in
form of higher defaults and larger losses due to adverse changes in
macroeconomic conditions, business practices or the legislative
landscape;

Defaults and losses are more back-loaded than assumed leading to a
longer pro rata period.

Sensitivities to higher default rates and lower recoveries are
shown below:

Defaults increase by 10%

Class A; 'AAAsf'; Class B: 'AAsf'; Class C: 'Asf'; Class D:
'BBBsf'; Class E: 'BBsf'; Class F: 'BB-sf'

Defaults increase by 25%

Class A; 'AA+sf'; Class B: 'AA-sf'; Class C: 'Asf'; Class D:
'BBBsf'; Class E: 'BBsf'; Class F: 'B+sf'

Defaults increase by 50%

Class A; 'AA+sf'; Class B: 'A+sf'; Class C: 'BBB+sf'; Class D:
'BB+sf'; Class E: 'B+sf'; Class F: 'Bsf'

Recoveries decrease by 10%

Class A; 'AAAsf'; Class B: 'AA+sf'; Class C: 'A+sf'; Class D:
'BBB+sf'; Class E: 'BBsf'; Class F: 'BB-sf'

Recoveries decrease by 25%

Class A; 'AAAsf'; Class B: 'AAsf'; Class C: 'Asf'; Class D:
'BBBsf'; Class E: 'BBsf'; Class F: 'B+sf'

Recoveries decrease by 50%

Class A; 'AAAsf'; Class B: 'AA-sf'; Class C: 'A-sf'; Class D:
'BBB-sf'; Class E: 'BB-sf'; Class F: 'Bsf'

Defaults increase by 10% and recoveries decrease by 10%

Class A; 'AAAsf'; Class B: 'AAsf'; Class C: 'Asf'; Class D:
'BBBsf'; Class E: 'BBsf'; Class F: 'B+sf'

Defaults increase by 25% and recoveries decrease by 25%

Class A; 'AA+sf'; Class B: 'A+sf'; Class C: 'BBB+sf'; Class D:
'BB+sf'; Class E: 'B+sf'; Class F: 'Bsf'

Defaults increase by 50% and recoveries decrease by 50%

Class A; 'AA-sf'; Class B: 'A-sf'; Class C: 'BBB-sf'; Class D:
'BB-sf'; Class E: 'B-sf'; Class F: 'CCCsf'

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

Actual defaults lower and losses smaller than assumed

Reduction in inflationary pressure on food and energy and improving
growth prospects for Germany.

Sensitivities to lower default rates and higher recoveries are
shown below:

Defaults decrease by 25% and recoveries increase by 25%

Class A; 'AAAsf'; Class B: 'AAAsf'; Class C: 'AA+sf; Class D:
'A+sf'; Class E: 'BBB+sf'; Class F: 'BBB-sf'

DATA ADEQUACY

Pony S.A. Compartment German Auto Loans 2023-1

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

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

ESG CONSIDERATIONS

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


PONY SA COMPARTMENT 2023-1: Moody's Assigns (P)B2 Rating to F Notes
-------------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to Notes to be issued by Pony S.A., Compartment German Auto
Loans 2023-1:

EUR[ ]M Class A Floating Rate Notes due November 2032, Assigned
(P)Aaa (sf)

EUR[ ]M Class B Floating Rate Notes due November 2032, Assigned
(P)Aa3 (sf)

EUR[ ]M Class C Floating Rate Notes due November 2032, Assigned
(P)A2 (sf)

EUR[ ]M Class D Floating Rate Notes due November 2032, Assigned
(P)Baa2 (sf)

EUR[ ]M Class E Floating Rate Notes due November 2032, Assigned
(P)Ba2 (sf)

EUR[ ]M Class F Floating Rate Notes due November 2032, Assigned
(P)B2 (sf)

RATINGS RATIONALE

The Notes are backed by a 12-month revolving pool of German auto
loans originated by Hyundai Capital Bank Europe GmbH ("HCBE") (NR).
HCBE is 51% owned by Santander Consumer Bank AG (A2/P-1 Bank
Deposits; A1(cr)/ P-1(cr)) and 49% owned by Hyundai Capital
Services, Inc. (Baa1 LT Issuer Rating). This is the second issuance
of HCBE.

The provisional portfolio consists of 29,156 loans granted to
obligors in Germany for a total of approximately EUR600 million as
of August 31, 2023 pool cut-off date. The average balance is
EUR20,579, the weighted average interest rate is 4.70%, and
weighted average seasoning is 9.4 months. The portfolio, as of its
pool cut-off date, did not include any loans in arrears.

Moody's analysis focused, amongst other factors, on: (i) an
evaluation of the underlying portfolio of loans at closing and
incremental risk due to loans being added during the 12-month
revolving period; (ii) the historical performance information of
the total book; (iii) the credit enhancement provided by the
subordination, the liquidity reserve, excess spread and
over-collateralisation; (iv) the liquidity support available in the
transaction including the liquidity reserve; and (v) the overall
legal and structural integrity of the transaction.

According to Moody's, the transaction benefits from several credit
strengths such as the granularity of the portfolio and additional
credit enhancement provided by over-collateralisation. However,
Moody's notes that the transaction features some credit weaknesses
such as (i) the percentage of balloon loans in the pool (84.8% of
the total outstanding loans are balloon loans with a final payment
of around 48.7% of the current net loan amount), (ii) an unrated
servicer, (iii) 1-year revolving structure which could increase
performance volatility of the underlying portfolio, and (iv) a
complex structure including interest deferral triggers for juniors
Notes and pro-rata principal payments. Various mitigants have been
included in the transaction structure such as a back-up servicer
facilitator which should facilitate the appointment of a back-up
servicer upon a servicer termination event, as well as a
performance trigger which will stop the revolving period or the
pro-rata amortization.

Hedging: as the collections from the pool are not directly linked
to a floating interest rate, a higher index payable on the floating
Class A to F Notes would not be offset with higher collections from
the pool. The transaction benefits from an interest rate swap with
DZ BANK AG as swap counterparty, where the issuer will pay a fixed
swap rate and will receive one-month EURIBOR on a notional linked
to the outstanding balance of the Class A to F Notes.

MAIN MODEL ASSUMPTIONS

Moody's determined the portfolio lifetime expected defaults of
1.7%, expected recoveries of 35% and portfolio credit enhancement
("PCE") of 10% related to borrower 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 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.

Portfolio expected defaults of 1.7% are lower than the EMEA Auto
Loan ABS average and are based on Moody's assessment of the
lifetime expectation for the pool. Moody's primarily based Moody's
analysis on the historical cohort performance data that the
originator provided for a portfolio that is representative of the
securitised portfolio. Moody's stressed the results from the
historical data analysis to account for: (i) the expected outlook
for the German economy in the medium term; (ii) the fact that the
transaction is revolving for 12 months and that there are portfolio
concentration limits during that period; and (iii) benchmarks in
the German auto ABS market.

Portfolio expected recoveries of 35% are in line with the EMEA Auto
Loan 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 10% is in line with the EMEA Auto Loan ABS average and is
based on Moody's assessment of the pool which is mainly driven by:
(i) evaluation of the underlying portfolio, complemented by the
historical performance information as provided by the originator;
(ii) the relative ranking to originator peers in the EMEA Auto loan
market, and (iii) other qualitative considerations like the
percentage of balloon loans in the portfolio. The PCE level of 10%
results in an implied coefficient of variation ("CoV") of 69.5%.

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

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

Significantly different loss assumptions compared with Moody's
expectations at closing due to either a change in economic
conditions from Moody's central scenario forecast or idiosyncratic
performance factors would lead to rating action. For instance,
should economic conditions be worse than forecast, higher defaults
and loss severities resulting from greater unemployment, worsening
household affordability and a weaker housing market could result in
a downgrade of the ratings. A deterioration in the Notes' available
credit enhancement could result in a downgrade of the ratings,
while an increase in credit enhancement could result in ratings
upgrades. Additionally, counterparty risk could cause a downgrade
of the ratings due to a weakening of the credit profile of
transaction counterparties. Finally, unforeseen regulatory changes
or significant changes in the legal environment may also result in
changes of the ratings.




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

CARLYLE EURO 2019-1: Moody's Affirms B2 Rating on EUR10MM E Notes
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Carlyle Euro CLO 2019-1 DAC:

EUR36,000,000 Class A-2A Senior Secured Floating Rate Notes due
2032, Upgraded to Aa1 (sf); previously on Mar 30, 2021 Definitive
Rating Assigned Aa2 (sf)

EUR10,000,000 Class A-2B Senior Secured Fixed Rate Notes due 2032,
Upgraded to Aa1 (sf); previously on Mar 30, 2021 Definitive Rating
Assigned Aa2 (sf)

EUR23,000,000 Class B Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to A1 (sf); previously on Mar 30, 2021
Definitive Rating Assigned A2 (sf)

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

EUR240,000,000 Class A-1 Senior Secured Floating Rate Notes due
2032, Affirmed Aaa (sf); previously on Mar 30, 2021 Definitive
Rating Assigned Aaa (sf)

EUR27,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Baa3 (sf); previously on Mar 30, 2021
Definitive Rating Assigned Baa3 (sf)

EUR22,700,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Ba2 (sf); previously on Mar 30, 2021
Affirmed Ba2 (sf)

EUR10,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed B2 (sf); previously on Mar 30, 2021
Affirmed B2 (sf)

Carlyle Euro CLO 2019-1 DAC, issued in March 2019 and refinanced in
March 2021, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by CELF Advisors LLP. The transaction's
reinvestment period ended in September 2023.

RATINGS RATIONALE

The rating upgrades on the Class A-2A, A-2B and B notes are
primarily a result of the benefit of the transaction having reached
the end of the reinvestment period in Sept 2023.

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

Key model inputs:

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

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

Performing par and principal proceeds balance: EUR391.4m

Defaulted Securities: EUR8.0m

Diversity Score: 53

Weighted Average Rating Factor (WARF): 3055

Weighted Average Life (WAL): 4.21 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 4.08%

Weighted Average Coupon (WAC): 4.34%

Weighted Average Recovery Rate (WARR): 44.47%

Par haircut in OC tests and interest diversion test:  None

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 and swap provider,
using the methodology "Moody's Approach to Assessing Counterparty
Risks in Structured Finance" published in June 2022. Moody's
concluded the ratings of the notes are not constrained by these
risks.

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

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

Additional uncertainty about performance is due to the following:

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

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

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




=========
I T A L Y
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FIBER BIDCO: Moody's Affirms 'B2' CFR, Outlook Remains Stable
-------------------------------------------------------------
Moody's Investors Service affirmed the B2 long term corporate
family rating and the B2-PD probability of default rating of Fiber
Bidco S.p.A. ("Fedrigoni" or "the company"). Concurrently, Moody's
affirmed the B2 instrument rating of the EUR1.1 billion senior
secured notes maturing in 2027. The outlook remains stable.

RATINGS RATIONALE

Similar to its peers in the paper and forest product industry,
Fedrigoni has witnessed operational performance softening, driven
by a sizeable destocking pattern and inflationary pressure, with
revenue decreasing by 10% year-over-year to EUR971 million in H1
2023. The rating affirmation takes into account that Fedrigoni has
been able to mitigate the negative effect on profitability through
higher prices and reduced production capacity, while benefiting
from lower pulp costs leading to a quite resilient Moody's-adjusted
EBITDA margin of 13.6% in H1 2023 which compares to 14.5% in H1
2022. In addition, Moody's considered Fedrigoni's solid liquidity
position and the absence of sizeable short-term debt maturities as
factors supporting the rating affirmation. Looking ahead, Moody's
expects a stabilization in demand which together with management's
measures to offset market challenges will enable Fedrigoni to
gradually strengthen its key credit metrics.

The rating is primarily supported by the company's market-leading
positions in a number of structurally growing premium niches, with
well-established brands, which allow it to operate with a level of
profitability that compares well with that of most other paper
producers. The exposure to the packaging industry and good customer
and product diversification in different industries reduce the
cyclicality of the company's operating performance relative to
other peers. The affirmation of the rating factors in the
expectation of positive free cash flow (FCF) generation given
relatively limited maintenance capital spending needs and the
realisation of efficiency improvement measures.

The rating is constrained by high gross leverage of 6.7x
Moody's-adjusted debt/EBITDA for the 12 months that ended June
2023, calculated pro forma for full year operation under the new
group structure established in 2022. Supported by early indications
of a market stabilization, Moody's expects that Fedrigoni's
leverage will decrease towards 6.0x during H2 2023 and further
towards 5.7x over the course of 2024, which is in line with the
expected range for the B2 rating category. Interest cover, as
measured by Moody's adjusted EBITDA/Interest expense, is currently
at 1.9x, which is at the lower end of the requirements for the
current rating is likely to be restored over the next 12-18 months.
Further constraints are the company's moderate scale, with revenue
of around EUR2.0 billion for the 12 months that ended June 2023;
exposure to volatile pulp prices; and some, although decreasing,
exposure to the structurally declining and margin-dilutive coated
wood-free and uncoated wood-free paper segment.

LIQUIDITY

Fedrigoni maintains a good liquidity, underpinned by EUR146 million
available cash and EUR92.75 million availability under its EUR150
million committed revolving credit facility as of June 2023, as
well as positive FCF generation in Q2 2023. The credit facility
contains a springing covenant tested only when the revolver is more
than 40% drawn. These sources are considered sufficient to cover
any seasonality in cash flow. The current liquidity profile
benefits from drawings under the company's factoring programme of
around EUR270 million. The B2 CFR rating assumes continued access
to this factoring programme. There are no significant debt
maturities until 2027, when drawn RCF and senior secured fixed and
floating rate notes become due.

RATING OUTLOOK

The rating is currently weakly positioned. The stable rating
outlook takes comfort from the company's ability to defend
double-digit EBITDA margin during the adverse market environment
seen since Q4 2022. While Moody's anticipates that prices in paper
packaging and specialty paper will gradually weaken further it
expects that the volume decline should come to an end during H2
2023 enabling Fedrigoni to strengthen credit metrics in line with
Moody's expectations set for the B2 rating category during 2024 at
the latest.

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

Moody's could downgrade Fedrigoni's rating if the company is unable
to swiftly restore credit metrics indicated by (1) Moody's adjusted
debt/EBITDA remaining above 6.0x (without taking into account the
shareholder loan or above 7.5x including the shareholder loan) on a
sustained basis; (2) interest cover below 2.0x EBITDA/interest
expense; or (3) negative free cash flow on a sustained basis.
Likewise, negative pressure could increase if (4) Moody's adjusted
EBITDA margin deteriorates sustainably below 10%; (5) liquidity
weakens; or (6) if the company's cash flow would be applied to fund
interest payments to the PIK investors or in case refinancing risk
related to the PIK rises.

Moody's could upgrade Fedrigoni's CFR if (1) the company
demonstrates the existence of financial policies aimed to reduce
its debt/EBITDA ratio (as adjusted) sustainably below 5.0x (and
below 6.0x including shareholder loan), (2) interest cover is
trending above 3.0x EBITDA/ interest expense; (3) its Moody's
adjusted EBITDA margin remains sustainably in low teens in % terms;
(4) it builds a track record of material positive free cash flow
generation; and if (5) it strengthens its liquidity by building
sufficient cash balances.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Paper and
Forest Products published in December 2021.

COMPANY PROFILE

Fiber Bidco S.p.A. is the holding entity of Fedrigoni S.p.A.
Headquartered in Verona, Italy, Fedrigoni is a producer of
specialty paper and self-adhesive labels. With around 4,500
employees and more than 70 production plants, distribution and
slitting centers, and R&D labs in Italy, Spain, Brazil, Turkey,
China, and the US, the group sells its products in more than 130
countries around the world. Fedrigoni was founded in 1888, and it
operates through its two business segments: Specialty Paper -
Luxury Packaging and Creative Solutions (LPCS) and
Self-Adhesive/Labels business (FSA). Fedrigoni reported revenue of
EUR2.0 billion for the 12 months that ended June 2023.

In July 2022, Bain Capital Private Equity and BC Partners entered
into a joint ownership agreement for Fedrigoni.




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

NOMAD INSURANCE: S&P Affirms 'BB' ICR & Alters Outlook to Positive
------------------------------------------------------------------
S&P Global Ratings revised its outlook on Kazakhstan-based Nomad
Insurance Co. to positive from stable. At the same time, S&P
affirmed its 'BB' long-term issuer credit and financial strength
ratings on the insurer and its 'kzAA-' Kazakhstan national scale
rating.

S&P said, "Our outlook revision is based on the gradual reduction
in risk that Nomad Insurance has achieved over the past year. We
expect the company to maintain its prudent investment policy and
continue to invest mainly in investment-grade assets. About 65% of
Nomad's invested assets are bonds, cash, and deposits related to
domestic and international entities that have an average credit
quality of 'BBB-' and above. This is in line with investment policy
at Nomad's local peers.

"Nomad's absolute capital increased by 28% to $36 million in 2022.
We anticipate that it will bolster its capital further through
profitable earnings, of which it will retain at least 50%; as a
result, capital is forecast to reach about $37 million-$50 million
in 2023-2024. Despite its profitable growth, we expect capital
adequacy, based on our model, to remain at least strong.

"Our ratings reflect Nomad Insurance's robust market position. It
had a 7% share of the Kazakhstan property/casualty (P/C) insurance
market, based on gross premium written (GPW) in the first six
months of 2023. Over the same period, it reported GPW growth of
34%--we anticipate that its GPW will increase by about 30%-40% over
the whole of 2023, and by 20% in 2024. Nomad is expected to report
a net P/C combined ratio no higher than 85% in 2023-2024. (Lower
combined ratios indicate better profitability. A combined ratio of
greater than 100% signifies an underwriting loss.) The company
realized a combined ratio better than the market average by taking
a conservative approach to underwriting and implementing
cost-optimization measures. These included a planned decrease in
the share of nonprofitable business such as obligatory motor
third-party liability insurance. In 2023-2024, we expect a return
on equity of above 40% and annual net profit of about Kazakhstani
tenge (KZT) 8.7 billion-KZT11.8 billion.

"The positive outlook indicates that we could raise the rating in
the next 12 months, if the company maintains its asset quality at
the 'BBB' level and continues to show profitable growth while
sustaining at least strong capital adequacy.

"We could revise the outlook on Nomad Insurance to stable in the
next 12 months if, contrary to our expectations, asset quality
deteriorates significantly and sustainably. Alternatively, we could
take a negative rating action if capital weakens significantly; for
example, because of worsening underwriting performance or
higher-than-expected dividend payouts."

S&P could raise the rating on Nomad if:

-- The company sustains asset quality at the 'BBB' category level;
and

-- Its capital remains at least strong, based on our model,
supported by profitable premium growth.




===========
P O L A N D
===========

SYNTHOS SPOLKA: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Poland-based chemicals company Synthos
Spolka Akcyjna's (Synthos) Long-Term Issuer Default Rating (IDR) at
'BB' with a Stable Outlook. Fitch has also affirmed the senior
secured rating at 'BB+' with a Recovery Rating of 'RR2'.

The Stable Outlook reflects Fitch's expectations of deleveraging
from 2024 following a material reduction in forecast earnings in
2023 and the company's commitment to conservative financial policy.
Fitch expects the improvement in leverage to be achieved following
a recovery in end markets, contribution of new capacity across
business lines, increased share of EBITDA from the utilities
segment and lack of dividend payments in 2024-2025.

The 'BB' rating is constrained by its modest scale, exposure to the
transportation and construction sectors, price volatility of
butadiene and styrene derivatives as well as exposure to gas
rationing and high energy costs. Rating strengths are its strong
position in European market niches, such as the production of
synthetic rubber and insulation materials, diversification into the
utilities segment, a fairly resilient EBITDA margin, backward
integration and access to competitively priced feedstock.

KEY RATING DRIVERS

EBITDA Decline in 2023: Synthos reported reduction in EBITDA of
over 60% in 1H23 due to weak demand for replacement tyres in Europe
coupled with higher tyre supply from Asia and weak demand from the
construction segment for styrene. Pressure on profits is being
exacerbated by low butadiene and styrene monomer prices, which are
only partly offset by a stronger contribution from the utilities
segment. Fitch expects weak fundamentals will continue in 2H23 and
forecasts around a 50% decline in 2023 Fitch-adjusted EBITDA to
around PLN0.9 billion from PLN1.8 billion in 2022.

Its expectations of modest market recovery from 2024 together with
a higher contribution from the utilities segment and new capacity
across product lines will drive an improvement in EBITDA to around
PLN1.1 billion in 2024 and PLN1.2 billion in 2025-2026.

Leverage Peaks in 2023: Dividend payment of PLN300 million and a
drop in EBITDA will increase EBITDA net leverage to around 3.6x in
2023 from 1.7x in 2022. Distribution to shareholders in weakening
market conditions deepened the breach of its negative sensitivity
of 2.5x EBITDA net leverage and Synthos's internal target of net
leverage of 2.5x. Fitch expects the company to forego any dividend
distributions in 2024 and 2025 to comply with its financial policy.
Consequently, Fitch expects EBITDA net leverage to reduce to 2.7x
in 2024 and below 2.5x in 2025-2026.

Increasing Contribution of Utilities: Synthos sells excess
internally generated electricity to the market and Fitch expects on
average around one-third of EBITDA from the utilities segment in
2023-2026 versus around 10% historically. In Fitch's view,
completion of a new combined-cycle gas turbine (CCGT) by end-2023
and supportive electricity prices in Poland and Czech Republic will
diversify the cash-flow stream and support the business profile.

Niche Leader, Small Scale: Synthos has a strong position in niche
markets and benefits from the proximity of manufacturing facilities
to an established and diversified customer base. However, its
rating is constrained by its small operations versus 'BB' category
chemical peers. Around 77% of sales are derived from Europe, where
Synthos has a leading production capacity of emulsion styrene
butadiene rubber and expandable polystyrene (EPS). Fitch expects
Synthos to remain leader for solution styrene-butadiene rubber,
despite the partial shutdown of 110kt capacity at Kralupy in 1H23.

High Capex Continues: Synthos is progressing with completion of its
major investments such as new CCGT to be commissioned by end-2023
and moderate capacity expansion across business lines. However,
investment in a butadiene factory in Plock is delayed beyond 2023.
The investment programme will pressure cash flows in 2023-2024,
when Fitch estimates PLN1.3 billion spent versus PLN0.8 billion in
2025-2026. Fitch also assumes only moderate flexibility within the
investment plans with potential for PLN100 million to PLN200
million delayed or reduced from the current plan until 2026.

Backward Integration: Synthos's competitive position is underpinned
by an integrated production chain, which provides access to
competitively priced feedstock, and self-sufficiency in electricity
and steam in Poland and the Czech Republic, supporting
profitability. Synthos sources 17% of its butadiene needs excluding
operations in Germany from its joint venture with Unipetrol and 43%
of styrene supply from its Czech Republic-based subsidiary, Synthos
Kralupy, and its Poland-based subsidiary, Synthos Dwory.

A further 13% of butadiene is supplied by Unipetrol's parent, ORLEN
S.A. (BBB+/Stable) and the benefits of integration will increase
following completion of the investment in Plock.

Exposure to Supply Chain: Synthos remains exposed to supply-chain
disruption, despite self-sufficiency in raw materials, as evident
in a force majeure at Unipetrol in 2015. Investments in the
reconstruction of Unipetrol's steam cracker post-force majeure,
strong and long-lasting relationship with external suppliers plus
overcapacity in Europe mitigate the interruption risk of access to
feedstock. However, profitability can still be hit if raw materials
are purchased at market prices if internal sources are disrupted.

Notching for Notes: Fitch rates the senior secured notes using a
generic approach for 'BB' category issuers, which reflects the
relative instrument ranking in the capital structure, in accordance
with its Corporates Recovery Ratings and Instrument Ratings
Criteria. The notes are secured by a share pledge of guarantors,
comprising 84% of group adjusted EBITDA as of December 2022 and a
mortgage over real estate in Poland. This results in the senior
secured rating being notched up once from the IDR and a Recovery
Rating of 'RR2'.

DERIVATION SUMMARY

Synthos is rated broadly in line with its peers, such as Ineos
Quattro Holdings Limited (BB/Stable), Ineos Group Holdings S.A.
(BB+/Negative), and two notches lower than OCI N.V. (BBB-/Stable).
The company has a weaker business profile, disadvantaged by its
smaller scale, lower diversification, and weaker global product
leadership, albeit these are strengthening in the synthetic rubber
segment following the acquisition of assets from Trinseo in 2021.

Despite its lower economies of scale, its profitability has been
largely comparable with that of Ineos Quattro and Ineos Group
thanks to its access to competitively priced feedstock and
self-generated electricity and steam. Synthos has historically
demonstrated a stronger financial profile than peers, but Fitch
forecasts Synthos's EBITDA net leverage to be worse or in line with
that of peers in the coming years, given the recent slowdown of
construction activities across Europe and prices of synthetic
rubbers sharply dropping due to weak demand especially in Asia amid
sluggish economic recovery.

KEY ASSUMPTIONS

- Butadiene prices correlated with Fitch's oil price deck:
USD80/bbl in 2023, USD75/bbl in 2024, USD70/bbl in 2025, and
USD65/bbl in 2026.

- Decrease in sales volume in 2023 due to lower export to Asia,
lower production at Kralupy and reduction in new building
constructions in Europe. Gradual recovery from 2024

- EBITDA margin of 9.5% in 2023, 12%-13% in 2024-2025 and 15% in
2026

- Total capex of PLN2.1 billion over 2023-2026

- Dividends of PLN300 million in 2023, no dividends in 2024 and
2025, PLN600 million in 2026

RATING SENSITIVITIES

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

- EBITDA net leverage below 1.5x on a sustained basis

- Record of adherence to a more conservative financial policy,
including a clearly defined dividend distribution framework

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

- EBITDA net leverage above 2.5x on a sustained basis due to, among
other things, weaker than-expected market performance, high gas and
energy prices, excessive dividend payments or sizeable debt-funded
acquisitions

- Decline in EBITDA margin to below 10% for a sustained period

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Synthos has adequate liquidity and well-spread
debt maturities. As of June 2023, Synthos had a cash balance of
around PLN114 million and around PLN1.8 billion available under
EUR500 million (PLN2.2 billion) revolving credit facility (RCF) due
in 2027.

The company does not have other short-term debt apart from the RCF
drawings and its EUR600 million bond matures in 2028. Fitch expects
Synthos's cash flows and the available RCF will be sufficient to
maintain adequate liquidity throughout its growth capex programme,
assuming there will be flexibility to scale down or to postpone
some projects in case of expected deterioration in trading.

ISSUER PROFILE

Synthos is a European small, privately-owned, vertically-integrated
chemical group mainly engaged in the manufacture of synthetic
rubber (capacity 735kt) and insulation material (653kt).

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
   -----------             ------        --------   -----
Synthos Spolka
Akcyjna             LT IDR BB  Affirmed             BB

   senior secured   LT     BB+ Affirmed     RR2     BB+




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

AGROBANK JSC: Fitch Assigns BB-(EXP) Rating on Sr. Unsec. Eurobonds
-------------------------------------------------------------------
Fitch Ratings has assigned Joint-Stock Commercial Agrobank's
upcoming issue of senior unsecured Eurobonds an expected long-term
rating of 'BB-(EXP)'.

The size of the issue, the maturity of the issue and the coupon are
yet to be determined. The final rating is contingent upon the
receipt of final documents conforming to information already
received.

KEY RATING DRIVERS

The notes will be issued by a debt-issuing SPV, Baytree Global
Investments S.à r.l., registered in Luxembourg, and proceeds will
be on-lent to the bank. The notes will represent direct,
unconditional and senior unsecured obligations of the bank, which
will rank pari passu with its other senior unsecured obligations.
Accordingly, the assigned expected rating is in line with
Agrobank's Long-Term Foreign-Currency Issuer Default Rating (LTFC
IDR) of 'BB-'.

Agrobank's Long-Term IDRs reflect Fitch's view of a moderate
probability of support from the government of Uzbekistan
(BB-/Stable), as captured by its Government Support Rating (GSR;
bb-). The bank has been exempt from privatisation, given its
official status as the government's agent for state-sponsored
subsidised lending to the agricultural sector and small family
businesses in rural regions of Uzbekistan.

The bond draft documentation includes a change-of-control clause,
under which bondholders will have an option to redeem the notes at
101% of principal amount if the state (Republic of Uzbekistan)
ceases to own (directly or indirectly) at least 51% of the bank.

RATING SENSITIVITIES

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

Agrobank's senior unsecured debt rating could be downgraded if the
bank's LT FC IDR and GSR were downgraded.

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

Agrobank's senior unsecured debt rating could be upgraded if the
bank's LT FC IDR and GSR were upgraded.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Agrobank's IDRs are driven by potential support from the government
of Uzbekistan.

ESG CONSIDERATIONS

Agrobank has an ESG Relevance Score of '4' for Governance Structure
as Uzbekistan is highly involved in the bank at board level and in
its business and strategy development. The ESG Relevance Score of
'4' for Financial Transparency reflects delays in IFRS accounts
publications, which are only prepared on an annual basis and with
delays, and has a negative impact on the credit profile, and is
relevant to the ratings in conjunction with other factors.

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

   Entity/Debt             Rating           
   -----------             ------           
Baytree Global
Investments S.a r.l.

   senior
   unsecured             LT BB-(EXP)  Expected Rating




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

SANTANDER CONSUMER 2023-1: Moody's Gives Ba2 Rating to Cl. E Notes
------------------------------------------------------------------
Moody's Investors Service has assigned definitive credit ratings to
the following classes of Notes issued by SANTANDER CONSUMER SPAIN
AUTO 2023-1, FONDO DE TITULIZACION ("SANTANDER CONSUMER SPAIN AUTO
2023-1, FT"):

EUR500M Class A Notes due September 2039, Definitive Rating
Assigned Aa1 (sf)

EUR44.5M Class B Notes due September 2039, Definitive Rating
Assigned Aa3 (sf)

EUR20M Class C Notes due September 2039, Definitive Rating
Assigned A3 (sf)

EUR15.5M Class D Notes due September 2039, Definitive Rating
Assigned Baa3 (sf)

EUR20M Class E Notes due September 2039, Definitive Rating
Assigned Ba2 (sf)

Moody's has not assigned any rating to the EUR10.5M Class F Notes
due September 2039.

RATINGS RATIONALE

SANTANDER CONSUMER SPAIN AUTO 2023-1, FT is a 14 months revolving
securitisation of auto loans granted by Santander Consumer Finance
S.A. (A2/P-1 Bank Deposits; A3(cr)/P-2(cr)) ("Santander Consumer")
to mostly private obligors in Spain. Santander Consumer is acting
as originator and servicer of the loans while Santander de
Titulizacion, S.G.F.T., S.A. (NR) is the Management Company
("Gestora").

As of August 17, 2023, the securitised portfolio comprised 46,568
auto loans granted to obligors located in Spain, 97.63% of whom are
private individuals. The weighted average seasoning of the
portfolio is 11 months and its weighted average remaining term is
80 months. Around 27.65% of the loans were originated to purchase
new vehicles, while the remaining 72.35% were made to purchase used
vehicles. Geographically, the pool is concentrated mostly in
Andalucia (20.44%), Catalonia (13.59%) and Canarias (11.26%). The
portfolio, as of its pool cut-off date, did not include any loans
in arrears. A securitised portfolio of EUR600.0 million is randomly
selected at closing from the pool of EUR718.0 million described
here.

Moody's analysis focused, amongst other factors, on (i) an
evaluation of the underlying portfolio of loans, (ii) the
historical performance information of the total book and past ABS
transactions, (iii) the credit enhancement provided by the
subordination, the excess spread and the cash reserve, (iv) the
liquidity support available in the transaction, by way of principal
to pay interest, and the cash reserve; and (v) the overall legal
and structural integrity of the transaction.

According to Moody's, the transaction benefits from several credit
strengths such as the granularity of the portfolio, securitisation
experience of Santander Consumer and the significant excess spread.
However, Moody's notes that the transaction features a number of
credit weaknesses, such as a (i) complex structure including
pro-rata payments on Class A to E Notes after the end of the
revolving period, (ii) 14 months revolving structure which could
increase performance volatility of the underlying portfolio,
partially mitigated by early amortisation triggers, revolving
criteria both on individual loan and portfolio level and the
eligibility criteria for the portfolio, (iii) a fixed-floating
interest rate mismatch as 100% of the loans have fixed interest
rates and the Classes A-E Notes are linked to three month Euribor.
The interest mismatch is mitigated by a fixed-floating swap
provided by Banco Santander S.A. (Spain). These characteristics,
amongst others, were considered in Moody's analysis and ratings.

MAIN MODEL ASSUMPTIONS

Moody's determined the portfolio lifetime expected defaults of
4.60%, expected recoveries of 40.00% and portfolio credit
enhancement ("PCE") of 13.00% related to borrower 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 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 4.60% are in line with the Spanish
Auto Loan ABS average and are based on Moody's assessment of the
lifetime expectation for the pool taking into account: (i) historic
performance of the loan book of the originator and in particular of
the sub-book filtered by the eligibility criteria of the
transaction, (ii) performance of the existing Auto deals previously
originated by Santander Consumer, (iii) benchmark transactions and
(iv) other qualitative considerations, including the current
volatile economic environment.

Portfolio expected recoveries of 40.00% are in line with the
Spanish Auto Loan ABS average and are based on Moody's assessment
of the lifetime expectation for the pool taking into account: (i)
historic performance of the loan book of the originator, (ii)
benchmark transactions, and (iii) other qualitative considerations
such as asset security provisions, including the reserva de dominio
clause.

PCE of 13.00% is in line with the Spanish Auto Loan ABS average and
is based on Moody's assessment of the pool taking into account the
relative ranking to originator peers in the Spanish Auto loan
market and the fact that the transaction is revolving for 14
months. The PCE of 13.00% results in an implied coefficient of
variation ("CoV") of 61.1%.

Principal Methodology:

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

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

Factors that may cause an upgrade of the ratings include: (i) a
significantly better than expected performance of the pool, (ii) an
increase in credit enhancement of the Notes or (iii) an upgrade of
Spain's local country currency (LCC) rating.

Factors that may cause a downgrade of the ratings include: (i) a
decline in the overall performance of the pool, (ii) the
deterioration of the credit quality of Santander Consumer or (iii)
a downgrade of Spain's local country currency (LCC) rating.




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

BYRON BURGER: To Shut Down Oxford Branch on Oct. 29
---------------------------------------------------
Ellie Smitherman at The Sun reports that a major burger chain is
set to shut another site in days after falling into
administration.

According to The Sun, Byron Burger is closing its restaurant in
George Street, Oxford at the end of the month according to staff.

The site will be pulling down the shutters for the final time on
Oct. 29, The Sun notes.

Byron collapsed back in January and announced the immediate closure
of nine sites, The Sun recounts.

The move left more than 200 employees out of a job, The Sun
states.

The business was sold to Tristar Foods and 12 restaurants were
transferred to the new company, saving 365 jobs, The Sun relays.

However, Byron's new owners closed its Ipswitch branch on July 21,
bringing the total number of restaurants down to 11, according to
The Sun.

The chain also plans to bring the shutters down on another site in
Norwich, The Sun says.

An exact date is yet to be given but the Chantry Place shopping
centre confirmed the closure, The Sun notes.

Byron, which was founded in 2007, first collapsed back in 2020 in
the midst of the pandemic, The Sun discloses.

It hired administrators in the summer of 2020 before being sold to
Calveton, a private investment firm, The Sun recounts.

But only 21 of Byron's 51 branches stayed open -- leading to 600
jobs being axed, The Sun notes.

According to The Sun, after it collapsed into administration again
earlier this year, the following nine sites shut for good:

   -- Bluewater
   -- Chelmsford
   -- Edinburgh Lothian Road
   -- Leeds
   -- London - Wembley
   -- Manchester
   -- Milton Keynes
   -- Salisbury
   -- Southampton

As of September 2023, the chain operates out of just 11 locations,
but after the Norwich and Oxford branches close, it will bring this
total to just nine, The Sun says.

The hospitality sector as a whole has been struggling to bounce
back after the pandemic, only to be hit with soaring energy bills
and inflation, The Sun states.


EQUITY RELEASE 5: Fitch Affirms 'BB+sf' Rating on Class C Notes
---------------------------------------------------------------
Fitch Ratings has upgraded Equity Release Funding No.5 Plc's (ERF5)
class A and B notes and affirmed the class C notes.

   Entity/Debt                Rating          Prior
   -----------                ------          -----
Equity Release
Funding No.5 Plc

   Class A XS0225883387   LT AAAsf  Upgrade   AA+sf
   Class B XS0225883973   LT A+sf   Upgrade   Asf
   Class C XS0225884278   LT BB+sf  Affirmed  BB+sf

TRANSACTION SUMMARY

The transaction is a securitisation of UK equity release mortgages
originated by Aviva UK Equity Release Ltd.

KEY RATING DRIVERS

Stable Performance: ERF5's prepayments have mainly been driven by
the occurrence of life events (death or moving to long-term care)
as the age profile of the borrower base increases (weighted average
(WA) age is currently 86 years compared with 71 at closing).
Voluntary prepayments have been in the range of 1.5%-3.0% for the
past five years. Due to high early repayment penalties, Fitch does
not expect this type of prepayments to increase in the near
future.

Redemptions Accelerate Amortisation: In July 2018, the notes
started amortising and the class A notes have paid down by about
GBP80 million in the past five years. The liquidity reserve has
been fully funded through redemptions since July 2022 and amortises
at 5% of the class A outstanding balance. Fitch expects class A
amortisation to remain accelerated since the liquidity reserve no
longer diverts redemptions. This supports the upgrades and
affirmation.

Prolonged Interest Deferral: According to its Global Structured
Finance Rating Criteria, Fitch will only assign 'Asf' or 'BBBsf'
category ratings for bonds that are expected to incur interest
deferrals if certain conditions are met.

In a variation to its criteria, Fitch has capped the ratings of the
class B notes at 'A+sf' as opposed to speculative-grade, as it
deems a breach of the house price index (HPI) trigger and
consequently interest being deferred as sufficiently remote.
However, if deferrals materialise for an excessive time, Fitch
could apply a more conservative cap. Interest on the class C notes
has been deferred since October 2012 and only started being paid in
October 2021. Consequently, the class C notes' rating remains
capped at 'BB+sf'.

Trigger Linked Liquidity Support: The liquidity reserve is
available to cover for senior fees and interest shortfalls for all
classes of notes while the class A notes are outstanding and
subject to the HPI trigger for the class B and C notes. A drop of
the annualised HPI below 2% per year since closing would cause
interest on class B to be subordinated to class A principal and
lock out the availability of the liquidity reserve. For the class C
notes, the trigger is set at 3%, while the level of the annualised
HPI Halifax (seasonally adjusted) since closing, used as a
reference for the transaction, is at 3.18% as of July 2023. The
trigger only remains active as long as class B and C are not the
most senior outstanding.

Notes Resilient to Stressed Scenarios: Fitch tested scenarios where
cash flows are received either sooner or later than expected by
assuming that all borrowers in the pool are five years older or
younger, as a proxy for shifts in cash-flow timing. Given the
seasoning of the pool, the notes are more sensitive to low
prepayment scenarios and scenarios where cash flows are received at
a later stage. Overall, the ratings were resilient across the
stressed scenarios.

RATING SENSITIVITIES

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

Fitch assumes annual house price growth (HPG) reflects the
long-term growth rate of house prices. The HPG assumptions are
lower at higher rating categories to test rating resilience against
a less benign environment.

Fitch has tested a relative decrease by 25% in HPG. There is a
one-notch impact on the senior notes.

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

Fitch applies high and low prepayment assumptions to loans that are
outside their early prepayment charge (ERC) period. While a loan is
in its ERC period, Fitch applies a set of ERC assumptions based on
historical averages and ERCs being enforced.

All else equal, a higher prepayment assumption would boost the
availability of cash flows to amortise the senior notes, increasing
the portion of loans repaid in full. This could be beneficial as
the loans in the pools are already well seasoned and considerable
equity has built up since closing. Fitch has tested a relative
increase by 25% in voluntary prepayments, which has no impact on
the current ratings of the senior notes (the other tranches are
currently capped). The transaction would equally benefit from
higher than expected redemption events under the loans.

CRITERIA VARIATION

Interest on the class B notes was deferred from October 2012 until
October 2015. This was due to a breach of the HPI trigger (set at
2% per year since closing). Since October 2015, interest payments
have been made on time. However, previously deferred interest will
remain subordinated to class A principal repayment.

In a variation to its 'Global Structured Finance Rating Criteria'
Fitch caps the ratings of the class B notes at 'A+sf' as opposed to
non-investment-grade. This is because Fitch does not expect class B
interest to be deferred again for an excessive time.

DATA ADEQUACY

Equity Release Funding No.5 Plc

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

Fitch did not undertake a review of the information provided about
the underlying asset pool ahead of the transaction's Equity Release
Funding No.5 Plc initial closing. The subsequent performance of the
transaction over the years is consistent with the agency's
expectations given the operating environment and Fitch is therefore
satisfied that the asset pool information relied upon for its
initial rating analysis was adequately reliable.

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

ESG CONSIDERATIONS

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


EUROSAIL 2006-3: Fitch Lowers Rating on Class E1c Notes to 'B-sf'
-----------------------------------------------------------------
Fitch Ratings has upgraded Eurosail 2006-3 NC Plc's (ES06-3) class
C1a and C1c notes and downgraded the class E1c notes. Fitch has
also revised the Outlook on Eurosail 2006-1 Plc's (ES06-1) class E
notes to Negative from Stable. All other notes in both transactions
have been affirmed, as detailed below.

   Entity/Debt               Rating           Prior
   -----------               ------           -----
Eurosail 2006-1 Plc

   Class B1a 29880BAG4   LT AAAsf  Affirmed   AAAsf
   Class B1c 29880BAJ8   LT AAAsf  Affirmed   AAAsf
   Class C1a 29880BAK5   LT AAAsf  Affirmed   AAAsf
   Class C1c 29880BAM1   LT AAAsf  Affirmed   AAAsf
   Class D1a 29880BAN9   LT Asf    Affirmed   Asf
   Class D1c 29880BAQ2   LT Asf    Affirmed   Asf
   Class E XS0253576630  LT BB-sf  Affirmed   BB-sf

Eurosail 2006-3
NC Plc

   B1a XS0271946054      LT AAAsf  Affirmed   AAAsf
   C1a XS0271946484      LT AAAsf  Upgrade    AA+sf
   C1c XS0271946641      LT AAAsf  Upgrade    AA+sf
   D1a XS0271946724      LT Asf    Affirmed   Asf
   D1c XS0271947029      LT Asf    Affirmed   Asf
   E1c XS0271947375      LT B-sf   Downgrade  Bsf

TRANSACTION SUMMARY

The transactions comprise UK non-conforming owner-occupied and
buy-to-let (BTL) mortgage loans originated by Southern Pacific
Mortgages Limited and Southern Pacific Personal Loans Limited
(formerly wholly-owned subsidiaries of Lehman Brothers).

KEY RATING DRIVERS

Deteriorating Asset Performance: The proportion of loans in arrears
have increased in both transactions since the previous review.
ES06-1's total arrears have increased to 25.1% from 17.6%
previously. ES06-3's total arrears have increased to 33.2% from
26.1%. This increase in arrears resulted in a higher weighted
average foreclosure frequency (WAFF), which contributed to the
downgrade of ES06-3's class E1c notes.

Fitch expects further deterioration in asset performance due to
rising interest rates, which may lead to lower model-implied
ratings (MIR) in future model updates. Consequently, Fitch has
affirmed the class D1a and D1c notes in both transactions at one
notch below their MIRs.

Increased CE: Credit enhancement (CE) has increased in both
transactions as they continue to sequentially amortise. CE for
ES06-3's class C1a and C1c notes has increased to 41.8% from 36.6%
at the time of the previous review. This supports the upgrades of
these notes, despite the worsening asset performance. The level of
protection for these notes is now significant, so they are less
exposed to performance deterioration than more junior notes.

Elevated Senior Fees: Fitch has continued to observe high senior
fee expenses being incurred by both transactions post Libor
transition. Although senior fees have fallen since the previous
analysis, they remain higher than its GBP225,000 fixed fee
assumption. Fitch conducted a sensitivity using a higher senior
cost assumption and found the junior notes in both transactions
particularly vulnerable. This has driven the revision of the
Outlook on ES06-1's class E notes and supported the downgrade of
ES06-3's class E1c notes of. If senior fees remain elevated, Fitch
may increase its fee assumptions in future reviews, which may have
an adverse impact on these notes' ratings.

RATING SENSITIVITIES

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

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

Fitch conducted sensitivity analyses by stressing each
transaction's base case FF and recovery rate (RR) assumptions, and
by examining the rating implications on all classes of issued
notes. A 15% increase in the WAFF and a 15% decrease in the WARR
could lead to downgrades of up to four notches for ES06-1's class
D1a, D1c and E notes, and three notches for ES06-3's class D1a and
D1c notes.

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

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing CE and potential upgrades.

Fitch tested an additional rating sensitivity scenario by applying
a decrease in the WAFF of 15% and an increase in the WARR of 15%.
The results indicate upgrades of up to eight and 10 notches for the
junior tranches of both transactions.

DATA ADEQUACY

Eurosail 2006-1 Plc, Eurosail 2006-3 NC Plc

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

Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the transactions Eurosail
2006-1 Plc, Eurosail 2006-3 NC Plc initial closing. The subsequent
performance of the transactions over the years is consistent with
the agency's expectations given the operating environment and Fitch
is therefore satisfied that the asset pool information relied upon
for its initial rating analysis was adequately reliable.

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

ESG CONSIDERATIONS

ES06-1 and ES06-3 have ESG Relevance Scores of '4' for Customer
Welfare - Fair Messaging, Privacy & Data Security due to the pools
exhibiting an interest-only maturity concentration of legacy
non-conforming owner-occupied loans of greater than 20%, which has
a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

ES06-1 and ES06-3 have ESG Relevance Scores of '4' for Human
Rights, Community Relations, Access & Affordability due to a
significant proportion of the pools containing owner-occupied loans
advanced with limited affordability checks, which has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

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.


HASTINGS PIER: Community Group Mulls Acquisition After Collapse
---------------------------------------------------------------
Patrick Barlow at The Argus reports that a community group said
they would be interested in buying Hastings Pier if it was put up
for sale.

The business behind Hastings Pier recently went into liquidation
leaving behind over GBP300,000 in debts to creditors including the
council, The Argus relates.

Now, community group Friends of Hastings Pier said they would look
into the possibility of buying the pier should it be put up for
sale in a bid to bring it under community ownership, The Argus
discloses.

According to The Argus, James Chang, a spokesman for Friends of
Hastings Pier, said: "If it comes up for sale we would do some
fundraising. We would want to take the pier into community
ownership.

"In the meantime we are lobbying, we want whatever happens to be
transparent.

"As a group we are always concerned with the maintenance of the
pier.  We want to preserve it for future generations to enjoy."

Lion Hastings Ltd, the business behind Hastings Pier, was wound up
voluntarily in August and officially filed for liquidation in
September with GBP5,000 available to creditors and debts of over
GBP300,000, The Argus recounts.

The company owed nearly GBP100,000 to its owner, Sheikh Abid
Gulzar, as well as GBP30,000 to Hastings Borough Council, The Argus
states.

Friends of Hastings Pier say they act as a watchdog to look over
the ownership of the pier, The Argus notes.

The group added that if the pier were to be put up for sale they
would seek to fundraise enough money to bid for the historic Grade
II Listed Pier, The Argus relays.


INLAND HOMES: Future of BCP Housing Scheme Left Uncertain
---------------------------------------------------------
Aysha Gilmore at Room 151 reports that the future of Bournemouth,
Christchurch and Poole Council's (BCP) housing scheme has been left
uncertain following its developer, in which the authority invested
GBP15 million, going into administration.

In 2021, BCP acquired the Carter's Quay site in Poole, with the aim
of transforming the site into 161 new homes and ancillary ground
floor residential amenity and commercial space.

The authority appointed Inland Homes to be the developer of the
housing scheme and gave the company a total of GBP15.2 million over
the course of the relationship, Room 151 relates.  This was made up
of the authority committing GBP8.3 million to Inland Homes as a
deposit and advance payment for the work, with GBP6.9 million given
for construction costs, Room 151 states.

However, on Sept. 27, Inland Homes announced that it had begun the
process of appointing administrators due to it forecasting losses
of approximately GBP91 million for the financial year, Room 151
notes.

According to Room 151, a council report, which was presented to
BCP's Overview and Scrutiny Board last week, detailed that due to
current challenges faced with Inland Homes going into
administration, the authority is "reviewing the options in taking
forward the development". "It is envisaged that this will be
heavily influenced by the role of the administrator," the report
said.

In the original business plan, Inland Homes was to construct the
new homes over a two-year period, with the completion of Carter's
Quay expected in Summer 2024, Room 151 discloses.

The report detailed that the Carter's Quay financial modelling and
business case were efficiently scrutinised by the Overview and
Scrutiny Board before the purchase and appointment of the
developer.

It outlined that this modelling was based on both the prevailing
Public Works Loan Board rate and the council's low invest to save
rate at the time, which were 2.05% and 3.00% respectively.  "The
scheme was considered affordable as it was forecast to generate a
GB31 million surplus over the 50-year term," the report detailed.

However, the report added that since 2021 there have been some
material changes in global macroeconomics, predominantly caused by
the war in Ukraine, which have impacted the viability of the
project, according to Room 151.

"As an example, interest rates have increased to approximately
double those assumed in the Carter's Quay development.  Alongside
this the cost of materials has increased significantly since 2021,"
Room 151 quotes the report as saying.


OCADO GROUP: Moody's Affirms 'B3' CFR, Outlook Remains Stable
-------------------------------------------------------------
Moody's Investors Service has affirmed Ocado Group plc's B3
corporate family rating. At the same time, Moody's has affirmed the
company's B2-PD probability of default rating and the B3 rating of
the company's GBP500 million backed senior unsecured notes. The
outlook on the ratings remains stable. Ocado is a technology-driven
software and robotics platform business and UK online grocery
retailer.

RATINGS RATIONALE

Ocado's B3 rating reflects Moody's expectation that its financial
leverage and rate of cash consumption will remain very elevated
over the next 12-18 months as a result of high operating leverage
and investment in capacity. Company-adjusted EBITDA turned negative
in fiscal 2022 ending November, as a result of cost pressure and
expansion and it was still negative by GBP44 million for the last
twelve-month (LTM) period ended May 2023. Free cash flow (FCF) was
negative by GBP732 million over the same period as the company
funds the building of customer fulfilment centres (CFCs) for its
clients.

Moody's expect Ocado's profits to be positive and improving for the
next two fiscal years driven by expected earnings growth. However,
the company's Moody's-adjusted gross debt to EBITDA ratio will
still remain in excess of 15x. As the roll-out of CFCs slows down
and construction costs reduce, cash consumption will reduce but
will still be substantial, with FCF negative by about GBP535
million and GBP400 million in fiscals 2023 and 2024 respectively.
This forecast FCF includes inflows totalling GBP200 million paid in
instalments over 24 months from July 2023, from the legal
settlement with Automate Intermediate Holdings II S.a.r.l.
(Autostore, Ba3 stable).

Notwithstanding the continuing negative FCF Ocado's liquidity is
adequate, with GBP1.0 billion of cash on balance sheet and a fully
available GBP300 million revolving credit facility (RCF) as at the
end of May. These liquidity levels will enable the company to cover
its capital requirements well into fiscal 2025.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

Ocado's CIS-4 Credit Impact Score mainly reflects Moody's
assessment that ESG governance attributes are overall considered to
have a high impact on the current rating. This is largely driven by
the company's aggressive financial strategy and high leverage, and
its limited track record in terms of profitable performance. These
risks are mitigated by moderate environmental and social risks, and
overall good board structure, compliance and reporting.

STRUCTURAL CONSIDERATIONS

The B2-PD PDR is one notch above the CFR. This is based on a 35%
recovery rate, reflecting the absence of strong covenants from its
debt (as per Moody's Loss Given Default for Speculative-Grade
Companies methodology published in December 2015). Although the RCF
is senior secured, Moody's consider the related security package,
which includes share pledges on entities excluding Ocado Retail
Limited, as too weak to rank ahead of the unsecured bonds.
Therefore, Moody's rank all debt instruments in the capital
structure, along with the current lease liabilities and trade
payables, pari passu.

RATIONALE FOR STABLE OUTLOOK

Ocado's rating remains weakly positioned at the current level given
its sustainably very high leverage and rate of cash consumption,
although reducing in fiscal 2023. Nevertheless, the stable outlook
reflects Moody's expectations that the company will maintain an at
least adequate liquidity profile over the next 12-18 months. The
rating agency also expects the company to retain full access to the
capital markets to support its ongoing heavy capital spending. As
such, an inability to access additional funds at an appropriate
time would have negative rating implications.

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

Considering the expected continuing weak credit metrics and need
for ongoing access to additional funds to support the company's
future growth ambitions, an upgrade is unlikely over the next 12-18
months. Beyond that time, strong profit growth, sustained positive
free cash flow and a material deleveraging from the levels expected
at the end of the current forecast period would be prerequisites
for positive rating pressure. An upgrade would also require a
significantly broader customer base for the Technology Solutions
segment.

Conversely, a downgrade would be appropriate in the event of a
deterioration in the company's liquidity profile, evidence of
reduced access to the capital markets, in the event of material
execution issues either with respect to Ocado's own retail
operations or in the development and deployment of online retail
solutions for third-party grocers, or if EBITDA growth falls short
of Moody's expectations.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Established in 2000, Ocado is a UK-based technology company that
provides end-to-end online grocery fulfilment and delivery
solutions to some of the world's largest grocery retailers. The
company also holds a 50% share of Ocado Retail Limited in the UK, a
joint venture with Marks & Spencer p.l.c. (M&S, Ba1 stable), whose
financials are currently consolidated in Ocado's reporting.


PROPITEER GROUP: Put Into Administration by Peterborough Council
----------------------------------------------------------------
Paul Grinnell at Petersborough Telegraph reports that Propiteer
Group, the developer of the Hilton Garden Inn, has been taken into
administration by Peterborough City Council.

The GBP40 million hotel on the banks of the River Nene at Fletton
Quays, has been under construction for several years with the
opening being repeatedly pushed back as the Covid pandemic and then
the war in Ukraine created extensive delays securing workers and
materials, Petersborough Telegraph notes.

The council had provided a GBP15 million loan -- finances that
could not be used for public services -- to the developer with the
loan plus interest to be paid back on completion of the hotel,
Petersborough Telegraph discloses.

Teneo has been appointed as the administrator, Petersborough
Telegraph relates.

According to Petersborough Telegraph, Cecilie Booth, the council's
executive director for corporate services and section 151 officer,
said: "The council has appointed administrators in relation to the
developer of the new hotel at Fletton Quays.

"This action has been taken in line with the terms of a loan
agreement between the council and the developer.

"We believe this course of action is necessary to ensure the hotel
is completed and to safeguard the council's investment.

"The administrators will now take control of the building.

"They will also determine the optimal strategy for the sale of the
building.

"The loan was originally provided to support the regeneration of
Fletton Quays and our focus remains on seeing the hotel completed
as soon as possible, providing a fantastic high-quality hotel and
rooftop bar and at the same time protecting the council's
investment."


ROYALE PARK: Investors Owed More Than GBP308MM, Report Shows
------------------------------------------------------------
Michael Ribbeck at TheBusinessDesk.com reports that the investors
behind collapsed caravan park firm Royale Park were owed more than
GBP308 million according to a report from the administrators.

Royale Park, which operated 29 holiday parks, across the country
collapsed into administration in the summer as exclusively revealed
by TheBusinessDesk.com.

More than half the parks, which offer luxury accommodation to older
people, are in the South West, TheBusinessDesk.com discloses.

It has also emerged that an investigation has been launched into
the directors of business and the affairs of the company,
TheBusinessDesk.com notes.

The company was owned by billionaire businessman Robert Bull who at
one stage had made it onto The Sunday Times Rich List.  According
to some estimates he had a personal fortune of almost GBP2
billion.

Details of the circumstances around the collapse of the business
have been made public in report by the joint administrators at
James Cowper Kreston.

And it has emerged that there were significant discrepancies in
exactly how much was owed to financial backers ICG Longbow
Investment.

According to the directors the investment firm was owed a total of
GBP273,174,780, TheBusinessDesk.com discloses.  The joint
administrators say the actual figure is GBP308,642,812,
TheBusinessDesk.com notes.

Further details have emerged of the affair in a report filed with
Companies House written by joint administrator Sandra Murray.

It has been revealed that James Cowper Kreston was initially
appointed by ICG Longbow to carry out a report into Park Royale and
come up with a series of options, according to
TheBusinessDesk.com.

But circumstances changed dramatically when another investor called
Sines Parks Holdings Limited applied to put several RoyaleLife
parks into administration, TheBusinessDesk.com  relays.

As a result ICG Longbow felt that it had no longer any choice and
also applied to put the company into administration,
TheBusinessDesk.com notes.

The administrators have since decided that due to the large amount
of debt it is not possible to rescue Park Royale as a going
concern, TheBusinessDesk.com disclose.

Property company Christie and Co has been appointed to sell off all
29 sites on the open market, TheBusinessDesk.com states.

It has also emerged that FRP Advisory has been appointed as
additional administrators and is carrying out the investigation
into the directors and the way the business was operated,
TheBusinessDesk.com recounts.


STRATTON MORTGAGE 2021-1: Fitch Affirms BB+ Rating on Class E Notes
-------------------------------------------------------------------
Fitch Ratings has upgraded Stratton Mortgage Funding 2021-1 plc's
class C and D notes and affirmed the others.

   Entity/Debt            Rating           Prior
   -----------            ------           -----
Stratton Mortgage
Funding 2021-1 plc

   A XS2295993724     LT AAAsf  Affirmed   AAAsf
   B XS2295994292     LT AA+sf  Affirmed   AA+sf
   C XS2295994532     LT AA-sf  Upgrade    A+sf
   D XS2295995000     LT Asf    Upgrade    BBB+sf
   E XS2295995695     LT BB+sf  Affirmed   BB+sf

TRANSACTION SUMMARY

This is a securitisation of non-prime owner-occupied and buy-to-let
mortgages backed by properties in the UK. The mortgages were
originated by GMAC-RFC, Irish Permanent Isle of Man, Platform
Homeloans and Rooftop Mortgages.

KEY RATING DRIVERS

Asset Performance Weakening: The transaction's one-month plus and
three-month plus arrears have increased over the past 12 months and
were 22.6% and 11.2%, respectively, at the September 2023 interest
payment date (IPD). The same measures were 13.1% and 4.7% 12 months
previously. Fitch expects a further deterioration in these measures
as higher mortgage costs for floating-rate borrowers in the pool
are expected to persist into 2024.

Below MIR: The class B notes have been affirmed at one notch below
their model-implied rating (MIR), while the class C and D notes
have been upgraded to two-notches and one-notch below their
respective MIRs. Fitch performed a forward-looking analysis by
running scenarios assuming an increase in the loss levels at all
rating levels, to account for asset performance deterioration
beyond that envisaged by the standard criteria assumptions. This
included increasing the weighted average (WA) foreclosure frequency
(FF) by 30%, where the notes' ratings withstood this scenario and
supports the rating actions.

Increasing CE: Credit enhancement (CE) has increased since the last
review due to sequential amortisation and the amortising liquidity
reserve fund, which releases excess amounts as principal available
funds. CE for the class A notes increased to 33.6% from 26.8% as at
the September 2022 IPD. This increase in CE has supported the
rating actions.

Liquidity Access Constrains Junior Notes: The class A to D notes
are able to access the liquidity reserve but the class E notes do
not benefit from liquidity protection. In Fitch's expected case
analysis, the class E notes are projected to defer interest to an
extent that Fitch deems excessive, as described in its Global
Structured Finance Rating Criteria. Consequently, the class E
notes' rating is capped at 'BB+sf'.

RATING SENSITIVITIES

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

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

Additionally, unanticipated declines in recoveries could result in
lower net proceeds, which may make certain notes susceptible to
negative rating action, depending on the extent of the decline in
recoveries. Fitch conducts sensitivity analyses by stressing both a
transaction's FF and recovery rate (RR) assumptions, and examining
the rating implications on all issued notes.

For example, a 15% WAFF increase and 15% WARR decrease would have a
three-notch impact on the class D notes.

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

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing CE and potentially upgrades.
A decrease in the WAFF of 15% and an increase in the WARR of 15%
would result in a one-notch upgrade for the class B notes. The
sensitivity would result in a three-notch upgrade for the class C
notes, four-notch upgrade for the class D notes and have no impact
on the class E notes.

DATA ADEQUACY

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

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

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

ESG CONSIDERATIONS

Stratton Mortgage Funding 2021-1 plc has an ESG Relevance Score of
'4' for Customer Welfare - Fair Messaging, Privacy & Data Security
due to the pool exhibiting an interest-only maturity concentration
amongst the legacy non-conforming OO loans of greater than 40%,
which has a negative impact on the credit profile, and is relevant
to the ratings in conjunction with other factors.

Stratton Mortgage Funding 2021-1 plc has an ESG Relevance Score of
'4' for Human Rights, Community Relations, Access & Affordability
due to a significant proportion of the pool containing OO loans
advanced with limited affordability checks, which has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

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




===============
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[*] BOOK REVIEW: The Titans of Takeover
---------------------------------------
Author:     Robert Slater
Publisher:  Beard Books
Softcover:  252 pages
List Price: $34.95

Order your personal copy at
http://www.beardbooks.com/beardbooks/the_titans_of_takeover.html  

Once upon a time -- and for a very long while -- corporate
behemoths decided for themselves when and if they would merge.  No
doubt such decisions were reached the civilized way, in a proper
men's club with plenty of good brandy and better cigars.  Like
giants, they strode Wall Street, fearing no one save the odd
trust-busting politico, mutton-chopped at the turn of the twentieth
century, perhaps mustachioed in the 1960s when the word was no
longer trust but monopoly.

Then came the decade of the 1980s.  Enter the corporate raiders,
men with cash in hand, shrewd business sense, and not a shred of
reverence for the Way Things Have Always Been Done.  These
businesspeople -- T. Boone Pickens, Carl Icahn, Saul Steinberg, Ted
Turner -- saw what others missed: that many of the corporate giants
were anomalies, possessed of assets well worth possessing yet with
stock market performances so unimpressive that they could be had
for bargain prices.

When the corporate raiders needed expert help, enter the investment
bankers (Joseph Perella and Bruce Wasserstein) and the M&A
attorneys (Joseph Flom and Martin Lipton).  And when the merger
went through, enter the arbitragers who took advantage of stock
run-ups, people like Ivan "Greed is Good" Boesky.

The takeover frenzy of the 1980s looked like a game of Monopoly
come to life, where billion-dollar companies seemed to change
ownership as quickly as Boardwalk or Park Place on a sweet roll of
dice.

By mid-decade, every industry had been affected: in 1985, 3,000
transactions took place, worth a record-breaking $200 billion. The
players caught the fancy of the media and began showing up in the
news until their faces were almost as familiar to the public as the
postman's.  As a result, Jane and John Q. Citizen's in Wall Street
began its climb from near zero to the peak where (for different
reasons) it is today.

What caused this avalanche of activity?  Three words: President
Ronald Reagan.  Perhaps his most firmly held conviction was that
Big Business was Being shackled by the antitrust laws, deprived a
fair fight against foreign competitors that has no equivalent of
the Clayton Act in their homelands.

Reagan took office on Jan. 20, 1981, and it wasn't long after that
that his Attorney General, William French Smith, trotted before the
D.C. Bar to opine that, "Bigness does not necessarily mean badness.
Efficient firms should not be hobbled under the guise of antitrust
enforcement."  (This new approach may have been a necessary
corrective to the over-zealousness of earlier years, exemplified by
the Supreme Court's 1966 decision upholding an enforcement action
against the merger of two supermarket chains because the Court felt
their combined share of 8% (yes, that's "eight percent") of the Los
Angeles market was potentially anticompetitive.)

Raiders, investment bankers, lawyers, and arbitragers, plus the fun
couple Bill Agee and Mary Cunningham --remember them? -- are the
personalities Profiled in Robert Slater's book, originally
published in 1987, Slater is a wonderful writer, and he's given us
a book no less readable for being absolutely stuffed with facts,
many of them based on exclusive behind-the-scenes interviews.

                        About The Author

Robert Slater (1943-2014) was an American author and journalist.
He was known for over two dozen books, including biographies of
political and business figures like Golda Meir, Yitzhak Rabin,
George Soros, and Donald Trump.  Slater graduated with honors from
the University of Pennsylvania in 1966, with a degree in political
science.  He received a master's degree in international relations
from the London School of Economics in 1967.



                           *********


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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or balance thereof are US$25 each.  For subscription information,
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