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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

          Thursday, January 25, 2024, Vol. 25, No. 19

                           Headlines



F R A N C E

ATOS SE: S&P Lowers LongTerm ICR to 'B-' on Weak Liquidity
SIRONA HOLDCO: S&P Lowers ICR to 'B-' on Elevated Leverage


G E R M A N Y

AXEL SPRINGER: S&P Affirms 'B-' LongTerm ICR, Outlook Stable


L U X E M B O U R G

KAPLA HOLDING: S&P Assigns 'B+' Rating on New Floating Rate Notes


N E T H E R L A N D S

UNITED GROUP: Moody's Rates New EUR350MM Senior Secured Notes 'B2'
UNITED GROUP: S&P Rates EUR950MM Senior Secured Notes 'B'


P O L A N D

CANPACK SA: S&P Affirms 'BB-' ICR & Alters Outlook to Stable


S P A I N

GRIFOLS SA: S&P Affirms 'B+' Issuer Credit Rating, Outlook Stable


U N I T E D   K I N G D O M

ASTON MARTIN: S&P Retains CCC+ ICR on New M&G Modifier Assessment
AVIATION AND TECH: Enters Administration After Declared Insolvent
BOX LTD: Goes Into Administration, Halts Operations
ENROK CONSTRUCTION: Falls Into Administration, 8 Jobs Affected
EVOFRAMES: Bought Out of Administration by Rooms & Views

FLEETTEQ LIMITED: Goes Into Administration
INEOS GROUP: Moody's Lowers CFR to Ba3, Outlook Remains Negative
INEOS GROUP: S&P Affirms 'BB' LongTerm Issuer Credit Rating
JUPITER MORTGAGE 1: S&P Assigns BB(sf) Rating on Class E Notes
MCLAREN GROUP: S&P Retains 'CCC' ICR Amid New M&G Assessment

SELINA HOSPITALITY: Updates Note Restructuring; Forbearance Expires
STRATTON MORTGAGE 2024-1: S&P Assigns B-(sf) Rating on E Notes
TILE CHOICE: Enters Administration, Ceases Operations
TOGETHER ASSET 2024-2ND1: S&P Assigns 'BB(sf)' Rating on F Notes

                           - - - - -


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F R A N C E
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ATOS SE: S&P Lowers LongTerm ICR to 'B-' on Weak Liquidity
----------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
French IT services company Atos and its issue rating on its senior
unsecured bonds to 'B-' from 'BB-', with a recovery rating of '4'
(30%-50%; rounded estimate: 40%).

S&P said, "The CreditWatch developing placement reflects that we
could lower the ratings further if the company fails to refinance
its maturing debt. Conversely, we could raise the ratings if the
company successfully extends the debt maturities and progresses in
further strengthening its balance sheet and credit risk profile."

Atos' liquidity has deteriorated. S&P said, "We estimate the
company's liquidity sources over uses will be about 0.7x over the
next twelve months, largely due to sizable bank debt maturities and
seasonal working capital requirements. The company's available
liquidity sources have further decreased in the second half of
2023, with a cash burn of about EUR100 million. On the other hand,
we understand the company's planned divestment of BDS to Airbus,
with an indicative value of EUR1.5 billion-EUR1.8 billion, would
take time to complete, similar to the potential sale of other
assets. This would limit the company's ability to use the proceeds
to address the short-term liquidity shortfall. Atos is also
negotiating with banks to refinance its maturing debt, but no
agreement has been reached so far. As a result, we lowered our
ratings on Atos to 'B-' from 'BB-', in line with our previous
CreditWatch negative placement in November 2023."

Atos faces an increasing execution risk regarding the divestment of
the legacy TFCo business. Negotiating the planned divestment of
TFCo is taking longer than previously anticipated. S&P thinks the
renegotiation of the previously agreed price and terms could
jeopardize the success of the transaction or lead to further
delays, compared with the previous timeline. This would further
complicate the company's liquidity situation, considering the
significant cash burn of the segment -- albeit the latter is
gradually declining -- and its ongoing refinancing negotiations
with banks. The company's credit profile would also be weaker if
TFCo remains within the group perimeter.

The company's credit metrics are extremely weak. S&P said, "We
estimate the company's adjusted leverage was more than 10x in 2023,
compared with about 18x in 2022, with a total cash burn of more
than EUR1 billion in 2023. A potential future improvement of the
ratio depends on the successful implementation of the management's
turnaround program, which includes the divestment of cash-burning
TFCo and other assets. As the future group scope and cash proceeds
are uncertain, we have little visibility on projections for 2024."

The CreditWatch developing placement reflects that S&P could lower
the ratings further if the company fails to refinance its maturing
debt. On the other hand, S&P could raise the ratings if the company
successfully extends the debt maturities and progresses further in
strengthening its balance sheet and credit risk profile, for
example by diligently and successfully implementing the
management's turnaround program.


SIRONA HOLDCO: S&P Lowers ICR to 'B-' on Elevated Leverage
----------------------------------------------------------
S&P Global Ratings lowered to 'B-' from 'B' its ratings on
pharmaceutical group Sirona Holdco (Seqens)and its senior secured
loans.

The stable outlook indicates that S&P expects Sirona will maintain
leverage at 8.5x-9.5x over the next 12 months, alongside adequate
liquidity despite negative free operating cash flow.

The downgrade captures the significant EBITDA loss Sirona suffered
in 2023 because of normalizing para-aminophenol (PAP) and the
company's production challenges. Last year witnesses a swift
normalization of PAP prices and weakened demand of phenol given
highly challenging market conditions for commodity chemicals. S&P
said, "In addition, the company faced high one-off production
disruptions in its Newburyport facility (U.S.) and weakened demand
at Wavelength Pharmaceuticals (Israel) due to the military conflict
in Gaza, representing an EBITDA loss of  EUR15 million- EUR20
million, according to our estimates. Furthermore, Sirona is
involved in a legal dispute with Mithra Pharmaceuticals over unpaid
receivables of  EUR31 million at the company's estetrol
manufacturing site in France. Consequently, we estimate that
Sirona's EBITDA decreased 31%-36% in 2023. We think EBITDA will
remain constrained in 2024 due to the ongoing normalization of PAP
prices and of margins in the first half of the year, before Sirona
sees a gradual recovery in 2025. The company's countermeasures
include run-rate cost-savings of  EUR40 million through a
restructuring plan that involves the permanent shut-down of the
Newburyport port and capacity rationalization measures on other
sites to reduce fixed costs, alongside strict cost control. We
expect this plan will add  EUR20 million to EBITDA from 2025 and,
combined with our expectation of improved market conditions, will
lead to EBITDA growth of 15%-30% from the same date."

In the short term, however, Sirona's leverage will likely be
elevated. Sirona will likely report a  EUR25 million- EUR35 million
increase in S&P Global Ratings-adjusted debt in 2023. S&P assumes
the company's debt will further increase  EUR50 million- EUR65
million in 2024 to finance interest costs, reverse factoring
expenses, and growth capital expenditure (capex). According to its
estimates, Sirona's weak EBITDA, combined with the heavier debt
burden, led to debt to EBITDA surpassing 8x in 2023 and toward 9x
in 2024. The aforementioned cost-savings plan and anticipated
strengthening of market conditions, however, should coax the ratio
below 7.5x in 2025.

S&P said, "Additionally, we estimate that Sirona's free operating
cash flow (FOCF) dropped to negative  EUR85 million- EUR100 million
in 2023.An abrupt drop in demand, litigation with Mithra, and lower
factoring ate into Sirona's working capital outflows. FOCF also
felt the impact of higher interest expenses due to higher market
rates and considerable capex related to the company's growth
projects in France. We understand the company is taking
comprehensive measures to reduce inventory, targeting a  EUR40
million reduction by end of 2024, which will be partly supported by
higher factoring utilization. However, this will not be sufficient
to turn FOCF around this year given constrained EBITDA, still-high
interest costs, and capex. We expect capex will remain at a
relatively high  EUR50 million- EUR60 million in 2024, although we
note this is lower than the  EUR95 million- EUR105 million (net of
government subsidies) in 2023. Sirona's clear focus on finalizing
launched projects should keep growth capex under control and
maintenance capex will also be lower in 2024 following high
investments in previous years. We expect Sirona's FOCF to gradually
improve in 2024 to about negative  EUR15 million- EUR30 million
because of lower one-off costs, improved working capital, and
decreasing capex.

"We have assigned a new management and governance (M&G) assessment
of moderately negative to Sirona.This assignment follows the Jan.
7, 2024, publication of S&P Global Ratings' revised criteria for
evaluating the credit risks presented by an entity's M&G framework.
The assignment of the new M&G assessment has no impact on the
credit rating or outlook of Sirona. Our M&G assessment of
moderately negative points to certain management and governance
weaknesses that weigh down creditworthiness for Sirona driven by
the financial sponsor ownership.

"The stable outlook indicates that we expect Sirona's leverage to
stay at 8.0x-9.5x during 2023-2024, before improving to below 7.5x
from 2025. Ongoing normalization of PAP prices will constrain
EBTIDA in 2024, but we anticipate a gradual strengthening in the
following year. Although we forecast that the FOCF will remain
negative over the next 12 months, we expect Sirona to maintain at
least adequate liquidity."

S&P could lower the ratings if:

-- Continuously negative FOCF materially erodes liquidity; or

-- EBITDA interest coverage weakens more severely than expected,
falling below 1.2x without the prospect of a swift recovery.

S&P could raise its ratings on Sirona if:

-- The debt-to-EBITDA ratio improved to below 6.5x on a sustained
basis;

-- FOCF turned, and stayed, positive; and

-- EBITDA interest coverage improved towards 2.5x.

S&P said, "Environmental factors are an overall neutral
consideration in our credit rating analysis of Sirona. As a pharma
ingredients and specialty chemicals producer, the company has
focused on reducing its greenhouse gas emissions through lower
energy intensity in production, using more renewable or recovered
energy sources such as biomass and solar, and shifting toward
products with a smaller carbon footprint (biocatalysts, solvent
recycling). Social factors are a concern for us as we believe
Sirona's track record of incidents, including the fatal accident at
the company's Newburyport site in May 2023, might reflect
negatively on the company's reputation. Nevertheless, we consider
social factors to have an overall neutral impact on the rating,
assuming the company is working on improving its safety management
across its plants. Finally, we consider Governance a negative
consideration for Sirona, as it is for most rated entities owned by
private-equity sponsors. We believe the company's highly leveraged
financial risk profile points to corporate decision-making that
prioritizes the interests of the controlling owners. This also
reflects generally finite holding periods and a focus on maximizing
shareholder returns."




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G E R M A N Y
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AXEL SPRINGER: S&P Affirms 'B-' LongTerm ICR, Outlook Stable
------------------------------------------------------------
S&P Global Ratings affirmed its issuer credit rating on Axel
Springer HoldCo Traviata B.V. and its issue-level ratings on the
company's EUR637 million term loan at 'B-' and removed all its
ratings from under criteria observation (UCO).

The stable outlook balances Traviata's high adjusted leverage
against its adequate liquidity. S&P expects that Axel Springer will
pay an ongoing annual dividend of at least EUR125 million and
Traviata's pro rata share of this will be about EUR61 million. The
outlook also assumes general alignment among shareholders about
dividend policy and Axel Springer reporting growing revenues and
earnings in 2024.

The affirmation follows the revision to S&P's 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 its
analysis.

S&P's M&G assessment of moderately negative points to certain
management and governance weaknesses that weigh on Traviata's
creditworthiness. In particular S&P views its ownership and funding
structure as risky.

Traviata is fully owned and controlled by a financial sponsor KKR
and in turn owns 48.5% in Axel Springer, its only operating asset,
over which it has joint control together with the founder's widow
Dr. Friede Springer and CEO Dr. Mathias Dopfner. In the absence of
a minimum dividend in the shareholders' agreement, Traviata remains
reliant on joint decisions and an alignment of interests with other
shareholders of Axel Springer to achieve sufficient dividend
distributions and service interest on its term loan. S&P said, "We
view such funding structure as riskier than for companies that
usually have full control over their operating assets and direct
access to earnings and cash flows for debt service. In addition, we
believe Traviata's sponsor ownership can lead to corporate
decision-making that prioritizes the interests of the controlling
owners. This also reflects the generally finite holding periods and
a focus on maximizing shareholder returns. We reflect these
weaknesses by applying a one notch downward adjustment to our
anchor, previously captured in our comparable ratings analysis
modifier. We think this better captures the impact on its
creditworthiness from Traviata's M&G framework."

S&P said, "We expect Axel Springer to post better operating results
in 2024 after underperformance in 2023, and hence maintain its
minimum dividend payments. In 2023 Axel Springer's performance was
weaker than we had expected, with lower revenue growth due to a
decline in advertising revenue, lower growth of its classifieds
operations, and lower cash flows impacted by higher restructuring
costs and incentive plan payouts. However, in 2024 we expect its
performance to improve.

"We forecast that its job classifieds platform StepStone will
achieve 2%-4% revenue growth (pro-forma for recent acquisitions),
benefitting from the full contribution of the Bayard acquisition
and improving macroeconomic conditions in Europe where job markets
remain robust. Also, we expect the company's U.S. media assets
Business Insider and Politico will benefit from recovery of
advertising markets, also boosted by strong political advertising
due to the U.S. elections, and robust subscription business
performance. We believe that Axel Springer will generate stronger
free operating cash flows (FOCF) as restructuring costs and
incentive plan payouts abate. This will translate into S&P Global
Ratings-adjusted FOCF of about EUR240 million in 2024, from EUR190
million that we anticipate the company will report in 2023, and
EUR296 million in 2022. We therefore expect the company will
maintain its minimum dividend payments of EUR125 million in 2024,
of which Traviata will receive about EUR61 million (or 48.54%),
allowing it to service its term loan.

"Traviata's leverage will remain elevated versus its peers, but its
interest coverage ratio will be stable in 2024. We forecast that
Traviata's leverage will spike above 20.0x in 2023 (above 11.0x
excluding shareholder loans [SHLs]), and then reduce to about 19.0x
in 2024 (or below 9.0x excluding SHLs), from 16.5x (7.6x excluding
SHLs) in 2022 on a proportionate consolidation basis. This is very
high compared with peers and reflects the high amount of debt and
our lower-than-previously-anticipated S&P Global Ratings-adjusted
EBITDA in 2023-2024. In 2024, we expect Axel Springer's higher
earnings will help Traviata's leverage to somewhat reduce. Equally,
we expect Traviata's cash interest coverage (dividends received
from Axel Springer and used to pay interest at the Traviata level)
will remain broadly stable at about 1.3x in 2023-2024. Traviata's
term loan has been fully hedged until 2026, which limits otherwise
even higher interest payments.

"The stable outlook balances Traviata's high adjusted leverage
against its adequate liquidity. We expect that Axel Springer will
pay an ongoing annual dividend of at least EUR125 million and
Traviata's pro rata share of this will be about EUR61 million. The
outlook also assumes general alignment among shareholders about
dividend policy and Axel Springer reporting growing revenue and
earnings in 2024.

"We could lower the rating on Traviata if we perceive any potential
disagreement or misalignment among the main shareholders. This
could delay any decision or payment of dividends and lead us to
believe that Traviata's capital structure is unsustainable in the
long term or the risk of a conventional default has increased.

"We could raise the rating on Traviata if it reduces S&P Global
Ratings-adjusted leverage well below 7.0x (excluding shareholder
loans), while maintaining EBITDA interest coverage of above 1.5x on
a sustainable basis. This could occur if operating performance at
Axel Springer improves and dividend distributions increase
sustainably, allowing Traviata's debt to decrease materially. The
upgrade would also require Traviata's liquidity to remain
sufficient."




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L U X E M B O U R G
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KAPLA HOLDING: S&P Assigns 'B+' Rating on New Floating Rate Notes
-----------------------------------------------------------------
senior secured floating rate notes to be issued by Kapla Holding
(Kiloutou; B+/Stable/--). S&P expects the company to use the
majority of the proceeds to repay the EUR200 million senior secured
floating rate notes due to mature in 2027, about EUR45 million to
repay the super senior revolving credit facility (RCF) drawings,
and about EUR5 million to pay estimated fees, costs, and expenses
linked to the issuance.

S&P said, "Our long-term issuer credit rating on Kiloutou is
unchanged at 'B+', with a stable outlook, and reflects the
company's ongoing operating performance, which is broadly in line
with our expectations."

The terms and conditions that apply to these proposed notes closely
align with the previous notes. The proposed new notes rank pari
passu, while the RCF maintains a super senior position. The
issuance will not change the company's first-lien debt at
approximately EUR1.1 billion and its S&P Global Ratings-adjusted
debt to EBITDA at about EUR1.5 billion in 2024. The latter includes
about EUR600 million of leases forecast, while S&P excludes about
EUR250 million of convertible bonds that we consider to be equity
content.

S&P said, "We expect Kiloutou to maintain credit metrics
comfortably commensurate with the 'B+' rating. The transaction is
leverage-neutral, and we forecast and expect the company will
continue to deleverage, with debt-to-EBITA to improve to around 4x
in 2023, and slightly below 4x in 2024. Although about half of the
group's revenue comes from the interest rate-sensitive construction
end-market, we anticipate ongoing price increases to support
operational performance and offset subdued volume growth in 2024.
As such, we expect revenue to increase by 3%-5% and the S&P Global
Ratings--adjusted EBITDA margin to reach 38.5% (from 38.0%-38.5%
expected in 2023)."

Issue Ratings--Recovery Analysis

Key analytical factors

-- S&P rates the EUR1.1 billion senior secured floating and
fixed-rate notes 'B+' with a recovery rating of '3', reflecting its
expectation of meaningful recovery (50%-70%; rounded estimate: 65%)
in the event of a payment default.

-- For S&P's recovery analysis, it includes the fleet value
absorbed through the acquisitions of GSV, Grupo Vendap, and Holbaek
Lift.

-- The senior secured notes make up the majority of the recovery
package, which supports S&P's recovery rating. However, the super
senior RCF and priority debt in the form of bilateral loans impose
constraints.

-- S&P values the business using a discrete-asset valuation method
because it believes its enterprise value closely correlates with
the value of its assets.

-- In S&P's hypothetical default scenario, it assumes an overall
negative business landscape, a rise in competition leading to a
loss of market share, and Kiloutou's inability to effectively
reduce costs.

-- S&P will continue to analyze the company's recovery prospects
on a going-concern basis because we anticipate that Kiloutou would
likely restructure in a default scenario rather than being
liquidated. S&P bases this on customers' shift to a rental model
rather than ownership, the company's strong position in the French
market, and flexibility in managing the size of its fleet and
product offerings.

Simulated default assumptions

-- Year of default: 2028
-- Jurisdiction: France

Simplified waterfall

-- Gross recovery value: EUR1,045 million

-- Net enterprise value after 5% administrative expense: EUR995
million

-- Priority debt claims: EUR225 million

-- Value available for senior secured claims: EUR769 million

-- Senior secured claims: EUR1.1 billion

-- Recovery expectations: 50%-70% (rounded estimate: 65%)

All debt amounts include six months of prepetition-accrued
interest, and we assume an 85% draw on RCFs.




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N E T H E R L A N D S
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UNITED GROUP: Moody's Rates New EUR350MM Senior Secured Notes 'B2'
------------------------------------------------------------------
Moody's Investors Service has assigned a B2 rating to the proposed
EUR350 million backed fixed rate senior secured notes due 2031 and
to the EUR600 million backed floating rate senior secured notes due
2031 to be issued by United Group B.V. ("UG"), a fully owned
subsidiary of Adria Midco B.V. ("Adria" or "Adria Midco").

At the same time, Moody's has affirmed Adria's B2 long term
corporate family rating, the B2-PD probability of default rating,
and the B2 rating on the existing backed senior secured notes
issued by UG. The outlook on both entities remains stable.

Proceeds from this debt issuance, together with cash on balance
sheet, will be used to repay the EUR450 million backed senior
secured floating rate notes due 2026, repay EUR211 million
outstanding under the super senior revolving credit facility (RCF
or SSRCF), make a EUR299 million distribution to Summer Bidco B.V.,
Adria's holding company, to repay part of the existing PIK notes
issued outside of the restricted group and to cover transaction
costs of EUR17 million. As part of the transaction, the company
will issue new EUR300 million Pay-if-you-Can PIK Notes at the level
of Summer Bidco B.V., which along with proceeds from the senior
secured notes issuance will be used to repay the EUR599 million PIK
Notes due November 2025 currently outstanding at Summer Bidco B.V.
The RCF will also be upsized to around EUR410 million and its
maturity extended as part of the transaction.

RATINGS RATIONALE

The ratings affirmation reflects that the company is successfully
pushing the debt maturities with this refinancing, although at the
expense of higher interests and a modest increase in leverage
within Adria Midco's restricted group.

Pro forma for the proposed transaction, Adria's leverage as
measured by Moody's adjusted gross debt/EBITDA will increase by
around 0.3x, leading to a leverage  ratio slightly above 5.5x by
the end of 2024, compared with an estimated 5.3x in 2023. However,
this is partly mitigated by the expected reduction in the amount of
debt outstanding outside of the restricted group, which represents
an overhang for the current rating.

Moody's positively views the fact that the company is proactively
addressing the refinancing of upcoming maturities. The repayment of
outstanding amounts under UG's RCF, along with the proposed EUR85
million increase to EUR410 million from the previous EUR325 million
is also positive from a liquidity perspective.

Moody's expects Adria's operating performance to remain robust. The
rating agency projects that Adria's organic revenue and EBITDA
growth will remain in the mid-single digits in percentage terms,
driven by overall growth in revenue generating units' (RGU) and
price increases, synergies from acquisitions and savings from
efficiency measures.

Moody's also expects that higher interest payments pro-forma for
the transaction will offset the positive impact of EBITDA growth
and reduced capital spending intensity, leading to negative FCF
over the next 12-18 months. This will also translate into a slight
deterioration of the interest coverage ratio to around 1.0x, which
is weak for the rating category.

The B2 rating continues to reflect the company's leading market
position and brand recognition; its significant improvement in
scale, and geographical diversification over the past three years;
the growth opportunities provided by its upselling and cross
selling strategy; and the long track record of the management team
which has translated into consistent organic revenue and EBITDA
growth and successful integration of acquired companies.

The rating also reflects the weak FCF generation and cash flow
metrics; the need to successfully integrate acquired companies to
deliver synergies and margin expansion; although improved, the need
to strengthen the liquidity on a sustained basis; and the presence
of a Pay-if-you-Can PIK instrument outside the restricted group,
which although it has been reduced following this transaction,
still represents an overhang for Adria's rating.

LIQUIDITY

Pro forma for the transaction, the company had cash and cash
equivalents of around EUR80 million and will have access to an
upsized and undrawn EUR410 million super senior secured RCF due
2025, of which around EUR385 million has been further extended by
two years to 2027, under UG. The SSRCF is restricted by a
leverage-based springing covenant (of 9.0x net debt/consolidated
EBITDA) tested on a quarterly basis. As of September 2023, the
company also has access to around EUR60 million of availability
under local bilateral lines. The company does not have debt
maturities in 2024 and 2025 but will have EUR600 million of
maturities in 2026.

STRUCTURAL CONSIDERATIONS

Adria's capital structure includes EUR4.0 billion of backed senior
secured notes and a EUR410 million SSRCF, pro forma for the
transaction, both issued by United Group, as well as around EUR400
million of local bilateral lines.

The SSRCF ranks ahead in an enforcement scenario. It shares a
guarantee and security package with the rated backed senior secured
notes. In addition, the SSRCF (but not the backed senior secured
notes) is secured on Serbian assets and receives guarantees from
Serbian subsidiaries.

The SSRCF ranks first and the backed senior secured notes second in
the waterfall of claims, together with the local bilateral lines,
and Adria's trade payables. Given the limited weight of the SSRCF
ranking ahead of the backed senior secured notes, the notes are
rated B2, at the same level as the CFR.

In addition, pro forma for the transaction, there are EUR300
million of Pay-if-you-Can PIK notes (unrated) due in 2029 at
Adria's holding company, Summer BidCo B.V., outside of the
restricted group defined by the lenders of Adria.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation that the company
will continue to deliver a sound operating performance with strong
revenue and EBITDA organic growth, while its  FCF, currently
negative, will progressively move into positive territory and its
EBITDA-Capex/interest ratio will improve from current levels. It
also assumes that the company will maintain at least an adequate
liquidity at all times, including the refinancing of upcoming
maturities at least 1 year ahead of maturity.

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

Upward pressure may arise if the company reduces its leverage so
that its gross Debt/EBITDA ratio (Moody's definition) falls below
4.75x and demonstrates its capacity to generate adjusted positive
FCF/debt (Moody's definition) on a sustainable basis. However,
although the amount has been reduced, the Pay-if-you-Can PIK
instrument outside of the restricted group still represents an
overhang for Adria, as it could be refinanced within the restricted
group once sufficient financial flexibility develops.

Downward pressure on the rating may arise if Adria's gross
Debt/EBITDA ratio (Moody's definition) is maintained above 5.75x on
a sustained basis or if its EBITDA-Capex/Interest ratio does not
sustainably improve from its current weak levels. Downward rating
pressure could also arise if the company's liquidity profile
deteriorates.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in the Netherlands, Adria is one of the leading
telecommunications and media operators in Southeast Europe. Active
in eight countries, the company has approximately 15.5 million
users. BC Partners owns approximately 56% of the company, senior
management approximately 42% and the EBRD approximately 2%. In
2022, the company generated revenue of EUR2,780 million and
adjusted EBITDAaL of EUR1,010 million pro forma for acquisitions
(as defined by the company).


UNITED GROUP: S&P Rates EUR950MM Senior Secured Notes 'B'
---------------------------------------------------------
S&P Global Ratings assigned its 'B' issue-level rating to the
proposed EUR950 million senior secured notes to be issued by United
Group B.V. The notes will be split between  EUR350 million fixed
rate notes maturing in 2031 and  EUR600 million floating rate notes
maturing in 2031. The rating on the proposed notes is in line with
the rating on the existing senior secured notes. S&P will
discontinue the issue rating on the floating rate notes due in 2026
as the debt is replaced.

S&P also assigned its 'B-' issue-level rating to the proposed
EUR300 million Pay-if-you-can (PIK) notes maturing in 2029, to be
issued by United Group's holding company, Summer Bidco B.V., which
is in line with the existing rating on the PIK notes that will be
discontinued entirely, given the debt is replaced.

The group will use the funds from the new issuance along with its
cash balance to refinance in full the existing  EUR450 million
floating rate notes (Euribor plus 3.25%) due in February 2026
issued by United Group B.V., the existing  EUR599 million PIK notes
issued by Summer Bidco B.V., and outstanding drawings on the
revolving credit facility (RCF), as well as to pay transaction
costs.

The proposed transaction will increase United Group's annual
interest expense. S&P said, "However, we do not expect this to
materially impact cash flow generation. Having said that, over the
last nine months of 2023, United Group's adjusted EBITDA and free
cash flow were relatively weaker than our previous forecasts,
primarily due to higher integration and restructuring costs. We now
anticipate the group will report S&P Global Ratings-adjusted EBITDA
margin below 34% for 2023, and that it will improve to 35%-40% in
2024-2025. The improvement will mainly be supported by declining
integration and restructuring costs, cross-selling opportunities,
cost optimization, and increasing convergence. This, in conjunction
with higher debt, primarily from RCF drawings and other bilateral
secured loans, will slightly impact our credit metrics for United
Group. We note that the RCF drawings will be repaid at closing, but
will be refinanced by senior secured notes that will permanently
stay in the capital structure. As a result, we now anticipate the
group will report S&P Global Ratings-adjusted debt to EBITDA above
6.5x for 2023, improving to below 6.0x in 2024 and 2025."

S&P's 'B' long term issuer credit rating, existing issue rating,
and positive outlook on United Group B.V. are unaffected by this
rating action.

Issue Ratings - Subordination Risk Analysis

Capital structure

The group's capital structure at closing mainly consists of  EUR4.0
billion of senior secured notes issued by United Group B.V.,
EUR300 million of PIK notes issued by Summer Bidco B.V., and about
EUR400 million bilateral facilities. The  EUR211 million
outstanding super senior RCF will be repaid in full at closing and
the commitment will be upsized to about  EUR410 million due in
2025. At the same time, United Group's transaction extends maturity
on its RCF by two years. The extended RCF commitment will be around
EUR385 million.

Analytical conclusions

S&P's 'B' issue rating on the existing and the proposed senior
secured notes is at the same level as the issuer credit rating.
This is because the notes are secured and only about  EUR400
million bilateral facilities at the operating company level have
structural priority over the notes upon collateral enforcement
while the prior-ranking RCF is expected to be undrawn at the
transaction's close.

This is significantly lower than S&P's 50% threshold for notching
down the issue rating.

S&P said, "Our 'B-' rating on the proposed PIK notes is one notch
below the issuer credit rating on United Group. This is because the
share of priority liabilities ranking ahead of these notes is about
90% of total debt. Furthermore, the notes do not share the security
package or guarantees offered to holders of the group's issued debt
and there is no recourse to that restricted group. Therefore, we
view these notes as structurally subordinated."




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

CANPACK SA: S&P Affirms 'BB-' ICR & Alters Outlook to Stable
------------------------------------------------------------
S&P Global Ratings revised its outlook on Poland-based Canpack S.A.
(Canpack)  to stable from negative. S&P affirmed its 'BB-'
long-term issuer credit ratings on Canpack S.A., CANPACK U.S. LLC,
and its 'BB-' issue ratings on the group's three senior unsecured
bonds.

S&P said, "We have assigned a new management & governance (M&G)
assessment of moderately negative to Canpack. 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 reflects our expectations of adjusted debt to
EBTDA of around 4.0x for 2023 and 2024, positive adjusted FOCF of
$140 million-$150 million for 2023 (minimal adjusted FOCF for 2024)
and ample liquidity.

"The group outperformed our S&P Global Ratings-adjusted EBITDA
expectations for 2023.

"We now anticipate S&P Global Ratings-adjusted EBITDA of $420
million for 2023 ($369 million in 2022) due to higher revenues
driven by selling price increases and some volume growth.
Profitability will improve with an enhanced product mix and more
efficient passthrough of raw material cost increases."

S&P expects S&P Global Ratings-adjusted FOCF to turn positive in
2023. Working capital initiatives will release around $200 million
working capital in 2023, excluding about $40 million additional
drawings under factoring facilities. This will support adjusted
FOCF of an estimated $145 million in 2023, despite ongoing high
expansionary investments. The working capital release expected for
2023 largely reflects the normalization of inventory levels as well
as a reduction in raw material costs.

The positive adjusted FOCF for 2023 marks a substantial improvement
from 2021 and 2022, when adjusted FOCF was negative and undermined
by high expansion capex and substantial working capital outflows.
The latter reflected raw material price increases and the
acquisition of safety stocks to address supply chain concerns.

The company amended its group structure on Jan. 2, 2024. Canpack
Group, Inc became a co-issuer of the unsecured bonds and the
consolidated reporting entity for Canpack S.A. and Canpack U.S.
LLC. Canpack Group, Inc is the direct shareholder of Canpack U.S.
and indirect shareholder of Canpack SA. We withdrew our long-term
issuer credit ratings on Canpack S.A. and CANPACK U.S. LLC (both at
the company's request) and assigned our 'BB-' long-term issuer
credit rating with a stable outlook to Canpack Group Inc. These
changes have no impact on our credit assessment.

S&P said, "We now expect S&P Global Ratings-adjusted leverage of
around 4.0x for 2023 and 2024.This is well below our previous
expectations of about 5.0x and year-end 2022 leverage of 4.9x. The
leverage reduction is largely down to EBITDA growth and substantial
working capital savings.

"We anticipate adjusted leverage to remain around 4.0x in 2024 as
the positive impact of further EBITDA improvements (to $435
million-$465 million) is offset by rising working capital needs,
particularly in the U.S. where production at the new plants will
ramp up. This and ongoing expansionary investments will lead to
minimal adjusted FOCF of up to $15 million in 2024.

"We have assigned a new management & governance (M&G) assessment of
moderately negative to Canpack. Our new M&G assessment follows the
revision to our criteria for evaluating the credit risks presented
by an entity's management and governance framework. Our assessment
points to certain management and governance weaknesses that we view
as weighing on Canpack's creditworthiness. The controlling
shareholder and its representatives are closely involved in the
company's operations, with no independent oversight. We view this
as moderately negative because we see a risk that the controlling
shareholder might promote its own interest at the expense of other
stakeholders. We had factored this risk into our previous M&G
assessment.

"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 our analysis.

"The stable outlook reflects our expectations of S&P Global
Ratings-adjusted debt to EBTDA of around 4.0x for 2023 and 2024,
positive adjusted FOCF of $140 million-$150 million for 2023
(minimal adjusted FOCF for 2024), and ample liquidity."

S&P could lower the ratings on Canpack if:

-- Profitability weakens and translates into substantially
negative FOCF, due to adverse market conditions, substantial
working capital outflows, or accelerated expansionary investments.

-- Adjusted debt to EBITDA exceeds 5.0x on a prolonged basis.

-- S&P believes that the group credit profile of its holding
company (GGH) has deteriorated.

S&P could raise the ratings if:

-- Adjusted debt to EBITDA remains below 4.0x; and

-- Canpack generates material positive adjusted FOCF on a
sustained basis.

An upgrade would also be contingent upon an improvement in GGH's
group credit profile.




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

GRIFOLS SA: S&P Affirms 'B+' Issuer Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings affirmed its long-term issuer credit rating
rating on Spanish pharmaceutical group Grifols S.A. at 'B+'.

The stable outlook reflects S&P's view that Grifols' credit metrics
will slightly improve in 2023 thanks to global plasma market
recovery supporting company sales, and growing EBITDA. It expects
further improvement in the company's operating performance in 2024,
notably with S&P Global Ratings-adjusted EBITDA margins increasing
to close to 22%, translating into debt to EBITDA comfortably below
7x at 5.6x by year end.

Grifols' deleveraging path for 2024 remains on track, thanks to
recovery in the group's operating performance stemming from better
fundamentals on the global plasma market and cost-saving measures
ramping up. Grifols' profitably will be slightly lower than
anticipated in 2023, because most of the costs related to its
ambitious cost-saving program was booked during that year, with an
expected S&P Global Ratings-adjusted EBITDA margin slightly
decreasing to 17.9% for 2023 from 18.1% in 2022. Profitability
declined during the pandemic owing to the disruption in blood
collection centers, especially in the U.S., which has created a
significant imbalance in the global plasma market. This resulted in
a higher price per liter of plasma, weighing on the company cost
base.

S&P said, "The slight decrease that we expect in the 2023 margin
stems from EUR160 million of restructuring costs in 2023, which is
slightly higher than the company guidance of EUR140 million. We
foresee Grifols' S&P Global Ratings-adjusted EBITDA margin to
rebound to close to 22% in 2024, thanks to the positive
contribution of lower cost per liter (CPL) of plasma, as well as
positive savings from the restructuring program launched at the
beginning of 2023. We are therefore confident that the group's past
effort to streamline its cost base will pay off in 2024 and 2025,
and that improved plasma market fundamentals will help the
company's profitability to recover in the next years."

Grifols' will use upcoming proceeds from its 20% stake disposal in
Shanghai RAAS to repay debt. As stated by the company during its
last conference call, Grifols is fully committed to using the
proceeds from this transaction to repay debt, even if the
transaction per se is still subject to various regulatory
approvals. The company disclosed an overall transaction amount of
$1.8 billion and a closing date in the first half of 2024. S&P
said, "Additionally, we understand that proceeds will be used on a
pro rata basis between secured debt and unsecured debt define in
the company debt documentation. In our previous base case, we had
assumed a closing of the transaction and the cash in of the proceed
at year-end 2023. While the deleveraging path for 2023 was slower
than previously anticipated, we expect leverage for 2024 will
remain unchanged, with the ratio declining steeply to 5.6x in 2024
from 8.9x in 2023 versus previous expectations of 5.6x in 2024 and
7.5x in 2023."

S&P said, "We expect free operating cash flow (FOCF) generation to
be positive in 2023 before rebounding in 2024 after turning
negative in 2022, owing to large working capital requirements
because of higher inventory levels. In 2022, the company faced a
large working capital outflow linked to the higher CPL of plasma,
mainly stemming from two years of imbalance between demand and
supply during the pandemic and a high level of inventory built in
throughout 2022. This has resulted in FOCF turning negative at
about EUR375 million. Despite our expectations that CPL will
decline significantly by close to 25% during fourth-quarter 2023
versus second-quarter 2022 (company-reported decrease of 22% of CPL
as of third-quarter 2023 versus second-quarter 2022), we continue
to be conservative in terms of working capital with an anticipated
outflow of EUR400 million annually. This will allow the company to
pile up plasma safety stock in the next two years, ensuring
operations run smoothly. If we were to look at FOCF as a percentage
of sales, it will reach 4.8% in 2024 before rebounding to 9% in
2025, which supports our current 'B+' rating.

"We expect Grifols' liquidity position will continue to support the
current rating, with sufficient funds covering upcoming liquidity
needs in the next 12 months. The company continues to have
sufficient liquidity, with a sources-to-uses ratio above 1.2x over
the next 12 months. It has no upcoming debt maturity until February
2025 with an outstanding bond of EUR800 million, and May 2025 with
an outstanding bond of EUR1 billion. Additionally, as of year-end
2023, Grifols has EUR500 million of cash on hand and an
availability of $600 million under its revolving credit facility
(RCF) maturing in November 2025.

"In our view, Grifols should receive the proceeds of its sale of a
20% stake in Shanghai RAAS to Haier for $1.8 billion (close to
EUR1.6 billion) in the first half of 2024, which is legally
binding, as reiterated publicly by the company, once all regulatory
approvals are fully met. We will monitor the finalization of the
deal and might reassess our liquidity position if for any reason
Haier pulled out of the deal. Should this happen, it might create
some difficulty for Grifols to successfully refinance its May 2025
bonds. We also consider that additional unfounded allegations from
short sellers might hamper market sentiment in the short term and
could affect Grifols' standing in credit markets. This might
translate into difficulties for Grifols in accessing the debt
capital market, with potential impacts on liquidity. However, we
think that despite the negative influence of short sellers'
reports, the group's healthy free cash flow generation underpins
its credit standing.

"The stable outlook reflects our view that Grifols' credit metrics
will slightly improve in 2023 thanks to global recovery of the
global plasma market supporting company sales and EBITDA growth. We
expect further improvement in the company's operating performance
in 2024, with adjusted EBITDA margins increasing to close to 22%.
Additionally, our stable outlook is supported by Grifols'
commitment to use the disposal of the sale of a 20% stake in
Shanghai RAAS to further deleverage. Both elements combined will
bring Grifols' debt to EBITDA below 7x to5.6x by year-end 2024."

S&P could lower the rating if:

-- Liquidity were to deteriorate in the next 12 months, in the
event of the Haier deal falling apart, and if the company's
standing in the credit market were to worsen to an extent that its
2025 debt maturity was not fully covered;

-- Operating performance weakens such that the group fails to
maintain an adjusted EBITDA margin above 20%; or

-- Debt-to-EBITDA remains above 7x owing to a weaker operating
performance than anticipated, a more aggressive financial policy
linked to further debt-finance acquisitions, or large discretionary
spending.

S&P could raise the rating if:

-- Grifols reduces leverage more quickly than S&P anticipates over
the next 12 months thanks to operating efficiencies and a higher
level of synergies stemming from Biotest integration. This would
translate into a quicker deleveraging than expected with an
adjusted debt to EBITDA decreasing below 5x on a sustainable basis;
or

-- There were a stronger rebound than currently anticipated,
translating into an adjusted EBITDA margin above 25% on a
sustainable basis, leading to a sizable improvement in FOCF to debt
to comfortably above 10%.




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

ASTON MARTIN: S&P Retains CCC+ ICR on New M&G Modifier Assessment
-----------------------------------------------------------------
S&P Global Ratings retains its ratings on Aston Martin Lagonda
Global Holdings PLC, including its 'CCC+' long-term issuer credit
rating, remain unchanged following the assignment of the new M&G
assessment.

S&P Global Ratings assigned a new M&G modifier assessment of
neutral to Aston Martin. S&P said, "The action 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 our analysis."

S&P said, "Our M&G assessment of neutral reflects management and
governance practices that may have some positive aspects but are
overall neutral for Aston Martin's credit risk. It reflects that
operational performance through management actions has improved
over the past two years and is expected to continue. We have seen
Aston Martin stabilize liquidity, while consistently meeting
performance projections and deleveraging through the repurchase of
a portion of its senior secured notes and its second-lien notes in
2022 and the preannounced repurchase of 50% of its second-lien
notes in November 2023. Our M&G assessment further reflects the
changing ownership in the past two years through the stake held by
the Yew Tree Consortium and the more recent investments by Geely
Holding, Saudi Arabia's Public Investment Fund, Lucid, as well as
the Yew Tree Consortium's increased stake in September 2023. It
also encompasses our view that Aston Martin's financial policy in
the recent past has been aligned to deleveraging, with forecasts
suggesting that credit metrics should improve over 2024 and into
next year. This would lead us to revise our financial policy
modifier on Aston Martin to neutral from 'FS-6'."

All ratings on Aston Martin remain unchanged.

The stable outlook reflects S&P's view that, despite tougher macro
conditions globally, Aston Martin's liquidity should enable the
company to deliver on its healthy order book and increase its sales
volume, revenue, and profitability. Furthermore, credit metrics
should improve given management's intent to reduce outstanding
debt.

Downside scenario

S&P could lower the ratings if supply side constraints
significantly affect Aston Martin's ability to increase its
volumes, resulting in weakened revenue and EBITDA projections, or
high cash burn began to squeeze liquidity, leading to an increased
likelihood of a default or payment crisis over the following 12
months.

Upside scenario

S&P could consider an upgrade if the group's revenues and EBITDA
grew strongly, leading to a significant and sustained improvement
in its key credit metrics, including funds from operations cash
interest coverage trending sustainably toward 2x, as well as if
free operating cash flow turned positive on a prolonged basis.


AVIATION AND TECH: Enters Administration After Declared Insolvent
-----------------------------------------------------------------
Business Sale reports that Aviation and Tech Capital Limited,
trading as ABLRate, has gone into administration.

The company is a regulated peer-to-peer (P2P) lending platform that
facilitated crowdfunding loans used to finance onward lending to
SMEs.

Sean Bucknall, Brian Burke and Andrew Hosking of Quantuma Advisory
Limited were appointed joint administrators after the firm was
declared insolvent, Business Sale relates.


BOX LTD: Goes Into Administration, Halts Operations
---------------------------------------------------
Business Sale reports that Box Limited, an online tech and gaming
retailer based in the West Midlands, has fallen into administration
and ceased trading.

The majority of the Tamworth-based company's 100-plus workforce
were made redundant upon the appointment of Michael Lennon and Mark
Blackman of Kroll as joint administrators on Jan. 19, Business Sale
relates.

The company, an online retailer of gaming and technology-related
products including laptops and bespoke gaming computers, had been
trading for around 27 years.  In its last available accounts at
Companies House, for the period from October 31, 2020 to
March 31, 2022, the company reported turnover of GBP139.5 million,
but fell to a pre-tax loss of GBP2.3 million, Business Sale
discloses.

Prior to its administration, the company was reported to have
annual turnover of around GBP76 million, Business Sale states.
However, according to administrators, the firm had experienced
financial difficulties and was unable to continue trading in its
present form, Business Sale notes.

According to Business Sale, trading operations have ceased during
the administration process, with the majority of staff made
redundant and a small number retained to assist in an orderly
wind-down of the company.


ENROK CONSTRUCTION: Falls Into Administration, 8 Jobs Affected
--------------------------------------------------------------
Sam Metcalf at TheBusinessDesk.com reports that a contractor which
has worked on sites across the Midlands has appointed
administrators.

Enrok Construction, which had offices in Ednaston, Derbyshire and
Stafford has posted a notice of appointment to appoint
administrators, TheBusinessDesk.com relates.

In December 2022, Enrok expanded into its Stafford office.

According to administrators, over recent months, the company has
faced several challenges including the insolvency of a key supplier
along with delays to key contracts that has led to increasing
cashflow pressure, TheBusinessDesk.com discloses.  In view of this,
the directors concluded that insolvency was unavoidable and as
such, took the "difficult" decision to put the company into
administration, TheBusinessDesk.com notes.

With the company no longer able to trade, the joint administrators
have made seven of the eight company employees redundant,
TheBusinessDesk.com states.

"The building and construction sector continues to face a number of
headwinds, including persistent cost inflation and material
shortages which have had the effect of eroding the thin margins
that are so often seen in competitive fixed price contracts,"
TheBusinessDesk.com quotes Tim Bateson, director at Interpath
Advisory and joint administrator, as saying.

He added: "Our intention is to assist the employees that have
unfortunately been made redundant whilst we seek to realise the
assets of the company, including exploring any interest in the
Company's live contracts."

In the firm's latest available accounts, made up to the end of May
2022, Enrok had assets of around GBP563,000 and creditors of almost
GBP433,500, according to TheBusinessDesk.com.


EVOFRAMES: Bought Out of Administration by Rooms & Views
--------------------------------------------------------
Business Sale reports that Evoframes, a Livingston-based supplier
of window-related products, has been acquired out of
administration.

The company fell into administration earlier this month, but it has
now been acquired by Welsh-based UK uPVC window manufacturer Rooms
& Views, Business Sale relates.

Evoframes fell into administration on Jan. 17, with Ken Pattullo
and Jamie Taylor of Begbies Traynor appointed as joint
administrators, Business Sale discloses.  Following their
appointment, the joint administrators undertook an accelerated
sales process, ultimately securing a pre-pack sale to Rooms & Views
in a deal that saves 76 jobs at Evoframes' Livingston factory,
Business Sale states.

The company, which was founded in 2020, supplies a wide range of
bespoke uPVC windows and doors to clients including window-fitters,
builders, joiners and trade counters.  The firm has its own
dedicated fleet of trucks, in order to deliver directly to
customers from its factory.

Recently, however, the company had been hit by a range of
challenging trading conditions, including higher interest rates,
rising costs for raw materials and reduced customer demand, which
forced it to enter administration, according to Business Sale.


FLEETTEQ LIMITED: Goes Into Administration
------------------------------------------
Business Sale reports that FleetTEQ Limited is a provider of
commercial vehicle maintenance services based in Ashford, Kent.

The company provides a wide range of mobile maintenance services,
including inspections, repairs, services, MOTs and air
conditioning, working with a range of HGV and LCV vehicles.

According to Business Sale, Bai Cham and Manjit Shokar of
Begbies Traynor were appointed as joint administrators to the
company, which reported fixed assets of around GBP129,000 and
current assets of close to GBP250,000, with net liabilities of
around GBP228,000, in its accounts for the year to April 30, 2022.


INEOS GROUP: Moody's Lowers CFR to Ba3, Outlook Remains Negative
----------------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating of
Ineos Group Holdings S.A to Ba3 from Ba2 and its probability of
default rating to Ba3-PD from Ba2-PD. Moody's further downgraded
the instrument ratings on the backed senior secured facilities and
backed senior secured bonds issued by Ineos Finance plc to Ba3 from
Ba2, as well as the instrument ratings on the backed senior secured
term facilities issued by Ineos US Finance LLC to Ba3 from Ba2. In
addition, Moody's assigned Ba3 rating to the proposed backed senior
secured term loan currently being marketed by Ineos US Finance LLC
and Ineos Finance plc, wholly owned subsidiaries of Ineos Group
Holdings S.A. (INEOS). The rating outlook on all entities remains
negative.

RATINGS RATIONALE

The rating action reflects continuing weak performance of the
company amid a cyclical downturn in the chemical industry with 2023
EBITDA of EUR1.7 billion reflecting about 41% decline year over
year.  The downgrade also reflects the uncertainty regarding the
timing of the cyclical turnaround and the fact that INEOS'
performance has been sustained for close to a year outside the
rating guidance:  debt/EBITDA expected around 6.3x for 2023 (versus
rating guidance of under 4x), net debt/EBITDA at approximately 5.3x
(versus rating guidance of 3.5x), and RCF/debt of about 6% (versus
guidance of 20%).  Furthermore, INEOS has announced a $700 million
acquisition of the oxide business from LyondellBasell  Industries
N.V. (Baa2 stable) which is expected to be debt-financed.  While
Moody's acknowledges the value of purchasing assets during a
cyclical downturn, as well as the benefits of the oxide assets
being located close to INEOS' existing facilities, the agency views
this transaction as aggressive given its timing in the business
cycle, the company's currently high leverage and ongoing
investments.

More positively, INEOS reported EBITDA of EUR451 million for the
fourth quarter of 2023, an increase of 15% year over year, although
it is uncertain if this improvement reflects a new performance
trend.  Also, on January 8, 2024, INEOS announced that its
construction permit for Project One had been reinstated after being
revoked in the summer of 2023 following a legal action.  This
reinstatement gives INEOS access to its project financing facility
for Project One which had approximately EUR520 million outstanding
in the summer of 2023 and allows it to repay its interim project
financing facility.

In addition, INEOS continues to benefit from good liquidity
including no maturities ahead of November 2025 and approximately
EUR1.8 billion of cash at December 31, 2023, along with an undrawn
working capital facility.

INEOS' Ba3 corporate family rating reflects the company's (1)
robust business profile including its leading market position as
one of the world's largest chemical groups across a number of key
commodity chemicals; (2) vertically integrated business model,
which helps the group capture margins across the whole value chain
and economies of scale advantages, (3) well-invested production
facilities, most of them ranking in the first or second quartile of
their respective regional industry cost curve; and (4) experienced
management team. These positives are offset by (1) the cyclical
nature of the commodity chemical industry currently facing weak
end-market demand; (2) expected prolonged weakness in INEOS' credit
profile as a result of market softness and planned large expected
capital outlays; and (3) history of large shareholder
distributions.

ESG

Moody's views INEOS Group's financial strategy as aggressive as
evidenced by its debt-financed acquisition of the oxide business
from LyondellBasell Industries N.V. at the time when the industry
performance and the company's credit metrics are pressured.

LIQUIDITY

INEOS' liquidity is strong with approximately EUR1.8 billion of
cash at December 31, 2023 and undrawn working capital facilities of
EUR541 million. The company's nearest debt maturity is EUR550
million senior secured notes due November 2025.

STRUCTURAL CONSIDERATIONS

All of INEOS' rated debt is secured and consists of senior secured
term loans and senior secured notes. All of the rated instruments
are pari passu and secured on the same collateral pool; therefore,
all of the debt instruments are rated Ba3, in line with the CFR.

RATING OUTLOOK

Negative rating outlook reflects Moody's expectation that INEOS'
earnings will continue to be pressured, for some time, in line with
the broader chemical sector.  Given that, Moody's expects that the
company's return to a credit profile commensurate with the current
rating may take some time.

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

While unlikely in the near term, positive pressure on the rating
may arise if (i) retained cash flow to debt is consistently above
20%; (ii) Moody's-adjusted total debt to EBITDA is sustained below
4x; and (iii) INEOS maintains good liquidity. Furthermore, a
moderate approach to shareholder distributions would be important
for an upgrade.

Conversely, the ratings could come under further downward pressure
if (i) Moody's-adjusted total debt to EBITDA is over 5x and
retained cash flow to debt is below 15% for a prolonged period of
time or its net leverage increases to above 4.0x for over 12
months; (ii) the group's liquidity profile weakens; or (iii) INEOS
chooses to make material dividend distributions such that its
leverage levels become elevated.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

INEOS is one of the world's largest chemical companies in terms of
revenue and a large global manufacturer of petrochemical products,
mainly olefins and polyolefins. In 2023, INEOS reported EBITDA
before exceptional items of EUR1.7 billion. The key olefins
manufactured by INEOS are ethylene and propylene, and these olefins
are in turn used to produce polyolefins and other derivatives. The
company has leading global market positions for most of its key
products, along with a strong and stable customer base.


INEOS GROUP: S&P Affirms 'BB' LongTerm Issuer Credit Rating
-----------------------------------------------------------
S&P Global Ratings affirmed its 'BB' long-term issuer credit rating
on Ineos Group Holdings (IGH). S&P's 'BB' issue ratings on the
company's debt are unchanged.

At the same time, S&P assigned its 'BB' issue rating with a
recovery rating of '3' (65%) to the new euro and U.S. dollar senior
secured debt due 2031.

The outlook remains negative, indicating that credit metrics at the
wider Ineos group have weakened due to subdued demand affecting
profitability. The outlook also reflects organic and inorganic
investments that have pushed up debt.

S&P said, "We affirmed the ratings on IGH because we continue to
view it as a core subsidiary of the parent, Ineos Ltd. We use our
group rating methodology to assess our ratings on IGH and its
related entities, which means that our rating on IGH continues to
reflect the creditworthiness of the wider Ineos group. Because we
view IGH as a core member of this group, we equalize our rating on
IGH with our group credit profile assessment for the wider Ineos
family. This assessment reflects our view of the creditworthiness
of the rated entities--IGH, Ineos Quattro Holdings Ltd. (Ineos
Quattro), and Ineos Enterprises Holdings Ltd.--as well as the
unrated entities in Ineos Ltd.'s organizational structure, based on
public disclosures and discussions with management.

"While we expect IGH's credit metrics will remain weak in 2024, we
forecast an improvement in the leverage metrics of the wider Ineos
family. This is thanks to management's actions to protect cash
flows in 2024 by limiting its capital investments and implementing
additional cost controls to safeguard earnings. Ineos Quattro, for
example, is cutting its 2024 capex to a minimal level of about
EUR200 million and--like IGH--is not expected to pay any dividends
in 2024, absent a rebound in earnings. Notably, our assessment of
the wider group also considers the contribution from the
acquisition of U.S. onshore oil and gas assets from Chesapeake
Energy in earnings. This acquisition was partly funded by a $900
million intercompany loan from IGH to Ineos Energy. While the
slower-than-anticipated repayment of that loan weighs on IGH's
metrics, it has a neutral impact for the overall group.

"We are keeping a close eye on the pace and timing of the recovery
in demand for petrochemicals, as this would allow the Ineos
entities to improve their operating rates and margins. If demand
remains stagnant for longer than we think, or if the group entities
continue to pursue debt-funded acquisitions, it will likely
compound the pressure on Ineos' issuer credit ratings.

"At the same time, we revised downward the SACP on IGH to reflect
weaker adjusted leverage metrics in 2023 and 2024. IGH's credit
metrics weakened in 2023, and we forecast adjusted net debt to
EBITDA will remain at 5.5x-6.0x in 2023 and 2024 (including lease
obligations, underfunded employee postretirement benefits, and the
drawn portion of the project financing). This is due to the
combination of the group's sizable organic and inorganic
investments, which have increased its debt; and the downturn in the
petrochemicals industry, which started in the second half of 2022
as a result of stagnant demand and capacity additions. The
resulting oversupply led to an industry-wide deterioration in
operating rates, prices, and margins. Our base case assumes
continuing challenges in supply and demand fundamentals in the
olefins and polyolefins chains through 2024. Large capacity
additions (primarily in China and to a lesser extent in the U.S.)
began in 2021 will continue to ramp up in 2024. This, combined with
an uncertain macroeconomic environment, could stall a meaningful
recovery in IGH's earnings. We expect a more tangible improvement
in earnings in 2025, given more-favorable supply-and-demand
dynamics. A recovery in demand will also allow IGH's joint ventures
with SINOPEC to upstream dividends, which we include in our
calculation of EBITDA. Any upside risks would likely be driven by a
quicker-than-anticipate rebound in demand from China and permanent
capacity closures, particularly in Europe, to help ease oversupply
conditions.

"Specifically for IGH, we forecast adjusted EBITDA to be about
EUR1.7 billion in 2023, thanks to a sequential improvement from the
second-quarter 2023 trough, leading to adjusted debt to EBITDA of
5.7x-5.8x (including the ring-fenced project financing). In
contrast, we had assumed a gradual deleveraging in 2024, but no
longer think this will be the case. This is due to the announced
acquisitions of the LyondellBasell Ethylene Oxide and Derivatives
business in Texas for $700 million; the acquisition of
TotalEnergies' petrochemical assets at Lavera that we understand
will be brought within IGH's perimeter; accelerated capex for the
construction of its new ethane cracker in Antwerp (Project One); a
modest cash dividend paid in fourth-quarter 2023 to support the
development of other group projects; and the repayment of the $900
million intercompany loan to Ineos Energy--we previously assumed
this would be partly repaid in 2024 but we now expect it to be
repaid between 2025 and 2027. Against this backdrop, we forecast
IGH's adjusted EBITDA to increase to EUR2.0 billion-EUR2.1 billion
in 2024, mainly thanks to the contribution from the acquired
assets. As a result, we project S&P Global Ratings-adjusted
leverage of about 6.0x in 2024, or about 5.0x-5.3x excluding the
ring-fenced project financing. This is above the 4.0x-4.5x
threshold we consider commensurate with the 'bb' SACP.

"We assigned a 'BB' issue rating to the new proposed euro and U.S.
dollar senior secured term debt due 2031.The recovery rating is '3'
(65%). The EUR2 billion equivalent senior secured term loans due
2031, together with other secured debt are issued by the financial
subsidiaries of IGH. Proceeds from this transaction will be used to
partly refinance roughly one-third of the senior secured notes
maturing in 2025 and 2026, to fund the announced acquisitions and
partly fund its investment in Project One."

The negative outlook indicates that credit metrics at the wider
Ineos group have weakened due to subdued demand affecting
profitability. The outlook also reflects organic and inorganic
investments that have pushed up debt.

S&P said, "In our base case, we expect that the challenging
macroeconomic environment will continue to depress demand for
cyclical commodity chemicals, and that oversupply conditions will
persist in the remainder of 2023 and into 2024, due to new industry
capacity. Accordingly, we forecast IGH's S&P Global
Ratings-adjusted EBITDA will decline to about EUR1.7 billion in
2023 from EUR2.85 billion in 2022, leading to adjusted leverage of
5.7x-5.8x (including project financing for Project One). We
forecast adjusted EBITDA to increase to EUR2.0 billion-EUR2.1
billion in 2024, reflecting the contribution from recent
acquisitions, management's measures to reduce costs, and an uptick
in demand toward the end of 2024.

"We could lower our rating on IGH if the creditworthiness of the
wider Ineos group does not improve over the next 12 months. This
could occur, for example, if the recovery in profits and credit
metrics at the larger entities (including IGH and Ineos Quattro) is
slower than we anticipate, or if we see additional debt-funded
acquisitions pressuring the overall Ineos family.

"We could revise our outlook to stable if our view of the credit
quality of the wider Ineos group improves. This would be the case
if we saw a broad recovery across the market segments of the wider
Ineos family and improving credit metrics across IGH, Ineos
Quattro, and Ineos Enterprises."


JUPITER MORTGAGE 1: S&P Assigns BB(sf) Rating on Class E Notes
--------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Jupiter Mortgage
No.1 PLC's A Loan Note and class A, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd,
and F-Dfrd notes. At closing, Jupiter Mortgage No.1 also issued
unrated class Z and X-Drfd notes, and VRR loan notes.

Jupiter Mortgage No.1 is a static RMBS transaction that securitizes
a portfolio of GBP2.00 billion owner-occupied and buy-to-let (BTL)
mortgage loans secured on properties in the U.K. It refinances the
original transaction that closed in March 2021.

At closing, there was no sale of mortgages as this had happened
during the original transaction.

The issuer keeps the beneficial interest in the portfolio of U.K.
residential mortgages from the seller (Jupiter Seller Ltd.). The
notes and VRR loan notes were issued and backed by the same
security as the original notes while the latter are collateralized
by the issuance proceeds of the newly issued notes for about two
days (until the exercise of the call on the original notes and
their repayment).

The pool is well-seasoned. Most of the loans are first-lien U.K.
owner-occupied and BTL residential mortgage loans. However, the
pool includes a small percentage of retirement interest-only loans
and lifetime mortgage loans. The borrowers in this pool may have
previously been subject to a county court judgment (CCJ; or the
Scottish equivalent), an individual voluntary arrangement, a
bankruptcy order, may be self-employed, have self-certified their
incomes, or were otherwise considered by banks and building
societies to be nonprime borrowers. The loans are secured on
properties in England, Wales, Scotland, and Northern Ireland, and
were mostly originated between 2003 and 2009.

Of the pool, 20.1% of the mortgage loans by current balance are
currently in arrears greater than (or equal to) one month. There is
high exposure to interest-only loans in the pool at 94.0%.

A general reserve fund provides liquidity, and principal can be
used to pay senior fees and interest on the notes subject to
various conditions. A further liquidity reserve fund was funded to
provide liquidity support to the class A and B-Dfrd notes.

Topaz Finance Ltd. is the servicer in this transaction, and
Computershare Mortgage Services Ltd. is the delegated servicer.

S&P said, "There are no rating constraints in the transaction under
our counterparty, operational risk, or structured finance sovereign
risk criteria. We consider the issuer to be bankruptcy remote.

"Our credit and cash flow analysis and related assumptions consider
the transaction's ability to withstand the potential repercussions
of the cost of living crisis, namely higher defaults and longer
recovery timing. As the situation evolves, we will update our
assumptions and estimates accordingly."

  Ratings

  CLASS          RATING*     CLASS SIZE (MIL. GBP)

  A Loan Note    AAA (sf)         400.000

  A              AAA (sf)       1,143.584

  B-Dfrd         AA (sf)          132.985

  C-Dfrd         A (sf)            75.991

  D-Dfrd         BBB+ (sf)         42.745

  E-Dfrd         BB (sf)           33.246

  F-Dfrd         CCC (sf)          23.747

  Z              NR                47.495

  X-Dfrd         NR                18.997

  S1 certificate†   NR                N/A

  S2 certificate†   NR                N/A

  Y certificate†    NR                N/A

  VRR loan notes    NR            100.989

*S&P's ratings address timely receipt of interest and ultimate
repayment of principal for the most senior class of notes, and the
ultimate payment of interest and principal on the other rated
notes.
§This is the credit enhancement based on subordination plus the
general reserve fund.
†The S1, S2, and Y certificates were not reissued but were
retained.
N/A--Not applicable.
NR--Not rated.
SONIA--Sterling Overnight Index Average.


MCLAREN GROUP: S&P Retains 'CCC' ICR Amid New M&G Assessment
------------------------------------------------------------
S&P Global Ratings retained its ratings on McLaren Group Ltd.
(McLaren), including its 'CCC' issuer credit rating, following the
assignment of the new M&G assessment.

S&P Global Ratings assigned a new M&G modifier assessment of
negative to McLaren. The action follows the revision to S&P's
criteria for evaluating the credit risks presented by an entity's
M&G 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 affect an entity's creditworthiness
and, as such, the M&G modifier is an important component of S&P's
analysis.

S&P's M&G assessment of negative reflects material deficiencies in
the management and governance that clearly increase credit risk for
McLaren, in particular the delays in reporting full-year results
over the past two years and the quality control in the release and
delivery of its Artura model, which has been delayed numerous times
since its original launch in August 2021, and which have had a
materially negative impact on McLaren's operating performance.

McLaren saw progress in its recapitalization process over 2023, and
in December it announced that its shareholders had unanimously
approved a recapitalization that would enable a simplified share
structure and streamlined governance process.

All ratings on McLaren remain unchanged.

S&P said, "The negative outlook indicates that we still expect
Artura-model-related quality issues to hamper sales volumes, with
the continued high spending required to resolve these problems and
develop new models leaving liquidity under strain.

"We could lower our ratings on McLaren if its cash burn remains
high and this is not offset by additional support from
shareholders, resulting in a further deterioration of liquidity. We
could also lower the ratings if utilization of the revolving credit
facility (RCF) exceeds 35% and we do not expect McLaren to pass its
covenant test. Furthermore, we could lower the ratings if we think
a default, distressed exchange, or redemption are likely within six
months. This could be driven by continued difficulties in reviving
volumes, leading to decreased revenue, reported EBITDA, and cash
generation.

"For a positive rating action, we would expect the liquidity
position to stabilize and increased covenant headroom. This may
stem from further shareholder support, potentially combined with
improved wholesale volumes and revenue."



SELINA HOSPITALITY: Updates Note Restructuring; Forbearance Expires
-------------------------------------------------------------------
Selina Hospitality, PLC has provided a business update regarding
liability management and fundraising efforts, particularly relating
to the restructuring of the Company's $147.5 million principal
amount of 6% Convertible Senior Notes due 2026 and strategic
financing arrangements with Osprey Investments Limited.

As announced by the Company via Reports on Form 6-K issued on
November 1, 2023 and December 4, 2023, the Company entered into an
agreement in principle, subject to definitive documentation, with a
steering committee comprised of noteholders holding approximately
26.0% of the outstanding indebtedness under the Indenture between
the Company and Wilmington Trust, National Association, as trustee,
dated as of October 27, 2022 (the "Existing Indenture"), in respect
of $147.5 million principal amount of 6% Convertible Senior Notes
due 2026, and Osprey Investments Limited, the investor under the
strategic financing arrangements announced by the Company on June
27, 2023, to restructure the 2026 Notes in a manner that would
involve the Company exchanging the 2026 Notes held by each of the
participating holders for ordinary shares of the Company, warrants
to acquire ordinary shares of the Company and new senior secured
notes due 2029 in conjunction with Osprey or its affiliate agreeing
to purchase $28 million of ordinary shares of the Company at a
price of $0.20 per share, agreeing to convert some of its existing
convertible debt into equity of the Company and having the option
to invest up to $20 million in additional funds at a price of $0.10
per share, all as described in the Transactions.

The definitive documentation for the Transactions has now been
agreed substantially amongst the relevant parties, but the
agreements have not yet been executed and the Company has been
informed by Osprey that it is not willing to proceed with the New
Osprey Investment Arrangements in their current form unless certain
conditions are satisfied within a limited timeframe. Those
conditions include, among other things, Osprey receiving releases
of liability in connection with the Transactions, the Company
raising up to $10 million in additional equity investment and/or
agreeing certain arrangements with Inter-American Investment
Corporation ("IDB") regarding the use of funds held in a blocked
debt service reserve account over which IDB has a fixed charge
security interest in order to pay interest and other amounts due to
IDB under their $50 million loan facility entered into on November
20, 2020, among IDB, Selina Global Services Spain S.L., a
subsidiary of the Company, as the borrower, and Selina Operation
One S.A., a subsidiary of the Company. The Company continues to
engage with the Steering Committee, Osprey, IDB, and other relevant
stakeholders, as well as potential investors, in order to try to
complete the Transactions as soon as possible and, at the same
time, evaluate other strategic alternatives.

In connection with the Note Restructuring, the forbearance
arrangements agreed with various holders of 2026 Notes in respect
of certain events of default under the Existing Indenture, relating
to the Company's failure to make its interest payment that was due
on November 1, 2023 under the 2026 Notes and the Company ceasing to
maintain $15 million of unrestricted cash as required under Section
4.10 of the Existing Indenture, as specified in the Announcements,
have now expired.

The obligors under the IDB Facility received a notice from IDB,
dated December 26, 2023, indicating that an event of default had
occurred under the IDB Facility due to Selina Spain failing to pay
accrued interest in the amount of $524,390 by December 15, 2023 and
that the lenders under the IDB Facility reserved their rights to
enforce their remedies under the IDB Facility, including the
acceleration of the outstanding amounts due under the facility
prior to their maturity date in December 2027 and/or the right to
withdraw funds from the IDB Reserve Account. IDB exercised its
right to withdraw the outstanding interest payment from the Reserve
Account and such amount was paid to IDB on December 29, 2023 in
order to cure the default. Under the IDB Facility, Selina Spain has
30 days to replenish the Reserve Account. The next payment due
under the IDB Facility relates to approximately $818,075 in
deferred interest and other fees owed to IDB, the payment of which
amounts was deferred until January 5, 2024. The Company remains in
dialogue with IDB over the situation and the options available to
the Company; however, no specific outcome can be determined at this
time.

In addition, the Company and/or certain of its subsidiaries have
received default and reservations of rights notices from various
other counterparties, including landlords, joint venture partners,
suppliers and other parties as part of the group's liability
management efforts. One such notice, received from YAM at Selina
Ops, L.P. on December 27, 2023, pertains to the Company's failure
to keep ordinary shares held by YAM registered under an effective
registration statement and make certain payments to YAM as required
under the second amendment to a separation and amendment agreement,
initially dated June 3, 2022, as subsequently amended, and entered
into between YAM, on one hand, and the Company, PCN Operations,
S.A. ("PCN"), Selina Operation One, S.A., and Selina Management
Panama, S.A., on the other hand. The Separation Agreement includes
the terms relating to the eventual buy-out of YAM's equity interest
in a joint venture arrangement, entered into in September 2017
between the Company and YAM, pursuant to a shareholder agreement,
entered into in December 2020 among the Company, Selina One and
YAM, that governs PCN, the joint venture company that was
established for the development and operation of the Company's
business in Panama, Costa Rica and Nicaragua. As a result of the
default, YAM's notice states that it has certain rights to
accelerate amounts owed to YAM under the JV Arrangements, including
an estimated $3.7 million pertaining to buy-out payments, and
enforce certain of YAM's rights under pledges it holds over certain
subsidiaries of PCN and guarantees provided by the Company and
other subsidiaries. Management is in discussions with YAM over a
further amendment to the Second Amendment regarding the deferral of
certain amounts owed to YAM and certain other matters in order to
address the defaults, although no specific outcome can be assured
at this time.

The Second Amendment and other primary agreements relating to the
JV Arrangements are summarized in a Report on Form 6-K issued on
June 27, 2023 and the "Material Contracts" section of the Company's
2022 annual report on Form 20-F filed with the U.S. Securities and
Exchange Commission on April 28, 2023.

The events of default referred to above could trigger
cross-defaults under certain of the Company's other financing
arrangements.

There can be no assurances that the Transactions will be
implemented or that the Company will be successful in resolving the
events of default. In such event, if there are no reasonable
prospects of avoiding an insolvent administration or an insolvent
liquidation, there is a risk that the directors of the Company will
consider it necessary to seek the appointment of an administrator
or other insolvency practitioner.

A full-text copy of the 6-K report with further information is
available at http://tinyurl.com/3bxztj2u

                 About Selina Hospitality PLC

United Kingdom-based Selina (NASDAQ: SLNA) is one of the world's
largest hospitality brands built to address the needs of millennial
and Gen Z travelers, blending beautifully designed accommodation
with coworking, recreation, wellness, and local experiences.
Founded in 2014 and custom-built for today's nomadic traveler,
Selina provides guests with a global infrastructure to seamlessly
travel and work abroad. Each Selina property is designed in
partnership with local artists, creators, and tastemakers,
breathing new life into existing buildings in interesting locations
in 24 countries on six continents -- from urban cities to remote
beaches and jungles.

STRATTON MORTGAGE 2024-1: S&P Assigns B-(sf) Rating on E Notes
--------------------------------------------------------------
S&P Global Ratings assigned credit ratings to Stratton Mortgage
Funding 2024-1 PLC's class A loan note and class A to F-Dfrd notes.
At closing the issuer also issued unrated class Z, X1, and X2
notes, and unrated RC1 and RC2 certificates.

The transaction is a refinancing of Stratton Mortgage Funding
2021-2 PLC, which closed in February 2021. It is a static RMBS
transaction that securitizes a portfolio of EUR1.03 billion
owner-occupied and buy-to-let mortgage loans secured on properties
in the U.K.

At closing the seller (Ertow Holdings XI DAC) purchased the
beneficial interest in the portfolio from Stratton Mortgage Funding
2021-2 PLC, who previously acquired the portfolio from the original
sellers, NRAM Ltd. and Bradford and Bingley PLC. The issuer used
the issuance proceeds to purchase the full beneficial interest in
the mortgage loans from the seller. The issuer granted security
over all of its assets in favor of the security trustee.

The pool is well seasoned. The loans are first-lien U.K.
owner-occupied and BTL residential mortgage loans, however the pool
includes a small percentage of lifetime mortgage loans. The
borrowers in this pool may have previously been subject to a county
court judgement, an individual voluntary arrangement, a bankruptcy
order, may be self-employed, have self-certified their incomes, or
were otherwise considered by banks and building societies to be
nonprime borrowers. The loans are secured on properties in England,
Wales, Scotland, and Northern Ireland and were mostly originated
between 2003 and 2009.

There is high exposure to interest-only loans in the pool at 93.8%.
21.6% of the mortgage loans are currently in arrears greater than
(or equal to) one month.

A general reserve fund provides liquidity and credit enhancement,
and principal can be used to pay senior fees and interest on the
rated notes subject to various conditions. A further liquidity
reserve fund was funded to provide liquidity support to the class A
debt and B-Dfrd notes.

Topaz Finance Ltd. is the servicer in this transaction.

S&P said, "There are no rating constraints in the transaction under
our counterparty, operational risk, or structured finance sovereign
risk criteria.

"Our credit and cash flow analysis and related assumptions consider
the transaction's sensitivity to higher defaults and longer
recovery timing. Considering these factors, we believe that the
available credit enhancement is commensurate with the ratings
assigned. The issuer is an English special-purpose entity, which we
consider to be bankruptcy remote in our analysis."

  Ratings

  CLASS            RATING        AMOUNT
                               (MIL. EUR)

  A loan note      AAA (sf)     396.941
  A                AAA (sf)     442.923
  B-Dfrd           AA (sf)       75.513
  C-Dfrd           A- (sf)       39.058
  D-Dfrd           BBB- (sf)     26.039
  E-Dfrd           BB (sf)       15.623
  F-Dfrd           B- (sf)       15.623
  Z                NR            26.039
  X1               NR             2.604
  X2               NR             2.604
  RC1 certificate  NR              N/A
  RC2 certificate  NR              N/A

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


TILE CHOICE: Enters Administration, Ceases Operations
-----------------------------------------------------
Business Sale reports that Tile Choice Limited, a wholesaler and
retailer of tiles headquartered in Wolverhampton, fell into
administration and ceased trading, with Roderick Butcher and
Richard Goodwin of Butcher Woods appointed as joint
administrators.

The company traded from 18 stores across the East and West
Midlands, as well as operating an online store, and had a 30,000 sq
ft warehouse and distribution centre.  In the company's accounts
for the year ending June 30 2022, it reported turnover of just
under GBP16 million, down from GBP16.7 million a year earlier,
while operating profit fell from just shy of GBP1 million to
GBP641,611, Business Sale discloses.

According to Business Sale, while turnover remained strong, the
drop in profit was attributed to the closure of an inderperforming
location, as well as a fall from the strong sales experienced
during COVID-19 lockdown and a reduction in online trade following
the reopening of physical stores.

At the time, the company's fixed and current assets were each
valued at around GBP4.5 million, with net assets standing at GBP2.1
million, Business Sale notes.


TOGETHER ASSET 2024-2ND1: S&P Assigns 'BB(sf)' Rating on F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Together Asset
Backed Securitisation 2024-2ND1 PLC's class A notes, loan note, and
class B to X-Dfrd notes. At closing the issuer also issued unrated
class Z-Dfrd notes and residual certificates.

This is a static RMBS transaction, which securitizes a portfolio of
up to GBP308.4 million second- and subsequent-lien mortgage loans,
both owner-occupied and buy-to-let, secured on properties in the
U.K. Product switches and loan substitution are permitted under the
transaction documents.

Together Personal Finance Ltd. and, Together Commercial Finance
Ltd. originated the loans in the pool between 2016 and 2023.

S&P considers the collateral to be nonconforming based on the
prevalence of loans to borrowers with adverse credit history, such
as prior county court judgments and bankruptcies.

Credit enhancement for the rated notes consists of subordination.

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

There are no rating constraints in the transaction under S&P's
counterparty, operational risk, or structured finance sovereign
risk criteria. The ratings are contingent on its review of the
legal documents.

  Ratings

  CLASS          RATING     CLASS SIZE (MIL. GBP)

  A              AAA (sf)        11.337

  Loan note      AAA (sf)       215.380

  B              AA (sf)         28.718

  C-Dfrd         A (sf)          13.603

  D-Dfrd         BBB (sf)        15.115

  E-Dfrd         BB+ (sf)         7.558

  F-Dfrd         BB (sf)          3.023

  X-Dfrd         BBB+ (sf)        4.087

  Z-Dfrd         NR               7.558

  Residual certs   NR               N/A

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



                           *********


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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Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

Copyright 2024.  All rights reserved.  ISSN 1529-2754.

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