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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

          Wednesday, November 8, 2023, Vol. 24, No. 224

                           Headlines



C Y P R U S

BANK OF CYPRUS: Fitch Hikes LongTerm IDR to 'BB', Outlook Positive
HELLENIC BANK: Fitch Hikes LongTerm IDR to 'BB+', Outlook Stable


E S T O N I A

HAGEN BIKES: Files for Bankruptcy in Harju County Court


F R A N C E

FORVIA: Fitch Alters Outlook on 'BB+' LongTerm IDR to Stable
PAPREC HOLDING: S&P Rates New EUR600MM Senior Secured Notes 'BB'


G E R M A N Y

ARAGON HOLDCO: Moody's Lowers CFR to B3, Outlook Remains Stable
PCF GMBH: Fitch Lowers LongTerm IDR to 'B', Outlook Stable
SC GERMANY 2023-1: Moody's Assigns (P)B2 Rating to Class F Notes


I R E L A N D

ALME LOAN V: Moody's Ups Rating on EUR22.7MM Class E Notes to Ba1
ARMADA EURO IV: Fitch Hikes Rating on Class F Notes to 'Bsf'
AVOCA CLO XX: Moody's Affirms B2 Rating on EUR13.5MM Cl. F Notes
BNPP AM 2021: Fitch Affirms 'B-sf' Rating on Class F Notes
HARVEST CLO VIII: Fitch Affirms B+sf Rating on Class F-R Debt

HARVEST CLO XVI: Fitch Hikes Rating on Class E-R Debt to BB+
HARVEST CLO XX: Fitch Hikes Rating on Class F Notes to 'B+sf'
INVESCO EURO XI: Fitch Assigns 'B-sf' Final Rating on Class F Notes
INVESCO EURO XI: S&P Assigns B-(sf) Rating on Class F Notes
SEGOVIA EUROPEAN 6-2019: Fitch Hikes Rating on Class F Notes to B+

TAURUS 2021-3: Moody's Cuts Rating on EUR59MM Class E Notes to B2


K A Z A K H S T A N

BASEL INSURANCE: S&P Upgrades ICR to 'B+' on Capital Buffers
BATYS TRANSIT: S&P Affirms 'B/B' ICRs, Outlook Stable
OIL INSURANCE: S&P Affirms 'B+' ICR, Outlook Stable


N O R W A Y

VAR ENERGI: Moody's Rates New Subordinated Hybrid Notes 'Ba2'


P O R T U G A L

TRANSPORTES AEREOS: Moody's Raises CFR to B1, Outlook Positive


R U S S I A

IPAK YULI: Fitch Affirms 'B' LongTerm IDRs, Outlook Stable
TRUSTBANK: Fitch Affirms 'B' LongTerm IDRs, Outlook Stable
UNIVERSAL BANK: Fitch Affirms 'B-' LongTerm IDRs, Outlook Stable


S P A I N

TDA SABADELL 4: Moody's Affirms B3 Rating on EUR570MM Cl. B Notes


T U R K E Y

MERSIN INTERNATIONAL: S&P Gives Prelim. 'B' Rating on Unsec. Notes
QNB FINANSBANK: Moody's Rates New Subordinated Notes 'Caa1(hyb)'
TIB DIVERSIFIED: Fitch Assigns 'BB' Rating on 4 Tranches
TURKLAND BANK: Fitch Puts 'B-' LongTerm IDRs on Watch Negative


U N I T E D   K I N G D O M

AMVOC: HMRC, Unsecured Creditors Unlikely to Receive Payment
BADGERS BASKET: Goes Into Liquidation
BRITISH AIRWAYS: Moody's Ups CFR to Ba1 & Alters Outlook to Stable
BRITISHVOLT: May Be "Trading While" Insolvent, Workers Warn
CO-OPERATIVE BANK: Moody's Assigns Ba3 Issuer Ratings, Outlook Pos.

ELVET MORTGAGES 2023-1: Fitch Assigns BB+sf Final Rating on E Notes
INTERNATIONAL CONSOLIDATED: Moody's Hikes Corp. Family Rating to Ba
NEWDAY FUNDING 2023-1: Fitch Assigns 'B+(EXP)sf' Rating on F Notes
SCOTGOLD RESOURCES: Set to Appoint Administrators in Coming Days
SQUIBB GROUP: Council Seeks to Minimize CVA on Albion Square Dev't

TOWD POINT 2023-VA3: S&P Gives Prelim. B- Rating on F Notes

                           - - - - -


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C Y P R U S
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BANK OF CYPRUS: Fitch Hikes LongTerm IDR to 'BB', Outlook Positive
------------------------------------------------------------------
Fitch Ratings has upgraded Bank of Cyprus Public Company Limited's
(BoC) Long-Term Issuer Default Rating (IDR) to 'BB' from 'B+' and
Viability Rating (VR) to 'bb' from 'b+'. The Outlook on the
Long-Term IDR is Positive.

The upgrade reflects the combination of Fitch's improved assessment
of the Cypriot operating environment and continued improvements in
BoC's credit profile. Cyprus's operating environment benefits from
its expectation of continued domestic economic growth, improved
banking sector fundamentals and reducing, albeit still
above-average, private sector indebtedness.

The upgrade also reflects BoC's strengthened capitalisation,
reduced stock of legacy problem assets (including non-performing
exposures (NPEs) and net foreclosed real estate assets),
structurally improved profitability and strong deposit franchise,
which translates into a large low-cost deposit base.

The Positive Outlook reflects its expectation that BoC will
continue to strengthen its capitalisation, helped by higher
profitability, and gradually reduce its stock of legacy problem
assets, ultimately resulting in a further decline of capital
encumbrance by net problem assets.

KEY RATING DRIVERS

Asset Quality, Capital Underpin Ratings: BoC's ratings reflect its
strong competitive position as the largest domestic bank in the
small Cypriot market and continued progress with deleveraging
legacy problem assets. They also reflect structurally improved
profitability prospects in the higher interest rate environment and
reduced capital encumbrance from net problem assets.

Leading Franchise in Cyprus: BoC is the largest bank in Cyprus. Its
business model is centred on traditional retail and commercial
banking, with some diversification in insurance and payments. The
reducing stock of legacy problem assets and improved profitability
supports the long-term stability of its business profile. However,
growth opportunities are limited, given Cyprus's small size and
still above-average private-sector indebtedness.

High but Reducing Problem Assets: BoC's problem asset ratio of
about 12% at end-June 2023 remains higher than peers. However, it
is well below historical peaks and Fitch expects it to decline well
below 10% in the next two years, mainly due to the organic
reduction of legacy NPEs and continued disposals of foreclosed
properties.

High-Quality Non-Loan Assets: Its assessment of BoC's asset quality
also reflects that nearly half of the bank's total assets are cash
and high-quality debt securities, which are significantly lower
risk than the loan book.

Interest-Driven Profitability, Reduced Costs: BoC's profitability
has significantly improved, driven by rising interest rates with
large amounts of rapidly repricing assets, limited pass-through of
higher rates to deposits and reduced impairment charges on legacy
problem assets. Fitch expects the operating profit/risk-weighted
assets (RWA) ratio to peak in 2023 but to remain sustainably above
3% in 2025, supported by reduced costs, a benign domestic economic
environment with favourable interest rates and economic growth, and
further development of the bank's fee-generating businesses.

Adequate Capital Buffers, High Encumbrance: BoC's fully-loaded
common-equity Tier 1 (CET1) ratio of 15.9% at end-June represents
an adequate buffer on regulatory requirements, and Fitch expects it
to strengthen further towards the bank's forecast of 19% by
end-2025. Fitch expects encumbrance of fully-loaded CET1 capital by
net problem assets to fall below 50% over the next two years. At
this level, it would still be higher than most southern European
peers, but this is mitigated by the conservative valuation of
foreclosed assets and the bank's consistent record of sales above
book values.

Stable Deposit Base: BoC's funding is supported by a strong deposit
franchise in Cyprus. As deposits are well in excess of loans,
liquidity buffers are consistently strong. Most of the bank's
deposits (61%) are from retail clients, and 59% are covered by the
deposit guarantee scheme, contributing to funding stability. The
bank has restored its access to unsecured wholesale funding.
However, Fitch believes that funding remains more sensitive to
investor confidence compared with larger and higher-rated European
peers.

The Short-Term IDR of 'B' is the only option that corresponds to
the bank's Long-Term IDR of 'BB'.

RATING SENSITIVITIES

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

Fitch could revise the Outlook to Stable if BoC's problem asset
ratio halts or reverses its downwards trend, or if the bank's
profitability prospects deteriorate, resulting in lower capital
accumulation than its expectations. Negative rating action could
also occur if the economic environment in Cyprus deteriorates
sharply. This could be triggered by a domestic economic recession
and a sharp rise in unemployment without prospects of a rebound in
the short term, leading to a material deterioration in borrowers'
creditworthiness and reduced business opportunities for banks.

Fitch could downgrade the ratings if BoC's problem asset ratio
increases above 15% or if the CET1 ratio falls below 14% on a
sustained basis, resulting in materially higher capital encumbrance
by net problem assets. A decline of the operating profit/RWAs ratio
below 1.5% due to structural weaknesses in BoC's business model, or
evidence of funding instability, could also be rating-negative.

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

The Positive Outlook on BoC's Long-Term IDR indicates that an
upgrade is likely within the next two years, especially if asset
quality and capitalisation continue to strengthen.

An improvement in capital encumbrance by net problem assets
sustainably and well below 50% of the bank's fully loaded CET1
capital, driven by a sustained reduction in the problem assets
ratio below 10% while maintaining a CET1 ratio of above 16%, would
be a likely trigger of an upgrade.

An upgrade of its assessment of the operating environment would
also benefit the ratings. This would require positive rating action
on Cyprus's sovereign Long-Term IDR and the expectation of
continued economic growth in Cyprus, as these improvements would
likely translate into better business opportunities for domestic
banks, reduced credit risk from the banks' large exposures to the
sovereign and improved market access amid greater investor
confidence.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

The long-term deposit rating is one notch above the Long-Term IDR.
This is because of full depositor preference in Cyprus as well as
its expectation that BoC will continue to comply with its minimum
requirement for own funds and eligible liabilities (MREL) and that
deposits will therefore benefit from the protection offered by more
junior bank resolution debt and equity, resulting in a lower
probability of default.

The short-term deposit rating of 'B' is the only option that
corresponds to the bank's 'BB+' long-term deposit rating.

GOVERNMENT SUPPORT RATING (GSR)

BoC's GSR of 'no support' (ns) reflects Fitch's view that although
extraordinary sovereign support is possible, it cannot be relied
upon. The EU's Bank Recovery and Resolution Directive and the
Single Resolution Mechanism for eurozone banks provide a framework
for resolving banks that requires senior creditors participating in
losses, if necessary, instead of or ahead of a bank receiving
sovereign support. In its view, senior creditors can therefore no
longer expect to receive full extraordinary support from the
government in the event that the bank becomes non-viable.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

The long-term deposit rating is primarily sensitive to changes in
the bank's Long-Term IDR, from which it is notched.

Furthermore, the deposit ratings could be downgraded if Fitch
deemed the bank unable to issue enough senior and junior resolution
debt to achieve and maintain compliance with its final MREL.

An upgrade of the GSR would be contingent on a positive change in
the sovereign's propensity to support the bank. In Fitch's view,
this is highly unlikely, although not impossible.

VR ADJUSTMENTS

The operating environment score of 'bb+' has been assigned below
the 'bbb' implied category score, due to the following adjustment
reasons: size and structure of economy (negative), level and growth
of credit (negative).

The asset quality score of 'bb-' has been assigned above the 'b &
below' implied category score due to the following adjustment
reason: historical and future metrics (positive).

The earnings and profitability score of 'bb' has been assigned
above the 'b & below' implied category score due to the following
adjustment reason: historical and future metrics (positive).

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         Prior
   -----------                       ------         -----
Bank of Cyprus
Public Company
Limited            LT IDR             BB  Upgrade   B+

                   ST IDR             B   Affirmed  B

                   Viability          bb  Upgrade   b+

                   Government Support ns  Affirmed  ns

   long-term
   deposits        LT                 BB+ Upgrade   BB-

   short-term
   deposits        ST                 B   Affirmed  B


HELLENIC BANK: Fitch Hikes LongTerm IDR to 'BB+', Outlook Stable
----------------------------------------------------------------
Fitch Ratings has upgraded Hellenic Bank Public Company Limited's
(HB) Long-Term Issuer Default Rating (IDR) to 'BB+' from 'BB-', and
Viability Rating (VR) to 'bb+' from 'bb-'. The Outlook on the
Long-Term IDR is Stable.

The upgrade reflects the combination of Fitch's improved assessment
of the Cypriot operating environment and continued improvements in
HB's credit profile. Cyprus's operating environment benefits from
its expectation of continued domestic economic growth, improved
banking sector fundamentals and reducing, albeit still
above-average, private sector indebtedness.

The upgrade also reflects HB's strengthened capitalisation, reduced
stock of legacy problem assets (including non-performing exposures
(NPEs) and net foreclosed real estate assets), structurally
improved profitability and strong deposit franchise, which
translates into a large low-cost deposit base.

KEY RATING DRIVERS

Franchise, Capital Underpin Ratings: HB's ratings reflect its
strong competitive position as the second-largest bank in the small
Cypriot market, supporting its business prospects, stable
deposit-based funding and robust liquidity. They also reflect
structurally improved profitability prospects in the higher
interest rate environment, above-average regulatory capital ratios
and manageable asset quality metrics.

Strong Market Position, Limited Diversification: HB's business
profile is characterised by traditional commercial banking
activities, with limited diversification in fee-generating
activities and insurance. The bank operates almost exclusively
domestically with strong market shares, especially towards
households. However, growth opportunities are limited, given
Cyprus's small size and still above-average private-sector
indebtedness.

Prudent Underwriting, Above-Average Concentrations: Fitch believes
that HB's underwriting standards are prudent and adapt quickly to
changing circumstances, and that risk controls and tools are
adequate for the bank's complexity. HB remains exposed to higher
single-name and industry concentrations than larger peers, due to
its small size and the composition of the local economy, which is
skewed towards tourism, trade and services.

Average NPE Ratio: HB's NPE ratio of 3.3% at end-June 2023
(excluding NPEs guaranteed by the Asset Protection Scheme; APS) is
well below historical peaks and broadly in line with southern
European averages. Inflation and higher interest rates could put
pressure on some borrowers, but Fitch expects the bank to remain
below its medium-term target NPE ratio of 3% (excluding
APS-guaranteed NPEs) in the next two years.

High-Quality Non-Loan Assets: Its assessment of HB's asset quality
also reflects that nearly two-thirds of the bank's total assets are
cash and high-quality debt securities, which are significantly
lower-risk than the loan book.

Strong Profitability on High Rates: HB's operating
profit/risk-weighted assets (RWAs) rose to 5.7% in 1H23 (1H22:
2.1%) mainly due to strong net interest income expansion from the
repricing of the bank's cash holdings and securities. The bank also
benefited from structurally reduced staff costs and loan impairment
releases amid benign asset quality dynamics.

Resilient Profitability Prospects: Fitch deems HB's profitability
to be at a cyclical peak as interest rates are expected to fall
while deposit remuneration, which lags market rates, is likely to
modestly rise. Fitch also expects loan impairment charges to pick
up but remain manageable. Nonetheless, profitability should settle
at structurally higher levels than the past decade if interest
rates remain clearly positive, the Cypriot economy continues to
grow and the bank develops fee-income business.

Adequate Capital Buffers, Manageable Encumbrance: HB's common
equity Tier 1 (CET1) ratio of 20.8% at end-June 2023 represents a
significant buffer over regulatory requirements and is above most
southern European peers. Capital encumbrance by unreserved problem
assets is also manageable at below 20% of CET1 capital.

Deposit-Based Funding, Sound Liquidity: HB's loans/deposits ratio
fell below 40% due to continued deposits growth, NPE disposals and
prudent new loan origination. HB's deposit base is stable and
highly granular. As deposits exceed loans, liquidity buffers have
been consistently strong. HB completed two wholesale unsecured debt
issuances over the past 18 months, but funding diversification
remains limited and market access less certain than at more
frequent and higher-rated issuers.

The Short-Term IDR of 'B' is the only option that corresponds to
the bank's Long-Term IDR of 'BB+'.

RATING SENSITIVITIES

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

Negative rating action could arise if the economic environment in
Cyprus deteriorates sharply. This could be triggered by an
unexpected domestic economic recession and a sharp rise in
unemployment without prospects of a rebound in the short term,
leading to a material deterioration of borrowers' creditworthiness
and reduced business opportunities for banks.

Fitch could downgrade the ratings if Fitch expected HB's problem
asset ratio (including NPEs and net foreclosed assets, but
excluding APS-guaranteed NPEs) to rise above 7% on a sustained
basis, or if the CET1 ratio falls below 14%, causing CET1 capital
encumbrance by unreserved problem assets to significantly rise.

A decline of the operating profit/ RWAs ratio below 1.5% due to
structural weaknesses in HB's business model, or evidence of
funding instability, could also be rating negative.

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

Positive rating action is contingent on improvements in the Cypriot
operating environment. This would require an upgrade of the
sovereign Long-Term IDR and the expectation of continued economic
growth in Cyprus, as these improvements would likely translate into
better business opportunities for domestic banks, reduced credit
risk from the banks' large exposures to the sovereign and improved
market access amid greater investor confidence.

An upgrade would also require evidence of a stronger business
profile by means of an operating profit/RWAs settling sustainably
above 2%, including in a lower interest rate environment. The
problem asset ratio (excluding APS-guaranteed NPEs) would also have
to fall below 4% and the CET1 ratio to remain above the bank's
medium-term target of 14%, with low capital encumbrance by
unreserved problem assets. An upgrade would also require no
material deterioration in the bank's risk profile, stable funding
and continued compliance with the minimum requirement for own funds
and eligible liabilities (MREL).

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS
DEPOSITS

HB's long-term deposit rating is one notch above its Long-Term IDR
because of full depositor preference in Cyprus and its expectation
that HB will comply with its final MREL, which will become binding
by end-2025. HB's resolution debt buffer is moderate and Fitch
expects it to be maintained or slightly increased in line with the
bank's MREL needs. Deposits will therefore benefit from protection
offered by bank resolution buffers consisting of debt and equity,
resulting in a lower probability of default.

The short-term deposit rating of 'F3' is the only option that
corresponds to the bank's 'BBB-' long-term deposit rating.

SENIOR PREFERRED DEBT

HB's long-term senior preferred debt is rated in line with its
Long-Term IDR, reflecting its view that the default risk of the
notes is equivalent to that of the bank as expressed by the IDR,
and that senior preferred obligations have average recovery
prospects. This is based on its expectation that HB's resolution
buffers will comprise both senior preferred and more junior debt
instruments, as well as equity. The rating also reflects its
expectation that the combined buffer of Additional Tier 1, Tier 2
and senior non-preferred debt is unlikely to exceed 10% of the
bank's RWAs on a sustained basis.

SENIOR NON-PREFERRED DEBT

Senior non-preferred debt is rated one notch below the Long-Term
IDR to reflect the risk of below-average recoveries arising from
the use of more senior debt to meet resolution buffer requirements
and the combined buffer of Additional Tier 1, Tier 2 and senior
non-preferred debt being unlikely to exceed 10% of RWAs.

SUBORDINATED DEBT

HB's subordinated debt is rated two notches below the VR to reflect
poor recovery prospects in a non-viability event given its junior
ranking. No notching is applied for incremental non-performance
risk.

GOVERNMENT SUPPORT RATING (GSR)

HB's GSR of 'no support' (ns) reflects Fitch's view that senior
creditors cannot expect to receive full extraordinary support from
the sovereign if the bank becomes non-viable. This is due to the
EU's Bank Recovery and Resolution Directive and the Single
Resolution Mechanism for eurozone banks provide a framework for the
resolution of banks that requires senior creditors participating in
losses, if necessary, instead of, or ahead of, a bank receiving
sovereign support.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

The long-term deposit, senior preferred and senior non-preferred
debt ratings are primarily sensitive to changes in the bank's
Long-Term IDR.

In addition, the senior preferred and senior non-preferred debt
ratings could be upgraded by one notch if Fitch expected HB to meet
its resolution buffer requirements only with senior non-preferred
and junior instruments, or if Fitch expected the size of the
combined buffer of senior non-preferred and junior debt to
sustainably exceed 10% of RWAs. Furthermore, the deposit ratings
could be downgraded if Fitch deemed HB unable to issue enough
senior and junior resolution debt to achieve and maintain
compliance with its final MREL.

The subordinated debt rating is sensitive to changes in the bank's
VR.

An upgrade of the GSR would be contingent on a positive change in
the sovereign's propensity to support the bank. In Fitch's view,
this is highly unlikely, although not impossible.

Fitch expects to withdraw HB's GSR if Eurobank S.A. (BB/Stable)
completes the planned acquisition of a majority stake in HB. At
that point, Fitch expects to assign to HB a Shareholder Support
Rating, the level of which will depend on Eurobank's Long-Term IDR
and its assessment of Eurobank's ability and propensity to support
HB.

VR ADJUSTMENTS

The operating environment score of 'bb+' has been assigned below
the 'bbb' implied category score, due to the following adjustment
reasons: size and structure of economy (negative), level and growth
of credit (negative).

The asset quality score of 'bb+' has been assigned above the 'b &
below' implied category score due to the following adjustment
reason: collateral and reserves (positive).

The earnings and profitability score of 'bb' has been assigned
above the 'b & below' implied category score due to the following
adjustment reason: historical and future metrics (positive).

The funding & liquidity score of 'bb+' has been assigned below the
'bbb' implied category score, due to the following adjustment
reason: non-deposit funding (negative).

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          Prior
   -----------                      ------          -----
Hellenic Bank
Public Company
Limited           LT IDR             BB+  Upgrade   BB-
                  ST IDR             B    Affirmed  B
                  Viability          bb+  Upgrade   bb-
                  Government Support ns   Affirmed  ns

   long-term
   deposits       LT                 BBB- Upgrade   BB

   Senior
   preferred      LT                 BB+  Upgrade   BB-

   Senior
   non-preferred  LT                 BB   Upgrade   B+

   Subordinated   LT                 BB-  Upgrade   B

   short-term
   deposits       ST                 F3   Upgrade   B




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E S T O N I A
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HAGEN BIKES: Files for Bankruptcy in Harju County Court
-------------------------------------------------------
ERR News reports that Estonian cargo bike manufacturer Hagen Bikes
has filed for bankruptcy after being unable to fulfill orders, in
turn due to a lack of investment.

According to ERR News, company founder Kaspar Peek said: "Hagen
Bikes AS has been an early-stage growth company whose cash flows
are typically unstable and whose operations are often unprofitable
so far. "

"To cover losses and grow the company, from the summer of 2022, the
management sought additional financial resources in the form of
investments," Peek went on.

Hagen Bikes submitted its bankruptcy petition to the first-tier
Harju County Court on Nov. 3, however, ERR News relates.

Mr. Peek, as cited by ERR News, said that while a sufficient volume
of investments were found, together with loans and a healthy rate
of forecast orders under negotiations, the major client had
subsequently hived off their order into more than one part and had
been unable to confirm the total volume before the delivery of the
first of these parts were due.

This, Mr. Peek said, had the knock-on effect of rendering
impossible the fulfillment of planned contracts so far as investors
were concerned, ERR News notes.

"Management also communicated with various banks, but the use of
factoring and other financial services did not prove to be possible
on a sufficient scale ahead of the official confirmation of the
total volume of the large order," ERR News quotes Mr. Peek as
saying.

An attempt to publicly float company shares also failed as a means
of resolving its liquidity crisis, Mr. Peek added, as did attempts
to source sufficient investment even after this.

"For this reason, the management assesses the company's insolvency
as a permanent state of affairs," he added.




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F R A N C E
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FORVIA: Fitch Alters Outlook on 'BB+' LongTerm IDR to Stable
------------------------------------------------------------
Fitch Ratings has revised the Outlook on French automotive parts
supplier FORVIA's Long-Term Issuer Default Rating (IDR) to Stable
from Negative and affirmed the IDR at 'BB+' and senior unsecured
instrument ratings at 'BB+'/'RR4'.

FORVIA's ratings reflect its strong business profile and larger
scale following the Hella acquisition and good liquidity position,
reflected by its market shares as a well-diversified Tier-1
supplier for almost all auto original equipment manufacturers
(OEM), which Fitch believes offsets leverage metrics that map
against 'bb' rating medians in its navigator.

The revision of the Outlook reflects its expectation that FORVIA'S
EBITDA net leverage will reduce below 2.5x by 2024, driven by the
cash proceeds from the disposal programme, which will be channeled
to debt repayment. Fitch views FORVIA's ratings headroom due to
leverage as limited until the second disposal programme is
completed. Fitch expects the additional EUR1 billion of divestments
will lower EBITDA net leverage towards 1.5x, although this is
expected to be towards 2025 and 2026.

KEY RATING DRIVERS

Profitability Restored: FORVIA's EBIT margin improved to
pre-pandemic levels during 1H23, due to easing supply chain
challenges and abating inflation, which resulted in the
normalisation of global vehicle production. Fitch expects the
operating margin to reach mid-single digits in 2023 before trending
toward around 7% by 2026, following further auto production
recovery, FORVIA's new order intake from Chinese electric vehicle
(EV) incumbents, and to a lesser extent, the ongoing synergy
realisation between Faurecia and Hella.

Profitability upside is likely to be offset by spiralling labour
costs, lingering chip shortages, and trade and geopolitical
tensions for the world's largest auto markets, leading to a 1-2%
deterioration in Fitch's rating case.

Asset Disposal to Continue: FORVIA launched its second divestiture
programme in 3Q23, following the successful execution of the EUR1
billion asset disposal programme. The target assets, similar to the
transactions that have already been completed, will be non-core and
the opportunities will be sporadic across the organisation, and
include monetisation of the economic value of the existing assets.
Fitch does not expect the new disposal programme to undermine
FORVIA's business profile or adversely affect financial metrics.
Fitch assume EUR1 billion cash proceeds from the additional asset
disposals, spread over 2024-2026 and dedicated to debt repayment.

Deleveraging Trajectory: Headroom at the current rating remains low
following the Hella acquisition. Fitch expects FORVIA's net EBITDA
leverage ratio to drop to 1.7x in 2025 on the back of EBITDA
expansion and debt reduction, down from 3.5x in 2022. Cash
deployment deviating from its expectation would pressure the
current rating and execution risk remains, particularly with
regards to asset valuation in a recessionary environment.

Solid Business Profile: FORVIA's business profile is commensurate
with the 'bbb' category. Faurecia's traditional product portfolio
is complemented by Hella's exposure to fast-growing and high-value
adding segments in lighting and electronics, strengthening FORVIA's
innovation capabilities in vehicle connectivity, advanced driver
assistance systems and autonomous driving. It improves FORVIA's
value preposition along the auto supply chain and increases the
relevance for OEM customers. The addition of Hella bolsters
FORVIA's revenue stream from the replacement market, which Fitch
deems less cyclical than the OE business and credit positive.

EV Risk: The risk of lost revenue and earnings stemming from the
growth of EVs with no exhaust line is significant for Faurecia's
clean-mobility division. This is offset by the growing order intake
in EVs and fuel cell EVs, which made up 48% of the total order
intake as of 3Q23. New awards from Chinese EV pure-play OEMs have
outpaced other customers. The addition of Hella's product portfolio
will increase Faurecia's exposure to segments not related to
combustion engines.

DERIVATION SUMMARY

FORVIA's business profile compares adequately with that of auto
suppliers at the low-end of the 'BBB' category. The share of
aftermarket business, which is less volatile and cyclical than
sales to OEMs, is smaller than at tyre manufacturers such as
Compagnie Generale des Etablissements Michelin (A-/Stable) and
Continental AG (BBB/Stable).

FORVIA's portfolio has fewer products with high added-value and
strong growth potential than leading and innovative suppliers such
as Robert Bosch GmbH (A/Stable), Continental and Aptiv PLC
(BBB/Stable). However, similar to other large and global suppliers,
it has broad and diversified exposure to leading international
OEMs, as well as a global reach.

With an EBIT margin of 6%-7%, excluding the impact of the pandemic
in 2020-2021, profitability is lower than that of investment
grade-rated peers such as Aptiv, Nemak, S.A.B. de C.V.
(BBB-/Stable) and Schaeffler AG (BB+/Stable), but better than
Tenneco, Inc. (B/Stable). FORVIA's FCF is weak compared with that
of 'BB+'/'BBB-' rated auto suppliers in Fitch's portfolio. However,
Fitch projects net leverage to decline to levels that are in line
with Schaeffler and Dana Incorporated (BB+/Negative) but still
higher than Aptiv.

KEY ASSUMPTIONS

- Topline growth by mid-single digit beyond 2023 to above EUR30
billion by 2026

- EBIT margin trending toward 7% in 2026 from 5% in 2023, including
restructuring charges of EUR100 million-EUR150 million per year

- Neutral working capital changes over the rating horizon

- Average capex at 7-8% of revenue

- Successful execution of the new EUR1 billion asset disposal
programme over 2023-2025

- Voluntary debt repayment totalling EUR2.5 billion from 2023 to
2026

- Resumption of common dividends beyond 2023, pay-out ratio in line
with 2021

- No material M&A, no share buyback

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade: (BBB-)

- EBIT margin above 7.5%

- FCF margin above 1.5%

- EBITDA net leverage below 1.0x

Factors that could, individually or collectively, lead to negative
rating action/downgrade: (BB-)

- EBIT margin below 5% by 2024

- FCF margin below 0.5%

- EBITDA net leverage above 2.0x

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: As of June 2023, FORVIA had undrawn
syndicated credit facilities of EUR1.95 billion, of which EUR1.5
billion is attributable to Faurecia and EUR450 million to Hella.
The two facilities are due in 2027 and 2025 respectively, both
carrying extension options. The bridge loan used to complete the
Hella acquisition has been completely take off the balance sheet
via a refinancing, including capital increase and placement of
terms loans and bonds, and alleviating short-term liquidity
concerns.

Fitch expects FCF to remain positive over the rating horizon,
following FORVIA's better operational performance and abating
supply chain issues and inflation, supporting internal liquidity
capacity. FORVIA uses a commercial paper programme and factoring
for working capital purpose. It also has access to local credit
facilities at its subsidiaries.

Asset Disposal Accelerate Deleveraging: Debt as of June 2023
comprised Schuldschein, term loans, sustainability-linked notes and
bonds. The debt maturities are evenly spread between 2025 and 2028.
The successful execution of the EUR1 billion asset disposal
programme should support its expectation of net EBITDA leverage
below 3x in 2023. The new EUR1 billion disposal programme,
announced in 3Q23, would accelerate deleveraging and Fitch
anticipates net leverage reaching 1.7x by 2025, which is more in
line with the current rating category.

ISSUER PROFILE

FORIVA is a global top-10 automotive supplier. It provides
solutions for safe, sustainable, advanced and customised mobility.
Composed of six business groups with 24 product lines, FORVIA
comprises the complementary technology and industrial strengths of
Faurecia and HELLA.

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
   -----------             ------        --------   -----
FORVIA              LT IDR BB+  Affirmed            BB+

   senior
   unsecured        LT     BB+  Affirmed   RR4      BB+


PAPREC HOLDING: S&P Rates New EUR600MM Senior Secured Notes 'BB'
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue rating to Paprec
Holding's (Paprec's) proposed offering of EUR600 million of senior
secured notes, split into one tranche maturing in 2027 and one
tranche maturing in 2029. The recovery rating on the proposed notes
is '3', indicating S&P's expectation of meaningful recovery
(50%-70%; rounded estimate: 55%) in the event of payment default.

Paprec, a France-based waste recycler, intends to use the proceeds
from this issuance to refinance EUR575 million of existing senior
secured notes due March 2025, and for general corporate purposes.
As part of the transaction, the maturity of the EUR300 million
super senior secured revolving credit facility (RCF) will be
extended to the earliest of April 2028 or three months prior to the
earliest maturity of the two tranches of new senior secured notes.
The proposed transaction improves Paprec's liquidity profile by
significantly increasing the duration of its debt and adding EUR25
million of excess cash to the balance sheet. It also provides
Paprec with additional flexibility to pursue its mergers and
acquisitions strategy in the coming years, which is expected to
remain selective and consistent with the stated financial policy,
which allows releveraging of up to 3.5x on a company reported
basis.

The proposed notes will rank at the same level of seniority as the
existing EUR422 million senior secured notes due July 2028. The
transaction does not affect any of our other ratings on Paprec, but
it will increase Paprec's interest burden. S&P said, "However, we
continue to forecast that Paprec's leverage will increase only
moderately in 2023, to 3.7x, in a difficult macroeconomic context
that is pressurizing its margins, before declining to about 3.0x in
2024. We also expect that Paprec will sustain its funds from
operations to debt above 20%."

Issue Ratings - Recovery Analysis

Key analytical factors

-- The issue ratings on Paprec's EUR422 million 3.5% senior
secured notes due in 2028 and proposed senior secured notes due in
2027 and senior secured notes due in 2029 are 'BB', in line with
the issuer credit rating.

-- The recovery rating is '3', indicating S&P's expectation of
meaningful recovery prospects (50%-70%; rounded estimate: 55%) in
the event of a default.

-- The recovery prospects remain constrained by the significant
amount of prior-ranking liabilities, such as the EUR300 million
super senior RCF and the factoring facilities.

-- S&P views the security package for the senior secured lenders
as weak because it only includes share pledges and pledges over
intercompany receivables and bank accounts.

-- The RCF is covenant-lite, with a springing covenant specifying
that the drawn super senior leverage ratio should not exceed 1.8x;
this is tested only if drawings under the RCF exceed 50%.

-- The guarantor coverage for the senior secured notes is also
relatively weak because the guarantors only represented 55% of the
company's consolidated annualized EBITDA as of June 30, 2023.

-- S&P's hypothetical default scenario would most likely result
from lower waste volumes in weak economic conditions, in
conjunction with fiercer competition and unexpected pricing
pressure due to lower demand for the raw materials recovered from
waste globally.

-- S&P values Paprec as a going concern, supported by its leading
positions in paper, plastic, and diversified recycling, as well as
the supportive French regulatory framework.

Simulated default assumptions

-- Year of default: 2028
-- Jurisdiction: France

Simplified waterfall

-- Emergence EBITDA: EUR174 million

-- Minimum capital expenditure (capex): 4.5% of sales. This
represents the bare minimum of capex necessary to maintain the
existing facilities

-- Cyclicality adjustment: 0%, as is standard for the
environmental services sector

-- Multiple: 6.0x, in line with the industry average multiple

-- Gross enterprise value at emergence: EUR1.043 billion

-- Net enterprise value after administrative expense (5%): EUR991
million

-- Priority liabilities (bilateral loan and nonrecourse factoring
facilities): EUR127 million

-- Estimated super senior RCF claims: EUR263 million

  -- Net value remaining to senior secured creditors: EUR600
million

-- Estimated senior secured notes claims: EUR1.047 billion

    --Recovery expectation: 50%-70% (rounded estimate: 55%)

S&P assumes that the RCF will be 85% drawn at default. All debt
amounts include six months of prepetition interest.




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

ARAGON HOLDCO: Moody's Lowers CFR to B3, Outlook Remains Stable
---------------------------------------------------------------
Moody's Investors Service has downgraded Aragon HoldCo GmbH's
(Amedes or the company) corporate family rating to B3 from B2 and
its probability of default rating to B3-PD from B2-PD. Moody's has
downgraded to B3 from B2 the instrument rating on the EUR135
million senior secured revolving credit facility (RCF) and the
senior secured term loan B, which has just been upsized to EUR820
million, from EUR740 million under Aragon BidCo GmbH. The
additional EUR80 million senior secured term loan B proceeds are
expected to be used to fund future acquisitions and capex. The
outlook for these entities is maintained at stable.

RATINGS RATIONALE

The rating action reflects the weakening financial profile with
credit metrics which will no longer be commensurate with a B2
rating. This is because of the execution risk related to the
company's business optimization programme, the efficient
integration of bolt-on acquisitions, and the additional debt
resulting from the EUR80 million add-on to the existing EUR740
million senior secured term loan B.

For 2023, Moody's forecasts an adjusted gross debt to EBITDA ratio
of 7.3x and an adjusted free cash flow to debt ratio of -4.3% which
are weaker than Moody's expectations for the B2 rating. Although
Moody's forecasts that Amedes will reduce the adjusted gross debt
to EBITDA ratio towards 6.0x by 2025, driven by EBITDA-accretive
acquisitions, operational synergies and organic EBITDA growth, this
deleveraging is subject to execution risk. At the same time,
Moody's forecasts negative adjusted free cash flow generation until
2024. However, Moody's notes that adjusted EBITA to interest
expense will remain good in the range of 2.9x – 3.2x between 2023
and 2025, supported by long-term interest hedging.

During the pandemic, COVID-19 testing activities boosted
laboratories' earnings and cash flow to record-high levels.
However, since last year, market conditions have deteriorated in
the biology sector. Laboratories are suffering from the rapid
decline in COVID-19 testing revenue, tariff cuts and higher
operating costs. As a result, the company is implementing a
business optimization programme aiming at improving EBITDA margins
through economies of scale, efficiency gains from modernization and
digitization of production base. While Moody's acknowledges that it
will enhance operational efficiencies over time, Moody's believes
there is execution risk associated with the implementation of cost
cuts and synergies. Cost reductions and synergies may take time to
materialize, thereby impeding the recovery of profitability. In the
first-half of 2023, the company reported EBITDA of EUR56 million,
8% below the company's budget. Moody's does not consider the costs
associated with the optimization programme as one-off items in
adjusted EBITDA calculations, given that they span over several
years. Adjusted EBITDA is presented on a pro forma basis,
incorporating the acquisitions completed in 2023 and assuming a
full 12 months of EBITDA contribution from these acquisitions.

More generally, the B3 ratings reflect the company's good position
in the clinical laboratory testing services industry in Government
of Germany (Aaa stable) and Government of Belgium (Aa3 stable); a
degree of revenue diversification, underscored by expertise in
specialty testing and the operation of clinical medicine
facilities; the positive demand trends for clinical laboratory
tests and healthcare services. Conversely, the ratings are
constrained by the limited scale and concentration in Germany; the
exposure to change in regulation and continuous tariff pressure,
which will limit organic growth; the high fixed-cost base and
persistent inflationary pressures; the execution risk related to
company's optimization programme; and the leveraged financial
profile.

LIQUIDITY

Amedes has an adequate liquidity. It had EUR43 million of cash and
EUR135 million of undrawn senior secured revolving credit facility
(RCF) as of June 30, 2023. In the next 12 months, Moody's forecasts
funds from operations of EUR88 million, negative change in working
capital of EUR6 million and capex of EUR107 million. At the same
time, Moody's forecasts EUR178 million for acquisitions  funded
with EUR80 million add-on to the existing senior secured Term Loan
B, a minimum of EUR90 million of equity from the existing
shareholders, and cash on balance sheet. Capex plan is expected to
be financed by cash generated from the business and a portion of
the existing undrawn EUR135 million RCF.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that Amedes'
operating performance and credit metrics will improve over the next
12 to 18 months, notwithstanding the execution risk associated with
its business optimization programme.

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

Upward rating pressure could arise if Moody's-adjusted gross debt
to EBITDA falls below 6.0x and Moody's-adjusted free cash flow to
debt improves to 5%.

Downward rating pressure could develop if Moody's-adjusted gross
debt to EBITDA exceeds 7.5x; Moody's-adjusted EBITA to interest
expense is below 1.0x; Moody's-adjusted free cash flow to debt
remains negative on a sustained basis; and liquidity deteriorates.
Negative rating pressure could also occur in the event of large
debt-financed acquisitions or distributions to shareholders.

COMPANY PROFILE

Founded in 1987 and headquartered in Hamburg, Amedes is an
integrated healthcare diagnostic provider in Germany and Belgium
with focus on specialty and complex tests. It operates 50
laboratories and 35 clinical medicine sites. The company employs
over 4,500 people, including more than 500 physicians and
scientists.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.


PCF GMBH: Fitch Lowers LongTerm IDR to 'B', Outlook Stable
----------------------------------------------------------
Fitch Ratings has downgraded PCF GmbH's Long-Term Issuer Default
Rating (IDR) to 'B' from 'B+'. The Outlook is Stable. Fitch has
also downgraded PCF's senior secured rating to 'B+' from 'BB-'. The
Recovery Rating remains at 'RR3'.

The downgrade reflects a likely sharp deterioration in PCF's
financial profile for 2024-2025 versus its previous expectations.
In addition, dividends payments of EUR28 million will result in
negative free cash flow (FCF) in 2023. Fitch forecasts weaker
demand especially for its engineering wood segment before it starts
to recover slightly in 2H24, albeit in low single digits, coupled
with high raw material costs hitting PCF's EBITDA generation in
2023 and 2024.

The rating reflects PCF's small scale and limited product and
geographic diversification as well as its exposure to less-cyclical
renovation end-markets, a diversified customer base and long-term
relationships with most of its customers.

KEY RATING DRIVERS

EBITDA Generation Constrained: Fitch forecasts PCF's EBITDA margin
to decline to 13%-14% in 2024-2025 from 14.7% in 2023, as other
income generated through energy trading this year is not repeated,
before rising slightly above 14% in 2026. PCF's cost-reduction
initiatives implemented during 2022 should help it manage its cost
base but this will be undermined by a lower revenue base and
continued inflation effects on its operating costs.

Fitch forecasts PCF's EBITDA to decline to EUR144 million in 2023
and further to EUR125 million-EUR135 million in 2024-2025 versus
its previous expectations of EUR160 million-EUR175 million, due to
high inflation and weaker consumer sentiment. PCF's business
profile, however, remains slightly better than Fitch-rated 'B'
category peers' due to its larger presence in the renovation market
than the new-build market.

Weaker Revenue: Fitch forecasts revenue to fall 20% in 2023 on a
decline in the volumes of its engineering wood segment and lower
selling prices. Prices of both its panel and silekol products are
expected to decline, following declines in chemical prices, one of
its key raw materials. Further Fitch forecasts continuing soft
volumes to reduce revenue 2% in 2024, before they recover by
mid-single digits in 2025-2026.

High Leverage Profile: PCF's EBITDA gross leverage remains high
with a forecast increase to 5.6x in 2023, from 5.3x in 2022. Fitch
expects it to increase further to 6.4x in 2024 and 6.0x in 2025,
breaching its earlier negative rating sensitivity. The weakened
leverage profile is in line with that of 'B' peers, but Fitch
forecasts improvement towards 5.5x-6.0x no earlier than 2026.

Neutral to Mildly Positive FCF: Fitch forecasts PCF to generate
negative FCF in 2023, due to working-capital outflows in the face
of lower trade and other payables as production fell, and one-off
dividend payments. Though the company has adequate liquidity, Fitch
views the cash deployment policy of management as aggressive amid
current softening market conditions.

Fitch forecasts low single-digit positive FCF margins for
2024-2026, on lower EBITDA and expectations of higher interest
rates at least for the next couple of years. Further dividend
payments will erode Fitch's forecast FCF and be negative for the
rating, which is however not its current rating case.

Balanced End-Market Diversification: PCF's limited geographical and
product diversification is mitigated by its exposure to the more
stable renovation end-market versus the new-build market. Demand
from renovation activity contributes around 75% of its engineered
wood product revenue.

End-markets are moderately diversified across kitchen producers
(about 30% of total revenue), furniture makers (24%), the
non-residential construction market (20%) and residential
construction (14%). Such end-market diversification has
historically led to sustained revenue and competitive operating
margins for PCF.

DERIVATION SUMMARY

Fitch compares PCF with Fitch-rated flooring companies HESTIAFLOOR
2 (Gerflor; B/ Stable), Tarkett Participation (B+/Stable) and
Victoria plc (BB-/Stable). With forecast revenue in 2023 just below
EUR1 billion, PCF is slightly smaller than Gerflor and Victoria
with just above EUR1 billion, and its high exposure to Germany
(around 50% of sales) means less geographical diversification.

Like Gerflor, PCF is primarily a B2B company but is less
diversified across segments (kitchen manufacturers, furniture
makers and wholesale) versus contractors of residential, public,
social and commercial construction, and Gerflor's transport and
sports facilities segments.

In line with these peers, PCF benefits from a strong exposure to
the more stable renovation activities at near 70%, including
silekol, or 75% of total revenue, for its engineering wood products
business.

PCF's EBITDA margins are slightly higher than most of its peers'
and partially supported by own bio-mass combined heat and power
plants that cover virtually all its energy needs. PCF's forecast
debt/EBITDA at 5.6x in 2023 is lower than Tarkett's and Gerflor's
of around 6x, but higher than Victoria's of below 4x.

KEY ASSUMPTIONS

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

- Revenue to decline 20% in 2023 and 2% in 2024 before growing
2%-4% in 2025-2026

- EBITDA margin of about 14%-15% in 2023 and 13%-14.5% for
2024-2026

- Capex at EUR50 million-EUR55 million a year for 2023-2026

- Dividend of EUR28 million in 2023. No dividends for 2024-2026

- Acquisition-related activities of EUR20 million a year from 2025
onwards

RECOVERY ANALYSIS

Key Recovery Rating Assumptions:

- The recovery analysis assumes that PCF would be considered a
going-concern (GC) in bankruptcy and that it would be reorganised
rather than liquidated

- Fitch estimates a GC value available for creditor claims at about
EUR523 million, assuming GC EBITDA of EUR115 million. The GC EBITDA
reflects Fitch's view of a sustainable, post-reorganisation EBITDA
level on which Fitch bases the enterprise valuation. The GC EBITDA
reflects stress assumptions from the loss of major customers and
rising raw material costs accompanied with postponed selling price
increases. The assumption also reflects corrective measures taken
in the reorganisation to offset the adverse conditions that trigger
default

- A 10% administrative claim

- Fitch uses an enterprise value multiple of 5.5x EBITDA to
calculate a post-reorganisation valuation, which is comparable with
multiples applied to other building products producers. The
multiple is based on PCF's strong market position in western Europe
with resilient earnings due to high exposure to value-added
products, usage of efficient pass-through mechanism and fairly high
barriers to entry. The multiple also reflects its smaller scale
than some other Fitch-rated peers', concentrated geographical
diversification and limited range of products

- Fitch deducts about EUR47.5 million from the enterprise value for
its various factoring facilities

- Fitch estimates the total amount of senior debt for creditor
claims at EUR824 million, comprising a super senior secured
revolving credit facility (RCF) of EUR65 million, senior secured
notes of EUR750 million and equipment financing facility of EUR9
million

- These assumptions result in a recovery rate for the senior
secured notes within the 'RR3' range to generate a one-notch uplift
to the debt ratings from the IDR

- The principal waterfall analysis output percentage on current
metrics and assumptions is 60%

RATING SENSITIVITIES

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

- Significant increase in scale and geographical diversification

- EBITDA margin above 14%

- EBITDA leverage sustained below 5.5x

- FCF margin above 2%

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

- EBITDA margin below 12%

- Negative FCF margin on a sustained basis

- EBITDA leverage sustained above 7.0x

LIQUIDITY AND DEBT STRUCTURE

Healthy Liquidity: As at end-June 2023 PCF had EUR61 million of
Fitch-defined cash (adjusted by EUR10 million for working-capital
swings). Its EUR65 million RCF is EUR60 million undrawn. Existing
liquidity is sufficient to cover slightly negative FCF in the next
12 months. Fitch forecasts positive FCF during 2024- 2026, which
provides PCF with an additional cash cushion before its refinancing
period in 2026.

Manageable Debt Structure: PCF's long-term debt consists of EUR750
million sustainability-linked notes split between EUR400 million
4.75% fixed-rate notes and EUR350 million floating-rate notes with
maturity in May 2026. Fitch-adjusted debt includes a drawn
factoring facility of EUR47 million and EUR9 million equipment
financing facility (as at end-2022).

ISSUER PROFILE

PCF is one of the leading European manufacturers of wood products,
specialising in the production of materials for the furniture
industry, the interior industry and construction.

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
   -----------             ------       --------   -----
PCF GmbH            LT IDR B  Downgrade            B+

   senior secured   LT     B+ Downgrade   RR3      BB-


SC GERMANY 2023-1: Moody's Assigns (P)B2 Rating to Class F Notes
----------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to Notes to be issued by SC Germany S.A., Compartment
Leasing 2023-1:

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

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

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

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

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

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

RATINGS RATIONALE

The Notes are backed by a 12-month revolving pool of German auto
leases originated by Santander Consumer Leasing GmbH ("SCL", NR), a
wholly-owned subsidiary of Santander Consumer Bank AG ("SCB",
A2/P-1 deposit ratings and A1(cr)/P-1(cr)). This is the first
transaction out of the leasing business segment of Santander
Consumer Bank AG in Germany.

The provisional portfolio of assets amount to approximately
EUR600.0 million as of August 31, 2023 pool cut-off date. The
Reserve Fund will be funded to 1.25% of the total Notes balance at
closing and the total credit enhancement for the Class A Notes will
be 12.00%.

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

According to Moody's, the transaction benefits from various credit
strengths such as a granular portfolio and an amortising liquidity
reserve sized at 1.25% of Class A to F Notes balance.

However, Moody's notes that the transaction features some credit
weaknesses such as an unrated servicer and a structure which allows
for periods of pro-rata payments under certain scenarios. Various
mitigants have been included in the transaction structure such as a
back-up servicer facilitator which is obliged to appoint a back-up
servicer if certain triggers are breached, as well as a performance
trigger which will switch back the principal payment waterfall to
sequential if the cumulative net loss ratio surpasses a certain
percentage.

The portfolio of underlying assets was distributed through dealers
to private individuals (34.2%) and commercial borrowers (65.8%) to
finance the purchase of new (95.6%) and used (4.4%) cars. As of
August 31, 2023, the portfolio consists of 51,856 auto finance
contracts to 44,036 lessees with a weighted average seasoning of
6.2 months. The contracts have equal instalments during the life of
the contract and at the end of the term a contractually agreed
residual value. The lease instalments of the lease contracts are
securitized, but not the residual value cash flows.

Moody's determined the portfolio lifetime expected defaults of
1.5%, expected recoveries of 50.0% and Aaa portfolio credit
enhancement "PCE" of 7.0% 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 cash flow model to rate Auto
ABS.

Portfolio expected defaults of 1.5% is lower than the EMEA Auto ABS
average and is based on Moody's assessment of the lifetime
expectation for the pool taking into account (i) historic
performance of the book of the originator, (ii) benchmark
transactions, and (iii) other qualitative considerations.

Portfolio expected recoveries of 50.0% is higher than the EMEA Auto
ABS average and is based on Moody's assessment of the lifetime
expectation for the pool taking into account (i) historic
performance of the originator's book, (ii) benchmark transactions,
and (iii) other qualitative considerations.

PCE of 7.0% is lower than the EMEA Auto ABS average and is based on
Moody's assessment of the pool which is mainly driven by: (i)
historic performance of the loan book of the originator, (ii) the
concentration limits during the revolving period; (iii) benchmark
transactions, and (iv) other qualitative considerations. The PCE
level of 7.0% results in an implied coefficient of variation "CoV"
of 68.6%.

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 of the notes
include significantly better than expected performance of the pool
together with an increase in credit enhancement of Notes.

Factors that would lead to a downgrade of the ratings include: (i)
increased counterparty risk leading to potential operational risk
of (a) servicing or cash management interruptions and (b) the risk
of increased swap linkage due to a downgrade of a currency swap
counterparty ratings; and (ii) economic conditions being worse than
forecast resulting in higher arrears and losses.




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

ALME LOAN V: Moody's Ups Rating on EUR22.7MM Class E Notes to Ba1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by ALME Loan Funding V DAC:

EUR15,526,000 Class C-1 Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Aa1 (sf); previously on Jul 6, 2023
Upgraded to Aa3 (sf)

EUR9,474,000 Class C-2 Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Aa1 (sf); previously on Jul 6, 2023
Upgraded to Aa3 (sf)

EUR19,700,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to A2 (sf); previously on Jul 6, 2023
Upgraded to Baa1 (sf)

EUR22,700,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Ba1 (sf); previously on Jul 6, 2023
Affirmed Ba2 (sf)

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

EUR223,000,000 (current outstanding amount EUR110,004,866.69)
Class A Senior Secured Floating Rate Notes due 2031, Affirmed Aaa
(sf); previously on Jul 6, 2023 Affirmed Aaa (sf)

EUR47,947,000 Class B-1 Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Jul 6, 2023 Affirmed Aaa
(sf)

EUR21,053,000 Class B-2 Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Jul 6, 2023 Affirmed Aaa
(sf)

EUR10,600,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed B1 (sf); previously on Jul 6, 2023
Affirmed B1 (sf)

ALME Loan Funding V DAC, issued in June 2016 and refinanced in July
2018, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Apollo Management International LLP. The
transaction's reinvestment period ended in July 2022.

RATINGS RATIONALE

The rating upgrades on the Class C-1, C-2, D and E notes are
primarily a result of the deleveraging of the senior notes
following amortisation of the underlying portfolio since the last
rating action in July 2023.

The affirmations on the ratings on the Class A, B-1, B-2 and F
notes are primarily a result of the expected losses on the notes
remaining consistent with their current rating levels, after taking
into account the CLO's latest portfolio, its relevant structural
features and its actual over-collateralisation ratios.

The Class A notes have paid down by approximately EUR52.6 million
(23.6%) since the last rating action in July 2023 and EUR113.0
million (50.7%) since closing. As a result of the deleveraging,
over-collateralisation (OC) has increased across the capital
structure. According to the trustee report dated October 2023 [1]
the Class A/B, Class C, Class D, Class E and Class F OC ratios are
reported at 149.7%, 133.9%, 123.7%, 113.6% and 109.5% compared to
June 2023 [2] levels of 146.0%, 131.8%, 122.4%, 113.1% and 109.2%,
respectively. Moody's notes that the October 2023 principal
payments of EUR33.2 million are not reflected in the reported OC
ratios.

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: EUR284.5 million

Defaulted Securities: none

Diversity Score: 46

Weighted Average Rating Factor (WARF): 2820

Weighted Average Life (WAL): 3.73 years

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

Weighted Average Coupon (WAC): 3.83%

Weighted Average Recovery Rate (WARR): 45.28%

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 account bank, using the methodology
"Moody's Approach to Assessing Counterparty Risks in Structured
Finance" published in October 2023. 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.

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.

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.


ARMADA EURO IV: Fitch Hikes Rating on Class F Notes to 'Bsf'
------------------------------------------------------------
Fitch Ratings has upgraded Armada Euro CLO IV DAC class C to F
notes.

   Entity/Debt              Rating             Prior
   -----------              ------             -----
Armada Euro CLO IV DAC

   A XS2066869368       LT   AAAsf   Affirmed   AAAsf
   B XS2066870291       LT   AAsf    Affirmed   AAsf
   C XS2066870887       LT   A+sf    Upgrade    Asf
   D XS2066871422       LT   BBB+sf  Upgrade    BBBsf
   E XS2066873394       LT   BB+sf   Upgrade    BBsf
   F XS2066872404       LT   Bsf     Upgrade    B-sf
   X XS2066869442       LT   AAAsf   Affirmed   AAAsf

TRANSACTION SUMMARY

Armada Euro CLO IV DAC is a cash flow collateralized loan
obligation (CLO) comprising mostly senior secured obligations. The
transaction is actively managed by Brigade Capital Europe
Management LLP and will exit its reinvestment period in July 2024.

KEY RATING DRIVERS

Stable Performance; Low Refinancing Risk: Since Fitch's last rating
action in February 2022, the portfolio's performance has been
stable. The transaction is currently 1.3% above par. As per the
last trustee report dated 3 October 2023, the transaction is
passing all of its collateral quality and portfolio profile tests.

The transaction has manageable exposure to near- and medium-term
refinancing risk, with 0.7% of the assets in the portfolio maturing
before 2024 and 5% in 2025, as calculated by Fitch, in view of
large default-rate cushions for each class of notes. The
transaction's stable performance, combined with a shorter weighted
average life (WAL) since February 2022, has resulted in larger
break-even default-rate cushions, leading to the upgrades.

Large Cushion Supports Stable Outlooks: All notes have large
default-rate buffers to support their ratings and should be capable
of absorbing further defaults in the portfolio. The ratings also
reflect that the notes have sufficient levels of credit protection
to withstand deterioration in the credit quality of the portfolio
in stress scenarios that are commensurate with the ratings.

'B' Portfolio: Fitch assesses the average credit quality of the
underlying obligors at 'B'. The Fitch-calculated weighted average
rating factor (WARF) of the current portfolio is 32.3 as reported
by the trustee based on the old criteria and 24.5 as calculated by
Fitch under its latest criteria.

High Recovery Expectations: Senior secured obligations comprise
98.5% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-calculated weighted average recovery
rate (WARR) of the current portfolio as reported by the trustee was
69.3%.

Diversified Portfolio: The top 10 obligor concentration as
calculated by the trustee is 16.3%, which is below the limit of 23%
based on the current matrix covenants. No obligor represents more
than 2% of the portfolio balance.

Transaction in Reinvestment Period: Given the manager's ability to
reinvest, Fitch's analysis is based on a stressed portfolio and
tested the notes' achievable ratings across all Fitch test
matrices, since the portfolio can still migrate to different
collateral quality tests and the level of fixed-rate assets could
change. Fitch has modelled the target par balance as the
transaction allows up to 1.5% of the target par amount to be
transferred from the principal account as trading gains. Fitch has
applied a 1.5% haircut to the WARR in the Fitch test matrix to
offset the average inflation of the reported Fitch WARR since the
transaction documents use a recovery rate definition that is based
on old criteria.

RATING SENSITIVITIES

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

An increase of the default rate (RDR) at all rating levels in the
current portfolio by 25% of the mean RDR and a decrease of the
recovery rate (RRR) by 25% at all rating levels would have no
impact on the class A to C notes, and lead to downgrades of no more
than one notch for the class D and F notes and two notches for the
class E notes.

Downgrades may occur if the build-up of the notes' credit
enhancement following amortisation does not compensate for a larger
loss expectation than initially assumed, due to unexpectedly high
levels of defaults and portfolio deterioration. Due to the better
metrics and shorter life of the current portfolio than the
Fitch-stressed portfolio, the class B and D notes display a rating
cushion of two notches, and the class F notes of four notches. The
class A, C and E notes have no rating cushion.

Should the cushion between the current portfolio and the
Fitch-stressed portfolio be eroded, either due to manager trading
or negative portfolio credit migration, a 25% increase of the mean
RDR and a 25% decrease of the RRR across all ratings of the
Fitch-stressed portfolio would lead to downgrades of one notch for
the class B notes, three notches for the class C and D notes, five
notches for the class E notes and to below 'B-sf' for the class F
notes.

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

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

DATA ADEQUACY

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

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

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.


AVOCA CLO XX: Moody's Affirms B2 Rating on EUR13.5MM Cl. F Notes
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Avoca CLO XX Designated Activity Company:

EUR33,375,000 Class B-1 Senior Secured Floating Rate Notes due
2032, Upgraded to Aa1 (sf); previously on Dec 13, 2021 Affirmed Aa2
(sf)

EUR15,000,000 Class B-2-R Senior Secured Fixed Rate Notes due
2032, Upgraded to Aa1 (sf); previously on Dec 13, 2021 Definitive
Rating Assigned Aa2 (sf)

EUR27,000,000 Class C-R Deferrable Mezzanine Floating Rate Notes
due 2032, Upgraded to A1 (sf); previously on Dec 13, 2021
Definitive Rating Assigned A2 (sf)

EUR25,875,000 Class D-R Deferrable Mezzanine Floating Rate Notes
due 2032, Upgraded to Baa2 (sf); previously on Dec 13, 2021
Definitive Rating Assigned Baa3 (sf)

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

EUR267,750,000 Class A-1-R Senior Secured Floating Rate Notes due
2032, Affirmed Aaa (sf); previously on Dec 13, 2021 Definitive
Rating Assigned Aaa (sf)

EUR11,250,000 Class A-2-R Senior Secured Floating Rate Notes due
2032, Affirmed Aaa (sf); previously on Dec 13, 2021 Definitive
Rating Assigned Aaa (sf)

EUR24,750,000 Class E Deferrable Junior Floating Rate Notes due
2032, Affirmed Ba2 (sf); previously on Dec 13, 2021 Affirmed Ba2
(sf)

EUR13,500,000 Class F Deferrable Junior Floating Rate Notes due
2032, Affirmed B2 (sf); previously on Dec 13, 2021 Affirmed B2
(sf)

Avoca CLO XX Designated Activity Company, issued in May 2019 and
refinanced in December 2021 is a collateralised loan obligation
(CLO) backed by a portfolio of mostly high-yield senior secured
European loans. The portfolio is managed by KKR Credit Advisors
(Ireland) Unlimited Company. The transaction's reinvestment period
will end in January 2024.

RATINGS RATIONALE

The rating upgrades on the Class B-1, B-2-R, C-R and D-R notes are
primarily a result of the benefit of the shorter period of time
remaining before the end of the reinvestment period in January
2024.

The rating affirmations on the Class A-1-R, A-2-R, E and F notes
reflect the expected losses of the notes continuing to remain
consistent with their current ratings after taking into account the
CLO's latest portfolio, its relevant structural features and its
actual over-collateralization levels.

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. In particular, Moody's assumed that
the deal will benefit from a shorter amortisation profile and
higher spread levels than it had assumed at the last rating action
in December 2021.

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: EUR447.24m

Defaulted Securities: EUR2.46m

Diversity Score: 67

Weighted Average Rating Factor (WARF): 2900

Weighted Average Life (WAL): 4.14 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 4.00%

Weighted Average Coupon (WAC): 4.21%

Weighted Average Recovery Rate (WARR): 44.37%

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance" published in October 2023. 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: Once reaching the end of the
reinvestment period in January 2024, 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.

-- Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which could
lengthen as a result of the manager's decision to reinvest in new
issue loans or other loans with longer maturities, or participate
in amend-to-extend offerings. The effect on the ratings of
extending the portfolio's weighted average life can be positive or
negative depending on the notes' seniority.

-- 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.


BNPP AM 2021: Fitch Affirms 'B-sf' Rating on Class F Notes
----------------------------------------------------------
Fitch Ratings has upgraded BNPP AM Euro CLO 2021 DAC's class C and
D notes and revised the class B-1, and B-2 notes Outlooks to
Positive from Stable. The rest of the notes have been affirmed.

   Entity/Debt            Rating          Prior
   -----------            ------          -----
BNPP AM Euro
CLO 2021 DAC

   A XS2345036938     LT  AAAsf Affirmed   AAAsf
   B-1 XS2345037076   LT  AAsf  Affirmed   AAsf
   B-2 XS2345037316   LT  AAsf  Affirmed   AAsf
   C XS2345037589     LT  A+sf  Upgrade    Asf
   D XS2345037662     LT  BBBsf Upgrade    BBB-sf
   E XS2345038124     LT  BBsf  Affirmed   BBsf
   F XS2345038041     LT  B-sf  Affirmed   B-sf
   X XS2345036854     LT  AAAsf Affirmed   AAAsf

TRANSACTION SUMMARY

BNPP AM Euro CLO 2021 DAC is a cash flow CLO comprising mostly
senior secured obligations. The transaction is actively managed by
BNP Paribas Asset Management France and will exit its reinvestment
period in September 2025.

KEY RATING DRIVERS

Weaker Performance; Low Refinancing Risk: Since Fitch's last rating
action in December 2022, the portfolio's performance has slightly
deteriorated due to an increase of defaults of EUR7.7 million and a
failure in its par value test. As per the last trustee report dated
2 October 2023, the transaction was passing all of its tests.

In addition, the notes are not vulnerable to near- and medium-term
refinancing risk, with only 0.95% of the assets in the portfolio
maturing before 2024, and 3.55% in 2025. The transaction's slightly
deteriorating performance, however, is offset by a shorter weighted
average life (WAL) covenant since the last rating review, which
contributed to maintaining the large break-even default-rate
cushions reported since December 2022. This has resulted in the
upgrade of the class C and D notes and affirmation of all others.

Large Cushion for All Notes: All notes have large default-rate
buffers to support their current ratings and should be capable of
absorbing further defaults in the portfolio. This supports the
Stable Outlooks on the class A, C, D, E and F notes. The Positive
Outlooks on the class B-1 and B-2 notes reflect the possibility of
upgrades should portfolio performance remain stable and the
decreasing WAL of the portfolio contribute to a larger default-rate
cushion.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the underlying obligors at 'B'/'B-'. The Fitch-calculated weighted
average rating factor of the current portfolio is 33.7 as reported
by the trustee based on the old criteria and 25.3 as calculated by
Fitch under its latest criteria.

High Recovery Expectations: Senior secured obligations comprise
100% of the portfolio. Fitch views the recovery prospects for these
assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-calculated weighted average recovery
rate of the current portfolio as reported by the trustee was 63%.

Diversified Portfolio: The top 10 obligor concentration as
calculated by the trustee is 11.4%, and no obligor represents more
than 1.3% of the portfolio balance.

Deviation from MIRs: The class B-1, B-2, D and E notes'
model-implied ratings (MIRs) are one notch above their current
ratings. The deviations reflect the remaining reinvestment period
until September 2025, during which the portfolio can change due to
reinvestment or negative portfolio migration.

Transaction in Reinvestment Period: Given the manager's ability to
reinvest, Fitch's analysis is based on a stressed portfolio, since
the portfolio can still migrate to different collateral quality
tests and the level of fixed-rate assets could change.

RATING SENSITIVITIES

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

An increase of the default rate (RDR) at all rating levels in the
current portfolio by 25% of the mean RDR and a decrease of the
recovery rate (RRR) by 25% at all rating levels will lead to
downgrades of two notches for the class E notes, one notch for the
class B and C notes, to below 'B-sf' for the class F notes and
would have no impact on the class A and D notes.

Downgrades may also occur if build-up of the notes' credit
enhancement following amortisation does not compensate for a larger
loss expectation than initially assumed due to unexpectedly high
levels of defaults and portfolio deterioration.

Due to the better metrics and shorter life of the current portfolio
than the Fitch-stressed portfolio the class D and E notes display a
rating cushion of one notch, the class B notes of two notches, and
the class F notes of three notches. There is no rating cushion for
the class A and C notes.

Should the cushion between the current portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
and a 25% decrease of the RRR across all ratings of the stressed
portfolio would lead to downgrades of no more than three notches
for the class A, B, C and D notes and to below 'B-sf' for the class
E and F notes.

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

A reduction of the RDR at all rating levels in the Fitch-stressed
portfolio by 25% of the mean RDR and an increase in the RRR by 25%
at all rating levels would result in no impact on the class A and C
notes, upgrades of two notches for the class B and E notes, three
notches for the class D notes and five notches for the class F
notes. Further upgrades, except for the 'AAAsf' notes, may occur if
the portfolio's quality remains stable and the notes start to
amortise, leading to higher credit enhancement across the
structure.

DATA ADEQUACY

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

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

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


HARVEST CLO VIII: Fitch Affirms B+sf Rating on Class F-R Debt
-------------------------------------------------------------
Fitch Ratings has affirmed Harvest CLO VIII DAC's notes and revised
the Outlooks on the class E-R and F-R notes to Negative from
Stable.

   Entity/Debt              Rating           Prior
   -----------              ------           -----
Harvest CLO VIII DAC

   A-RR XS1754145842    LT AAAsf  Affirmed   AAAsf
   B-1RR XS1754143557   LT AA+sf  Affirmed   AA+sf
   B-2RR XS1754144019   LT AA+sf  Affirmed   AA+sf
   C-R XS1754144795     LT A+sf   Affirmed   A+sf
   D-R XS1754145172     LT BBB+sf Affirmed   BBB+sf
   E-R XS1754145503     LT BB+sf  Affirmed   BB+sf
   F-R XS1754145255     LT B+sf   Affirmed   B+sf

TRANSACTION SUMMARY

Harvest CLO VIII DAC is a cash-flow CLO. The underlying portfolio
of assets mainly consists of leveraged loans and is managed by
Investcorp Credit Management EU Limited. The deal exited its
reinvestment period in January 2022.

KEY RATING DRIVERS

Par Erosion; High Refinancing Risk: The revision of the Outlooks
reflects a shrinking default-rate cushion against credit quality
deterioration in view of heightened macro-economic risks. Since
Fitch's last rating action in December 2022, the portfolio has
experienced additional par erosion of 0.5% of par. The transaction
is currently 2.4% below par, as per the trustee report as of 4
October 2023. This is partly driven by additional defaults. The
trustee reported approximately EUR2.1 million of defaults and all
the tests were passing other than the weighted average life (WAL)
test and the fixed rate obligations concentration limit.

Fitch performed a sensitivity where the most vulnerable EMEA
leveraged loan issuers, Fitch.s top market concern loans (MCL) and
Tier 2 MCL, were pushed to immediate default, while Tier 3 MCL and
issuers with any loan that matures before December 2025 were
downgraded three notches with a 'CCC-' floor. In this sensitivity,
the class E-R and F-R notes show a best pass that is one notch and
two notches, respectively, below their current ratings, supporting
the Negative Outlooks. The Negative Outlook indicates a potential
downgrade but Fitch expects the ratings to remain within the
current rating category.

Transaction Outside Reinvestment Period: The transaction exited its
reinvestment period in January 2022, and the most senior notes are
deleveraging. As a result, credit enhancement for the class A-RR
and B-RR notes has increased compared with closing, despite the
portfolio erosion. The manager can reinvest unscheduled principal
proceeds and sale proceeds from credit improved/impaired
obligations after the reinvestment period, subject to compliance
with the reinvestment criteria. Given that the WAL test and
fixed-rate obligation concentration limits are failing, the manager
has been able to reinvest proceeds on a maintain or improved
basis.

When the transaction is outside the reinvestment period and the
manager can still reinvest principal proceeds Fitch typically runs
the stress portfolio to test for upgrades. However, given that the
sensitivity performed for sensible obligors did not support any
upgrades, Fitch did not run a stress portfolio for this rating
action. Instead the analysis was based on the current portfolio and
the Negative Outlook portfolio, which notches any obligor in the
current portfolio placed on Negative Outlook down by one notch.

Large Cushion for Senior Notes: Although the par erosion has
reduced the default-rate cushion for all notes, the senior classes
have retained a large buffer to support their current ratings and
should be capable of withstanding further defaults in the
portfolio. This supports the Stable Outlooks on the class A-RR to
D-R notes.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors at 'B'/'B-'. The Fitch-calculated weighted average
rating factor of the current portfolio was 25.08 as of 28 of
October 2023.

High Recovery Expectations: Senior secured obligations comprised
97.16% of the portfolio, as reported by the trustee on 4 October
2023. Fitch views the recovery prospects for these assets as more
favourable than for second-lien, unsecured and mezzanine assets.
The Fitch-calculated weighted average recovery rate (WARR) of the
current portfolio as reported by the trustee was 65.4%, based on
outdated criteria. Under the current criteria, the Fitch-calculated
WARR is 62.31% as of 28 October 2023.

Diversified Portfolio: The top 10 obligor concentration is 18.74%,
which is below the limit of 20%, and no obligor represents more
than 2.39% of the portfolio balance, as per Fitch's calculations as
of 28 October 2023.

RATING SENSITIVITIES

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

An increase of the default rate (RDR) by 25% of the mean RDR and a
decrease of the recovery rate (RRR) by 25% at all rating levels in
the current portfolio would have no impact on the class A-RR to D-R
notes, and would imply a downgrade of one notch for the class E-R
notes and two notches for the class F-R notes.

Based on the current portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the current portfolio than the
Negative Outlook portfolio with a WAL floored at four years (as per
the CLO criteria), the class B-RR and E-R notes display a rating
cushion of one notch, the class C-R notes show no cushion, the
class D-R two notches and the class F-R notes three notches. The
class A-RR notes are already at the higher rating category.

Should the cushion between the current portfolio and the Negative
Outlook run with a WAL floored at four years erode, either due to
manager trading or negative portfolio credit migration, a 25%
increase of the mean RDR and a 25% decrease of the RRR across all
ratings of the stressed portfolio would lead to downgrades of up to
three notches for the notes.

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

A reduction of the RDR at all rating levels by 25% of the mean RDR
and an increase in the RRR by 25% at all rating levels in the
Negative Outlook run with a WAL floored at four years, would result
in upgrades of up to one notch for the class B-RR notes, three
notches for the class D-R to F-R notes, except for the 'AAAsf'
notes, which are at the highest level on Fitch's scale and cannot
be upgraded, and the class C-R notes.

Further upgrades may occur if the portfolio's quality remains
stable and the notes amortise, leading to higher credit enhancement
across the structure.

DATA ADEQUACY

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

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.

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


HARVEST CLO XVI: Fitch Hikes Rating on Class E-R Debt to BB+
------------------------------------------------------------
Fitch Ratings has upgraded Harvest CLO XVI DAC's class B-1-RR to
E-R notes and affirmed the class A-RR and F-R notes. The Outlooks
are Stable.

   Entity/Debt               Rating           Prior
   -----------               ------           -----
Harvest CLO XVI DAC

   A-RR XS2304366227     LT  AAAsf  Affirmed   AAAsf
   B-1-RR XS2304367035   LT  AA+sf  Upgrade    AAsf
   B-2-RR XS2304367894   LT  AA+sf  Upgrade    AAsf
   C-RR XS2304368603     LT  A+sf   Upgrade    Asf
   D-RR XS2304373439     LT  BBB+sf Upgrade    BBBsf
   E-R XS1890819011      LT  BB+sf  Upgrade    BBsf
   F-R XS1890817585      LT  Bsf    Affirmed   Bsf

TRANSACTION SUMMARY

Harvest CLO XVI DAC is a cash flow CLO mostly comprising senior
secured obligations. The transaction is actively managed by
Investcorp Credit Management EU Limited and it is outside its
reinvestment period.

KEY RATING DRIVERS

Stable Asset Performance: The rating actions reflect the stable
asset performance. The transaction is currently 1.5% below par. It
is passing all collateral quality tests, portfolio profile tests
and coverage tests. Exposure to assets with a Fitch-derived rating
of 'CCC+' and below is 0.93%, according to the trustee report as of
4 October 2023, versus a limit of 7.5%. There are approximately
EUR3.2 million of defaulted assets in the portfolio.

The transaction´s stable performance, combined with a shortened
weighted average life (WAL) covenant have resulted in larger
break-even default-rate cushions versus the last review in December
of 2022. This has resulted in the upgrade of the class B-1-RR to
E-R notes and the affirmation of the class A-RR and F-R notes.

Reinvesting Transaction: Although the transaction is outside the
reinvestment period, the manager can continue to reinvest
unscheduled principal proceeds and sale proceeds from
credit-impaired and credit-improved obligations, subject to
compliance with the reinvestment criteria. Given the manager's
ability to reinvest, its analysis is based on a stressed portfolio
testing the Fitch-calculated WAL, Fitch-calculated weighted average
rating factor (WARF), Fitch-calculated weighted average recovery
rate (WARR), weighted average spread, weighted average coupon and
fixed-rate asset share to their covenanted limits.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the transaction's underlying obligors at 'B'/ 'B-'. The WARF, as
calculated by Fitch under its latest criteria, is 25.38.

High Recovery Expectations: Senior secured obligations comprise
99.22% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The WARR, as calculated by Fitch, is 61.5%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration, as calculated by Fitch, is 12.75%, and no obligor
represents more than 1.75% of the portfolio balance. The exposure
to the three-largest Fitch-defined industries is 32.23% as
calculated by the trustee. The transaction includes one Fitch
matrix corresponding to a top 10 obligor concentration limit at 20%
and a maximum fixed-rate asset limit at 10%. Fixed-rate assets
currently are reported by the trustee at 5.37% of the portfolio
balance.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) and a 25% decrease of
the recovery rate (RRR) across all ratings of the identified
portfolio would lead to no more than a one-notch downgrade of the
class E-R and F-R notes, and have no impact on any of the other
notes.

Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio than
the Fitch-stressed portfolio, the class F-R notes display a rating
cushion of four notches, the class D-R notes of three notches and
the class B-1 RR, B-2 RR and E-R notes of one notch. The class A-RR
and C-RR notes display no rating cushion.

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded, either due to manager trading
or negative portfolio credit migration, a 25% increase of the mean
RDR and a 25% decrease of the RRR across all ratings of the
stressed portfolio would lead to downgrades of two notches for the
class B-1 RR and B-2 RR notes, three notches for the class C-RR and
class D-RR notes, five notches for the class E-R notes, and to
below 'B-sf' for the class F-R notes.

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

A 25% reduction of the mean RDR and a 25% increase in the RRR
across all ratings of the Fitch-stressed portfolio would lead to
upgrades of up to four notches, except for the 'AAAsf' rated notes,
which are at the highest level on Fitch's scale and cannot be
upgraded.

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

DATA ADEQUACY

Harvest CLO XVI DAC

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

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.

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


HARVEST CLO XX: Fitch Hikes Rating on Class F Notes to 'B+sf'
-------------------------------------------------------------
Fitch Ratings has upgraded Harvest CLO XX DAC's class B-1-R to F
notes and affirmed the class A-R notes. The Outlooks are Stable.

   Entity/Debt              Rating           Prior
   -----------              ------           -----
Harvest CLO XX DAC

   A-R XS2310757989     LT  AAAsf  Affirmed  AAAsf
   B-1-R XS2310759092   LT  AA+sf  Upgrade   AAsf
   B-2-R XS2310760009   LT  AA+sf  Upgrade   AAsf
   C-R XS2310761239     LT  A+sf   Upgrade   Asf
   D-R XS2310762047     LT  BBB+sf Upgrade   BBBsf
   E XS1843451532       LT  BB+sf  Upgrade   BBsf
   F XS1843451375       LT  B+sf   Upgrade   Bsf

TRANSACTION SUMMARY

Harvest CLO XX DAC is a cash flow CLO mostly comprising senior
secured obligations. The transaction is actively managed by
Investcorp Credit Management EU Limited and it is outside its
reinvestment period.

KEY RATING DRIVERS

Stable Asset Performance: The rating actions reflect the stable
asset performance. The transaction is currently 0.55% below par. It
is passing all collateral quality tests, portfolio profile tests
and coverage tests. Exposure to assets with a Fitch-derived rating
of 'CCC+' and below is 0.93%, according to the trustee report as of
10 October 2023, versus a limit of 7.5%. There are approximately
EUR0.9 million of defaulted assets in the portfolio.

The transaction's stable performance, combined with a shortened
weighted average life (WAL) covenant have resulted in larger
break-even default-rate cushions versus the last review in December
2022. This resulted in the upgrade of the class B-1-R to E notes
and the affirmation of the class A-R.

Reinvesting Transaction: Although the transaction is outside the
reinvestment period, the manager can continue to reinvest
unscheduled principal proceeds and sale proceeds from
credit-impaired and credit-improved obligations, subject to
compliance with the reinvestment criteria. Given the manager's
ability to reinvest, its analysis is based on a stressed portfolio
testing the Fitch-calculated WAL, Fitch-calculated weighted average
rating factor (WARF), Fitch-calculated weighted average recovery
rate (WARR), weighted average spread, weighted average coupon and
fixed-rate asset share to their covenanted limits.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the transaction's underlying obligors at 'B'/ 'B-'. The WARF, as
calculated by Fitch under its latest criteria, is 25.63.

High Recovery Expectations: Senior secured obligations comprise
99.22% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The WARR, as calculated by Fitch, is 61.1%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration, as calculated by Fitch, is 12.77%, and no obligor
represents more than 1.83% of the portfolio balance. The exposure
to the three-largest Fitch-defined industries is 33.91% as
calculated by the trustee. The transaction includes one Fitch
matrix corresponding to a top 10 obligor concentration limit at 20%
and a maximum fixed-rate asset limit at 10%. Fixed-rate assets are
currently reported by the trustee at 5.65% of the portfolio
balance.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) and a 25% decrease of
the recovery rate (RRR) across all ratings of the identified
portfolio would lead to no more than a one-notch downgrade of the
class E notes, no more than two notches for the class F-R notes,
and have no impact on any of the other notes.

Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio than
the Fitch-stressed portfolio, the class B-1-R, B-2-R and E notes
display a rating cushion of one notch and the class D-R and F notes
of three notches. The class A-R and C-R notes display no rating
cushion.

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded, either due to manager trading
or negative portfolio credit migration, a 25% increase of the mean
RDR and a 25% decrease of the RRR across all ratings of the
stressed portfolio would lead to downgrades of two notches for the
class B-1 R, B-2 R, C-R and D-R notes, three notches for the class
E-R notes, and to below 'B-sf' for the class F notes.

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

A 25% reduction of the mean RDR and a 25% increase in the RRR
across all ratings of the Fitch-stressed portfolio would lead to
upgrades of up to three notches for the rated notes, except for the
'AAAsf'-rated notes, which are at the highest level on Fitch's
scale and cannot be upgraded.

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

DATA ADEQUACY

Harvest CLO XX DAC

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

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.

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


INVESCO EURO XI: Fitch Assigns 'B-sf' Final Rating on Class F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Invesco Euro CLO XI DAC final ratings,
as detailed below.

   Entity/Debt                  Rating             Prior
   -----------                  ------             -----
Invesco Euro
CLO XI DAC

  Class A-1 XS2693769379   LT  AAAsf  New Rating   AAA(EXP)sf
  Class A-2 XS2699472093   LT  AAAsf  New Rating   AAA(EXP)sf
  Class B-1 XS2693769619   LT  AAsf   New Rating   AA(EXP)sf
  Class B-2 XS2693769700   LT  AAsf   New Rating   AA(EXP)sf
  Class C XS2693770039     LT  Asf    New Rating   A(EXP)sf
  Class D XS2693770203     LT  BBB-sf New Rating   BBB-(EXP)sf
  Class E XS2693770385     LT  BB-sf  New Rating   BB-(EXP)sf
  Class F XS2693770625     LT  B-sf   New Rating   B-(EXP)sf
  Subordinated Notes
  XS2693770971             LT  NRsf   New Rating   NR(EXP)sf

TRANSACTION SUMMARY

Invesco Euro CLO Issuer X DAC is a securitisation of mainly senior
secured obligations (at least 90%) with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. Note
proceeds have been used to fund a portfolio with a target par of
EUR400 million that is actively managed by Invesco CLO Equity Fund
IV LP. The CLO has a five-year reinvestment period and a 7.5 year
weighted average life (WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/'B-'. The
Fitch-calculated weighted average rating factor of the identified
portfolio is 26.06.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch-calculated
weighted average recovery rate of the identified portfolio is
61.73%.

Diversified Portfolio (Positive): The rating analysis is based on a
stressed portfolio that utilises the transaction's two matrices,
which correspond to a top 10 obligor limit of 25% and two fixed
rate asset limits of 5% and 13.75% of the portfolio. The
transaction also includes various concentration limits, including a
maximum exposure to the three largest Fitch-defined industries in
the portfolio at 40%. These covenants ensure that the asset
portfolio will not be exposed to excessive concentration.

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

Cash-flow Modelling (Positive): The WAL used for the transaction's
stressed-case portfolio analysis is 12 months shorter than the WAL
covenant. This reflects the strict reinvestment criteria after the
reinvestment period, which includes the satisfaction of Fitch 'CCC'
limitations and the coverage tests, as well as a WAL covenant that
steps down linearly over time. In Fitch's opinion, these conditions
reduce the effective risk horizon of the portfolio during stress
periods.

RATING SENSITIVITIES

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

An increase of the default rate (RDR) at all rating levels in the
current portfolio by 25% of the mean RDR and a decrease of the
recovery rate (RRR) by 25% at all rating levels would have no
impact on the class A-1, A-2, B-1 or B-2 notes, lead to one-notch
downgrades for the class C, D and E notes, and to below 'B-sf' for
the class F notes. Downgrades may occur if the build-up of the
notes' credit enhancement following amortisation does not
compensate for a larger loss expectation than initially assumed due
to unexpectedly high levels of defaults and portfolio
deterioration.

Due to the better metrics and shorter life of the current portfolio
than the Fitch-stressed portfolio as well as the model-implied
rating deviation, the class C notes display a rating cushion of one
notch. The class B-1, B-2, D and E notes display rating cushions of
two notches, and the class F notes of three notches. There is no
rating cushion for the class A-1 and A-2 notes.

Should the cushion between the current portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
and a 25% decrease of the RRR across all ratings of the stressed
portfolio would lead to downgrades of three notches for the class
A-1, B-1, B-2, C and D notes, four notches for the class A-2 notes,
and to below 'B-sf' for the class E and F notes.

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

A reduction of the RDR at all rating levels in the stressed
portfolio by 25% of the mean RDR and an increase in the RRR by 25%
at all rating levels would result in upgrades of up to two notches
for all notes, except for the class A-1 and A-2 notes, which are
rated at the highest level on Fitch's scale and cannot be upgraded.
Further upgrades may occur if the portfolio's quality remains
stable and the notes start to amortise, leading to higher credit
enhancement across the structure.

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

DATA ADEQUACY

Invesco Euro CLO XI DAC

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.

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


INVESCO EURO XI: S&P Assigns B-(sf) Rating on Class F Notes
-----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Invesco Euro CLO
XI DAC's class A-1, A-2, B-1, B-2, C, D, E, and F notes. At
closing, the issuer also issued unrated subordinated notes.

Under the transaction documents, the rated notes pay quarterly
interest unless a frequency switch event occurs, upon which the
notes pay semiannually.

This transaction has a two-year non-call period, and the
portfolio's reinvestment period will end approximately five years
after closing.

The ratings assigned to the notes reflect S&P's assessment of:

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

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

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

  Portfolio benchmarks

                                                           CURRENT

  S&P Global Ratings weighted-average rating factor       2,837.09

  Default rate dispersion                                   579.78

  Weighted-average life (years)                               5.00

  Obligor diversity measure                                  92.04

  Industry diversity measure                                 23.11

  Regional diversity measure                                  1.22


  Transaction key metrics

                                                           CURRENT

  Total par amount (mil. EUR)                               400.00

  Defaulted assets (mil. EUR)                                    0

  Number of performing obligors                                119

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

  'CCC' category rated assets (%)                             4.00

  'AAA' target portfolio weighted-average recovery (%)       37.01

  Covenanted weighted-average spread (%)                      4.05

  Covenanted weighted-average coupon (%)                      4.75

Asset priming obligations and uptier priming debt

Under the transaction documents, the issuer can purchase asset
priming (drop down) obligations and uptier priming debt to address
the risk of a distressed obligor either moving collateral outside
the existing creditors' covenant group or incurring new money debt
senior to the existing creditors.

Under the transaction documents, the issuer can also purchase up to
10% of aggregate collateral balance consisting of:

-- Obligations of an obligor that is a company in which a
collateral-manager-related person owns in aggregate more than 50%
of the share capital; or

-- Obligations originated by any collateral-manager-related
person, provided that not more than 2.5% of the aggregate
collateral balance will consist of these obligations with an
initial EBITDA of less than (i) EUR40 million of European
obligations, and (ii) $75 million of U.S. obligations.

Rating rationale

S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'. We consider that the portfolio primarily comprises broadly
syndicated speculative-grade senior secured term loans and senior
secured bonds. Therefore, we conducted our credit and cash flow
analysis by applying our criteria for corporate cash flow CDOs.

"In our cash flow analysis, we used the EUR400 million par amount,
the covenanted weighted-average spread of 4.05%, and the covenanted
portfolio weighted-average recovery rates for all rated notes. We
applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate
stress scenarios for each liability rating category.

"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our counterparty criteria.

"Following the application of our structured finance sovereign risk
criteria, we consider the transaction's exposure to country risk to
be limited at the assigned ratings, as the exposure to individual
sovereigns does not exceed the diversification thresholds outlined
in our criteria.

"The transaction's legal structure is bankruptcy remote, in line
with our legal criteria.

"Our credit and cash flow analysis indicate that the available
credit enhancement for the class B-1 to E notes could withstand
stresses commensurate with higher ratings than those assigned.
However, as the CLO is still in its reinvestment phase, during
which the transaction's credit risk profile could deteriorate, we
capped our assigned ratings on the notes. The class A-1, A-2 and F
notes can withstand stresses commensurate with the assigned
ratings.

"Considering these factors and following our analysis of the
credit, cash flow, counterparty, operational, and legal risks, we
believe our ratings are commensurate with the available credit
enhancement for all classes of notes.

"In addition to our standard analysis, to indicate how rising
pressures among speculative-grade corporates could affect our
ratings on European CLO transactions, we also included the
sensitivity of the ratings on the class A-1 to E notes based on
four hypothetical scenarios.

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

Invesco Euro CLO XI is a European cash flow CLO securitization of a
revolving pool, comprising euro-denominated senior secured loans
and bonds issued mainly by speculative-grade borrowers. Invesco CLO
Equity Fund IV LP manages the transaction.

  Ratings list

  CLASS     RATING*     AMOUNT     SUB (%)      INTEREST RATE§
                      (MIL. EUR)

  A-1       AAA (sf)     240.00    40.00   Three/six-month EURIBOR

                                           plus 1.70%
  
  A-2       AAA (sf)       6.00    38.50   Three/six-month EURIBOR

                                           plus 2.00%

  B-1       AA (sf)       30.00    28.50   Three/six-month EURIBOR

                                           plus 2.50%

  B-2       AA (sf)       10.00    28.50   6.20%

  C         A (sf)        23.60    22.60   Three/six-month EURIBOR

                                           plus 3.50%

  D         BBB- (sf)     27.60    15.70   Three/six-month EURIBOR

                                           plus 5.25%

  E         BB- (sf)      18.80    11.00   Three/six-month EURIBOR

                                           plus 7.64%

  F         B- (sf)       12.00     8.00   Three/six-month EURIBOR

                                           plus 9.63%

  Sub. Notes    NR        31.65     N/A    N/A

*The ratings assigned to the class A-1, A-2, B-1, and B-2 notes
address timely interest and ultimate principal payments. The
ratings assigned to the class C, D, E, and F notes address ultimate
interest and principal payments.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.


SEGOVIA EUROPEAN 6-2019: Fitch Hikes Rating on Class F Notes to B+
------------------------------------------------------------------
Fitch Ratings has upgraded Segovia European CLO 6-2019 DAC's class
B-R to F notes and affirmed the class A-R notes. The Outlooks are
Stable.

   Entity/Debt              Rating           Prior
   -----------              ------           -----
Segovia European
CLO 6-2019 DAC

   A-R XS2357554323     LT  AAAsf  Affirmed   AAAsf
   B-1-R XS2357555130   LT  AA+sf  Upgrade    AAsf
   B-2-R XS2357555726   LT  AA+sf  Upgrade    AAsf
   C-1-R XS2357556450   LT  A+sf   Upgrade    Asf
   C-2-R XS2357557003   LT  A+sf   Upgrade    Asf
   D-R XS2357557771     LT  BBB+sf Upgrade    BBBsf
   E XS1975728848       LT  BB+sf  Upgrade    BBsf
   F XS1975730406       LT  B+sf   Upgrade    Bsf

TRANSACTION SUMMARY

Segovia European CLO 6-2019 DAC is a securitisation of mainly
senior secured loans (at least 90%) with a component of senior
unsecured, mezzanine, and second-lien loans. The portfolio is
actively managed by Segovia Loan Advisors (UK) LLP. The transaction
exited its reinvestment period in October 2023.

KEY RATING DRIVERS

Reinvesting Transaction: The manager can continue to reinvest
unscheduled principal proceeds and sale proceeds from
credit-impaired and credit-improved obligations after the
transaction exited its reinvestment period in October 2023, subject
to compliance with the reinvestment criteria.

Given the manager's ability to reinvest, its analysis is based on a
stressed portfolio. Fitch has applied a haircut of 1.5% to the
weighted average recovery rate (WARR) as the calculation in the
transaction documentation is not in line with the agency's current
CLO Criteria.

Stable Performance; Shorter Life: The rating actions reflect a
shorter weighted average life (WAL) since its last review and
therefore a shorter risk horizon, as well as stable asset
performance. The transaction is currently 0.6% below par but is
passing all collateral-quality, portfolio-profile and coverage
tests. Exposure to assets with a Fitch-derived rating of 'CCC+' and
below is 3.1%, according to the latest trustee report, and the
portfolio has EUR3 million in defaulted assets.

The transaction has a manageable proportion of assets with
near-term maturities, with approximately 3% of the portfolio
maturing before end-2024, and 7.5% maturing in 2025, in view of the
large default-rate cushions for each class of notes. The
default-rate buffers should enable the notes to absorb further
defaults in the portfolio, hence supporting the Stable Outlook of
each notes.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors at 'B'/'B-'. The Fitch-calculated weighted average
rating factor (WARF) of the current portfolio was 25.3. The WARF of
the Fitch-stressed portfolio, for which the agency has notched down
entities on Negative Outlook by one rating level, was 26.3.

High Recovery Expectations: Senior secured obligations comprise
99.1% of the portfolio as calculated by the trustee. Fitch views
the recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch-calculated
weighted average recovery rate (WARR) of the current portfolio is
63%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration is 11.1%, and no obligor represents more than 1.4% of
the portfolio balance, as reported by the trustee. Exposure to the
three-largest Fitch-defined industries is 32.7% as calculated by
Fitch. Fixed-rate assets reported by the trustee are at 6.3% of the
portfolio balance.

Deviation from MIR: The class B-1-R, B-2-R, D-R and F notes'
model-implied ratings (MIRs) are one notch above their current
ratings. The deviations reflect the agency's view that the
default-rate cushion at the MIRs for these notes are not
commensurate with the respective stress given the uncertain
macroeconomic conditions.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) and a 25% decrease of
the recovery rate (RRR) across all ratings of the current portfolio
would have no impact on all notes except the class E and F notes,
which would see a downgrade of no more than two notches.

Based on the current portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the current portfolio than the
Fitch-stressed portfolio, the class B and E notes display a rating
cushion of one notch and the class D and F notes of three notches.
The class A and C notes display no rating cushion.

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

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

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

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

DATA ADEQUACY

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

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

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


TAURUS 2021-3: Moody's Cuts Rating on EUR59MM Class E Notes to B2
-----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of four
classes of notes and affirmed the ratings of two classes of notes
issued by Taurus 2021-3 DEU DAC:

EUR227M (current outstanding amount EUR223.2M) Class A Notes,
Affirmed Aaa (sf); previously on Dec 20, 2022 Affirmed Aaa (sf)

EUR85M (current outstanding amount EUR83.6M) Class B Notes,
Downgraded to A2 (sf); previously on Dec 20, 2022 Affirmed Aa3
(sf)

EUR57M (current outstanding amount EUR56M) Class C Notes,
Downgraded to Baa3 (sf); previously on Dec 20, 2022 Downgraded to
Baa2 (sf)

EUR62M (current outstanding amount EUR60.9M) Class D Notes,
Downgraded to B1 (sf); previously on Dec 20, 2022 Downgraded to Ba2
(sf)

EUR59M (current outstanding amount EUR58M) Class E Notes,
Downgraded to B2 (sf); previously on Dec 20, 2022 Downgraded to B1
(sf)

EUR22.981M (current outstanding amount EUR22.6M) Class F Notes,
Affirmed B3 (sf); previously on Dec 20, 2022 Downgraded to B3 (sf)

RATINGS RATIONALE

The rating action reflects the re-assessment of the expected loss
of the underlying loan.

The main driver for the downgrades of the ratings on Classes B, C,
D, and E Notes is an increase in expected loss because of a lower
Moody's property value and an increased refinancing risk due to a
higher assumed leverage at loan maturity.

Moody's updated loan to value (LTV) ratio is presently 89.6% on
Moody's value of EUR592.2 million. This compares with an LTV of
85.1% and a Moody's value of EUR623.9 when Moody's last downgraded
the transaction in December 2022.

The office and retail component of the property is currently
performing below the original expectations and Moody's expects
lower office tenant demand due to the combined impacts of hybrid
working, less business travel, and a weaker German economy.
Although the quality of office accommodation is of a very high
standard, the location at Frankfurt airport is not a traditional
location for prime office. This limits the pool of potential
tenants. In addition, the credit conditions for financing
commercial real estate have tightened considerably since the loan's
origination in 2021, and given its credit metrics, the loan is at
increased risk of defaulting at its maturity in December 2024.

The rating on the class A Notes was affirmed because its current
credit enhancement of 55.7% is sufficient to maintain the rating
despite the increased loss expectation on the loan.

The rating on the class F Notes was affirmed because its expected
performance is commensurate with the current rating.

DEAL PERFORMANCE

Taurus 2021-3 DEU DAC is a true sale transaction backed by two
loans together currently totaling EUR 530.88 million. The largest
loan is secured by a mixed-use office and hotel property connected
to Frankfurt International Airport Terminal 1. The smaller loan is
secured by the corresponding parking complex.

Although reported metrics indicate stable LTVs and an improving
debt yield, these combined numbers are being boosted by a strong
recovery in hotel performance, and by a March 2023 valuation report
that highlights the uncertainty of assessing market value when
market activity is depressed. Furthermore, the date of the
valuation pre-dates the notable increase in market yields of about
0.5% to 0.75% since the beginning of 2023.

The office and retail component has underperformed with an
occupancy at about 77% compared to about 94% at closing. Moody's
also expect that the soft market conditions for office space in the
subject's submarket will lead to increased vacancy levels and lower
market rents going forward. Furthermore, Moody's increased the
yield on the office/retail component by 0.5% to account for the
aforementioned increase in rates for such assets. Therefore,
Moody's property value for this component has decreased by about 8%
since the prior surveillance action. The office and retail
component contributes a large part of the collateral's revenues and
about 60% of Moody's property value.

The hotel and parking components on the other hand have performed
better recently. Occupancy and average daily rates (ADRs) have
recovered robustly after the lifting of Covid restrictions, and
total revenue is approaching pre-pandemic levels. However, the full
recovery in net cash flow has been delayed by higher expenses.
Moody's expects the hotel performance to stabilize at current
levels.

Moody's total property value has decreased to EUR592.2 million,
down from EUR623.9 million in its prior rating action in December
2022. Moody's LTV has thus increased to 89.6% from 85.1% last
December. Moody's LTV was 80% at closing.

The reported debt yield has increased to 7.5% from 5.8% at closing.
The increase is due to the performance of the hotels and parking
components. Because the debt yield is above the 7.1% covenant, the
loan is no longer in cash trap mode.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating EMEA CMBS Transactions" published in May 2021.

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

Main factors or circumstances that could lead to an upgrade of the
ratings are generally (i) significant leasing of the vacant office
and retail space resulting in an increase in property value or (ii)
a clear evidence for planned repayment of the loan.

Main factors or circumstances that could lead to a downgrade of the
ratings are (i) a decline in the hotel portion's cash flow or (ii)
a further decline in property value due to unfavorable market
conditions or (iii) an increase in default risk due to lack of
clarity about the refinancing plans.




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

BASEL INSURANCE: S&P Upgrades ICR to 'B+' on Capital Buffers
------------------------------------------------------------
S&P Global Ratings raised its long-term insurer financial strength
and issuer credit ratings on Kazakhstan-based insurer Basel
Insurance JSC to 'B+' from 'B'. The outlook is stable.

Simultaneously, S&P raised the Kazakhstan national scale rating on
Basel Insurance to 'kzBBB' from 'kzBB+'.

S&P said, "The upgrade reflects our view that Basel Insurance's
prudent investment policy has continued over the past three years,
and we expect it to maintain an average invested asset quality at
the 'BBB' range. The company also maintains sufficient capital
adequacy against premium growth. As a result, we believe that the
insurer's financial strength is holistically more comparable with
'B+' rated peers. This considers its three-year track record of
operations since the change in ownership and strategy at year-end
2020 and the evolving business mix and operating performance after
rebalancing its insurance portfolio in 2023 toward more profitable
insurance classes.

"Based on our capital and earnings projections, we believe that
Basel Insurance's capital is sufficient to support its current and
projected business growth of about 15%-20% annually in 2024-2025.
We expect the company's capital buffers to remain sound in the next
12-18 months, according to our capital model, which compares well
with some other midsize peers in Kazakhstan and Uzbekistan. We
anticipate that the company may start paying dividends in 2024 of
100% of net income generated in 2023, and up to 50%-70% of net
income in future years--although the payout can be lower subject to
growth prospects. That said, the absolute size of Basel Insurance's
capital base, with projected shareholder equity of below $25
million, could be sensitive to a single major event, which
constrains our capital assessment.

"We positively view that most of the company's portfolio is of
'BBB' category average credit quality. This includes fixed-income
assets allocated mostly to the sovereign and quasi-sovereign bonds
of Kazakhstan (84% of total invested assets as of Oct. 1, 2023) and
foreign fixed-income instruments rated 'A-' and above (12%). We
expect Basel Insurance will continue adhering to its prudent
investment allocation in the next 12-18 months.

"In our view, Basel Insurance's competitive position continues to
reflect the company's still-modest size in the local market and
short history of operations since a complete change in its
ownership structure and strategy. This is balanced by the company's
expected positive operating performance, although its combined
ratio (loss and expense) will converge with market-average levels
of 90%-95% in the next two-to-three years from 78% in 2022. After a
noticeable 80% premium growth in 2022, Basel Insurance is
rebalancing its insurance portfolio to increase the share of more
profitable products, such as motor hull insurance, while optimizing
the shares of obligatory motor third party liability and aviation
insurance. In turn, premium growth slowed over the first nine
months of 2023 and it recorded a decline in market share. The
company's distribution network is also evolving, with a decreasing
share of agents and increasing contribution from car dealerships.
While we expect that portfolio optimization can support its
underwriting performance in the medium term, the result is yet to
be seen. In our view, achieving its operating targets may be
challenging under current market conditions, primarily due to
intensifying competition in motor where Basel Insurance is building
its franchise.

"The company's liquidity profile is sound and it benefits from a
highly liquid asset portfolio. In addition, we do not foresee any
refinancing concerns, owing to the company's debt-free balance
sheet. Basel Insurance's stressed liquid assets exceeded stressed
liabilities about 2.7x in 2022, compared with 2.2x in 2021,
benefiting from an increased share of higher-rated assets. We
expect the company will maintain its liquidity at this level in the
next 12 months, although our current liquidity assessment of
exceptional is neutral for Basel Insurance's overall
creditworthiness.

"The stable outlook reflects our expectation that the company will
maintain its competitive standing in Kazakhstan's insurance market
together with good underwriting performance, a sufficient capital
cushion, and an average investment portfolio within the 'BBB' range
in the next 12 months.

"We see a negative scenario as unlikely in the next 12 months
unless Basel Insurance materially lowers its standards for asset
allocation, with average invested assets falling to the 'BB' range,
or we see that losses, excessive growth, or dividends materially
pressure the company's capital adequacy.

"We also see a positive scenario as unlikely at this stage
considering the company's still-modest capital and premium size.
However, we could consider a positive rating action in the medium
term if we saw further improvements in Basel Insurance's
competitive standing and profitable operating performance after the
recent reshuffle of its business mix, sustainable capital adequacy
and capital build up in absolute terms, and adherence to its
conservative investment policy."


BATYS TRANSIT: S&P Affirms 'B/B' ICRs, Outlook Stable
-----------------------------------------------------
S&P Global Ratings affirmed its 'B/B' global scale long- and
short-term issuer credit ratings on Batys Transit JSC (Batys) and
its 'kzBBB-' long-term Kazakhstan national scale rating.

Batys recently signed street-lighting project, funded with debt,
will lead to an increase in leverage and gross debt accumulation of
Kazakhstani tenge (KZT) 32 billion (about $68 million) by 2024.

Newly signed street-lighting projects will lead to negative free
operating cash flow (FOCF) and debt accumulation of KZT32 billion
for Batys by 2024. The company recently signed the Atyrau-6
contract to install and maintain a modern street lighting system
for another area of Atyrau city--its seventh contract in this
field. S&P said, "We positively note the contracts have been signed
with a city administration that has no history of delayed or missed
payments. Another supportive factor is the short-term nature of
these projects; they are usually completed in stages, with
one-to-two years of construction followed by four-to-five years of
returns. At the same time, the contracts, like any other
engineering and construction (E&C) projects, require material
working capital outflows linked to equipment purchases in the early
stages. This, combined with a capital expenditure (capex) program
of KZT4.7 billion for the next four years, will lead to negative
FOCF in 2023-2024. We understand Batys plans to keep financing its
street-lighting projects with loans and we forecast gross debt will
peak at KZT32 billion by 2024, with further gradual deleveraging as
the company receives project repayments and repays the maturing
bond in December 2025."

Still-strong EBITDA generation of KZT3.6 billion–KZT5.7 billion
in 2023-2024 on the back of upward tariff revisions and new
projects, together with the sizeable cash balance, offset leverage
accumulation. Following recent market regulation revisions, Batys
received higher tariffs for electricity transmission, with an
average of KZT2.3-KZT2.4 per kilowatt hour (kWh) in 2023-2024,
compared to our previous assumption of KZT1.8–KZT1.9 per kWh.
This should somewhat offset lower transmission volumes of 2.3
billion kWh–2.4 billion kWh on the back of cancelling
transmissions to some populations and lower offtake by main client
Kazchrome this year, as well as cost inflation. As a result, EBITDA
from electricity transmission will remain at KZT2.0
billion–KZT2.2 billion in 2023-2024, although lower than the
KZT2.7 billion in 2022. S&P said, "Combined with an increasing
contribution from street-lighting projects, our consolidated EBITDA
forecast for 2023-2024 is now KZT9.0 billion–KZT9.3 billion in
the next two years, versus the KZT8.2 billion we previously
assumed. However, due to large debt accumulation to finance new
street-lighting projects, as well as higher interest expenses, we
expect funds from operations (FFO) to debt will fall to 4.5%-9.0%
in 2023-2024, below the 14%-16% expected previously. Nevertheless,
the risk of debt accumulation to finance the projects was already
incorporated in our rating through a negative financial policy
modifier. Moreover, the company reported KZT15.4 billion of cash
balance as of year-end 2022, of which half is reserved for the 2025
bond repayment at its single bondholder, Eurasian Development Bank
(EDB). We expect the company will continue to accumulate KZT1.7
billion annually, in line with the schedule agreed with the bank
and Ministry of Finance, to finally repay the outstanding 2025
bonds of KZT12.6 billion."

S&P said, "Declining EBITDA from the stable and regulated
transmission business and an expanding contribution from E&C
activity may lead us to reconsider business sustainability and the
rating. Although we highlight that existing regulation does not
protect the company from volume risk, the tariff system still
provides an adequate return on investment and visibility on future
cash generation. At the same time, cash flows from Batys' second
business segment, construction of street-lighting systems, are
volatile, requiring material upfront investments in working capital
while depending on its success in realizing existing contracts and
winning tenders organized by city administrations. Still, current
projects have no history of delayed or missed payments. We project
EBITDA from street-lighting projects will contribute up to 50% of
total EBITDA on average in the forecast period. In the longer term,
tariffs and stable EBITDA generation could further reduce on the
back of reducing capital investments, which coupled with tender
activity, could lead to large exposure to volatile E&C business. If
project activity steadily contributes more than 50% of EBITDA, this
could lead us to reconsider the business risk profile and rating.

"Batys might raise debt to fund investments in alternative sizeable
projects, which we assess as event risk. The company is considering
several additional projects outside of its core activity, including
participation in wind farm construction or construction of a new
grid line in other regions of Kazakhstan. If these projects are
realized, Batys will likely initiate a material investment program
and face execution risk because of the scale and its lack of
previous projects in green energy. We do not include these projects
in our current base case due to uncertainties regarding cost,
timing, and financing.

"The stable outlook reflects our view that the risks associated
with Batys' small size, lack of solid regulatory protection,
exposure to one large industrial customer, and undiversified asset
base are balanced by relatively healthy projected operating cash
flows in the next three years, a sizable cash position, adequate
profitability, and a solid track record of operations in
electricity transmission.

"In our base-case scenario, we assume that Batys will generate
stable EBITDA of KZT2.0 billion–KZT 2.2 billion from transmission
business, with up to KZT3.7 billion from street-lighting projects.
Our base case includes KZT4.7 billion of capex for 500-kilovolt
(kV) line modernization in the next four years, as well as material
working capital outflows of up to KZT7.4 billion by 2023, related
to street-lighting projects, which will turn FOCF negative in
2023-2024. However, given the sizable cash reserve of KZT15.4
billion, we believe management will accumulate the required funds
for the 2025 bond repayment. We project FFO to debt of 4.5%-9.0%
and EBITDA interest coverage at about 1.5x in 2023-2024.

"We could consider a negative rating action if the company
demonstrates heightened related-party transactions, raising
concerns about governance issues. We could revise down the business
risk profile if the business mix shifts toward more volatile
activities, with the EBITDA contribution from street-lighting
projects above 50% on an ongoing basis. A more aggressive financial
policy could also lead to a negative rating action, including new
material debt-funded projects or resumption of dividend payments
while significant uncertainties on the profitability of
street-light projects remains." In addition, the ratings will come
under pressure if leverage further increases, with EBITDA interest
coverage falling sustainably below 1.5x, notably because:

-- Batys undertakes a more aggressive stance toward investments or
dividends than we currently assume.

-- The company shows material operating underperformance, for
instance, as a result of Kazchrome off-taking much lower volumes
and delaying payments on its electricity bills, significant tariff
revisions by the government, or material cost inflation in
street-lighting projects, leading to weakened EBITDA and cash
generation.

An upgrade is less likely in the next two years given Batys' small
size and appetite for undertaking ambitious projects. S&P could
raise the ratings if:

-- The company diversifies its asset and customer base
significantly, leading to reduced single-customer exposure in the
electricity transmission segment;

-- The regulatory environment improves in a way that eliminates
Batys' exposure to volume risk; or

-- The company demonstrates improved financial performance and a
commitment to maintaining moderate debt leverage, with FFO to gross
debt of above 20% and headroom at all times.

S&P said, "Governance factors are a negative consideration in our
analysis of Batys. All the company's assets and operations are
concentrated in Kazakhstan where we see governance risks as
elevated relative to developed countries. Additionally, the company
demonstrates a very ambitious development plan accompanied by
aggressive investments, which weigh on its governance profile."


OIL INSURANCE: S&P Affirms 'B+' ICR, Outlook Stable
---------------------------------------------------
S&P Global Ratings affirmed its 'B+' long-term insurer financial
strength and issuer credit ratings on Kazakhstan-based Oil
Insurance Co. JSC (NSK). The outlook is stable.

At the same time, S&P affirmed its 'kzBBB' Kazakhstan national
scale rating on the company.

The ratings affirmation reflects a gradual reduction in risk that
NSK has achieved over the past year.

NSK's solvency margin has improved to 1.8x as of Oct. 1, 2023, from
1.2x as of May 1, 2023.We expect that the company will be able to
maintain its regulatory solvency above 1.5x, supported by
improvement in underwriting performance due to cost-optimization
initiatives, with the expectation of a net combined ratio of
98%-99% in 2023-2025 compared with our previous expectation of
100%.

S&P said, "We expect the company will maintain its prudent
investment policy and continue to invest mainly in investment-grade
assets. About 75% of NSK's invested assets are bonds, cash, and
deposits related to domestic and international entities that have
an average credit quality of 'BBB-' and above. We view this
positively and therefore revised our assessment of risk exposure."

However, NSK still lacks a track record of stable, profitable
technical performance and stable solvency level. Its operating
results remained volatile over the past three years compared with
those of peers, with a net combined ratio (loss and expense) of
96%-105%, versus the 90%-95% domestic market average. S&P also
considers the regulatory solvency ratio as slightly more volatile
than peers' over the past three years.

The stable outlook reflects S&P's expectation that, over the next
12 months, NSK will maintain its satisfactory capital adequacy
based on its model, as well as asset quality in the 'BBB' category,
while keeping its current market share and profitable operating
performance.

Downside scenario

S&P could lower its ratings in the next 12 months if NSK's:

-- Competitive position weakened, for example, if its combined
ratio sustainably exceeded 100% due to prolonged deterioration of
operating performance, or if premium volumes materially declined,
signifying loss of market share.

-- Capital deteriorated for a prolonged period below what S&P
views as a satisfactory level, due to weaker-than-expected
operating performance, investment losses, or higher-than-expected
dividend payouts.

Upside scenario

S&P said, "We could consider a positive rating action in the next
12 months if we observed that an improvement in NSK's operating
performance and financial risk profile was sustainable.
Specifically, NSK would need to maintain profitable underwriting
results, asset quality within the 'BBB' range, and capital adequacy
based on our capital model sustainably above satisfactory levels,
while its regulatory solvency margin would need to remain
sustainably above 1.2x."




===========
N O R W A Y
===========

VAR ENERGI: Moody's Rates New Subordinated Hybrid Notes 'Ba2'
-------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 instrument rating to
Var Energi ASA's proposed Subordinated Fixed Rate Reset Securities
(hybrid notes). Concurrently, Moody's also affirmed all other
ratings of Var, including its long-term issuer rating at Baa3, its
senior unsecured global notes at Baa3, its senior unsecured euro
medium term notes at Baa3 and the senior unsecured medium term note
programme at (P)Baa3. The outlook remains stable.

RATINGS RATIONALE

The Ba2 rating assigned to Var's proposed notes is two notches
below Var's Baa3 issuer rating. This reflect the hybrid notes': (i)
deeply subordinated status, ranking senior only to share capital;
(ii) long-dated maturity; (iii) ability to defer coupon payments on
a cumulative basis and (iv) limited rights in the event of default.
Accordingly, hybrid notes qualify for a 50% equity treatment in the
calculation of Moody's credit metrics, under the rating agency's
Hybrid Equity Credit rating methodology.

The affirmation of Var's Baa3 issuer rating continues to reflect
the company's: (i) status as the second largest Norwegian
independent oil and gas exploration and production (E&P) company by
production with a diversified operational footprint across
Norwegian Continental Shelf (NCS); (ii) strong financial profile,
as a result of robust price realizations, debt reduction and
cumulative positive free cash flow generation of $1.3 billion
between January 2022 and September 2023; (iii) ongoing development
projects, which shall contribute to organic growth and lower
operating costs by the end of 2025; and  (iv) prudent financial
policy and risk management profile, characterised by a target net
debt/EBITDAX of 1.3x and conservative dividend and hedging
policies.

Concurrently, the Baa3 rating also reflects Var's: (i) smaller
scale relative to similarly-rated peers and evidence of declining
annual production since 2020, (ii) short reserve life; (iii) low
degree of operatorship and limited track record of project
execution capabilities as an independent producer, alongside
execution risks associated to project development; (iv) substantial
outflows related to growth investments and shareholder remuneration
over the next 12-18 months; and (iv) long-term risks arising from
carbon transition.

While not a driver of the rating action, the announced acquisition
of the Norwegian assets of Neptune Energy Group Midco Ltd.[1] (Ba2
ratings under review) shall partially address some of the
abovementioned limitations to Var's credit quality, particularly
with regards to scale, if concluding successfully. That said, Var's
ability to grow its production and reserve life organically remain
a key rating consideration to support a higher credit rating in
Moody's view.

Var's Credit Impact Score is CIS-3. Significant exposure to carbon
transition and demographic & societal trend risk factors may cause
greater potential for future negative credit impact over time, but
there is limited credit impact to date because of strong corporate
governance, itself underpinned by management track record and
conservative financial policies.

OUTLOOK

The stable outlook reflects Moody's expectations that Var will
achieve larger scale and solid post-tax operating cash flow
generation at mid-cycle prices, because of successful and timely
delivery on key growth projects in the next 18-24 months. The
stable outlook also reflects Moody's expectation of continued
adherence to conservative financial policies, resulting in moderate
leverage levels through the cycle.

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

Var's issuer rating could be upgraded to Baa2 if the company
demonstrates the ability to:

-- continue to grow and diversify its business and production
profile;

-- sustain production towards 350 kboepd via successful execution
on ongoing growth projects

-- maintain a reserve replacement rate of no less than 100%, and

-- pursue financial policies which ensure that adjusted RCF to
total debt is maintained above 60% on a sustained basis.

A rating upgrade would also require the company to maintain a
strong liquidity profile and to establish a longer track record as
an independent company with a conservative financial policy.

Conversely, the issuer rating would be downgraded to Ba1 if:

-- average production falls below 200 kboepd on a sustained basis
or reserve replacement falls considerably below 100%;

-- Var 's financial profile materially deteriorates and net
adjusted leverage increased sustainably above 1.75x, or

-- adjusted RCF to total debt fall below 40% for an extended
period of time.

The rating could also be downgraded should the company's liquidity
profile significantly weaken.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Independent
Exploration and Production published in December 2022.

COMPANY PROFILE

Var is an independent oil and gas exploration and production (E&P)
company with producing assets entirely on the NCS. The company is
jointly indirectly owned by Italian oil major Eni S.p.A. (Eni, Baa1
negative; approximately 63% stake) and by the Norwegian energy
infrastructure private equity firm SpringPoint Holding II AS
(approximately 13.2%); 22.6% is free float listed on the Oslo Stock
Exchange and the remaining  approximately 1.2% is with private
investors (i.e., former management and employees of companies now
forming part of Var Energi).




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

TRANSPORTES AEREOS: Moody's Raises CFR to B1, Outlook Positive
--------------------------------------------------------------
Moody's Investors Service has upgraded TRANSPORTES AEREOS
PORTUGUESES, S.A.'s (TAP or the company) long term corporate family
rating to B1 from B2 and its probability of default rating to B1-PD
from B2-PD. The rating on TAP's EUR375 million senior unsecured
notes due 2024 has been upgraded to B1 from B2. Concurrently the
Baseline Credit Assessment has been upgraded to b2 from b3. The
outlook remains positive.

RATINGS RATIONALE

The upgrade with a positive outlook reflects both the continuous
strong improvement in operating profitability of the airline since
Moody's last upgrade in April 2023 and the concomitant improvement
in credit metrics while Moody's expects ongoing passenger traffic
recovery in 2023 and 2024 albeit the yield environment is expected
to normalize from its recent high levels.

TAP has achieved a strong operating performance supported by its
leisure customer base and its exposure to both the North Atlantic
and the Brazilian route, which have been two buoyant routes during
the course of 2023. In the nine months until September 2023 TAP
increased capacity as measured by Available Seat Kilometers (ASK)
to 101% of 2019 levels and its load factor exceeded pre-pandemic
level at 82%. This is a stronger recovery than larger rated peers
such as  Deutsche Lufthansa Aktiengesellschaft (Lufthansa, Ba1
stable) or International Consolidated Airlines Group, S.A. (IAG,Ba1
stable). Coupled with a strong pricing (Revenue per ASK was 26%
above 2019 level and up 11% compared to 2022) and a good cost
control (Cost per ASK up 12% versus 2019 and broadly flat excluding
fuel cost) the strong traffic recovery led to a record
profitability for TAP. The airline posted an estimated Moody's
adjusted EBIT margin of 14.3%, well in excess of the margin of 2.9%
posted in 2019.

The recovery in earnings and the material equity injection that TAP
has received from the Portuguese government (Government of
Portugal, Baa2 positive) as part of its EU-approved restructuring
program also led to a significant improvement in credit metrics of
TAP. Moody's adjusted Debt/EBITDA is expected to improve from 4.8x
in 2022 towards 3.0x in 2023 with further deleveraging potential in
2024. Current gross leverage compares also favorably to
pre-pandemic levels with a Moody's adjusted Debt/EBITDA of 6.8x in
2019. The lower gross leverage is also achieved in the context of a
much stronger liquidity profile with TAP holding EUR769 million of
cash on balance sheet at September 2023 versus EUR426 million in
2019.

Despite limited certainty into the economic development in 2024,
which may be strained by decreasing discretionary income from
ongoing inflationary pressure the passenger traffic recovery is
expected to continue. Booking trends remain currently positive from
both volume and yield perspectives. In common with the rest of the
industry TAP is continuing to experience a robust price
environment, enabling it to pass on a large proportion of fuel and
other cost increases. This is driven by strong pent-up demand,
excess savings post-pandemic and capacity discipline. Whilst the
market is vulnerable to a weakening of yields, Moody's expects that
the strong price environment will only moderately decline in 2024.

Beyond the factors discussed above TAP's B1 CFR is supported by the
issuer's (1) strategic location in Lisbon with a strong market
share at the capacity constrained Lisbon hub, (2) competitive cost
structure compared to other European network airlines, and (3)
strong market share in European – Brazilian routes with five
exclusive routes to Brazil. On the other hand, the rating is
constrained by TAP's (1) small size of the operated airline and the
concentrated route network if compared to larger network carriers,
(2) volatile and weak historical operating performance even after
the partial privatization in 2015, (3) low profitability prior to
the pandemic if compared to peers, and (4) negative free cash flow
generation driven by high lease expenses.

RATIONALE FOR THE POSITIVE OUTLOOK

The positive outlook is underpinned by Moody's expectation that TAP
will continue to benefit from a recovering passenger traffic with a
strong yield environment. This should enable TAP to maintain a
gross debt/EBITDA below 4.0x and to move towards positive free cash
flow generation.

LIQUIDITY

TAP's liquidity is good with EUR769 million of cash on balance
sheet at September 2023. TAP will receive another two cash
injections of EUR343 million each in December 2023 and December
2024 from a EUR1.0 billion capital increase from the Portuguese
government. These two injections will further strengthen the
liquidity profile of TAP. TAP's liquidity buffer should be
sufficient to stem the high lease payments and repay outstanding
debt instruments.

STRUCTURAL CONSIDERATIONS

Most of TAP's capital structure is unsecured and ranks pari passu
with the EUR375 million senior unsecured notes. There is
approximately EUR115 million of debt that is secured by certain
contractual rights.

Moody's treats trade payables as unsecured claims in line with the
EUR375 million senior unsecured notes due to the absence of an all
asset pledge security package for the secured debt instruments. In
light of the relatively low percentage of secured debt in the
capital structure, the rating of the senior unsecured notes is in
line with the CFR at B1. The recovery of the corporate family is
assumed to be 50%.

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

Positive pressure would build on TAP's rating if its gross
debt/EBITDA would be maintained sustainably below 4.0x, evidence
that the company is capable of sustaining existing margins above
12% Moody's adjusted EBIT in the context of the current high margin
environment and potential risks of increased costs and reduced
yields and would generate consistent positive free cash flow.

On the contrary gross debt/EBITDA of TAP increasing sustainably
above 5.0x, persistent negative free cash flow generation, a
deterioration in the group's liquidity profile,
(FFO+Interest)/Interest reducing towards 3.0x and EBIT margin below
8%, would put negative pressure on the ratings.

PRINCIPAL METHODOLOGY

The methodologies used in these ratings were Passenger Airlines
published in August 2021.

COMPANY PROFILE

Headquartered in Lisbon, Portugal, TRANSPORTES AEREOS PORTUGUESES,
S.A. (TAP) is a small Portuguese network carrier. TAP has been a
member of the Star Alliance since 2005 and carried close to 14
million passengers and reported close to EUR3.5 billion of revenue
in 2022. As of September 2023, the company's fleet was composed of
98 aircraft, which included 21 Airbus wide-bodies (of which 19
NEOs), 56 Airbus narrow-bodies (of which 33 NEOs) and 21 regional
planes (Embraer). TAP is wholly owned by the Portuguese State.




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R U S S I A
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IPAK YULI: Fitch Affirms 'B' LongTerm IDRs, Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed Joint Stock Innovation Commercial Bank
Ipak Yuli's (Ipak Yuli) Long-Term Issuer Default Ratings (IDRs) at
'B' with Stable Outlook and its Viability Rating (VR) at 'b'.

KEY RATING DRIVERS

Ipak Yuli's 'B' Long-Term IDRs are driven by the bank's intrinsic
creditworthiness, as captured by its 'b' VR. The VR reflects the
bank's limited franchise in a weak operating environment, high
dollarisation, potentially notable impaired loans and a substantial
reliance on wholesale funding. The VR also reflects an extended
record of high profitability, as well as adequate liquidity buffer
and capitalisation.

Emerging, Structurally Weak Economy: Uzbekistan's economy remains
heavily dominated by the state despite recent market reforms and
privatisation plans, resulting in weak governance and generally
poor financial transparency. Sector risks stem from high
dollarisation, significant exposure to long-term project finance
and reliance on external debt.

Small Bank, SME Lending Focus: Ipak Yuli is a small privately owned
bank in the concentrated Uzbek banking system (2.5% of system
assets as of end-3Q23). The bank is focused on SME lending
(end-1H23: 71% of gross loans). Ipak Yuli benefits from partial
ownership by international financial institutions (IFIs), which
hold about 31% of shares, although it has a complex ownership
structure and lacks transparency.

Rapid Growth, High Dollarisation: Ipak Yuli showed high loan growth
in 2019-9M23 (29% annually on average), outpacing the 18% sector
average. Fitch expects Ipak Yuli to continue growing rapidly in
4Q23-2024, with an increased focus on higher-risk unsecured retail
lending. This is likely to put pressure on the bank's asset
quality. Loan dollarisation was a significant 40% at end-3Q23,
close to the 45% sector average.

Moderate Impaired Loans; Good Coverage: Ipak Yuli's impaired loans
(Stage 3 loans under IFRS) were stable at 3.9% of gross loans at
end-1H23, and were fully covered by total loan loss allowances.
Stage 2 loans decreased, but remained a considerable 31% of gross
loans at end-1H23 (end-2022: 37%), indicating potential pressure on
the bank's loan quality. Fitch expects some Stage 2 loans to
migrate to Stage 3, but for the bank's impaired loans ratio to
remain below 6% in 2023-2024.

Strong Profitability: Ipak Yuli's focus on high-yielding products
resulted in a wide net interest margin of 11% in 1H23. Combined
with reasonable operating efficiency, this led to a high
pre-impairment profit of 11% of average gross loans in 1H23,
unchanged from 2022. Operating profit equalled a high 5% of
regulatory risk-weighted assets (RWAs) in 1H23 (2022: 4.6%). Fitch
expects the bank's operating profitability to remain strong in
2023-2024, although this could be weighed down by higher loan
impairment charges.

Reasonable Capitalisation: Ipak Yuli's Fitch core capital (FCC)
ratio fell slightly to 14.7% at end-1H23 (end-2022: 15%), on 19%
RWAs growth. The bank's regulatory Tier 1 capital ratio was a
moderate 12.1% at end-3Q23, versus a statutory minimum of 10%.
Given Ipak Yuli's ambitious growth plans, Fitch expects the FCC
ratio to gradually decline to a still reasonable 13.5% at
end-2024.

Wholesale Funding, Adequate Liquidity Buffer: Ipak Yuli's wholesale
funding accounted for a notable 42% of total liabilities at
end-1H23 (end-2022: 37%) resulting in a high 138% loans/deposits
ratio. It comprised mostly long-term funds from IFIs (end-1H23: 82%
of total). Non-state customer deposits were 51% of total
liabilities at end-1H23. The bank's liquidity cushion made up a
reasonable 28% of total assets at end-1H23 and, net of forthcoming
wholesale repayments, covered 44% of customer deposits.

RATING SENSITIVITIES

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

The bank's IDRs and VR could be downgraded as a result of material
deterioration in asset quality leading to a substantial increase in
impairment charges and larger losses. Furthermore, the VR could be
downgraded if rapid loan growth results in weaker capitalisation,
with the FCC ratio sustained below 12% or regulatory capital ratios
trending lower towards their regulatory requirements.

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

An upgrade of the bank's IDRs and VR would require a substantial
improvement in Uzbekistan's operating environment, a strengthening
of the bank's funding structure and asset quality while maintaining
strong profitability metrics that results in higher
capitalisation.

VR ADJUSTMENTS

No adjustments were made to the bank's implied VR scores.

ESG CONSIDERATIONS

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

   Entity/Debt                     Rating          Prior
   -----------                     ------          -----
Joint Stock
Innovation
Commercial Bank
Ipak Yuli         LT IDR             B  Affirmed   B
                  ST IDR             B  Affirmed   B
                  LC LT IDR          B  Affirmed   B
                  LC ST IDR          B  Affirmed   B
                  Viability          b  Affirmed   b
                  Government Support ns Affirmed   ns


TRUSTBANK: Fitch Affirms 'B' LongTerm IDRs, Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed Private Joint Stock Bank Trustbank's
(Trustbank) Long-Term Issuer Default Ratings (IDRs) at 'B' with
Stable Outlook and its Viability Rating (VR) at 'b'.

KEY RATING DRIVERS

IDRs Driven by VR: Trustbank's IDRs are driven by its intrinsic
creditworthiness as expressed by its VR. Fitch sees the probability
of support from the state as low, due to the bank's private
ownership and low systemic importance.

The bank's 'b' VR is one notch below its 'b+' implied VR due to a
negative adjustment to its business profile, reflecting its modest
franchise in the concentrated banking sector, and limited
diversification with a high reliance on funds from a related party.
The VR is supported by good profitability and a record of strong
capitalisation.

Emerging, Structurally Weak Economy: Uzbekistan's economy remains
heavily dominated by the state despite recent market reforms and
privatisation plans, resulting in weak governance and generally
poor financial transparency. Sector risks stem from high
dollarisation, significant exposure to long-term project finance
and a reliance on external debt.

Small Bank, Concentrated Funding: Trustbank is a small
privately-owned bank (1.4% of system assets at end-3Q23) in
Uzbekistan with a focus on SME lending. The bank's funding is
highly concentrated, in Fitch's view, with customer accounts
(end-1H23: 90% of total liabilities) coming mostly from its largest
related-party depositor.

Expansion in Retail: The share of retail loans in Trustbank`s total
loan book reached 40% at end-1H23 (2022: 30%) due to continued
rapid growth of this portfolio (1H23: 65% not annualised). Its
strategic expansion in retail is focused on car lending and
high-risk micro-finance. Total loan growth (1H23: 22%, not
annualised) was also above the banking sector's average. Loan book
dollarisation was a modest 17% at end-3Q23 (compared with the
sector`s average of 45%).

Volatile Loan Quality: The bank's impaired (Stage 3) loans ratio
was 5.6% at end-1H23, down from 7.5% at end-2022 (2021: 5.8%). Loan
book quality is volatile due to rapid lending growth with its shift
towards retail lending and a material share of corporate loans in
grace periods. These are however mitigated by a large proportion of
liquid non-loan exposures (49% of total assets) of good credit
quality, in its view.

Profitability a Rating Strength: Very low funding costs on
related-party customer accounts and a focus on higher-yielding SME
lending as well as expansion in retail lending support strong
profitability through the cycle. Pre-impairment profit was a high
21% of average gross loans in 1H23 (annualised), well above loan
impairment charges (1%), providing a solid buffer to absorb
potential credit losses.

Sizeable Capital Cushion: Robust capital generation supports strong
capitalisation, with the Fitch Core Capital (FCC) ratio at 21.4% at
end-1H23. Its regulatory Tier 1 (end-3Q23: 15%) and total capital
(20%) ratios were significantly above their regulatory minimums
(10% and 13%, respectively). Fitch expects capitalisation to remain
high in the near term, supported by internal capital generation.

Related-Party Dominates Funding: Current accounts from the Uzbek
Commodity Exchange (UZEX), a related party, made up 52% of total
liabilities at end-1H23. Trustbank manages liquidity risk by
keeping at least 80% of this funding in cash instruments or
government bonds. Wholesale funding was insignificant (5% of total
liabilities). At end-1H23 liquid assets covered over 50% of
customer accounts, or 89% of related-party funding, providing a
reasonable liquidity buffer.

RATING SENSITIVITIES

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

The bank's IDRs and VR could be downgraded as a result of material
deterioration in asset quality leading to higher impairment
charges. An increase in liquidity risk, for example, as a result of
lower coverage of current accounts, would also weigh on the VR.

Furthermore, the VR could be downgraded if rapid loan growth
translates into weaker capitalisation, with the buffer above
regulatory requirements for Tier 1 capital shrinking to below
100bp; however, Fitch does not expect it in the near term.

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

An upgrade of bank's IDRs and VR would require diversifying and a
strengthening of the bank's business model with less reliance on
related-party funding and further reduction of deposit
concentration, or a substantial improvement in Uzbekistan's
operating environment.

VR ADJUSTMENTS

The earnings and profitability score of 'b+' is below the implied
'bb' category score due to the following adjustment reason: revenue
diversification (negative).

ESG CONSIDERATIONS

Trustbank has an ESG Relevance Score of '4' for Governance
Structure due to its high reliance on funds from the related party,
which has a negative impact on the credit profile, and is relevant
to the ratings in conjunction with other factors.

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

   Entity/Debt                    Rating         Prior
   -----------                    ------         -----
Private Joint
Stock Bank
Trustbank       LT IDR             B  Affirmed   B
                ST IDR             B  Affirmed   B
                LC LT IDR          B  Affirmed   B
                LC ST IDR          B  Affirmed   B
                Viability          b  Affirmed   b
                Government Support ns Affirmed   ns


UNIVERSAL BANK: Fitch Affirms 'B-' LongTerm IDRs, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Uzbekistan-based Joint Stock Commercial
Bank Universal Bank's (Universal Bank) Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDRs) at 'B-' with a Stable
Outlook. The bank's Viability Rating (VR) has been affirmed at
'b-'.

KEY RATING DRIVERS

Standalone Profile Drives Ratings: Universal Bank's IDRs are driven
by the bank's standalone credit strength, as captured by its 'b'
VR. The VR factors in the bank's limited franchise, corporate
governance risks (including high amounts of unreported
related-party lending), and a record of rapid growth. It also
captures weaker financial metrics through the cycle compared with
that of other Fitch-rated private banks in Uzbekistan.

Emerging, Structurally Weak Economy: Uzbekistan's economy remains
heavily dominated by the state despite recent market reforms and
privatisation plans, resulting in weak governance and generally
poor financial transparency. Sector risks stem from high
dollarisation, significant exposure to long-term project finance
and a reliance on external debt.

Small Regional Bank: Universal Bank is a small privately-owned
bank, making up less than 1% of total assets in the highly
concentrated banking sector of Uzbekistan. It operates primarily in
the Fergana region, focusing on SME financing complemented by
unsecured retail lending.

Low Dollarisation, High Growth: Universal Bank mostly provides
short-term working-capital loans, with loan dollarisation
(end-3Q23: 22%) well below the sector average (45%). Reported
related-party loans were a low 4% of gross loans at end-2022
(end-2021: 11%), which may be understated, in Fitch's view.
Additional risks come from high lending growth (3Q23:37%
annualised) given still weak underwriting standards, in its view.

Asset Structure Shifts to Lower Risk: Universal Bank's impaired
loans (Stage 3 loans under IFRS) grew to 4% of gross loans at
end-2022 (end-2021: 3%). Local GAAP indicates some improvement in
the metric in 2023; however, as its loan book continues to season,
Fitch forecasts the impaired loans ratio to reach 5% by end-2024.
Risks are mitigated by a lower-risk asset structure, with non-loan
assets (mainly cash balances with the Central Bank of Uzbekistan)
equal to about 50% of total assets at end-3Q23.

Fee Income Drives Profitability: A surge in remittances to
Uzbekistan in 2022-9M23 drove up Universal Bank's fees and
commissions income, with a return on average equity (ROAE) under
local GAAP surging to a high 32% in 9M23 (2022: 52%). Operating
profit/risk-weighted assets (RWAs) rose sharply to 10% in 2022, but
Fitch expects it to narrow towards 5% in the medium term, as
remittance flows moderate.

Moderate Capitalisation: Universal Bank's Tier 1 capital ratio
under local GAAP equalled 12.7% of regulatory RWAs at end-3Q23.
This provided a modest 270bp capital buffer over the statutory
requirement, particularly if the cost of risk rises. Robust
internal profit generation and limited loan growth in future should
improve the bank's capital ratios, and Fitch forecasts the Fitch
Core Capital (FCC) ratio to stabilise at above 19% in the near term
(2022: 18%).

Customer Funding, Ample Liquidity: Universal Bank is primarily
funded by customer accounts (83% of total liabilities at end-3Q23),
while funding from state-related entities and wholesale borrowings
is limited (11%). The bank's liquid assets have increased over the
past three years, to about 25% of total assets at end-3Q23. Net of
wholesale debt repayments for the next 12 months, this cushion
covered almost 60% of non-state customer deposits.

RATING SENSITIVITIES

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

Universal Bank's ratings could be downgraded on a loss-making
performance on a pre-impairment basis, or if a material increase in
problem loans and widening credit losses result in the bank's
capital ratios falling below their statutory requirements.

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

Upside for Universal Bank's VR and IDRs is currently limited and
would require a significant strengthening of the bank's commercial
franchise and material improvements in the bank's governance
structure and risk management framework, translating into strong
recurring performance and higher capitalisation.

ESG CONSIDERATIONS

Universal has an ESG Relevance Score of '4' for Governance
Structure, due to weaknesses in governance and controls leading to
risks of high related-party lending. This factor has a negative
impact on the credit profile and is relevant to the ratings in
conjunction with other factors.

Except for the matters discussed above, the highest level of ESG
credit relevance, if present, is a score of '3' - ESG issues are
credit neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity. Fitch's ESG Relevance Scores are not inputs
in the rating process; they are an observation of the materiality
and relevance of ESG factors in the rating decision.

   Entity/Debt                      Rating          Prior
   -----------                      ------          -----
Joint Stock
Commercial Bank
Universal Bank    LT IDR             B-  Affirmed   B-
                  ST IDR             B   Affirmed   B
                  LC LT IDR          B-  Affirmed   B-
                  LC ST IDR          B   Affirmed   B
                  Viability          b-  Affirmed   b-
                  Government Support ns  Affirmed   ns




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S P A I N
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TDA SABADELL 4: Moody's Affirms B3 Rating on EUR570MM Cl. B Notes
-----------------------------------------------------------------
Moody's Investors Service has upgraded the rating of Class A notes
in TDA SABADELL RMBS 4, FONDO DE TITULIZACION. The rating action
reflects upgrade of Banco Sabadell S.A.'s long-term bank deposit
rating to Baa1. Banco Sabadell S.A. acts as servicer, issuer
account bank and swap counterparty to the transaction.

Moody's affirmed the rating of the Class B notes that had
sufficient credit enhancement to maintain their current rating.

EUR5,430M Class A Notes, Upgraded to Aa1 (sf); previously on Dec
1, 2017 Definitive Rating Assigned Aa2 (sf)

EUR570M Class B Notes, Affirmed B3 (sf); previously on Dec 1, 2017
Definitive Rating Assigned B3 (sf)

Maximum achievable rating is Aa1 (sf) for structured finance
transactions in Spain, driven by the corresponding local currency
country ceiling of the country.

RATINGS RATIONALE

Counterparty Exposure:

The rating action is prompted by the upgrade of Banco Sabadell
S.A.'s long-term bank deposit rating to Baa1.

Specifically, Banco Sabadell S.A. acts as the issuer account bank
in the transaction.

Moody's assessed the default probability of Banco Sabadell S.A. as
the transaction's account bank provider by referencing the bank's
deposit rating. As a result, Moody's upgraded the Class A Notes.

The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations Methodology" published in October
2023.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

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

Factors or circumstances that could lead to an upgrade of the
ratings include (1) performance of the underlying collateral that
is better than Moody's expected, (2) an increase in available
credit enhancement and (3) a decrease in sovereign risk.

Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2) performance
of the underlying collateral that is worse than Moody's expected,
(3) deterioration in the notes' available credit enhancement and
(4) deterioration in the credit quality of the transaction
counterparties.




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

MERSIN INTERNATIONAL: S&P Gives Prelim. 'B' Rating on Unsec. Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B' to the new senior
unsecured notes to be issued by Turkey-based port operator Mersin
Uluslararasi Liman Isletmeciligi A.S. (Mersin International Port;
MIP) (B/Stable/--).

The preliminary rating reflects S&P's view that MIP is mainly
exposed to Turkiye, which it views as having a high-risk corporate
environment. This reflects S&P's view of the likelihood that the
government would restrict access to the foreign exchange market (or
liquidity) and impose harsh capital controls in attempts to
constrain Turkish lira depreciation. Even though most of MIP's cash
position is held in U.S. dollars -- 60% of revenues are collected
in U.S. dollars and the remainder in Turkish lira and converted to
hard currency -- revenues are fully collected in on-shore accounts.
This exposes MIP to Turkiye's monetary, financial, and economic
policies. These policies could lead to obstacles in repatriating
export proceeds and converting them to local currency, restrict
MIP's access to foreign currency and stop the port converting local
revenues to hard currency, and limit money withdrawal to service
foreign senior debt. Furthermore, close to one-half of the business
comes from import volumes, which are intrinsically linked to the
industrialized cities surrounding MIP and reliant on domestic
trends and dynamics.

MIP has a leading market position as the largest gateway in
Turkiye, benefiting from pricing flexibility. MIP has managed to
report an EBITDA margin of 60%-70% over the past 10 years. This is
despite several external challenges including, but not limited to,
macroeconomic conditions in Turkiye, the global slowdown, supply
chain bottlenecks, and the recent earthquakes near the port, to
name a few. S&P thinks this reflects MIP's leading market position
in the region as well as the sound quality of operations, with a
focus on tailored services to fulfill customer needs and
differentiate from close competitors. The port benefits from its
strategic location, at the intersection of key maritime trade
routes; the extent of and connectivity to its hinterland; and the
industrialized region by rail and upgraded route connections. As an
origin and destination port, it benefits from inherent stability in
volumes when compared with more volatile transshipment activities
(less than 5% of revenue). MIP's well established port eco-system,
pricing flexibility to compensate downturns, and expected growth
for industrial and agricultural products in the region would allow
the company to consistently maintain its above-industry-average
profitability.

The final rating is subject to the successful closing of the
proposed senior unsecured issuance to refinance outstanding $600
million note due to expire in 2024. The confirmation of the final
ratings will depend on our receipt and satisfactory review of all
final transaction documentation. Accordingly, the preliminary
ratings should not be construed as evidence of final ratings. If
S&P Global Ratings does not receive final documentation within a
reasonable timeframe, or if final documentation departs from the
materials reviewed and/or the assumptions considered, S&P reserves
the right to withdraw or revise its ratings. Potential changes
include, but are not limited to, use of loan proceeds, maturity,
size and conditions of the credit facilities, financial and other
covenants, security, and ranking.


QNB FINANSBANK: Moody's Rates New Subordinated Notes 'Caa1(hyb)'
----------------------------------------------------------------
Moody's Investors Service has assigned a long-term foreign-currency
subordinated debt rating of Caa1(hyb) to QNB Finansbank A.S.'s
planned US dollar-denominated contractual non-viability Tier 2 bond
issuance (the subordinated notes).

RATINGS RATIONALE

-- ASSIGNMENT OF QNB FINANSBANK'S NEW FOREIGN-CURRENCY SUBORDINATED
DEBT RATING, Caa1(hyb)

The foreign-currency subordinated debt rating of Caa1(hyb) assigned
to the subordinated notes of QNB Finansbank is positioned three
notches below the bank's Adjusted Baseline Credit Assessment (BCA)
of b1, reflecting (1) Moody's standard notching for subordinated
debt with loss triggered at the point of non-viability on a
contractual basis, which is two-notches below a bank's Adjusted
BCA, and (2) an additional one-notch downward adjustment,
reflecting the higher risk profile of these notes relative to the
risk profile of the bank's senior unsecured debt.

The rating agency notes that a contractual loss-trigger event (i.e.
the point of non-viability) could materialise even in the absence
of a country-wide foreign currency debt moratoria (or any other
systemic risk), which is captured by the foreign-currency country
ceiling of B3 that caps the bank's foreign-currency senior
unsecured rating.

In the rating agency's view, this consideration implies a higher
potential for impairment on the subordinated notes relative to the
bank's foreign-currency senior unsecured obligations. In addition,
the rating agency expects that the subordinated notes could bear
larger losses than senior unsecured debt given the subordinated
notes' contractual loss absorbing features, which would be
commensurate with a Caa1(hyb) rating. The rating does not
incorporate any uplift from government support.

The planned subordinated debt issuance is expected to be Basel
III-compliant and eligible for Tier 2 capital treatment under
Turkish law.

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

The assigned rating is notched from the b1 Adjusted BCA of QNB
Finansbank and any future movements would be in line with changes
upwards or downwards in this reference point.

The subordinated debt ratings could be upgraded if the Turkish
government's issuer rating and/or Turkiye's foreign-currency
country ceilings were raised, while (i) very high probability of
affiliate support from Qatar National Bank (Q.P.S.C.) remains
unchanged, and (ii) the bank maintains the resilient financial
performance in the challenging Turkish operating environment,
particularly maintaining its strong capital adequacy and internal
capital generation as well as low problem loan levels.

Conversely, a downgrade could be driven by either a downgrade of
the Turkish government rating or the lowering of the country's
foreign-currency country ceiling. The rating could also be
downgraded due to high market volatility, a spike in corporate
defaults, lower capital ratios, or a material reduction in the
bank's profitability beyond Moody's expectations in the outlook
horizon.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Banks Methodology
published in July 2021.


TIB DIVERSIFIED: Fitch Assigns 'BB' Rating on 4 Tranches
--------------------------------------------------------
Fitch Ratings has assigned TIB Diversified Payment Rights Finance
Company's (TIB DPR) series 2023 A to D notes final ratings. The
Outlook is Stable. The agency has also affirmed TIB DPR's
outstanding notes.

   Entity/Debt            Rating         Prior
   -----------            ------         -----
TIB Diversified
Payment Rights
Finance Company

   Series 2012-A XS0798555966    LT  BB+  Affirmed   BB+
   Series 2012-B XS0798556345    LT  BB+  Affirmed   BB+
   Series 2013-D XS0985825172    LT  BB+  Affirmed   BB+
   Series 2014-A XS1102748073    LT  BB+  Affirmed   BB+
   Series 2014-B                 LT  BB+  Affirmed   BB+
   Series 2015-B XS1210043136    LT  BB+  Affirmed   BB+
   Series 2015-G XS1316496907    LT  BB+  Affirmed   BB+
   Series 2016-B XS1508150452    LT  BB+  Affirmed   BB+
   Series 2016-E XS1529855253    LT  BB+  Affirmed   BB+
   Series 2016-F XS1508150023    LT  BB+  Affirmed   BB+
   Series 2017-A XS1733314790    LT  BB+  Affirmed   BB+
   Series 2017-H XS1739379623    LT  BB+  Affirmed   BB+
   Series 2017-I XS1739379979    LT  BB+  Affirmed   BB+
   Series 2022-A USMM0044CVQ9    LT  BB+  Affirmed   BB+
   Series 2022-B USMM0044CW06    LT  BB+  Affirmed   BB+
   Series 2023-A KYMM004WWV65    LT  BB+  New Rating
   Series 2023-B KYMM004WWV40    LT  BB+  New Rating
   Series 2023-C KYMM004WWV81    LT  BB+  New Rating
   Series 2023-D                 LT  BB+  New Rating

TRANSACTION SUMMARY

The programme is a financial future flow securitisation of existing
and future US dollar-, euro-, and sterling-denominated diversified
payment rights (DPRs) originated by Turkiye Is Bankasi A.S.
(Isbank). DPRs can arise for a variety of reasons including
payments due on the export of goods and services, capital flows,
tourism and personal remittances. The programme has been in
existence since 2004.

KEY RATING DRIVERS

Originator Credit Quality: Isbank's Long-Term Local-Currency Issuer
Default Rating (LTLC IDR) of 'B' is driven by its Viability Rating
of 'b' and is one notch above its Long-Term Foreign-Currency (LTFC)
IDR of 'B-', reflecting lower government intervention risk in local
currency than in foreign currency. Fitch affirmed Isbank's LTLC IDR
at 'B' in September 2023, while revising its Outlook to Stable from
Negative, in line with its rating action on Turkiye's sovereign
IDR.

GCA Score Supports Rating: Fitch maintains a Going Concern
Assessment (GCA) of GC1 on Isbank. The GCA score measures of the
likelihood that the business will remain a going concern and the
underlying cash flow continues to be generated if the bank defaults
on other liabilities.

Four-Notch Uplift: Fitch views the overall risks of Isbank's TIB
DPR programme to be on a par with that of its GC1 peers in the
Turkish market, resulting in an uplift of four notches from the
LTLC IDR. Visibility on the outcome of a default or bankruptcy for
each Turkish bank in relation to their DPR programme is still
limited as market conditions remain challenging.

Sufficient Coverage: Fitch calculates the monthly debt service
coverage ratio for the programme at 58x, based on the average
monthly offshore flows processed through designated depositary
banks (DDBs) over the past 12 months, after incorporating interest
rate stresses. Fitch also tests a number of different scenarios,
which showed healthy coverage even when concentration and currency
mismatch were considered.

Diversion Risk Reduced: Similar to their peers, the transaction' s
structure mitigates certain sovereign risks by keeping DPR flows
offshore until scheduled debt service is paid to investors,
allowing the transaction to be rated above Turkiye's Country
Ceiling of 'B'. Fitch believes diversion risk is materially reduced
by the acknowledgement agreements signed by the nine DDBs.

RATING SENSITIVITIES

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

Significant variables affecting the rating of the transaction are
the originator's credit quality, the GCA score, DPR flow
development and the debt service coverage. Fitch would analyse a
change in any of these variables for the impact on the
transaction's rating.

Another important consideration that might lead to rating action is
the level of future flow debt as a percentage of the originating
bank's overall liability profile, its non-deposit funding and
long-term funding. This is factored into Fitch's analysis to
determine the maximum achievable notching differential, given the
GCA score.

In addition, the ratings of Bank of New York (BONY) as the
transaction account bank, may constrain the ratings of DPR debt
should BONY's rating converge with the then ratings of the DPR debt
and if no remedial action is taken.

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

The main constraint to the DPR rating is the originator's credit
quality and its operating environment. A positive change in the
originator's LTLC IDR could contribute positively to the DPR
rating. Also, improvements in economic conditions could contribute
positively to DPR flow performance and to the rating.

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 did not review the results
of a third-party assessment conducted on the asset portfolio
information.

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.


TURKLAND BANK: Fitch Puts 'B-' LongTerm IDRs on Watch Negative
--------------------------------------------------------------
Fitch Ratings has placed Turkland Bank A.S.'s (T-Bank) Long-Term
(LT) and Short-Term (ST) Issuer Default Ratings (IDRs) and
Shareholder Support Rating (SSR) on Rating Watch Negative (RWN). At
the same time, Fitch has also placed T- Bank's National Long-Term
Rating, which is driven by its LTLC IDR and in turn its SSR, on
RWN. T-Bank's Viability Rating (VR) is unaffected by today's
actions.

The rating actions follow Turkiye's Zeren Group's application to
the Turkish Competition Authority on 23 October 2023 to acquire
T-Bank from its current shareholders, BankMed SAL and Arab Bank Plc
(AB; BB/Stable) following a preliminary agreement between Zeren
Group and the bank's shareholders. T-Bank has been classified as an
investment held for sale in AB's financial statements.

The RWN reflects the likelihood that T- Bank's IDRs would be
downgraded if the acquisition is completed, as Fitch would no
longer factor in potential support from AB. This would result in
T-Bank's ratings being driven by its VR, given that Fitch cannot
reliably assess the potential new owner's ability or propensity to
provide support to the bank.

Fitch expects to resolve the RWN on the completion of the
acquisition, including the necessary regulatory approval from the
authorities. The RWN may be maintained longer than six months if
the change of ownership does not materialise within this time
frame.

KEY RATING DRIVERS

T-Bank's Long-Term IDRs are driven by potential support from its
Jordan-based 50% owner, AB, as reflected by its SSR.

T-Bank's SSR considers its 50% ownership by AB, but also limited
role within the group given Fitch's view that Turkiye is a non-core
market for AB. It also reflects AB's classification of T-Bank as an
investment held for sale in its financial statements, which, in its
view, indicates a high potential for disposal, and limits
reputational risk for AB, reducing its propensity to support
T-Bank.

The LTFC IDR and SSR are capped at 'B-' and 'b-', respectively, one
notch below Turkiye's, due to government intervention risk. The 'B'
LTLC IDR reflects a lower risk of government intervention in LC.
The 'B' Short-Term IDRs are the only option mapping to the LT IDRs
in the 'B' category.

RATING SENSITIVITIES

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

T- Bank's LT IDRs would be downgraded to the level of its VR once
the sale is completed. In addition, negative rating action on
Turkiye's sovereign ratings or an increase in its view of
government intervention risk would lead to a downgrade of T- Bank's
Long-Term IDRs. T- Bank's SSR is also sensitive to an adverse
change in Fitch's view of AB's ability and propensity to provide
support.

The ST IDRs are sensitive to changes in their respective LT IDRs.

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

The LT IDRs could be removed from the RWN and affirmed if Fitch
deems that AB's ability and propensity to provide support remains
unchanged up to the sale of T-Bank, if the sale fails to be
completed.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

The National Long-Term Rating is lower than that of foreign-owned
banks in Turkiye, reflecting weaker support propensity.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

The National Rating is sensitive to changes in T-Bank's LTLC IDR, a
change in support propensity, and also to its creditworthiness
relative to that of other Turkish issuers'.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

T-Bank's IDRs are linked to the ratings of AB.

ESG CONSIDERATIONS

T-Bank's ESG Relevance Score for Management and Strategy of '4'
reflects an increased regulatory burden on all Turkish banks.
Management's ability across the sector to determine their own
strategy and price risk is constrained by increased regulatory
interventions and also by the operational challenges of
implementing regulations at the bank level. This has a moderately
negative impact on the credit profile and is relevant to the rating
in combination with other factors.

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

   Entity/Debt                    Rating                   Prior
   -----------                    ------                   -----
Turkland Bank
A.S.           LT IDR              B-    Rating Watch On   B-
               ST IDR              B     Rating Watch On   B
               LC LT IDR           B     Rating Watch On   B
               LC ST IDR           B     Rating Watch On   B
               Natl LT             A(tur)Rating Watch On   A(tur)
               Shareholder Support b-    Rating Watch On   b-




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

AMVOC: HMRC, Unsecured Creditors Unlikely to Receive Payment
------------------------------------------------------------
Calvin Robinson at The Stray Ferret reports that unsecured
creditors and HMRC are unlikely to receive any payment after the
collapsed of failed Harrogate company Amvoc, administrators have
said.

The telemarketing company, which was based at Cardale Park,
collapsed and was placed into administration in March this year,
The Stray Ferret recounts.

According to The Stray Ferret, in a latest administrators report
published this week, Gareth Lewis, Lewis Business Recovery and
Insolvency, said it is anticipated funds will be available to pay
former staff.

However, HMRC, which is classed as a "secondary preferential
creditor", and unsecured creditors are expected to receive no
money, The Stray Ferret states.

According to the report, employees are owed GBP233,507.52 in wages,
holiday pay and pension contribution arrears, The Stray Ferret
discloses.

Meanwhile, HMRC is owed GBP1.1 million in unpaid VAT, unpaid
employees PAYE and national insurance, student loan deductions and
industry scheme deductions, The Stray Ferret notes.

Mr. Lewis, as cited by The Stray Ferret, said in his report that it
is unlikely that any repayment will be made.

He added that there was "no likelihood" that unsecured creditors,
who were previously estimated to be owed GBP868,267, would receive
payment, The Stray Ferret relays.

Mr. Lewis said in his administrator's report that in September
2017, the company entered into a company voluntary arrangement as a
result of "cash flow difficulties" because of the loss of a major
customer and "significant bad debt", according to The Stray
Ferret.

Damian Brockway set up Amvoc, the trading name of A Marketing
Vocation Ltd, from a small office in Dacre in 2010.  It sold
telemarketing services, initially in the legal sector, and grew
rapidly, moving first to Pateley Bridge and then to large offices
at New York Mills near Summerbridge.


BADGERS BASKET: Goes Into Liquidation
-------------------------------------
William Telford at PlymouthLive reports that a Plymouth food
additive business has gone bust owing thousands of pounds in unpaid
taxes and bank loans.

Barbican registered Badgers Basket Ltd supplied food additives to
catering companies but it called a meeting of creditors in
September and was wound up voluntarily, PlymouthLive relates.

Documents filed at Companies House reveal the liquidated business
owed HM Revenue and Customs GBP38,689, PlymouthLive discloses.
Among unsecured creditors GBP41,871 is owed to Barclays Bank Plc
with London's Capital on Tap, which funds entrepreneurs, owed
GBP22,496, PlymouthLive states.

Its website has been closed down but revealed Badgers Basket was
set up in 2014 and offered wholesale products to the UK catering
industry, PlymouthLive notes.

Badgers Basket only employed one person.  Its most recent accounts,
for the year to the end of October 2021, revealed net liabilities
of GBP15,929, according to PlymouthLive.


BRITISH AIRWAYS: Moody's Ups CFR to Ba1 & Alters Outlook to Stable
------------------------------------------------------------------
Moody's Investors Service has upgraded British Airways, Plc's (BA
or the company) corporate family rating to Ba1 from Ba2.
Concurrently, Moody's has affirmed the respective ratings assigned
to each class of the company's enhanced equipment trust
certificates ("Certificates"). The rating agency changed the
outlook on British Airways and each pass-through trust financing to
stable from positive.

The rating actions reflect:

-- The company's continued recovery in volumes and profitability
with solid demand and pricing

-- Stronger than previously expected credit ratios for the next 12
months

-- Strong liquidity

The affirmations of the Certificates reflect Moody's estimates of
the peak loan-to-value for each class in each transaction and its
opinion of the importance of the aircraft collateral in each
transaction to the company's route network.

A List of Affected Credit Ratings is available at
https://urlcurt.com/u?l=Nct8YP

RATINGS RATIONALE

British Airways continues to recover its passenger volumes, with
revenue passenger kilometres (RPK) reaching 94% of 2019 levels in
the third quarter, driven by healthy leisure demand. It makes up
for the recovery in corporate travel, which continues to be slow.
Yields through the summer were slightly down versus record highs in
2022 but operating margin continued to improve, by three percentage
points, on the back of materially higher capacity and lower
year-on-year jet fuel prices. As a result, BA's operating profit
was GBP1.4 billion for the 12 months to September 30, 2023.

Combined with the repayment of its GBP2 billion unsecured term loan
partially guaranteed by UK Export Finance (UKEF), higher profit led
to a Moody's adjusted gross debt/EBITDA of 3.4x as of September 30,
2023.

With low visibility into 2024 (as typical at this point in the
year) and a continued weak macroeconomic environment, Moody's
prudently forecasts that yields will modestly decrease next year.
Nevertheless, the rating agency expects that the extent of capacity
increases will bring unit costs down. BA's operating profit will
grow next year as a result and its Moody's-adjusted leverage will
move towards 3.0x. Nevertheless, Moody's forecasts that it will
take longer for BA to restore all its key credit ratios to
pre-pandemic levels than IAG.

Moody's forecasts negative free cash flow (after lease repayments
and excluding dividend payments) for the 2023-2025 period. The
company has material capex for fleet renewal to restore capacity
following the early and permanent retirement of a large number of
older, less fuel efficient aircraft during the pandemic.

British Airways' credit strengths which support its Ba1 CFR include
(1) the company's strong brand and competitive position on
profitable routes and key airports; and an extensive global
network; (2) high margins prior to the pandemic and substantial
cost savings implemented since; (3) its high importance within
International Consolidated Airlines Group, S.A. (IAG – Ba1,
stable) and if required, assumed financial support from IAG; (4)
effective management of the company through the pandemic and strong
volume and pricing growth in 2022 and 2023-to date; and (5) strong
recovery of key transatlantic routes which have the potential to
remain more resilient than the overall market given their wealthier
customer demographic.

The company's Ba1 CFR also reflects credit constraints such as the
difficult macroeconomic environment, including subdued growth and
persistent inflation. These factors put price inelasticity of
demand into question as BA continues to face high fuel prices
(despite good hedging coverage) and inflation across labour and
other costs. BA also bears risks of operational disruptions across
the aviation ecosystem as seen in August 2023. BA's exposure to
corporate travel, which is taking longer to recover from the
pandemic, has made it more reliant on leisure travel.

LIQUIDITY

British Airways has strong liquidity, totaling GBP6.1 billion as at
June 2023, and comprising cash of GBP3.9 billion, GBP2.1 billion
undrawn general facilities and GBP0.1 billion of undrawn committed
aircraft facilities. The general facilities include a $1.346
billion revolving credit facility (RCF) which was extended by one
year to March 2026. As of September 2023, undrawn facilities
increased by GBP1 billion thanks to a new credit facility available
to BA, maturing in 2028. At year-end, Moody's forecasts that total
liquidity will be over 30% of revenue. Funds available at the IAG
parent company level further support British Airway's liquidity.
Total cash held at the IAG parent company level and other
non-airline company companies amounted to around EUR3.2 billion as
at December 2022.

OUTLOOK

The stable outlook reflects primarily Moody's expectations that the
pace of any improvement in credit metrics will reduce over the next
12 to 18 months, in particular given further capacity growth and
uncertain demand inelasticity. The outlook assumes that the company
will preserve its strong liquidity, and that no debt financed
acquisitions occur that would materially increase leverage.

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

The ratings could be upgraded if the company's Moody's-adjusted
gross debt/EBITDA reduces below 3x on a sustainable basis, while
Moody's-adjusted retained cash flow/debt increases sustainably
above 25%, and operating margins remain comfortably above 10%. An
upgrade would also require the company to maintain strong
liquidity.

The ratings could be downgraded if the company's Moody's-adjusted
leverage moves back above 4.0x, or if Moody's-adjusted retained
cash flow/debt reduces sustainably well below 20%. The ratings
could also be downgraded if the company's operating margins fell
back toward a mid-single digit percentage, or if liquidity weakens
materially.

In addition, a material increase in IAG's debt levels or a
substantial deterioration of the operating performance of IAG's
other airline subsidiaries could put negative pressure on British
Airways' ratings.

Moody's could change its ratings of the Certificates as a result of
any combination of (i) future changes in the underlying credit
quality or ratings of British Airways, (ii) unexpected changes in
its fleet that de-emphasizes the models in this transaction or
(iii) unexpected material changes in the market value of the
aircraft.

PRINCIPAL METHODOLOGY

The principal methodologies used in rating British Airways, Plc was
Passenger Airlines published in August 2021. The principal
methodologies used in rating British Airways Pass Through Trust
2013-1A, British Airways Pass Through Trust 2018-1A, British
Airways Pass Through Trust 2018-1AA, British Airways Pass Through
Trust 2019-1A, British Airways Pass Through Trust 2019-1AA, British
Airways Pass Through Trust 2021-1A, British Airways Pass Through
Trust 2021-1B were Passenger Airlines published in August 2021.

COMPANY PROFILE

Based in Harmondsworth, UK, British Airways is the UK's largest
international scheduled airline and Europe's third-largest airline
carrier in terms of revenue. In the 12 months ended September 30,
2023 the company reported revenue and operating profit before
exceptional items of GBP14 billion and GBP1.4 billion,
respectively. British Airways reports as part of broader airline
company IAG, incorporated in Spain, with a dual listing there and
in the UK.


BRITISHVOLT: May Be "Trading While" Insolvent, Workers Warn
-----------------------------------------------------------
Peter Campbell and Harry Dempsey at The Financial Times report that
staff at Britishvolt are warning the UK battery start-up may be
"trading while insolvent", after they were left unpaid for the past
four months.

Two current staff said the company's owner, Australian entrepreneur
David Collard, who agreed to purchase the business out of
administration earlier this year, has left its bills and staff
unpaid for months, the FT relates.

To trade while insolvent is not against the law, but directors
should only continue trading if they believe there is a reasonable
prospect for avoiding an insolvent liquidation.

Directors continuing to trade with the knowledge that insolvency is
unavoidable, risk being personally liable for a company's debts.
They could also face other sanctions and penalties, including a
15-year ban on acting as a director of a company.

According to the FT, on a call on Nov. 3, Mr. Collard told the
handful of remaining staff that he was in advanced talks with a
potential investor, and said he expected money to come in this
week, said two people who were on the call.

However, they said Mr. Collard has made such promises several times
before, and no funds have arrived, the FT notes.

Another staff member said the business appeared unable to pay its
bills and should be wound up, the FT relays.

Mr. Collard recently told associates that a new investor had signed
an equity commitment letter for an investment that would allow the
company to pay what is owed and meet its obligations, the FT
discloses.

Mr. Collard's Recharge Industries has yet to pay former
administrators EY for about GBP2.5 million of the agreed GBP8.6
million purchase price, according to two people, more than half a
year after the original deadline for payment had passed, according
to the FT.

EY on Nov. 6 said it "ran a thorough and competitive sales process"
to find a buyer for the business.  It said the GBP6.1 million paid
so far was "materially above the next best alternative, deliverable
offer received by the joint administrators", the FT notes.

It added: "The joint administrators are taking steps to recover
these further outstanding monies owed and continue to pursue
options for the sale of the site in Blyth."

Britishvolt collapsed into administration earlier this year after
running out of funds, and was bought by Mr. Collard, a former PwC
partner. About 26 former employees were kept on following the
administration, the FT recounts.


CO-OPERATIVE BANK: Moody's Assigns Ba3 Issuer Ratings, Outlook Pos.
-------------------------------------------------------------------
Moody's Investors Service has assigned local and foreign currency
long- and short-term issuer ratings of Ba3 and Not-Prime,
respectively, to The Co-operative Bank Holdings Limited, the
holding company of The Co-operative Bank Finance p.l.c. The outlook
on the long-term issuer ratings is positive. At the same time,
Moody's affirmed the senior unsecured debt ratings of Ba3 of three
Moody's rated debts formerly issued by The Co-operative Bank
Finance p.l.c. and transferred them to The Co-operative Bank
Holdings Limited. The outlook on the senior unsecured debt rating
of The Co-operative Bank Holdings Limited remains positive. At the
same time Moody's has withdrawn the Ba3 and Not-Prime long- and
short-term issuer ratings of The Co-operative Bank Finance p.l.c.
for business reasons. Prior to the withdrawal, the outlook on the
long-term issuer ratings was positive.

The rating action follows the decision by The Co-operative Bank plc
(The Co-operative Bank) to substitute the issuer name on
outstanding debt issued by The Co-operative Bank Finance p.l.c. to
The Co-operative Bank Holdings Limited.

RATINGS RATIONALE

The ratings assigned, affirmed and transferred reflect the fact
that the substitution of the issuer of debt to The Co-operative
Bank Holdings Limited will not result in a change in notching under
Moody's Advanced Loss Given Failure (LGF) analysis relative to The
Co-operative Bank Finance p.l.c.'s senior unsecured debt rating
which is presently at one notch below The Co-operative Bank's ba2
Baseline Credit Assessment (BCA).

The Co-operative Bank and its ultimate holding company are subject
to the UK's implementation of the European Union Bank Recovery and
Resolution Directive, which Moody's consider an operational
resolution regime. Moody's forward-looking Advanced LGF analysis
indicates that The Co-operative Bank Holdings Limited's senior
unsecured debt will suffer a moderate loss given failure, resulting
in a one notch negative differential from the The Co-operative
Bank's BCA. Moody's expect the volume of senior unsecured and
subordinated debt issued by the holding company to remain broadly
stable as the bank's moderately grows its assets.  

In accordance with the substitution, the current existing debt
issued by the intermediate holding company, The Co-operative Bank
Finance p.l.c., will be novated to the new issuer. As stated, this
will not affect the notching applied under the Advanced LGF
analysis and the ratings will be the same as they are at this
moment in time. Under Moody's methodology, the substitution of the
ultimate holding company as issuer in place of the intermediate
holding company does not affect the loss given failure for
bondholders of The Co-operative Bank Holdings Limited.

The positive outlook on the long-term issuer and senior unsecured
debt ratings of the bank's holding company ratings reflects the
current positive outlook on The Co-operative Bank which considers
that further improvements in The Co-operative Bank's core
profitability, supporting organic capital generation, could be
commensurate with a higher rating.

WITHDRAWALS OF THE CO-OPERATIVE BANK FINANCE P.L.C.

Moody's has decided to withdraw the ratings for its own business
reasons.

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

The Co-operative Bank's BCA could be upgraded following a further
improvement in profitability, leading to durable and sustainable
internal capital generation through earnings. An upgrade of the BCA
would lead to an upgrade of the long-term deposit ratings of The
Co-operative Bank and the senior unsecured debt of The Co-operative
Bank Holdings Limited. The holding company's senior unsecured debt
rating could also be upgraded following a material increase in the
stock of bail-in-able liabilities issued by The Co-operative Bank
Holdings Limited or by The Co-operative Bank.

The Co-operative Bank's BCA could be downgraded following evidence
that the bank will not return to a sustainable level of net
profitability beyond 2022 or if asset risk began to show strong
signs of weakness. A downgrade of The Co-operative Bank's BCA would
lead to a downgrade of all long-term ratings of The Co-operative
Bank and The Co-operative Bank Holdings Limited. However, given the
positive outlook there would be limited downward pressure on The
Co-operative Bank Holdings Limited's ratings.

PRINCIPAL METHODOLOGY

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


ELVET MORTGAGES 2023-1: Fitch Assigns BB+sf Final Rating on E Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Elvet Mortgages 2023-1 PLC's notes final
ratings:

   Entity/Debt                Rating             Prior
   -----------                ------             -----
Elvet Mortgages
2023-1 PLC

Class A XS2706345167   LT  AAAsf  New Rating   AAA(EXP)sf
Class B XS2706345670   LT  AA-sf  New Rating   AA-(EXP)sf
Class C XS2706345910   LT  A-sf   New Rating   A-(EXP)sf
Class D XS2706346058   LT  BBB+sf New Rating   BBB(EXP)sf
Class E XS2706346132   LT  BB+sf  New Rating   BB+(EXP)sf
Class Z XS2706346215   LT  NRsf   New Rating   NR(EXP)sf

TRANSACTION SUMMARY

The transaction is a securitisation of owner-occupied residential
mortgages originated in England, Wales, Scotland and Northern
Ireland by Atom Bank plc, which originated its first mortgage loan
in December 2016. This is the fifth UK residential mortgage
securitisation originated by Atom.

KEY RATING DRIVERS

Prime Owner-occupied Originations: The loans within the pool have
characteristics in line with Fitch's expectations for a prime
mortgage pool. These characteristics include limited previous
adverse credit, full income verification, full or automated
valuation model (AVM) property valuations and a clear lending
policy with an automated decision-making model. Approximately 66%
of the pool has been originated in 2023. The weighted average (WA)
original loan-to-value (LTV) for the pool is 81.2% and the WA
debt-to-income (DTI) is 30.0%.

Concentration of First-time Buyers: Of the borrowers in the pool,
48.5% are first-time buyers (FTBs). Fitch considers FTBs are more
likely to suffer foreclosure than non-FTBs. In line with its
criteria, Fitch has applied an upward FF adjustment of 1.1x to each
loan where the borrower is an FTB.

Material Portion of AVMs, Strong Controls: AVMs account for 40.1%
of all valuations in the pool. Atom Bank's lending policy allows
the use of AVMs for loans secured on property (house or low rise
flat) with standard construction, with tiering based on LTV and the
difference between the AVM valuation and loan application value.
Since a material proportion of the pool (7.9%) was valued by the
use of an AVM and had an original LTV greater than or equal to 90%,
Fitch applied a 5% haircut to the valuation of these loans.

Interest Rate Hedge: The issuer has entered into a vanilla interest
rate swap to hedge the mismatch between the fixed rate of interest
paid on the assets and SONIA-linked liabilities. The notional of
the swap is equal to the scheduled amortisation profile of loans
during their fixed-rate periods assuming no prepayments and no
defaults. In Fitch's cash flow analysis, the combination of high
prepayments, front-loaded defaults and decreasing interest rates
has driven the model-implied ratings, as in this scenario the
issuer is over-hedged and out of the money.

SVR Criteria Variations: In its asset modelling, Fitch has used a
bank base rate (BBR) input of 4% rather than the criteria defined
rate, which is BBR as at the pool-cut-off date of 5.25% at August
2023. This ensures the interest rate applied when calculating
borrower DTI is not lower than, but equal to, Atom's current
standard variable rate (SVR) of 7.14%.

In the cash flow analysis, when determining the SVR margin over
SONIA in stable and decreasing interest rate scenarios, Fitch used
the SVR margin applied during the initial analysis of Elvet 2021-1
(2.95%). Fitch deemed this rate reflective of the SVR margin in a
decreasing interest rate scenario as Atom's current SVR margin has
been compressed by around 1.5% in the current rising interest rate
environment. Both adjustments are variations to the UK RMBS Rating
Criteria.

RATING SENSITIVITIES

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

Material increases in the frequency of defaults and loss severity
on defaulted receivables producing losses greater than Fitch's base
case expectations may result in negative rating action on the
notes. Fitch's analysis revealed that a 15% increase in the WA
foreclosure frequency (FF), along with a 15% decrease in the WA
recovery rate (RR), would imply a downgrade of up to three notches
for the class A and D notes and two notches for the class B, C and
E notes.

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

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing credit enhancement and
potentially 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 impact on the notes could be upgrades of up
to two notches for the class B, C, and E notes and one notch for
the class D notes.

CRITERIA VARIATION

Fitch applied an asset level criteria variation to ensure the
stress rate modelled is not below Atom Bank's current SVR. It also
applied a Multi Asset Cash Flow Model criteria variation to model a
margin in stable/decreasing interest rate scenarios that is
representative of expectations in a scenario where margin
compression due to rate rises is not present. Both adjustments are
variations to the UK RMBS Rating Criteria.

DATA ADEQUACY

Elvet Mortgages 2023-1 PLC

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

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

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

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.


INTERNATIONAL CONSOLIDATED: Moody's Hikes Corp. Family Rating to Ba
-------------------------------------------------------------------
Moody's Investors Service has upgraded International Consolidated
Airlines Group, S.A.'s (IAG or the company) corporate family rating
to Ba1 from Ba2 and probability of default rating to Ba1-PD from
Ba2-PD and changed the outlook to stable from positive.

Concurrently, the rating agency has upgraded the ratings on the
company's EUR500 million senior unsecured notes due 2025, EUR500
million senior unsecured notes due 2027 and EUR700 million senior
unsecured notes due 2029 to Ba2 from B1.

The rating actions reflect:

-- Strong recovery in traffic and profitability in 2023, with
continued solid demand and pricing

-- Gross debt reduction while maintaining excellent liquidity

-- Downside risks to performance from macroeconomic pressures can
be accommodated given current credit metrics

-- Reduced structural and contractual subordination for IAG's
senior unsecured notes

RATINGS RATIONALE

IAG has had a very successful spring/summer season this year,
characterised by (i) continued high leisure demand meeting capacity
increases of +18% in the third quarter and 26% year-to-date
September 2023 and (ii) yields remaining strong, still on par with
a very high prior year comparison in the third quarter. On the cost
side, lower year-on-year jet fuel prices in particular have helped
drive IAG's operating profit to nearly EUR3.5 billion for the 12
months to September 30, 2023.

Combined with the repayment of its EUR500 million Eurobond in July
and British Airways, Plc's (Ba1 stable) GBP2 billion unsecured term
loan partially guaranteed by UK Export Finance (UKEF), higher
EBITDA led to significant deleveraging. Moody's adjusted gross
debt/EBITDA was 3.0x as of September 30, 2023.

With low visibility into 2024 (as typical at this point in the
year) and a continued weak macroeconomic environment, Moody's
prudently forecasts that yields will modestly decrease next year,
as capacity continues to increase. Higher seat and passenger
volumes will help unit costs and the rating agency expects an
operating profit in the range of EUR3.2 billion to EUR3.5 billion
next year as a result.

IAG's current earnings and Moody's-adjusted leverage are back to
pre-pandemic levels but margins aren't just yet because of high
inflation during the recovery. Moody's forecasts that margins and
net debt will be back to 2019 level by 2025 and continue to include
higher gross debt and higher cash versus pre-pandemic.

While the cash balance reduced per seasonal patterns and because of
debt repayments, IAG maintains excellent liquidity (of which around
two thirds were cash), representing nearly 50% of the annual
revenue Moody's projects in the next 12 to 18 months. Moody's
continues to view a strong liquidity as paramount in the airline
sector given potential major shocks. In addition, ample liquidity
will be required for IAG to absorb Moody's projected free cash
outflows in the next few years (after lease repayments and
excluding any dividend payments). Moody's expects IAG to increase
capex to meet its goal of restoring capacity following the early
and permanent retirement of 72 older, less fuel efficient aircraft
during the pandemic.

IAG's credit strengths which support its Ba1 CFR include (1) the
group's large scale, well-known brands, extensive and diversified
global network; (2) its strong market positions on certain routes,
including highly profitable transatlantic routes, and at highly
sought after airports including Heathrow, Gatwick, Madrid,
Barcelona and Dublin; and (3) its transformation and improved cost
flexibility.

The group's Ba1 CFR also reflects credit constraints such as the
difficult macroeconomic environment, including subdued growth and
persistent inflation. These factors put price inelasticity of
demand into question as airlines continue to face high fuel prices
(despite good hedging coverage) and inflation across labour and
other costs. IAG also bears risks of operational disruptions across
the aviation ecosystem and its exposure to corporate travel, which
is taking longer to recover from the pandemic, has made it more
reliant on leisure travel.

LIQUIDITY

IAG has excellent liquidity of EUR13.7 billion as of September 30,
2023, comprising cash of EUR9.2 billion and EUR4.5 billion undrawn
general facilities. The general facilities include (i) a $1.755
billion revolving credit facility (RCF) available to March 2025,
with $1.655 billion available to March 2026, and (ii) two GBP1
billion undrawn facilities partially guaranteed by UK Export
Finance due November 2026 and September 2028.

STRUCTURAL CONSIDERATIONS

IAG's EUR500 million senior unsecured notes due in 2027 and the
EUR1.2 billion senior unsecured notes due in 2025 and 2029 are
rated Ba2, one notch below the CFR. This reflects the structural
subordination of debt issued by IAG, including the aforementioned
notes and its EUR825 million senior unsecured convertible bonds,
with the majority of the group's debt held by its operating
companies. This includes secured debt, thereby adding another layer
of subordination.

OUTLOOK

The stable outlook reflects primarily Moody's expectations that the
pace of any improvement in credit metrics will reduce over the next
12 to 18 months, in particular given further capacity growth and
uncertain demand inelasticity. The outlook assumes that the group
will preserve its strong liquidity, and that no debt financed
acquisitions occur that would materially increase leverage.

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

The ratings could be upgraded if the group's Moody's-adjusted gross
debt/EBITDA reduces below 3x on a sustainable basis, while
Moody's-adjusted retained cash flow/debt increases sustainably
above 25%, and operating margins remain comfortably above 10%. An
upgrade would also require the group to maintain strong liquidity,
including a majority of balance sheet cash.

The ratings could be downgraded if the group's Moody's-adjusted
leverage moves back above 4.0x, or if Moody's-adjusted retained
cash flow/debt reduces sustainably well below 20%. The ratings
could also be downgraded if the group's operating margins fell back
toward a mid-single digit percentage, or if liquidity weakens
materially.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Passenger
Airlines published in August 2021.

COMPANY PROFILE

IAG manages five airline subsidiaries including British Airways,
Plc, Iberia, Vueling, Aer Lingus and LEVEL, representing
complementary brands and operating in distinct markets. The group
has minimal operations of its own other than its Global Business
Services division, which incorporates its centralised and back
office functions, and Cargo. In the 12 months ended September 30,
2023, IAG generated revenue of EUR28.6 billion (2019: EUR25.5
billion) and a company adjusted operating profit before exceptional
items of EUR3.5 billion (2019: EUR3.3 billion).


NEWDAY FUNDING 2023-1: Fitch Assigns 'B+(EXP)sf' Rating on F Notes
------------------------------------------------------------------
Fitch Ratings has assigned NewDay Funding Master Issuer Plc -
Series 2023-1 notes expected ratings.

The assignment of final ratings is contingent on the receipt of
final documentation conforming to information already reviewed.
Fitch also expects to affirm NewDay Funding's existing series when
it assigns final ratings for series 2023-1.

   Entity/Debt            Rating           
   -----------            ------           
NewDay Funding
Master Issuer Plc

   2023-1 Class A1    LT  AAA(EXP)sf  Expected Rating
   2023-1 Class A2    LT  AAA(EXP)sf  Expected Rating
   2023-1 Class B     LT  AA(EXP)sf   Expected Rating
   2023-1 Class C     LT  A(EXP)sf    Expected Rating
   2023-1 Class D     LT  BBB(EXP)sf  Expected Rating
   2023-1 Class E     LT  BB(EXP)sf   Expected Rating
   2023-1 Class F     LT  B+(EXP)sf   Expected Rating

TRANSACTION SUMMARY

The series 2023-1 notes issued by NewDay Funding Master Issuer Plc
are collateralised by a pool of non-prime UK credit card
receivables originated by NewDay Limited (NewDay). NewDay is one of
the largest specialist credit card companies in the UK, and offers
cards both under its own brands and in partnership with individual
retailers. Only the cards branded by NewDay, which are targeted at
higher- risk borrowers on average, are included in this
transaction. The cards co-branded with retailers are financed
through a separate securitisation.

KEY RATING DRIVERS

Non-Prime Asset Pool: The portfolio consists of non-prime UK credit
card receivables. Fitch assumes a steady-state charge-off rate of
18%, with a stress on the low end of the spectrum (3.5x for AAAsf),
considering the high absolute level of the steady-state assumption
and low historical volatility in charge-offs.

As is typical in the non-prime credit card sector, the portfolio
has low payment rates and high yield. Fitch assumed a steady-state
monthly payment rate of 10% with a 45% stress at 'AAAsf', and a
steady-state yield of 30% with a 40% stress at 'AAAsf'. Fitch also
assumed a 0% purchase rate in the 'Asf' category and above,
considering that the seller is unrated and a reduced probability of
a non-prime portfolio being taken over by a third-party in a
high-stress scenario.

Good Performance, Deterioration Expected: Support measures and high
household savings rates during the Covid-19 pandemic combined with
a tightening in NewDay's underwriting have supported good
performance. Charge-offs and payment rates are strong relative to
pre-pandemic norms. Performance is beginning to worsen as cost of
living pressures bite, and accumulated savings are depleted. Fitch
expects this trend to persist, as the impact of monetary tightening
increases housing costs and the originator reverses earlier
tightening in underwriting.

Unchanged Steady-States: Fitch has maintained its steady-state
assumptions unchanged from prior issuances. Although performance is
expected to worsen, it is doing so from a strong starting position.
Moreover, the concept of steady state aims to look past short-term
fluctuations to take a longer-term, through-the-cycle view. Fitch
does not expect performance metrics to reset to materially worse
levels in the long run, particularly considering positive trends in
customer demographics and increased sophistication in NewDay's
underwriting.

Variable Funding Notes Add Flexibility: The structure uses a
separate originator variable funding note (VFN), purchased and held
by NewDay Funding Transferor Ltd, in addition to series VFN-F1 and
VFN-F2, providing the funding flexibility typical and necessary for
credit card trusts. It provides credit enhancement to the rated
notes, adds protection against dilutions by way of a separate
functional transferor interest and meets the UK and US
risk-retention requirements.

Key Counterparties Unrated: The NewDay Group acts in several
capacities through its various entities, most prominently as
originator, servicer and cash manager. The reliance is mitigated in
this transaction by the transferability of operations, agreements
with established card service providers, a back-up cash management
agreement and a series-specific liquidity reserve.

RATING SENSITIVITIES

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

This section provides insight into the model-implied sensitivities
the transaction faces when one assumption is modified, while
holding others equal. The modelling process uses the modification
of these variables to reflect asset performance in upside and
downside environments. The results below should only be considered
as one potential outcome, as the transaction is exposed to multiple
dynamic risk factors. It should not be used as an indicator of
possible future performance.

Rating sensitivity to increased charge-off rate:

Increase steady state by 25% / 50% / 75%

Series 2023-1 A: 'AAsf' / 'AA-sf' / 'A+sf'

Series 2023-1 B: 'A+sf' / 'Asf' / 'A-sf'

Series 2023-1 C: 'BBB+sf' / 'BBBsf' / 'BBB-sf'

Series 2023-1 D: 'BB+sf' / 'BBsf' / 'BB-sf'

Series 2023-1 E: 'BB-sf' / 'B+sf' / N.A.

Series 2023-1 F: N.A. / N.A. / N.A.

Rating sensitivity to reduced monthly payment rate (MPR):

Reduce steady state by 15% / 25% / 35%

Series 2023-1 A: 'AAsf' / 'AA-sf' / 'Asf'

Series 2023-1 B: 'A+sf' / 'Asf' / 'A-sf'

Series 2023-1 C: 'A-sf' / 'BBB+sf' / 'BBBsf'

Series 2023-1 D: 'BBB-sf' / 'BB+sf' / 'BBsf'

Series 2023-1 E: 'BB-sf' / 'BB-sf' / 'B+sf'

Series 2023-1 F: 'Bsf' / 'Bsf' / N.A.

Rating sensitivity to reduced purchase rate:

Reduce steady state by 50% / 75% / 100%

Series 2023-1 D: 'BBBsf' / 'BBBsf' / 'BBB-sf'

Series 2023-1 E: 'BBsf' / 'BB-sf' / 'BB-sf'

Series 2023-1 F: 'Bsf' / 'Bsf' / N.A.

No rating sensitivities are shown for the class A to C notes, as
Fitch is already assuming a 100% purchase rate stress in these
rating scenarios.

Rating sensitivity to increased charge-off rate and reduced MPR:

Increase steady-state charge-offs by 25% / 50% / 75% and reduce
steady-state MPR by 15% / 25% / 35%

Series 2023-1 A: 'A+sf' / 'A-sf' / 'BBB-sf'

Series 2023-1 B: 'Asf' / 'BBBsf' / 'BB+sf'

Series 2023-1 C: 'BBBsf' / 'BB+sf' / 'BB-sf'

Series 2023-1 D: 'BBsf' / 'B+sf' / 'Bsf'

Series 2023-1 E: 'B+sf' / N.A. / N.A.

Series 2023-1 F: N.A. / N.A. / N.A.

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

Rating sensitivity to reduced charge-off rate:

Reduce steady state by 25%

Series 2023-1 B: 'AAAsf'

Series 2023-1 C: 'AA-sf'

Series 2023-1 D: 'A-sf'

Series 2023-1 E: 'BBB-sf'

Series 2023-1 F: 'BB-sf'

The class A notes cannot be upgraded as the notes are rated at
'AAAsf', which is the highest level on Fitch's rating scale.

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

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.


SCOTGOLD RESOURCES: Set to Appoint Administrators in Coming Days
----------------------------------------------------------------
Scott Reid at The Scotsman reports that gold miner Scotgold
Resources said it expected to appoint administrators "over the
coming days" following fruitless funding talks.

Last month, the company said it was in advanced discussions with a
new strategic investor which, should final agreement be reached,
were expected to provide sufficient funding for the business to
continue as a going concern, The Scotsman relates.

However, in a brief update, Scotgold noted that those discussions
have not resulted in an investment "at this time", according to The
Scotsman.  It added: "Therefore, the directors, having assessed the
options open to them, are now considering the appointment of
administrators over the coming days. Further announcements will be
made in due course."

The trading of shares in Scotgold Resources has been suspended
since mid-September as a result of the funding woes, The Scotsman
discloses. The firm is behind the Cononish gold and silver mine
near Tyndrum on the West Highland Way but has been struggling to
take its new mining plans forward and make a commercial success of
the operation, which lies in the Loch Lomond and the Trossachs
National Park, The Scotsman states.

At the start of October, Scotgold said talks with an "advanced
prospective investor" had failed and it was in discussions with its
existing funders which could result in the appointment of
administrators, The Scotsman recounts.  That was followed a couple
of weeks later by news of the discussions with a new strategic
investor, The Scotsman notes.


SQUIBB GROUP: Council Seeks to Minimize CVA on Albion Square Dev't
------------------------------------------------------------------
Joseph Gerrard at HullLive reports that efforts are being made to
keep the effects of financial issues at one of the companies
working on the Albion Square development to a minimum, Hull City
Council has said.

Squibb Group Ltd, one of the sub-contractors doing demolition works
on the GBP96 million city centre development, is trying to reach a
deal with creditors according to reports in Construction Enquirer,
HullLive notes.

According to HullLive, a Hull City Council spokesperson told LDRS
they were working with the project's main contractor Vinci
Construction in light of the situation.

It comes as works on the development in Hull city centre remain
ongoing after the final version of the plans were approved in
October last year, HullLive notes.

The demolition work on the former BHS department store was expected
to take around a year and half when permission was granted,
HullLive states.  But reports in the trades press that the firm is
seeking a Company Voluntary Arrangement raises questions over
whether the works will continue on schedule, HullLive discloses.

"The council has been made aware that one of the sub-contractors
may be having financial issues. Therefore the council is working
closely with the main contractor to minimise the impact of this on
the overall Albion Square development," HullLive quotes the
council's spokesperson as saying.

The scheme, which consists of an urban park in the centre of the
site surrounded by homes, was on course to be finished by 2026 as
of last year.  A total of 226 homes were set to be created under
the scheme approved by the council's Planning Committee last year.


TOWD POINT 2023-VA3: S&P Gives Prelim. B- Rating on F Notes
-----------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Towd
Point Mortgage Funding 2023 - Vantage 3 PLC's (TPMF 2023-VA3) class
A1, A2, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, and F-Dfrd notes. At
closing, TPMF 2023-VA3 will also issue unrated class Z and XB
certificates.

TPMF 2023-VA3 securitizes a U.K. nonconforming pool of residential
mortgage loans (first-ranking owner-occupied and buy-to-let). It
entirely includes the outstanding collateral of an already-rated
transaction, Towd Point Mortgage Funding 2019 - Vantage2 PLC
(issued in November 2019). S&P has received loan-level data as of
Aug. 31, 2023.

The notes will pay interest quarterly on the interest payment dates
in February, May, August, and November, beginning in February 2024.
The rated notes pay interest equal to compounded daily SONIA plus a
class-specific margin with a further step-up in margin following
the optional call date in November 2026. All of the notes reach
legal final maturity in February 2054.

The issuance of further class A1 notes is allowed, as long as the
sum of the class A1 and A2 notes does not increase (i.e., they can
interchange the balances as long as total balance outstanding on
the class A1 and A2 notes does not increase). Considering the
combined balance of the class A1 and A2 notes does not increase
above the levels considered in S&P's analysis and these notes pay
pro rata and pari passu basis in the interest and principal
priority of payments, these additional issuance of class A1 notes
to redeem class A2 notes will, by itself, not affect the ratings on
the notes.

S&P's preliminary ratings address the timely payment of interest
and the ultimate payment of principal on the class A1 and A2 notes
and the ultimate payment of interest and principal on the other
rated notes.

  Ratings List

  CLASS     PRELIM. RATING     PRELIM. CLASS SIZE (%)

  A1           AAA (sf)           3.62

  A2           AAA (sf)          68.38

  B-Dfrd       AA (sf)            4.75

  C-Dfrd       A (sf)             5.00

  D-Dfrd       BBB+ (sf)          3.00

  E-Dfrd       BB (sf)            3.00

  F-Dfrd       B- (sf)            1.50

  Z            NR                10.75

  XB certs     NR                  N/A

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



                           *********


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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