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

                          E U R O P E

          Wednesday, December 20, 2023, Vol. 24, No. 254

                           Headlines



A U S T R I A

SIGNA HOLDING: In Talks to Sell New York's Chrysler Building


F I N L A N D

NOKIA OYJ: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable


F R A N C E

PETROFAC LIMITED: Fitch Cuts LongTerm IDR to 'B-', On Watch Neg.


G R E E C E

ALPHA SERVICES: Fitch Alters Outlook on 'BB-' LongTerm IDR to Pos.
EUROBANK SA: Fitch Alters Outlook on 'BB' LongTerm IDR to Positive
NATIONAL BANK: Fitch Alters Outlook on BB LongTerm IDR to Positive
PIRAEUS BANK: Fitch Alters Outlook on BB- LongTerm IDR to Positive


I R E L A N D

ARBOUR CLO VI: Fitch Hikes Rating on Class F Notes to 'B+sf'
ARINI EUROPEAN I: S&P Assigns B- (sf) Rating to Class F Notes
GRAND HARBOUR 2019-1: Fitch Hikes Rating on Class F Notes to 'B+sf'
NORTH WESTERLY: Fitch Hikes Class F-R Notes Rating to 'Bsf'
OCP EURO 2023-8: Fitch Assigns 'B-sf' Final Rating to Class F Notes

PROVIDUS CLO IX: Fitch Assigns 'B-sf' Final Rating to Class F Notes


I T A L Y

FIS FABBRICA: Fitch Alters Outlook on 'B' LongTerm IDR to Positive
RENO DE MEDICI: S&P Assigns 'B' Long-Term ICR, Outlook Stable


N E T H E R L A N D S

MONG DUONG: Fitch Ups Sr. Sec. Notes Rating to BB+, Outlook Stable


P O L A N D

GLOBE TRADE: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable


R U S S I A

APEX INSURANCE: S&P Affirms 'B+' LT FSR, Outlook Stable


S P A I N

ANSELMA ISSUER: S&P Lowers Class B Sr. Secured Debt Rating to 'BB'
BROOKFIELD SLATE: Moody's Affirms 'B2' CFR, Outlook Remains Stable
EROSKI S COOP: S&P Assigns 'B+' Long-Term ICRs, Outlook Stable


U N I T E D   K I N G D O M

AMTE POWER: Goes Into Administration
FARFETCH: Coupang Agrees to Acquire Business
GREENSILL CAPITAL: Taxpayer May Face GBP2MM Redundancies Bill
HIGHLAND TIMBER: Enters Liquidation, 11 Jobs Affected
LLOYDS DEVELOPMENT: Virgin Hotel Glasgow to Halt Operations



X X X X X X X X

[*] Kramer Levin Promotes Five to Counsel, Three to Special Counsel

                           - - - - -


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

SIGNA HOLDING: In Talks to Sell New York's Chrysler Building
------------------------------------------------------------
Francois Murphy, Matthias Inverardi and Tom Sims at Reuters report
that insolvent European property company Signa is holding talks to
potentially sell its stake in New York's Chrysler Building and is
shedding its private jet, its administrator said on Dec. 19, a
significant development in the salvaging of founder Rene Benko's
real estate empire.

The efforts, announced to Signa's creditors in Vienna, mark a first
update by the court-appointed insolvency administrator on plans for
Signa, the biggest casualty so far of Europe's property crisis,
Reuters notes.

"A liquidation plan has been initiated for the accelerated sale of
investments and assets," Reuters quotes the administrator, Christof
Stapf, as saying in a statement.

The holding company of Signa -- a group of some 1,000 companies,
with high-profile projects and department stores across Germany,
Austria and Switzerland -- filed for insolvency last month with
around EUR5 billion (US$5.48 billion) in debt, Reuters recounts.

It was a dramatic stumble in the Austrian conglomerate's two-decade
history that underscored the dimming prospects for the broader
property sector after a surge in interest rates and construction
costs, Reuters notes.

In the weeks since, a string of Signa subsidiaries has followed
suit with their own insolvency filings, and more are expected.
Benko, one of Europe's most prominent property tycoons, was removed
from a ranking by Forbes of the world's billionaires, and a top
deputy was hastily fired, Reuters discloses.




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F I N L A N D
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NOKIA OYJ: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable
------------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 corporate family
rating and the Ba1-PD probability of default rating of Nokia Oyj's
(Nokia or the company). Concurrently, Moody's has affirmed the
company's Ba1 senior unsecured long-term and (P)NP other short-term
ratings and the (P)Ba1 senior unsecured medium term note (MTN)
programme rating. Moody's has also affirmed Nokia's Not Prime (NP)
commercial paper ratings. The outlook remains stable.

The rating action follows Nokia's strategy update announced [1] on
December 12, when the company lowered its operating margin target
to at least 13% by 2026 from the previous guidance of at least
14%.

The revision is mostly driven by the uncertainty in Mobile
Networks, which continues to suffer from weaker demand mainly in
North America. This weakness will be further exacerbated by the
loss of a large contract with AT&T Inc. (AT&T, Baa2 stable). On
December 5, AT&T announced [2] its decision to award
Telefonaktiebolaget LM Ericsson (Ba1 stable) a $14 billion contract
over 5 years to deploy an Open RAN network. AT&T accounted for
5%-8% of Nokia's Mobile Networks net sales year-to-date in 2023.

"While the loss of the AT&T contract is negative for the Mobile
Networks business as it will result in a lower 5G market share and
lower margins, Moody's have affirmed the rating with a stable
outlook considering the company's strong balance sheet, which
provides a cushion for underperformance, as well as its good
execution in the remaining business  segments, including  the
highly profitable licensing business," says Ernesto Bisagno, a
Moody's Vice President - Senior Credit Officer and lead analyst for
Nokia.

RATINGS RATIONALE

The rating affirmation is underpinned by Nokia's significant scale
and relevance, with a global market position in the top three in
wireless, fixed, Internet Protocol (IP) and optical networks, and
by its conservatively managed balance sheet, which provides some
cushion for underperformance.

However, the loss of the AT&T contract will dilute Nokia's global
market share excluding China in 5G from 29%, and this market share
loss will lead to a reduction in margins in Mobile Networks.

Moody's expects a material decline in Nokia's operating profit in
2024, mostly reflecting lower profitability in Mobile Networks
following the loss of the AT&T contract, and the negative impact of
the restructuring costs which Moody's treats as recurring costs.
These restructuring costs are linked to the headcount reduction
plan of up to 14,000 employees which will lead to EUR800
million-EUR1.2 billion of cost savings by 2026.

Mitigating this negative impact is the expected stronger
contribution from the remaining businesses. In particular, Nokia
expects ongoing demand for fibre build and a strong product cycle
in Network Infrastructure, combined with an improving order intake.
It expects Cloud and Network Services to benefit from 5G core
deployments along with continued solid growth in enterprise, while
Nokia Technologies will continue to benefit from its predictable
and highly profitable patent licensing business.

In 2025, the rating agency anticipates a recovery in operating
profit, supported by a stabilization in Mobile Networks due to
contribution from new contracts partially offsetting the loss of
the AT&T contract, and the contribution from the cost savings
programme.

Assuming rising dividends, Nokia's Moody's adjusted FCF is likely
to remain negative in 2024, and to turn positive in 2025. However,
given the material cash balance, gross debt will remain flat and
therefore the company's Moody's adjusted debt to EBITDA ratio will
remain around 2.3x in 2024 and improve towards 2.0x by 2025.

Nevertheless, Moody's also notes that earnings visibility is now
lower and there is a risk that the loss of the AT&T contract might
lead to more price driven competition in the core European and
North American markets, that could have a longer lasting impact on
Nokia's market shares and profitability.

LIQUIDITY

Nokia's liquidity remains strong, supported by a large cash balance
of EUR6.3 billion (including EUR1.7 billion of short-term
investments) as of September 2023; EUR794 million of non-current
interest-bearing financial investments; a EUR1.5 billion revolving
credit facility (RCF) maturing in 2026 (fully undrawn as of
September 2023), with no financial covenants and no significant
adverse change clause for drawdowns; and the limited upcoming debt
maturities, including the EUR750 million senior unsecured bond
maturing in March 2024 (EUR371 million outstanding following a
tender offer of February 2023) and EUR500 million due in February
2025.

RATIONALE FOR STABLE OUTLOOK

Despite the expected profit decline in 2024, the stable rating
outlook reflects Moody's expectation that Nokia will progressively
manage to offset the loss of the AT&T contract and to return to
profit growth in 2025 and beyond, thanks to a recovery in the
Mobile Networks business and stronger contribution from the other
segments.

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

Upward pressure on the rating in the next 12-18 months is unlikely,
given the expected deterioration in 2024 performance. However, over
time, positive rating pressure could develop if Nokia executes its
strategy successfully, while improving its competitive position and
securing technology leadership in both mobile and fixed.
Quantitatively, upward pressure would require the company's
operating margin (Moody's-adjusted) to increase towards 15%, strong
free cash flow (FCF) generation after shareholder distributions;
and a sustained solid liquidity profile and strong balance sheet
with low leverage and an ample cash buffer that helps to
comfortably weather industry downcycles.

Downward rating pressure could arise if operating performance
deteriorates further, reflecting additional market share losses in
the RAN market or a contraction of the underlying markets.
Quantitatively, downward pressure would arise if its
Moody's-adjusted operating margin declines below 8%; its
Moody's-adjusted debt/EBITDA increases above 2.5x on a sustained
basis with Moody's adjusted cash balance dropping materially below
EUR4 billion; or its FCF and liquidity deteriorate significantly.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Diversified
Technology published in February 2022.

COMPANY PROFILE

Headquartered in Espoo, Finland, Nokia is a leading provider of
radio access/mobile broadband wireless and fixed equipment,
software and services to telecommunication operators, as well as
enterprises. The company also operates a licensing, brand and
technology development business. Nokia reported total group net
sales of EUR24.9 billion and comparable operating profit of EUR3.1
billion in 2022. Nokia has four operating and reportable segments
for the financial reporting purposes: (1) Mobile Networks, (2)
Network Infrastructure, (3) Cloud and Network Services and (4)
Nokia Technologies.



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F R A N C E
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PETROFAC LIMITED: Fitch Cuts LongTerm IDR to 'B-', On Watch Neg.
----------------------------------------------------------------
Fitch Ratings has downgraded Petrofac Limited Long-Term Issuer
Default Rating (IDR) to B-' from 'B+' and senior secured debt
rating to 'B-'/'RR4' from 'BB-'/'RR3. Fitch has simultaneously
placed the ratings on Rating Watch Negative (RWN).

The downgrade reflects significant deterioration in the group's
liquidity position following the recent unexpected announcement
regarding ongoing challenges in obtaining performance guarantees
from banks for major new awards secured in 2023. Fitch expects that
the resulting delays in advance payment collection will lead to
short-term liquidity pressures and that resolution of the issue
will require urgent new measures to strengthen the balance sheet.

The RWN reflects limited liquidity headroom and uncertainty related
to the necessary measures to improve liquidity and related
prospects for obtaining performance guarantees. The risk is
exacerbated by the fairly limited potential value of the non-core
assets and resulting need to explore various alternative financial
options.

Fitch expects to resolve the RWN once there is more clarity on the
new measures to strengthen the balance sheet and related prospects
for securing bank guarantees. A downgrade would occur on any
proposed debt restructuring (leading to a distressed debt exchange
under Fitch's criteria) or any inability to secure additional
sources of liquidity or refinance existing term loans and revolving
credit facilities. Positive resolution of the RWN could arise from
a debtor-friendly transaction leading to a significant improvement
in liquidity together with a sustained ability to obtain
performance guarantees for existing and future projects.

KEY RATING DRIVERS

Inability to Secure Performance Guarantees: Fitch expects that the
challenges in securing bank guarantees will limit advance payment
receipts leading to short-term liquidity pressures and ultimately
implies an urgent need to strengthen the group's balance sheet.
Fitch understands that the difficulty in securing performance
guarantees is partly driven by banks reducing their exposure
(through the provision of these guarantees across the engineering
and construction sector that is focused on oil and gas activities).
However, this is exacerbated by Petrofac's limited liquidity
position.

A performance guarantee is a standard contractual requirement in
engineering, procurement, and construction (EPC) contracts. It is
typically provided by banks and designed to provide a financial
back-stop or protection to clients that project delivery will be in
line with the agreed terms, and if not to provide financial remedy.
A protracted inability to secure guarantees could lead to broader
commercial fall-out for Petrofac including potential cancellations
of contracts awarded in 2023 and challenges in obtaining new
contracts.

Limited Liquidity Headroom: The inability to source these
performance guarantees means Petrofac faces a delay in obtaining
about USD200 million in advance payment collection related to the
recent new project awards leading to significant unexpected cash
consumption in 2023 and resulting in limited liquidity headroom.
The group's short-term maturities include USD90 million term loans
and a USD162 million fully drawn revolving credit facility (RCF),
both maturing by October 2024.

Accordingly, the group is now increasingly reliant on liquidity
sources subject to execution risk, such as non-core asset
disposals. The resolution of the challenges in securing performance
guarantees requires urgent new measures to strengthen the balance
sheet.

Uncertain Measures to Support Liquidity: The execution risk of
Petrofac raising additional capital is exacerbated by the fairly
limited value of non-core assets, low market capitalisation and
resulting need to explore a broad range of potential financial
options. A potential solution could include equity injections from
financial investors via the acquisition of a noncontrolling stake
in components of the business portfolio. However, the group is
exploring various other financial options. At this stage, Fitch
cannot rule out an event that could trigger a default under its
criteria, such as a debt-to-equity swap.

Deteriorating Revenue Visibility: Revenue visibility has weakened
due to the heightened risk of cancellation of the recent new awards
as well as broader concerns related to the group's ability to
secure future guarantees. A swift resolution of the performance
guarantee challenges is also necessary to avert the broader
commercial fall-out, including a potential adverse impact on the
group's market position and customer relationships.

The risk is somewhat mitigated by the group's strong existing
client relationships and solid engineering and construction
capabilities, which could incentivise the clients to extend the
contractual timeline for securing guarantees.

Sound Business Profile: Petrofac has a solid overall E&C market
position, with a broad range of skills and services covering
onshore and offshore works, and delivering projects in upstream and
downstream oil and gas developments. It has also demonstrated
expertise in sustainable energy engineering and construction (E&C)
activities, which firmly positions the group for the growth of this
smaller but increasingly important sub-sector. In 1H23, Petrofac
increased order backlog to about USD6.6 billion, supported by about
USD3.4 billion of new awards in its E&C segment, which was
previously limiting overall backlog size.

The group's deteriorating revenue visibility is solely driven by
its current inability to secure performance guarantees.

DERIVATION SUMMARY

Petrofac has no close direct Fitch-rated peers. Fitch views
Petrofac's business profile as weaker than Saipem S.p.A.'s (not
rated), mainly due to the latter's significantly stronger revenue
visibility supported by its large backlog. Fitch views Petrofac's
business profile as weaker than John Wood Group plc's (not rated)
due to declining revenue visibility related to the group's
inability to secure performance guarantees. Both companies have a
solid position in their core markets and sound geographic
diversification.

Petrofac's financial profile is currently constrained by limited
liquidity headroom and is significantly weaker than infrastructure
E&C contractor Webuild S.p.A.'s (BB/Stable),

KEY ASSUMPTIONS

Key Assumptions Within Its Rating Case for the Issuer:

- Revenue of around USD2.7 billion in 2023, USD3.0 billion in 2024,
and gradually increasing to USD4.1 billion in 2026

- Negative EBITDA of around USD70 million in 2023; EBITDA margin at
about 1% in 2024 and 3-5% in 2025-2026

- Working-capital outflow of about 1% in 2023, working capital
inflows in 2024 and 2025

- Non-core assets disposal proceeds of about USD60 million in 2024

- No dividends and acquisitions in the next four years

RECOVERY ANALYSIS

- The recovery analysis assumes that Petrofac would be reorganised
as a going-concern (GC) in bankruptcy rather than liquidated. It
mainly reflects Petrofac's strong market position, engineering
capabilities, customer relationships and asset-light business
model, following disposals in the integrated energy services
division

- For the purpose of recovery analysis, Fitch assumed that the debt
comprises USD600 million senior secured notes, USD162 million RCF
(full drawdown assumed) and USD90 million term loans. Fitch assumes
that all debt instruments rank equally among themselves.

- The GC EBITDA estimate of USD107 million reflects Fitch's view of
a sustainable, post-reorganisation EBITDA level upon which Fitch
bases the enterprise valuation (EV). In this scenario, stress on
EBITDA would most likely result from severe operational challenges
in lump-sum projects

- Fitch applies a distressed EBITDA multiple of 4x to calculate a
GC EV. The choice of multiple mainly reflects Petrofac's strong
market position being offset by weak revenue visibility and demand
volatility in the oil and gas end-markets.

- After deducting 10% for administrative claims, its waterfall
analysis generates a ranked recovery for the senior secured debt in
the Recovery Rating 'RR4' band, indicating a 'B-' instrument rating
for the group's USD600 million senior secured notes. The waterfall
analysis output percentage on current metrics and assumptions is
45%.

RATING SENSITIVITIES

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

- Resolution of the RWN would require a debtor-friendly transaction
that would lead to a significant improvement in the liquidity
position and result in a sustained ability to obtain performance
guarantees (or advance payment guarantees) for existing and future
projects

- An upgrade would require a sustained recovery in the order book
with no evidence of deterioration in the new orders' quality or
margin dilution leading to neutral to positive FCF on a sustained
basis as well as maintaining EBITDA gross leverage below 5.0x and
EBITDA interest coverage above 2.0x on a sustained basis

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

- A non-debtor-friendly transaction, which could include some form
of the debt restructuring

- Inability to secure additional sources of liquidity or refinance
existing term loans and RCF

- Protracted delays in securing performance guarantees leading to
increasing commercial fall-out such as cancellation of new awards
or inability to obtain new awards

- Inability to generate working-capital inflows leading to
continued cash consumption

- EBITDA gross leverage failing to decline below 6.5x and EBITDA
interest coverage cover below 1.5x

LIQUIDITY AND DEBT STRUCTURE

Limited Liquidity Headroom: At 30 June 2023, Petrofac's liquidity
profile comprised USD152 million readily available cash (excluding
around USD101 million deemed not readily available by Fitch, mainly
for intra-year working-capital swings). Fitch expects negative FCF
in 2H23 due to delays in cash collection of advance payments for
new awards secured in 2023, which is related to the group's
inability to secure performance guarantees. The main upcoming
maturities include about USD90 million term loans and an USD162
million RCF (fully drawn) both due by October 2024. Liquidity is
becoming increasingly reliant on additional sources subject no
execution risk such as non-core assets disposals.

Debt Structure: At 30 June 2023, Petrofac's debt maturity profile
mainly comprised USD600 million senior secured notes due in 2026.
The group also had around USD90 million term loans and a USD162
million RCF both due by October 2024.

ISSUER PROFILE

Petrofac is an international E&C service provider to the energy
industry. The group designs, builds, operates and maintains oil and
gas facilities, delivered through a range of commercial models
(lump-sum, reimbursable and flexible).

ESG CONSIDERATIONS

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

   Entity/Debt             Rating             Recovery   Prior
   -----------             ------             --------   -----
Petrofac Limited     LT IDR B- Downgrade                 B+
                     ST IDR B  Rating Watch On           B

   senior secured    LT     B- Downgrade         RR4     BB-



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G R E E C E
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ALPHA SERVICES: Fitch Alters Outlook on 'BB-' LongTerm IDR to Pos.
------------------------------------------------------------------
Fitch Ratings has revised the Outlooks on the 'BB-' Long-Term
Issuer Default Ratings (IDRs) of Alpha Services and Holdings S.A.
(HoldCo) and Alpha Bank S.A. (Alpha) to Positive from Stable. All
issuer and debt ratings have been affirmed.

The Outlook revision follows Fitch's revision of the outlook on its
'bb' operating environment (OE) assessment for Greek banks to
positive from stable, reflecting the positive effects expected from
Greece's sovereign upgrade to 'BBB-'/Stable (see: 'Fitch Upgrades
Greece to 'BBB-'; Outlook Stable' dated 1 December 2023).

KEY RATING DRIVERS

IDRs and VIABILITY RATINGs (VR)

The Outlook revision reflects Fitch's view that Greece's attainment
of an investment-grade rating will be beneficial to Greek banks' OE
by improving the country's business sentiment, ultimately helping
the banks to grow business volumes without compromising their risk
profiles. Combined with sustained improved economic confidence and
strong investment performance, this will likely lead to an upgrade
of its OE assessment within the rating horizon. In turn, a more
favourable OE should support Alpha's business model sustainability,
resilience of profitability and internal capital generation.

The sovereign upgrade also reduces the risks from the bank's large
portfolio of domestic government bonds (about 1.7x Common Equity
Tier 1 (CET1) capital at end-September 2023) and systemic asset
quality risks. The latter and continued economic growth in Greece
support its expectation that Alpha will continue to experience
satisfactory asset quality performance and reduce its problem asset
ratio (which includes non-performing exposures (NPEs) and net
foreclosed assets, and excludes senior notes of own NPE
securitisations from the denominator) to mid-single digits by
end-2025, reflected in the positive outlook on its asset quality
assessment.

The upgrade of Greece's sovereign rating to investment grade is
also likely to result in easier and less expensive access to the
wholesale debt market for large Greek banks, including Alpha. This
should support the bank's ability to meet and remain compliant with
its final minimum requirement for own funds and eligible
liabilities (MREL). All these developments should ultimately affect
positively its assessment of the bank's funding and liquidity
profile.

For more details on the bank's key rating drivers, please see
'Fitch Upgrades Alpha Bank to 'BB-'; Outlook Stable' dated 19
September 2023.

HoldCo is the parent holding company of Alpha, the group's main
operating company and core bank. The ratings of HoldCo and Alpha
are equalised as Fitch believes that the risk of default of the two
entities is substantially the same. The equalisation also reflects
its expectation that the HoldCo's double leverage will remain below
120%, and fungible liquidity that is prudently managed at group
level.

RATING SENSITIVITIES

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

The Outlook could be revised to Stable if Greece's economic
prospects deteriorate, for example, if an unexpected domestic
economic slowdown without prospects of a rebound in the short term
leads to less favourable business opportunities for banks.

Fitch could downgrade the ratings if Fitch expects Alpha's NPE
ratio (excluding senior notes) to rise above 8% on a sustained
basis, or if its CET1 ratio falls below 12%, causing CET1 capital
encumbrance by unreserved problem assets to rise significantly.

A decline of operating profit to below 1% of risk-weighted assets
(RWAs) due to structural weaknesses in Alpha's business model, or
evidence of funding instability or inability to access wholesale
debt markets for a prolonged period, could also be
rating-negative.

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

The Positive Outlook indicates that the ratings are likely to be
upgraded in the next 12 to 24 months if Greece's OE score is
upgraded or Alpha's business model strengthens, evidenced by
stronger revenue generation and diversification. A stabilisation of
the operating profit/RWAs ratio above 2% without a material
deterioration in the bank's risk profile, and a strengthening of
the CET1 ratio above 15% would also be positive for the ratings.

The problem asset ratio falling towards 7% with strengthened NPE
coverage and resulting low CET1 capital encumbrance by unreserved
problem assets, coupled with stable funding and a continued
build-up of MREL buffers, could also lead to an upgrade.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

DEPOSITS

Alpha's long-term deposit rating is one notch above the Long-Term
IDR, because of full depositor preference in Greece and its
expectation that Alpha will comply with its final MREL, which will
be binding from 1 January 2026. Alpha's resolution debt buffer is
moderate, which Fitch expects to grow as the bank issues more
senior debt. Deposits will therefore benefit from protection
offered by more bank resolution debt and equity, resulting in a
lower probability of default.

The short-term deposit rating of 'B' is in line with the bank's
'BB' long-term deposit rating under Fitch's rating correspondence
table.

GOVERNMENT SUPPORT RATING (GSR)

Alpha's GSR of 'no support' reflects Fitch's view that although
external extraordinary sovereign support is possible, it cannot be
relied on. Senior creditors can no longer expect to receive full
extraordinary support from the sovereign in the event that the bank
becomes non-viable. The EU's Bank Recovery and Resolution Directive
and the Single Resolution Mechanism for eurozone banks provide a
framework for resolving banks that requires senior creditors
participating in losses ahead of a bank receiving sovereign
support.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

The deposit ratings are sensitive to changes in the bank's IDRs.
The ratings could be upgraded if Alpha's resolution debt buffers
excluding senior preferred debt issued at the operating company
level exceeds 10% of RWAs on a sustained basis, which Fitch deems
unlikely.

The long-term deposit rating could also be downgraded if Fitch
deems Alpha unable to increase the size of its senior and junior
debt buffers to comply with its final MREL.

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

VR ADJUSTMENTS

The operating environment score of 'bb' is below the 'bbb' implied
category score due to the following adjustment reason: level and
growth of credit (negative).

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

ESG CONSIDERATIONS

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

   Entity/Debt                       Rating           Prior
   -----------                       ------           -----
Alpha Bank S.A.    LT IDR             BB-  Affirmed   BB
                   ST IDR             B    Affirmed   B
                   Viability          bb-  Affirmed   bb-
                   Government Support ns   Affirmed   ns

   long-term
   deposits        LT                 BB   Affirmed   BB

   short-term
   deposits        ST                 B    Affirmed   B

Alpha Services
and Holdings S.A.   LT IDR             BB- Affirmed   BB-
                    ST IDR             B   Affirmed   B
                    Viability          bb- Affirmed   bb-
                    Government Support ns  Affirmed   ns

EUROBANK SA: Fitch Alters Outlook on 'BB' LongTerm IDR to Positive
------------------------------------------------------------------
Fitch Ratings has revised the Outlook on the 'BB' Long-Term Issuer
Default Ratings (IDR) of Eurobank Ergasias Services and Holdings
S.A. (HoldCo) and Eurobank S.A. (Eurobank) to Positive from Stable.
All issuer and debt ratings have been affirmed.

The Outlook revision follows Fitch's revision of the outlook on its
'bb' operating environment (OE) assessment for Greek banks' to
positive from stable, reflecting the positive effects expected from
Greece's sovereign upgrade to 'BBB-'/Stable (see: 'Fitch Upgrades
Greece to 'BBB-'; Outlook Stable' dated 1 December 2023).

KEY RATING DRIVERS

IDRs and VIABILITY RATINGs (VR)

The Outlook revision reflects Fitch's view that Greece's attainment
of an investment-grade rating will be beneficial to Greek banks' OE
by improving the country's business sentiment, ultimately helping
the banks to grow business volumes without compromising their risk
profiles. Combined with sustained improved economic confidence and
strong investment performance, this will likely lead to an upgrade
of its OE assessment within the rating horizon. In turn, a more
favourable OE should support Eurobank's business model
sustainability, resilience of profitability and internal capital
generation.

The sovereign upgrade also reduces the risks from the bank's
sizeable portfolio of domestic government bonds (about 70% of
common equity Tier 1 (CET1) capital at end-September 2023). Coupled
with Eurobank's manageable non-performing exposure (NPE) ratio of
5.5% (excluding senior notes of own NPE securitisations from the
denominator) and adequate NPE coverage ratio of 72% at
end-September 2023, this has led to a revision of its assessment of
the bank's asset quality to 'bb-' from 'b+'.

Its assessment is underpinned by the expectation that Eurobank's
trend of satisfactory asset quality performance will continue,
supported by reduced systemic risks and continued economic growth.

The upgrade of Greece's sovereign rating to investment grade is
also likely to result in easier and less expensive access to the
wholesale debt market for large Greek banks, including Eurobank.
This should support the bank's ability to meet and remain compliant
with its final minimum requirement for own funds and eligible
liabilities (MREL). All these developments should ultimately
positively affect its assessment of the bank's funding and
liquidity profile.

For more details on the bank's key rating drivers, please see
'Fitch Upgrades Eurobank to 'BB'; Outlook Stable' dated 19
September 2023.

HoldCo is the parent holding company of Eurobank, the group's main
operating company. The ratings of the two entities are equalised as
Fitch believes that their risk of default is substantially the
same, and expects that double leverage will remain below 120%, and
that fungible liquidity will be prudently managed at group level.

RATING SENSITIVITIES

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

The Outlook could be revised to Stable if Greece's economic
prospects deteriorate, for example, if an unexpected domestic
economic slowdown without prospects of a rebound in the short term
leads to less favourable business opportunities for banks.

Fitch could downgrade the ratings if Fitch expected the NPE ratio
(excluding senior notes) to rise above 7% on a sustained basis, or
if the CET1 ratio decreases towards 13%, causing CET1 capital
encumbrance by unreserved problem assets (which include NPEs and
foreclosed assets) to rise significantly.

A decline of operating profit/risk-weighted assets (RWAs) to below
2% due to structural weaknesses in Eurobank's business model, or
evidence of funding instability or inability to access the
wholesale debt markets for a prolonged period, could also be
negative for the ratings.

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

The Positive Outlook indicates that the ratings are likely to be
upgraded in the next 12 to 24 months. An upgrade would be
contingent on an upgrade of Greece's OE score.

An upgrade would also require the NPE ratio (excluding senior
notes) to fall towards 5% and the CET1 ratio to remain at least
around 16% on a sustained basis, resulting in low CET1 capital
encumbrance by unreserved problem assets.

An upgrade would also require operating profit/RWAs to be sustained
at around 2.5%, without a material deterioration in the bank's risk
profile and accompanied by stable funding and a continued build-up
of MREL buffer

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

DEPOSITS

Eurobank's long-term deposit rating is one notch above its
Long-Term IDR because of full depositor preference in Greece and
its expectation that Eurobank will comply with its final MREL,
which will be binding from 1 January 2026. Eurobank's resolution
debt buffer is moderate, which Fitch expects to grow as the bank
issues more senior debt. Deposits will therefore benefit from
protection offered by more bank resolution debt and equity,
resulting in a lower probability of default.

The short-term deposit rating of 'B' is in line with the bank's
'BB+' long-term deposit rating under Fitch's rating correspondence
table.

SENIOR PREFERRED DEBT

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

Eurobank's short-term senior preferred debt rating of 'B' is
aligned with its Short-Term IDR.

SUBORDINATED DEBT

The rating of HoldCo's subordinated debt is two notches lower than
its VR to reflect poor recovery prospects in a default given its
junior ranking. No notching is applied for incremental
non-performance risk.

GOVERNMENT SUPPORT RATING (GSR)

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

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

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

The long-term deposit and senior preferred debt ratings could be
upgraded if Eurobank's resolution debt buffer excluding senior
preferred debt issued at the operating company level exceeds 10%
RWAs on a sustained basis, which Fitch deems unlikely.

The long-term deposit rating could be downgraded if Fitch deems
Eurobank is unable to increase the size of its senior and junior
debt buffers to comply with its final MREL.

The rating of HoldCo's subordinated debt is sensitive to changes in
its VR, which in turn is sensitive to changes in Eurobank's VR.

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

VR ADJUSTMENTS

The operating environment score of 'bb' is below the 'bbb' implied
category score, due to the following adjustment reason: level and
growth of credit (negative).

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

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

ESG CONSIDERATIONS

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

   Entity/Debt             Rating           Recovery   Prior
   -----------             ------           --------   -----
Eurobank S.A.     LT IDR             BB  Affirmed   BB
                  ST IDR             B   Affirmed   B
                  Viability          bb  Affirmed   bb
                  Government Support ns  Affirmed   ns

   long-term
   deposits       LT                 BB+ Affirmed   BB+

   Senior
   preferred      LT                 BB  Affirmed   BB

   Senior
   preferred      ST                 B   Affirmed   B

   short-term
   deposits       ST                 B   Affirmed   B

Eurobank
Ergasias
Services and
Holdings S.A.     LT IDR             BB  Affirmed   BB
                  ST IDR             B   Affirmed   B
                  Viability          bb  Affirmed   bb
                  Government Support ns  Affirmed   ns

   subordinated   LT                 B+  Affirmed   B+

NATIONAL BANK: Fitch Alters Outlook on BB LongTerm IDR to Positive
------------------------------------------------------------------
Fitch Ratings has revised the Outlook on National Bank of Greece
S.A.'s (NBG) 'BB' Long-Term Issuer Default Rating (IDR) to Positive
from Stable. All issuer and debt ratings have been affirmed.

The Outlook revision follows Fitch's revision of the outlook on its
'bb' operating environment (OE) assessment for Greek banks to
positive from stable, reflecting the positive effects expected from
Greece's sovereign upgrade to 'BBB-'/Stable (see: 'Fitch Upgrades
Greece to 'BBB-'; Outlook Stable' dated 1 December 2023.

KEY RATING DRIVERS

IDR and VIABILITY RATING (VR)

The Outlook revision reflects Fitch's view that Greece's attainment
of an investment-grade rating will be beneficial to Greek banks' OE
by improving the country's business sentiment, ultimately helping
the banks to grow business volumes without compromising their risk
profiles. Combined with sustained improved economic confidence and
strong investment performance, this will likely lead to an upgrade
of its OE assessment within the rating horizon. In turn, a more
favourable OE should support NBG's business model sustainability,
resilience of profitability and internal capital generation.

The sovereign upgrade also reduces the risks from the bank's large
portfolio of domestic government bonds (over 90% of Common Equity
Tier 1 (CET1) capital at end-September 2023). Coupled with NBG's
manageable non-performing exposure (NPE) ratio of 4% (excluding
senior notes of own NPE securitisations from the denominator) and
high NPE coverage ratio of about 90% at end-September 2023, this
has led to a revision of its assessment of the bank's asset quality
to 'bb-' from 'b+'.

Its assessment is underpinned by the expectation that NBG's trend
of satisfactory asset quality performance will continue, supported
by reduced systemic risks and continued economic growth.

The upgrade of Greece's sovereign rating to investment grade is
also likely to result in easier and less expensive access to the
wholesale debt market for large Greek banks, including NBG. This
should support the bank's ability to meet and remain compliant with
its final minimum requirement for own funds and eligible
liabilities (MREL). All these developments should ultimately affect
positively its assessment of the bank's funding and liquidity
profile.

For more details on the bank's key rating drivers, please see
'Fitch Upgrades National Bank of Greece to 'BB'; Outlook Stable'
dated 19 September 2023 at www.fitchratings.com.

RATING SENSITIVITIES

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

The Outlook could be revised to Stable if Greece's economic
prospects deteriorate, for example, if an unexpected domestic
economic slowdown without prospects of a rebound in the short term
leads to less favourable business opportunities for banks.

Fitch could downgrade the ratings if Fitch expected the NPE ratio
(excluding senior notes) to rise above 7% on a sustained basis, or
if the CET1 ratio decreases towards 13%, causing CET1 capital
encumbrance by unreserved problem assets (which include NPEs and
foreclosed assets) to rise significantly.

A decline of operating profit/risk-weighted assets (RWAs) to below
2% due to structural weaknesses in NBG's business model, or
evidence of funding instability or inability to access the
wholesale debt markets for a prolonged period, could also be
negative for the ratings.

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

The Positive Outlook indicates that the ratings are likely to be
upgraded in the next 12 to 24 months. An upgrade would be
contingent on the upgrade of Greece's OE score.

An upgrade would also require the NPE ratio (excluding senior
notes) to remain below 5% and the CET1 ratio to remain at least
around 16% on a sustained basis, resulting in low CET1 capital
encumbrance by unreserved problem assets.

An upgrade would also require operating profit/RWAs to be sustained
at around 2.5%, without a material deterioration in the bank's risk
profile and accompanied by stable funding and a continued build-up
of MREL buffers.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

DEPOSITS

NBG's long-term deposit rating is one notch above the Long-Term
IDR, because of full depositor preference in Greece and its
expectation that NBG will comply with its final MREL, which will be
binding from 1 January 2026. NBG's resolution debt buffer is
moderate, which Fitch expects to grow as the bank issues more
senior debt. Deposits will therefore benefit from protection
offered by more bank resolution debt and equity, resulting in a
lower probability of default.

The short-term deposit rating of 'B' is in line with the bank's
'BB+' long-term deposit rating under Fitch's rating criteria.

SENIOR PREFERRED DEBT

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

SUBORDINATED DEBT

The rating of the subordinated debt is two notches lower than the
VR to reflect poor recovery prospects in a default given its junior
ranking. No notching is applied for incremental non-performance
risk.

GOVERNMENT SUPPORT RATING (GSR)

NBG's Government Support Rating of 'no support' (ns) reflects
Fitch's view that although extraordinary sovereign support is
possible, it cannot be relied on. Senior creditors can no longer
expect to receive full extraordinary support from the sovereign in
the event that the bank becomes non-viable. The EU's Bank Recovery
and Resolution Directive and the Single Resolution Mechanism for
eurozone banks provide a framework for resolving banks that
requires senior creditors participating in losses ahead of a bank
receiving sovereign support.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

The senior preferred debt and deposit ratings are sensitive to
changes in the bank's Long-Term IDR. The senior preferred debt
rating could be upgraded by one notch if NBG is expected to meet
its resolution buffer requirements only with senior non-preferred
and more junior instruments, or if the size of the combined buffer
of senior non-preferred and junior debt is expected to sustainably
exceed 10% of RWAs, neither of which Fitch expects.

The long-term deposit rating could be downgraded if Fitch deems NBG
is unable to increase the size of its senior and junior debt
buffers to comply with its final MREL.

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

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

VR ADJUSTMENTS

The operating environment score of 'bb' is below the 'bbb' implied
category score due to the following adjustment reason: level and
growth of credit (negative).

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

ESG CONSIDERATIONS

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

   Entity/Debt                        Rating          Prior
   -----------                        ------          -----
National Bank of
Greece S.A.         LT IDR             BB  Affirmed   BB
                    ST IDR             B   Affirmed   B  
                    Viability          bb  Affirmed   bb
                    Government Support ns  Affirmed   ns

   Subordinated     LT                 B+  Affirmed   B+

   long-term
   deposits         LT                 BB+ Affirmed   BB+

   Senior
   preferred        LT                 BB  Affirmed   BB

   Senior
   preferred        ST                 B   Affirmed   B

   short-term
   deposits         ST                 B   Affirmed   B

PIRAEUS BANK: Fitch Alters Outlook on BB- LongTerm IDR to Positive
------------------------------------------------------------------
Fitch Ratings has revised the Outlook on Piraeus Bank S.A.'s 'BB-'
Long-Term Issuer Default Rating (IDR) to Positive from Stable. All
issuer and debt ratings have been affirmed.

The Outlook revision follows Fitch's revision of the outlook on its
'bb' operating environment (OE) assessment for Greek banks to
positive from stable, reflecting the positive effects expected from
Greece's sovereign upgrade to 'BBB-'/Stable (see: 'Fitch Upgrades
Greece to 'BBB-'; Outlook Stable' dated 1 December 2023).

KEY RATING DRIVERS

IDR and VIABILITY RATING (VR)

The Outlook revision reflects Fitch's view that Greece's attainment
of an investment-grade rating will be beneficial to Greek banks' OE
by improving the country's business sentiment, ultimately helping
the banks to grow business volumes without compromising their risk
profiles. Combined with sustained improved economic confidence and
strong investment performance, this will likely lead to an upgrade
of its OE assessment within the rating horizon. In turn, a more
favourable OE should support Piraeus's business model
sustainability, resilience of profitability and internal capital
generation.

The sovereign upgrade also reduces the risks from the bank's large
portfolio of domestic government bonds (about 2.2x Common Equity
Tier 1 (CET1) capital at end-September 2023) and systemic asset
quality risks. The latter and continued economic growth in Greece
support its expectation that Piraeus will continue to experience
satisfactory asset quality performance and reduce its problem asset
ratio (which includes non-performing exposures (NPEs) and net
foreclosed assets, and excludes senior notes of own NPE
securitisations from the denominator) to mid-single digits by
end-2025, reflected in the positive outlook on its asset quality
assessment.

The upgrade of the Greece's sovereign rating to investment grade is
also likely to result in easier and less expensive access to the
wholesale debt market for large Greek banks, including Piraeus.
This should support the bank's ability to meet and remain compliant
with its final minimum requirement for own funds and eligible
liabilities (MREL). All these developments should ultimately affect
positively its assessment of the bank's funding and liquidity
profile.

For more details on the bank's key rating drivers, please see
'Fitch Upgrades Piraeus Bank to 'BB-'; Outlook Stable' dated 19
September 2023.

RATING SENSITIVITIES

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

The Outlook could be revised to Stable if Greece's economic
prospects deteriorate, for example, if an unexpected domestic
economic slowdown without prospects of a rebound in the short term
leads to less favourable business opportunities for banks.

Fitch could downgrade the ratings if Fitch expects Piraeus's NPE
ratio (excluding senior notes) to rise above 8% on a sustained
basis, or if its CET1 ratio falls below 12%, causing CET1 capital
encumbrance by unreserved problem assets to rise significantly.

A decline of operating profit to below 1% of risk-weighted assets
(RWAs) due to structural weaknesses in Piraeus's business model, or
evidence of funding instability or inability to access wholesale
debt markets for a prolonged period, could also be
rating-negative.

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

The Positive Outlook indicates that the ratings are likely to be
upgraded in the next 12 to 24 months if Greece's OE score is
upgraded or Piraeus's business model strengthens, evidenced by
stronger revenue generation and diversification. A stabilisation of
the operating profit/RWAs ratio above 2% without a material
deterioration in the bank's risk profile, and a strengthening of
the CET1 ratio above 15% would also be positive for the ratings.

The problem asset ratio falling towards 7% with strengthened NPE
coverage and resulting low CET1 capital encumbrance by unreserved
problem assets, coupled with stable funding and a continued
build-up of MREL buffers, could also lead to an upgrade.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

DEPOSITS

Piraeus's long-term deposit rating is one notch above its Long-Term
IDR because of full depositor preference in Greece and its
expectation that Piraeus will comply with its final MREL, which
will be binding from 1 January 2026. Piraeus's resolution debt
buffer is moderate, which Fitch expects to grow as the bank issues
more senior debt. Deposits will therefore benefit from protection
offered by more bank resolution debt and equity, resulting in a
lower probability of default.

The short-term deposit rating of 'B' is in line with the bank's
'BB' long-term deposit rating under Fitch's rating correspondence
table.

SENIOR PREFERRED DEBT

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

Piraeus's short-term senior preferred debt rating of 'B' is aligned
with its Short-Term IDR.

GOVERNMENT SUPPORT RATING (GSR)

Piraeus's 'no support' GSR reflects Fitch's view that although
extraordinary sovereign support is possible it cannot be relied on.
Senior creditors can no longer expect to receive full extraordinary
support from the sovereign in the event that the bank becomes
non-viable.

The EU's Bank Recovery and Resolution Directive and the Single
Resolution Mechanism for eurozone banks provide a framework for
resolving banks that requires senior creditors participating in
losses ahead of a bank receiving sovereign support.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

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

The long-term deposit and senior preferred debt ratings could be
upgraded if Piraeus's resolution debt buffer excluding senior
preferred debt issued at the operating company level exceeds 10% of
RWAs on a sustained basis, which Fitch deems unlikely.

The long-term deposit rating could be downgraded if Fitch deems
Piraeus unable to increase the size of its senior and junior debt
buffers to comply with its final MREL

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

VR ADJUSTMENTS

The operating environment score of 'bb' is below the 'bbb' implied
category score, due to the following adjustment reason: level and
growth of credit (negative).

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

ESG CONSIDERATIONS

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

   Entity/Debt                         Rating          Prior
   -----------                         ------          -----
Piraeus Bank S.A.    LT IDR             BB- Affirmed   BB-
                     ST IDR             B   Affirmed   B
                     Viability          bb- Affirmed   bb-
                     Government Support ns  Affirmed   ns

   long-term
   deposits          LT                 BB  Affirmed   BB

   Senior
   preferred         LT                 BB- Affirmed   BB-

   short-term
   deposits          ST                 B   Affirmed   B

   Senior
   preferred         ST                 B   Affirmed   B



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

ARBOUR CLO VI: Fitch Hikes Rating on Class F Notes to 'B+sf'
------------------------------------------------------------
Fitch Ratings has upgraded Arbour CLO VI DAC class B and D to F
notes.

   Entity/Debt            Rating           Prior
   -----------            ------           -----
Arbour CLO VI DAC

   A-1 XS1971345779   LT AAAsf  Affirmed   AAAsf
   A-2 XS1971346314   LT AAAsf  Affirmed   AAAsf
   B XS1971347122     LT AA+sf  Upgrade    AAsf
   C-1 XS1971348443   LT A+sf   Affirmed   A+sf
   C-2 XS1971349177   LT A+sf   Affirmed   A+sf
   D XS1971349763     LT BBB+sf Upgrade    BBBsf
   E XS1971350340     LT BB+sf  Upgrade    BBsf
   F XS1971350696     LT B+sf   Upgrade    Bsf

TRANSACTION SUMMARY

Arbour CLO VI DAC is a cash flow CLO comprising mostly senior
secured obligations. The transaction is actively managed by Oaktree
Capital Management Limited and exited its reinvestment period in
November 2023.

KEY RATING DRIVERS

Stable Performance; Low Refinancing Risk: Since Fitch's last rating
action in March 2022, the portfolio continued to see stable
performance. As per the last trustee report dated 15 November 2023,
the transaction was passing all of its collateral-quality and
portfolio-profile tests. The transaction is above par by 1% and has
reported defaults of EUR2.9 million.

In addition, the notes have limited near- and medium-term
refinancing risk, with 1.3% of the assets in the portfolio maturing
before 2024, and 3.7% in 2025, as calculated by Fitch. This,
together with larger break-even default-rate cushions since the
last review in January 2023, has resulted in today's upgrades.

Large Cushion for All Notes: All notes have large default-rate
buffers to support their ratings and should be capable of absorbing
further defaults in the portfolio. This also reflects its
expectation that the notes have sufficient credit protection to
withstand deterioration in the credit quality of the portfolio at
current ratings.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the underlying obligors at 'B'/'B-'. The Fitch-calculated weighted
average rating factor (WARF) of the current portfolio is 24.8 as
reported by the trustee based on the latest criteria.

High Recovery Expectations: Senior secured obligations comprise
97.2% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-calculated weighted average recovery
rate (WARR) of the current portfolio is 61.7%.

Diversified Portfolio: The top-10 obligor concentration as
calculated Fitch is 15.8%, and no obligor represents more than 2.5%
of the portfolio balance. Exposure to the three-largest
Fitch-defined industries is 29.2% as calculated by the trustee.

Deviation from Modelled-Implied Ratings: The class B notes'
model-implied ratings (MIRs) are one notch above their current
ratings. The deviations reflect Fitch's view that the default-rate
cushion at the MIRs for these notes are not yet commensurate with
the respective stress, given uncertain macroeconomic conditions and
the lack of deleveraging.

Reinvestment Allowed: Although the transaction exited its
reinvestment period in November 2023 the manager can reinvest
unscheduled principal proceeds and sale proceeds from credit-risk
obligations after the reinvestment period, subject to compliance
with the reinvestment criteria. Given the manager's ability to
reinvest, Fitch analysis is based on stressing the portfolio to the
covenanted limits for Fitch-calculated WAL, Fitch-calculated WARF,
Fitch-calculated WARR (which includes a 1.5% haircut as the
transaction is using the WARR of old criteria), weighted average
spread (WAS) and fixed-rate asset share.

RATING SENSITIVITIES

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

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

Due to the better metrics and shorter life of the current portfolio
than the Fitch-stressed portfolio as well as the MIR deviation, the
class B and E notes display a rating cushion of one notch, and the
class D and F notes of three notches. The class A and C notes have
no rating cushion.

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

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

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

DATA ADEQUACY

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

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

ARINI EUROPEAN I: S&P Assigns B- (sf) Rating to Class F Notes
-------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Arini European
CLO I DAC's class A, B, C, D, E, and F notes. The issuer also
issued unrated subordinated notes.

This is a European cash flow CLO transaction, securitizing a pool
of primarily syndicated senior secured loans or bonds. The
portfolio's reinvestment period will end approximately 4.5 years
after closing. Under the transaction documents, the rated notes pay
quarterly interest unless there is a frequency switch event.
Following this, the notes will switch to semiannual payment.

S&P said, "We consider that the portfolio on the effective date
will be well-diversified, primarily comprising broadly syndicated
speculative-grade senior secured term loans and senior secured
bonds. Therefore, we have conducted our credit and cash flow
analysis by applying our criteria for corporate cash flow CDOs."

  Portfolio benchmarks
                                                          CURRENT

  S&P Global Ratings weighted-average rating factor      2,771.67

  Default rate dispersion                                  621.54

  Weighted-average life (years)                              4.49

  Weighted-average life (years) extended to cover
  the length of the reinvestment period                      4.58

  Obligor diversity measure                                102.68

  Industry diversity measure                                19.59

  Regional diversity measure                                 1.35


  Transaction key metrics
                                                          CURRENT

  Total par amount (mil. EUR)                                 400

  Defaulted assets (mil. EUR)                                   0

  Number of performing obligors                               117

  Portfolio weighted-average rating
  derived from our CDO evaluator                                B

  'CCC' category rated assets (%)                            4.00

  Actual 'AAA' weighted-average recovery (%)                39.20

  Actual weighted-average spread net of floors (%)           4.32

  Actual weighted-average coupon (%)                         6.88


S&P said, "In our cash flow analysis, we modeled the EUR400 million
target par amount, the covenanted weighted-average spread of 4.15%,
the covenanted weighted-average coupon of 5.00% and the actual
weighted-average recovery rates for all rated notes. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.

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

"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 is bankruptcy remote, in line
with our legal criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our ratings are
commensurate with the available credit enhancement for the class A
to F notes.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B to F notes is commensurate with
higher ratings than those we have assigned. However, as the CLO
will have a reinvestment period, during which the transaction's
credit risk profile could deteriorate, we have capped our ratings
on these notes.

"In addition to our standard analysis, we have also included the
sensitivity of the ratings on the class A to E notes based on four
hypothetical scenarios.

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

S&P Global Ratings' document review score

To help assess the relative strength of documentation across
European CLO transactions, the S&P Global Ratings' document review
score focuses on 15 CLO document parameters that, in S&P's view,
may affect CLO performance.

Each component score provides an assessment of how conservative the
parameter is using predefined terms. The scores range from 1 (more
conservative) to 3 (less conservative).

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:
controversial weapons; non-sustainable palm oil; coal, thermal coal
or oil sands; speculative commodities; tobacco; hazardous
chemicals; pornography or prostitution; civilian firearms; payday
lending; private prisons and illegal drugs or narcotics.
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, no specific adjustments have been
made in our rating analysis to account for any ESG-related risks or
opportunities."

Arini European CLO I DAC is a European cash flow CLO securitization
of a revolving pool, comprising euro-denominated senior secured
loans and bonds issued mainly by speculative-grade borrowers.
Squarepoint Capital will act as collateral manager until Arini
Capital Management Ltd. receives the necessary regulatory
permissions, following which Arini will replace Squarepoint as
collateral manager.

  Ratings list

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

  A       AAA (sf)    248.00    38.00    Three/six-month EURIBOR
                                         plus 1.90%

  B       AA (sf)      42.20    27.45    Three/six-month EURIBOR  
                                         plus 2.65%

  C       A (sf)       21.70    22.03    Three/six-month EURIBOR
                                         plus 3.95%

  D       BBB (sf)     26.40    15.43    Three/six-month EURIBOR
                                         plus 6.04%

  E       BB- (sf)     17.00    11.18    Three/six-month EURIBOR
                                         plus 8.05%

  F       B- (sf)      12.70     8.00    Three/six-month EURIBOR
                                         plus 9.06%

  Sub     NR           33.30      N/A    N/A

*The ratings assigned to the class A and B notes address timely
interest and ultimate principal payments. The ratings assigned to
the class C to F notes address ultimate interest and principal
payments.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency  switch event
occurs.
EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.


GRAND HARBOUR 2019-1: Fitch Hikes Rating on Class F Notes to 'B+sf'
-------------------------------------------------------------------
Fitch Ratings has upgraded Grand Harbour CLO 2019-1 DAC's class
B-1, B-2 and D to F notes, and affirmed the others. The Outlooks
are Stable as detailed below.

   Entity/Debt            Rating           Prior
   -----------            ------           -----
Grand Harbour
CLO 2019-1 DAC

   A XS2020626953     LT AAAsf  Affirmed   AAAsf
   B-1 XS2020628140   LT AA+sf  Upgrade    AAsf
   B-2 XS2020629114   LT AA+sf  Upgrade    AAsf
   C XS2020629460     LT A+sf   Affirmed   A+sf
   D XS2020630120     LT BBB+sf Upgrade    BBBsf
   E XS2020630807     LT BB+sf  Upgrade    BBsf
   F XS2020652108     LT B+sf   Upgrade    Bsf

TRANSACTION SUMMARY

Grand Harbour CLO 2019-1 DAC is a cash flow CLO mostly comprising
senior secured obligations. The transaction is actively managed by
Fidelity Investments Limited, and will exit its reinvestment period
on 15 March 2024.

KEY RATING DRIVERS

Good Performance; Low Refinancing Risk: Since Fitch's last rating
action in March 2022, the portfolio has continued to perform well
with no defaulted assets and is above par by a greater margin of
94bp as of the October 2023 report, versus 64bp as of the January
2022 report. The transaction continues to pass all its
collateral-quality and portfolio-profile tests.

In addition, the notes have limited near- and medium-term
refinancing risk, with no assets in the portfolio maturing in 2024,
and 5.95% in 2025, as calculated by Fitch. This, together with
larger break-even default-rate cushions as a result of the
better-than-rating case performance, resulted in today's upgrades.
Their large default-rate buffers should allow the transaction to
absorb defaults in the portfolio, as underscored by the Stable
Outlook of all notes.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the underlying obligors at 'B'/'B-'. The Fitch-calculated weighted
average rating factor (WARF) of the current portfolio is 24.8.

High Recovery Expectations: Senior secured obligations comprise
99.7% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-calculated weighted average recovery
rate (WARR) of the current portfolio is 63.5%.

Diversified Portfolio: The top-10 obligor concentration and the
largest obligor as calculated by Fitch is, respectively, 13.1% and
1.5% of the portfolio balance. Exposure to the three-largest
Fitch-defined industries is 36.3% as calculated by the trustee.

Deviation from Modelled-Implied Ratings: The class B-1 and B-2
notes' model-implied ratings (MIRs) are one notch above their
current ratings. The deviations reflect Fitch's view that the
default-rate cushion at the MIRs for these notes are not yet
commensurate with their respective stress, given uncertain
macroeconomic conditions and the lack of deleveraging.

Transaction Inside of Reinvestment Period: Given the manager's
ability to reinvest, Fitch analysis is based on stressing the
portfolio to its covenanted limits. In addition, the WARR has been
reduced by 1.5% to offset the inflated WARR, as the transaction
document used an old WARR definition that is not in line with
Fitch's current criteria.

RATING SENSITIVITIES

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

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

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

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

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

A reduction of the RDR at all rating levels in the Fitch-stressed
portfolio by 25% of the mean RDR and an increase in the RRR by 25%
at all rating levels would result in upgrades of up to three
notches for all notes, except for the class A and C 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, leading to the
ability of the notes to withstand larger-than-expected losses for
the remaining life of the transaction. After the end of the
reinvestment period, upgrades may 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.

NORTH WESTERLY: Fitch Hikes Class F-R Notes Rating to 'Bsf'
-----------------------------------------------------------
Fitch Ratings has upgraded North Westerly V Leveraged Loan
Strategies CLO DAC's class B-1-R, B-2-R, D-R, E-R and F-R notes,
and affirmed the rest as detailed below.

   Entity/Debt              Rating           Prior
   -----------              ------           -----
North Westerly V
Leveraged Loan
Strategies CLO DAC

   A-R XS2367140121     LT AAAsf  Affirmed   AAAsf
   B-1-R XS2367140394   LT AA+sf  Upgrade    AAsf
   B-2-R XS2367140634   LT AA+sf  Upgrade    AAsf
   C-R XS2367140717     LT A+sf   Affirmed   A+sf
   D-R XS2367141012     LT BBB+sf Upgrade    BBBsf
   E-R XS2367141285     LT BB+sf  Upgrade    BBsf
   F-R XS2367141442     LT Bsf    Upgrade    B-sf

TRANSACTION SUMMARY

North Westerly V Leveraged Loan Strategies CLO DAC is a
securitisation of mainly senior secured loans with a component of
senior unsecured, mezzanine, and second-lien loans. The portfolio
is actively managed by Aegon Asset Management. The transaction will
exit its reinvestment period in January 2026.

KEY RATING DRIVERS

Transaction Outperforms Rating Case: Today's rating actions reflect
the good performance of the transaction, with no defaults and that
all relevant tests have passed. The transaction is currently 0.3%
above par. In addition, the transaction has limited refinancing
risk, with approximately 0.4% of the portfolio maturing before
end-2024, and 6.6% maturing in 2025. The default-rate cushion of
each class of notes at their respective rating case provides a
buffer to absorb additional losses above the rating case, as
underlined by their Stable Outlook.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors at 'B'/'B-'. The Fitch-calculated weighted average
rating factor (WARF) of the current portfolio is 24.5. The WARF of
the Fitch-stressed portfolio, for which the agency has notched down
entities on Negative Outlook by one notch, was 25.8.

High Recovery Expectations: Senior secured obligations comprise
93.1% of the portfolio as calculated by the trustee. Fitch views
the recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch-calculated
WARR of the current portfolio is 62.9%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. No obligor represents more than
2% of the portfolio balance, while the top 10 obligor exposure is
at 13.5% as calculated by Fitch. Exposure to the three-largest
Fitch-defined industries is about 40% as calculated by Fitch.

Transaction Within Reinvestment Period: Given the manager's ability
to reinvest, Fitch's analysis is based on a stressed portfolio and
tested the notes' achievable ratings across all Fitch test
matrices, since the portfolio can still migrate to different
collateral quality tests and the level of fixed-rate assets could
change. Fitch has applied a haircut of 1.5% to the inflated WARR in
the transaction documentation that was based on old criteria and
hence inconsistent with the agency's current CLO Criteria. The 1.5%
represents an average inflation observed in the reported WARR
across EMEA CLOs as a result of such inconsistency.

RATING SENSITIVITIES

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

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

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

Should the cushion between the current portfolio and the
Fitch-stressed portfolio be eroded, due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
and a 25% decrease of the RRR across all ratings of the
Fitch-stressed portfolio would lead to downgrades of up to four
notches for all except the class F-R notes, which would be below
'B-sf'.

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

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

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

DATA ADEQUACY

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

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

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

OCP EURO 2023-8: Fitch Assigns 'B-sf' Final Rating to Class F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned OCP Euro CLO 2023-8 DAC final ratings,
as detailed below.

   Entity/Debt              Rating             Prior
   -----------              ------             -----
OCPE CLO 2023-8 DAC

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

   Class A Notes
   XS2711337076         LT AAAsf  New Rating   AAA(EXP)sf

   Class B Notes
   XS2711337233         LT AAsf   New Rating   AA(EXP)sf

   Class C Notes
   XS2711337407         LT Asf    New Rating   A(EXP)sf

   Class D Notes
   XS2711337662         LT BBB-sf New Rating   BBB-(EXP)sf

   Class E Notes
   XS2711337829         LT BB-sf  New Rating   BB-(EXP)sf

   Class F Notes
   XS2711338470         LT B-sf   New Rating   B-(EXP)sf

   Class Z Notes
   XS2711338637         LT NRsf   New Rating   NR(EXP)sf

   Subordinated Notes
   XS2711338801         LT NRsf   New Rating   NR(EXP)sf

TRANSACTION SUMMARY

OCP Euro CLO 2023-8 DAC is a securitisation of mainly senior
secured obligations (at least 90%) with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. Note
proceeds have been used to purchase a portfolio with a target par
of EUR350 million.

The portfolio is actively managed by Onex Credit Partners Europe
LLP. The collateralised loan obligation has an approximately
5.1-year reinvestment period and a nine-year weighted average life
(WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/ 'B-'. The Fitch weighted
average rating factor (WARF) of the identified portfolio is 24.6.

Strong 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 (WARR) of the identified portfolio is 63%.

Diversified Portfolio (Positive): The transaction includes four
Fitch matrices. Two are effective at closing, corresponding to a
nine-year WAL, fixed-rate asset limits at 5% and 12.5%, and two
effective one year after closing, corresponding to an eight-year
WAL, fixed-rate asset limits at 5% and 12.5%. All matrices are
based on a top-10 obligor concentration limit at 20%.

The transaction also includes 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 an
approximately 5.1-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 Fitch-stressed
portfolio analysis is 12 months less than the WAL covenant at the
issue date. This accounts for the strict reinvestment conditions
envisaged by the transaction after its reinvestment period. These
include, among others, passing the coverage test and satisfying the
Fitch ´CCC´ test, together with a progressively decreasing WAL
covenant. In the agency's opinion, these conditions reduce the
effective risk horizon of the portfolio during stress periods.

The Fitch 'CCC' test condition can be altered to a
maintain-or-improve basis, but only if the manager switches back to
the closing matrix (subject to satisfying the collateral quality
tests) from the forward matrix, effectively unwinding the benefit
from the one-year reduction in the Fitch-stressed portfolio WAL. If
the manager has not switched to the forward matrix, which includes
satisfying the target par condition, it will not be able to switch
back and move to a Fitch 'CCC' test maintain-or-improve basis.
Fitch believes strict satisfaction of the Fitch 'CCC' test is more
effective at preventing the manager from reinvesting and extending
the WAL, than maintaining and improving the Fitch 'CCC' test.

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 any of the 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, D and E notes display a
rating cushion of two notches, the class C notes of one notch and
the class F notes of five 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 up to
four notches for the class A to 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 for the
notes, except for the 'AAAsf' rated notes.

During the reinvestment period, based on the Fitch-stressed
portfolio, upgrades, except for the 'AAAsf; notes, 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.

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

   Entity/Debt            Rating             Prior
   -----------            ------             -----
Providus CLO IX DAC

   A XS2662911838     LT AAAsf  New Rating   AAA(EXP)sf
   B XS2662912059     LT AAsf   New Rating   AA(EXP)sf
   C XS2662912489     LT Asf    New Rating   A(EXP)sf
   D XS2662912562     LT BBB-sf New Rating   BBB-(EXP)sf
   E XS2662912646     LT BB-sf  New Rating   BB-(EXP)sf
   F XS2662913297     LT B-sf   New Rating   B-(EXP)sf
   Sub XS2662913370   LT NRsf   New Rating   NR(EXP)sf
   X XS2701616695     LT AAAsf  New Rating   AAA(EXP)sf

TRANSACTION SUMMARY

Providus CLO IX DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
have been used to purchase a portfolio with a target par of EUR375
million. The portfolio is actively managed by Permira European CLO
Manager LLP. The collateralised loan obligation (CLO) has a
4.6-year reinvestment period and a 7.5-year weighted average life
(WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors in the 'B'/'B-' category. The
Fitch weighted average rating factor (WARF) of the identified
portfolio is 26.12.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 63.6%.

Diversified Asset Portfolio (Positive): The transaction has a
concentration limit for the 10 largest obligors of 20%. The
transaction also includes various concentration limits, including
the maximum exposure to the three largest (Fitch-defined)
industries in the portfolio at 40%. These covenants ensure 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-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines. The transaction includes four Fitch matrices, two
effective at closing with fixed asset buckets of 7.5% and 12.5% and
the others two years after closing.

The forward matrices can be selected by the manager at any time
from two years after closing as long as the portfolio balance
(including defaulted obligations at their Fitch collateral value)
is above target par.

Cash Flow Modelling (Positive): The WAL used for the transaction's
stress portfolio analysis was reduced by 12 months subject to a
floor of six years. This reduction to the risk horizon accounts for
the strict reinvestment conditions envisaged after the reinvestment
period. These include passing the coverage tests and the Fitch WARF
and 'CCC' maximum limit after reinvestment and a WAL covenant that
progressively steps down over time, both before and after the end
of the reinvestment period. 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

A 25% increase in the mean default rate (RDR) across all ratings
and a 25% decrease in the recovery rate (RRR) across all ratings of
the identified portfolio would lead to downgrades of one notch for
the class D and F notes, two notches for the class B and C notes,
three notches for the class E notes, and have no impact on the
class X and A 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, the
class D and E notes have two-notch cushions, the class B, C and F
notes one-notch and the class X and A notes no rating cushion.
Should the cushion between the identified portfolio and the stress
portfolio be eroded due to manager trading or negative portfolio
credit migration, a 25% increase in the mean RDR across all the
ratings and a 25% decrease in the RRR across all ratings of the
stressed portfolio would lead to downgrades of up to four notches
for the notes.

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

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

During the reinvestment period, based on Fitch's stress 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 if there is stable portfolio credit quality and
deleveraging, leading to higher credit enhancement and excess
spread being available to cover losses on the remaining portfolio.

DATA ADEQUACY

Providus CLO IX DAC

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

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



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

FIS FABBRICA: Fitch Alters Outlook on 'B' LongTerm IDR to Positive
------------------------------------------------------------------
Fitch Ratings has revised the Outlook on F.I.S. Fabbrica Italiana
Sintetici S.p.A.'s (FIS) Long-Term Issuer Default Rating (IDR) to
Positive from Stable and affirmed the IDR at 'B' and senior secured
instrument rating at 'B+' with a Recovery Rating of 'RR3'.

The rating actions follow Bain Capital's announcement of its
acquisition of FIS.

The Positive Outlook reflects its view that FIS will continue to
deliver solid organic growth and profitability improvements,
leading to EBITDA leverage projected to remain below 4.0x from
2024, underpinned by a commitment to a conservative financial risk
profile. The Positive Outlook is also based on its assessment of
free cash flow (FCF) before expansion capex turning positive on a
sustained basis from 2024.

The ratings balance FIS's well-established position in the
non-cyclical and structurally growing European contract development
and manufacturing organisation (CDMO) market, solid manufacturing
asset base and knowledge, with modest scale and product and
customer concentration risks.

KEY RATING DRIVERS

Limited Impact of Ownership Change: Fitch views Bain's acquisition
of FIS as having a limited impact on rating analysis. This reflects
a broadly unchanged capital structure, as the main EUR350 million
senior secured funding remains in place due to its portability
feature, with only EUR50 million new private placement being raised
and equally ranked within the restricted group. The change of
ownership is structured as an equity transaction outside the
restricted group.

The new EUR250 million vendor loan, similarly to the existing EUR53
million convertible notes, qualifies for 100% equity credit thanks
to its deeply subordinated status ranked behind senior creditors,
with coupon payments deferrable at the discretion of the issuer and
no formal maturity date.

Prudent Financial Policy Commitment: The revision of the Outlook to
Positive reflects Bain's stated commitment to financial
conservatism and pursuing organic growth over acquisitions. Fitch
expects the strategic focus under the private equity ownership to
be value creation through a gradual shift into more complex
products and optimisation of the portfolio in higher-margin growth
areas. Large-scale debt-funded M&A is not included in the rating
case and would be treated as event risk.

FCF Turning Positive: The Positive Outlook also reflects its
assessment of FCF before expansion capex becoming positive from
2024 on a sustained basis, based on top line growth and
profitability improvement. In its view, sustained positive FCF
along with leverage maintained at currently projected levels of at
or below 4.0x are the main factors that would support a potential
upgrade of FIS in the next 18-24 months.

Organic Deleveraging Prospects: Fitch estimates EBITDA leverage
after the ownership change at 4.2x at end-2023 (2022: 4.9x). The
rating case assumes gradual organic deleveraging potential with
EBITDA leverage projected to remain below 4x from 2024 as Fitch
expects EBITDA margin improvement to over 17% over the rating
horizon to 2026 from currently about 14.7%. This will reflect
strong organic growth in the high margin custom business division
and new cost-efficiency measures. EBITDA leverage sustained below
4x would be commensurate with a higher rating.

Supportive Market Fundamentals: FIS's credit profile benefits from
the supportive fundamentals of the broader pharmaceuticals market,
with non-cyclical volume growth driven by growing and ageing
populations and increasing access to medical care. The active
pharmaceutical ingredients (API) CDMO market is expected to grow at
mid-to-high single digits in percentage terms over 2023-2030.

FIS is well-placed to capitalise on the continuing trend for
outsourcing by pharmaceutical companies of non-core and
technologically complex processes, particularly positioning itself
as a main supplier of GLP-1 molecules, a component of the key
weight-loss drug, which in its view offers potential for
improvement of diversification and profitability. In addition, FIS
may benefit from increased local production of pharmaceutical APIs,
which have increasingly been sourced to China and India in recent
decades.

Liquidity Headroom Normalises: High working capital requirements
and capex intensity have so far constrained free cash flow (FCF)
generation. Nevertheless, the inventory build-up was a strategic
decision of the company to meet demand increase as well as to
mitigate any supply chain disruptions. In addition, the recently
completed large investment cycle after the acquisition of Lonigo
site in 2017 should support FIS's production capabilities over the
medium term.

Strong Revenue Visibility: The rating is supported by FIS's
well-established position in a non-cyclical and growing market and
by strong revenue visibility. As a CDMO of API for small molecules,
FIS benefits from long-term contracts with profitable clients that
have high switching costs and focus more on reliability of supply
than on costs. Setting up a contract manufacturer requires
significant capex, as well as technological knowledge, regulatory
approvals and time to build reputation. Combined with the long
life-cycle of pharma products (typically years), these factors
translate into high revenue visibility.

Modest Scale, High Product Concentration: The rating reflects FIS's
small scale and high product and customer concentration. Fitch
estimates the largest molecule will account for around 15%-20% of
sales in 2024, but Fitch also notes that FIS will be exposed to the
anti-diabetic and weight-loss therapeutic franchise that is
expected to be one of the main growth drivers in the medium term.
Although strong growth is expected in this franchise in the medium
term, revenue is still subject to some volatility due to the
commercial success of target drugs, new customers and potential
loss of key contracts, as in 2017.

DERIVATION SUMMARY

Fitch rates FIS using its global Generic Rating Navigator. Under
this framework, FIS's business profile is supported by resilient
end-market demand, continued outsourcing trends, considerable entry
barriers, with high switching cost for clients, and by strong
revenue visibility. The rating is constrained by its overall
moderate scale in a fragmented and competitive CDMO market with
some commoditisation in the simple molecules segment.

Fitch regards capital- and asset-intensive businesses such as Roar
Bidco AB (Recipharm; B/Stable), Kepler S.p.A. (Biofarma, B/Stable)
and European Medco Development 3 S.a.r.l. (Axplora; B-/Stable) as
FIS's closest peers as they all rely on ongoing investments to grow
at or above market and to maintain or improve operating margins.

FIS is smaller than Recipharm, but its smaller scale is balanced by
its modest leverage with an estimated EBITDA leverage of 4.2x in
2023 versus 8.4x at Recipharm, warranting the same rating.

Axplora and Biofarma benefit from their more niche market
positions, driving structurally higher profitability. Biofarma's
considerably smaller scale than all of its peers and inorganic
growth strategy somewhat constrain its rating. Axplora's rating is
currently limited due to the recent loss of key contracts and high
leverage.

In Fitch's wider rated pharmaceutical portfolio, Fitch compares FIS
with a generic drug manufacturing company, Nidda BondCo GmbH
(Stada; B/Stable), which is much larger and has stronger
profitability, but these factors are offset by aggressive financial
policies.

KEY ASSUMPTIONS

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

- Organic sales to grow by 7% in 2023, followed by low-to-mid teen
digits in 2024 and low-to-mid single digits growth over 2025-2026

- EBITDA margin gradually improving to 17% by 2026 from about 15%
in 2023

- Working-capital outflow of around EUR25 million in 2023,
moderating at around EUR10 million-EUR20 million per year over
2024-2026

- Capex at around EUR70 million per year over 2023-2026

- No cash interest paid on convertible bond and new vendor loan
over the rating horizon to 2026

- No acquisitions or dividends over 2024-2026

RECOVERY ANALYSIS

Fitch's recovery analysis is based on a going-concern (GC)
approach, reflecting its view that despite FIS's valuable asset
base, a GC sale of the business in financial distress would yield a
higher realisable value for creditors than a balance-sheet
liquidation. In its view, financial distress could arise primarily
from material revenue and margin contraction, following volume
losses or price pressure related to contract losses and exposure to
generic competition.

For the GC enterprise value (EV) calculation, Fitch applies a
post-restructuring EBITDA of about EUR75 million from EUR60 million
to reflect material organic capacity expansion and increased
contract base. This reflects Fitch's expectation of organic
portfolio earnings post-distress, possible corrective measures and
a 5x distressed EV/EBITDA. In its view, the latter would
appropriately reflect FIS's minimum valuation multiple before
considering value added through portfolio and brand management.

Its principal waterfall analysis generated a ranked recovery in the
'RR3' band, resulting in a senior secured debt rating of 'B+' for
the EUR350 million senior secured notes (SSN), after deducting 10%
for administrative claims. In its debt waterfall, Fitch treats
EUR23 million in short-term local lines and an upsized EUR80
million secured revolving credit facility, which Fitch assumes to
be fully drawn prior to distress, as super-senior. Outstanding
factoring is excluded from the waterfall analysis as Fitch assumes
the facility would remain available at times of distress, given the
high quality of the receivables. This results in a waterfall
generated recovery computation output of 59% vs 60% previously.

In its recovery assumptions and leverage calculations, Fitch treats
FIS's EUR53 million convertible instrument and new EUR250 million
vendor loan as equity, based on contractual subordination and an
option to defer interest payments. Its treatment of this instrument
as equity assumes that no interest will be paid in the four-year
rating case to 2026 and Fitch would view the introduction of
regular interest payments on this instrument as a trigger for
reviewing its equity treatment.

RATING SENSITIVITIES

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

- Improvement in scale and diversification and EBITDA margin
trending to 20% on a sustained basis

- FCF margins improving to mid-single digits on a sustained basis

- Conservative financial policy leading to EBITDA leverage below
4.5x on as sustained basis

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

- Declining revenue due to product or production issues or as a
result of customer losses leading to an EBITDA margin below 15% on
a sustained basis

- Predominantly negative FCF

- EBITDA leverage above 6.0x on a sustained basis

- EBITDA interest coverage below 2.5x

Fitch would consider revising the Outlook to Stable from Positive
should the company deviate from conservative financial policies
leading to EBITDA leverage of 5.0x on a sustained basis, EBITDA
margin remain at around 15% on a sustained basis and FCF margin
become volatile.

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: Fitch views FIS's post-transaction
liquidity as adequate thanks to EUR80 million fully available under
its upsized RCF and a cash balance of about EUR50 million at
end-2023. Liquidity headroom has been restored by the privately
placed EUR50 million senior secured debt. FIS has also EUR23
million under its uncommitted local facilities, which Fitch does
not view as being directly available for debt service.

FIS benefits from medium-term debt maturities with fixed-coupon
SSN, floating rate senior secured private placement and RCF due
2027.

ISSUER PROFILE

FIS is a CDMO that specialises in the production and development of
API. The business is organised in four divisions: custom (70% of
net sales in 2022); generic (27%); R&D services (2%); and animal
health (1%). The company has about 2,000 employees and operates
three production facilities in Italy.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch considers about EUR46 million factoring facilities as debt
(as of 2022) and treat FIS's subordinated EUR53 million convertible
bond and new EUR250 million vendor loan as equity, based on Fitch's
Corporate Hybrids Treatment and Notching Criteria.

In addition, Fitch treats EUR20 million as not readily available
for debt service.

ESG CONSIDERATIONS

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

   Entity/Debt             Rating       Recovery   Prior
   -----------             ------       --------   -----
F.I.S. Fabbrica
Italiana Sintetici
S.p.A.               LT IDR B  Affirmed            B

   senior secured    LT     B+ Affirmed   RR3      B+

RENO DE MEDICI: S&P Assigns 'B' Long-Term ICR, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to Italy-based recycled paper board producer Reno de Medici SpA
(RDM). S&P also transferred its 'B' issue rating on the existing
EUR445 million senior secured floating-rate notes due 2026 to RDM
as it became the issuer of these notes through the reverse merger.

The ratings on RDM are in line with S&P's previous credit
assessments on Rimini Bidco as it views both companies' credit
quality as identical.

At the same time, S&P withdrew its 'B' ratings on Rimini Bidco,
following its incorporation into RDM and the transfer of all of its
debt to RDM.

The stable outlook indicates S&P's anticipation that RDM will
generate positive but modest free operating cash flow (FOCF) in the
next 12 months, together with S&P Global Ratings-adjusted leverage
of about 6.5x by end-2023, improving toward 5.0x-5.5x in 2024.

With the reverse merger, Rimini Bidco ceased to exist and RDM
became the issuer of the rated senior secured notes. This
reorganization simplifies the group's legal structure and does not
affect S&P's view of its credit quality.

S&P said, "In 2023, we anticipate that RDM will generate revenues
of EUR830 million (down 35% versus 2022) and adjusted EBITDA of
EUR100 million (down 50% versus 2022). Two-thirds of the revenue
decline reflects lower volumes, as destocking and weak economic
growth have undermined demand. The remainder is down to lower
prices, as the group passed some input-cost reductions on to
customers. The six-month contribution of Fiskeby, which RDM
acquired in early July 2023, and which had annual sales of about
EUR128 million in 2022, offset some of the revenue decline.

"The decline in adjusted EBITDA in 2023 reflects weaker gross
margins and lower volumes. Gross margins were exceptionally high in
2022, when price increases exceeded cost increases. Cost savings
that we estimate at EUR8 million-EUR9 million will only partly
offset the lower fixed-cost absorption (because of lower volumes)
and the reduction in the gross margins. Adjusted EBITDA in 2023
excludes a EUR45 million insurance reimbursement for the fire at
the Blendecques plant in 2022, given its one-off nature.

"We forecast that revenues will grow by about 9% and adjusted
EBITDA by around 20% in 2024. We expect volumes to improve in 2024
as demand recovers and destocking ceases. Volume growth will also
derive support from the restart of production at the Villa Santa
Lucia plant, the full ramp-up of activities at the Blendecques
plant, and the full-year contribution of Fiskeby. We estimate
adjusted EBITDA at EUR120 million in 2024 and assume further cost
savings.

"We forecast modestly positive adjusted FOCF in 2023 and 2024. We
expect adjusted FOCF of EUR20 million-EUR25 million in 2023,
supported by EUR15 million of net insurance proceeds for the fire
at the Blendecques plant in 2022, and adjusted working capital
inflows of EUR6 million due to a reduction in accounts receivable
and inventories. However, weak EBITDA will undermine these
supportive factors.

"The EUR15 million in net insurance proceeds is the result of EUR45
million in gross insurance proceeds, net of EUR30 million in
reconstruction capital expenditure (capex) at the Blendecques plant
in 2023. Our adjusted working capital inflow excludes any movements
under factoring facilities, and we assume EUR11 million in
repayments in 2023. In 2024, we only estimate adjusted FOCF at
EUR10 million-EUR15 million. We do not forecast any boost from
insurance payouts, but expect some recovery in EBITDA.

"The stable outlook indicates that we anticipate modest FOCF in the
next 12 months and adjusted debt to EBITDA of 6.5x by end-2023,
improving toward 5.5x by December 2024."

S&P could lower the rating if:

-- Adjusted FOCF was negative on a sustained basis;

-- Adjusted debt to EBITDA increased and remained above 7x on a
sustained basis; or

-- S&P's assessment of RDM's financial policy indicated an
elevated risk of leverage increasing as a result of aggressive
shareholder strategies, such as large debt-funded acquisitions or
dividend payments.

S&P could raise the rating if:

-- Adjusted debt to EBITDA remained below 5x on a sustained
basis;

-- RDM generated material positive FOCF on a sustained basis; and

-- The group's financial policy supported such credit metrics.

S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of RDM. We view
financial-sponsor-owned companies with highly leveraged financial
risk profiles as demonstrating corporate decision-making that
prioritizes the interests of the controlling owners, typically with
finite holding periods and a focus on maximizing shareholder
returns.

"Environmental factors have a neutral influence overall on our
credit rating analysis. As a producer of recycled paperboard,
mainly for the packaging industry, we believe that the group
benefits from sustainability trends such as the gradual replacement
of plastic and the increasing awareness about recycled content in
packaging solutions. However, like its peers in the industry, the
group's operations require significant energy consumption and water
usage, which have an environmental impact and make it subject to
potentially tighter environmental regulation."




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

MONG DUONG: Fitch Ups Sr. Sec. Notes Rating to BB+, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has upgraded the rating on the senior secured notes
issued by Mong Duong Finance Holdings B.V. to 'BB+' from 'BB'. The
Outlook is Stable.

The note issuer is a Netherlands-domiciled SPV, and it holds all of
Vietnam-based AES Mong Duong Power Company Limited's (AES MD)
outstanding project financing loans raised for the Mong Duong 2
(MD2) power plant.

RATING RATIONALE

The rating action follows the upgrade of Vietnam's Long-Term
Foreign-Currency IDR to 'BB+' from 'BB' on 8 December 2023.

The rating on the notes is constrained by the sovereign's IDR due
to the government guarantee of state counterparty obligations.

The credit profile of MD2 benefits from the robust take-or-pay
power purchase agreement (PPA) with state-owned Vietnam Electricity
(EVN, BB+/Stable) until 2040, a pass-through mechanism for fuel
costs, government guarantee covering obligations under the PPA and
coal supply agreement, experienced in-house management, a fully
amortising debt structure that insulates the project against
refinancing risk and its strong financial profile.

KEY RATING DRIVERS

Sovereign-Driven Rating Action: The upgrade of the notes does not
indicate a change in its view of the MD2's credit profile. Rather,
it follows the upgrade of Vietnam's sovereign rating, which
constrains the note rating.

Risk Assessment: Fitch assesses MD2's operation risk as 'Midrange',
supply risk as 'Midrange', revenue risk as 'Stronger', and debt
structure as 'Midrange'. For more on the key rating drivers and
rating sensitivities for the power producer, see the last rating
action commentary, published 9 August 2023.

RATING SENSITIVITIES

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

A downgrade of Vietnam's sovereign rating to 'BB'; Operational
difficulties or other developments that result in the projected
annual debt service coverage ratio dropping below 1.25x in Fitch's
rating case.

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

An upgrade of Vietnam's sovereign rating to 'BBB-' with no
deterioration in MD2's financial profile.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The rating of Mong Duong2's notes is capped at Vietnam's sovereign
rating.

ESG CONSIDERATIONS

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

   Entity/Debt                    Rating        Prior
   -----------                    ------        -----
Mong Duong Finance
Holdings B.V.

   Mong Duong Finance
   Holdings B.V./Project
   Revenues - First
   Lien/1 LT                  LT BB+  Upgrade   BB



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

GLOBE TRADE: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Globe Trade Centre S.A.'s (GTC)
Long-Term Issuer Default Rating (IDR) and senior unsecured rating
at 'BB+' and removed them from Rating Watch Negative (RWN). The
Outlook on the IDR is Stable.

The rating actions follow GTC's management's decision to
discontinue negotiations to acquire Ultima Capital S.A. (Ultima).
This removes the risk that acquisition-related cash spend, together
with consolidation of Ultima's debt, will put additional pressure
on GTC's credit metrics. It will also allow management to focus on
planned leverage reduction ahead of 2026's debt maturities.

Fitch placed GTC on RWN in September 2023 due to GTC's plans to
acquire Ultima with undisclosed funding sources.

KEY RATING DRIVERS

Ultima Acquisition Discontinued: After reviewing the company's
strategy, GTC's new management decided to discontinue negotiations
to acquire Ultima, a developer, owner and manager of luxury
hospitality assets mainly in Switzerland and France. GTC's updated
strategy assumes a renewed focus on organic growth through
optimisation of its existing portfolio, but also investments in new
asset classes, including residential-for-rent or hospitality assets
on a case-by-case basis. The details of this strategy are yet to be
developed.

Transition to Secured Financing: GTC's management plans to address
2026's debt maturities (around 60% of total debt, including its
rated EUR500 million bond) ahead of time and to reduce leverage to
its stated target of 40% loan-to-value (LTV: reported 47% at
end-3Q23). This may also include the partial buyback of its
unsecured EUR500 million bond due in June 2026. GTC intends to sell
selected assets and access secured funding to prepay unsecured
debt. Fitch expects coming years' dividend payments to be lower
than Fitch previously forecasts to help debt reduction.

Unencumbered Asset Cover: GTC's end-3Q23 unencumbered
income-producing investment property portfolio totalled EUR857
million, resulting in an unencumbered investment property
assets/unsecured debt ratio of 1.3x. Since management plans to
access secured funding to prepay unsecured debt Fitch will continue
to monitor for deterioration to below its rating sensitive of
1.25x. If the ratio falls below 1.0x, Fitch may notch down the
senior unsecured rating from the IDR.

Slow Leverage Improvement: Fitch's updated forecasts after 3Q23's
results point to net debt/EBITDA decreasing to 10.7x by end-2023
(end-2022: 11.5x), excluding from EBITDA around EUR6 million of
one-off costs related to management changes and the discontinued
Ultima acquisition. Fitch assumed lower dividend payments to
shareholders but Fitch did not include assets disposals as details
are unknown at this stage. This and next years' rental income
growth from inflation-linked indexation, rents from newly completed
developments and slow recovery in occupancy levels will help reduce
leverage to 9.7x in 2026 (versus 10x previously forecast).

If debt reduction does not take place, refinancing debt in the
current higher interest rate environment may reduce Fitch-forecast
EBITDA interest cover to 2.0x by end-2026.

Office Portfolio Under Pressure: The occupancy rate in GTC's office
portfolio (65% of the total portfolio by value) was 83% (end-3Q23),
with the lowest occupancy in Poland (at 77%, down from 80% at
end-2022) and Bucharest (77%, up from 74%). The office portfolio's
weighted average lease term (WALT) until expiry is short
(end-September 2023: 3.4 years). Estimated rental values (ERVs) for
this portfolio are on average around 10% below the reported
in-place rents (more than 10% lower for portfolios in Poland and
Budapest).

Stable Retail Assets Performance: GTC's six retail assets (35% of
the total portfolio by value) have stable average occupancy of 96%
(end-September 2023), reported average rent at EUR21.7/sqm/month
and a slightly decreasing WALT until expiry of 3.5 years (end-2022:
3.7 years). This portfolio's ERVs are on average around 2% above
the reported rents.

Optimum Ownership: GTC's biggest shareholder is Optimum, which now
holds a 63% stake following an announcement that Optimum no longer
acts in concert with Icona Group (whose 16% stake has now been
transferred to Optimum). GTC operates independently, including
separate financing and treasury functions. Independent supervisory
board members, including those elected by two pension funds
together holding 20% of GTC's shares, provide some independent
oversight over GTC's management. Fitch rates GTC on a standalone
basis.

DERIVATION SUMMARY

GTC's EUR2.0 billion portfolio is similar in size to the EUR2.8
billion office-focused portfolio of Globalworth Real Estate
Investments Limited (BBB-/Negative). NEPI Rockcastle N.V.'s
(BBB+/Stable) EUR6.4 billion retail-focused portfolio is over three
times larger. Compared with these immediate peers, only GTC's
portfolio benefits from meaningful asset class diversification with
offices (65% of market value) and retail (35%), as underscored in
GTC's looser leverage rating sensitivities.

All the companies' assets are located in central and eastern Europe
(CEE). The majority (39% by market value) of GTC's assets are
located in Poland (A-/Stable) with the remainder in five countries
rated in the 'BBB' rating category or below. This results in an
average country risk exposure similar to that of NEPI, which is
present in nine countries, but has 41% of assets located in
countries rated 'A-' or above. Globalworth's average country risk
is similar but its assets are almost equally split between Poland
and Romania (BBB-/Stable).

Fitch expects GTC's net debt/EBITDA to be 10.7x in 2023, decreasing
to 9.7x in 2026. Fitch forecasts Globalworth's leverage at
8.4x-8.8x, aided by planned asset disposals. NEPI's financial
profile is stronger than GTC's and Globalworth's.

Although not all CEE peers quote directly comparable net initial
yield data (which measures annualised net rents/investment property
asset values), Fitch believes that GTC's portfolio quality is
broadly similar to that of Globalworth and NEPI.

The Lithuanian all-retail property company, AKROPOLIS GROUP, UAB
(BB+/Stable), and Serbia-focused Balkans Real Estate B.V.
(BB(EXP)/Stable) whose portfolio is spread across retail and
office, have conservative financial profiles with net debt/EBITDA
forecast at below 4.5x and around 6x, respectively. However, their
ratings are constrained by concentration on a limited number of
assets, restricting asset, tenant and geographical
diversification.

KEY ASSUMPTIONS

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

- Rental income to increase 10% in 2023 due to CPI indexation of
leases and rents from completed developments. In 2024-2026, rental
income to rise on average 5% per year due to contractual rent
indexation, new developments coming onstream, a recovery in
occupancy levels, which is partly offset by some rent decreases on
renewals

- Total capex of around EUR300 million during 2023-2026

- Acquisition activity likely to be funded from asset monetisations
elsewhere in the group, so no increases in net cash outflows on
acquisitions

- Cash dividend payment of net EUR28 million in 2023. In the
following three years, 50% of funds from operations per year is
paid as cash dividends

- Net cash inflow of EUR35 million related to asset rotation in
2023

- New debt refinanced with a 3.5% spread above reference rate

RATING SENSITIVITIES

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

- Net debt/EBITDA below 9.5x

- EBITDA net interest coverage above 1.7x

- Weighted average debt tenor above five years

- Unencumbered assets/unsecured debt trending towards 1.75x with no
adverse selection

- An improved operating profile with longer WALT, positive
like-for-like rental growth and a group occupancy rate above 90%

- Proportional increased exposure to higher-rated countries in the
portfolio, either through expansion or country rating upgrades

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

- Net debt/EBITDA above 10.5x

- EBITDA net interest coverage below 1.5x

- LTV above 55%

- Operating metrics deterioration including occupancy below 90%,
WALT (including tenants' earliest breaks) below three years and
like-for-like rental decline

- Unencumbered assets/unsecured debt below 1.25x

- Twelve-month liquidity score below 1.0x

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: After the rating downgrade in October 2023 GTC
no longer has access to its EUR94 million revolving credit
facility. This leaves GTC's liquidity buffer of only readily
available cash of EUR91 million (end-3Q23), supplemented by a
not-yet-drawn new mortgage loan of EUR36 million procured after
end-3Q23. This is enough to cover debt maturing in the next 12
months (EUR59 million) and Fitch-estimated negative free cash flow
of over EUR30 million.

The next big debt maturities, totalling EUR719 million, are in 12
months to end-September 2026, including the EUR500 million
unsecured bond.

ISSUER PROFILE

GTC was established in 1994 and is headquartered in Poland. It is a
property investment company that holds and develops assets (mainly
office and retail) in Poland and capital cities in the CEE region
(particularly Budapest, Bucharest, Belgrade, Zagreb and Sofia). GTC
is listed on the Warsaw and Johannesburg Stock Exchanges.

ESG CONSIDERATIONS

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

   Entity/Debt             Rating        Recovery   Prior
   -----------             ------        --------   -----
Globe Trade
Centre S.A.         LT IDR BB+  Affirmed            BB+

   senior
   unsecured        LT     BB+  Affirmed   RR4      BB+

GTC Aurora
Luxembourg S.A.

   senior
   unsecured        LT     BB+  Affirmed   RR4      BB+



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

APEX INSURANCE: S&P Affirms 'B+' LT FSR, Outlook Stable
-------------------------------------------------------
S&P Global Ratings affirmed its 'B+' long-term financial strength
rating on Apex Insurance JSC (Apex). The outlook is stable.

Impact Of Revised Capital Model Criteria

-- The improvement in capital adequacy primarily reflects the
benefits of risk diversification, which S&P captured more
explicitly in its analysis.

-- The recalibration of our capital charges to higher confidence
levels and the revised approach on interest rate risk charges
partly offset these improvements.

-- The changes to our methodology for including hybrid capital and
debt-funded capital in total adjusted capital (TAC) have no effect
on S&P's view of Apex's financial risk profile.

Credit Highlights

Outlook

The stable outlook reflects S&P's expectation that, over the coming
12 months, Apex will maintain its competitive standing,
profitability, and capital adequacy.

Downside scenario

S&P could consider a negative rating action over the next 12 months
if it sees:

-- A deterioration of the capital base and capital adequacy
according to S&P's capital model due to weaker-than-expected
operating performance, aggressive growth, or investment losses and
if this is not offset by shareholder capital injections;

-- A deterioration in the regulatory solvency margin due to
higher-than-expected growth, resulting, for example, in an
increased risk of regulatory intervention--although we see this as
remote;

-- Significant and sustained asset quality deterioration; or

-- Deficiencies in management and governance, including financial
reporting or risk controls, that we view as detrimental for Apex's
credit profile.

Upside scenario

S&P said, "We could take a positive rating action over the next 12
months if the company's risk-adjusted capital adequacy improved
significantly beyond our current expectations. This could, for
example, result from higher-than-expected earnings or capital
injections, along with Apex diversifying its investment portfolio.

"For a positive rating action, we would also expect no significant
deficiencies in management and governance, whether in financial
reporting standards or risk controls, including related-party
transactions."

Rationale

Apex's capital adequacy improved to satisfactory levels but overall
capital buffers remain moderate amid fast business expansion and
compared with higher-rated international peers. Apex's capital
adequacy was 11% below the 99.50% confidence level in 2022,
according to our revised capital model. S&P said, "We forecast
capital adequacy will improve slightly above the 99.50% confidence
level over 2023-2025 due to a capital injection of Uzbekistani sum
(UZS) 100 billion ($8.6 million) from shareholders in June 2023 to
support Apex's geographical expansion and increase its
international reinsurance portfolio over 2023-2025. However, the
international reinsurance business will not generate more than 10%
of gross premiums written (GPW) over the next 12 months, while the
maximum net retention on such risks will remain below 5% of
capital. Additionally, earnings will likely remain
capital-accretive, which further bolsters Apex's capitalization.
That said, we acknowledge the company's capital buffers remain
moderate in an international context, amid its expected high
premium growth of 40%-50% over 2024-2025."

Apex's solvency level meets local regulatory requirements. Yet,
margins remain relatively narrow, with 1.01x as of Oct. 1, 2023,
versus 1.14x as of July 1, 2023, and 1.01x at end-2022. S&P said,
"Under our base case, we expect the solvency level will remain
above the regulatory minimum of 1.0x over the next 12 months. Our
base case does not factor in regulatory intervention because we
expect that capital will be upheld or restored to minimum
requirements in case of a temporary shortfall."

S&P said, "We expect Apex will maintain its competitive position as
one of the leading insurance companies in Uzbekistan. Apex's market
share increased to 25% in terms of GPW and 20% in terms of net
premiums written (NPW) over the first nine months of 2023, compared
with 16% in full-year 2022. The company became the largest player
in Uzbekistan's insurance market, with total GPW exceeding $100
million over the first nine months of 2023. While Uzbekistan's P/C
insurance market remains relatively small in absolute terms, Apex's
premium volume is now comparable with midsize insurers in bigger
markets, such as Kazakhstan. The company's growth was mostly driven
by large contracts and the expansion of its sales team and agent
network in September 2022, which helped strengthen its franchise in
different regions of Uzbekistan and the bancassurance channel. We
expect Apex's profitability will remain sustainable with an average
return on equity (ROE) exceeding 30% over 2024-2025. This is on the
back of high premium growth and improved technical results, with a
net combined ratio (loss and expense) of 94%-97%, compared with
100%-105% expected for Uzbekistan's insurance market. This will be
supported by an increasing portion of property insurance in its
portfolio, which is usually associated with lower losses, compared
with the financial risk insurance in the industry.

"We base our analysis of Apex on the consolidated financials of
Apex Insurance, which are prepared according to International
Financial Reporting Standards (IFRS).The group also includes Apex's
100% subsidiary, Apex Life JSC. Apex Insurance is an integral part
of the group because it accounts for more than 80% of premiums and
consolidated assets and is the driving force behind the group's
creditworthiness. The group credit profile (GCP) is 'b+'. Our
financial strength rating on Apex Insurance matches the GCP."




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

ANSELMA ISSUER: S&P Lowers Class B Sr. Secured Debt Rating to 'BB'
------------------------------------------------------------------
S&P Global Ratings lowered the S&P Underlying Rating (SPUR) on the
class A debt and the issue rating on the class B senior secured
debt to 'BB' from 'BB+', with the '3' (65%) recovery rating on the
class B debt unchanged on Anselma Issuer S.A. (Anselma).

S&P said, "We also placed both ratings on CreditWatch negative,
indicating that we could lower them by one or more notches
depending on the legal and financial consequences of the negative
equity balance and the resolution of the outstanding and potential
EoDs in the coming months.

"At the same time, we affirmed our 'AA' issue rating on the class A
senior secured debt for which the outlook remains stable, mirroring
that on monoline insurer Assured Guaranty (Europe) SA (AGE;
AA/Stable/--)."

Anselma issued EUR125 million of class A and EUR77.963 million of
class B senior secured, pari passu, fully amortizing, fixed-rate
bonds due Dec. 31, 2038.

The debt is serviced via the regulated cash flows from the
operations of 18 photovoltaic (PV) plants. Situated throughout
Spain and commercially operational since 2007 or 2008, each plant
benefits from the Spanish regulatory framework for renewable
projects. The plants have a nominal capacity totaling 35.34
megawatts (MW) and consist of 92% crystalline silicon modules and
8% cadmium telluride thin film modules provided by 17 different
manufacturers. Of the inverters, 87.4% are central and 12.6% are
string, and they were provided by 10 different manufacturers.

Q-Energy Asset Management S.L. is the umbrella operations and
maintenance (O&M) contractor for the entire portfolio, which has in
turn subcontracted all responsibilities and obligations to Vela
Energy Asset Management (VEAM).

Under S&P's captured electricity price assumptions, on average
about 82% of Anselma's revenue will be generated from the Rinv, 11%
from the Ro, and 7% from pool revenue.

S&P said, "Anselma reported a negative equity position as of
December 2022, which we understand can have material legal and
financial consequences on it. On Dec. 1, 2023, the controlling
creditor notified the issuer of an EoD, which follows the negative
equity balance recorded by Anselma at year-end 2022. We understand
that under the Spanish Corporate Enterprises Act, the issuer would
be subject to dissolution unless there is an increase in registered
equity by Dec. 31, 2023, either through an equity injection or in
the form of a profit participation loan (PPL). Anselma and the
controlling creditor are currently in discussions over a solution
to the negative equity balance, and we understand that on Dec. 12,
2023, the issuer submitted a request to the controlling creditor to
amend the existing shareholder loan agreements to convert them into
a PPL. We understand the remedy measure will be implemented in the
coming days for the 2022 negative equity position. If that is not
the case, the project could be exposed to a multi-notch downgrade
given the risk of dissolution, which governs our CreditWatch
placement. We will also continue to analyze the risk of a negative
equity position occurring again in future years.

"We understand the controlling creditor has notified Anselma of two
additional EoDs related to a new contracted insurance policy and
the dissolution of the prior tax group.The notification on July 28,
2023, alleges Anselma failed to comply with certain disclosure
requirements under the transaction documents related to a new
insurance policy contracted by the O&M provider, within the jumbo
contract O&M scope. We understand the parties are discussing
remedies and analyzing if the new terms and coverage are in line
with those established in the financial documentation.

"The controlling creditor has also sent an EoD notification to the
issuer in relation to the dissolution of the tax group. The
dissolution of the tax group constitutes a breach of the general
undertakings under the financial documentation and follows the
acquisition of Anselma by Verbund in 2022. While legal consequences
of this EoD are still pending--since the parties are currently
discussing a potential waiver--we reflect in our base case our
preliminary understanding of the dissolution of the tax group, with
each company in the perimeter paying taxes on a stand-alone basis
from Jan. 1, 2023. We understand that the parties are also in
discussions related to another potential EoD.

"We reflect the risks related to the combinations of the
outstanding EoDs and the potential other EoD in our CreditWatch
negative. We assume the related promissory mortgage payment that
could be triggered by the EoDs would be paid at a time that is not
detrimental to the project's financial position.

"We expect captured electricity prices for 2023-2025 will be lower
than those the government estimated for setting the Ro, adding
pressure on DSCRs until the remuneration is adjusted again in the
next semi-regulatory period. According to the regulation, the
standard costs of operating the plants should be covered by the
pool revenue and the Ro revenue. For 2023-2025, the government
expects those costs will be covered chiefly by the high pool
revenue, on the back of its estimated captured electricity prices
for the period of about EUR100 per megawatt hour (/MWh) for 2023
and 2024 and EUR80/MWh for 2025. As a result, the government did
not set any Ro for 2023-2025 for most plants. Our expectation is
that solar captured prices will decrease materially from the
EUR150/MWh in 2022 and are likely to reach EUR70/MWh in 2023,
EUR60/MWh in 2024, and EUR45/MWh for 2025, significantly below the
government's expectations. As a result, we forecast that the
project will be under-remunerated in the short term, posting a DSCR
of 1.03x in December 2025, below the 1.05x EoD covenant
requirement. From 2026, we expect no further divergence between the
government´s captured electricity price assumptions and the actual
ones when setting the Ro. Based on this expectation, we believe
DSCRs will improve.

"Over-remuneration in 2021 and 2022, due to very high power prices,
contributed to a reduction in the Rinv of about 5% for Anselma for
each year of the 2023-2025 semi-regulatory period, compared with
2021. More details on the calculations are available in "Spain's
Revised Renewable Energy Parameters Confirm Reduced Subsidies,"
published July 21, 2023, on Ratings Direct. The risk of short-term
over-remuneration we saw in the past two years is that the Rinv
would decrease in the long term--to ensure shareholders receive the
given rate of return--decreasing the cushion for debt repayments.
Meanwhile, the resulting extra profits in the short term could be
paid out to shareholders. We understand that since Verbund's take
over, no distributions have taken place. The project is currently
under lock-up given its outstanding EoDs. For Anselma, the effect
of lower Rinv is also accompanied by higher tax payments. This is
mainly due to lower deductible financial interest for fiscal
purposes following our preliminary understanding of the financial
impact of the conversion of the shareholder loan at Anselma's level
into a PPL by year-end 2023, in order to resolve the negative
equity position from 2022. As a result, the current median DSCR of
1.18x is lower than that at mid-year 2021 (1.28x), before
electricity price volatility started. In our view, the resulting
financial metrics are no longer commensurate with a 'BB+' SPUR, so
we lowered the SPUR on the class A debt and issue rating on the
class B debt to 'BB'.

"The stable outlook on our issue rating on Anselma's class A notes
mirrors the outlook on the guarantor, AGE.

"We could lower our issue rating or revise our outlook to negative
on the class A notes if we were to take a similar action on AGE.

"We could raise our issue rating on the class A notes or revise our
outlook to positive if we were to take a similar action on AGE."


BROOKFIELD SLATE: Moody's Affirms 'B2' CFR, Outlook Remains Stable
------------------------------------------------------------------
Moody's Investors Service has affirmed Brookfield Slate Holdings
III Limited (Cupa)'s B2 corporate family rating and a B2-PD
probability of default rating. Concurrently, Moody's has affirmed
the B2 rating on the EUR480 million senior secured term loan B due
2029 and EUR100 million senior secured revolving credit facility
(RCF) due 2028. The outlook remains stable.

RATINGS RATIONALE

The rating action reflects:

-- Cupa's resilient performance in 2023, despite the deterioration
of construction activities in Europe, leading to a Moody's-adjusted
debt/EBITDA ratio of around 5.3x in the last twelve months ending
September 2023 (compared to 5.6x in 2022), broadly in line with the
rating agency's expectations. The performance was supported by
earnings growth in the slate business, which offset weaker results
in Burton Roofing and the Stone business.

-- Moody's expectations that Cupa's credit metrics will remain
consistent with the B2 rating over the next 12-18 months. The
agency forecasts adjusted debt/EBITDA between 5.5x-6.0x and
positive FCF ranging from EUR5 million to EUR10 million over the
same period.

-- Moody's expectations that the high share of renovation
activities and the non-discretionary nature of demand for roofing
products coupled with Cupa's ability to increase selling prices in
the slate division will partly mitigate further volumes decline in
2024 due to weaker construction activities in Europe.

-- Moody's expectations that operating performance at Burton
Roofing, which has been negatively impacted by a weaker
construction market in the UK, will bottom out in 2023. While the
rating agency doesn't factor in any recovery next year given the
challenging construction market, it also does not expect a further
material deterioration.

-- Cupa's good liquidity and absence of any imminent debt
maturities.

The B2 CFR continues to be supported by Cupa's leading position in
the niche premium roofing slate market; positive market
fundamentals thanks to increasing focus on energy efficient
renovation, with slate roof tiles production using less energy than
clay or concrete roof tiles; and experienced management team.
Conversely, the rating is constrained by competition from cheaper
substitute products namely in the unregulated segment; event risks
of debt-funded shareholder distributions or acquisitions; and the
risk of a higher-than-expected or more prolonged decline in
construction activity.

LIQUIDITY

Cupa's liquidity is good, supported by around EUR34 million cash on
balance sheet as of September 2023 and EUR100 million fully undrawn
senior secured RCF. The facility contains a springing net leverage
covenant of 10.5x (with ample capacity), tested only when it is
drawn by more than 40%. These sources of liquidity, coupled with
internally generated cash flow, are sufficient to cover the
company's basic cash needs, including its capital spending of
around EUR35 million and earnouts payment related to acquisitions.
There are no major debt maturities until 2028.

STRUCTURAL CONSIDERATIONS

The EUR480 million senior secured term loan B and the EUR100
million senior secured RCF are rated in line with the CFR. The
instruments are senior secured, share the same security package,
rank pari passu and are guaranteed by a group of companies
representing at least 80% of the consolidated group's EBITDA. The
borrower of these instruments is the top entity of the restricted
group Brookfield Slate Holdings III Limited. Moody's considers the
security package, consisting only of shares, bank accounts and
intragroup receivables, as relatively weak and uses its standard
assumption of 50% recovery rate, reflecting the covenant-lite
capital structure.

OUTLOOK

The stable outlook reflects Moody's expectation that, over the next
12-18 months, debt/EBITDA will remain between 5.5x and 6.0x and FCF
will remain positive. The stable outlook also takes into
consideration Moody's assumption of no debt-funded shareholder
distributions or acquisitions.

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

Upward pressure on the ratings could develop if Cupa (1)
demonstrated balanced financial policies, as evidenced by
Moody's-adjusted debt/EBITDA sustained below 5.0x; (2) maintained
positive Moody's-adjusted FCF with FCF/debt in the mid- to
high-single-digit percentages; and (3) maintained good liquidity.

Downward pressure on the ratings could arise if Cupa's (1)
Moody's-adjusted debt/EBITDA sustainably deteriorated above 6.0x;
(2) Moody's-adjusted EBIT/ Interest declined below 1.5x on a
sustained basis; (3) Moody's-adjusted FCF turned negative for a
prolonged period; or (4) liquidity position weakened.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in Spain, Brookfield Slate Holdings III Limited
(Cupa) is the global leader in premium slate roofing products. The
company operates three business segments: Cupa Slate (40% of
revenue), a leading integrated global producer of premium natural
slate tiles; Burton Roofing (42%), the second-largest roofing
distributor in the UK; and Cupa Stone (15%), a distributor of
natural stone in Southern Europe. The company reported preliminary
revenue of EUR440 million in the last twelve months ending
September 2023.

EROSKI S COOP: S&P Assigns 'B+' Long-Term ICRs, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term issuer credit rating
to Spanish food retailer cooperative Eroski S. Coop. and its 'B+'
issue rating to the group's notes, with a '3' recovery rating,
indicating its expectation of meaningful recovery (50%-70%; rounded
estimate: 60%) in the event of a payment default.

S&P said, "The stable outlook reflects our expectation that
Eroski's 2%-5% annual revenue growth, elevated EBITDA margin of
about 10%, and moderately positive free operating cash flow (FOCF)
generation will keep our consolidated adjusted leverage at about
4.5x and consolidated EBITDAR coverage at about 2.0x in fiscals
2023-2025."

The final ratings are in line with the preliminary ratings we
assigned in November this year.

Eroski's consolidated adjusted leverage will decline to 4.4x in
fiscal 2023, from 5.4x in fiscal 2022, owing to debt reduction
post-refinancing and moderate EBITDA growth. In November 2023,
Eroski issued EUR500 million in senior secured notes and a EUR113
million TLA to refinance its about EUR700 million outstanding
syndicated loan due in 2024. The difference in debt amounts and
transaction costs was covered with cash on the balance sheet and
EUR35 million proceeds from the disposal of some real estate
assets, which the group partially anticipated by entering into an
18-month bridge loan. The outstanding EUR700 million syndicated
loan was net of a EUR152 million write-down agreed with existing
lenders as part of the last refinancing agreement, which become
effective at transaction date. S&P projects consolidated adjusted
debt-to-EBITDA will be about 4.4x in fiscal 2023, down from 5.4x in
fiscal 2022. Beyond the notes and the TLA, Eroski's capital
structure includes about EUR103 million of local lines issued by
operating subsidiaries, about EUR151 million currently drawn under
its working capital lines (out of total EUR293 million available
post transaction), about EUR209 million in subordinated bonds
(obligaciones subordinadas Eroski; OSE) due in February 2028, and
about EUR230 million in perpetual subordinated instruments
(aportaciones financieras subordinadas Eroski; AFSE). S&P said, "We
include OSE and AFSE in our adjusted debt as they do not meet our
criteria to be treated as equity-like or hybrid instruments.
However, in our analysis, we acknowledge AFSE have credit
supportive characteristics such as perpetuity, contractual
subordination, no covenants, no events of default, and no
cross-default provisions. As such, we also calculate and monitor
the adjusted leverage, excluding the perpetual AFSE, which is about
0.4x lower than the consolidated leverage."

S&P said, "Additionally, we estimate and track the group's
proportional leverage, calculated by including only 50% of the
EBITDA and lease obligations belonging to Eroski's subsidiaries
Vegalsa and Supratuc. The two subsidiaries, which together account
for almost one-half of the group's consolidated sales, are
controlled by Eroski, but are 50% owned by minority investors.
Proportional adjusted leverage is about 0.8x higher than the
consolidated leverage, as the financial debt is mostly issued by
Eroski S. Coop (the holding company). We will monitor the
proportional leverage to ensure no financial imbalances create
within the group's various entities."

Eroski is a regional leader in the fragmented and highly
competitive Spanish food retail market. With revenue expected to
exceed EUR5.0 billion in fiscal 2023, Eroski is the fourth-largest
food retailer in Spain. According to Kantar, it held a market share
of 4.4% in October 2023, behind Mercadona (27.2%), Carrefour
(9.7%), and Lidl (6.2%). Despite losing national market share in
the past years due to various disposals, it maintains regional
leadership. In particular, it holds leading market shares in the
Basque Country, Navarra, Galicia, La Rioja, and the Balearic
Islands. S&P said, "While we consider geographic concentration as a
rating constraint, we believe Eroski's local leadership and brand
awareness support its high adjusted EBITDA margin of about 10%. For
example, Eroski has a 37% market share in the Basque Country, the
region with the highest GDP per capita in Spain, which we believe
gives it considerable pricing power. That said, we consider the
Spanish food retail market is highly fragmented and competitive,
and we believe competition will continue to stiffen as Mercadona,
discounters, and other international players strengthen their
presence in Eroski's core regions. The group has shown good
resilience to these openings so far, thanks to its local
reputation, assortment of private labels, and pricing strategy, but
larger food retailers' increasing emphasis on quality, freshness,
and product differentiation could add pressure to Eroski's
competitive position in the longer term."

Regional leadership and an integrated supply chain support Eroski's
profitability. S&P said, "We expect Eroski will continue benefiting
from a high adjusted EBITDA margin of about 10% over our forecast
horizon, above the average of its European peers. In our view, the
group's profitability is supported by its leading position in key
regions, its value proposition focusing on local products and
private labels (34.8% of sales in 2022), and the integrated supply
chain (Eroski owns 23 supply chain facilities). We understand
Eroski also benefits from a profitable franchise model (with about
600 franchised stores as of Jan. 31, 2023) and a profitable
e-commerce channel, which represented 3% of sales in fiscal 2022.
We understand profitability varies by region. It is higher in the
Balearic Islands and northern Spain and lower in Galicia and
Catalonia, due to the differences in the regional competitive
environment and local brand strength."

High expected interest expenses and dividends to minority investors
will constrain cash flow generation in fiscals 2023-2026. S&P said,
"Following the issuance, we estimate the group's annual interest
expenses will be at about EUR100 million (excluding interest on
lease contracts). These high interest expenses, together with some
working capital outflows due to a reduction of days payable, will
constrain consolidated FOCF after leases to EUR20 million-EUR40
million per year in fiscals 2023 and 2024. From fiscal 2025, we
expect the group's FOCF after leases will increase well above EUR50
million per year, supported by EBITDA growth and a normalization in
working capital. However, over the same period, we project Eroski
will distribute EUR40 million-EUR50 million of annual dividends to
minority investors of Supratuc and Vegalsa, and about EUR10 million
to cooperative members. As such, we project the group will not
build a significant cash buffer over fiscals 2023-2026. Absent
additional disposals, we forecast the group will be unable to
reimburse its existing OSE in full and will need to refinance them
by 2027 to avoid the springing maturity of the proposed senior
secured debt. We also note that, to service the elevated interests
on its financial debt, Eroski can only rely on the EBITDA of its
fully owned operations (about 50% of consolidated EBITDA) and
dividends from Supratuc and Vegalsa. As such, in our view, the
consolidated debt service metrics overstate the group's real
creditworthiness."

S&P Said, "We believe Eroski's financial policy will remain
conservative, given its cooperative status and strategic refocus on
the core food retail business. The planned refinancing closes a
15-year-long period of financial challenges for Eroski due to the
debt amount the cooperative had cumulated to pursue various
acquisitions before the financial crisis in 2008. Since then, the
group has gone through multiple financial restructurings and
disposed of many assets. The disposals included its real estate
subsidiaries, various super and hypermarkets in noncore regions,
50% of its stake in Caprabo, its perfumeries, travel agencies
(Eroski Viajes), and other non-core assets. Together with a refocus
on food retail in key regions, the disposals allowed the group to
progressively deleverage, reaching a consolidated adjusted leverage
of 5.4x in fiscal 2022, down from above 7.0x in fiscal 2019, and
more than 10x in fiscal 2015. We expect Eroski's financial policy
and strategy will remain conservative as the group aims to
strengthen its positioning in its core trading areas, with few
targeted openings, and to reduce leverage progressively. As a
cooperative governed by employees and customers, we believe the
group's financial objective is not maximizing shareholder returns
but promoting employment and protecting its financial independence
by having a sustainable capital structure. As such, we expect the
only material dividends will be paid out to the minority investors
that own 50% of Supratuc and Vegalsa (two regional operating
subsidiaries in Catalonia, the Balearic Islands, and Galicia). We
expect capital distributions to employee members will amount to
only about EUR10 million per year. The payment of these
distributions, required by employee members who leave the
cooperative, must be approved by the assembly and cannot be granted
if certain solvency and liquidity ratios are not attained.

"The stable outlook reflects our expectation that Eroski's 2%-5%
annual revenue growth, elevated EBITDA margin of about 10%, and
moderately positive free operating cash flow (FOCF) generation will
keep our consolidated adjusted leverage at about 4.5x and
consolidated EBITDAR coverage at about 2.0x in fiscals 2023-2025."

S&P could lower the ratings if Eroski's operating
performance--including revenue growth and profitability--weakens,
leading to a deterioration in credit metrics such that:

-- Consolidated FOCF after leases turns negative;

-- Consolidated leverage approaches 5.0x (corresponding to
proportional leverage approaching 5.8x);

-- Consolidated EBITDAR falls below 1.8x; or

-- S&P sees liquidity deterioration at the holding company due to
elevated interests and significant minority leakages.

S&P could raise the ratings if the group's operating performance is
stronger than our base case such that:

-- Consolidated leverage falls well below 4.0x (corresponding to
proportional adjusted leverage well below 4.8x); and

-- Growth in consolidated FOCF after leases is sufficient to
comfortably cover dividends to minority shareholders.

Environmental and social factors have a neutral influence overall
on S&P's credit rating analysis of Eroski.

S&P said, "Governance factors have a moderately negative influence
on our credit rating analysis of Eroski. Over the past 15 years,
the group has gone through various financial difficulties,
following an aggressive expansion phase. These difficulties
resulted in multiple financial restructurings and in the disposal
of many assets. The group is also characterized by a complex
corporate structure, with significant minority investors. For this
reason, we believe the consolidated accounts overstate the real
creditworthiness of Eroski S. Coop., which is the holding company
and the issuer of most of the financial debt. At the same time, the
existence of significant minorities could create additional
governance complexities, in our view. We note that Eroski has a
casting vote to control these subsidiaries, but that if it
exercises it, Supratuc's minorities would have the right to
exercise a put option, potentially pressuring Eroski's liquidity
profile.

"That said, we believe the group's cooperative nature should
translate into a conservative financial policy going forward. We
believe the cooperative's objective is not maximizing shareholder
returns, but rather promoting employment and protecting its
financial independence through a sustainable capital structure."




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

AMTE POWER: Goes Into Administration
------------------------------------
Alliance News reports that London South East reports that AMTE
Power PLC announced on Dec. 19 that it intends to appoint
administrators after failing to raise funds to continue trading.

The lithium-ion and sodium-ion batter cell manufacturer entered
into a subscription, placing and convertible loan agreement with
Pinnacle International Venture Capital Ltd in November in order to
raise GBP2.5 million, Alliance News recounts.

AMTE has been informed that Pinnacle has extended the long stop
date for completion of the subscription agreement to Jan. 12, and
has declined to advance funds under the convertible loan facility,
Alliance News discloses.

As a result, AMTE said it has no other means of securing finance
and therefore will have insufficient funds to continue trading,
Alliance News relates.

According to Alliance News, AMTE requested a suspension of trading
on AIM on Dec. 19, pending clarification of its financial
position.

The company, as cited by Alliance News, said it would be appointing
FRP Advisory Group PLC as administrator, who will "manage an
accelerated sale process to seek potential buyers of the business
and assets of the company."


FARFETCH: Coupang Agrees to Acquire Business
--------------------------------------------
Ivan Levingston and Adrienne Klasa at The Financial Times report
that South Korean ecommerce group Coupang has agreed to acquire
Farfetch, providing a lifeline for the foundering luxury-focused
online retailer that had been rushing to avoid insolvency.

Investment group Greenoaks Capital Partners will also take part in
the rescue deal that gives Farfetch a US$500 million bridge loan to
continue offering its services, according to a statement, the FT
notes.

Coupang, which operates in food delivery, video streaming and
online shopping in Japan, South Korea and elsewhere, negotiated the
deal with a group of debtholders who held most of a term loan that
was owed by Farfetch, the FT relays, citing a disclosure filed with
the Securities and Exchange Commission.

The London-headquartered business is expected to be acquired
through a pre-pack administration process, the FT discloses.
Greenoaks is a San Francisco-based group that was an early investor
in Coupang.

Farfetch's market value peaked at about US$24 billion in early 2021
as online shopping boomed during the coronavirus pandemic but its
shares have plunged since as concerns mounted over its debt and
outlook, the FT recounts.  They have lost more than 97% of their
value since Farfetch went public in New York in 2018, the FT
states.

Farfetch struggled to become profitable and to secure products
because top luxury brands such as Hermes and Chanel refuse to sell
through third parties, preferring to maintain control and avoid the
discounting that online retailers rely on to bring in clients, the
FT relays.

Additionally, the company faced US$1.6 billion in debt repayments
between 2027 and 2030, with investors worried it did not have the
funds to cover its costs in the shorter term, the FT discloses.

Jose Neves, Farfetch's founder, will remain at the company,
although his exact role is still being negotiated with the new
owners, according to a person with knowledge of the discussions,
the FT notes.


GREENSILL CAPITAL: Taxpayer May Face GBP2MM Redundancies Bill
-------------------------------------------------------------
Tim Baker at Sky News reports that the taxpayer could be on the
hook for the GBP2 million paid out to Greensill employees after the
finance company went into administration.

Kevin Hollinrake, a junior minister in the Department for Business
and Trade (DBT), said the government's Redundancy Payment Service
(RPS) had paid out GBP2,004,511 to employees of Greensill Capital
Management Company (GCMC) after it went into administration in
March 2021, Sky News relates.

The RPS pays people who are made redundant when the company they
work for collapses, Sky News notes.  If this money cannot be
recovered from the failed business, the loss comes from the
National Insurance Fund, paid for by National Insurance
contributions, Sky News states.

A request for this money was sent by the government to GCMC's
administrators Grant Thornton UK LLP in April this year, Mr.
Hollinrake, as cited by Sky News, said -- but no money has yet been
sent so far, and Grant Thornton has said it cannot guarantee the
debt will ever be paid in full.

Grant Thornton currently says it expects to finish its work in
2025, having been appointed in March 2021, Sky News states.

The Greensill structure was complicated -- with ultimate control
resting in an Australian company, Sky News notes.

Two companies -- Greensill Capital (UK) Limited and GCMG -- were
the main ones in the UK.

According to the latest report from Grant Thornton in September,
the Greensill empire had trade assets worth US$17.7 billion (GBP14
billion) in March 2021, and administrators have so recovered US$9.3
billion (GBP7.35 billion), Sky News discloses.

Administrators for Greensill UK have recovered US$114 million
(GBP90.14 million) of this, Sky News states.

The RPS is low down the pecking order when it comes to getting
money from administrators, as its lending had no collateral,
according to Sky News.

Of the 569 people employed by GCMC at the time of collapse, 555
have been made redundant, Sky News notes.


HIGHLAND TIMBER: Enters Liquidation, 11 Jobs Affected
-----------------------------------------------------
Scottish Financial News reports that Inverness-based Highland
Timber Construction has entered liquidation after failing to
recover from the financial strain caused by the covid pandemic and
a subsequent inability to secure new contracts.

The company, which was established in 2016 and known for building
construction, extensions, renovations, and kitchen remodelling,
ceased operations on November 27, 2023, resulting in redundancy for
its 11 employees, Scottish Financial News relates.

The decision for liquidation was made after the company petitioned
Inverness Sheriff Court on December 6, Scottish Financial News
notes.

Sheriff Gary Aitken ordered the liquidation details to be
advertised in the Edinburgh Gazette and Inverness Courier, Scottish
Financial News discloses.

He also appointed Annette Menzies of William Duncan (Business
Recovery) Ltd as the provisional liquidator, according to Scottish
Financial News.


LLOYDS DEVELOPMENT: Virgin Hotel Glasgow to Halt Operations
-----------------------------------------------------------
Liam Smillie at The Scotsman reports that Virgin's premier hotel in
Glasgow is set to shut with immediate effect -- just four months
after first opening.

Staff were told in a morning meeting on Dec. 19 before being
escorted from the building, The Scotsman relates.

The 242-bedroom hotel on the Broomielaw was due to close for
trading on Tuesday, Dec. 19, The Scotsman states.  The move comes
less than a week since The Scotsman first reported that Lloyds
Development Limited -- the company that owns the landmark building
-- has entered an administration process, The Scotsman notes.

According to The Scotsman, on November 14, a Virgin Hotels
spokesperson had told this newspaper: "We can confirm an
administration process has started for Lloyds Development Limited,
the current owner of Virgin Hotels Glasgow.  Geoff Jacobs and Blair
Nimmo of Interpath Advisory have been appointed as interim managers
of Lloyds Development Limited.  It is, however, very much business
as usual for the hotel and our team, and we look forward to
continuing to welcome guests and build on the hotel's success."

Virgin Group had on Dec. 18 made an approach to buy Virgin Hotels
Glasgow from the owner, Lloyds Development Limited, as part of the
administration process, The Scotsman discloses.

It is understood the company was told the lender was choosing to
pursue a sales process in the hope of getting a better offer and
that will have an impact on employees, suppliers and guests, The
Scotsman relays.  Each Virgin hotel is owned independently and
operated under a hotel management agreement.

The company that owns the hotel building is part of a limited
liability partnership of four designated members.

They are Richard Diamond and Rishipal Singh alongside Lloyds
Development Ltd with a registered address in Guernsey and Moreply
Ltd, registered in London. All four partners were appointed on May
18 2017.  The partnership was placed into administration on Nov. 30
with interim managers appointed to the company that owns the
Glasgow hotel building, The Scotsman notes.

According to The Scotsman, a spokesperson for the joint interim
managers said: "Blair Nimmo and Geoff Jacobs of Interpath Advisory
were appointed on December 1, 2023 as Insolvency Practitioners to
Lloyds Developments Limited, which owns the property located at 246
Clyde Street in Glasgow.  They have not been involved with the
trading of the hotel at this address.  The interim managers are
disappointed for everyone involved with the insolvency."

Virgin Hotels Glasgow was initially scheduled to launch in summer
2022 before being delayed until December last year, then eventually
opening the lower floors and welcoming guests to some of the
projected 242 bedrooms in August, The Scotsman recounts.




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

[*] Kramer Levin Promotes Five to Counsel, Three to Special Counsel
-------------------------------------------------------------------
Kramer Levin on Dec. 11 announced the promotion of Tristan Bonneau,
Elan Daniels, Allison D. Gray, Pauline Plancke and M. Mendel
Trapedo to counsel, effective Jan. 1, 2024. The firm has also
promoted Michelle Ben-David, William Cavanagh and Ralph C. Mayrell
to special counsel, effective Jan. 1, 2024.

Co-Managing Partners Paul H. Schoeman and Howard T. Spilko said:
"We congratulate our new counsel and special counsel on their
well-deserved promotions, which recognize their commitment to the
firm and our clients."

New Counsel:

Tristan Bonneau -- Private Funds, Paris

Tristan Bonneau focuses on structuring private debt, infrastructure
and private equity funds. Tristan also advises management companies
with respect to financial regulations, approvals, marketing, ESG
integration and portfolio investments and divestments. He earned
his master's degree in economic law from Sciences Po Paris and his
master's degree in general private law from Panthéon-Assas
University. He is promoted from associate.

Elan Daniels -- Bankruptcy and Restructuring, New York

Elan Daniels advises on corporate restructuring and bankruptcy
matters, including representing creditor committees, major secured
and unsecured creditors, bondholders, and other stakeholders in
both in- and out-of-court restructurings of distressed businesses
and in municipal insolvencies. Known for his creativity, Elan
routinely advises clients on the opportunities and risk attendant
to their positions in distressed situations. He earned his J.D.,
with honors, from The George Washington University Law School and
his B.A., cum laude, from the University of Pennsylvania. He is
promoted from senior attorney, after serving in investment roles at
two New York-based hedge funds.

Allison D. Gray -- Immigration, New York

Allison D. Gray advises and represents advertising and marketing
agencies, arts organizations, and universities in employment-based
immigration matters. Among her most notable work, she has
represented a university in an investigation of its H-1B Labor
Condition Applications conducted by the U.S. Department of Labor,
won an appeal filed with the Administrative Appeals Office that
reversed the denial of an extraordinary ability immigrant petition,
and filed hundreds of successful O-1 petitions and immigrant
petitions for prominent artists and multinational managers. Allison
earned her J.D., cum laude, from New York University School of Law
and her B.A., magna cum laude, from Davidson College. She is
promoted from special counsel.

Pauline Plancke -- Employment Law, Paris

Pauline Plancke advises French and foreign companies on employment
and labor law, including both individual relations (management of
day-to-day human resources issues, termination procedures,
negotiation of transactional agreements) and collective aspects of
labor law (restructuring, collective bargaining, setting up staff
representation bodies), labor-related aspects of mergers and
acquisitions, and reorganization. Pauline takes a special interest
in issues relating to harassment and gender equality. She conducts
internal investigations following reports of psychological and
sexual harassment. Pauline earned her master's degree in social and
health law from the University of Paris 2 Panthéon-Assas. She
earned her Master 1 in social law from the University of Paris 1
Panthéon-Sorbonne. She is promoted from senior associate.

M. Mendel Trapedo -- Real Estate, New York

Mendel Trapedo represents purchasers, sellers, investors,
developers, lenders and borrowers as well as landlords and tenants
in a full range of real estate transactions such as sales and
acquisitions, financings, and joint venture and leasing
transactions across a broad class of asset types, including
commercial, industrial, retail, residential, gaming, hospitality
and entertainment properties. Mendel earned his Master of Laws from
USC, Gould School of Law. He earned an LL.B. from the University of
the Witwatersrand and a B.COM. in law and finance from the
University of the Witwatersrand. He is promoted from special
counsel.

New Special Counsel:

Michelle Ben-David -- Litigation, New York

Michelle Ben-David represents individuals and entities in
regulatory enforcement actions, criminal trials and internal
investigations involving the U.S. Department of Justice, the
Securities and Exchange Commission, the Federal Reserve Board, and
the Office of the Comptroller of the Currency, among others.
Michelle's work also extends to international clients under
investigation by U.S. authorities. She earned her J.D. from USC
Berkeley School of Law and her B.A. and B.S. from the University of
California, Berkeley. She is promoted from associate.

William (Bill) Cavanagh -- Corporate, New York

Bill Cavanagh advises sponsors, underwriters, issuers, lenders,
borrowers and other service providers in both warehouse
securitization facilities and term securitizations across a variety
of esoteric asset classes, including solar leases and power
purchase agreements (e.g., back-leverage solar tax equity
vehicles), solar loans, clean energy land leases, venture loans,
health care and life sciences loans, recurring revenue loans,
timeshare loans, commercial property assessed clean energy (PACE)
assets, life and structured settlement assets, and auto loans. Bill
earned his J.D., magna cum laude, from Maurice A. Deane School of
Law at Hofstra University and his B.A. from Binghamton University.
He is promoted from associate.

Ralph C. Mayrell -- Litigation, Washington, DC

Ralph C. Mayrell handles complex commercial litigation and appeals,
including the False Claims Act, Anti-Kickback Act and government
contracts disputes; civil antitrust claims; bankruptcy adversary
proceedings; and commercial disputes between businesses. has
represented clients from several industries, including the defense,
health care, pharmaceutical, plastics manufacturing, banking and
energy sectors. He earned his J.D., with honors, from The
University of Texas School of Law and his B.A., cum laude, from
Harvard College. He is promoted from associate.

            About Kramer Levin Naftalis & Frankel LLP

Kramer Levin -- http://www.kramerlevin.com-- provides its clients
proactive, creative and pragmatic solutions that address today's
most challenging legal issues. The firm is headquartered in New
York with offices in Silicon Valley, Washington, DC, and Paris and
fosters a strong culture of involvement in public and community
service.


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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members of the same firm for the term of the initial subscription
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