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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, January 24, 2024, Vol. 25, No. 18

                           Headlines



F R A N C E

KAPLA HOLDING: Moody's Hikes CFR to B1 & Alters Outlook to Stable


G E R M A N Y

CERDIA HOLDING: Moody's Upgrades CFR to B2, Outlook Remains Stable


I R E L A N D

FORTUNA CONSUMER 2024-1: DBRS Gives Prov. B(high) Rating on F Notes
RIVER GREEN 2020: Moody's Puts Ba1 Rating on D Notes Under Review


S P A I N

ROOT BIDCO: Moody's Lowers CFR to B3, Outlook Negative


S W E D E N

TRANSCOM HOLDING: Moody's Rates New EUR65MM SSecured Notes 'B3'
VOLTA TRUCKS: Sale Agreed Following Administration


T U R K E Y

[*] Moody's Takes Rating Actions on 7 Turkish Corporates


U N I T E D   K I N G D O M

AMPTHILL FESTIVAL: Goes Into Administration
FLEET MIDCO I: Moody's Lowers CFR to B2, Outlook Remains Stable
FORMAPLEX: Enters Administration, 500 Jobs at Risk
GWYNEDD SHIPPING: Legacy Liabilities Prompt Administration
HAYGAIN LIMITED: Enters Administration, Owes Closes to GBP5.4MM

MAKE IT PLAIN: Goes Into Administration
STEWART MILNE: Owes GBP9.2 Million to Homes England
TOGETHER ASSET 2024-2ND1: DBRS Gives Prov. B Rating on F Notes

                           - - - - -


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F R A N C E
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KAPLA HOLDING: Moody's Hikes CFR to B1 & Alters Outlook to Stable
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Moody's Investors Service has upgraded KAPLA HOLDING S.A.S.'
(Kiloutou or the company) corporate family rating to B1 from B2,
probability of default rating to B1-PD from B2-PD and the
instrument ratings of the backed senior secured notes due 2026 and
2027 to B1 from B2. The outlook was changed to stable from
positive.

At the same time Moody's assigned a B1 instrument rating to
Kiloutou's proposed backed senior secured floating rate notes of
minimum EUR250 million that could potentially increase in size,
depending on market appetite and pricing. Proceeds from the notes
will be used to repay the EUR200 million floating rate notes due in
2027 and revolving credit facility (RCF) drawings. If the amount is
upsized, the proceeds could be used to refinance up to EUR400
million of floating rate notes due in 2026, via an exchange into
the new notes. This transaction is expected to reduce the interest
cost of Kiloutou and push out some of its debt maturities to 2030.

RATINGS RATIONALE

The upgrade of Kiloutou's CFR reflects the company's continued
strong operating performance in 2022 and year to date 2023, driven
by volume growth (also supported by acquisitions) and price
increases despite a softening market environment. Leverage (Moody's
adjusted debt/EBITDA) has reduced to 4.1x for the last twelve
months (LTM) September 2023 from 4.4x as of the end of 2022. Free
cash flow (FCF) to debt has been negative at -4.2% as of LTM
September 2023 due to capital spending that is required to meet
growing demand for its products and services. Higher investment in
fleet was also due to the increased size of the company following
its acquisition of GSV in 2022.

Moody's expects the improvements in operating performance and
earnings to sustain, albeit at a slower pace as demand for
construction activity is slowing down given higher levels of
inflation and interest rates. Despite this slowdown, Kiloutou's
geographic exposure to high growth regions such as Southern Europe
and end market diversification should help mitigate any decline in
volumes. Moody's expects Kiloutou 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 EUR480-500
million resulting in leverage of around 3.9x-3.7x in 2024 and 2025.
Moody's expects that the company's FCF/debt will still be negative
in 2024 and 2025 due to ongoing capex investments but expects the
company to have ample flexibility to reduce capex should market
demand be lower than expected.  The upgrade also reflects
Kiloutou's financial policy and intention to maintain leverage (as
Net debt/EBITDA) at around 4x with an objective of deleveraging
over time.

LIQUIDITY

Moody's considers Kiloutou's liquidity to be adequate and supported
by: (i) EUR71 million of cash on balance sheet as of September 30,
2023; (ii) EUR120 million of undrawn RCF; (iii) a certain level of
capex flexibility and a history of maintaining positive
EBITDA-capex through the cycle; and (iv) no meaningful debt
amortization before December 2026.

As part of the documentation, the super senior RCF contains a
springing financial covenant based on net leverage set at 7.2x and
tested on a quarterly basis only when the RCF is drawn by more than
40%.

RATING OUTLOOK

The stable outlook reflects Moody's expectations that Kiloutou's
strong operating performance will continue such that Moody's
adjusted Debt/EBITDA will remain below 4.0x in the next 12-18
months. It also includes Moody's expectation for an improved free
cash flow generation from FY2024 onwards after a period of elevated
levels of growth capex. Moody's assumes that the company will not
execute any additional major debt-funded acquisitions or
shareholder distributions.

STRUCTURAL CONSIDERATIONS

Kiloutou's PDR is B1-PD, in line with the CFR, reflecting Moody's
assumption of a 50% recovery rate as is customary for capital
structures including bonds and bank debt. The backed senior secured
notes are rated B1 in line with the CFR due to a limited amount of
super senior RCF ranking ahead in the structure.

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

Upgrade is currently unlikely in light of the company's current
financial policy of maintaining leverage of around 4.0x though
there is an objective to delever over time.

Ratings could be upgraded if: (i) the company continues to
strengthen its business profile through diversification and builds
a track record of continuous deleveraging; (ii) Moody's adjusted
leverage is maintained at below 3.5x on a sustainable basis; (iii)
FFO/debt is well above 20%; and (iv) liquidity is at least good.
For an upgrade, Moody's would also like the company to demonstrate
a track record of prudent liquidity and capex management through
the cycle.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Equipment and
Transportation Rental published in February 2022.

COMPANY PROFILE

Founded by Franky Mulliez in 1981, Kiloutou is the number two
operator in the French equipment rental market and the number three
in Europe. In February 2018, HLD and Dentressangle acquired a
majority stake in Kiloutou alongside its management and Franky
Mulliez and family continue to hold a minority stake. The company
serves more than 400,000 customers through a network of 600
branches across seven countries. Kiloutou has a focus on tools and
light equipment, construction equipment, access equipment and
services. As of LTM September 2023, Kiloutou generated around
EUR1.2 billion of revenue and EUR446 million of Moody's adjusted
EBITDA.  




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G E R M A N Y
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CERDIA HOLDING: Moody's Upgrades CFR to B2, Outlook Remains Stable
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Moody's Investors Service upgraded the rating of Cerdia Holding S.a
r.l. (Cerdia) including the company's long term Corporate Family
Rating to B2 from B3 and Probability of Default Rating to B2-PD
from B3-PD. Moody's also upgraded the backed senior secured notes
(due February 2027) issued by its financing subsidiary Cerdia
Finanz GmbH to B2 from B3. The outlook for both entities remains
stable.

RATINGS RATIONALE

The upgrade reflects Cerdia's improved operating results, good
volume visibility, and voluntary and mandatory debt reduction,
which contributes to Moody's view that the company can sustain
leverage and positive free cash flow commensurate with the B2
rating category. During 2024, Moody's expects debt reduction of $20
million based on required bond amortization, and improving
operating performance supported by Cerdia's stable customer base
and high level of contracted volumes (in excess of 90% for 2024).
Over the next year, Moody's estimates Cerdia's debt-to-EBITDA ratio
around 3.0x, EBITDA interest coverage around 3x, and a
free-cash-flow-to-debt ratio in the low double digit percentage
range. These metrics include the rating agency's standard
adjustments and certain other non-recurring items. Given modest
leverage relative to historical metrics, Moody's sees potential for
some capital return to shareholders should the strong performance
continue, but the bond documentation limits the potential for a
materially negative impact on credit metrics. Should such a
transaction result in metrics  outside of expectations for the B2
rating, downward rating pressure would result.

Cerdia's ratings are supported by the company's established
position in the filter tow industry, which is protected by high
entry barriers; its vertically integrated business; the fairly
predictable end user tobacco market over at least next several
years, with good revenue visibility based on multi-year customer
contracts; and its solid EBITDA margin in the low to mid 20% range
historically (Moody's adjusted) and low capex requirements, which
result in capacity for solid free cash flow.

The company's small scale and very narrow product portfolio focused
on an end market that is in a structural decline (combustible
tobacco), constrains the rating, particularly given its private
equity ownership.  The ownership suggests the likelihood of a
return of capital which could increase leverage from current low
levels. The company also has high customer concentration, with its
top six key accounts representing around 60% of Cerdia's volumes,
and low operational flexibility with few production facilities and
most filter tow is produced at the Freiburg site in Germany.
Additionally, the consolidated customer base and the ongoing
decline in cigarette volumes exposes the filter-tow market to
future price pressure.

LIQUIDITY

Cerdia's liquidity is good. As of the end of September 2023, the
company had around $46 million of cash on hand and access to an
undrawn EUR65 million revolving credit facility.

The company's bonds require the repayment of $20 million for
2023-2025 (each, to be paid within 125 days after the respective
year-end). Moody's estimates that the company will generate
positive Moody's adjusted free cash flow in 2023 and 2024 and
satisfy these obligations from internally generated cash flow.

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

The company's concentrated revenue in a challenged and declining
end market constrain the business profile and make a further
upgrade unlikely. Factors that could contribute positively to the
company's credit profile include: (i) increased scale, EBITDA
margins sustained in excess of 30% and meaningful diversification
of its product offering; (ii) Moody's adjusted debt/EBITDA
sustained below 4.0x, EBITA/interest sustained above 2.5x and
FCF/debt sustained in the high single digits; and (iii) a public
commitment to a stronger credit profile and maintenance of good
liquidity.

The following could lead to a downgrade of Cerdia's ratings: (i)
Moody's adjusted debt/EBITDA sustained above 5.0x and
EBITA/Interest coverage below 2.0x; (ii) EBITDA margin declining
below 20%; (iii) a weakening of the group's liquidity, including
for example negative free cash flow, and a declining cash balance
which would limit the company's ability to make mandatory bond
amortization and coupon payments; (iv) disruptions in any of the
company's production facilities or a faster than anticipated
decline in end market demand which would indicate a drop off in
production volumes.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Cerdia is a leading supplier of cellulose acetate filter tow, a
critical component used by tobacco companies for cigarette filters,
with net sales of $526 million in 2022. Acetate filter tow
represented more around 89% of 2022 revenues, with the rest split
between acetate flakes mainly used for textiles (5%) and sale from
other products and services (6%). Cerdia's four plants are located
in Germany, Russia, Brazil and the US. The company was spun-off
from Solvay SA, which sold it to private equity fund Blackstone via
an LBO deal 2017.




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FORTUNA CONSUMER 2024-1: DBRS Gives Prov. B(high) Rating on F Notes
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DBRS Ratings GmbH assigned provisional credit ratings to the
following notes (collectively, the Rated Notes) to be issued by
Fortuna Consumer Loan ABS 2024-1 Designated Activity Company (the
Issuer):

-- Class A Notes at AAA (sf)
-- Class B Notes at AA (sf)
-- Class C Notes at A (high) (sf)
-- Class D Notes at BBB (high) (sf)
-- Class E Notes at BB (high) (sf)
-- Class F Notes at B (high) (sf)

Morningstar DBRS did not assign a provisional credit rating to the
Class G or Class X Notes (together with the Rated Notes, the Notes)
also expected to be issued in this transaction.

The provisional credit ratings are based on information provided to
Morningstar DBRS by the Issuer and its agents as of the date of
this press release. These credit ratings will be finalized upon a
review of the final version of the transaction documents and of the
relevant opinions. If the information therein were substantially
different, Morningstar DBRS may assign different final credit
ratings to the notes.

The credit ratings of the Class A and Class B Notes address the
timely payment of scheduled interest and the ultimate repayment of
principal by the legal final maturity date. The credit ratings of
the Class C, Class D, Class E, and Class F Notes address the
ultimate (but timely when most senior) payment of interest and the
ultimate repayment of principal by the legal final maturity date.

CREDIT RATING RATIONALE

Morningstar DBRS' credit ratings are based on the following
analytical considerations:

-- The transaction's structure, including the form and sufficiency
of available credit enhancement to withstand stressed cash flow
assumptions and repay the Issuer's financial obligations according
to the terms under which the Rated Notes are issued.

-- The credit quality of auxmoney GmbH's (auxmoney) portfolio, the
diversification of the collateral, its historical performance, and
Morningstar DBRS' projected performance under various stress
scenarios.

-- Morningstar DBRS' operational risk review of auxmoney's
capabilities with regard to the originations and underwriting.

-- CreditConnect GmbH's (CreditConnect) capabilities with respect
to the servicing.

-- The transaction parties' financial strength with regard to
their respective roles.

-- The expected consistency of the transaction's structure with
Morningstar DBRS' "Legal Criteria for European Structured Finance
Transactions" and "Derivative Criteria for European Structured
Finance Transactions" methodologies.

-- The sovereign credit rating on the Federal Republic of Germany,
currently at AAA with a Stable trend.

TRANSACTION STRUCTURE

The transaction is a securitization of fixed-rate, unsecured,
amortizing consumer loans granted to individuals domiciled in
Germany and brokered through auxmoney in co-operation with
Süd-West-Kreditbank Finanzierung GmbH as the nominal originator.
CreditConnect, a fully owned affiliate of auxmoney, will act as the
initial servicer.

The transaction has a scheduled revolving period of 12 months with
separate interest and principal waterfalls for the available
distribution amount. After the end of the scheduled revolving
period, the Rated Notes will enter into a pro rata redemption
period if no sequential amortization trigger event occurs, for
example when the Class G principal deficiency ledger (PDL) exceeds
0.25% of the outstanding principal balance of the receivables or
when the cumulative default ratio is higher than pre-determined
thresholds. The pro rata amortization amounts are based on the
percentages of the outstanding amount of each class of Rated Notes
minus the related class PDL divided by the aggregate amount. After
the breach of a sequential redemption trigger, the Notes (excluding
the Class X Notes) will be repaid sequentially.

The Class X Notes will start redemption immediately after closing
in the interest waterfalls until a post-enforcement event occurs.

The transaction benefits from an amortizing liquidity reserve
expected to be fully funded at closing by the issuance proceeds.
The liquidity reserve is available to the Issuer in scenarios where
the interest and principal collections are not sufficient to cover
the shortfalls in senior expenses, senior swap payments, interest
payments on the Class A Notes and, if not deferred, interest
payments on other classes of Rated Notes.

Principal available funds may be used to cover certain senior
expenses and interest shortfalls, which would be recorded in the
transaction's PDL in addition to the defaulted receivables. The
transaction includes a mechanism in the interest waterfalls to cure
PDL debits and interest deferral triggers on the subordinated
classes of notes (excluding the Class X Notes), conditional on the
PDL debit amount and seniority of the notes.

The transaction is expected to have an interest rate swap to
mitigate the interest rate mismatch risk between the fixed-rate
collateral and the Rated Notes. The swap notional amount is based
on a scheduled amount derived from certain prepayment assumptions.

TRANSACTION COUNTERPARTIES

Elavon Financial Services DAC (Elavon) is the account bank for the
transaction. Morningstar DBRS has a private credit rating on
Elavon, which meets the criteria to act in such capacity. The
transaction documents contain downgrade provisions consistent with
Morningstar DBRS' criteria.

BNP Paribas is the interest rate swap provider for the transaction.
Morningstar DBRS has a Long-Term Issuer Rating of AA (low) on BNP
Paribas, which meets the criteria to act in such capacity. The
transaction documents also contain downgrade provisions consistent
with Morningstar DBRS' criteria.

Morningstar DBRS' credit ratings on the Rated Notes address the
credit risk associated with the identified financial obligations in
accordance with the relevant transaction documents. The associated
financial obligations for each of the Rated Notes are the related
Interest Amounts and the Initial Note Principal Amount.

Morningstar DBRS' credit ratings on the Rated Notes also addresses
the credit risk associated with the increased rate of interest
applicable to the Rated Notes if the Rated Notes are not redeemed
on the first optional redemption date as defined in and in
accordance with the applicable transaction documents.

Morningstar DBRS' credit ratings do not address non-payment risk
associated with contractual payment obligations contemplated in the
applicable transaction document(s) that are not financial
obligations.

Morningstar DBRS' long-term credit ratings provide opinions on risk
of default. Morningstar DBRS considers risk of default to be the
risk that an issuer will fail to satisfy the financial obligations
in accordance with the terms under which a long-term obligation has
been issued.

Notes: All figures are in euros unless otherwise noted.

RIVER GREEN 2020: Moody's Puts Ba1 Rating on D Notes Under Review
-----------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the
ratings of four classes of Notes issued by River Green Finance 2020
DAC ("River Green", or the Issuer).

EUR103,500,000 (Current outstanding amount EUR99,618,750) Class A
Notes, Aaa (sf) Placed Under Review for Possible Downgrade;
previously on Jul 13, 2023 Affirmed Aaa (sf)

EUR25,200,000 (Current outstanding amount EUR24,255,000) Class B
Notes, A2 (sf) Placed Under Review for Possible Downgrade;
previously on Jul 13, 2023 Downgraded to A2 (sf)

EUR23,600,000 (Current outstanding amount EUR22,715,000) Class C
Notes, Baa1 (sf) Placed Under Review for Possible Downgrade;
previously on Jul 13, 2023 Downgraded to Baa1 (sf)

EUR34,090,000 (Current outstanding amount EUR32,811,625) Class D
Notes, Ba1 (sf) Placed Under Review for Possible Downgrade;
previously on Jul 13, 2023 Downgraded to Ba1 (sf)

Moody's does not rate the Class X1 and X2 Certificates.

RATINGS RATIONALE

The rating action reflects the Notice of Default and Special
Servicing Transfer Event [1] issued on January 16, 2024 which
notified that the single loan underlying the transaction failed to
pay all amounts due on the January 15, 2024 loan termination date.

Whilst the loan was structured at closing with two extension
options, as per the Notice of Default and Special Servicing
Transfer Event the borrower and the servicer are jointly of the
view that a consensual long-term restructuring of the loan is
warranted and have agreed that the second extension option under
the terms of the Common Terms Agreement will not be exercised.
Therefore the Loan Termination Date occurred on January 15, 2024.
The loan was not repaid on this date.

The borrower and servicer have entered into a 3-month standstill
agreement and the loan transferred to special servicing on January
16, 2024.

The loan is secured on a single large office building (River Ouest)
located in Bezons, Greater Paris, sitting on the banks of the River
Seine, just north of La Défense. The loan was structured with a
3+1+1 year maturity profile. The first extension option was
exercised to give an (extended) maturity date of January 15, 2024.
As noted above, the second extension option was not agreed.

According to the October 2023 Quarterly Investor Report [2], the
property is currently 98.35% occupied by three tenants. The largest
tenant, Atos SE (Atos), pays approximately 83% of total rent and
its lease runs until July 31, 2030. The October 2023 Quarterly
Investor Report shows the rent collection rate was 100% and the
loan was in compliance with all its covenants. However, Atos is in
the midst of a corporate restructuring with no certainty as to how
it may emerge, and it appears to be trying to sub-let at least some
of its rented space at River Ouest.

The rating review will focus on the details of the consensual
long-term restructuring of the loan; the commitment of Atos to its
lease; progress on the re-leasing efforts with regards the two
other tenants in occupancy at the building; and the health of the
property market for office buildings in peripheral Paris.

Moody's notes that River Green benefits from an amortising
liquidity facility provided by Crédit Agricole Corporate and
Investment Bank (Aa3 SU / P-1) and currently sized at EUR10.9mm
(down from EUR11.3mm at Closing). It is generally available to
cover senior expenses and note interest shortfalls on the Class A,
B and C Notes (and Issuer Loan). It is not available for the Class
D Notes, nor does it cover scheduled amortisation amounts due under
the loan.

Methodology Underlying the Rating Action:

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

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

An upgrade to currently assigned ratings is unlikely at this time.

Main factors or circumstances that could lead to a downgrade of the
ratings are generally (i) a decline in the property values backing
the underlying loan, (ii) an increase in default risk assessment of
the tenants or (iii) a decrease in the occupancy or in-place rental
levels of the property.




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ROOT BIDCO: Moody's Lowers CFR to B3, Outlook Negative
------------------------------------------------------
Moody's Investors Service has downgraded Root Bidco S.a.r.l.'s
(Rovensa or the company) corporate family rating and probability of
default rating to B3 and B3-PD from B2 and B2-PD, respectively.
Concurrently, Moody's downgraded Rovensa's existing ratings for the
senior secured bank credit facilities to B3 from B2. The outlook
remains negative.

RATINGS RATIONALE

The rating action reflects Moody's expectation that the company is
unable to improve its credit metrics to levels commensurate with
the prior B2 rating over the next 12-18 months. The negative
outlook reflects Moody's view that absent a meaningful increase in
EBITDA over the next 12-18 months, Rovensa will be unable to
sustainably improve its free cash flow (FCF) generation and reduce
its leverage ratio to levels commensurate with its B3 rating. The
current rating is supported by Rovensa's adequate liquidity profile
with its main debt maturity occurring in 2027, though the company
relies on various working capital financing which are committed for
a short-term.

Since the last rating action in May 2023, Moody's lowered its
expectation for fiscal 2024 and 2025. Given Rovensa's weaker growth
pattern in the past year, due to agri-inputs market headwinds, the
rating agency forecasts Moody's-adjusted EBITDA (including
non-recurring items) to be around EUR150 million by the end of
fiscal 2024 leading to Moody's-adjusted gross leverage of around
8x, positioning the company weakly in its B3 rating.

In addition, the company's track record of FCF generation over the
past several years has been weak, primarily due to investments in
working capital and growth initiatives, and non-recurring costs, in
particular related with the high number acquisitions. With
increasing interest costs and less favorable industry dynamics,
Moody's does not expect the company to generate meaningful free
cash flow, as defined and adjusted by Moody's, in 2024, despite an
expected release of working capital.

Rovensa's management adjusted EBITDA (excluding non-recurring
items) in the last 12 months ended September 2023 declined to
EUR149 million from EUR157 million in June 2023 and EUR176 million
in the last 12 months ended September 2022 mainly because of lower
volumes, which also negatively impacted the absorption of fixed
costs. Lower volumes were mostly caused by destocking activities
across the value chain, affecting also other companies in the
industry. Higher interest costs also had a negative impact on the
level of inventories at distributors and farmers. Rovensa is
working on several initiatives to accelerate the integration of
recent acquisitions and optimize its cost structure.  

Besides some short-term debt and some other debt items, Rovensa's
main debt maturity occurs in 2027 when the senior secured term
loans mature. This provides the company with some time to delever
its capital structure.

OUTLOOK

The negative outlook on Rovensa's ratings reflects the weak
positioning of the rating within the B3 rating category. The
current rating positioning has limited capacity for
weaker-than-expected operational underperformance,
higher-than-expected non-recurring items, or debt-funded
acquisitions.

LIQUIDITY

Rovensa's liquidity is adequate. As of the end of September 2023,
the company had around EUR69 million (including Cosmocel) in cash
and cash equivalents on balance sheet, and access to a EUR165
million committed senior secured revolving credit facility (RCF),
of which EUR44 million was drawn. In addition, the company has
access to various non-recourse factoring agreements. In combination
with the forecast FFO, as adjusted and defined by us, these sources
will be sufficient to meet its working cash requirements, capital
spending and other cash needs.

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

Rovensa's ratings could be upgraded if (1) the company's
Moody's-adjusted debt to EBITDA declines below 6.0x on a sustained
basis; (2) Rovensa builds a track record of generating consistent
positive free cash; (3) adjusted EBITDA/Interest is above 2.0x; (4)
the company maintains an adequate liquidity profile.

Conversely, Rovensa's ratings could be downgraded if (1) Rovensa
generates sustained negative FCF or with any other deterioration of
its liquidity profile; (2) its Moody's adjusted gross leverage
remains above 7.5x; (3) Moody's-adjusted EBITDA interest coverage
declined below 1.5x.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Chemicals
published in October 2023.

COMPANY PROFILE

With dual headquarters in Madrid, Spain and Lisbon, Portugal, Root
Bidco S.a.r.l. (Rovensa) provides differentiated crop life cycle
management solutions targeted to promote sustainability in
agriculture, including bionutrition, biocontrol and crop protection
products, with a particular focus on high-value cash crops, such as
fruits and vegetables. For the last twelve months ended September
2023, the company generated pro-forma revenue and company-adjusted
EBITDA of around EUR763 million and EUR149 million. The company's
largest shareholders are Bridgepoint fund and funds managed by
Partners Group.




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S W E D E N
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TRANSCOM HOLDING: Moody's Rates New EUR65MM SSecured Notes 'B3'
---------------------------------------------------------------
Moody's Investors Service has assigned a B3 instrument rating to
the proposed new EUR65 million backed senior secured notes due 2026
("tap notes") issued by Transcom Holding AB. Transcom's B3
corporate family rating, B3-PD probability of default rating and
the B3 instrument rating on the existing EUR315 million backed
senior secured notes ("existing senior secured notes", and together
with the tap notes, the "senior secured notes") due 2026 remain
unchanged. The outlook is positive.

The proposed tap notes will be fungible and have pari passu ranking
with the existing senior secured notes. Net proceeds from the tap
notes will be used to fully repay current drawings under Transcom's
super senior revolving credit facility ("RCF") maturing in 2026,
and the remaining amount will be kept as cash on the company's
balance sheet.  

RATINGS RATIONALE

Transcom's B3 tap notes instrument rating is in line with the B3
instrument rating on the existing senior secured notes and with the
company's B3 CFR. The tap notes issuance will have, in itself, a
limited impact on the company's leverage given it will be used to
repay the EUR47 million current drawings under the RCF.

Although Moody's forecasts a more modest EBITDA growth in 2023 and
2024 than previously anticipated, Moody's still expects the
company's Moody's adjusted gross leverage to decrease to below 5x
in the next one to two years.

After a very strong performance in 2022, Moody's estimates that
Transcom's company-reported EBITDA growth in 2023 will be less
robust than previously expected with a low single digit growth
rate. This is due to a softer growth in the e-commerce and
technology segments. Although there is strong demand fundamentals
in those segments given the continuing evolution from physical
retail to e-commerce, Transcom is observing a temporary slowdown in
those activities linked with diminished consumer expenditures most
particularly in the last quarter of 2023.

Transcom's B3 rating continues to be supported by the company's
market-leading position in customer relationship management (CRM)
in EMEA and particularly in the Nordic region; a relatively global
footprint with both offshore and nearshore activities, which allows
the company to serve international contracts; and the positive
trends for the CRM industry.

The company's rating is constrained by its smaller size than global
peers; its weak Moody's-adjusted free cash flow (FCF) generation
which Moody's estimate will continue to be negative in 2023 and
2024 (but to breakeven thereafter); and the risk of future
debt-funded acquisitions or shareholder distributions due to its
private equity ownership.

STRUCTURAL CONSIDERATIONS

The B3 instrument ratings on the senior secured notes are in line
with the CFR as the company's capital structure is comprised only
of the senior secured notes and the EUR75 million super senior
revolving credit facility ("RCF"). The senior secured notes and RCF
rank pari passu and benefit from guarantees from operating
subsidiaries and security over the shares of Transcom. However,
proceeds from any recovery from enforcement of security interests
will be applied to satisfy obligations under the super senior
revolving credit facility before being applied to satisfy
obligations to holders under the senior secured notes.

LIQUIDITY

Transcom's liquidity is adequate, supported by EUR34.5 million of
cash as of June 30, 2023. In addition, after the proposed tap notes
issuance which will be used to fully repay the RCF drawings,
Transcom will have the full EUR75 million amount available under
its super senior revolving credit facility maturing in 2026.
Moody's forecasts Transcom will generate negative free cash flow in
2024 but generate slightly positive free cash flow in 2025. Moody's
expects the company's cash flow generation in 2024 to be impacted
by a modest growth in earnings combined with a relatively high
level of non-recurring items.

RATIONALE FOR POSITIVE OUTLOOK

The positive outlook on the ratings reflects Moody's expectation
that Transcom's operating performance will strengthen especially in
the more profitable segments, allowing the group's debt/EBITDA (as
adjusted by Moody's) to decrease to below 5x in the next one to two
years. It also assumes that the company will not engage in any
material debt-financed acquisitions or shareholders distributions.

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

Further upward rating pressure could emerge if Transcom continues
to demonstrate a track record of revenue growth while enhancing its
customer and sector diversification; the company maintains its
Moody's-adjusted EBITA margin in the high-single digits in
percentage terms; Moody's-adjusted leverage remains below 5.0x on a
sustained basis; FCF generation is increased sustainably towards
mid-single digits as a percentage of Moody's-adjusted debt; and
liquidity remains at least adequate.

Downward rating pressure could emerge if Transcom is unsuccessful
in renewing major contracts or its margins decline; the company's
Moody's-adjusted leverage rises to around 7.0x; its FCF is
negative; or its liquidity deteriorates and becomes weak.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Business and
Consumer Services published in November 2021.

COMPANY PROFILE

Founded in 1995, Transcom ranks among the largest European
providers of outsourced CRM and is the leading provider in Sweden
and Norway. Headquartered in Sweden, the company operates more than
85 contact center locations in 28 countries, offering services in
33 languages to more than 200 international clients. The company
delivers a broad range of services, including QRC management
(request for information, subscriptions, complaints and technical
support), customer acquisition and onboarding (sales and marketing
operations), CRM and retention, back office, credit and
collections, and advisory and analytics.

In April 2017, Altor Fund IV (Altor), completed the take-private of
Transcom for a total consideration of SEK2.3 billion.


VOLTA TRUCKS: Sale Agreed Following Administration
--------------------------------------------------
Charlotte Goldstone at The Loadstar reports that Sweden-based
electric HGV developer Volta Trucks is returning to the market
after going into administration in October.  

In March 2023, Volta Group confirmed it was in advanced discussions
with investors to raise up to EUR250 million, set to be the final
equity raise ahead of a potential initial public offering this
year, The Loadstar relates.

But the fundraiser stalled when Volta's sole battery supplier,
Proterra, entered a Chapter 11 process in the US, which had "an
adverse impact on the planned launch date and increased the
forecast funding requirement", The Loadstar recounts.

That, in turn, led to "less appetite from investors and lenders to
introduce further funding . . . which led to the company facing a
liquidity shortfall", The Loadstar notes.

According to The Loadstar, the administrator said: "As the trucks
were in development stage and had yet to generate revenue, both the
group and the company have been loss-making since incorporation."

Volta Trucks employed 649 people in the UK, Italy and Austria; 531
were made redundant and 118 kept on "to assist sale processes and
preserve value in the core areas of the business".  

However, a sale of the company has been agreed in the
administration process, meaning Volta's electric trucks will be
rolled out in Europe, The Loadstar discloses.  

According to the administrator, 46 parties, including the main OEMs
in the sector, entered into non-disclosure agreements to allow
access to an online data room, and 18 parties received management
presentations, The Loadstar notes.  This led to indicative offers
from six of them, The Loadstar states.

The sale went ahead on November 30 for GBP2.2 million: GBP1.2
million for intellectual property rights; GBP800,000 for stock and
work in progress; and GBP200,000 for "loose chattels and
equipment", The Loadstar relays.

Volta's remaining employees will transfer to the purchaser and a
continuation of trade "will allow suppliers to mitigate losses",
according to The Loadstar.




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

[*] Moody's Takes Rating Actions on 7 Turkish Corporates
--------------------------------------------------------
Moody's Investors Service, on Jan. 19, 2024, took rating actions on
seven non-financial corporates domiciled in Turkiye. The ratings of
five of the seven corporates were upgraded to B2 from B3 and
outlooks changed to positive from stable and the ratings of two of
the seven were affirmed at B3 and outlooks changed to positive from
stable.

All seven non-financial corporates are domiciled in, and have
substantial exposure to Turkiye and the rating action follows
Moody's decision on January 12 to change the outlook on the
Government of Turkiye to positive from stable and affirm Turkiye's
government bond ratings at B3. Moody's also raised Turkiye's
foreign-currency bond ceiling to B2 from B3 and the local-currency
bond ceiling to Ba3 from B1.

Moody's has upgraded the ratings of the following five Turkish
corporates to B2 from B3 and changed the outlooks to positive from
stable:

-- Koc Holding A.S. (Koc Holding)

-- Ordu Yardimlasma Kurumu (OYAK)

-- Turk Hava Yollari Anonim Ortakligi (Turkish Airlines)

-- Turkcell Iletisim Hizmetleri A.S. (Turkcell)

-- Turkiye Petrol Rafinerileri A.S. (Tupras)

Concurrently, Moody's has affirmed the ratings of the following two
Turkish corporates at B3 and changed the outlooks to positive from
stable:

-- Eregli Demir ve Celik Fabrikalari T.A.S. (Erdemir)

-- Turkiye Sise ve Cam Fabrikalari A.S. (Sisecam)

Moody's has also affirmed the national scale corporate family
rating (CFR) of Erdemir at A3.tr.

A list of the Affected Ratings is available at
https://urlcurt.com/u?l=bcGvwi

RATINGS RATIONALE

The rating actions on these corporate issuers are a direct
consequence of the rating action on the Government of Turkiye. The
positive outlook on all of the seven corporate ratings mirrors that
of the Government of Turkiye and reflects rating interlinkages with
the sovereign.

For the five corporates that are now rated one notch above the
sovereign, this reflects fundamentally strong financial and
business profiles, prudent financial policies, adequate to solid
liquidity, and earnings that are well protected against inflation
and currency depreciation. Some of the companies also benefit from
access to international financing as well as export revenues and
some geographic diversification outside of Turkiye. The ratings
remain constrained at 1 notch above the rating of the Government of
Turkiye because these corporates, to varying degrees, are exposed
to Turkiye's economic, political, legal, fiscal and regulatory
environment and therefore have interlinkages with Turkiye's
sovereign rating.

For Erdemir, the affirmation of the B3 and A3.tr ratings also
reflects the company's solid business profile, supported by its
leading position in the domestic flat steel market, dollar-linked
revenues and moderate leverage. The company's liquidity has however
weakened and is only marginally adequate as of September 2023
because the company's available liquidity sources, comprised of
cash balances, committed long term financing and expected operating
cash flow, only marginally meet the company's debt repayment
obligations and planned investments over the next 12 to 18 months.
This makes the company vulnerable to continued roll over of
maturing short term debt from Turkish banks. Erdemir's fundamental
credit profile is therefore not sufficiently strong to warrant a
rating above the sovereign.

For Sisecam, the affirmation of the ratings at B3 also reflects the
company's strong credit profile supported by a market leading
position domestically and internationally as well as high levels of
hard currency revenue from its diversified operations. However,
Moody's views the company's liquidity position as tight as of
September 2023 because the company has high levels of short term
debt maturities (45% of total reported borrowings) and capital
investment requirements in the next 12 months. The company is
undertaking a capital intensive program with greenfield and
brownfield projects particularly in its glass packaging and
architectural glass businesses. As of September 2023, Sisecam had
cash balances of TRY31 billion ($1.1 billion) and financial
investments with an aggregate book value of TRY10.4 billion ($0.4
billion). Moody's expects Sisecam to generate operating cash flows
of TRY25 billion during 2024. The expected cash flow, along with
its cash holdings, will cover (1) short-term debt repayments of
TRY28.8 billion and the current maturities of long term debt of
TRY5.7 billion; (2) estimated capital spending of TRY 27 billion;
and (3) dividend payouts. As a result, Moody's expects that Sisecam
will need to incur additional debt or rely on rolling-over existing
debt facilities.

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

The ratings of the B2 rated companies are constrained at one notch
above the rating of the Government of Turkiye and also by the
foreign currency ceiling. Moody's would consider an upgrade if both
the rating of the Government of Turkiye and the foreign currency
ceiling are raised. This would also require no material
deterioration in the company's operating and financial performance
and liquidity.

The companies' ratings are likely to be downgraded in case of a
downgrade of Turkiye's sovereign rating or a lowering of the
foreign currency bond ceiling. In addition, downward rating
pressure could arise if there are signs of a deterioration in
liquidity.

In addition, the following company specific rating guidance
applies.

ERDEMIR

Moody's would consider an upgrade of the rating if the rating of
the Government of Turkiye is upgraded. This would also require no
material deterioration in the company's operating and financial
performance and its liquidity. Absent an upgrade of the sovereign
rating, Moody's would also consider an upgrade if Erdemir's
liquidity position materially strengthens. Any upgrade would remain
constrained by the foreign currency ceiling.

Erdemir's rating is likely to be downgraded in case of a downgrade
of Turkiye's sovereign rating. In addition, downward rating
pressure could arise if liquidity weakens further.

SISECAM

Absent sovereign considerations, positive pressure on the rating
would require a strengthening of Sisecam's liquidity position
including reduced reliance on short-term facilities. An upgrade
would also require no material deterioration in the company's
operating and financial performance.

Downward pressure on the rating could occur if Sisecam's liquidity
position weakens and if the company is not able to secure funding
for its upcoming debt maturities and capital expenditure projects.
Additionally, Sisecam could be downgraded in case of a downgrade of
Turkiye's sovereign rating.

PRINCIPAL METHODOLOGY

The principal methodologies used in rating Turkcell Iletisim
Hizmetleri A.S. were Telecommunications Service Providers published
in November 2023.




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

AMPTHILL FESTIVAL: Goes Into Administration
-------------------------------------------
Louise Parry and Roberto Perrone at BBC News report that a company
that runs a not-for-profit music festival has gone into
administration, leaving "devastated" volunteers.

According to BBC, Ampthill Festival CIC, external, which runs the
three-day event in Bedfordshire, said "adverse weather" badly
affected last summer's festival.

It said all creditors, including ticket holders, had been
contacted, BBC notes.

Ampthill Festival said the "winding-up process" and "all official
communications" were being handled by Strong Anderson, who had been
instructed to liquidate the company, BBC relates.


FLEET MIDCO I: Moody's Lowers CFR to B2, Outlook Remains Stable
---------------------------------------------------------------
Moody's Investors Service has downgraded Fleet Midco I Limited's
(Argus Media) corporate family rating to B2 from B1 and probability
of default rating to B2-PD from B1-PD. Concurrently, Moody's has
assigned B2 instrument ratings to the new $1.2 billion backed
senior secured term loan B due 2031 and $135 million backed senior
secured revolving credit facility (RCF) due 2030, to be issued by
Fleet U.S. Bidco Inc, and also assigned a stable outlook to the
entity. The existing B1 instrument ratings assigned to the $0.5
billion backed senior secured term loan B due 2026 and the GBP50
million backed senior secured RCF due 2026, which were reviewed in
the rating committee, remain unaffected and will be withdrawn upon
execution of the transaction. The outlook on Fleet Midco I Limited
remains stable.

RATINGS RATIONALE

The downgrade of Argus Media's CFR to B2 from B1 follows the
contemplated $1.2 billion term loan issuance intended to finance
the buyout of minority shareholder Hg Capital's c. 25% equity
stake, as well as refinance the existing $0.5 billion term loan B
due 2026. As a result of the substantial increase in debt by about
$700 million, Argus Media's leverage, as measured by
Moody's-adjusted Debt/EBITDA and based on the 12 months period to
September 2023, increases to 6.9x from 2.8x. While the initial
leverage exceeds the expected range for the B2 rating, Moody's
forecasts the company to rapidly reduce its leverage to below 6.0x
again, within the next 12-18 months. The existing B1 instrument
ratings remain unchanged because Moody's expects the instruments to
be repaid and the ratings to subsequently be withdrawn.

The rating action further reflects Argus Media's strong credit
profile, with a large share of recurring revenue derived from its
subscriptions which on average account for about 90% of revenue,
and very high profitability levels with EBITDA margins consistently
above 40%. In financial year 2023, ended June 30, 2023, Argus Media
achieved 15% of revenue growth year-on-year, reaching $389 million,
and a Moody's-adjusted EBITDA of $169 million. Based on the
assumption of continued double-digit revenue growth and a
Moody's-adjusted EBITDA margin of around 44%, Moody's forecasts
Argus Media's leverage to decrease to 6.3x by financial year-end
June 2024 and towards 5.5x in 2025.

The rating action also considers Argus Media's much simplified
capital structure post the contemplated transaction, which is
credit positive. The repayment of the shareholder loan notes and
conversion of the preference shares which were previously part of
the structure will remove complexity and makes additional
shareholder distributions unlikely in the near term. Moody's
understands that Argus Media's management remains committed to its
medium-term net leverage target of around 3.5x (company definition)
and will be focused on deleveraging over the next 12 to 24 months.
Although the company's interest burden increases significantly to
more than $90 million p.a., driven by the large debt increase,
Moody's forecasts free cash flow (Moody's-adjusted) to remain
materially positive reaching around $80 and $100 million in
financial years 2024 and 2025, respectively.

Argus Media's B2 CFR further reflects (1) the critical nature of
the product offering for its clients; (2) the subscription-based
model that provides for good revenue visibility; and (3) the good
free cash flow supported by a negative working capital and modest
capital expenditure.

Conversely, the CFR is constrained by (1) Argus Media's relatively
small size as measured by revenue; (2) the concentration of its
revenue among the top four products and its dependance on the oil &
gas sector;  and (3) the company's foreign exchange risk exposure.

ESG CONSIDERATIONS

Argus Media's ratings factor in certain governance considerations
such as the ownership structure with the CEO and chairman as the
majority shareholder, with his stake increasing to about 59% post
Hg Capital's exit, which creates further concentration of power and
a degree of key man risk. Argus Media's financial policy has been
moderate recently, as evident from the improved credit metrics, but
its leverage will increase to an initially very high level
following the contemplated debt issuance.

LIQUIDITY ANALYSIS

Moody's considers Argus Media's liquidity to be good. Pro forma for
the contemplated transaction, based on December 31, 2023, Argus
Media had around $25 million of cash on balance sheet, excluding
restricted cash of around $16 million, and access to a fully
undrawn $135 million RCF due 2030. The RCF is subject to a
springing senior secured net leverage covenant which is tested when
it is drawn down for more than 40%. Moody's expects the company to
maintain sufficient headroom under the covenant.

The majority of Argus Media's cash is readily accessible to
management as it is held in the UK or the US (about three quarters
of total cash balances). Argus Media regularly hedges its foreign
exchange exposure, given its US dollar revenue base and largely
British pound denominated cost base.

STRUCTURAL CONSIDERATIONS

The B2 instrument ratings assigned to the new $1.2 billion senior
secured term loan due in 2031 and $135 million RCF due in 2030 are
aligned with the group's CFR and reflect the all senior secured
capital structure. The facilities are expected to be guaranteed by
the group's subsidiaries (80% guarantor test) and the security
package will include pledges over shares, bank accounts,
intra-group receivables, material intellectual property and fixed
assets, as well as debentures granted by the parent and the English
borrower.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that Argus Media
will continue to achieve strong organic revenue growth and thereby
reduce its leverage below 6.0x again within the next 12-18 months.
The outlook also incorporates Moody's expectation that the company
will maintain a good liquidity supported by positive free cash flow
generation.

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

Upward pressure on the rating could occur if Moody's-adjusted
Debt/EBITDA sustainably decreases below 5.0x, Moody's-adjusted Free
Cash Flow/Debt sustainably increases to around 10%, and liquidity
remains good.

Downward pressure on the rating could develop if Argus Media
experiences a lack of growth or a decline in revenue due to a key
benchmark loss, Moody's-adjusted Debt/EBITDA fails to decrease
below 6.0x, Moody's-adjusted EBITA/Interest sustainably decreases
below 2.0x or Moody's-adjusted Free Cash Flow/Debt sustainably
decreases to the low-single digits in percentage terms.

PRINCIPAL METHODOLOGY

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

CORPORATE PROFILE

Founded in 1970 and headquartered in London, Argus Media is the
second-largest PRA by revenue in the global commodity markets and
provides essential price and market data to market participants
across the full commodity value chain. Argus Media's products are
sold substantially through a subscription model, accounting for
around 90% of revenue. Argus is privately owned with CEO Adrian
Binks (59%) and General Atlantic (39% of share capital) as its key
shareholders.

During the financial year ended June 30, 2023, Argus Media
generated revenue of $389 million and a company-adjusted EBITDA of
$167 million. The group has a global footprint with 29 offices and
around 1,300 employees worldwide, with the Americas and the UK
accounting for the bulk of revenues.


FORMAPLEX: Enters Administration, 500 Jobs at Risk
--------------------------------------------------
Maya George at Daily Echo reports that a Hampshire business has
gone into administration, putting 500 jobs at risk.

Formaplex -- which has four manufacturing sites across Hampshire --
appointed administrator on Jan. 16, Daily Echo relates.

Around 500 employees of the Portsmouth company, which supplies
lightweight component solutions to the global automotive,
motorsport, aerospace, medical and defence markets, face losing
their jobs.

Sarah Collins and Mark Firmin of professional services firm Alvarez
& Marsal Europe LLP were appointed as joint administrators, Daily
Echo discloses.

According to Daily Echo, a spokesperson said: "Every effort is
being made to save the business and as many jobs as possible.
Formaplex's employees have been sent home to enable a full
stocktake to be carried out.

"Active discussions with the company's customers have begun, with a
view to securing funding for the continued trading of the business
whilst a buyer is sought over the coming weeks.

"These initial discussions have been constructive."

The announcement was made by the company's owner Elaghmore who
purchased Formaplex in 2021.

This is the second time the company has entered administration,
Daily Echo notes.


GWYNEDD SHIPPING: Legacy Liabilities Prompt Administration
----------------------------------------------------------
Business Sale reports that Gwynedd Shipping, a long-standing
haulage firm based in Anglesey, has fallen into administration and
ceased trading.

The collapse of the company, which had been trading for close to 40
years, comes amid mounting financial distress and insolvency levels
in the UK haulage sector, Business Sale notes.  In addition to its
Anglesey base, the company also had additional sites in Wales,
England and Ireland.

James Saunders and Michael Lennon of Kroll were appointed as joint
administrators of Gwynedd Shipping Limited and Gwynedd Transport
Limited, Business Sale relates.  Upon their appointment, the
businesses ceased trading, with the majority of its workforce of
more than 140 staff made redundant, Business Sale discloses.

Despite the collapse of the companies, the joint administrators say
that they are hopeful of securing buyers for certain assets, with
several parties reported to be interested.  According to separate
reports, some drivers have already been offered work with other
local and regional haulage companies, Business Sale notes.

In Gwynedd Shipping's accounts for the year ending May 31, 2022,
its turnover increased to around GBP18.5 million, from GBP15.5
million a year earlier, while operating profit more than doubled
from around GBP400,000 to just under GBP1.1 million, Business Sale
states.  The company's total equity also increased from GBP25,246
in 2021 to close to GBP910,000, according to Business Sale.

However, despite this positive growth, administrators said that the
companies had struggled with legacy liabilities and with wider
headwinds impacting the UK haulage industry, including several
loss-making contracts, ultimately leading to their collapse,
according to Business Sale.


HAYGAIN LIMITED: Enters Administration, Owes Closes to GBP5.4MM
---------------------------------------------------------------
Business Sale reports that Haygain Limited is London-headquartered
equestrian health company manufacturing hay steamers, slow feeders
and stall flooring.

David Taylor and Paul Ellison of KRE Corporate Recovery were
appointed as joint administrators to the company on Jan. 18, with
their appointment confirmed on Jan. 23, Business Sale relates.

In the company's accounts for the year to December 31 2022, its
fixed assets were valued at GBP1.4 million and current assets at
over GBP1.9 million, Business Sale discloses.  However, the
company's significant debts at the time meant that its total
liabilities stood at close to GBP5.4 million, Business Sale
states.


MAKE IT PLAIN: Goes Into Administration
---------------------------------------
Business Sale reports that Make It Plain Limited, which trades as
Kinteract, is a Melton Mowbray-based provider of an interactive
platform providing services for schools including assessment,
feedback and collaboration between teachers, students and parents.

The company fell into administration on Jan. 15, with the
appointment of Nathan Jones and John Lowe of FRP Advisory confirmed
on Jan. 23, Business Sale relates.  

The company's accounts and confirmation statement are overdue at
Companies House, which lists an active proposal to strike off the
firm, Business Sale discloses.  

In its most recently available accounts, for the year to December
31 2021, its fixed assets were valued at GBP716,525 and current
assets at close to GBP295,000, with total equity of GBP766,192,
Business Sale states.


STEWART MILNE: Owes GBP9.2 Million to Homes England
---------------------------------------------------
Ian Weinfass at Construction News reports that Homes England could
lose up to GBP9.2 million from the administration of Stewart Milne
Group.

Manchester-based Stewart Milne Homes North West England
(Developments) Ltd went into administration on Jan. 12 and has a
different administrator to that of the rest of the housebuilding
group, which folded four days earlier, Construction News relates.

The English arm of the Aberdeen-headquartered group received a
series of loans from Homes England since 2018 -- with the
taxpayer-funded housing agency still owed GBP9.2 million by the
business, Construction News recounts.

According to Construction News, a statement from BDO, the
administrator for Stewart Milne Homes North West England
(Developments) Limited, said Homes England "wishes to consider
strategies for the company with BDO separate to the administrations
of the other seven companies in the wider group".

Stewart Milne's English division operated four sites in Lancashire
and Cheshire -- at Broughton, Congleton, Hooton and Warton -- which
all received funding from the government's housing agency.

The Stewart Milne Group had been up for sale since April 2022 and
its accounts for the year to October 31, 2022 noted there was
uncertainty that it would continue as a going concern as a result
-- although Homes England made no further loans to the group after
it was put on sale, Construction News understands.

A spokesperson for Homes England, as cited by Construction News,
said: "We are aware that the majority of the Stewart Milne Group of
companies were placed in administration on January 8, 2024.  We are
also aware that the English subsidiary, which Homes England has a
relationship with, was placed in administration on January 12,
2024.

"Our immediate priority is to work with the administrator to
support the continued delivery, where possible, of those active
housing developments which will, in due course, realise the value
of the company assets."

"This administration is at a very early stage.  However, our
present intention is to work closely with Homes England and other
stakeholders as well as management and staff, to develop a strategy
that results in the continued delivery, where it is possible in
line with our duties to creditors, of the company's four housing
developments," Construction News quotes Matthew Tait, one of the
joint administrators from BDO, as saying.

In October 2023, it emerged that Homes England would only receive
0.1% of the GBP69 million it was owed by collapsed modular builder
Ilke Homes, which went under a few months before, Construction News
relays.

The rest of the Stewart Milne Group, run by former Aberdeen
Football Club chairman Stewart Milne, operated in Scotland and its
administration is being carried out by Teneo, Construction News
notes.  The housebuilder and developer was founded in 1975.

At the time of its last accounts, the GBP172.4 million-turnover
group owed GBP114.3 million to banks and GBP23.8 million to trade
creditors, Construction News discloses.


TOGETHER ASSET 2024-2ND1: DBRS Gives Prov. B Rating on F Notes
--------------------------------------------------------------
DBRS Ratings Limited assigned provisional credit ratings to the
residential mortgage-backed notes to be issued by Together Asset
Backed Securitization 2024-2ND1 PLC (TABS 2024-2ND1 or the Issuer)
as follows:

-- Loan note at AAA (sf)
-- Class A notes at AAA (sf)
-- Class B notes at AA (sf)
-- Class C notes at A (low) (sf)
-- Class D notes at BBB (low) (sf)
-- Class E notes at BB (low) (sf)
-- Class F notes at B (sf)
-- Class X notes at A (low) (sf)

The credit ratings on the Loan note and the Class A notes
(together, the Class A Debt) and on the Class B notes address the
timely payment of interest and the ultimate repayment of principal
on or before the final maturity date in August 2055. The credit
ratings on the Class B, Class C, Class D, Class E, and Class F
notes address the timely payment of interest once they are the
senior-most class of notes outstanding, otherwise the ultimate
payment of interest, and the ultimate repayment of principal on or
before the final maturity date. The credit rating on the Class X
notes addresses the ultimate payment of interest and principal.
Morningstar DBRS does not rate the Class Z notes or the residual
certificates also expected to be issued in this transaction.

CREDIT RATING RATIONALE

The Issuer is a bankruptcy-remote special-purpose vehicle
incorporated in England and Wales. The notes to be issued shall
fund the purchase of residential assets originated by Together
Personal Financial Services Limited (TPFL) and Together Commercial
Financial Services Limited (TCFL), part of the Together Financial
Group (Together or the Group) in the UK. TPFL and TCFL both act as
the servicers of the respective loans in the portfolio. Together is
a UK specialist provider of property finance. BCMGlobal Mortgage
Services Limited (BCMG) will act as the standby servicer.

This is the second public securitization backed by second-ranking
assets from the Together Group (TABS 2ND). The initial mortgage
portfolio consists of GBP 308 million of second-lien owner-occupied
(OO) and buy-to-let (BTL) mortgages secured by properties in the
UK.

The Issuer is expected to issue eight tranches of collateralized
mortgage-backed securities (the Loan note as well as the Class A,
Class B, Class C, Class D, Class E, Class F, and Class Z notes) to
finance the purchase of the portfolio. Additionally, the Issuer is
expected to issue one class of noncollateralized notes, the Class X
notes, the proceeds of which the Issuer will use to fully fund the
liquidity reserve fund (LRF) at closing.

The transaction is structured to initially provide 25.0% of credit
enhancement to the Class A Debt. This includes subordination of the
Class B to Class Z notes.

In line with the previous TABS 2ND transaction, TABS 2024-2ND1
features a fixed-to-floating interest rate swap, given the presence
of a portion of fixed-rate loans (with a compulsory reversion to
floating in the future) while the liabilities shall pay a coupon
linked to the daily compounded Sterling Overnight Index Average
(Sonia). The swap counterparty to be appointed at closing shall be
Natixis S.A. (Natixis). Based on Morningstar DBRS' private credit
rating on Natixis, the downgrade provisions outlined in the
documents, and the transaction structural mitigants, Morningstar
DBRS considers the risk arising from the exposure to Natixis to be
consistent with the credit ratings assigned to the rated notes as
described in Morningstar DBRS' "Derivative Criteria for European
Structured Finance Transactions" methodology.

Furthermore, Elavon Financial Services DAC, UK Branch shall act as
the Issuer Account Bank and National Westminster Bank Plc shall be
appointed as the Collection Account Bank. Both entities are
privately rated by Morningstar DBRS, meet the eligible credit
ratings in structured finance transactions, and are consistent with
the credit ratings assigned to the rated notes as described in
Morningstar DBRS' "Legal Criteria for European Structured Finance
Transactions" methodology.

Liquidity in the transaction is provided by a LRF that is funded at
closing through the issuance of the Class X notes. It is
amortizing, sized at 1.6% of the outstanding Class A Debt and B
notes' balance. It covers senior costs and expenses, swap payments
as well as interest shortfalls for the Class A Debt and the Class B
notes. It also provides credit support to the rated notes upon the
redemption in full of the Class B notes when it becomes part of
revenue receipts. In addition, principal borrowing is also
envisaged under the transaction documentation and can be used to
cover for interest shortfalls of the most senior outstanding class
of notes (except the Class X and Class Z notes).

Morningstar DBRS based its credit ratings on a review of the
following analytical considerations:

-- The transaction's capital structure, including the form and
sufficiency of available credit enhancement;

-- The credit quality of the mortgage portfolio and the ability of
the servicer to perform collection and resolution activities.
Morningstar DBRS estimated stress-level probability of default
(PD), loss given default (LGD), and expected losses (EL) on the
mortgage portfolio. Morningstar DBRS used the PD, LGD, and EL as
inputs into the cash flow engine. Morningstar DBRS analyzed the
mortgage portfolio in accordance with its "European RMBS Insight:
UK Addendum" methodology;

-- The transaction's ability to withstand stressed cash flow
assumptions and repay the Class A Debt and Class B, Class C, Class
D, Class E, Class F, and Class X notes according to the terms of
the transaction documents;

-- The structural mitigants in place to avoid potential payment
disruptions caused by operational risk, such as a downgrade, and
replacement language in the transaction documents;

-- The sovereign credit rating of AA with a Stable trend on the
United Kingdom of Great Britain and Northern Ireland as of the date
of this press release; and

-- The expected consistency of the transaction's legal structure
with Morningstar DBRS' "Legal Criteria for European Structured
Finance Transactions" methodology and the presence of legal
opinions that are expected to address the assignment of the assets
to the Issuer.

Morningstar DBRS' credit ratings on the rated notes address the
credit risk associated with the identified financial obligations in
accordance with the relevant transaction documents. The associated
financial obligations for each of the rated notes are the related
Interest Amounts and the related Class Balances.

Morningstar DBRS' credit rating on the rated notes also addresses
the credit risk associated with the increased rate of interest
applicable to each of the rated notes if the rated notes are not
redeemed on the Optional Redemption Date (as defined in and) in
accordance with the applicable transaction documents.

Morningstar DBRS' credit rating does not address nonpayment risk
associated with contractual payment obligations contemplated in the
applicable transaction documents that are not financial
obligations.

Morningstar DBRS' long-term credit ratings provide opinions on risk
of default. Morningstar DBRS considers risk of default to be the
risk that an issuer will fail to satisfy the financial obligations
in accordance with the terms under which a long-term obligation has
been issued.

Notes: All figures are in British pound sterling unless otherwise
noted.



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

Troubled Company Reporter-Europe is a daily newsletter co-
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Editors.

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