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

                          E U R O P E

          Friday, November 24, 2023, Vol. 24, No. 236

                           Headlines



A L B A N I A

ALBANIAN PROCREDIT: Fitch Hikes LongTerm IDR to BB, Outlook Stable


I R E L A N D

ADAGIO X: Fitch Assigns 'B-sf' Final Rating to Class F-R Notes
AURIUM CLO XI: Fitch Assigns 'B-sf' Final Rating to Class F Notes
CVC CORDATUS XXIX: S&P Assigns B- (sf) Rating to Class F-2 Notes


I T A L Y

EOLO S.P.A.: S&P Alters Outlook to Negative, Affirms 'B-' ICR
UNIPOL GRUPPO: Moody's Affirms 'Ba1' Issuer Rating, Outlook Stable
[*] Moody's Takes Actions on 16 Italian Banks, 2 GRIs


U N I T E D   K I N G D O M

EAST LONDON PUB: Goes Into Administration
HARTLEY PENSIONS: Denies Being Placed Into Liquidation
HIPGNOSIS SONGS: Seeks New Auditor Amid Legal Action
HUNTERS IN LONDON: Goes Into Voluntary Liquidation
NEWDAY FUNDING 2022-3: Fitch Affirms 'Bsf' Rating on Class F Notes

SIGN PLUS: Cash Flow Problems Prompt Administration
TOGETHER 2023-CRE-1: S&P Assigns Prelim 'BB+' Rating to X Notes
WILKO: Former Bosses, Auditor Summoned to Appear Before MPs


X X X X X X X X

[*] BOOK REVIEW: The Phoenix Effect

                           - - - - -


=============
A L B A N I A
=============

ALBANIAN PROCREDIT: Fitch Hikes LongTerm IDR to BB, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has upgraded Albanian ProCredit Bank Sh.a.'s (PCBA)
Long-Term Issuer Default Rating (IDR) to 'BB' from 'BB-'. The
Outlook is Stable. PCBA's Shareholder Support Rating (SSR) has also
been upgraded to 'bb' from 'bb-'. The Viability Rating (VR) of 'b-'
was unaffected.

The rating actions follow Fitch's reassessment of transfer and
convertibility risks in Albania. This in turn is driven by
Albania's reduced domestic political uncertainty and the
faster-than-expected fiscal consolidation and debt reduction.

KEY RATING DRIVERS

PCBA's IDRs and SSR reflect Fitch's view of potential support from
its sole shareholder, ProCredit Holding AG (PCH; BBB/Stable).
Support considerations include the strategic importance of
south-eastern Europe to PCH, PCBA's strong integration within the
group and a proven record of providing capital and liquidity
support.

PCBA's capacity to utilise parent support to service obligations
remains linked to risks relating to Albania, which, although
reduced, still limit the extent to which potential support can be
factored into the bank's ratings. Therefore, Fitch maintains a
three-notch distance between PCH's and PCBA's Long-Term IDRs.

The key rating drivers for PCBA's VR are those outlined in its
Rating Action Commentary published in June2023 (Fitch Affirms
Albania's ProCredit Bank Sh.a. at 'BB-'; Outlook Stable).

RATING SENSITIVITIES

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

PCBA's IDRs and SSR would be downgraded on adverse changes to
Fitch's perception of country risks in Albania. The ratings could
also be downgraded on a substantial decrease in the bank's
strategic importance to PCH, which is primarily based on PCH's
commitment to the country and the region.

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

PCBA's IDRs and SSR could be upgraded as a result of diminished
country risks, which Fich views as unlikely in the medium term.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

PCBA's Long-Term Foreign-Currency (FC) IDR (xgs) is driven by
support from PCH, and affirmed at one notch below PCH's Long-Term
FC IDR (xgs). The Long-Term Local-Currency IDR (xgs) is in line
with PCBA's Long-Term FC IDR (xgs). The Short-Term FC IDR (xgs) is
mapped to the Long-Term FC IDR (xgs).

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

PCBA's Long-Term IDRs (xgs) are primarily sensitive to changes to
the parent bank's ability or propensity to provide support (ie, if
the parent's Long-Term IDRs (xgs) changes). Its Short-Term FC IDR
(xgs) is primarily sensitive to changes in the Long-Term FC IDR
(xgs).

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

PCBA's IDRs and SSR are driven by support from PCH.

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 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
   -----------                    ------              -----
ProCredit
Bank Sh.a.     LT IDR              BB      Upgrade    BB-
               ST IDR              B       Affirmed   B
               LC LT IDR           BB      Upgrade    BB-
               LC ST IDR           B       Affirmed   B
               LT IDR (xgs)        BB-(xgs)Affirmed   BB-(xgs)
               Shareholder Support bb      Upgrade    bb-
               ST IDR (xgs)        B(xgs)  Affirmed   B(xgs)
               LC LT IDR (xgs)     BB-(xgs)Affirmed   BB-(xgs)
               LC ST IDR (xgs)     B(xgs)  Affirmed   B(xgs)



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

ADAGIO X: Fitch Assigns 'B-sf' Final Rating to Class F-R Notes
--------------------------------------------------------------
Fitch Ratings has assigned Adagio X EUR CLO DAC reset final ratings
as detailed below.

   Entity/Debt           Rating           
   -----------           ------           
Adagio X EUR
CLO DAC

   Class A-R Loan    LT AAAsf  New Rating

   Class A-R Notes
   XS2708741850      LT AAAsf  New Rating

   Class B-1R
   XS2708742072      LT AAsf   New Rating

   Class B-2R
   XS2708742239      LT AAsf   New Rating

   Class C-R
   XS2708742403      LT Asf    New Rating

   Class D-R
   XS2708742668      LT BBB-sf New Rating

   Class E-R
   XS2708742825      LT BB-sf  New Rating

   Class F-R
   XS2708743120      LT B-sf   New Rating

   Class Z-R
   XS2708743476      LT NRsf   New Rating

TRANSACTION SUMMARY

Adagio X EUR CLO DAC is a securitisation of mainly senior secured
loans (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
were used to fund a portfolio with a target par of EUR330 million.
The portfolio is actively managed by AXA Investment Managers, US
Inc. The collateralised loan obligation (CLO) has a 4.7-year
reinvestment period and a seven-year weighted average life (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/ 'B-'. The Fitch weighted
average rating factor of the identified portfolio is 25.9.

High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 61.3%.

Diversified Portfolio (Positive): The transaction has two matrices
effective at closing corresponding to the 10 largest obligors at
26.5% of the portfolio balance and fixed-rate asset limits at 5%
and 10% 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 are intended to
ensure the asset portfolio will not be exposed to excessive
concentration.

Portfolio Management (Neutral): The transaction has a 4.7-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.

The transaction can step up one year at one-year post closing,
subject to it passing all tests and the collateral principal amount
(defaults at the Fitch-calculated collateral value) being at least
at the reinvestment target par balance.

Cash Flow Modelling (Positive): The WAL used for the transaction's
matrix and Fitch-stressed portfolio analysis is 12 months less than
the WAL covenant at the issue date. This is to account for the
strict reinvestment conditions envisaged by the transaction after
its reinvestment period. These include, among others, passing both
the coverage tests and the Fitch 'CCC' bucket limitation test as
well the WAL covenant that progressively steps down over time, both
before and after the end of the reinvestment period. Fitch believes
these conditions would reduce the effective risk horizon of the
portfolio during the stress period.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would have no impact on the class A-R
notes and A-R loan, would lead to a downgrade of two notches for
the class C-R and E-R notes and one notch for the class B-1-R,
B-2-R, D-R and F-R notes.

Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of defaults 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, D-R, and E-R
notes have a cushion of two notches and the class C-R and F-R notes
one notch. The class A-R notes and A-R loan notes have no cushion.

Should the cushion between the identified 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 across all ratings and a 25%
increase in the RRR across all ratings of the Fitch-stressed
portfolio would lead to upgrades of up to three notches, except for
the 'AAAsf' rated notes.

During the reinvestment period, based on the Fitch-stressed
portfolio, upgrades may occur, except for the 'AAAsf' notes, on
better-than-expected portfolio credit quality and a shorter
remaining WAL test, allowing the notes to withstand
larger-than-expected losses for the remaining life of the
transaction. 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.

AURIUM CLO XI: Fitch Assigns 'B-sf' Final Rating to Class F Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Aurium CLO XI DAC final ratings, as
detailed below.

   Entity/Debt               Rating             Prior
   -----------               ------             -----
Aurium CLO XI DAC

   Class A Loan          LT AAAsf  New Rating   AAA(EXP)sf

   Class A Notes
   XS2692382596          LT AAAsf  New Rating   AAA(EXP)sf

   Class B Notes
   XS2692382752          LT AAsf   New Rating   AA(EXP)sf

   Class C Notes
   XS2692382919          LT Asf    New Rating   A(EXP)sf

   Class D Notes
   XS2692383131          LT BBB-sf New Rating   BBB-(EXP)sf

   Class E Notes
   XS2692383305          LT BB-sf  New Rating   BB-(EXP)sf

   Class F Notes
   XS2692383560          LT B-sf   New Rating   B-(EXP)sf

   Subordinated Notes
   XS2692383727          LT NRsf   New Rating   NR(EXP)sf

TRANSACTION SUMMARY

Aurium CLO XI DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of corporate rescue
loans, senior unsecured, mezzanine, second-lien loans and
high-yield bonds. Net proceeds from the note issuance were used to
fund a portfolio with a target size of EUR400 million. The
portfolio manager is Spire Management Limited. The collateralised
loan obligation (CLO) envisages a 4.7-year reinvestment period and
an 8.7-year weighted average life (WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'. The Fitch-calculated
weighted average rating factor (WARF) of the identified portfolio
is 24.0.

High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise 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 (WARR) of the identified portfolio
is 61.5%.

Diversified Portfolio (Positive): The transaction includes four
Fitch matrices, two of which were effective at closing. These
correspond to a top 10 obligor concentration limit at 23%, two
fixed-rate asset limits of 12.5% and 5%, respectively, and an
8.7-year WAL. The other two can be selected by the manager at any
time starting from one year after closing as long as the portfolio
balance (including defaulted obligations at their Fitch-calculated
collateral value) is above target par and corresponds to a top 10
obligor concentration limit at 23%, two fixed-rate asset limits of
12.5% and 5%, and a 7.7-year WAL.

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 4.7-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 post
reinvestment period, which includes the satisfaction of the Fitch
'CCC' limitation and coverage tests, as well as a WAL covenant that
consistently steps down 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

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would have no impact on the rated 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, D and E notes have a
cushion of two notches, class C notes one notch and the class F
notes four notches.

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
across all ratings and a 25% decrease of the RRR across all ratings
of the Fitch-stressed portfolio would lead to downgrades of four
notches for the class A, B, and C notes, three notches for the
class 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 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of the Fitch-stressed
portfolio would lead to upgrades of up to three notches, 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, meaning the notes
are able 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

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.

CVC CORDATUS XXIX: S&P Assigns B- (sf) Rating to Class F-2 Notes
----------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to CVC Cordatus Loan
Fund XXIX DAC's class A-1, A-2, B, C, D, E, F-1, and F-2 notes. At
closing, the issuer also issued unrated subordinated notes.

The ratings reflect S&P's assessment of:

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

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

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

-- The transaction's legal structure, which is bankruptcy remote.

-- The transaction's counterparty risks, which are in line with
S&P's counterparty rating framework.

  Portfolio benchmarks
                                                       CURRENT

  S&P weighted-average rating factor                   2904.35

  Default rate dispersion                               498.03

  Weighted-average life (years)                           4.64

  Obligor diversity measure                             109.89

  Industry diversity measure                             21.43

  Regional diversity measure                              1.26


  Transaction key metrics
                                                       CURRENT

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                           B
  
  'CCC' category rated assets (%)                         0.53

  Actual 'AAA' weighted-average recovery (%)             36.70

  Actual weighted-average spread (%)                      4.56

  Actual weighted-average coupon (%)                      5.08


Asset priming obligations and uptier priming debt

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

Rating rationale

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments. The portfolio's
reinvestment period will end approximately 4.5 years after
closing.

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

S&P said, "In our cash flow analysis, we used the EUR375 million
target par amount, and the portfolio's weighted-average spread
(4.56%), weighted-average coupon (5.08%), and weighted-average
recovery rates at each rating level. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

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

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

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

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

"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. Our credit and cash flow analysis indicates that the
available credit enhancement for the class B, C, D, and E notes
could withstand stresses commensurate with higher ratings than
those assigned. However, as the CLO will be in its reinvestment
phase starting from closing, during which the transaction's credit
risk profile could deteriorate, we have capped the assigned
ratings.

"Our ratings on the class A-1, A-2, and B notes address timely
payment of interest and principal, while our ratings on the class
C, D, E, F-1, and F-2 notes address the payment of ultimate
interest and principal.

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A-1 to F-1
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-2 notes."

The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds, and it is managed by CVC Credit Partners
Investment Management.

Environmental, social, and governance

S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector. Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average. For
this transaction, the documents prohibit assets from being related
to certain activities, including, but not limited to the following:
production, distribution, marketing, or sale of controversial
weapons; tobacco production; any borrower which derives more than
10 per cent of its revenue from the mining of thermal coal; any
borrower which is an oil and gas producer which derives less than
40 per cent of its revenue from natural gas or renewables.
Accordingly, since the exclusion of assets from these industries
does not result in material differences between the transaction and
our ESG benchmark for the sector, we have not made any specific
adjustments in our rating analysis to account for any ESG-related
risks or opportunities."

  Ratings list

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

  A-1       AAA (sf)     221.25     3mE + 1.68%      41.00

  A-2       AAA (sf)      10.00     3mE + 2.00%      38.33

  B         AA (sf)       46.25     3mE + 2.30%      26.00

  C         A (sf)        21.25     3mE + 3.10%      20.33
   
  D         BBB- (sf)     23.75     3mE + 5.40%      14.00

  E         BB- (sf)      17.20     3mE + 7.61%       9.41

  F-1       B+ (sf)        5.80     3mE + 7.92%       7.87

  F-2       B- (sf)        5.20     3mE + 8.72%       6.48

  Sub notes     NR        26.80     N/A                N/A

*The ratings assigned to the class A-1, A-2, and B notes address
timely interest and ultimate principal payments. The ratings
assigned to the class C, D, E, F-1, and F-2 notes address ultimate
interest and principal payments.
§The payment frequency switches to semiannual and the index
switches to 6mE when a frequency switch event occurs.
NR--Not rated.
N/A--Not applicable.
3mE--Three-month Euro Interbank Offered Rate.




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

EOLO S.P.A.: S&P Alters Outlook to Negative, Affirms 'B-' ICR
-------------------------------------------------------------
S&P Global Ratings revised its outlook on the long-term issuer
credit rating on Italy-based fixed wireless access (FWA) broadband
internet provider Eolo S.p.A. to negative from stable and affirmed
the rating at 'B-'. At the same time, S&P affirmed its 'B-'
issue-level rating on its senior secured notes.

The negative outlook reflects S&P's view that Eolo's FOCF after
lease payments will remain negative over the next 12 months due to
its sizeable capex, which will fully absorb its liquidity sources
absent additional funding. The outlook also reflects the risk that
the company's capital structure will become unsustainable due to
insufficient earnings growth and elevated debt.

S&P said, "The outlook revision reflects our expectation of
tightening liquidity, as well as the increased risk that we will
assess the company's capital structure as unsustainable. We view
Eolo's liquidity management as tight and risky based on our
expectation that its liquidity sources--including the limited
availability under its RCF--will be fully absorbed by its sizeable
growth capex. This will leave the company without liquidity
headroom for unforeseen developments absent the receipt of
additional funding. We also believe Eolo's negative FOCF
generation, if sustained for a prolonged period, raises the risk
that its capital structure will become unsustainable. We believe
this could occur if the company's high capex does not translate
into accelerating operating cash flow and its FOCF generation
remaining negative.

"Our rating is unchanged because we do not foresee a liquidity
crisis and the company's debt maturities are still remote.In our
view, Eolo will act to prevent a further deterioration in its
liquidity, potentially by raising additional debt to fund its
growth ambitions. Furthermore, our liquidity assessment reflects no
large debt maturities until 2028, when Eolo's super senior secured
RCF and senior secured notes (SSNs) become due. We also view the
company's financial sponsor, Partners Group, as supportive, given
Eolo's growth profile. Moreover, we note that management could cut
back on its customer-related capex if needed, although this would
likely reduce its growth prospects.

"Eolo's FOCF after lease payments will remain negative in fiscal
years 2024 and 2025 due to its sizeable investments. The company
will focus on growth capex to support the expansion of its customer
base and its customer retention in fiscal years 2024 and 2025,
while its infrastructure capex (for base transceiver stations
[BTS]) will moderate over the same period following its recent high
investment. In our base case, we do not assume Eolo will cut its
growth capex because it will continue pursuing its growth strategy
in the very competitive and fragmented Italian telecom market. This
leads us to expect the company's annual capex will somewhat decline
to EUR105 million in 2024, from about EUR117 million in fiscal year
2023, but remain sizeable in comparison with its cash flow from
operations over the same period. Therefore, we forecast that Eolo's
FOCF after lease payments will remain negative at about EUR60
million in 2024 and EUR44 million in 2025 (compared with negative
EUR67 million in 2023 and negative EUR82 million in 2022).

"We expect Eolo to operate with elevated leverage in 2024-2025.This
reflects our expectation of further increases in the company's
gross debt due to additional borrowings from its super senior
secured RCF during 2024 (EUR95 million drawn in the first three
months of fiscal year 2024 out of a total of EUR140 million) and
the issuance of debt to fund its expansion (following the almost
EUR10 million of term loans it raised from Italian banks over the
same period). At the same time, the anticipated rise in the
company's EBITDA will mostly offset the expansion of its debt,
translating to flat, yet elevated, S&P Global Ratings-adjusted debt
to EBITDA of 6.0x-6.2x in 2024-2025, which compares with 6.0x in
2023.

"We expect Eolo will benefit from supportive operating trends and
expand amid the rather flat Italian telecom market in fiscal year
2024. We expect the company will continue to win new clients and
retain its existing base, supported by the positive trends over the
last quarters that led its client base to expand to 646,000 in the
first quarter of 2024 from 610,000 in the same period last year.
Eolo continued to increase the share of 28 gigahertz (GHz)
technology among its total contracts to almost 40% in fiscal year
2023, which we view as positive because customers using this
technology exhibit lower churn than 5G customers and the average
revenue per user (ARPU) of their contracts is higher. In our view,
the company's internet offering remains attractive in rural and
suburban communities in Italy, where it offers high internet speeds
of up to 300 megabits per second. Therefore, we think that Eolo
will be able to compete with other telecom players and gradually
expand its market share, which stood at about 3.4% for the Italian
Broadband market and exceeding 35% for the FWA market.

"Eolo extended its partnership with Open Fiber (OF) to help the
company comply with its coverage obligations in grey areas (where
there are a few existing broadband providers) in Italy. This will
result in an additional revenue stream for Eolo, which the company
will recognize over the next years. We therefore expect Eolo will
increase its revenue by the 5%-7% range in fiscal years 2024 and
2025 mainly because of expansion in its customer base, while we
assume a stable ARPU in the same period. We forecast an S&P Global
Ratings-adjusted EBITDA margin of about 45% benefitting from
top-line expansion and its cost controls. We do not anticipate
Eolo's position or current offering will be materially challenged
in the near term, though we see potential for increasing
competition in the fragmented Italian telecom market as competitors
start deploying alternate solutions, which is a potential risk to
its growth profile over the medium term.

"The negative outlook reflects our view that Eolo's FOCF after
lease payments will remain negative over the next 12 months due to
its sizeable capex, which will fully absorb its liquidity sources
absent additional funding. The outlook also reflects the risk that
the company's capital structure will become unsustainable due to
insufficient earnings growth and higher debt."

S&P could lower its rating on Eolo if it faces a liquidity
shortfall or its capital structure becomes unsustainable. This
could occur if:

-- It faces a liquidity deficit and does not act to prevent such a
situation, for example by raising additional debt;

-- It significantly underperforms our base case due to increasing
competition, lower subscriber growth, higher churn or pricing
pressure, and higher-than-expected capex; or

-- It incurs additional debt and drawings under its super senior
secured RCF, leading to a material increase in its leverage and
potentially rendering its capital structure unsustainable.

S&P said, "We could revise our outlook to stable if Eolo
demonstrates prudent liquidity management, including sustaining
comfortable liquidity headroom, enabling it to fund its growth
capex. The outlook revision would also depend on the company's
posting strong revenue and cash flow improvements that support at
least breakeven FOCF generation.

"Governance factors are a moderately negative consideration in our
credit rating analysis of Eolo. Our highly leveraged assessment of
the company's financial risk profile reflects that its corporate
decision-making prioritizes the interests of its controlling
owners, which is the case for most rated entities owned by
private-equity sponsors. Our assessment also reflects
private-equity owners' generally finite holding periods and focus
on maximizing shareholder returns."


UNIPOL GRUPPO: Moody's Affirms 'Ba1' Issuer Rating, Outlook Stable
------------------------------------------------------------------
Moody's Investors Service has affirmed UnipolSai Assicurazioni
S.p.A.'s (UnipolSai) Baa2 insurance financial strength rating
(IFSR) as well as Unipol Gruppo S.p.A.'s (Unipol Gruppo) Ba1 issuer
rating and changed the outlooks on these entities to stable from
negative. Moody's also affirmed the (P)Baa3/(P)Ba1 senior unsecured
and subordinate MTN program ratings, the Ba1(hyb) subordinate
rating, the Ba2(hyb) junior subordinate rating and the Ba2(hyb)
preferred stock non-cumulative rating of UnipolSai, as well as the
(P)Ba1 senior unsecured MTN program rating and the Ba1 senior
unsecured debt rating of Unipol Gruppo. Unipol Gruppo is the
holding company of the Unipol group (Unipol) and UnipolSai is the
main insurance company of the group.

RATINGS RATIONALE

The affirmation of the ratings and the change in outlooks to stable
reflect the improvement in the credit quality of the Government of
Italy (Baa3 stable) as evidenced by Moody's change in Italy's
outlook to stable from negative.

Unipol's linkage to Italy is driven by the group's exposure to
Italian assets, which represented 1.9x its shareholders' equity as
at September 30, 2023 on a consolidated basis. In addition, Unipol
operates quasi exclusively in Italy.

Nonetheless, Moody's believes that UnipolSai's financial strength
is stronger than the credit profile of the Italian sovereign,
thanks to Unipol's efforts to reduce its exposure to Italian assets
and its sensitivity to negative market movements, in particular to
the impact of a widening in credit spreads on Italian sovereign
bonds. In addition, Unipol's financial profile remains strong, with
Unipol's and UnipolSai's consolidated Solvency II ratios of 218%
and 296% respectively as at September 30, 2023 and consolidated net
results for Unipol of EUR769 million in the first nine months of
2023.

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

An improvement in Italy's credit quality, as evidenced by an
upgrade of the sovereign rating could result in an upgrade of
Unipol's ratings.

Conversely, a deterioration in the credit quality of Italy, as
evidenced by a downgrade of Italy's sovereign rating, would likely
result in a downgrade of Unipol's ratings. Downward pressure could
also result from (1) a significant weakening of the group's market
position, (2) materially and sustained lower earnings, in
particular if this should be driven by lower property and casualty
(P&C) underwriting performance, and (3) lower capital adequacy.

PRINCIPAL METHODOLOGIES

The methodologies used in these ratings were Life Insurers
Methodology published in January 2023.

[*] Moody's Takes Actions on 16 Italian Banks, 2 GRIs
-----------------------------------------------------
Moody's Investors Service has taken rating actions on 16 Italian
banks and 2 Italian government-related institutions (GRIs)
following (1) the affirmation of the Italian government's Baa3
rating and outlook change to stable from negative, on November 17,
2023, and (2) the change of Italy's Macro Profile to Strong- from
Moderate +.

A List of Affected Credit Ratings is available at
https://urlcurt.com/u?l=7gnE2T

RATINGS RATIONALE

(1) CHANGE OF ITALY'S MACRO PROFILE REFLECTS IMPROVING OPERATING
CONDITIONS

Moody's has raised Italy's Macro Profile to 'Strong-' from
'Moderate+' to reflect a more supportive operating environment and
improving credit conditions for banks, which results in upward
pressure on Italian banks' standalone credit profiles. Moreover,
the strength of the banking sector is one of the driver for the
stabilization of the outlook on Italy's government debt.

Credit conditions in Italy have improved significantly in recent
years, supporting banks' lending capacity to the real economy.
Nonperforming loans (NPLs) dropped to 2.4% of gross loans as of
June 2023, a level broadly in line with European Union average,
from 6.1% of gross loans as of June 2020. This mainly reflects
large-scale NPL disposals and securitizations facilitated by the
Italian government's Garanzia sulla Cartolarizzazione delle
Sofferenze (GACS) guarantee program, which was discontinued in June
2022. Moreover banks report materially lower number of corporate
defaults and their loan underwriting has been tightened over time.

Moody's expects current inflation and more challenging economic
conditions to lead to a moderate increase in NPLs. However Italian
banks' greater solvency, supported by retained earnings boosted by
the hikes in net interest margins, will help them absorb the
potential headwinds stemming from the weakened creditworthiness of
both households and corporates.

(2) BANK-SPECIFIC CONSIDERATIONS

INTESA SANPAOLO S.P.A. (Intesa Sanpaolo)

The affirmation of Intesa Sanpaolo's baa3 Baseline Credit
Assessment (BCA) reflects the strength of the bank's domestic
franchise, with leading market positions across all business areas
in Italy and above-peer revenue diversification, which results in a
sustained and sound earnings generation capacity. Furthermore,
strong asset metrics and robust capital buffers support the bank's
sound solvency position. The affirmation of the bank's BCA also
takes into consideration its overall comfortable funding and
liquidity position underpinned by Intesa Sanpaolo's large and
granular retail deposit base.

While Intesa Sanpaolo's current creditworthiness points to a higher
standalone financial profile Moody's caps the bank's BCA at the
level of the Italian sovereign rating (Baa3) in recognition of the
significant interconnectedness between the creditworthiness of the
bank and that of the Italian sovereign.

The affirmation of Intesa Sanpaolo's Baa1 long-term deposit and
senior unsecured debt ratings reflects: (1) the affirmation of the
bank's baa3 BCA; (2) the outcome of Moody's Advanced LGF analysis
which results in two notches of uplift, for both the deposit and
senior unsecured debt ratings; and (3) Moody's assumption of a
moderate probability of government support, which results in no
further uplift, because Intesa Sanpaolo's ratings, before
government support, are already higher than Italy's sovereign
rating.

The upgrade of Intesa Sanpaolo's subordinated debt ratings to Baa3
from Ba1 is driven by the sustained issuance of deeply subordinated
and subordinated instruments in order to satisfy its minimum
requirement for own funds and eligible liabilities (MREL). Hence
the revised outcome of Moody's Advanced LGF analysis now results in
no adjustment from the bank's baa3 BCA to the subordinated debt
ratings from previously one notch of negative adjustment.

UNICREDIT S.P.A. (UniCredit)

The affirmation of UniCredit's baa3 BCA underscores the bank's
sound solvency, which is complemented by a comfortable funding and
liquidity position. Moody's believes that robust fundamentals will
help UniCredit cope with the prevailing macroeconomic headwinds in
the group's core markets namely in Western Europe.

While UniCredit's current creditworthiness points to a higher
standalone financial profile Moody's caps the bank's BCA at the
level of the Italian sovereign rating (Baa3) in recognition of the
significant interconnectedness between the creditworthiness of the
bank and that of the Italian sovereign.

The affirmation of UniCredit's Baa1 long-term deposit and senior
unsecured debt ratings reflects: (1) the affirmation of the bank's
baa3 BCA; (2) the outcome of Moody's Advanced LGF analysis which
results in two notches of uplift, for both the deposit and senior
unsecured debt ratings; and (3) Moody's assumption of a moderate
probability of government support, which results in no further
uplift, because UniCredit's ratings, before government support, are
already higher than Italy's sovereign rating.

The downgrade of UniCredit's subordinated debt ratings to Ba1 from
Baa3 is driven by lower than expected issuance of Additional Tier 1
instruments, which has resulted in a higher loss given failure for
the bank's subordinated debt. Since UniCredit is comfortably above
its Total Loss Absorbing Capacity (TLAC) and MREL requirements,
Moody's considers that the group's current volume of subordinated
and deeply subordinated instruments is unlikely to change over the
next 12 to 18 months. Consequently, a one notch negative adjustment
is now applied from the bank's baa3 BCA to the subordinated debt
ratings from no adjustment previously.

BANCO BPM S.P.A. (Banco BPM)

The two-notch upgrade of Banco BPM's BCA to baa3 from ba2 signals
the significant strengthening of the bank's asset quality and
profitability in the context of stronger operating conditions.

Banco BPM has continued to lower its NPL ratio in 2023 and
strengthened its capital position while forcefully benefiting from
interest rate hikes. Banco BPM's liquidity is sound, and its
funding is characterized by (1) a stable and granular retail
deposit base which has contributed to curbing its funding cost, and
(2) the bank's good access to the wholesale bond markets.

The upgrades of Banco BPM's long-term deposits and senior unsecured
debt ratings to Baa1 from Baa2 and to Baa2 from Ba1 respectively
reflect the upgrade of the bank's standalone BCA, and the unchanged
outcome of Moody's Advanced LGF analysis, resulting in one notch of
uplift for senior unsecured debt ratings, and two notches rather
than three notches for the deposit ratings because long -term
ratings cannot exceed Italy 's Baa3 sovereign rating by more than
two notches as per Moody's Banks Methodology.

Lastly Moody's assigns an unchanged low probability of support from
the Government of Italy, which results in no further rating
uplift.

BPER BANCA S.P.A. (BPER)

The affirmation of BPER's ba1 BCA reflects the relatively good
solvency and liquidity positions of the bank. During 2023 the bank
decreased further its NPL ratio, while profitability picked up,
boosted by higher net interest margins. This context will likely
further improve BPER's solvency given the stronger environment.
BPER benefits from an overall good funding and liquidity
underpinned by a large and granular retail deposit base that is
larger than its loan book. The BCA also factors in the operational
risks stemming from BPER's acquisition strategy.

The affirmation of BPER's long-term Baa2 deposit ratings and Ba1
issuer and senior unsecured debt ratings reflect the affirmation of
the bank's BCA and the very low and moderate loss-given failure
respectively in Moody's Advanced LGF analysis, resulting in two
notches and no uplift respectively, as well as the unchanged low
probability of support from the Government of Italy.

BANCA MONTE DEI PASCHI DI SIENA S.P.A. (MPS)

The upgrade of MPS' BCA to ba3 from b1 reflects the progress in the
bank's restructuring, its stronger profit generation, and lower
risk profile in the context of a more supportive operating
environment.

MPS' level of NPLs continued to decrease in 2023, although
remaining above the Italian banking system average. MPS' profit
generation capacity significantly improved in 2023, benefiting from
higher interest rates which boosted net interest income. The bank's
restored capital position will help to cope with the challenges
involved with its ongoing restructuring and legacy issues. The
decrease in the operating costs, mainly following the reduction
personnel in 2022, also supported its profitability. MPS benefits
from a large retail deposit base and has regained bond market
access. While Moody's expects the bank to reduce its reliance on
ECB's financing, it will remain material in the foreseeable
future.

The BCA of ba3 still incorporates a one-notch negative adjustment
signaling the execution challenges of the bank's strategy of
restoring its fundamentals, which have thus far been dealt with
effectively.

The upgrade of MPS' long-term deposit ratings to Ba1 from Ba2 and
of the senior unsecured debt ratings to Ba3 from B1 reflects the
upgrade of the bank's BCA, and the unchanged outcome of Moody's
Advanced LGF analysis. This results in a very low and moderate loss
given failure for junior deposits and senior unsecured debt ratings
respectively resulting in two notches and no uplift respectively.

Moody's also maintained a low probability of government support for
all rated instruments, which results in no further rating uplift.

CREDIT AGRICOLE ITALIA S.P.A. (CA Italia)

The affirmation of the ba1 BCA of CA Italia reflects the bank's
improved asset risk, moderate capital and profitability, and its
expanded franchise in Italy following the acquisition of Credito
Valtellinese S.p.A. in April 2022.

The affirmation of the baa1 Adjusted BCA reflects Moody's
assessment of a very high probability of support from CA Italia's
parent, Credit Agricole S.A. (CASA, Aa3 stable, baa2), resulting in
three notches of uplift.

The affirmation of CA Italia's long-term Baa1 deposit ratings
reflects (1) the affirmation of the ba1 BCA and baa1 Adjusted BCA,
and (2) the outcome of Moody's Advanced LGF analysis, which results
in no uplift (at Baa1) rather than two notches for the deposit
ratings because long term ratings cannot exceed Italy 's Baa3
sovereign rating by more than two notches as per Moody's Banks
Methodology. The affirmation of CA Italia's ratings also
incorporates Moody's unchanged assessment of a low probability of
support from the Government of Italy resulting in no further
uplift.

BANCA NAZIONALE DEL LAVORO S.P.A. (BNL)

The affirmation of the ba2 BCA of BNL reflects the bank's still
large but declining stock of problem loans, adequate
capitalization, and modest profitability. The BCA also factors in
BNL's significant reliance on the funding extended by its parent
BNP Paribas (Aa3/Aa3 Stable, baa1).

The affirmation of the baa2 Adjusted BCA reflects Moody's
assessment of a very high probability of support from BNL's parent,
resulting in three notches of uplift.

The affirmation of BNL's long-term Baa1 deposit and Baa2 issuer
ratings reflects (1) the affirmation of the ba2 BCA, (2) the
affirmation of the baa2 Adjusted BCA, (3) the outcome of Moody's
Advanced LGF analysis, which results in one notch of uplift (at
Baa1) rather than two notches for the deposit ratings because long-
term ratings cannot exceed Italy's Baa3 sovereign rating by more
than two notches as per Moody's Banks Methodology. The affirmation
of BNL's ratings also incorporates Moody's unchanged assessment of
a low probability of support from the Government of Italy resulting
in no further uplift.

MEDIOBANCA S.P.A. (Mediobanca)

The affirmation of Mediobanca's baa3 BCA underscores the bank's
good capitalization, sound and diversified profitability, and high
reliance on wholesale funding. The BCA also factors in the bank's
large stake in Assicurazioni Generali S.p.A. (Generali, insurance
financial strength rating A3, stable), which exposes Mediobanca to
equity risk.

The affirmation of Mediobanca's Baa1 long-term deposits, issuer and
senior unsecured debt ratings also reflects the unchanged outcome
of Moody's Advanced LGF analysis. This results in an extremely low
loss given failure translated in three notches of uplift for the
deposit ratings, which however is capped at Baa1, two notches above
Italy 's sovereign rating per Moody's Banks Methodology. The
long-term issuer and senior unsecured debt ratings show a very low
loss given failure resulting in two notches of uplift for the
senior unsecured debt rating. The affirmation of Mediobanca's
ratings also incorporates Moody's unchanged assessment of a low
probability of support from the Government of Italy resulting in no
further uplift.

CREDITO EMILIANO S.P.A. (Credem)

The affirmation of Credem's BCA of baa3 reflects the bank's good
solvency and liquidity positions. This is supported by the
combination of a higher than peers loan portfolio quality and a
sound capital, which will slightly strengthen because of retained
earnings growth.

Credem will continue to benefit from a large deposit base and
access to the wholesale markets to fund its commercial development.
This could have a bearing on the liquidity of the bank which
however will remain good. The bank's deposits increased more than
its loans in 2023, which contrasts with other Italian banks' more
muted activity.

The affirmation of Credem's Baa2 long-term deposit ratings, Baa3
long-term senior unsecured debt ratings and Ba1 junior senior
unsecured debt factors in the baa3 BCA and the outcome of Moody's
Advanced LGF analysis resulting in one notch of uplift, no uplift
and a one notch negative adjustment respectively. Lastly, Moody's
assigns an unchanged low probability of support from the Government
of Italy, which results in no further rating uplift.

CA AUTO BANK S.P.A. (CA Auto Bank)

The affirmation of the ba2 BCA of CA Auto Bank reflects the bank's
low stock of problem loans and good profitability. It also reflects
the bank's level of business diversification, its high reliance on
wholesale funding, and the bank's transition to a new business
model following its full acquisition by CASA.

The affirmation of the baa3 Adjusted BCA reflects Moody's
assessment of a high probability of support from its ultimate
parent CASA, which owns 100% of the bank through its subsidiary
Credit Agricole Consumer Finance S.A., leading to two notches of
uplift to the baa3 Adjusted BCA.

The affirmation of CA Auto Bank's Baa1 long-term deposit and issuer
ratings reflects (1) the affirmation of the ba2 BCA, (2) the
affirmation of the baa3 Adjusted BCA, and (3) the outcome of
Moody's Advanced LGF analysis, which results in two notches of
uplift (at Baa1) rather than three notches for the deposit ratings
because long- term ratings cannot exceed Italy's Baa3 sovereign
rating by more than two notches as per Moody's Banks Methodology.

Lastly Moody's assigns an unchanged low probability of support from
the Government of Italy, which results in no further rating
uplift.

BANCA SELLA HOLDING S.P.A. (Sella)

The affirmation of the ba2 BCA of Sella reflects its focus on small
and medium-sized enterprises (SMEs) lending as well as a
significant role in the domestic payment services. The BCA also
factors in its moderate stock of NPLs, Sella's sound retail funding
and strong level of liquidity, but also its modest profitability
and weak capitalization.

The affirmation of Sella's Baa3 long-term deposit ratings reflects
the affirmation of the bank's standalone BCA at ba2, and the
outcome of Moody's Advanced LGF analysis which results in two
notches of uplift from the BCA. Lastly Moody's assigns an unchanged
low probability of support from the Government of Italy, which
results in no further rating uplift.

BANCA DEL MEZZOGIORNO – MCC S.P.A. (Banca del Mezzogiorno)

The affirmation of the b1 BCA of Banca del Mezzogiorno reflects the
bank's weak capital and asset quality. It also factors in a
one-notch negative adjustment for corporate behaviour because of
the uncertainty over the bank's strategy following the integration
of failed bank BdM Banca S.p.A. (BdM, formerly Banca Popolare di
Bari S.p,A.).

The affirmation of Banca del Mezzogiorno's Baa3 long-term deposit
and Ba3 long-term issuer ratings reflects (1) the affirmation of
the b1 BCA, (2) the bank's extremely low and moderate loss given
failure for deposit and issuer ratings, which result in an uplift
of three and zero notches, respectively, under Moody's Advanced LGF
analysis, and (3) the moderate probability of government support
for the bank through its parent, Invitalia S.p.A., the Italian
national agency for investment and economic development, which
results in a one-notch rating uplift.

BANCA IFIS S.P.A. (Banca Ifis)

The affirmation of Banca Ifis' ba2 BCA reflects the bank's activity
towards SMEs, and the acquisition and collection of households'
unsecured NPLs in Italy. The affirmed BCA also reflects the bank's
good capitalization, mitigated by good but volatile profitability
and high reliance on market funding.

Current operating conditions will support a broadly stable asset
quality and the bank's capital buffers while profitability will
slightly increase despite higher market funding costs.

The affirmation of the Baa2 long-term deposit ratings, Baa3
long-term issuer and senior unsecured debt ratings as well as the
Ba3 subordinate rating also factors in the unchanged extremely low,
very low and high loss-given failure respectively in Moody's
Advanced LGF analysis, resulting in three notches of uplift, two
notches of uplift and one notch of negative adjustment
respectively. Lastly Moody's assigns an unchanged low probability
of support from the Government of Italy, which results in no
further rating uplift.

BFF Bank S.P.A. (BFF)

The affirmation of BFF's ba2 BCA reflects the bank's sound asset
quality and strong profitability mitigated by a moderate
capitalization as well as its reliance on market funding. BFF's
assets are characterized by a high concentration of exposures to
the Italian public sector, leading to a low level of problem loans.
BFF reports high but declining sensitivity to market risk given
significant holdings of Italian government bonds. BFF is committed
to converting the proceeds of the securities at maturity into
loans.

The affirmation of the Baa3 long-term deposit ratings and Ba2
long-term issuer ratings also factors in the unchanged very low and
moderate loss-given failure respectively in Moody's Advanced LGF
analysis, resulting in two notches of uplift and no uplift
respectively. Lastly Moody's assigns an unchanged low probability
of support from the Government of Italy, which results in no
further rating uplift.

CASSA CENTRALE RAIFFEISEN S.P.A. (CC Raiffeisen)

The affirmation of the baa3 BCA of CC Raiffeisen reflects its role
as the central treasury for 39 cooperative banks in the Autonomous
Province of Bolzano (Baa1 negative) in Northern Italy, its strong
capitalization, good asset quality, and the large deposit base of
its affiliated cooperative banks.

The affirmation of CC Raiffeisen's Baa1 long-term deposit ratings
reflects the affirmation of the bank's standalone BCA at baa3, and
the outcome of Moody's LGF analysis, which results in two notches
of uplift (at Baa1) rather than three notches for the deposit
ratings because long term ratings cannot exceed Italy's Baa3
sovereign rating by more than two notches as per Moody's Banks
Methodology.

The upgrade of CC Raiffeisen's long-term senior unsecured debt and
issuer ratings to Baa1 from Baa2 reflects the outcome of Moody's
LGF analysis which results in two notches of uplift to the ratings
from the bank's BCA from one notch of uplift previously. This is
driven by changes in the bank's liability structure, with a higher
volume of bail-in-able debt relative to the bank's assets,  which
leads to lower loss given failure for senior unsecured debt. Lastly
Moody's assigns an unchanged low probability of support from the
Government of Italy, which results in no further rating uplift.

MEDIOCREDITO TRENTINO-ALTO ADIGE S.P.A. (MTAA)

The affirmation of the ba2 BCA of MTAA reflects its low business
and geographical diversification, its sound capital and good
liquidity, as well as the ongoing funding support from its
shareholder mutual banks operating in Northeast Italy.

The affirmation of MTAA's Baa2 long-term deposit and Ba1 long-term
issuer ratings reflects the affirmation of the bank's standalone
BCA at ba2, and the outcome of Moody's LGF analysis which results
in three notches of uplift for the deposit ratings, and one notch
of uplift for the issuer ratings. Lastly Moody's assigns an
unchanged low probability of support from the Government of Italy,
which results in no further rating uplift.

CASSA DEPOSITI E PRESTITI S.P.A. (CDP) AND INVITALIA S.P.A.
(Invitalia)

Moody's rating affirmation of CDP's and Invitalia's Baa3 long-term
issuer ratings and change of the outlook on the issuers to stable
from negative were driven by the affirmation with a stable outlook
of the Italian government's debt rating. CDP's and Invitalia's Baa3
ratings are aligned with Italy's sovereign rating given the strong
linkages and their strategic importance for the Italian
government.

OUTLOOKS

The stable outlooks on the long-term deposit ratings and/or
long-term senior unsecured debt ratings and long-term issuer
ratings (where applicable) of Intesa Sanpaolo, UniCredit, Banco
BPM, CA Italia, BNL, Mediobanca, Sella, Banca Ifis, Credem, BFF, CC
Raiffeisen, and MTAA reflects Moody's view that the expected
performance of the bank's financial fundamentals over the next 12
to 18 months is already captured in the bank's current ratings.
Moody's anticipates a moderate increase in NPLs amid higher
interest rates and inflationary pressures on households' purchasing
power and corporate margins, yet this is unlikely to weaken banks'
credit profiles mitigated by sound profitability and improved
capital buffers. The stable outlook on these ratings is also driven
by the stable outlook on Italy's sovereign debt rating. The stable
outlook on the long-term deposit ratings of CA Auto Bank is driven
by the stable outlook on Italy's sovereign debt rating.

The stable outlooks on the long-term deposit ratings and/or
long-term senior unsecured debt ratings and long-term issuer
ratings (where applicable) of Intesa Sanpaolo, UniCredit, Banco
BPM, CA Italia, BNL, Mediobanca, Sella, Banca Ifis, Credem, BFF, CC
Raiffeisen, and MTAA reflects Moody's view that the expected
performance of the bank's financial fundamentals over the next 12
to 18 months is already captured in the bank's current ratings.
Moody's anticipates a moderate increase in NPLs amid higher
interest rates and inflationary pressures on households' purchasing
power and corporate margins, yet this is unlikely to weaken banks'
credit profiles mitigated by sound profitability and improved
capital buffers. The stable outlook on these ratings is also driven
by the stable outlook on Italy's sovereign debt rating.

The negative outlook on UniCredit's long-term senior unsecured debt
ratings reflects a possible increase in the loss severity for this
debt class in case the bank was to reduce the volume of senior or
subordinated debt instruments or were to expand its balance sheet
beyond Moody's expectation.

The positive outlook on the long-term deposits, long-term issuer
and senior unsecured debt ratings of BPER reflects Moody's
expectation that the more favorable operating conditions in Italy
could lead in the next 12-18 months to improved fundamentals and
hence an upgrade of the bank's BCA and ratings. In particular,
Moody's expects BPER to generate strong profits that will
strengthen its capital position, whilst maintaining good asset
quality and a sound funding and liquidity profile.

The positive outlook on MPS' long-term deposit and senior unsecured
debt ratings reflects Moody's view that the bank's improved
creditworthiness, in particular reflected in its higher recurrent
profitability and continued access to the bond market, could result
in a higher standalone BCA if such improvements were to be
sustained over the next 12 to 18 months.

The positive outlook on Credem's long-term deposit ratings reflects
lower loss severity for these instruments provided the increased
share of corporate deposits in the bank's deposit base is
sustainable.

The negative outlook on CA Auto Bank's long-term issuer rating
reflects the transition that Moody's expects the bank will have to
manage in redefining its business model and franchise following its
full acquisition by CASA in April 2023.

The outlook on BFF's long-term deposit ratings remains negative,
reflecting that the potential impact of further significant
balance-sheet expansion and limited issuance of more subordinated
loss absorbing liabilities may lead to lower rating uplift under
Moody's Advanced LGF analysis.

The negative outlook on Banca del Mezzogiorno's long-term deposit,
long-term issuer and senior unsecured debt ratings reflects the
challenges for the bank to expand its activities in the weakest
region of southern Italy as well as the restructuring of BdM, which
could lead to a material increase in NPLs. The negative outlook
also reflects the potentially higher loss given failure on junior
deposits and senior unsecured debt in case the bank's balance sheet
was to expand more than anticipated.

The stable outlook on CDP and Invitalia reflect the stable outlook
on Italy's sovereign debt rating.

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

The banks' BCAs could be downgraded if the current trajectory of
their financial fundamentals were to be reversed, more
specifically, if banks were to report a higher-than-expected
deterioration in asset quality and profitability, which would
weaken their capital position. Downward pressure could also be
exerted on banks' BCAs if their funding and liquidity position were
to deteriorate from current levels.

The banks' deposit and senior unsecured debt ratings could also
experience upward or downward pressure from changes in the
loss-given-failure faced by these liabilities.

The banks' BCAs could be upgraded following an improvement of their
financial fundamentals beyond Moody's expectations, more
specifically, if banks were to report lower NPLs, stronger
profitability, and higher capital levels while maintaining
comfortable liquidity and funding positions.

The BCAs of Intesa Sanpaolo, UniCredit, Banco BPM, Mediobanca, CC
Raiffeisen, and Credem, are at the same level as Italy's Baa3
sovereign debt rating and hence a BCA upgrade is unlikely unless
Italy's government bond rating were to be upgraded. The BCAs of
Intesa Sanpaolo and UniCredit are currently capped by Italy's
rating, therefore they would likely be upgraded in case of an
upgrade of Italy's rating.

The Baa1 long-term deposit ratings of Intesa Sanpaolo, UniCredit,
Banco BPM, BNL, Mediobanca, CA Italia, CA Auto Bank, CC Raiffeisen
are capped at two notches above Italy's sovereign debt rating,
therefore an upgrade of Italy's government bond rating would likely
lead to an upgrade of these banks' deposit ratings.

The BCAs and ratings of Intesa Sanpaolo, UniCredit, Banco BPM,
Mediobanca, CC Raiffeisen, and Credem, could be downgraded if
Italy's government bond rating were downgraded from its current
Baa3 level. A downgrade of Italy's sovereign rating could also lead
to a downgrade of the long-term deposit ratings of CA Italia, CA
Auto Bank and BNL, and of the issuer rating of CA Auto Bank.

The long-term issuer and senior unsecured debt ratings of CDP and
Invitalia could be upgraded or downgraded following an upgrade or
downgrade of Italy's sovereign debt rating.

PRINCIPAL METHODOLOGY

The principal methodology used in rating Banca del Mezzogiorno -
MCC S.p.A., Banca Ifis S.p.A., Banca Monte dei Paschi di Siena
S.p.A., Banca Nazionale Del Lavoro S.p.A., Banca Sella Holding
S.p.A., Banco BPM S.p.A., BFF Bank S.p.A., BPER Banca S.p.A., CA
Auto Bank S.p.A., CA Auto Bank S.p.A., Irish Branch, CA Auto
Finance Suisse SA, Cassa Centrale Raiffeisen S.p.A., Credit
Agricole Italia S.p.A., Credito Emiliano Holding S.p.A., Credito
Emiliano S.p.A., Intesa Bank Ireland p.l.c., Intesa Sanpaolo Bank
Ireland p.l.c., Intesa Sanpaolo Bank Luxembourg S.A., Intesa
Sanpaolo Funding LLC, INTESA SANPAOLO S.P.A., Intesa Sanpaolo
S.p.A., Hong Kong Branch, Intesa Sanpaolo S.p.A., London Branch,
Intesa Sanpaolo S.p.A., New York Branch, Mediobanca International
(Luxembourg) SA, Mediobanca S.p.A., Mediocredito Trentino-Alto
Adige S.p.A., Sanpaolo IMI S.p.A., UniCredit Delaware Inc.,
UniCredit S.p.A., UniCredit S.p.A., London Branch and UniCredit
S.p.A., New York Branch was Banks Methodology published in July
2021.



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

EAST LONDON PUB: Goes Into Administration
-----------------------------------------
Ed Bedington at Morning Advertiser reports that the East London Pub
Company has gone into administration, although its four sites are
continuing to trade.

Mr. Frawley, who founded the operation in 2014, stepped down as a
director on Nov. 10 and administrators from Kroll Advisory were
appointed on Nov. 16, Morning Advertiser relays, citing records
filed with Companies House.

According to Morning Advertiser, a statement from the
administrators said: "Sarah Rayment and Janet Burt of Kroll were
appointed as joint administrators of East London Taverns Limited,
East London Pub Co Limited, Lock Tavern Limited, Clapham Tavern
Limited, Gun Tavern Limited on November 16, 2023.

"The business of the companies continue to trade as usual
especially in the lead up to the busy Christmas period."

Mr. Frawley had previously claimed the hospitality industry had
been "thrown to the wolves" during the Covid pandemic, Morning
Advertiser notes.



HARTLEY PENSIONS: Denies Being Placed Into Liquidation
------------------------------------------------------
Amy Austin at FT Adviser reports that Hartley Pensions has
reassured clients it is not being placed into liquidation amid the
administrators securing funding.

In an update to clients, seen by FT Adviser, administrators UHY
Hacker Young said some had been warning of the possibility of
Hartley being placed into liquidation.

But the joint administrators said they had secured funding to
continue trading while the application to court is made, FT Adviser
relates.

According to FT Adviser, they stated: "Liquidation was only a
possibility as the representative respondent's believed liquidation
may have resulted in a return to clients from FSCS compensation,
however the FSCS have advised that compensation on the proposed
exit and administration charge is not currently available."

A spokesperson for FS Legal Solicitors, who were acting on behalf
of representative respondents also said liquidation would be a last
case situation, FT Adviser notes.

They said: "All parties are working hard to avoid a liquidation
scenario. An agreement needs to occur between the various
interested parties.  

"FS Legal Solicitors LLP are to act for the six representative
respondents in the application made by Hartley's joint
administrators.

"The funding of the court work for the representative respondents
is being invited from the 16,741 Sipp members. If this does not
work, we have instructions to apply to court for a costs order."

The administrators also tried to clear up some confusion regarding
the proposed representative respondents and the administrator's
court application to consider the exit and administration charge,
FT Adviser discloses.

They said: "The joint administrators have approached clients to
become RR's and six clients have agreed to take on this role.

"An application to court is required to formally appoint the RR's
and they therefore require legal representation.

"FS Legal have confirmed that they are willing to act on the RR's
behalf but for both the RR's formal appointment and the application
to consider the charge.”

UHY Hacker Young is applying to court to ratify an "exit and
administration" charge that the administrators would make against
the assets clients hold within their Sipps, FT Adviser states.


HIPGNOSIS SONGS: Seeks New Auditor Amid Legal Action
----------------------------------------------------
Daniel Thomas at The Financial Times reports that Hipgnosis Songs
Fund, the troubled music rights owner, is searching for a new
auditor after PwC refused to reapply for the job.

According to the FT, the UK-listed investment trust said that the
Big Four firm, which has audited the company since it was
established in 2018, had "indicated they will not be participating"
in a tender process.  PwC had told the board it no longer wished to
continue as Hipgnosis' auditor, the FT relays, citing a person
familiar with the situation.

The need for a new auditor is the latest blow to a company that
already faces doubts over its future after shareholders voted down
its attempt to secure a further five-year mandate last month, the
FT notes.

Hipgnosis also said on Nov. 23 that the company, its founder Merck
Mercuriadis and its investment adviser had been served legal
proceedings from a company formerly owned and run by Mr.
Mercuriadis, the FT relates.

Acting on behalf of creditors, the liquidators of Hipgnosis Music
Limited have filed a claim in the High Court alleging "a diversion
of business opportunity" from HML -- of which Mr. Mercuriadis was
previously a director -- to the Hipgnosis Songs Fund, the FT
discloses.  They also allege that Hipgnosis Songs Fund "unlawfully
assisted Mr. Mercuriadis with, or received, this alleged
diversion", the FT states.

All three parties deny the claims and "intend to vigorously defend
them".  Hipgnosis Songs Fund warned that it was not insured for the
costs of dealing with this claim, however, the FT recounts.

Hipgnosis Songs Fund was founded by former band manager Mercuriadis
in 2018 with ambitions of turning income from streaming, radio play
and performances of music into a mainstream asset class.  However,
the rise in interest rates have made its returns less attractive
and has forced up the discount rate used to calculate asset values
into the future, the FT discloses.  Hipgnosis also axed payment of
its interim dividend after warning over debt covenants following a
change in royalty payments to songwriters in the US, the FT relays.


Plans to sell a large portfolio of its music rights to a fund owned
by private equity group Blackstone, which also controls its
investment manager, were also blocked by investors last month
despite concerns over high levels of debt and the large discount to
its net asset value, according to the FT.

The company's board, which has been forced to review options for
its future as a result of the shareholder vote, said on Nov. 23
that it would appoint independent advisers to conduct due diligence
on the company's assets ahead of any decision, the FT notes.



HUNTERS IN LONDON: Goes Into Voluntary Liquidation
--------------------------------------------------
David Callaghan at The Negotiator reports that a branch of Hunters
in London has gone into voluntary liquidation after HMRC petitioned
for a winding up order.

Hunters in Ealing west London, which also traded under the name
Bradshaw Estate Agents, closed its office a few weeks ago, and its
website has been taken down, The Negotiator discloses.

It is unclear whether customers have been informed of the closure,
or whether they have been redirected to another Hunters branch, The
Negotiator notes.

A search of the Hunters website shows that Northfields is the
nearest alternative office.

Company restructuring specialist firm Begbies Traynor has been
appointed as liquidators, The Negotiator relates.

The firm's sole director Narinder Joshi told The Negotiator in
September when the winding up petition was made public that "It was
a difficult time."

"We are trying to get things resolved, but what can I do?" he
said.

Mr. Joshi pointed to the downturn in the housing market as the
reason for the firm's demise, according to The Negotiator.


NEWDAY FUNDING 2022-3: Fitch Affirms 'Bsf' Rating on Class F Notes
------------------------------------------------------------------
Fitch Ratings has assigned NewDay Funding Master Issuer Plc -
Series 2023-1's notes final ratings. The Outlooks are Stable.

Fitch has also affirmed the series 2021-1, 2021-2, 2021-3, 2022-1,
2022-2, 2022-3, VFN-F1 V1 and VFN-F1 V2 notes.

The proceeds from the series 2023-1 issuance were used to partially
defease the series 2021-1 notes. Funds will be held on the series
2021-1 principal funding ledger of the receivables trustee
investment account until the series 2021-1 scheduled redemption
date in March 2024. An accumulation reserve of GBP1.5 million was
funded to contribute to interest payments on the series 2021-1
notes.

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

   2023-1 Class A1
   XS2715923459        LT AAAsf  New Rating   AAA(EXP)sf

   2023-1 Class A2
   US65120LAL53        LT AAAsf  New Rating   AAA(EXP)sf

   2023-1 Class B
   XS2715924002        LT AAsf   New Rating   AA(EXP)sf

   2023-1 Class C
   XS2715924267        LT Asf    New Rating   A(EXP)sf

   2023-1 Class D
   XS2715924424        LT BBBsf  New Rating   BBB(EXP)sf

   2023-1 Class E
   XS2715924937        LT BBsf   New Rating   BB(EXP)sf

   2023-1 Class F
   XS2715925074        LT B+sf   New Rating   B+(EXP)sf

   2021-1 Class A1
   XS2296139798        LT AAAsf  Affirmed     AAAsf

   2021-1 Class A2
   65120LAA9           LT AAAsf  Affirmed     AAAsf

   2021-1 Class B
   XS2296139954        LT AAsf   Affirmed     AAsf

   2021-1 Class C
   XS2296140028        LT Asf    Affirmed     Asf

   2021-1 Class D
   XS2296140291        LT BBBsf  Affirmed     BBBsf

   2021-1 Class E
   XS2296140374        LT BBsf   Affirmed     BBsf

   2021-1 Class F
   XS2296140457        LT B+sf   Affirmed     B+sf

   2021-2 Class A1
   XS2358473374        LT AAAsf  Affirmed     AAAsf

   2021-2 Class A2
   65120LAB7           LT AAAsf  Affirmed     AAAsf

   2021-2 Class B
   XS2358473887        LT AAsf   Affirmed     AAsf

   2021-2 Class C
   XS2358474000        LT Asf    Affirmed     Asf

   2021-2 Class D
   XS2358474182        LT BBBsf  Affirmed     BBBsf

   2021-2 Class E
   XS2358474422        LT BBsf   Affirmed     BBsf

   2021-2 Class F
   XS2358474778        LT B+sf   Affirmed     B+sf

   2021-3 Class A1
   XS2399701254        LT AAAsf  Affirmed     AAAsf

   2021-3 Class A2
   65120LAD3           LT AAAsf  Affirmed     AAAsf

   2021-3 Class B
   XS2399700447        LT AAsf   Affirmed     AAsf

   2021-3 Class C
   XS2399700793        LT Asf    Affirmed     Asf

   2021-3 Class D
   XS2399791149        LT BBBsf  Affirmed     BBBsf

   2021-3 Class E
   XS2399805972        LT BBsf   Affirmed     BBsf

   2021-3 Class F
   XS2399973176        LT B+sf   Affirmed     B+sf

   2022-1 Class A1
   XS2452635118        LT AAAsf  Affirmed     AAAsf

   2022-1 Class A2
   65120LAK7           LT AAAsf  Affirmed     AAAsf

   2022-1 Class B
   XS2452635464        LT AAsf   Affirmed     AAsf

   2022-1 Class C
   XS2452635548        LT Asf    Affirmed     Asf

   2022-1 Class D
   XS2452635977        LT BBBsf  Affirmed     BBBsf

   2022-1 Class E
   XS2452636272        LT BBsf   Affirmed     BBsf

   2022-1 Class F
   XS2452636512        LT B+sf   Affirmed     B+sf

   2022-2 Class A
   Loan Note           LT AAsf   Affirmed     AAsf

   2022-2 Class C
   XS2498643589        LT Asf    Affirmed     Asf

   2022-2 Class D
   XS2498643829        LT BBBsf  Affirmed     BBBsf

   2022-2 Class E
   XS2498644124        LT BBsf   Affirmed     BBsf

   2022-2 Class F
   XS2498644470        LT B+sf   Affirmed     B+sf

   2022-3 Class A
   XS2554910591        LT Asf    Affirmed     Asf

   2022-3 Class D
   XS2554989678        LT BBBsf  Affirmed     BBBsf

   2022-3 Class E
   XS2554989918        LT BBsf   Affirmed     BBsf

   2022-3 Class F
   XS2554991062        LT Bsf    Affirmed     Bsf

   VFN-F1 V1 Class A   LT BBB-sf Affirmed     BBB-sf

   VFN-F1 V1 Class E   LT BBsf   Affirmed     BBsf

   VFN-F1 V1 Class F   LT B+sf   Affirmed     B+sf

   VFN-F1 V2 Class A   LT A+sf   Affirmed     A+sf

   VFN-F1 V2 Class E   LT BBsf   Affirmed     BBsf

   VFN-F1 V2 Class F   LT B+sf   Affirmed     B+sf

TRANSACTION SUMMARY

The series 2023-1 notes 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 the 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 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 hit, 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: Its steady-state assumptions are 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 term, particularly considering positive trends in customer
demographics and increased sophistication in NewDay's
underwriting.

VFN 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 through 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: 'AA+sf' / 'AA-sf' / 'A+sf'

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

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

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

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

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' / 'A+sf'

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' / 'BBsf' / 'BB-sf'

Series 2023-1 F: 'Bsf' / 'Bsf' / 'Bsf'

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: 'AA-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: 'BBsf'

The class A notes cannot be upgraded as they are rated '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.

SIGN PLUS: Cash Flow Problems Prompt Administration
---------------------------------------------------
Ally McRoberts at Dunfermline Press reports that administrators say
there has been an encouraging level of interest in the assets of a
financially stricken Dalgety Bay firm.

According to Dunfermline Press, fifty people lost their jobs when
Sign Plus Ltd plunged into administration a fortnight ago due to
"serious cash flow problems stemming from rising operational
costs".

The business immediately ceased trading and the assets were
marketed for sale and the joint administrators, Michelle Elliot and
Anthony Collier from FRP Advisory, provided a more positive update
on Nov. 22, Dunfermline Press Dunfermline Press relates.

"There has been an encouraging level of interest in the assets of
Sign Plus," Dunfermline Press quotes a spokesman as saying. "The
assets, which include plant, equipment, vehicles and intellectual
property, will be sold either in whole or in part, and the joint
administrators are encouraging any other interested parties to
contact the Glasgow office of FRP Advisory as soon as possible."

Sign Plus also operates two companies in Aberdeen and Peterhead,
Lofthus Signs which specialises in engraving and vehicle graphics,
and Jasmine, which provides a wide range of print, signage and
creative display services.

There were 21 people made redundant at the Dalgety Bay office with
a further 29 people, who were based in Aberdeen and Peterhead, also
losing their jobs, Dunfermline Press states.

Two members of staff were retained to assist the administrators,
Dunfermline Press notes.


TOGETHER 2023-CRE-1: S&P Assigns Prelim 'BB+' Rating to X Notes
---------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Together
Asset Backed Securitisation 2023-CRE-1 PLC's (TABS 2023 CRE1) class
A notes, loan note, and B-Dfrd to X-Dfrd notes. At closing the
issuer will also issue unrated class Z notes and residual
certificates.

TABS 2023 CRE1 is a static transaction that securitizes a
provisional portfolio of £380.4 million mortgage loans, secured on
commercial (87.5%), mixed-use (10.7%), and residential (1.8%)
properties in the U.K.

This is the fourth transaction S&P has rated in the U.K. that
securitizes small ticket commercial mortgage loans after Together
Asset Backed Securitisation 2022-CRE-1 PLC.

The loans in the pool were originated by Together Commercial
Finance Ltd. (a nonbank specialist lender) and Harpmanor Ltd., both
subsidiaries of Together between 2012 and 2023.

S&P said, "We consider the nonresidential nature of most of the
pool as higher risk than a fully residential portfolio,
particularly the loss severity. We have nevertheless assessed these
loans' probability of default using our global residential loans
criteria as the method by which the loans were underwritten and are
serviced is similar to that of Together's residential mortgage
portfolio. On the loss severity side however, we have used our
covered bond commercial real estate criteria to fully capture the
market value declines associated with commercial properties."

At closing, credit enhancement for the rated notes will consist of
subordination. Post closing, the excess amount from the release of
the liquidity reserve fund's amortization to the principal priority
of payments will provide additional credit enhancement. Following
the step-up date, additional overcollateralization will also
provide credit enhancement. The overcollateralization will result
from the release of the excess amount from the revenue priority of
payments to the principal priority of payments.

Liquidity support for the class A notes, loan note, and class B
notes is in the form of an amortizing liquidity reserve fund.
Principal can also be used to pay interest on the most-senior class
outstanding.

At closing, the issuer will use the issuance proceeds to purchase
the beneficial interest in the mortgage loans from the seller. The
issuer grants security over its assets in the security trustee's
favor.

S&P's preliminary ratings on the notes also reflect their ability
to withstand the potential repercussions of the extended recovery
timings, higher default sensitivities, and largest borrower
default.

There are no rating constraints in the transaction under its
counterparty, operational risk, or structured finance sovereign
risk criteria. S&P considers the issuer to be bankruptcy remote.

  Preliminary ratings

  CLASS     PRELIM. RATING     CLASS SIZE (%)

  A            AAA (sf)         15.50

  Loan note    AAA (sf)         66.50

  B-Dfrd       AA (sf)           6.00

  C-Dfrd       AA- (sf)          4.50

  D-Dfrd       BBB+ (sf)         4.00

  X-Dfrd       BB+ (sf)          5.00

  Z            NR                5.00

  Residual certs    NR            N/A

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


WILKO: Former Bosses, Auditor Summoned to Appear Before MPs
-----------------------------------------------------------
Laura Onita and Simon Foy at The Financial Times report that the
former bosses and auditor of collapsed UK retail chain Wilko have
been summoned to appear before MPs next week to explain why the
92-year-old company went bust.

The Commons' business and trade committee has written to Wilko's
former chief executive and chair, and representatives at
accountancy firm EY, to ask about the shortfall in Wilko's pension
fund and dividend payments it made "when it was heavily indebted",
the FT relates.

Wilko was one of the biggest retail casualties in the UK since the
collapse of Sir Philip Green's retail empire and department store
chain Debenhams.  It had 400 shops and employed about 12,000 staff
before it disappeared from the high street.

According to the FT, MPs said on Nov. 23 they wanted to probe a
GBP50 million shortfall in Wilko's pension fund and "the Wilkinson
family's justification for taking millions of pounds in dividends
out of the firm".

The company paid its owners GBP9 million in dividends since 2019,
the FT relays, citing recent calculations from administrators at
PwC.

Lisa Wilkinson, former chair and granddaughter of Wilko's founder,
is to be among those giving evidence, as well as Mark Jackson, the
company's chief executive when it collapsed in August, the FT
disclsoes.  Union representatives, ministers and academics will
also be quizzed on whether the retailer could have been saved, the
FT states.

Two partners at EY have also been called to appear before the
committee, according to the FT.  In November 2022, the audit firm
said Wilko's latest accounts gave a "true and fair" view of the
company's financial position, the FT recounts.

Andrew Walton, UK head of audit at EY, and Victoria Venning, the
partner at the firm who signed off Wilko's accounts, will appear
alongside Jackson and Wilkinson at the hearing, the FT discloses.

In its audit opinion of Wilko's accounts for the year to January
2022, EY said it was "appropriate" that the retailer's financial
statements were prepared on a going concern basis.  However it drew
attention to a warning made by the retailer's directors, which said
there was "material uncertainty" over its ability to continue as a
going concern, the FT relates.





===============
X X X X X X X X
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[*] BOOK REVIEW: The Phoenix Effect
-----------------------------------
Nine Revitalizing Strategies No Business Can Do Without

Authors: Carter Pate and Harlann Platt
Publisher: John Wiley & Sons, Inc.
Softcover: 244 Pages
List Price: $27.95
Review by Gail Owens Hoelscher
Buy a copy for yourself and one for a colleague on-line at
http://amazon.com/exec/obidos/ASIN/0471062626/internetbankrupt   

Think of all the managers of faltering companies who dream of
watching those companies rise from the ashes all around them! With
a record number of companies failing in 2001, and another
record-setting year expected for 2002, there are a lot of ashes
from which to rise these days.

Carter Pate and Harlan Platt highly value strong leadership able to
sharpen a company's focus and show the way to the future. They
believe that all too often, appropriate actions required to improve
organizations are overlooked because upper management either isn't
aware of the seriousness of the issues they face or they don't know
where to turn for accurate information to best address their
concerns. In the Phoenix Effect, the authors present their ideas to
"confront, comprehend, and conquer a company's ills, big and
small."

These ideas are grouped into nine steps: (i) Find out whether the
company needs a tune-up, a turnaround, or crisis management. Locate
the source of "the pain." (ii) Analyze the true scope of the
company's operations. Decide whether to stay in the same
businesses, withdraw from existing businesses, or enter new ones.
(iii) Hold the company to its mission statement. If it strives to
be "the most environmentally friendly." Figure out how. (iv) Manage
scale. Should the company grow, stay the same size, or shrink? (v)
Determine debt obligations and work toward debt relief. (vi) Get
the most from the company's assets. Eliminate superfluous assets
and evaluate underused assets. (vii) Get the most from the
company's employees. Increase output and lower workforce costs.
(viii) Get the most from the company's products. Turn out products
that are developed and marketed to fill actual, current customer
needs. (ix) Produce the product. Search for alternate ways to
create the product: owning or leasing facilities, outsourcing,
etc.

The authors believe that "how you're doing is where you're going."
They assert that the "one fundamental source of life in companies,
as in people, is the capacity for self-renewal, the ability to
excite your team for game after game. to go for broke season after
season." This ability can come from "(g)enetics, charisma, sheer
luck, stock options -- all crucial, yes, but the best renewal
insurance is a leader who always knows exactly how his or her
company is doing."

There are a lot of books written on this topic. Pate and Platt
successfully bridge the gap between overgeneralization and too
detail. They are equally adept at advising on how to go about
determining a business's scope and arguing for Monday rather than
Friday for implementing layoffs. They don't dwell on sappy
motivational techniques. They don't condescend to the reader or
depend too much on folksy vernacular and cliche. Their message is
clear: your company's phoenix, too, can rise from its ashes.

Carter Pate has served on the Board of multiple public companies.
During his two decades as a Partner at PricewaterhouseCoopers, he
held several global leadership positions, including being the
Global Managing Partner of the Advisory Services Practice,
Healthcare Practice and the Government practice.  He subsequently
served as the CEO of Providence Service Corporation (revenue $1.5B)
and as the CEO of MV Transportation, one of the largest privately
held transportation companies.

Dr. Harlan D. Platt is a professor of Finance and Insurance at
Northeastern University. He is president of 911RISK, Inc., which
specializes in developing analytical models to predict corporate
distress.  He received a Ph.D. from the University of Michigan, and
holds a B.A. degree from Northwestern University.



                           *********


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

Troubled Company Reporter-Europe is a daily newsletter co-
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Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

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

This material is copyrighted and any commercial use, resale or
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                * * * End of Transmission * * *