---

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

                          E U R O P E

          Tuesday, January 23, 2024, Vol. 25, No. 17

                           Headlines



D E N M A R K

NORDIC WASTE: Files for Bankruptcy, May Cost Taxpayers EUR27MM
WINTERFELL FINANCING: Moody's Alters Outlook on B2 CFR to Negative


F R A N C E

PARTS HOLDING: Moody's Rates New EUR580MM Secured Term Loan 'B2'


G E O R G I A

SILKNET JSC: Moody's Affirms 'B1' CFR, Outlook Remains Stable


G R E E C E

MYTILINEOS SA: S&P Upgrades LT ICR to 'BB+', Outlook Stable


I R E L A N D

DILOSK RMBS 8: Moody's Assigns (P)Ba2 Rating to Class F Notes
HARVEST CLO VII: S&P Affirms 'B-(sf)' Rating on Class F-R Notes
PFS CARD: High Court Appoints Joint Provisional Liquidators


I T A L Y

ARTS CONSUMER: Moody's Ups Rating on EUR27.4MM Cl. D Notes to Ba1


L U X E M B O U R G

COSAN LUXEMBOURG: Moody's Rates New $750MM Unsecured Notes 'Ba2'


T U R K E Y

ISTANBUL: Moody's Alters Outlook on 'B3' Issuer Rating to Positive
YAPI KREDI: Moody's Upgrades Rating on Covered Bonds to Ba3


U N I T E D   K I N G D O M

COAL EXCHANGE: Enters Into Creditors' Voluntary Liquidation
MOTION MIDCO: S&P Affirms 'B' LongTerm ICR, Outlook Stable
S4 CAPITAL: S&P Affirms 'B+' ICR on New M&G Criteria
SWEETSPOT: Enters Liquidation as Legal Claims Pile Up
VBITES: Bought Out of Administration

VUE ENTERTAINMENT: S&P Lowers LT ICR to 'CC', Outlook Negative
WARWICK PARK: Goes Into Administration, Ceases Operations

                           - - - - -


=============
D E N M A R K
=============

NORDIC WASTE: Files for Bankruptcy, May Cost Taxpayers EUR27MM
--------------------------------------------------------------
Euronews reports that the Danish company Nordic Waste has triggered
a political scandal by filing for bankruptcy.

According to Euronews, the bankruptcy of the company -- which deals
with the reprocessing of contaminated soil -- could cost taxpayers
EUR27 million.

After they post their bankruptcy filing, the Danish state will
likely have to pay for the clean-up work required after a mega
landslide at a reprocessing plant for contaminated soil, Euronews
discloses.

At the beginning of the week, the Ministry of the Environment
issued interim injunctions against Nordic Waste, Euronews relates.
After that ruling, the company declared bankruptcy, Euronews
notes.


WINTERFELL FINANCING: Moody's Alters Outlook on B2 CFR to Negative
------------------------------------------------------------------
Moody's Investors Service has affirmed Winterfell Financing
S.a.r.l. 's (Stark or the company) B2 corporate family rating and
B2-PD probability of default rating. Concurrently, Moody's has
affirmed the B2 ratings of the EUR1.795 billion senior secured
first lien term loan B and the EUR371 million senior secured
revolving credit facility (RCF). The outlook is changed to negative
from stable.

RATINGS RATIONALE

The rating action reflects:

-- Stark's currently weak credit metrics for the current rating
category and heightened risk that the company will not be able to
improve to levels required for the B2 rating over the next 12-18
months, due to the challenging conditions in the construction
markets.

-- Moody's forecasts that Moody's adjusted Debt/EBITDA ratio will
increase to around 7.5x in fiscal 2024 from 6.5x in fiscal 2023 due
to weaker demand and deflationary pressure. The rating agency
expects Debt/EBITDA to reduce to around  6.5x and below 6.0x by
fiscal 2025 and 2026, respectively. Earnings growth will be
supported by demand recovery, turnaround of turnaround of the UK
business (SGBDUK) and easing deflationary pressure.

-- Moody's expectations that FCF will be negative in fiscal 2024,
partly offset by the monetization of real estate assets. Moody's
forecasts negative FCF of EUR125 million in fiscal 2024 (EUR83
million in fiscal 2023) reflecting weaker earnings and an increase
in capital expenditure. The rating agency expects FCF will improve
towards breakeven and to positive in fiscal 2025 and 2026,
respectively.

-- Adequate liquidity, also supported by a more than EUR1.14
billion unencumbered real estate portfolio and no sizable debt
maturities before November 2027 when the RCF is due.

-- Some execution risks from the turnaround of SGBDUK, which was
acquired from Compagnie de Saint-Gobain (Baa1 stable) in March
2023. While this acquisition has strengthened the business profile,
SGBDUK has weaker profitability than Stark. Moody's expects
SGBDUK's profitability will improve over the next two years as
Stark is rightsizing SGBDUK's cost structure.

-- Management's strong track record of integrating acquired
businesses, proven also through the acquisition of the SGBDD German
business in 2019.

The rating continues to be constrained by Stark' low profitability,
typical of this business model, and its acquisitive strategy that
can increase leverage over time. The rating remains supported by
the high share of renovation activities (70% of gross profit) and
rising demand for energy-efficient renovation which will support
earnings recovery.

LIQUIDITY

Stark's liquidity is adequate supported by EUR205 million of cash
as of October 2023 and EUR350 million available RCF (out of EUR371
million). These sources are more than enough to cover high seasonal
swings in working capital, which normally peaks in the first fiscal
quarter and improves throughout the rest of the year, especially in
the fourth fiscal quarter. Liquidity is further supported by no
sizeable debt maturities until November 2027 when the RCF is due.
The TLBs are due in May 2028.

The RCF is subject to a springing first-lien net leverage ratio
covenant, tested when the facility is drawn by more than 40%, net
of cash balances. The covenant is set with substantial headroom,
and Moody's expect Stark to remain compliant.

Liquidity is further supported by the sizeable portfolio of
unencumbered owned real estate assets, which are valued at EUR1.14
billion. Stark can carry out sale and leaseback or mortgage for a
part of the portfolio to support its balance sheet and liquidity.

STRUCTURAL CONSIDERATIONS

Stark's EUR1,795 million senior secured TLBs and EUR371 million
senior secured RCF are both rated in line with the CFR. The TLBs
and RCF rank pari passu and guaranteed by subsidiaries accounting
for about 80% of total consolidated EBITDA. The facilities are
secured mainly by share pledges, significant bank accounts and
certain intercompany receivables. The B2-PD PDR is at the same
level as the CFR, reflecting the use of a standard 50% recovery
rate as is customary for capital structures with first-lien bank
loans and a covenant-lite documentation.

OUTLOOK

The negative outlook reflects Moody's expectation that credit
metrics will be weak for the current rating in fiscal 2024,
improving in line with Moody's expectations for the B2 rating by
fiscal 2026 albeit with a degree of uncertainty. This includes
Moody's adjusted Debt/EBITDA ratio to around 7.5x in fiscal 2024,
reducing to around  6.5x and below 6.0x by fiscal 2025 and 2026,
respectively. The negative outlook also reflects downside risks
from a more protracted decline namely in the new build segment, as
well as potential risks associated with the turnaround of the UK
business.

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

Positive pressure could arise if: Moody's adjusted debt/EBITDA
declined sustainably below 5.0x; Moody's-adjusted FCF/debt in the
high-single-digit percentages and good liquidity; Operating margins
increasing towards 5.0% and evidence of a balanced financial
policy.

Downward pressure on the rating could develop if Moody's-adjusted
debt/EBITDA stays above 6.25x on a sustained basis;
Moody's-adjusted EBITA/Interest stays sustainably below 1.5x;
FCF/debt remains in the low single digit percentage levels on a
sustained basis; or if liquidity deteriorates.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Distribution
and Supply Chain Services published in February 2023.

PROFILE

Headquartered in Frederiksberg, Denmark, Stark is one of the
leading distributors of building materials in Germany, in the
Nordic region and the UK following the acquisition of SGBDUK. Stark
reported EUR7.5 billion in the LTM ending October 2023. The company
is owned by CVC, which acquired it from Lone Star in 2021 for an
enterprise value (EV) of EUR2.4 billion (EV of 10.3x EBITDA).




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

PARTS HOLDING: Moody's Rates New EUR580MM Secured Term Loan 'B2'
----------------------------------------------------------------
Moody's Investors Service has assigned B2 rating to the proposed
EUR580 million backed senior secured term loan B due in 2031 to be
issued by Parts Europe S.A., the financing entity of Parts Holding
Europe S.A.S (PHE or the company). The company's B2 corporate
family rating, B2-PD probability of default rating and B2 backed
senior secured instrument ratings issued by Parts Europe S.A.
remain unaffected. The outlook for Parts Europe S.A. is positive.

The proceeds from the EUR580 million backed senior secured term
loan will be used to repay EUR580 million of the existing senior
secured notes due in 2025. As part of this transaction, cash on
balance sheet of around EUR8 million will be used to fund fees and
expenses.

RATINGS RATIONALE

The B2 CFR reflects the company's continued strong operating
performance since the pandemic, driven by strong demand for PHE's
products, inflation pass through and cost controls that have also
resulted in improvement in margins. Leverage (Moody's adjusted
debt/EBITDA) has reduced to 4.9x for last twelve months (LTM)
September 2023 from 6.6x as of the end of 2021, while EBITA margin
has improved to 9.5% from 7.9% over the same period. Free cash flow
(FCF) to debt has been modest at 2.4% due to working capital
movements resulting from higher inventory and voluntarily lower
utilization of factoring lines to optimize cost of financing as the
company has maintained a good level of liquidity.

Moody's expects the improvements in operating performance and
earnings to continue albeit at a slower pace as inflation cools
down. Moody's expects favourable market conditions such as ageing
car parc, increasing maintenance costs driven by complexity of the
vehicles and price increases of spare parts by OEMs to be the
drivers of PHE's strong performance. Moody's expects PHE will
continue growing its top line in low-single-digit percentage in the
next two years. As a result, Moody's expects adjusted EBITDA of
around EUR315-330 million resulting in leverage of around 4.8x-4.6x
over the next 12-18 months. Moody's expects that the company's
FCF/debt will still be weak in 2023 and 2024 and will improve to
around 3% by 2025 while the company will continue maintaining good
liquidity, which is important given volatile working capital
movements that have occurred in the past.

Moody's adjusted EBITA to interest expense was at 2.6x as of LTM
September 2023 and is expected to decline to 2.2x-2.5x in 2024 and
2025 as a result of this refinancing transaction.

Moody's considers PHE's liquidity to be good and supported by a
cash balance of EUR107 million and an undrawn super senior
revolving credit facility (RCF) of EUR200 million as of September
2023. The company also has a EUR200 million factoring line of which
around EUR70 million has been drawn as of September 2023. In 2024
Moody's expects the company to generate at least a breakeven level
of FCF, with further improvements thereafter.

STRUCTURAL CONSIDERATIONS

The B2 ratings on the backed senior secured term loan B is at the
same level as the CFR. The RCF, the backed senior secured term loan
and the backed senior secured notes benefit from the same security
package (i.e. shares, bank accounts and intercompany receivables)
and the RCF will rank pari passu with the term loan and notes in an
enforcement scenario under the provisions of the intercreditor
agreement.

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

Moody's will consider upgrading the ratings if continued
improvement in operating performance, including sustained EBITDA
margins, leads to Moody's-adjusted debt/EBITDA reducing to below
5.0x, Moody's-adjusted EBITA/interest increasing above 2.5x, and
the company maintains a solid liquidity profile including positive
Moody's-adjusted FCF/debt of around 5%, all on a sustainable
basis.

Negative rating action could materialise if the company fails to
improve its operating performance and cash flow generation, or
liquidity materially weakens. This would be evidenced by
Moody's-adjusted debt/EBITDA remaining sustainably above 6.0x, weak
Moody's-adjusted EBITA/ interest cover of below 1.5x, deterioration
in EBITDA margins or sustained negative free cash flow.

COVENANTS

Moody's has reviewed the marketing draft terms for the new credit
facilities. Notable terms include the following:

Guarantor coverage will be at least 80% of consolidated EBITDA
(determined in accordance with the agreement) generated in France,
and will include all companies incorporated in France representing
5% or more of consolidated EBITDA (subject to the agreed security
principles). Only companies incorporated in France are required to
provide guarantees and security. Security will be granted over key
shares, material bank accounts and key receivables.

Unlimited pari passu debt is permitted up to a senior secured net
leverage ratio of 3.75x, and unlimited unsecured debt is permitted
subject to a 2.00x fixed charge coverage ratio. Any permitted debt
may be made available as an incremental facility. Any restricted
payment (including any investment) is permitted if total net
leverage is 3.25x or lower. Asset sale proceeds are only required
to be applied in full (subject to exceptions) where total leverage
is 3.75x or greater.

Adjustments to consolidated EBITDA include the full run rate of
cost savings and synergies believed to be realisable within 24
months of the relevant event, on an uncapped basis.

The proposed terms, and the final terms may be materially
different.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Distribution and
Supply Chain Services published in February 2023.

COMPANY PROFILE

Headquartered in France, Parts Holding Europe S.A.S is a leading
aftermarket light vehicle (LV) spare parts distributor and truck
spare parts distributor and repairer in France, Benelux, Italy, and
Spain. It also owns Oscaro, the leading online car parts retailer
in France, since November 2018. The company generated revenue of
around EUR2.6 billion and Moody's adjusted EBITDA of EUR308 million
for LTM September 2023.




=============
G E O R G I A
=============

SILKNET JSC: Moody's Affirms 'B1' CFR, Outlook Remains Stable
-------------------------------------------------------------
Moody's Investors Service has affirmed Silknet JSC's B1 long term
corporate family rating and B1-PD probability of default rating.
Concurrently, Moody's has affirmed the B1 rating on the USD300
million senior unsecured notes due 2027 issued by the company. The
outlook remains stable.

"Silknet's B1 rating is strongly positioned owing to the meaningful
improvement in leverage and cash flow generation over the past
three years on the back of solid operating performance, debt
repayments and the appreciation of the Georgian Lari," says Pilar
Anduiza a Moody's AVP-Analyst and lead analyst for Silknet.

"The stable outlook reflects the expectation that the company's
credit metrics will remain strong despite its concentration in
Georgia, its exposure to foreign currency volatility and the
potential for increased competition given the regulator's intention
to promote the presence of mobile virtual network operators'
(MVNOs) in the Georgian mobile telecom market," adds Ms Anduiza.

RATINGS RATIONALE

Silknet's B1 CFR is strongly positioned in the rating category
supported by the company's solid position as a leading convergent
operator in Georgia's telecommunications market and the revenue
growth potential on the back of increasing data usage and data
penetration. However, Silknet remains very small and highly
concentrated compared with other rated peers.

Silknet is the largest fixed-line operator and the second-largest
mobile, internet protocol television (IPTV) and fixed broadband
operator player in Georgia with relatively stable market shares.
The competitive environment has remained relatively stable
historically reflecting disciplined pricing dynamics. However, the
Georgian telecom market is subject to evolving regulation,
including the regulator's intention to promote the presence of
MVNOs in the mobile market. Additional regulatory uncertainty comes
from the recent 5G auction process, in which both Silknet and its
main competitor, Magticom, decided not to participate as the terms
included mandatory network access for MVNOs and certain minimum
coverage and speed obligations.

The company's operating performance improved significantly over the
past three years. Revenue and company reported EBITDA grew 14% and
25% in 2022 on the back of strong subscriber growth and price
adjustments both in mobile and fixed segments. This trend continued
in the first nine months of 2023 with revenue and company reported
EBITDA growth of 15% and 23%, respectively.

Moody's projects Silknet's topline growth to decelerate towards the
mid- to high-single digit rates over the next two years driven by a
supportive macroeconomic environment and continued growth in
demand, offset by limited price increases due to the lower
inflation rate. The rating agency forecasts that the company's
Moody's adjusted EBITDA margin will remain broadly stable at around
60%.

Silknet's leverage, as measured by Moody's-adjusted gross
debt/EBITDA, stood at 1.8x as of the LTM period to June 2023, an
improvement from 2.1x as of the end of 2022 and 3.3x at the end of
2021. Deleveraging was mainly driven by EBITDA growth, the positive
impact from the appreciation of the Georgian Lari, and the
repayment of local bonds with cash. Over the next 12-18 months, the
rating agency estimates that Silknet's adjusted gross leverage will
decrease to 1.7x-1.6x assuming a stable FX rate.

The company's FCF generation is also strong. Moody's projects
adjusted FCF/Debt to decline towards 7%-10% from 16.6% as of the
LTM period to June 2023 driven by higher dividend payments because
certain restrictions on dividend distributions have been lifted
with the reporting of an accumulated net profit in 2023.

Silknet's B1 CFR continues to reflect (1) the company's strong
position in the Georgian telecommunications market; (2) Moody's
expectation of sustained revenue growth over the next two years;
(3) Silknet's high Moody's-adjusted EBITDA margin; and (4) its low
Moody's-adjusted leverage.

However, Silknet's rating also reflects (1) the small scale of
operations and the concentration in one country; (2) its high
foreign-currency exposure, given the mismatch between its US
dollar-denominated debt and Georgian Lari-denominated revenue; and
(3) the regulatory uncertainty regarding the 5G auction and the
intention to promote the presence of MVNOs in the mobile telecom
market.

LIQUIDITY

Silknet's liquidity is good, supported only by its cash balance of
GEL120 million as of September 30, 2023 (or $45 million equivalent)
and its positive FCF generation. However, it is constrained by the
lack of committed credit facilities, and an unhedged US dollar
bond. Additionally, the company has a guarantee agreement with its
parent Silknet Holding LLC, of up to $18 million, to support the
latter's obligations through an option agreement with one of its
shareholders. However, the guarantee, if triggered, will result in
payments starting from 2025 at the earliest, which will be spread
over six annual installments.

Based on the projection of positive FCF in 2024-25, Moody's expect
Silknet to improve its liquidity to around GEL200 million.

STRUCTURAL CONSIDERATIONS

Silknet's USD300 million senior unsecured notes due 2027 are rated
B1, at the same level as the company's CFR. The instrument rating
reflects the absence of any meaningful liabilities ranking behind
or ahead.

RATING OUTLOOK

Although Silknet is strongly positioned in its rating category
owing to a meaningful improvement in credit metrics, the stable
outlook reflects some degree of uncertainty around the regulatory
environment. More clarity on recent regulatory developments without
any material deviation in operating performance could support
upward pressure on the rating.

The stable outlook also reflects Moody's expectation that Silknet
will record continued growth in revenue and EBITDA over the next
two years and benefit from the relative stability in the Georgian
lari versus the US dollar.

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

Positive pressure on the rating could arise if (1) the company
develops a longer track record maintaining a good liquidity
position, including a high cash balance that allows it to withstand
unexpected shocks, (2) manages foreign currency risk more
prudently, (3) maintains a track record of strong revenue growth
and high margins, while increasing its scale, and (4) the company
sustains a conservative leverage in line with its target such that
Moody's adjusted gross debt/EBITDA, remains below 2.5x, on a
sustained basis.

Conversely, negative pressure on the rating could arise if (1)
adjusted gross leverage increases towards 4.0x, (2) Silknet's
retained cash flow/debt ratio weakens to below 15% on a sustained
basis, (3) liquidity deteriorates, or (4) the company's business
profile weakens due to negative developments in the market,
including increased competition.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was
Telecommunications Service Providers published in November 2023.

COMPANY PROFILE

Silknet is a leading telecommunications operator in Georgia.
Following the acquisition of the country's second-largest mobile
operator Geocell in March 2018, Silknet now provides a full range
of telecommunications services, including fixed broadband, pay
television, fixed line and mobile services, to residential and
corporate customers in Georgia. The company also provides wholesale
connectivity and related services to domestic and international
telecommunications operators. Silknet is privately owned by
Rhinestream Holdings Limited through its wholly owned subsidiary
Silknet Holding LLC.




===========
G R E E C E
===========

MYTILINEOS SA: S&P Upgrades LT ICR to 'BB+', Outlook Stable
-----------------------------------------------------------
S&P Global Ratings raised to 'BB+' from 'BB' its long-term issuer
credit rating on Greek industrial company Mytilineos S.A. and its
issue ratings on its senior unsecured debt.

S&P has assigned a new Management & Governance (M&G) assessment of
neutral to Mytilineos. This assignment follows the Jan. 7
publication of S&P Global Ratings' revised criteria for evaluating
the credit risks presented by an entity's M&G framework.

The stable outlook indicates that S&P expects the company will
continue to report profitable growth, despite normalizing prices in
its principal end markets, energy and aluminum.

S&P Global Ratings expects Mytilineos' profitability will remain
robust in 2024, supported by strong performance in the energy
sector. EBITDA is estimated at EUR900 million-EUR1 billion in 2023,
up from EUR854 million in 2022. The company now organizes its
business into two divisions, energy and metals. Both demonstrated
resilience in 2023, underpinning Mytilineos' strong results.

S&P expects profitability in the metals division has been about
EUR250 million in 2023, broadly in line with that reported in 2022.
Mytilineos' profitability benefits from the hedging of London Metal
Exchange (LME) prices and cost controls. Pricing has weakened
significantly, with a year-on-year drop of 19% in LME aluminum
prices and 60% in premiums (extra charges for supplying the
physical material).

In the energy division, the company added new BOT projects to its
pipeline and completed the sale of a number of photovoltaic (PV)
parks in the Balkan region and one in Spain during 2023. In
addition, its energy production, supply, and trading business
reported robust performance in the supply of natural gas and in
renewables. The ramping up of the new combined cycle gas turbine
plant boosted natural gas supply. The company made two small
acquisitions to support its vertical integration into the Greek
retail electricity supply market, which helped increase its
domestic market share to almost 13%. S&P anticipates that EBITDA
will rise to up to EUR1.1 billion in 2024, as more BOT projects
mature. Mytilineos' other businesses will likely remain stable,
with EBITDA at 2023 levels.

Mytilineos has maintained its focus on developing its BOT
activities. The company decided in 2018 to tap into its engineering
and construction capabilities and knowledge of the energy business
by entering the market for energy BOT projects. This was part of
the company's renewable asset rotation plan. Mytilineos designs,
constructs, and operates the projects, before eventually selling
them. By the end of 2023, the company had invested about EUR1.7
billion in the development of a variety of BOT projects (including
PV and wind farms) across Europe, Australia, and South America. The
sale of mature projects led to cumulative proceeds of about EUR300
million and Mytilineos expects to collect a further EUR1.5 billion
in 2024. As it completes the execution of its current projects, it
plans to invest in new projects.

Mytilineos aims to adopt a self-funded business model, which will
reduce risk. Specifically, the company has set itself a maximum
balance sheet exposure of EUR1 billion (after netting project
finance proceeds and contracted asset sales) and expects to reach
this level by the end of 2024. Mytilineos' BOT operations and its
increased activities across southeastern Europe expand the
company's geographical diversification beyond Greece.

S&P said, "Our forecast indicates that Mytilineos, at the current
rating, will have little leverage headroom in 2023. We expect S&P
Global Ratings-adjusted debt to EBITDA was 1.8x in 2023. This
excludes project finance outside Greece of EUR414 million and is
slightly below our 2x threshold. We project debt to EBITDA will
decline to below 1.5x from 2024 onward. Management targets a return
to reported net debt to EBITDA of about 1.5x, which is equivalent
to an adjusted 1.7x and will happen by the end of 2024 under our
base case. In our view, if management continues to follow this
objective beyond 2024, it will need to maintain a disciplined
approach, particularly when it comes to its overall exposure to BOT
projects.

"Our decision to exclude secured project finance facilities outside
Greece from our adjusted debt is based on several reasons. Secured
project finance facilities outside Greece are non-recourse,
diversified over numerous projects and countries, and non-core to
Mytilineos' operations. According to the company, it intends to
continue to secure project finance facilities or identify concrete
buyers for its projects before starting a project. We understand
that Mytilineos is about to sign more project finance facilities,
which will reduce the company's exposure well below the EUR1
billion watermark. Another condition for approving the construction
of a project is having power purchase agreements in place. While we
exclude the project finance from our adjusted debt, we also exclude
any EBITDA from BOT projects.

"We view Mytilineos' liquidity as adequate. This is because of the
company's successful bond issuance earlier in 2023 and the maturity
profile of its debt. Mytilineos made use of nonrecourse project
finance to support its BOT endeavors.

"The stable outlook indicates that we expect the company's BOT
activity to become a strong contributor to its portfolio in the
coming years and that it will build some headroom under the
rating.

"We project EBITDA of EUR1.0 billion-EUR1.1 billion over 2023-2024.
This implies that adjusted debt to EBITDA will be 1.5x-1.8x, close
to the 2x threshold for adjusted debt to EBITDA we expect at the
current rating level. In addition, we expect free operating cash
flow (FOCF) will be meaningfully positive in 2024."

S&P does not expect any pressure on the rating over the next 12
months. However, it could lower the rating if adjusted debt to
EBITDA exceeded 2x through 2024 because:

-- EBITDA is at or below EUR900 million and Mytilineos does not
reduce debt by a commensurate amount;

-- Overall maximum balance sheet exposure to BOT projects exceeds
the EUR1 billion (after netting project finance proceeds outside
Greece and contracted asset sales) Mytilineos has set itself as a
limit, and returns from the current projects are not sufficient to
offset the increased exposure;

-- The company's liquidity position deteriorates; or

-- Mytilineos makes a debt-funded acquisition with no immediate
earnings contribution.

S&P considers an upgrade is unlikely over the next 12-24 months.
Raising the ratings on Mytilineos depends on it building a longer
record of sustainable and profitable growth in its main business
divisions.

Specifically, an upgrade would depend on:

-- Mytilineos making no changes to its financial policy, including
that on dividend distributions and reducing capital expenditure
risk;

-- Adjusted debt to EBITDA of 1.5x or better and a consistently
positive FOCF generation, even if the company is investing heavily
in its BOT portfolio; and

-- The renewables asset rotation plan having a longer track
record, including a record of the company maintaining the limit on
its total exposure.

In addition, S&P would not upgrade Mytilineos unless it was
maintaining adequate liquidity and a competitive position in each
of its divisions.




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

DILOSK RMBS 8: Moody's Assigns (P)Ba2 Rating to Class F Notes
-------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to Notes
to be issued by Dilosk RMBS No.8 (STS) DAC:

EUR[]M Class A Residential Mortgage Backed Floating Rate Notes due
May 2062, Assigned (P)Aaa (sf)

EUR[]M Class B Residential Mortgage Backed Floating Rate Notes due
May 2062, Assigned (P)Aa2 (sf)

EUR[]M Class C Residential Mortgage Backed Floating Rate Notes due
May 2062, Assigned (P)A1 (sf)

EUR[]M Class D Residential Mortgage Backed Floating Rate Notes due
May 2062, Assigned (P)Baa1 (sf)

EUR[]M Class E Residential Mortgage Backed Floating Rate Notes due
May 2062, Assigned (P)Baa3 (sf)

EUR[]M Class F Residential Mortgage Backed Floating Rate Notes due
May 2062, Assigned (P)Ba2 (sf)

EUR[]M Class X Residential Mortgage Backed Floating Rate Notes due
May 2062, Assigned (P)Caa3 (sf)

Moody's has not assigned a rating to the subordinated EUR []M Class
Z1 Residential Mortgage Backed Fixed Rate Notes due May 2062 and
EUR []M Class Z2 Residential Mortgage Backed Fixed Rate Notes due
May 2062.

RATINGS RATIONALE

The Notes are backed by a static pool of Irish owner-occupied
residential mortgage loans originated by Dilosk DAC. This
represents the 8th issuance from Dilosk.

The portfolio of assets amount to approximately EUR423.1 million as
of November 2023 pool cutoff date.  The Liquidity Reserve Fund will
be funded to 0.75% of the Class A Note balance at closing. The
General Reserve Fund will be funded to 0.75% of Class A to F and Z1
Notes balance minus the Liquidity Reserve Fund balance at closing
and the total credit enhancement for the Class A Notes will be
8.75%.

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

According to Moody's, the transaction benefits from various credit
strengths such as a granular portfolio and an amortising liquidity
reserve sized at 0.75% of Class A Notes balance. However, Moody's
notes that the transaction features some credit weaknesses such as
an unrated servicer. Various mitigants have been included in the
transaction structure such as a back-up servicer facilitator which
is obliged to appoint a back-up servicer if certain triggers are
breached, an independent cash manager, as well as an estimation
language.

Moody's determined the portfolio lifetime expected loss of 0.70%
and Aaa MILAN Stressed Loss of 7.8% related to borrower
receivables. The expected loss captures Moody's expectations of
performance considering the current economic outlook, while the
MILAN Stressed Loss captures the loss Moody's expect the portfolio
to suffer in the event of a severe recession scenario. Expected
defaults and MILAN Stressed Loss are parameters used by Moody's to
calibrate its lognormal portfolio loss distribution curve and to
associate a probability with each potential future loss scenario in
the ABSROM cash flow model to rate RMBS.

Portfolio expected loss of 0.70%: This is lower than the Irish
owner occupied RMBS sector and is based on Moody's assessment of
the lifetime loss expectation for the pool taking into account: (i)
the collateral performance of Dilosk DAC originated loans to date,
as provided by the originator; (ii) the current macroeconomic
environment in Ireland; (iii) benchmarking within the Irish RMBS
sector; (iv) 36.3% of the pool is composed of public workers; and
(v) the weighted average current loan-to-value of 66.1% which is in
line with the sector average.

MILAN Stressed Loss of 7.8%: This is in line with the Irish RMBS
sector average and follows Moody's assessment of the loan-by-loan
information taking into account the following key drivers: (i) the
collateral performance of Dilosk DAC originated loans to date; (ii)
the weighted average current loan-to-value of 66.1% which is in
line with the sector average; and (iii) the current macroeconomic
environment in Ireland.

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

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

FACTORS THAT WOULD LEAD AN UPGRADE OR DOWNGRADE OF THE RATINGS:

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

Factors that may cause an upgrade of the ratings of the notes
include significantly better than expected performance of the pool
together with an increase in credit enhancement of Notes.


HARVEST CLO VII: S&P Affirms 'B-(sf)' Rating on Class F-R Notes
---------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Harvest CLO VII
DAC's class C-R notes to 'AAA (sf)' from 'AA (sf)', class D-R notes
to 'AA+ (sf)' from 'A (sf)', and class E-R notes to 'BBB (sf)' from
'BB (sf)'. S&P also affirmed its 'AAA (sf)' ratings on the class
A-R and B-R notes and its 'B- (sf)' rating on the class F-R notes.

Harvest CLO VII is a cash flow CLO transaction securitizing a
portfolio of primarily senior secured euro-denominated leveraged
loans and bonds issued by European borrowers. The transaction is
managed by Investcorp Credit Management EU Ltd. Its reinvestment
period ended in April 2021.

The rating actions follow the application of S&P's relevant
criteria and its credit and cash flow analysis of the transaction
based on the November 2023 trustee report.

Since S&P's last rating actions in August 2022, the class A-R notes
have continued to amortize to 7% of their initial size. As a
result, the credit enhancement has increased for all the rated
notes.

The asset portfolio has experienced a slight negative rating
migration with 13.3% of assets rated in the 'CCC' category,
compared to 5.5% in August 2022. This had a slight negative impact
on the scenario default rates (SDRs) from 'AAA' down to 'AA' rating
levels. S&P's SDRs for all other rating levels have benefited from
a reduction of the portfolio's weighted-average life to 2.22 years
from 3.14 years.

According to the November 2023 trustee report, all notes are paying
current interest and all coverage tests are passing.

  Table 1

  Assets key metrics

                                        CURRENT*     AS OF AUGUST
                                                          2022

  SPWARF                                  3,227           2,972

  'CCC' assets (%)                         13.3             5.5

  Weighted-average life (years)            2.22            3.14
  
  Obligor diversity measure                35.5            70.4

  Industry diversity measure               17.2            17.8

  Regional diversity measure                1.3             1.4

  Total collateral amount (mil. EUR)§    125.41          210.33

  Defaulted assets (mil. EUR)              0.58            2.02

  Number of performing obligors              48              93

  'AAA' SDR (%)                           60.93           60.13

  'AAA' WARR (%)                          37.25           37.32

*Based on the portfolio composition as reported by the trustee in
September 2023 and S&P Global Ratings' data as of October 2023.
§Performing assets plus cash and expected recoveries on defaulted
assets.
SPWARF--S&P Global Ratings' weighted average rating factor.
SDR--Scenario default rate.
WARR--Weighted-average recovery rate.

  Table 2

  Liabilities key metrics

                            CURRENT CREDIT
                             ENHANCEMENT
                            (BASED ON THE
            CURRENT AMOUNT   NOVEMBER 2023      CREDIT ENHANCEMENT

  CLASS       (MIL. EUR)    TRUSTEE REPORT)(%) IN AUGUST 2022 (%)

  A-R          12.49             90.0                55.0

  B-R          39.20             58.8                36.4

  C-R          21.00             42.0                26.4

  D-R          14.60             30.4                19.4

  E-R          18.60             15.6                10.6

  F-R           9.40              8.1                 6.1

Credit enhancement = [Performing balance + cash balance + recovery
on defaulted obligations (if any) – tranche balance (including
tranche balance of all senior tranches)] / [Performing balance +
cash balance + recovery on defaulted obligations (if any)].

S&P said, "Following the application of our relevant criteria, we
believe that the class C-R, D-R, and E-R notes can now withstand
higher rating scenarios. We therefore raised our ratings on these
notes in line with the results of our credit and cash flow
analysis.

"Our credit and cash flow analysis indicates that the class A-R and
B-R notes' credit enhancement is still commensurate with a 'AAA
(sf)' rating. We therefore affirmed our ratings on the class A-R
and B-R notes.

"Our standard cash flow analysis indicates that the available
credit enhancement for the class E-R and F-R notes is commensurate
with higher ratings than those assigned. Although the transaction
has amortized considerably since the end of the reinvestment period
in April 2021, we have also considered the level of cushion between
our break-even default rate and SDR for these notes at their
passing rating levels, current macroeconomic conditions, and these
classes' relative seniority. We therefore limited our upgrade on
the class E-R notes below our standard analysis passing levels, and
affirmed our rating on the class F-R notes.

"Counterparty, operational, and legal risks are adequately
mitigated in line with our criteria.

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


PFS CARD: High Court Appoints Joint Provisional Liquidators
-----------------------------------------------------------
Aodhan O'Faolain at The Irish Times reports that the High Court has
appointed joint provisional liquidators to a firm that issues
prepaid cards allowing customers to buy goods and services
throughout the European Union.

The court heard PFS Card Services Ireland Ltd (PCSIL) employs 144
people, 112 of whom are based in counties Wicklow and Meath, The
Irish Times relates.

According to The Irish Times, on Jan. 17, Mr Justice Mark Sanfey
appointed insolvency practitioners Kieran Wallace and Andrew
O'Leary, of Interpath Advisory Ireland, as provisional liquidators
to PFS Card Services Ireland Ltd, which is owned by Australian
financial technology group EML.

PCSIL, which is not currently insolvent, brought the winding-up
petition before the court because its business model is no longer
commercially viable or sustainable, is loss-making and is bound to
fail in the coming months, The Irish Times notes.

Mr Justice Sanfey noted that, despite its current position, the
company expects to be in a position to pay all of its debts to
creditors, The Irish Times relays.

The company currently holds EUR516 million of segregated funds for
its customers with 2.4 million prepaid cards in issue, The Irish
Times discloses.

According to The Irish Times, Kelley Smith SC, with John Lavelle,
the company, told the court that unusually in a winding-up
application, the company is currently solvent.

However, counsel said, the firm is "significantly financially
distressed" for reasons including that its operating revenues were
falling and its costs were rising, The Irish Times notes.

It lost EUR7.3 million in 2022, is expected to confirm some EUR15
million in losses for 2023 and is projected to lose an additional
EUR3.7 million this financial year, counsel said, The Irish Times
recounts.

There was also a risk that key commercial counterparties, which
account for a large part of its revenues, will cease trading with
it in the coming year, The Irish Times notes.

Mr Justice Sanfey agreed it was best for all parties to appoint the
provisional liquidators, The Irish Times states.

He adjourned the matter to a date next month, The Irish Times
discloses.




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

ARTS CONSUMER: Moody's Ups Rating on EUR27.4MM Cl. D Notes to Ba1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of mezzanine
Notes in ARTS Consumer S.r.l. The rating action reflects the
increased levels of credit enhancement for the affected Notes.

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

EUR668.2M Class A Notes, Affirmed Aa3 (sf); previously on Nov 24,
2022 Assigned Aa3 (sf)

EUR14.9M Class B Notes, Upgraded to A1 (sf); previously on Nov 24,
2022 Assigned A3 (sf)

EUR49.1M Class C Notes, Upgraded to A3 (sf); previously on Nov 24,
2022 Assigned Baa3 (sf)

EUR27.4M Class D Notes, Upgraded to Ba1 (sf); previously on Nov
24, 2022 Assigned Ba3 (sf)

Maximum achievable rating is Aa3 (sf) for structured finance
transactions in Italy, driven by the corresponding local currency
country ceiling of the country.

RATINGS RATIONALE

The rating action is prompted by an increase in credit enhancement
for the affected tranches.

Revision of Key Collateral Assumptions:

As part of the rating action, Moody's reassessed its default
probability and recovery rate assumptions for the portfolio
reflecting the collateral performance to date.

Total delinquencies have slowly increased since closing but are
still at low levels with 90 days plus arrears currently standing at
0.82% of current pool balance. Cumulative defaults currently stand
at 1.0% of original pool balance. Performance has been in line with
original expectation.

For ARTS Consumer S.r.l., the current default probability is 6.0%
of the current portfolio balance from 5.0% default probability of
the current portfolio balance at closing. The assumption for the
fixed recovery rate is unchanged at 10%.  

Increase in Available Credit Enhancement following Early
Termination of Revolving Period

Whilst the current performance is in line with original
expectations, the transaction has nevertheless been unable to cure
Class E Notes PDL with available excess spread at the respective
junior position in the waterfall. This has led to an uncured PDL
for the entire transaction which led rise to an early termination
of the revolving period.

As a result, the transaction has been rapidly deleveraging since Q3
2023. Following the early termination trigger breach, principal has
been distributed sequentially in the waterfall.

This sequential led to the increase in the credit enhancement
available in this transaction.

For instance, the credit enhancement for the most senior tranche
affected by the rating action increased to 26.1% from 20.7% since
closing.

The cash proceeds may be invested in eligible investments rated at
least Baa1. The rating of the Class B Notes are constrained by risk
from eligible investments.

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

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

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

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




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

COSAN LUXEMBOURG: Moody's Rates New $750MM Unsecured Notes 'Ba2'
----------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to the proposed up
to $750 million Cosan Luxembourg S.A.'s Backed Senior Unsecured
Global Notes, unconditionally and irrevocably guaranteed by Cosan
S.A. (Cosan). The proposed notes will rank pari passu with Cosan's
other senior unsecured debt instruments. The company's existing
ratings are unchanged. The outlook is negative.

Moody's expects Cosan to amortize part of the loans that were
raised for the acquisition of a stake in Vale S.A. (Vale, Baa3
stable). The proceeds will allow Cosan to improve its financial
flexibility and conduct liability management extending its debt
maturity schedule and will not result in a material increase in the
company's leverage.

The rating of the proposed notes assumes that the final transaction
documents will not be materially different from draft legal
documentation reviewed by Moody's to date and assume that these
agreements are legally valid, binding, and enforceable.

RATINGS RATIONALE

Cosan S.A.'s Ba2 corporate family rating (CFR) reflects its
diversified portfolio of businesses, including the entire
sugar-ethanol chain; fuel distribution, including convenience
stores, natural gas, lubricants, logistics operations and metals &
mining; and its adequate liquidity profile. The holding company's
diversified sources of dividends, especially from stable
businesses, such as the fuel and gas distribution, translates into
a stable cash source over the long-term. Diversification mitigates
volatility in the upstream business Cosan benefits from a
diversification of cash flow streams from the agricultural
sugar-ethanol activities, fuel distribution and piped natural gas
distribution. The stake in Vale shares will improve diversification
of dividends specially as the collar financing structures are
amortized and the flow of dividends is up streamed to Cosan. Also,
Rumo S.A. (Ba2 Negative) and other investments can improve
diversification to Cosan as they grow more robust in their ability
to provide consistent and reliable dividends.

Moody's expects Cosan to maintain its active liability management
strategy avoiding the concentration of maturities in the
short-term. In addition, Moody's expects Cosan to divest from
certain assets and its participation in certain subsidiaries to
also reinforce its liquidity.

The negative outlook reflects the execution risk of Cosan as it
manages to continue reinforcing its liquidity and capital structure
to service considerable debt and interests incurred from the collar
loan financing structure. Rating pressure would increase if Cosan
is unable to maintain a comfortable liquidity ahead of such debt
amortizations and possible derivatives settlements.

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

An upgrade of Cosan's ratings could result from the upgrade of
rated subsidiaries. Upward pressure could develop if the parent
company maintains a strong standalone financial position with
adequate liquidity, increases cash flow and diversifies companies
and segments.

A downgrade of Cosan could result from a weakening of credit
quality or operating performance of any of its key subsidiaries,
such that Moody's expects dividends to be lower than the rating
agency's current expectations. A weakening of liquidity, including
broad declines in equity valuations or tightening credit conditions
such that asset sales or capital market access becomes unattractive
or inaccessible could also lead to a downgrade of the ratings.

Cosan's ratings are constrained by the acquisitive growth history
of the company and its subsidiaries, and the high gross leverage of
the pro forma consolidated figures of the group.

The principal methodology used in this rating was Investment
Holding Companies and Conglomerates published in April 2023.




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

ISTANBUL: Moody's Alters Outlook on 'B3' Issuer Rating to Positive
------------------------------------------------------------------
Moody's Investors Service has changed the outlook on the
metropolitan municipalities of Istanbul and Izmir to positive from
stable. Concurrently, Moody's has affirmed the B3 long-term issuer
and senior unsecured debt ratings of the Metropolitan Municipality
of Istanbul and the B3 long-term issuer ratings of the Metropolitan
Municipality of Izmir. The National Scale Issuer Rating on Izmir of
A3.tr has been affirmed. At the same time, Moody's affirmed the
Baseline Credit Assessments (BCAs) of b3 of both cities.

The rating action follows Moody's decision on January 12, 2024 to
change the outlook on Turkiye to positive from stable and affirm
the B3 sovereign ratings.

RATINGS RATIONALE

RATIONALE FOR CHANGING THE OUTLOOKS TO POSITIVE FROM STABLE

The rating action reflects the strong correlation between Turkiye's
sovereign and metropolitan municipalities credit risk, reflected in
their strong institutional, operational and financial linkages.

Istanbul and Izmir are strongly dependent on the sovereign's
operating environment. The outlook change to positive at the
sovereign level reflects prospects of decreased systemic pressure,
which may result in improving operating environment for the Turkish
cities as the positive impact on economic development favorably
affect the municipal tax base resulting in higher tax revenues.

Istanbul and Izmir receive more than 80% of their operating revenue
from the central government's shared taxes, with the remainder
generated from their own taxes and fees/charges.

Moreover, the improved prospects for sustainably lower inflation
and reduced external vulnerability would have favorable
implications:

1) Improved budget predictability and better service provision as
lower inflation reduces the risk of unexpected increases in the
cost of goods and services, improving budget management and
planning.

2) Reduced external vulnerability can make it less likely that this
funding will be affected by external economic shocks, leading to
more stable and predictable external funding for the cities.

3) Because both cities have more than 85% of their total
outstanding debt denominated in foreign currency, the reduced
external vulnerability will lower the risk of currency depreciation
increasing the cost of FX debt.

4) Although Istanbul and Izmir are already among the most
attractive cities for both local and foreign investors, reduced
external vulnerability can also contribute to greater overall
economic stability, which can encourage investment and economic
development at the cities' level.

RATIONALE FOR THE RATING AFFIRMATIONS

The affirmation of the b3 BCAs and the B3 issuer and debt ratings
of Istanbul and B3/A3.tr issuer ratings of Izmir reflect the
cities' capacity to maintain consistently robust operating
performances, high tax generation, flexibility to withstand adverse
development and adequate liquidity. At the same time both cities
display relatively high debt with high exposure to FX. According to
Moody's baseline forecast the gross operating balances (GOB) will
remain extremely strong for both cities despite facing significant
macroeconomic challenges. Moody's estimates that both cities will
maintain very strong GOBs in 2024 and 2025, in line with recent
levels of 42% of operating revenue estimated for Istanbul in 2023
and 40% for Izmir over the same period.

Although strong operating balances will fund a portion of the
cities' capital expenditures, fast population growth and rapid
urbanization will continue to put upward pressure on capital
spending. As a result, Moody's projects that financing deficits
will persist in 2024, albeit at lower levels of 1% of total revenue
for Istanbul and 8% of total revenue for Izmir compared with last
5-year average financing deficit of 4% and 12% for Istanbul and
Izmir, respectively.

Moody's estimates Istanbul's net direct and indirect debt (NDID)
levels to be at around 122% of operating revenue in 2023, an
increase from 105% in 2022 as a result of a new 5-year senior
unsecured USD715 million bond issued in November 2023. Izmir's debt
is lower than that of Istanbul with NDID accounting for 80% of
operating revenues in 2023, compared with 78% in 2022. The rise in
debt levels will be partly mitigated by higher projected revenues
over the next two years.

Both cities' debt remains highly sensitive to local currency
depreciation given their very high foreign currency exposure, with
Istanbul having 94% of its debt stock denominated in foreign
currency, while Izmir's FX exposure is lower at 87%. This high
level of exposure is a key credit risk for the cities and
highlights a significant risk factor in the cities' debt
management. Partially mitigating the pressures associated with FX
fluctuations, is Istanbul's sound liquidity position, representing
14% of operating revenue in 2023, which fully covers the debt
repayment on the foreign-currency debt falling due over the next 12
months. In addition, Istanbul's asset base offers hidden reserve in
case of adverse circumstances.

Izmir has made provisions to protect against foreign currency risk
on the bulk of its foreign currency borrowings. In particular, the
city has set aside funds in a risk account to protect debt service
payments on loans with European Investment Bank (Aaa stable)
guaranteed by the Ministry of Treasury and Finance. The city also
has a risk account for repayments related to non-guaranteed loans
with other international financial institutions. In 2023, 10% of
monthly proceeds from shared taxes received from the General Budget
was transferred to the relevant risk accounts for repayment of
domestic debt and 11% for servicing the external debt.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Istanbul and Izmir's CIS-3 indicates that ESG considerations have a
moderate impact on the current credit rating with potential for
greater negative impact over time.

Istanbul and Izmir's exposure to environmental risks (E-4) stems
from physical climate risks, primarily due to heat stress and water
scarcity. Rapid urbanization and population growth in Istanbul and
Izmir have increased the demand for water, while climate change has
affected the supply by altering precipitation patterns and reducing
snowfall, which feeds the cities' reservoirs. With rising global
temperatures, Istanbul and Izmir have been experiencing more
frequent and intense heatwaves.

Furthermore, Izmir is prone to natural disasters like floods and
winter storms. These events could necessitate considerable
mitigation costs, adding financial strain to the city's economy.

Istanbul and Izmir's exposure to social risks (S-3) is moderate and
primarily mirrors demographic pressures. Despite their generally
favorable demographic profile, the cities face with issues such as
youth unemployment and a mismatch between the skills of the labor
force and employer needs. The rapid population growth and recent
expansion of the cities' boundaries have strained service
provision, resulting in standards that fall short of those in most
OECD countries.

The (G-3) score assigned to Istanbul and Izmir is largely
influenced by their riskier attitude toward debt management due to
very high exposure to foreign currency risk. Despite this both
cities are transparent and punctual when publishing their financial
reports. Additionally, they have proven ability to manage complex
projects and provide services within the expanded municipality's
boundaries, serving populations of more than 15 million and 4.5
million, respectively.

The specific economic indicators, as required by EU regulation, are
not available for these entities. The following national economic
indicators are relevant to the sovereign rating, which was used as
an input to this credit rating action.

Sovereign Issuer: Turkiye, Government of

GDP per capita (PPP basis, US$): 39,314 (2022) (also known as Per
Capita Income)

Real GDP growth (% change): 5.5% (2022) (also known as GDP Growth)

Inflation Rate (CPI, % change Dec/Dec): 64.3% (2022)

Gen. Gov. Financial Balance/GDP: -0.8% (2022) (also known as Fiscal
Balance)

Current Account Balance/GDP: -5.4% (2022) (also known as External
Balance)

External debt/GDP: 50.6% (2022)

Economic resiliency: ba1

Default history: At least one default event (on bonds and/or loans)
has been recorded since 1983.

SUMMARY OF MINUTES FROM RATING COMMITTEE

On January 11, 2024, a rating committee was called to discuss the
rating of the Istanbul, Metropolitan Municipality of; Izmir,
Metropolitan Municipality of. The main points raised during the
discussion were: The systemic risk in which the issuer operates has
materially decreased.

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

An upgrade of Istanbul and Izmir's ratings will require a similar
change of the sovereign rating, provided their operating and
financial performance were to remain consistently sound over time.

A downgrade of Turkiye's sovereign rating would lead to a downgrade
of Istanbul and Izmir's ratings given the close institutional,
financial and operational linkages with the central government.

Downward ratings pressure may also arise from a sustained growth in
debt and debt servicing costs, triggered by further currency
depreciation and the knock-on effect from outstanding
foreign-currency debt. Any concern in access to funding sources
would also trigger a negative rating action.

The principal methodology used in these ratings was Regional and
Local Governments published in January 2018.


YAPI KREDI: Moody's Upgrades Rating on Covered Bonds to Ba3
-----------------------------------------------------------
Moody's Investors Service has upgraded to Ba3 from B1 the covered
bond rating issued by Yapi ve Kredi Bankasi A.S. (the issuer, B3 LT
Bank Deposits (Foreign, Domestic), positive outlook; b3 Adjusted
Baseline Credit Assessment; B2(cr) Counterparty Risk (CR)
Assessment).

RATINGS RATIONALE

The rating action follows Moody's recent decision to raise the
Government of Turkiye's local currency bond ceiling to Ba3 from B1.
As a result, the Turkish covered bond ratings are now capped at
Government of Turkiye's local currency bond ceiling of Ba3.

KEY RATING ASSUMPTIONS/FACTORS

Moody's determines covered bond ratings using a two-step process:
an expected loss analysis and a TPI framework analysis.

EXPECTED LOSS: Moody's uses its Covered Bond Model (COBOL) to
determine a rating based on the expected loss on the bond. COBOL
determines expected loss as (1) a function of the probability that
the issuer will cease making payments under the covered bonds (such
cessation, a CB anchor event); and (2) the estimated losses that
will accrue to covered bondholders should a CB anchor event occur.
Moody's express the probability of a CB anchor event as a point on
Moody's alpha-numeric rating scale (i.e. the CB anchor), which is
typically one notch higher than the issuer's CR assessment.

The CB anchor for this programme is B2, being the CR assessment of
Yapi ve Kredi Bankasi A.S. plus 0 notches.

The cover pool losses for this programme are 27.3%. This is an
estimate of the losses Moody's currently models following a CB
anchor event. Moody's splits cover pool losses between market risk
of 17.0% and collateral risk of 10.3%. Market risk measures losses
stemming from refinancing risk and risks related to interest-rate
and currency mismatches (these losses may also include certain
legal risks). Collateral risk measures losses resulting directly
from cover pool assets' credit quality. Moody's derives collateral
risk from the collateral score, which for this programme is
currently 10.3%.

The over-collateralisation in the cover pool is 1,110.4%, of which
the issuer provides 20.0% on a "committed" basis. Under Moody's
COBOL model, the minimum OC consistent with the Ba3 rating is
11.5%, of which 11.5% needs to be in "committed" form to be given
full value (numbers in nominal value terms). These numbers show
that Moody's is not relying on "uncommitted" OC in its expected
loss analysis.

For further details on cover pool losses, collateral risk, market
risk, collateral score and TPI Leeway across covered bond
programmes rated by Moody's please refer to the "Covered Bonds
Sector Update", published quarterly.

TPI FRAMEWORK: Moody's assigns a "Timely Payment Indicator" (TPI),
which is Moody's assessment of the likelihood of timely payment of
interest and principal to covered bondholders following a CB anchor
event. TPIs are assessed as Very High, High, Probable-High,
Probable, Improbable or Very Improbable. The TPI framework limits
the covered bond rating to a certain number of notches above the CB
anchor.

For Yapi Kredi Bankasi A.S. - Mortgage Covered Bonds, Moody's has
assigned a TPI of Improbable.

RATING METHODOLOGY

The principal methodology used in this rating was "Moody's Approach
to Rating Covered Bonds" published in December 2023.

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

The CB anchor is the main determinant of a covered bond programme's
rating robustness. A change in the level of the CB anchor could
lead to an upgrade or downgrade of the covered bonds. The TPI
Leeway measures the number of notches by which Moody's might lower
the CB anchor before the rating agency downgrades the covered bonds
because of TPI framework constraints.

The TPI assigned to this programme is Improbable. The TPI Leeway
for the covered bond ratings is limited, and thus any reduction of
the CB anchor may lead to a downgrade of the covered bonds.

A multiple-notch downgrade of the covered bonds might occur in
certain circumstances, such as (1) a country ceiling or sovereign
downgrade capping a covered bond rating or negatively affecting the
CB anchor and the TPI; (2) a multiple-notch downgrade of the CB
anchor; or (3) a material reduction of the value of the cover pool.





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

COAL EXCHANGE: Enters Into Creditors' Voluntary Liquidation
-----------------------------------------------------------
Nation Cymru reports that the company running a hotel in Cardiff's
iconic Coal Exchange has confirmed it is applying for voluntary
liquidation as it is no longer making enough money to pay its
bills.

But while that means 77 employees will lose their jobs, the firm
that owns the freehold of the Victorian Grade 2* listed building
said it was actively seeking a new operator to reopen the hotel --
offering potential hope to both the workers and customers who have
booked events like weddings, Nation Cymru relates.

The Exchange Hotel, which during the month of January was only open
at weekends, has already closed.

According to Nation Cymru, a statement from insolvency
practitioners Leonard Curtis said: "The designated members
[equivalent to directors] of Coal Exchange Operations LLP [Limited
Liability Partnership] have engaged Leonard Curtis to assist with
placing the LLP into creditors' voluntary liquidation.  The LLP
made all employees redundant on January 17 2024 and issued
redundancy letters and a fact sheet to assist.

"Leonard Curtis has engaged employment agents to help with this
matter once appointed as liquidators, assisting former employees to
support redundancy claims and associated queries.

"Designated members of the LLP have been encouraged by Leonard
Curtis to contact customers to confirm their rights for claiming
any deposits/refunds from bookings or events which will no longer
be honoured.

"There is no further comment to make at this stage."

Nation.Cymru has previously revealed how the hotel operating
company was running up debts with HMRC as well as keeping revenue
to which it was not entitled, Nation Cymru recounts.  Documents
Nation Cymru has seen show that last year HMRC was pursuing the
Exchange Hotel for unpaid VAT totalling more than GBP160,000 and
unpaid employer national insurance contributions of more than
GBP132,000, Nation Cymru states.

A further document showed that in April 2023 an insurance policy on
the building was cancelled because the insurer had not been made
aware that it was in a poor state of repair, Nation Cymru notes.

On Dec. 27 the building was repossessed by its owners following
health and safety concerns about the condition of the building that
resulted in a prohibition notice being served by the South Wales
Fire and Rescue Service, according to Nation Cymru.


MOTION MIDCO: S&P Affirms 'B' LongTerm ICR, Outlook Stable
----------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit rating
on global theme park operator Merlin Entertainments Ltd. and
intermediate holding company Motion Midco Ltd. S&P acknowledges
that rating headroom remains extremely tight for any operating
underperformance, including lower attendance caused by adverse
weather impacts.

The stable outlook reflects S&P's expectation that the distinctive
quality of Merlin's asset base should support adjusted leverage of
8.0x in 2024 and onward and that the company will be able to keep
FOCF to debt broadly neutral.

Merlin Entertainments Ltd. intends to refinance its two outstanding
tranches on its term loan B (TLB) due in 2026 of EUR575 million and
$1.22 billion, respectively, with a new $1.27 billion TLB due 2029,
which will come alongside an extension on its euro TLB outstanding
to 2029. As a result of the June amend and extend and the proposed
one, S&P expects the extended tranches will stand at EUR1.02
billion and $1.27 billion post-transaction.

Merlin's amend and extend of its euro and dollar TLB tranches
lengthens its maturity profile but increases the overall cost of
debt. Following a first amend and extend of its EUR1.46 billion TLB
due 2026, and partial repayment of its $1.34 billion TLB due 2026,
Merlin now aims to extend the remainder of this TLB with a
three-ear extension of the dollar tranche and an extension and
downsizing of the euro tranche. On closing, all term loan
facilities will mature in 2029. The company also plans to upsize
and extend its revolving credit facility (RCF) by EUR28 million to
EUR428 million. On closing, the capital structure will be as
follows:

-- GBP428 million senior secured RCF

-- Proposed EUR1.02 billion senior secured TLB due November 2029

-- Proposed $1.27 billion refinanced senior secured TLB due
November 2029

-- $400 million senior secured fixed-rate notes due in 2026

-- EUR700 million senior secured fixed-rate notes due June 2030

-- $410 million senior fixed-rate notes due 2027

-- EUR370 million senior fixed-rate notes due 2027

Although the transaction reduces refinancing risk, refinancing
costs are higher than in 2019 when the instrument was put in place,
which will pressure future cash flows. S&P expects cash interest
expense will be higher by GBP20 million-GBP50 million in
2023-2024.

Relatively strong geographic and segment diversity, strong brand
assets, and the recovery of Merlin's midway segment should help the
company navigate economic turbulence. As the company will continue
to expand through new build capex investments, we expect it will
demonstrate continuing robust growth on the back of its strong
asset base, despite lower customer disposable income in 2024
affecting per capita spending negatively. Steady recovery in
international tourism, particularly the return of Asian tourists to
the U.K., should continue to provide some positive support for the
group's Midway segment. S&P said, "As a result, we forecast
revenues will increase to GBP2.3 billion in 2024 compared with our
expectation of GBP2.1 billion in 2023. Following tough
macroeconomic conditions in 2023, we anticipate that Merlin will
continue to face cost pressures in 2024, especially staff expenses
and utility costs leading to S&P Global Ratings-adjusted EBITDA of
GBP700 million while we expect it stood at GBP660 million in 2023.
Nevertheless, we believe Merlin's credit metrics will remain
commensurate with the 'B' rating, with leverage averaging 8.0x over
fiscal years 2023-2025, albeit higher during 2023."

S&P said, "We anticipate Merlin will incur sizable negative FOCF
after leases on high capex investments over the next three years.
Despite moderate increase in EBITDA metrics projected in our
base-case scenario, we expect FOCF after leases will remain
negative in 2023-2025 forecast. This stands from our expectation of
capex normalization returning to pre-COVID-19 levels more rapidly
than anticipated, resulting in S&P Global Ratings' capex forecast
surpassing GBP300 million in 2023 and GBP350 million in 2024. Below
par contribution from the new business development projects, such
as Legoland New York and Legoland South Korea, has put pressure on
the group margins and cash flow. We understand capex for new
projects beyond six months is discretionary and the group would be
able to delay or stop them, if necessary. We do not expect this, in
our base-case scenario, since the group has adequate liquidity
thanks to its cash reserves and full availability of its RCF.

"The stable outlook indicates our expectation that, despite
macroeconomic headwinds, Merlin's geographic diversification,
family-oriented attractions, and distinctive quality of asset base
should support adjusted leverage of about 8.0x through the cycle in
2023 and FOCF to debt broadly neutral."

S&P could lower the ratings if Merlin was not able to improve its
credit metrics in line with its base case. A downgrade could occur
because of one or a combination of the following:

-- Significant weakness in operating earnings, for example from a
deterioration in consumer confidence. In this case, S&P Global
Ratings-adjusted leverage would remain materially above 8.0x over
the next 12 months;

-- FOCF to debt deteriorated significantly such that it becomes
meaningfully negative for a sustained period and we viewed the
capital structure as becoming unsustainable;

-- Liquidity weakened materially;

-- The group adopted a more aggressive financial policy, evident
from weaker credit metrics for a prolonged period, material
debt-financed acquisitions, engagement in greenfield projects, or
shareholder remuneration.

S&P considers a positive rating action in the next 12 months as
unlikely and is contingent on a material improvement in the group's
operating environment, including visitor attendance surpassing
2019's level of 67 million, sustained organic revenue growth of
about 5% beyond 2023, and continued discretionary consumer spending
in an inflationary environment.

In addition, a positive rating action will depend on Merlin's
credit metrics being better than S&P's base-case forecasts for an
extended period, including:

-- Adjusted debt to EBITDA materially below 6.5x (11.0x including
preference shares); and

-- FOCF to debt above 5%.


S4 CAPITAL: S&P Affirms 'B+' ICR on New M&G Criteria
----------------------------------------------------
S&P Global Ratings assigned a new M&G assessment of moderately
negative to S4 Capital PLC. At the same time, S&P affirmed its 'B+'
issuer credit rating on S4 Capital, along with its 'B+' issue-level
ratings on its debt.

S&P has removed all its ratings from under criteria observation
(UCO).

The stable outlook reflects S&P's expectation that S4 Capital will
return to organic revenue growth over the next 12 months, allowing
the group to stabilize its EBITDA margin at 10%-12% and adjusted
leverage to remain below 4x, as well as our expectation that the
group will build a track record of stronger internal controls, risk
management, and financial reporting.

The affirmation follows the revision to our criteria for evaluating
the credit risks presented by an entity's management and governance
framework. The terms management and governance encompass the broad
range of oversight and direction conducted by an entity's owners,
board representatives, and executive managers. These activities and
practices can impact an entity's creditworthiness and, as such, the
M&G modifier is an important component of S&P's analysis.

S&P said, "Our M&G assessment of moderately negative points to
certain management and governance weaknesses that weigh down
creditworthiness for S4 Capital. In our view, the group has a
broadly negative track record in the capital markets, given the
audit issues in 2022 and three profit warnings in the past two
years that resulted in a material decline in share price. We also
believe executive chairman and founder Sir Martin Sorrell has a
significant degree of control over decision-making at the group.
Sir Martin owns about 10% of the group's listed shares and has a
special class B share that provides him with enhanced rights. There
is also key-man risk. Sir Martin's experience and relationships in
the media industry are a vital contributor to S4 Capital's ability
to attract and retain new business, and his departure from the
group without a viable succession plan in place could pose a risk
to the group's current rapid growth.

"We are incorporating these deficiencies by applying a negative
one-notch adjustment to our anchor, previously captured in our
comparable ratings analysis modifier. In our view, this better
reflects the impact that S4 Capital's management and governance has
had on its standing in the capital markets, its ability to pursue
growth through acquisitions, and weaker overall growth prospects,
which in turn led us to lower our ratings on Sept. 26, 2023.

"The stable outlook reflects our expectation that S4 Capital will
return to organic revenue growth over the next 12 months, allowing
the group to stabilize its EBITDA margin at 10%-12% and adjusted
debt to EBITDA to remain below 4x. The stable outlook also reflects
our expectation that the group will build a track record of
stronger internal controls, risk management, and financial
reporting."

S&P could lower the rating if:

-- Operating performance falls materially below S&P's base case,
due to a sharper decline in advertising revenue or operational
issues such as loss of key clients, translating into weaker
profitability and credit metrics, with S&P Global Ratings-adjusted
leverage increasing above 4x or free operating cash flow (FOCF) to
debt remaining below 10%; or

-- S4 Capital's financial policy becomes more aggressive than we
currently expect, with sizable debt-funded acquisitions or
shareholder remuneration.

S&P could raise the rating if:

-- S4 Capital regains a track record of executing its guidance,
returns to organic revenue growth (excluding the impact from
acquisitions) ahead of industry peers, and improves adjusted EBITDA
margins toward 15%; or

-- S&P Global Ratings-adjusted debt to EBITDA declines well below
3x, FOCF rises consistently above 15%, and the company's financial
policy supports such improved credit metrics, with limited risk of
re-leveraging through debt-funded acquisitions or shareholder
distributions.


SWEETSPOT: Enters Liquidation as Legal Claims Pile Up
-----------------------------------------------------
Tom Thewlis at Cycling Weekly reports that the former organiser of
the Tour of Britain, SweetSpot, has entered liquidation after a
turbulent few weeks in which legal claims against the firm stacked
up totalling almost GBP1 million.

KRE corporate recovery confirmed to Cycling Weekly, on
Jan. 17, that it is handling the liquidation.

SweetSpot CEO Hugh Roberts later told Cycling Weekly that the firm
had entered "voluntary liquidation" and that KRE had been appointed
to deal with the company's creditors.  

SweetSpot recently lost the right to run the Tour of Britain due to
an alleged unpaid race licence fee of GBP700,000, Cycling Weekly
discloses.  Cycling Weekly understands none of this has been paid
back.

A recent investigation by Cycling Weekly and The Guardian revealed
that in November British Cycling revoked SweetSpot's right to run
the Tour of Britain. The investigation revealed that both parties
had instructed legal teams to resolve the dispute.

As well as the GBP700,000 said to be owed to British Cycling,
Cycling Weekly also recently reported that SweetSpot could be set
to face legal action from the Isle of Wight council.

Sources told Cycling Weekly that the council is considering action
to reclaim up to GBP350,000 in race hosting fees and additional
costs.


VBITES: Bought Out of Administration
------------------------------------
Daniel Woolfson at The Telegraph reports that Heather Mills has
struck a GBP1 million rescue deal for her vegan food business after
accusing the "gaslighting" meat industry of triggering a decline in
sales.

According to The Telegraph, VBites has been bought out of
administration a month after its collapse, with Ms. Mills vying to
rebuild the business after fending off five rival bidders.

The company was pushed to the brink after it was hit by soaring
costs and shoppers trading down to cheaper vegan alternatives, The
Telegraph relays, citing a report from administrators at
Interpath.

VBites had debts totalling more than GBP8.3 million at the time of
its collapse, having racked up losses of GBP3.1 million in the year
to March 2023, The Telegraph discloses.

Despite the rescue deal covering the company's assets, including
factories in County Durham and Northamptonshire, it did not protect
VBites' remaining 64 staff who were made redundant, The Telegraph
notes.

VBites was founded in 1993, manufacturing a range of plant-based
products including sausages, burgers and fish fingers.  It
previously served as a supplier for McDonald's.


VUE ENTERTAINMENT: S&P Lowers LT ICR to 'CC', Outlook Negative
--------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Vue Entertainment International Ltd. to 'CC'. S&P also lowered its
issue ratings on the existing super senior money facility to 'CCC'
and on the reinstated term loan B to 'CC'.

S&P has also assigned a new Management & Governance (M&G)
assessment of moderately negative to Vue. This follows the Jan. 7
publication of S&P Global Ratings' revised criteria for evaluating
the credit risks presented by an entity's M&G framework.

S&P said, "The negative outlook indicates that we will lower the
ratings on Vue and its first-lien debt to 'SD' (selective default)
when a debt restructuring becomes effective or a conventional
default happens. Subsequently, upon implementation of a
restructuring, we will review the rating, the group's new capital
structure, and its liquidity position.

"In our view, Vue's proposed restructuring is distressed and, upon
its implementation, we expect to lower the ratings on the group to
'SD' (selective default). The proposed transaction entails
converting 50% of the outstanding senior term loan B facility
(equivalent to about GBP309 million, depending on exchange rates
and the time of completion) into equity. Term loan B holders will
therefore receive less than they were promised under the original
agreement. In addition, the existing term loan B facility will rank
lower than the newly issued additional super senior debt. The
existing term loan B will also be divided into two tranches, a
prior-ranking 1.5 lien facility allocated to senior lenders that
wish to participate in the new super senior issuance, and a
reinstated term loan B facility for the remainder. We anticipate
that, absent the proposed transaction, the group would face a
liquidity shortfall in the second quarter of its fiscal year,
ending May 31, 2024."

Subject to lender consent, the proposed transaction entails several
steps. These include:

-- The issuance of a GBP54 million euro-equivalent super senior
new money facility, resulting in net proceeds of about GBP50
million.

-- The facility will rank pari passu with the existing GBP82
million super senior new money facility issued in January 2023;

-- The conversion of 50% of existing term loan B commitments into
equity. The new reinstated term loan B facility will carry cash-pay
interest of 0.1% and will accrue EURIBOR+8.4% over the first 24
months;

-- The elevation of reinstated term loan B lenders that elect to
participate in the GBP54 million super senior new money facility,
by an amount equivalent to 2x of their new money commitment, into a
reinstated 1.5 lien facility that will rank above the reinstated
term loan B and below super senior debt commitments; and

-- An increase in the super senior debt basket to GBP50 million.

The transaction is subject to the level of participation in the
lock-up agreement. If 90% of existing debt holders consent to the
transaction, it will be implemented on a consensual basis and will
close by mid-February 2024. S&P said, "If Vue reaches 75%-90% of
consent, we understand the group would consider the option to
launch a restructuring plan, which would likely take a few months
to complete. Should the transaction not close over the next 2-3
months, we understand Vue would have sufficient liquidity sources
to cover ongoing business needs and the interest payment in April
2024." The existing term loan B facility allows the group to accrue
6.5% interest until January 2025, mitigating the burden of its
overleveraged capital structure on liquidity. However, absent any
cash injections, the group could face a liquidity shortfall in the
second quarter of fiscal year 2024.

Operating conditions remain challenging for cinema operators due to
disruptions in the movie industry. S&P said, "After a solid
recovery in 2023, marked by the strong performance of blockbusters
like Barbie and Oppenheimer over the summer, we now expect 2024
will be a challenging year for cinema operators. The six-month long
writers and actors strike in Hollywood over the second half of 2023
disrupted movie producers' schedules, resulting in fewer films
being finished and ready for release in 2024 and 2025. Movie making
is a long and complex process, with projects usually taking about
three years from start to finish. As such, we anticipate that the
2023 strikes will likely impair release schedules through 2025. A
reduction in the number of movie releases, especially in 2024, will
hamper admissions. We now expect a decline of about 10% in
full-year admissions versus 2023 and compared with our previous
expectation of a gradual recovery. While we anticipate this will be
partly offset by higher average ticket prices and concession
spending, we forecast Vue's revenue will decline moderately,
resulting in weaker earnings and significant free cash outflows due
to its high operating leverage."

S&P said, "The negative outlook indicates that we will lower the
ratings on Vue and its first-lien debt to 'SD' (selective default)
when a debt restructuring becomes effective or a conventional
default happens. Subsequently, upon implementation of a
restructuring, we will review the rating, the group's new capital
structure, and its liquidity position."


WARWICK PARK: Goes Into Administration, Ceases Operations
---------------------------------------------------------
William Telford at PlymouthLive reports that residents in a
Plymouth care home will have to be found somewhere else to live
after the company which ran it collapsed into administration.

The Warwick Park Care Home, in Honicknowle, will remain open until
its 21 occupants are rehomed but the company that ran the facility
has ceased trading after suffering financial problems, PlymouthLive
states.

According to PlymouthLive, administrators for Warwick Park House
Ltd, said they are working with Plymouth City Council and bosses at
the home to ensure residents are looked after. Insolvency and
restructuring specialist Bridgewood said it is looking into the
financial situation at the company and stressed all options are
being explored, PlymouthLive relates.

Earlier this month, the council confirmed Warwick Park Care Home
was to shut, PlymouthLive recounts.  This came just over a month
after the home was told to improve safety and leadership following
a Care Quality Commission (CQC) inspection which said it was cold
and reported "malodours", PlymouthLive notes.

Warwick Park House had announced in December that it was to cease
trading after running into financial difficulties, PlymouthLive
discloses.  Since then it has been working with the council to
support residents and their families and help them move to
alternative accommodation, PlymouthLive relays.

Warwick Park House has not filed any accounts for two years,
PlymouthLive states.  It should have filed accounts in April last
year but those are now nine months overdue.

The most recent accounts, for the year to the end of April 2021,
showed net assets of GBP1.9 million, with a freehold property
accounting for GBP1.1 million of that, according to PlymouthLive.
The document said the company employed 48 people.



                           *********


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 2024.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


                * * * End of Transmission * * *