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

                          E U R O P E

          Tuesday, December 19, 2023, Vol. 24, No. 253

                           Headlines



A U S T R I A

LEIKI EINRICHTUNG: Files for Insolvency in Austria
SIGNA HOLDING: Likely to Keep Control Over Operations


F R A N C E

ARMOR IIMAK: Moody's Affirms 'B2' CFR & Alters Outlook to Negative


G E R M A N Y

ASTERIX HOLDCO: Moody's Affirms B2 CFR, Alters Outlook to Positive


I R E L A N D

BARINGS EURO 2018-1: Moody's Cuts Rating on EUR15MM F Notes to B2
BRIDGEPOINT CLO 1: Moody's Hikes Rating on EUR7.5MM F Notes to B2
HARVEST CLO XXXI: Fitch Assigns 'B-sf' Final Rating to Cl. F Notes


L I T H U A N I A

SNAIGE AB: Creditors Okay Revised Draft Restructuring Plan


L U X E M B O U R G

TAVIATA II SARL: Moody's Affirms 'B3' CFR, Outlook Stable
WEBPROS INVESTMENTS: Moody's Alters Outlook on 'B2' CFR to Positive


N E T H E R L A N D S

CASPER DEBTCO: Moody's Withdraws 'Ca' Corporate Family Rating
PRECISE MIDCO: Moody's Affirms 'B3' CFR, Outlook Remains Stable


U N I T E D   K I N G D O M

AMPHORA INTERMEDIATE: Moody's Lowers CFR to Ca, Outlook Negative
BALNACRAIG SCHOOL: Repays Debt in Full Following Asset Sale
CUBE PRECISION: Enters Administration, 45 Jobs Affected
LECTA LTD: Moody's Affirms 'Caa2' CFR & Alters Outlook to Positive
MAGNUS GROUP: Owes Nearly GBP4 Million to Creditors

MAR HALL: Bought Out of Administration by Dutco Group
PERFORMER FUNDING 1: Moody's Gives Ba3 Rating to GBP45.5MM E Notes

                           - - - - -


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

LEIKI EINRICHTUNG: Files for Insolvency in Austria
--------------------------------------------------
Laura Malsch at Bloomberg News, citing an emailed statement by the
Austrian credit protection association, reports that Signa unit
Leiki Einrichtung Holding GmbH has filed for insolvency in
Austria.

Leiki Einrichtung Holding GmbH was holding the investment in Leiner
& kika Mobelhandels GmbH and performing management tasks for this
company, Bloomberg states.

According to Bloomberg, the investment in Leiner & kika
Mobelhandels GmbH was sold and the debtor was subsequently in final
liquidation.

Gerhard Bauer was named insolvency administrator, Bloomberg
discloses.


SIGNA HOLDING: Likely to Keep Control Over Operations
-----------------------------------------------------
Marton Eder at Bloomberg News reports that Signa Holding looks
likely to keep control over its operations as the property and
retail empire confronts creditors for the first time since filing
for insolvency last month.

Christof Stapf, the court-appointed supervisor, is due to allow the
umbrella organization of Rene Benko's group continue to be run by
its management for the time being, the AKV Europa creditor
association said in a statement, citing court filings ahead of a
meeting Tuesday, Dec. 19, in a Vienna courtroom, Bloomberg relates.



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

ARMOR IIMAK: Moody's Affirms 'B2' CFR & Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service has affirmed Armor IIMAK's corporate
family rating at B2 and the probability of default rating at B2-PD.
Concurrently Moody's has affirmed the instrument rating of Armor
IIMAK's EUR450 million senior secured term loan B and its EUR85
million senior secured revolving credit facility (RCF) at B2. The
outlook has been changed to negative from stable.

RATINGS RATIONALE

The rating action reflects the ongoing weak operating performance
which is driven by a double-digit reduction in volumes in
percentage terms in the first nine month of 2023 leading to a
continuous high leverage since the partial leveraged buy-out.
Moody's forecast Moody's adjusted debt/EBITDA to remain above 6.0x
in the next 12-18 months and, thus, outside of the requirements for
a B2 rating. Although the company has initiated measures to restore
profitability including furlough schemes and staff reduction and
benefitted from reduced material costs compared to 2022, Moody's
believe that Moody's adjusted EBITA-margins will remain below
historical levels considering the high share of fixed costs. Free
cash flow generation is strained by high capital expenditures in
2023 and reliant on normalization of inventory levels. Moody's
believe that the company will benefit from a market recovery and
return to revenue and profitability growth once the destocking and
capacity adjustments in the markets are completed and, thus, expect
financial metrics to continuously improve during 2024 to a level
more commensurate with the current rating.

More generally, Armor IIMAK 's (formerly known as EN6) B2 corporate
family rating (CFR) reflects the company's established and leading
position in the consolidated and niche market of thermal transfer
ribbons (TTR); its vertically integrated business model, with
in-house expertise in all stages of the ink manufacturing process
from the sourcing of ingredients to production; exposure to the
relatively stable packaging end market; and high profitability in
normal market conditions with moderate capital spending
requirements, translating into a capacity for sustained good free
cash flow (FCF) generation.

These positives are balanced by Armor IIMAK's relatively small
size, and its narrow product portfolio focused on TTR; its high
customer concentration, with the top 10 key clients representing
around 40% of the company's sales; exposure to raw material price
fluctuations, with the company being able to pass this on to
clients through negotiations with a timelag; and high leverage
above 7.0x Moody's-adjusted debt/EBITDA expected in 2023, to start
deleveraging in 2024.

RATING OUTLOOK

The negative outlook balances the ongoing high leverage from
adverse market conditions with a generally good growth outlook.
Moody's see risks that the market conditions could remain weak and
delay the expected leverage reduction in the coming 12-18 months.
It also reflects Moody's expectation that the company will not
undertake any large debt-funded acquisitions or shareholder
distribution as well as maintaining an adequate liquidity.

STRUCTURAL CONSIDERATIONS

The B2 instrument rating of the EUR450 million senior secured Term
Loan B and the EUR85 million senior secured RCF is aligned with
Armor IIMAK's B2 CFR. The company's probability of default of B2-PD
is also in line with the CFR and reflects the use of a 50% family
recovery rate, considering a security package that is limited to
share pledges, intragroup receivables and bank accounts. The
instrument ratings reflect the ranking of the senior secured term
loan pari passu with trade payables and the RCF. Further, the
facility benefits from guarantees by material subsidiaries
representing 80% of consolidated EBITDA at closing.

LIQUIDITY

Armor IIMAK has an adequate liquidity profile. The company had cash
on balance sheet of EUR31 million as of September 2023; in
addition, the company has EUR42 million capacity from the EUR85
million senior secured first lien RCF. In addition, the company
utilizes factoring lines to support liquidity.

The RCF has a springing covenant set at 9.2x senior secured net
leverage, tested only when drawn more than 40%.

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

Moody's could upgrade Armor IIMAK's rating if the company reduces
its leverage to below 5.0x, demonstrates its ability to generate
FCF/debt in excess of 5% and maintains good liquidity. Furthermore,
an upgrade will require Armor IIMAK to demonstrate continued
profitability growth, as reflected in a Moody's-adjusted EBITA
margin of above 20%.

Moody's could downgrade Armor IIMAK's rating if its leverage
remains above 6.0x; FCF turns negative, resulting in a weakened
liquidity profile; or financial policy becomes more aggressive than
expected. A marked weakening of the EBITDA margin would also be
negative for the ratings as this could indicate a deterioration in
the company's strong position in its core market.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Following the acquisition of IIMAK by Armor SAS, a US manufacturer
of TTR, in September 2021, the Armor IIMAK group became the number
one designer and manufacturer of inked films for thermal transfer
printing technology worldwide. Headquartered in France, the group
operates 20 facilities globally, of which 3 coating manufacturing
sites in France, USA and China, and 17 local slitting units,
employing c. 1,700 people. The company is owned by the management
and a fund managed by Astorg at 60% and 40%, respectively.



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

ASTERIX HOLDCO: Moody's Affirms B2 CFR, Alters Outlook to Positive
------------------------------------------------------------------
Moody's Investors Service has affirmed the B2 long term corporate
family rating and the B2-PD probability of default rating of
Asterix HoldCo GmbH's (Asterix), the parent company of The Quality
Group GmbH (TQG), a German producer and direct seller of sports and
dietary nutrition products. Concurrently, Moody's has affirmed the
B2 ratings on the EUR300 million backed senior secured term loan B
due in 2029 and the EUR50 million backed senior secured revolving
credit facility (RCF) due in 2028 and borrowed by Asterix AcquiCo
GmbH. The outlook on both entities has been changed to positive
from stable.

"The positive outlook reflects continued strong operating
performance and significant improvement in credit metrics, with
financial leverage expected to remain around 2x in the next 12 to
18 months, absent any large debt funded distributions or
acquisitions", says Valentino Balletta, a Moody's Analyst and lead
analyst for TQG.

"However, while TQG's credit quality is also supported by its solid
cash flow generation profile, the rating remains constrained by the
company's modest but growing scale, narrow business focus and
relative concentration in Germany, as well as some inherent risks
related to its influencer-led marketing business model," adds Mr
Balletta.

RATINGS RATIONALE

The outlook change to positive from stable reflects the company's
continuous strong improvement in operating performance since
Moody's first assigned the rating and the concomitant improvement
in credit metrics.

Moody's positively recognises the very strong revenue growth this
year, from an already strong multiple year trend. Overall revenue
grew by 74% in the last twelve months as of September 2023,
compared to the same period of the prior year, supported by the
introduction of new products and product variations, increases in
the number of active customers and average order value, and some
pricing initiatives. Concurrently, TQG's operating performance has
been very solid and well above Moody's expectations, with EBITDA
increasing by 42% to EUR141 million in the last twelve months as of
September 2023 (EUR96 million in December 2022). As a result, the
company's Moody's adjusted leverage at end-September 2023 reduced
further to 2.2x.

During the last year, TQG made significant progress under its
strategic plan. Taking advantage of good performance and cash flow
generation, the company has accelerated its organisational ramp-up.
TQG has invested substantially by increasing headcount in key
areas, such as in-house marketing capabilities, as well as
strengthening the management team with the appointment of a new CEO
and CFO. In addition, the company is developing and expanding its
IT infrastructure and internal processes, starting international
expansion in adjacent European countries, and has expanded its
presence across different channels, although not materially yet.

Moody's expects TQG's annual EBITDA to reach more than EUR150
million in the next 12 to 18 months, and credit metrics to continue
to improve, with Moody-adjusted gross debt to EBITDA reducing
towards 2.0x. The rating agency expects that TQG will continue to
increase its revenue at low double-digit rates in the next two
years, driven by continued growth in the company's core markets and
expansion into new markets and channels, while maintaining its
EBITDA margin at around 20%. Moody's expects TQG's free cash flow
to remain solid supported by modest working capital needs and
asset-light operating model.

The rating is also supported by the company's growing market niche,
which is benefiting from favourable long-term demand trends driven
by consumers' continued focus on wellness and well-being, an ageing
population, and growing incidences of obesity. However, despite the
relative resilience of this market in an economic downturn, Moody's
expects that the current economic headwinds are likely to soften
growth rates.

Less positively, Moody's believes the rating remains constrained by
the company's modest but growing scale, geographical concentration
in its domestic market, production concentration in one
manufacturing plant and business focus on the niche sports and
nutrition market, which is characterised by limited barriers to
entry, and with a focus on a few product categories as well as some
inherent risks related to its influencer-led marketing business
model.

LIQUIDITY

Moody's expects TQG to maintain good liquidity in the next 12-18
months, supported by a cash balance of EUR55 million as of
September 2023 and the EUR50 million committed backed senior
secured RCF due in 2028. The rating agency expects the company's
RCF to remain undrawn, and for ample headroom to be maintained
under the springing covenant of total net leverage at the holding
company level not exceeding 6.3x (1.8x as of September 2023),
tested when the facility is more than 40% drawn.

The rating agency also expects TQG to generate solid FCF of more
than EUR50 million in 2023 and 2024 on the back of strong earnings,
and supported by its asset-light business model with modest capital
spending requirements (at around EUR10 million per year), which are
likely to be higher in 2024 because of some project-based capital
spending to support growth. In addition, Moody's positively views
the fact that the company has hedged 65% of its interest rate
exposure through a cap on the Euribor at 3% until the end of 2025.

STRUCTURAL CONSIDERATIONS

The B2 ratings on the EUR300 million backed senior secured term
loan B and the EUR50 million backed senior secured RCF, both
borrowed by Asterix AcquiCo GmbH are in line with the CFR,
reflecting the fact that these instruments rank pari passu and
constitute most of the company's financial debt. The backed senior
secured term loan B and the backed senior secured RCF will benefit
from pledges over the shares of the borrower and guarantors as well
as bank accounts and intragroup receivables and will be guaranteed
by the group's operating subsidiaries representing at least 80% of
consolidated EBITDA.

The B2-PD probability of default rating on Asterix reflects Moody's
assumption of a 50% family recovery rate, given the weak security
package and the covenant-lite structure.

RATIONALE FOR THE POSITIVE OUTLOOK

The positive outlook reflects Moody's expectation that the company
credit metrics will continue to improve over the next 12-18 months,
supported by a continued improvement in operating results on the
back of solid demand and strong execution on new product launches
and operational efficiencies. The positive outlook also
incorporates Moody's assumption that there will be no disruptions
to the business model and assumes there will be no aggressive
financial strategies that would significantly increase leverage.

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

Positive pressure on the rating could develop over time if the
company (1) continues to successfully execute its expansion
strategy, achieving greater scale and increasing revenue
diversification by geography, products and channels; (2) maintains
a financial policy consistent with these credit metrics, including
its Moody's-adjusted gross debt to EBITDA ratio well below 3.5x on
a sustained basis; and (3) maintains a good liquidity in
combination with a free cash flow-to-debt consistently above 15%.

The ratings could be downgraded if the company's (1) operating
performance materially deteriorates or the company engages in large
debt funded distributions or acquisitions such that the company's
Moody's-adjusted gross debt to EBITDA ratio increases sustainably
above 4.5x; or (2) cash flow generation turns negative leading to
weakening liquidity. Financial policies contrary to the rating
agency's expectations would also likely result in negative rating
action.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Consumer
Packaged Goods published in June 2022.

COMPANY PROFILE

The Quality Group GmbH is a leading sports and dietary nutrition
company operating primarily in Germany under two main brands (More
Nutrition and ESN). The company offers a wide range of high-quality
lifestyle products such as protein powder, weight management
products, vitamins and sports supplements. The company manufactures
and sells the majority of its products directly to customers online
(80% of LTM September 2023 revenue) through a unique influencer-led
marketing model. In the last twelve months as of September 2023,
the company generated EUR656 million of revenue and EUR141 million
of Adjusted EBITDA. The company is majority owned by CVC Capital
Partners since 2022.



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

BARINGS EURO 2018-1: Moody's Cuts Rating on EUR15MM F Notes to B2
-----------------------------------------------------------------
Moody's Investors Service has taken a variety of rating actions on
the following notes issued by Barings Euro CLO 2018-1 Designated
Activity Company:

EUR35,650,000 Class B-1 Senior Secured Floating Rate Notes due
2031, Upgraded to Aaa (sf); previously on Dec 2, 2021 Upgraded to
Aa1 (sf)

EUR33,350,000 Class B-2 Senior Secured Fixed Rate Notes due 2031,
Upgraded to Aaa (sf); previously on Dec 2, 2021 Upgraded to Aa1
(sf)

EUR33,500,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Aa1 (sf); previously on Dec 2, 2021
Upgraded to A1 (sf)

EUR25,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to A3 (sf); previously on Dec 2, 2021
Affirmed Baa2 (sf)

EUR15,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2031, Downgraded to B2 (sf); previously on Dec 2, 2021
Affirmed B1 (sf)

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

EUR292,500,000 (Current outstanding amount EUR129,254,120) Class A
Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf);
previously on Dec 2, 2021 Affirmed Aaa (sf)

EUR27,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on Dec 2, 2021
Affirmed Ba2 (sf)

Barings Euro CLO 2018-1 Designated Activity Company, issued in
March 2018, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Barings (U.K.) Limited. The transaction's
reinvestment period ended in April 2022.

RATINGS RATIONALE

The rating upgrades on the Classes B-1, B-2, C and D notes are
primarily a result of the significant deleveraging of the senior
notes following amortisation of the underlying portfolio and the
improvement in over-collateralisation ratios since the payment date
in October 2022. The downgrade to the rating on the Class F notes
is primarily due to a shorter weighted average life of the
portfolio which leads to reduced time for excess spread to cover
shortfalls caused by future defaults.

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

The Class A notes have paid down by approximately EUR162.7m (55.6%)
in the last 12 months and EUR163.2m (55.8%) since closing. As a
result of the deleveraging, over-collateralisation (OC) has
increased for Class A/B, Class C, Class D and Class E notes.
According to the trustee report dated October 2023 [1] the Class
A/B, Class C, Class D and Class E OC ratios are reported at
147.07%, 129.91%, 119.51% and 109.83% compared to October 2022 [2]
levels of 134.79%, 123.35%, 116.00% and 108.87%, respectively.
Moody's notes that the October 2023 [1] principal payments are not
reflected in the reported OC ratios.

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

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

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

Performing par and principal proceeds balance: EUR313.9m

Defaulted Securities: EUR14.3m

Diversity Score: 43

Weighted Average Rating Factor (WARF): 2968

Weighted Average Life (WAL): 3.14 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.87%

Weighted Average Coupon (WAC): 3.86%

Weighted Average Recovery Rate (WARR): 43.35%

Par haircut in OC tests and interest diversion test:  0%

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

Moody's notes that the November 2023 trustee report was published
at the time it was completing its analysis of the October 2023
data. Key portfolio metrics such as WARF, diversity score, weighted
average spread and life, and OC ratios exhibit little or no change
between these dates.

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance methodology" published in October 2023. Moody's
concluded the ratings of the notes are not constrained by these
risks.

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

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

Additional uncertainty about performance is due to the following:

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

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

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

BRIDGEPOINT CLO 1: Moody's Hikes Rating on EUR7.5MM F Notes to B2
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Bridgepoint CLO 1 Designated Activity Company:

EUR17,500,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Upgraded to Aa1 (sf); previously on Dec 18, 2020 Definitive
Rating Assigned Aa2 (sf)

EUR11,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Upgraded to Aa1 (sf); previously on Dec 18, 2020 Definitive Rating
Assigned Aa2 (sf)

EUR7,500,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2034, Upgraded to B2 (sf); previously on Dec 18, 2020
Definitive Rating Assigned B3 (sf)

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

EUR180,000,000 Class A Senior Secured Floating Rate Notes due
2034, Affirmed Aaa (sf); previously on Dec 18, 2020 Definitive
Rating Assigned Aaa (sf)

EUR23,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed A2 (sf); previously on Dec 18, 2020
Definitive Rating Assigned A2 (sf)

EUR19,800,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed Baa3 (sf); previously on Dec 18, 2020
Definitive Rating Assigned Baa3 (sf)

EUR15,700,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed Ba3 (sf); previously on Dec 18, 2020
Definitive Rating Assigned Ba3 (sf)

Bridgepoint CLO 1 Designated Activity Company, issued in December
2020, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Bridgepoint Credit Management Limited
("Bridgepoint"). The transaction's reinvestment period will end in
January 2024.

RATINGS RATIONALE

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

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

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements. In particular, Moody's assumed that
the deal will benefit from a shorter amortisation profile, lower
weighted average rating factor and higher spread levels than it had
assumed at the last review in April 2023.

Key model inputs:

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

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

Performing par and principal proceeds balance: EUR300.3 m

Defaulted Securities: none

Diversity Score: 43

Weighted Average Rating Factor (WARF): 2919

Weighted Average Life (WAL): 4.46 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.96%

Weighted Average Coupon (WAC): 5.19%

Weighted Average Recovery Rate (WARR): 45.26%

Par haircut in OC tests and interest diversion test:  -

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance methodology" published in October 2023. Moody's
concluded the ratings of the notes are not constrained by these
risks.

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

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

Additional uncertainty about performance is due to the following:

-- Portfolio amortisation: Once reaching the end of the
reinvestment period in January 2024, the main source of uncertainty
in this transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

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

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

HARVEST CLO XXXI: Fitch Assigns 'B-sf' Final Rating to Cl. F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Harvest CLO XXXI DAC final ratings, as
detailed below.

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

   Class A-1 XS2719263241   LT AAAsf  New Rating   AAA(EXP)sf

   Class A-2 XS2719263597   LT AAAsf  New Rating   AAA(EXP)sf

   Class B XS2719263670     LT AAsf   New Rating   AA(EXP)sf

   Class C XS2719264132     LT Asf    New Rating   A(EXP)sf

   Class D XS2719264306     LT BBB-sf New Rating   BBB-(EXP)sf

   Class E XS2719264561     LT BB-sf  New Rating   BB-(EXP)sf

   Class F XS2719264728     LT B-sf   New Rating   B-(EXP)sf

   Class Z XS2719266772     LT NRsf   New Rating   NR(EXP)sf

   Subordinated Notes
   XS2719264991             LT NRsf   New Rating   NR(EXP)sf

TRANSACTION SUMMARY

Harvest CLO XXXI DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans, first-lien last-out loans and
high-yield bonds. Note proceeds have been used to fund a portfolio
with a target par of EUR400 million. The portfolio is actively
managed by Investcorp Credit Management EU Limited.

The collateralised loan obligation (CLO) has a 4.6-year
reinvestment period and 7.5-year weighted average life (WAL). The
WAL test can increase by one year subject to the satisfaction of
the WAL step-up conditions, which include the deal being equal to
or above the reinvestment target par and the transaction passing
all its tests.

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 (WARF) of the identified portfolio is 25.3.

High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise of 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 (WARR) of the identified portfolio is 60.4%.

Diversified Portfolio (Positive): The transaction includes two
matrices covenanted by a top-10 obligor concentration limit at 20%
and fixed-rate asset limits of 5% and 10%, and a weighted average
coupon at 4.65%. It has various concentration limits, including the
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 4.6-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed 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 Fitch-stressed
portfolio and matrices analysis is 12 months less than the WAL
covenant to account for structural and reinvestment conditions
after the reinvestment period, including passing the
over-collateralisation and Fitch 'CCC' limitation tests after
reinvestment, among others. In Fitch's opinion, 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

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

Due to the better metrics and shorter life of the identified
portfolio than the Fitch-stressed portfolio the class C notes
display a rating cushion of one notch, and the class B, D, E and F
notes of two notches. The class A-1 or A-2 notes have no rating
cushion.

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

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

A reduction of the RDR at all rating levels in the Fitch-stressed
portfolio by 25% of the mean RDR and an increase in the RRR by 25%
at all rating levels would result in upgrades of up to three
notches for all notes, except for the class A-1 and A-2 notes.
Further upgrades may occur if the portfolio's quality remains
stable and the notes start to amortise, leading to higher credit
enhancement across the structure.

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.



=================
L I T H U A N I A
=================

SNAIGE AB: Creditors Okay Revised Draft Restructuring Plan
----------------------------------------------------------
Darius Varnas, the general director of AB Snaige, disclosed that on
December 13, 2023, a creditors' meeting was held to consider the
revised draft restructuring plan of the Company.  The creditors
approved the revised draft restructuring plan.

SNAIGE AB is an international manufacturer of household and
professional refrigeration equipment operating in Lithuania.




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

TAVIATA II SARL: Moody's Affirms 'B3' CFR, Outlook Stable
---------------------------------------------------------
Moody's Investors Service has affirmed the B3 Corporate Family
Rating and the B3-PD Probability of Default rating of Traviata II
S.a r.l. ("Traviata"), the top entity of the restricted group that
owns a 48.5% equity stake in Axel Springer SE ("Axel Springer"), a
leading European news media and digital classifieds company.
Concurrently, Moody's has affirmed the B3 ratings on the EUR637
million backed senior secured Term Loan B (TLB) and on the EUR125
million backed senior secured revolving credit (RCF) facility both
due in 2026 and raised by Traviata B.V., a 100% owned subsidiary of
Traviata. The outlook on all entities is stable.

"The B3 rating continues to reflect the strong underlying business
profile of Axel Springer, as well as Traviata's adequate liquidity
and solid loan to value ratio," says Agustin Alberti, a Moody's
Vice President - Senior Analyst, and lead analyst for Traviata.  

"While Axel Springer's performance in 2023 has been weaker than
expected mainly due to macroeconomic factors, and Traviata's gross
proportionate leverage of around 6.7x is high, Moody's expect a
recovery in 2024 that will support Traviata's deleveraging over the
next 12-18 months," adds Mr. Alberti.

RATINGS RATIONALE

The credit quality of Traviata continues to benefit from the solid
underlying business profile of Axel Springer, with leading
positions and strong brands across its main segments, News Media
and Classifieds Media. The group is in a transformation process and
continues to be active in corporate acquisitions and disposals
looking to diversify and strengthen its business profile, which is
still exposed to the volatile advertising market. In 2023, it
acquired Bayard Advertising, a US recruitment marketing company in
order to strengthen its position in this market.

Moody's expects that Axel Springer will report broadly flat organic
revenue and EBITDA growth in 2023, below previous low-to-mid single
digit growth expectations because of macroeconomic pressures,
mainly in its US businesses. Stepstone has been negatively affected
by weaker jobs recruiting activity in the US, while News Media US
posted declining advertising revenues. The rating agency expects
that 2024 performance will improve, mainly driven by continued
revenue growth in its classifieds businesses and a recovery in its
digital advertising platforms, which will compensate for the
pressure in its more traditional German media segment. The rating
agency expects that the company's focus on efficiency measures as
well as revenue growth will drive a recovery in EBITDA margin (as
adjusted by Moody's) in 2024 to around 18% from 17% in 2023.

Traviata's proportionate gross adjusted debt/EBITDA ratio will
remain high in 2023 at around 6.7x, although Moody's projects a
reduction towards 6.0x over the next 12-18 months driven by Axel
Springer's mid-single digit growth rate in EBITDA.

In 2023, Moody's expects that Axel Springer's adjusted Free Cash
Flow (FCF) will be negative due to a combination of higher than
expected payouts for long term compensation programs, restructuring
costs and interests payments. However, Moody's forecasts that FCF
will improve in 2024 to around EUR55 million, as some of these
items that depressed FCF generation in 2023 are non-recurring.

As per the Minority Holding Companies Methodology, Moody's assesses
the influence on the operating company, as well as the stability of
dividends distributions and the level of coverage they provide for
the minority holding company's debt service payments. The rating
agency expects that Traviata will continue to receive around EUR60
million of annual recurring dividends from Axel Springer, allowing
the company to pay interests of around EUR45 million, translating
into a c.1.3x coverage. Moody's expects coverage to remain at this
level supported by the interest rate cap hedge signed by Traviata
for the next 2 years. However, given the higher interest rate
environment, and the fact that Traviata's debt matures in 2026, the
company will likely have to pay higher rates at the time of
refinancing, putting pressure on this dividend coverage ratio.

In Moody's views, Traviata has strong influence in the decision
making process, owing to the shareholder agreement with Axel
Springer's other key shareholders, Friede Springer and Mathias
Dopfner, who owns 45.5% of the company. While there is a risk that
the controlling shareholders may not agree on the dividend policy,
this is mitigated by the proven track record of dividend
distributions even during economic downcycles, and the fact that
the EUR125 million RCF could cover more than 2 years of annual
interests.

Moody's views Traviata's asset coverage as strong, supporting the
B3 rating. The rating agency estimates a low Loan to Value ratio of
around 30%, which should facilitate access to liquidity if needed
and provides good recovery expectations in case of default.

LIQUIDITY

Moody's considers Traviata's liquidity as good, supported by the c.
EUR60 million annual dividend flow from Axel Springer, cash and
cash equivalents of around EUR39 million as of September 2023, and
a EUR125 million revolving credit facility due 2026, fully
undrawn.

The company will not have any material maturities until June and
December 2026, when the RCF and the EUR637 million TLB mature,
respectively. The RCF contains one leverage incurrence covenant set
at 8.75x (net proportional leverage, tested when the RCF is at
least 40% drawn on a quarterly basis).

Axel Springer has recently refinanced its 2024 debt maturities and
will not have any material maturities until 2026, when around
EUR769 million of debt will mature.

STRUCTURAL CONSIDERATIONS

Traviata's probability of default rating is B3-PD, based on an
expected family recovery rate of 50%, in line with covenant-lite
first-lien capital structures. The company's capital structure
comprises an EUR637 million TLB and a EUR125 million RCF.

The B3 rated debt facilities rank pari passu and benefit from the
same security and guarantee structure. Traviata B.V.'s facilities
are secured against company's and Axel Springer share pledges, bank
accounts and intercompany receivables.

RATIONALE FOR STABLE OUTLOOK

Given the high leverage for the rating category, the company is
currently weakly positioned in the rating category, with limited
headroom for deviation in case of operating underperformance.
However, the stable outlook on the rating reflects the expectation
that the company's performance will improve in 2024, supporting a
deleveraging path.

The stable outlook also incorporates Moody's expectation that
Traviata will continue to exert strong influence on Axel Springer;
annual dividends from Axel Springer will be able to more than cover
its debt obligations and that leverage and liquidity levels will be
kept at levels commensurate with its rating category. Finally, it
reflects Moody's expectations that refinancing at Traviata level
will be addressed well in advance of maturities.

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

Upward as well as downward pressure on the ratings will primarily
be driven by changes in the credit profile of Axel Springer.
However, any upward pressure resulting from fundamental
improvements will have to be viewed in the context of risks
inherent in the structure, such as the structural subordination of
holdco liabilities and the joint control over strategic and
financial decisions taken by Axel Springer's management team.

In addition, upward pressure could develop if Traviata's
proportionate leverage levels trend towards 5.5x and dividend
coverage of interests remains at or above 2.0x on a sustained
basis.

Downward rating pressure could be exerted if proportionate
Moody's-adjusted debt/EBITDA remains above 6.5x and dividend
coverage of interests falls below 1.2x on a sustained basis. A
weakening of the company's liquidity could also lead to downward
pressure on its rating.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Media published
in June 2021.

COMPANY PROFILE

Traviata II S.a r.l. is a holding company, and its sole activity
consists of owning, through its subsidiary Traviata B.V., a 48.5%
stake in Axel Springer SE, a leading European media company. The
company is controlled by KKR & Co. Inc. and co-investors.

WEBPROS INVESTMENTS: Moody's Alters Outlook on 'B2' CFR to Positive
-------------------------------------------------------------------
Moody's Investors Service has affirmed the B2 long term corporate
family rating and B2-PD probability of default rating of Webpros
Investments S.a.r.l. Concurrently the rating agency has affirmed
the B2 instrument ratings of the company's backed senior secured
first-lien term loan and the backed senior secured first lien
revolving credit facility (RCF). The outlook has been changed to
positive from stable.

RATINGS RATIONALE

The change in outlook to positive from stable reflects the
continued strong operating performance of the company over the past
18 months, leading to a reduction in Moody's-adjusted leverage to
below 4x and improved free cash flow levels. WebPros' credit
metrics have significantly strengthened over the past couple of
years due to a steady growth in revenues and EBITDA as well as a
reduction in the total debt load through voluntary prepayments of
the second-lien term loan. The company's prudent financial policy
was a key driver of the rating action.

Moody's expects WebPros' revenues to grow in the low- to mid-
single digit percentages over the next 12-18 months, driven
primarily by the continued price adjustments of its two main
products, as well as the gradual expansion of its portfolio
offering. However, top-line growth is likely to decelerate from the
levels reported in 2021 and 2022 due to the ongoing license
optimisation programme at some of WebPros' customers which will
have a negative impact on volumes.

The rating agency forecasts WebPros' company-adjusted EBITDA to
grow towards USD135 million and USD140 million in 2023 and 2024,
respectively, from GBP130 million in 2022, driven by organic
top-line growth and operating leverage, despite the increase in
operating costs following the relocation of staff from Russia to
Bulgaria. As a result, Moody's forecasts WebPros' leverage to
decline to below 3.5x over the next 18 months. These forecasts do
not factor in any additional debt reduction besides the 1%
first-lien mandatory annual debt repayment and the repayment of the
$17.5 million currently drawn under the RCF. The company has,
however, demonstrated a positive track-record of debt prepayments
over the past 36 months. The rating agency notes that additional
reductions in leverage will be dependent upon debt-funded M&A risk,
as the company continues to target inorganic growth.

Moody's estimates that WebPros' free cash flow (FCF) generation in
2023 and 2024 will remain strong in a range of USD55-65 million on
an annual basis, supported by EBITDA growth, limited capital
spending and the absence of major working capital requirements
because of monthly subscription billings. The rating agency notes
that the step up in interest payments will be limited due to the
full repayment of the second-lien term loan as well as the hedging
instruments that the company has in place until December 2025. This
is likely to translate into a Moody's-adjusted FCF/debt in the low-
to mid- teens over the next 18 months (2022: 10.5%).

The B2 CFR further reflects WebPros': (1) strong market position as
a global provider of web hosting automation software; (2) its
strong reputation and long-standing relationships with hosting
partners; and (3) good liquidity supported by Moody's expectation
of strong FCF over the next 12-18 months.

Conversely, the rating also takes into consideration the company's:
(1) relatively small size; (2) limited product diversification; and
(3) reliance on large web hosting partners for its sales strategy.

RATIONALE FOR POSITIVE OUTLOOK

The positive outlook reflects Moody's view that WebPros' revenue
and EBITDA will continue to grow over the next 12-18 months
supported by recurring price increases and upsell. As a result, the
rating agency expects Moody's-adjusted debt/EBITDA to decline
towards 3x and Moody's-adjusted FCF/debt to increase towards 15%
over the same time frame. The positive outlook also incorporates
Moody's expectation that there will be no transformational
acquisition nor dividend distributions.

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

The company's modest size and limited product diversification
constrain the upside potential on the rating. However, an upgrade
could be appropriate if WebPros continues to grow its revenue base
as well as demonstrate progress in improving its degree of
diversification such that its:

-- Moody's-adjusted debt/EBITDA remains below 4x on a sustainable
basis; and

-- Moody's-adjusted FCF/debt moves sustainably towards 15%; and

-- Moody's-adjusted (EBITDA – Capex) / Interests improves above
2.5x

WebPros' ratings could be downgraded if the operating performance
were to weaken significantly on the back of increased customer
attrition. Negative rating pressure could materialise over time
if:

-- Moody's-adjusted leverage were to increase over 6x; or

-- Moody's-adjusted FCF/debt declines towards the mid-single-digit
percentages; or

-- Moody's-adjusted (EBITDA – Capex) / Interests declines well
below 2.0x or liquidity weakens.

ESG CONSIDERATIONS

Governance risk considerations are material to the rating action.

WebPros is controlled by private equity firms CVC (40% stake) and
Oakley Capital (22%). Governance exposures include the company's
concentrated ownership and limited board independence. At the same
time, the rating agency positively notes that WebPros' financial
policy has been more creditor-friendly over the last few years,
with strong deleveraging and excess cash flow used to voluntarily
repay debt.

LIQUIDITY

WebPros' liquidity is good. At the end of September 2023, the group
had a cash balance of $14 million and $42.5 million available under
its $60 million committed RCF due in February 2025. Moody's
forecast that WebPros will generate positive free cash flow in a
range of $55 - $65 million on an annual basis over the next 12-18
months provides further support to the overall liquidity profile of
the business.

The RCF has a springing first lien net leverage covenant tested if
drawings reach or exceed 40% of facility commitments. Should it be
tested, Moody's expects that WebPros would retain ample headroom
against a test level of 9.0x (September 2023: 3.8x).

WebPros has no significant debt maturity in the near term, with the
$491 million first-lien term loan maturing in 2027. The term loan
includes an amortisation mechanism of 1% per year.

STRUCTURAL CONSIDERATIONS

The B2-PD probability of default rating reflects Moody's typical
assumption of a 50% family recovery rate, and takes account of the
covenant-lite structure of the senior secured first-lien term loan.
The bank credit facilities, comprising the first-lien term loan and
the RCF, are rated B2, in line with the CFR, reflecting the pari
passu nature of these instruments.

The bank credit facilities are guaranteed by material subsidiaries
representing at least 80% of consolidated EBITDA. The security
package includes a pledge of shares, bank accounts, intercompany
receivables and an all-asset security granted by obligors
incorporated in the United States.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Software
published in June 2022.

COMPANY PROFILE

Headquartered in Luxembourg, WebPros is a global web hosting
automation software provider, created through the combination of
the web hosting control panels Plesk and cPanel. In May 2019 the
group also acquired WHMCS, a web hosting billing automation and
customer management solution. The company offers a portfolio of
tools that automate and simplify the development, management and
administration of web servers through its channel of approximately
2,800 hosting partners worldwide.



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

CASPER DEBTCO: Moody's Withdraws 'Ca' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings of a
Dutch-based floricolture breeding company Casper Debtco B.V.
("Dummen Orange"), the holding company of the Dummen Orange group,
including its long term Ca corporate family rating, Ca-PD
probability of default rating, the C rating on the EUR195.6 million
senior secured term loan due September 2026 and the Caa1 ratings on
the two EUR27 million senior secured (Super senior) term loans due
March 2026. Concurrently, Moody's has withdrawn the Caa1 ratings on
the EUR12 million and EUR13 million Backed senior secured (Super
senior) term loans due March 2026 under Watson BidCo B.V. a direct
subsidiary of Casper Debtco B.V. The outlook for all entities prior
to the withdrawal was stable.

RATINGS RATIONALE

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

COMPANY PROFILE

Dummen Orange, headquartered in the Netherlands, is a leading Dutch
flower breeder specializing in the breeding and propagation of cut
flowers, pot plants and bedding plants, with a global network of
breeding, propagation, rooting and sales and marketing locations.
In the financial year ended September 30, 2022, the company
generated revenue of EUR390 million and EBITDA of EUR21.8 million,
as adjusted for non-recurring items.

PRECISE MIDCO: Moody's Affirms 'B3' CFR, Outlook Remains Stable
---------------------------------------------------------------
Moody's Investors Service affirmed Precise Midco B.V.'s (Exact or
the company) B3 corporate family rating and B3-PD probability of
default rating. Concurrently, Moody's affirmed the B3 instrument
ratings on the backed senior secured first lien term loans due in
2026 and 2030 and backed senior secured revolving credit facility
(RCF) due in 2025 issued by Precise Bidco B.V. The outlook on both
entities remains stable.

RATINGS RATIONALE

The affirmation of the B3 ratings considers Exact's solid
performance in the last few years, driven by growth in its customer
base, higher prices and up- and cross-selling initiatives. Moody's
expects revenue and EBITDA growth will continue over at least the
next few years. The established market position and scale in its
core markets in the Benelux region, significant recurring revenue
base and high renewal rates, positive underlying free cash flow
(FCF) generation and good liquidity also support the company's
credit quality.

The rating agency's expectation that the company will continue to
grow its EBITDA implies organic leverage reduction capacity.
However, financial policy decisions including acquisition and
dividends have and may continue to prevent sustained leverage
reduction. This is well illustrated by Exact's transaction launched
in October 2023, that saw the company increase debt by EUR400
million to fund a dividend payout and acquisitions. The new term
loan increased Moody's-adjusted debt to EUR1.65 billion, leading to
a weakening of pro forma Moody's-adjusted debt to EBITDA to 7.4x
from 5.6x as of the last twelve months that ended in September
2023. The rating agency expects organic growth will improve Exact's
Moody's-adjusted debt to EBITDA in the next 12 to 18 months, but it
will remain within the expectation for the B3 rating. Despite the
higher interest rates and increase in gross debt, Moody's expects
the company to continue to generate positive free cash flow (FCF)
of around 3-5% in the next 12 to 18 months.

The company's relatively small size in terms of revenue,
geographical concentration in the Benelux region, the exposure to
small- and medium-sized enterprises (SMEs), which are potentially
more sensitive to economic downturns and the risk of customers
switching to larger software providers or disruption from smaller
and highly specialised vendors, also constrain the rating.

RATING OUTLOOK

The stable outlook reflects the rating agency's expectation that
Exact's revenue and EBITDA growth will be sufficient to cover
higher interest payments so that the company remains FCF
generative, and that credit metrics will remain well in line with
its B3 rating over the next 12-18 months.

LIQUIDITY

Exact has good liquidity, supported by EUR94 million of cash
available on balance sheet as of September 30, 2023. Exact's
liquidity is also supported by the fully undrawn EUR70 million RCF
and Moody's expectation of positive FCF over the next 12-18 months.
The RCF is subject to a springing financial covenant, which
requires net secured leverage to remain below 8.75x and is tested
if the RCF is drawn by more than 40%. Moody's does not expect the
covenant to apply but estimates good cushion.

STRUCTURAL CONSIDERATIONS

The B3 rating on the instruments, in line with the CFR, reflects
the pari passu capital structure comprising the backed senior
secured term loan B1 (EUR384 million outstanding), the backed
senior secured term loan B2 (EUR250 million outstanding) and the
backed senior secured term loan B3 (EUR250 million outstanding) all
due 2026, the backed senior secured term loan B4 due in 2030
(EUR750 million outstanding) and the EUR70 million backed senior
secured RCF due in 2025.

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

Positive rating pressure could develop if Exact continues to grow
its revenue and EBITDA, such that Moody's-adjusted leverage
improves below 6.0x; Moody's-adjusted FCF/debt improves above 5%;
Moody's-adjusted (EBITDA – capital expenditures) / interest
expense remains around or above 2.0x; and adequate liquidity, all
on a sustained basis. Clarity regarding financial policy that could
accommodate a higher rating is also an important consideration.

Conversely, negative rating pressure could develop if the company's
revenue and EBITDA growth is weaker than expected such that
Moody's-adjusted leverage weakens to above 7.5x; FCF turns
negative, or Moody's-adjusted (EBITDA – capital expenditures)/
interest expenses is below 1.3x, all on a sustained basis; or if
liquidity deteriorates.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Software
published in June 2022.

COMPANY PROFILE

Exact is an enterprise resource planning (ERP) and accounting
software provider for SMEs (up to 250 employees) and accountants.
The company serves more than more than 620,000 SMEs and more than
10,000 accountancy firms, located primarily in the Benelux region
and to a lesser extent in Germany, and rest of the world. In the
last twelve month to September 2023, the group generated revenue of
EUR457 million and company-adjusted EBITDA of EUR238 million. Exact
has about 1,950 employees. The company was acquired by funds
controlled and advised by KKR in May 2019 from Apax Partners.



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

AMPHORA INTERMEDIATE: Moody's Lowers CFR to Ca, Outlook Negative
----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Amphora Intermediate II Ltd (Accolade or the company) to
Ca from Caa2. Concurrently, Moody's has also downgraded all the
backed senior secured bank credit facilities ratings of financing
subsidiaries Amphora Australia Holdings Pty Ltd and Amphora Finance
Limited to Ca from Caa2. The outlook remains negative.

Moody's has also downgraded the company's probability of default
rating to Ca-PD/LD from Caa2-PD and appended the limited default
(LD) designation to the PDR. The LD designation reflects Moody's
view that Accolade's failure beyond the grace period to meet its
interest payment that was due on November 30 on its senior secured
term loan B is a limited default, despite the company having
entered into an 100% consensual agreement with its lenders to defer
the interest payment to January 31, 2024 and according to its
management having around A$100m of cash on balance sheet as at
November 30 compared to about A$27m interest payment that was due.
The rating agency understands that the agreement to defer the
interest payment was achieved as part of ongoing negotiations
between Accolade and its lenders to pursue a more sustainable
capital structure. The limited default designation will remain
until the company resolves the missed interest payment.

Governance considerations were a key driver of the rating actions.
In the face of significant global economic challenges that have
affected the demand for wine since 2021 and led to significant
input cost increases the company supported liquidity by drawing
down additional debt, the combined effect of which was to increase
already high leverage, and mean that now, with material near term
debt maturities, there is a very high likelihood of a balance sheet
restructuring.

RATINGS RATIONALE

Accolade's Ca CFR reflects a high probability of a debt
restructuring as the company continues to negotiate with lenders to
pursue a more sustainable capital structure and Moody's expectation
for a lower than average recovery for the debt capitalisation at
default. The rating also reflects the company's (i) estimated
Moody's-adjusted gross debt/EBITDA well above 20x for the fiscal
year ending in June 2023 as a result of subdued demand and higher
input costs, both of which Moody's expects to persist over the next
12-18 months; and (ii) weak liquidity, with the approaching
maturities of its RCF currently drawn by A$136 million maturing in
May 2024 and term loan B in May 2025.

LIQUIDITY

Moody's considers Accolade's liquidity to be weak. The rating
agency understands the company received approximately A$75 million
from disposal proceeds during the first half of fiscal 2024, and
that according to its management had around A$100 million of cash
on its balance sheet at the end of November. However, weak
operational cash flow will nevertheless leave the company with
insufficient cash to repay drawings under its A$150 million RCF
ahead of its maturity in May 2024. The RCF was drawn by A$136
million at the end of June 2023. Moody's understands that the
company is currently working with its lenders to restructure its
debt and improve its liquidity profile.

ESG CONSIDERATIONS

Accolade's CIS-5 score indicates that the rating is lower than it
would have been if ESG risk exposures did not exist and that the
negative impact is more pronounced than for issuers scored CIS-4.
This mostly reflects the aggressive financial policy with very high
leverage and material near term debt maturities, as well as the
weak trading performance over the last two fiscal years and
concentrated ownership, which result in an G-5 IPS (Issuer Profile
Score). Additionally, Accolade is also exposed to key social risks
which include brand reputation risks and exposure to responsible
marketing and distribution related to the sale of wines and other
alcoholic beverages, as well as exposure to demographics and
societal trends, resulting in an S-4 IPS score.

STRUCTURAL CONSIDERATIONS

The capital structure includes a GBP301 million backed senior
secured term loan B (Term Loan B) and an A$150 million RCF, both
senior secured, ranking pari passu, and guaranteed by at least 80%
of Group EBITDA. The Ca instrument rating of the Term Loan B and
RCF is in line with CFR reflecting its position as the material
debt within the capital structure.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook reflects weak liquidity, very high risk of
debt restructuring and the risk that recovery could be weaker than
Moody's current expectation.

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

The ratings could be upgraded if a refinancing of maturing debt and
material improvement in liquidity supports the potential for a more
sustainable capital structure.

The ratings could be downgraded if the expected recovery rates for
lenders are lower than Moody's current expectations.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Alcoholic
Beverages published in December 2021.

CORPORATE PROFILE

With reported revenue of A$847 million and company reported EBITDA
of A$69 million at June 2023, Accolade is the fifth largest wine
company in the world with a leading market position in Australia
and the UK. The company's brands are in different price categories
and include Hardys, Mud House, Echo Falls, Kumala, Grant Burge, and
St Hallett. The company is owned by funds managed by The Carlyle
Group.

BALNACRAIG SCHOOL: Repays Debt in Full Following Asset Sale
-----------------------------------------------------------
Gavin Harper at The Courier reports that a Perth residential school
that had debts of more than GBP1 million when it collapsed into
liquidation has paid those in full.

Balnacraig School was a residential facility for children and young
people unable to cope with mainstream education.

In 2019, it revealed plans to sell off its listed baronial mansion
at Fairmount in Terrace in Perth, The Courier recounts.

It was hoped the sale would help the charity to better meet the
changing needs of young people, The Courier notes.

However, no buyer was forthcoming and with debts of more than GBP1
million, liquidators Henderson Loggie were appointed to wind up the
charity, The Courier discloses.  The majority of the 28 staff made
redundant, The Courier relates.

When liquidators were appointed, the school had three residents.
The final one left on November 19 2021, at which point it closed
its doors for the final time.

The remaining staff were also made redundant at that time, The
Courier relays.

Documents published at Companies House recently show the main
school building was sold for GBP1.1 million.

Liquidators recovered a total of GBP2.3 million from the sale of
other buildings and other asset realisations, according to The
Courier.

Once debts were paid, the liquidator had a surplus of almost
GBP900,000, The Courier notes.

That has been donated to the Rock Trust, The Courier says.  The
charity aims to prevent homelessness and supports vulnerable young
people in Scotland.


CUBE PRECISION: Enters Administration, 45 Jobs Affected
-------------------------------------------------------
Eleanor Lawson at BBC News reports that an engineering firm has
gone into administration, resulting in the loss of 45 jobs.

Cube Precision Engineering Limited in Rowley Regis, Sandwell,
supplied the automotive, aerospace and other sectors.

According to BBC News, the company had debts of GBP2.9 million by
the end of 2022.

It had faced "difficult" trading conditions in recent months, BBC
News relays, citing Express and Star.

It was also reported directors explored options to sell the company
and its assets, but "no offers were forthcoming", BBC News notes.

The business ceased trading upon the appointment of administrators
Grant Thornton UK LLP on Nov. 30, BBC News relates.


LECTA LTD: Moody's Affirms 'Caa2' CFR & Alters Outlook to Positive
------------------------------------------------------------------
Moody's Investors Service has affirmed the Caa2 long term Corporate
Family Rating and upgraded to Caa2-PD/LD (LD appended) from Ca-PD
the probability of default rating of Lecta Ltd. At the same time,
Moody's also, appended a limited default designation ("/LD") to the
PDR. The outlook on Lecta has been changed to positive from
negative. At the same time Moody's decided to withdraw the B3
ratings of the EUR115 million backed senior secured bank credit
facilities borrowed by Paper Industries Holding S.a r.l. At the
time of withdrawal, the outlook on Paper Industries Holding S.a
r.l. was negative.

This follows the coming into effect of Lecta's scheme of
arrangement on December 7, 2023. As a result of the scheme of
arrangement, which has been accepted by c. 91.5% of the scheme
creditors,

(i) the maturity of the EUR115 million backed senior secured bank
credit facilities has been extended to Q1 2028 from 2025 with
Torraspapel S.A. becoming the main borrower,

(ii) the two tranches of senior secured notes of EUR200 million and
EUR55.6 million with maturity in 2025 have been converted into a
single tranche of EUR264.6 million with maturity in Q3 2028 and

(iii) EUR90 million of new money in the form of tradeable notes
have been issued.

Moody's considers Lecta's refinancing as a distressed exchange,
which is tantamount to a default under the rating agency's
definition. The rating agency will remove the LD designation from
the company's PDR after three business days.

RATINGS RATIONALE

The Caa2 CFR continues to be constrained by Lecta's limited
vertical integration into pulp, with internal production currently
covering just about one-third of its needs, exposing the company to
the volatility in pulp prices; continued negative free cash flow
and negative EBITDA for the 12 months that ended June 2023 and very
high financial leverage.

At the same time the CFR of Lecta is primarily supported by the
company's market-leading position in coated woodfree (CWF) paper in
Southern Europe, where its assets are located close to
end-customers and require limited maintenance capital spending;
solid and growing market positions in specialty papers, which offer
higher average operating profitability than CWF paper, and
underlying demand growth for the majority of grades; good vertical
integration into energy and base paper for specialty papers, with
the latter covering around 90%of its needs; and own distribution
network, which is a source of additional EBITDA and provides access
to a wider portfolio of customers.

OUTLOOK

The positive outlook reflects Moody's expectation that the
provision of new money and the extension of debt maturities will
enable Lecta to proceed with its transformation towards specialty
paper reducing the reliance on the declining graphic paper business
and that this will translate into a more robust business profile.
The positive outlook also reflects the agency's expectation that
destocking patterns will ease during the course of 2024, which will
enable Lecta to gradually improve its credit metrics.

LIQUIDITY

Lecta's liquidity is adequate. Liquidity sources include EUR127
million of reported cash and cash equivalents on balance sheet as
of September 2023, further supplemented by a EUR90 million new
money facility earmarked for capital expenditure with maturity in
Q1 2028 and EUR10 million availability under its EUR35million
backed senior secured revolving credit facility. Nevertheless,
continued negative FCF, along with volatile working capital, adds
to the company's relatively sizeable exposure to various
supply-chain financing and factoring arrangements, some of which
are short term in nature and uncommitted.

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

The ratings could be upgraded if Lecta's operating performance
materially improves, and the company successfully executes its
commercial strategy and transformation plan. Quantitatively, a
rating upgrade would be considered if (1) Lecta's Moody's-adjusted
debt/EBITDA improves below 9.0x; (2) the cash drain can be stopped,
indicated by a balanced free cash flow (FCF); (3) interest cover
above 1.0x EBIT/interest expense in combination with (4) an
adequate liquidity position.

Lecta's ratings could be downgraded if the company is unable to
resolve its capital structure challenges and thus the likelihood of
a default increases again.

PRINCIPALMETHODOLOGY

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

COMPANY PROFILE

With its legal headquarters in London, Lecta Ltd (Lecta) is a
leading coated fine paper manufacturer in Italy, France and Spain.
The company also has a growing specialty paper offering and a
distribution business in Italy, Spain, Portugal and France. Lecta
generated around EUR1.3 billion in sales for the 12 months that
ended in September 2023 and has around 2,836 employees.

MAGNUS GROUP: Owes Nearly GBP4 Million to Creditors
---------------------------------------------------
Tom Cann at East Anglian Daily Times reports that a Suffolk freight
company that recently entered into administration has released its
statement of affairs, which shows that it owes nearly GBP4 million
to creditors.

Magnus Group entered into administration in November, appointing
Andrew Kelsall of Larking Gowen as administrator, East Anglian
Daily Times relates.

In mid November, this newspaper revealed that the Suffolk-based
company was seeking to appoint an administrator to help save the
business, East Anglian Daily Times recounts.

On the same day, Ipswich Town, who was sponsored by Magnus Group,
including having the West Stand sponsored by Magnus, announced that
they had ended their partnership, East Anglian Daily Times
recounts.

Towards the end of November, Ipswich-based logistics firm
Hemisphere Freight Services announced it had agreed to a
part-purchase of Magnus, East Anglian Daily Times discloses.

As a result, 25 jobs were saved, but the haulage side of Magnus has
been wound down -- with 52 drivers losing their jobs on Nov. 17,
East Anglian Daily Times notes.

A further 23 staff members were also dismissed, East Anglian Daily
Times states.

According to East Anglian Daily Times, in the recently released
statement of affairs, it shows that Magnus owes 164 entries a
combined total of GBP3,955,638.19.

Magnus also owes about GBP694,000 to employees, most of which will
be paid by the government's redundancy services, East Anglian Daily
Times relays.


MAR HALL: Bought Out of Administration by Dutco Group
-----------------------------------------------------
Rebecca Newlands at Glasgow Times reports that a five-star hotel
which fell into administration has been saved with a GBP15 million
investment.

According to Glasgow Times, Dubai-based Dutco Group has acquired
Mar Hall in Bishopton with ambitious plans to expand and upgrade
the estate.

Glasgow Times previously reported that the hotel, golf and spa
resort, located on a 240-acre woodland estate, was left facing an
"uncertain" future when administrators were appointed in August.

Dating back to 1826 and first opened as a hotel in 2004, this is
the first time Mar Hall has been sold in almost 20 years, Glasgow
Times notes.

Dutco Group will work with Align Partners, who are already in
conversations with architects and interior designers, Glasgow Times
states.

It is expected that work will begin in early 2024, with an
expansion featuring luxury woodland villages, revitalised leisure
and spa facilities, and full refurbishment of guestrooms and public
spaces, Glasgow Times discloses.

It will be business as usual under the new ownership and with all
pre-existing wedding, leisure and business bookings retained,
according to Glasgow Times.


PERFORMER FUNDING 1: Moody's Gives Ba3 Rating to GBP45.5MM E Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to Notes issued by Performer Funding 1 plc:

Issuer: Performer Funding 1 plc

GBP2,275.4M Class A Asset-Backed Fixed-Rate Notes due June 2035,
Definitive Rating Assigned Aaa (sf)

GBP227.5M Class B Asset-Backed Floating-Rate Notes due June 2035,
Definitive Rating Assigned Aa1 (sf)

GBP159.3M Class C Asset-Backed Floating-Rate Notes due June 2035,
Definitive Rating Assigned A1 (sf)

GBP106.2M Class D Asset-Backed Floating-Rate Notes due June 2035,
Definitive Rating Assigned Baa3 (sf)

GBP45.5M Class E Asset-Backed Floating-Rate Notes due June 2035,
Definitive Rating Assigned Ba3 (sf)

GBP68.3M Class F Asset-Backed Floating-Rate Notes due June 2035,
Definitive Rating Assigned Caa1 (sf)

GBP75.8M Class X Asset-Backed Floating-Rate Notes due June 2035,
Definitive Rating Assigned Caa1 (sf)

GBP50.1M Class R Zero-Coupon Notes due June 2035, Definitive
Rating Assigned Ca (sf)

Moody's has not assigned a rating to the subordinated GBP151.7M
Class Z Asset-Backed Zero-Coupon Notes due June 2035.

RATINGS RATIONALE

The Notes are backed by a static pool of UK unsecured consumer
loans originated by Lloyds Bank plc.

The portfolio consists of approximately GBP3,033.9 million of loans
as of the end of October 2023 pool cut-off date. The Liquidity
Reserve Fund will be funded by Class R Notes to 1.65% of the pool
balance at closing and the total credit enhancement for the Class A
Notes will be 26.65%. There is also a General reserve fund which is
not funded at closing and will only be required to be funded from
the Class B Notes redemption date.

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

According to Moody's, the transaction benefits from several credit
strengths, such as (i) the granularity of the portfolio; (ii)
extensive historical data provided; and (iii) the securitisation
experience of Lloyds Bank plc. However, Moody's notes that the
transaction features a number of credit weaknesses, such as (i) a
fixed-floating interest rate mismatch, mitigated by an interest
rate swap; (ii) the operational risk related to Lloyds Bank plc
performing a number of key roles; (iii) negative stressed excess
spread under stressed yield assumptions; and (iv) other features
like the Class X Notes repayment due ahead of the PDL of the
collateralized Class Z Notes. These characteristics, amongst
others, were considered in Moody's analysis and ratings.

Hedging: the pool is linked to fixed rated loans with Class A Notes
paying fixed rate, Class Z Notes having no interest rate while
Class B to F Notes are linked to SONIA. The transaction benefits
from an interest rate swap with Lloyds Bank Corporate Markets plc
as swap counterparty, where the issuer will pay a fixed swap rate
of 4.75% and will receive SONIA on a notional linked to a fixed
swap schedule.

Moody's determined the portfolio lifetime expected defaults of
5.5%, expected recoveries of 10.0% and Aaa portfolio credit
enhancement PCE of 18.0% related to borrower receivables. The
expected defaults and recoveries capture Moody's expectations of
performance considering the current economic outlook, while the PCE
captures the loss Moody's expect the portfolio to suffer in the
event of a severe recession scenario. Expected defaults and PCE are
parameters used by Moody's to calibrate its lognormal portfolio
loss distribution curve and to associate a probability with each
potential future loss scenario in the ABSROM cash flow model to
rate Consumer ABS.

Portfolio expected defaults of 5.5% are higher than the EMEA
Consumer Loan ABS average and are based on Moody's assessment of
the lifetime expectation for the pool taking into account: (i)
historical performance of the loan book of the originator, (ii)
benchmark transactions, and (iii) other qualitative
considerations.

Portfolio expected recoveries of 10.0% are lower than the EMEA
Consumer Loan ABS average and are based on Moody's assessment of
the lifetime expectation for the pool taking into account: (i)
historical performance of the loan book of the originator, (ii)
benchmark transactions, and (iii) other qualitative
considerations.

PCE of 18.0% is in line with the EMEA Consumer Loan ABS average and
is based on Moody's assessment of the pool which is mainly driven
by: (i) evaluation of the underlying portfolio complemented by the
historical performance information as provided by the originator,
(ii) the relative ranking to originator peers in the EMEA Consumer
loan market.

CURRENT ECONOMIC UNCERTAINTY:

Moody's analysis has considered the effect on the performance of
consumer assets from the current weak UK economic activity and a
gradual recovery for the coming months.

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

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

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

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


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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Information contained herein is obtained from sources believed to
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delivered via e-mail.  Additional e-mail subscriptions for
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