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

                          E U R O P E

          Tuesday, February 6, 2024, Vol. 25, No. 27

                           Headlines



A R M E N I A

DEVELOPMENT AND INVESTMENT: Moody's Affirms 'Ba3' LongTerm CFR


B O S N I A   A N D   H E R Z E G O V I N A

BOSNIA AND HERZEGOVINA: S&P Affirms 'B+/B' Sovereign Credit Ratings


F I N L A N D

AMER SPORTS: Moody's Rates New EUR600MM Secured Term Loan 'B1'
AMER SPORTS: S&P Assigns 'BB' LongTerm ICR, Outlook Stable


F R A N C E

LA FINANCIERE: S&P Lowers LT ICR To 'CC', Outlook Negative


I R E L A N D

CONTEGO CLO V: Moody's Affirms B2 Rating on EUR12MM Class F Notes


I T A L Y

DOVALUE SPA: S&P Affirms 'BB' LongTerm ICR, Outlook Stable


L U X E M B O U R G

COVIS FINCO: Eaton Vance EFT Marks $617,000 Loan at 29% Off


S P A I N

FOODCO BONDCO: Moody's Withdraws 'Ca' CFR on Debt Cancellation


U N I T E D   K I N G D O M

ARRIVAL: Goes Into Administration, Mulls Asset Sale
BENCHMARK LEISURE: Council Writes Off Majority of GBP9-Mil. Loan
CD&R FIREFLY 4: Moody's Puts 'B2' CFR on Review for Downgrade
FLAT CAP: The Vicarage at Cranage Put Up for Sale for GBP2.5MM
FOLGATE INSURANCE: A.M. Best Reviews 'B(Fair)' Fin. Strength Rating

HEWORTH GREEN: Falls Into Administration, Owes More Than GBP37MM
NEPTUNE ENERGY: Moody's Puts 'Ba3' Rating on Unsec. Notes on Review
PEDAL ME: Shareholders Buy Assets Out of Administration
QREDO: Portion of Business Put Into Administration
VUE INTERNATIONAL: Eaton Vance EFT Marks Loan at 62% Off


                           - - - - -


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A R M E N I A
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DEVELOPMENT AND INVESTMENT: Moody's Affirms 'Ba3' LongTerm CFR
--------------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 long-term Corporate
Family Rating and long-term issuer ratings of the Development and
Investment Corporation of Armenia (DICA).

At the same time, Moody's has removed the designation of DICA as a
government-related issuer and has withdrawn its b1 Baseline Credit
Assessment (BCA), following the publication of Moody's updated
Government-Related Issuers methodology on January 25, 2024.

The outlook remains stable.

RATINGS RATIONALE

The rating action follows the publication of the updated
Government-Related Issuers methodology. Moody's has clarified the
scope of the updated methodology that the issuers rated using
Moody's methodologies for banks, finance companies, securities
industry market makers, securities industry service providers,
clearinghouses and Chinese local government finance vehicles are
not designated as Government-Related Issuers. The incorporation of
government support should be discussed in their relevant sector
methodologies.

DICA's Ba3 CFR incorporates the company's standalone assessment of
b1 and a one-notch uplift based on Moody's expectation of a very
high level of support from, and a very high level of dependence on,
the Government of Armenia (Ba3 stable) under the Finance Companies
Methodology. According to the rating agency, the very high support
assumption reflects the current full ownership of DICA by the
Government of Armenia, and its public policy role of supporting the
development of Armenia's small and medium-sized enterprise (SME)
sector. DICA's Ba3 long-term issuer ratings are further aligned
with its Ba3 CFR, and reflect the absence of structural
subordination of unsecured obligations.

DICA's b1 standalone assessment primarily reflects its strong
capital metrics and good earnings generating capacity. Access to
government funding sources, combined with good liquidity buffers,
is also instrumental in ensuring that the company can finance new
projects and meet maturing liabilities. The assigned standalone
assessment further reflects Armenia's potentially volatile
operating environment and high industry risks, given DICA's focus
on the risky SME sector, in line with its development mandate. The
company's small size, and limited franchise positioning and
business diversification also constrain its standalone assessment
at the current level.

STABLE OUTLOOK

The stable outlook is in line with the stable outlook on Armenia's
Ba3 sovereign rating, which informs Moody's government support
assumptions. The stable outlook further recognises that the strong
capital buffers help cushion asset risks and pressures from a
potentially fragile operating environment.

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

As DICA's ratings are already on par with the government rating,
its CFR and long-term issuer ratings can be upgraded following a
material strengthening of the operating environment and in
Armenia's credit profile. Conversely, downward pressure on the
ratings would arise in case of a deterioration in the sovereign's
credit profile, as would be indicated by a downgrade of the
sovereign rating; and/or a significant deterioration in DICA's
standalone assessment, as evident be a rise in problem loans, a
deterioration in capital buffers or a significant squeeze in
liquidity.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Finance
Companies Methodology published in November 2019.




===========================================
B O S N I A   A N D   H E R Z E G O V I N A
===========================================

BOSNIA AND HERZEGOVINA: S&P Affirms 'B+/B' Sovereign Credit Ratings
-------------------------------------------------------------------
S&P Global Ratings, on Feb. 2, 2024, affirmed its 'B+/B' long- and
short-term local and foreign currency sovereign credit ratings on
Bosnia and Herzegovina (BiH). The outlook is stable.

S&P's transfer and convertibility (T&C) assessment on BiH remains
unchanged at 'BB'.

Outlook

S&P said, "The stable outlook reflects BiH's resilient economic
growth prospects, as well as the sovereign's favorable fiscal
position that we expect will endure over the next few years. The
outlook also captures our view that domestic political contentions
will not escalate further, although future confrontations remain a
risk given BiH's complex institutional arrangements."

Downside scenario

S&P could lower the ratings if domestic political tensions
significantly escalate, particularly if they jeopardized government
debt service, for example, by weakening indirect tax revenue or
foreign currency reserves at the central bank.

Upside scenario

S&P could raise the ratings on BiH if it sees more consensus-based
domestic policymaking that, over the medium term, potentially
accelerates structural reforms--including those relating to the
country's EU accession--and economic growth.

Rationale

After a modest expansion in 2023, BiH's real economic growth will
solidify at an average 3% per year over 2024-2027. This stems from
stronger domestic demand as ongoing disinflation boosts consumption
and several investment projects commence, including in the energy
sector. In addition, we expect external demand will gradually
recover as activity picks up in BiH's most important trading
partners, including those in the eurozone.

S&P said, "Our ratings on BiH remain constrained by the country's
exceptionally complex institutional and governance system.
Political volatility and contentions occur frequently. We think the
persistent dispute between Republika Srpska (RS) and several BiH
institutions, including the Office of the High Representative and
the Constitutional Court, will ultimately de-escalate, as it has in
previous similar situations. Furthermore, we assume progress on
structural reforms relating to EU accession could improve political
effectiveness over the medium term, should they occur.

"BiH's consolidated general government fiscal position remains a
rating strength. We forecast budget deficits will average below 1%
of GDP per year over 2024-2027, resulting in a continuous decline
in net general government debt to about 20% of GDP through 2027.
About 65% of consolidated gross general government debt is due to
official bilateral and multilateral creditors at long maturities
and favorable interest rates. Consequently, we project that BiH's
debt service costs will remain contained through 2027 at an average
of 2.5% of government revenue, which is low in a global
comparison.

"BiH lacks monetary flexibility given the standing konvertibilna
marka (BAM) currency board arrangement with the euro, which we
forecast will endure."

Institutional and economic profile: An emerging market economy with
comparatively modest GDP per capita and complex domestic
institutional setup

-- Weak external demand curbed real economic growth in 2023, which
we estimate at slightly below 2%.

-- From 2024, stronger consumption on lower inflation and firming
external demand will support real GDP growth of almost 3% per year
on average.

-- RS' frequent threats to withdraw from state-level institutions
point to the complexity of BiH's political dynamics, potentially
constraining the sovereign's creditworthiness.

BiH's institutional and governance arrangements are arguably among
the most complex in the world, and frequent internal political
blockades and confrontations constrain the sovereign's
creditworthiness. The Dayton Peace Accords, which ended three years
of war (1992-1995), established the current political structures,
including the so-called Office of the High Representative to
oversee the civilian aspects of peace agreement implementation. In
practice, the country comprises two entities: the Federation of
Bosnia and Herzegovina (FBiH) and RS, each of which has a large
degree of autonomy, in addition to the small, self-governing Brcko
District. Each entity has its own parliament, government, and
banking regulator with extensive mandates.

The coexistence of two separate sub-sovereign entities under a
common institutional framework has generally translated into a
contentious political environment and protracted delays in progress
on structural reforms. Since the relatively swift government
formation after the October 2022 general elections, at both the
state and sub-sovereign levels, BiH experienced another bout of
political confrontation in 2023, which we expect will persist over
the near term. Moreover, the dissension has led the government of
RS--dominated by Alliance of Independent Social Democrats party
(SNSD) and its leader, RS President Milorad Dodik--to threaten to
push for the region's independence from BiH, suggesting it might
ignore the decisions of the High Representative and the
Constitutional Court. Although this volatility will likely continue
to resurface, S&P expects the current stand-off will gradually calm
down, as has happened in the past.

S&P said, "That said, we also expect that the confrontational
nature of BiH's politics will further curtail the country's EU
accession. BiH was granted EU candidate status in December
2022--almost seven years after the country officially applied to
join. The European Council announced in December 2023 that
membership negotiations will occur following sufficient progress on
structural reforms relating to the so-called membership criteria,
which include several structural reforms to Bosnia's judicial
system, anti-corruption measures, and economic development. We
expect the negotiation to be protracted and do not view EU
membership as likely in the near future. This is primarily because
of substantial difficulties reaching consensus on reforms and
policy priorities. Nevertheless, BiH's candidacy EU status entails
access to various EU financial support programs including an
instrument for pre-accession assistance. At the end of June 2023,
the European Commission announced a new EUR2.1 billion financial
package for several infrastructure projects in BiH and across the
Western Balkans.

"Despite the internal and external headwinds, BiH's economy
demonstrated resilience throughout 2023, and we estimate real GDP
growth of about 2%, following an expansion of nearly 4% in 2022.
The slowdown in economic growth stemmed from weaker performance in
BiH's key trade partners (mostly in the EU), as well as a drag of
high inflation on private consumption. Nevertheless, bright spots,
namely tourism's strong expansion by about 15% over the first three
quarters of 2023, underpinned the country's growth.

"From 2024, we expect real economic growth in BiH will pick up,
averaging around 3% per year over our forecast horizon. This will
be supported by the economic recovery in BiH's key trading partners
in the eurozone, thus boosting export growth. Moreover, inflation
already declined to 1.7% in November 2023, and we expect this will
translate into stronger real wage growth and private consumption.
Lastly, we expect some large investment projects, namely in the
energy and road construction sectors, will also support growth over
the next few years."

Flexibility and performance profile: Some fiscal headroom amid
monetary policy constraints due to the hard peg of the
konvertibilna marka (BAM) to the euro

-- Low general government deficits, at below 1% of GDP over the
next four years, will maintain BiH's net debt close to 20% of GDP,
which is modest for an emerging market.

-- S&P expects current account deficits (CADs) will remain low
over the next four years, at slightly above 3% of GDP, which also
captures external borrowing constraints.

-- S&P expects BiH to maintain a currency board arrangement with
the euro, whereby the exchange rate is fixed at BAM1.96 to EUR1.

BiH's strong fiscal indicators remain one of the key supporting
factors of the country's creditworthiness. On a consolidated
general government level, BiH has consistently run fiscal
surpluses, except for during the COVID-19 pandemic. This has partly
been a function of fiscal prudence as well as past delays in budget
adoption and reaching consensus on spending priorities. An example
of the latter would be an execution of various support schemes
during the pandemic in the FBiH, some of which were announced but
never fully implemented. S&P estimates BiH recorded a general
government deficit of less than 1% of GDP in 2023.

S&P said, "The consolidated fiscal performance, however, masks
substantially different budgetary outcomes in the FBiH and RS.
While we estimate that the FBiH recorded a surplus last year, RS
posted a deficit of about 0.7% of BiH's GDP (or roughly 2.4% of RS'
GDP), reflecting continued growth in current expenditure and
capital spending. Although we observed some financing pressure
ahead of RS' refinancing of its maturing EUR168 million Eurobond in
June 2023, which occurred predominantly on the domestic market, we
think RS will meet its financing requirements in 2024 through a
combination of domestic and external borrowing and international
financial institution credit line disbursements for specific
projects.

"For 2024, we expect a modest budget deficit at the general
government level, also based on a slight pickup in capital
spending, and a more pronounced deficit in RS. We therefore project
an overall 1% of GDP general government deficit for BiH. Over the
medium term, as RS embarks on fiscal consolidation measures while
the FBiH's budget remains close to balance, we expect the
consolidated fiscal performance to strengthen with deficits of
around 0.5% of GDP from 2025. Overall, we expect the general
government primary budget balance to remain in surplus over our
forecast horizon."

The narrow budget deficits will underpin a continued decline in
BiH's general government debt, net of liquid government assets, to
20% of GDP by 2027 from a projected 22% of GDP at year-end 2023.
BiH's gross general government debt is concentrated on various
levels of government. Of the total 27.5% of GDP at the end of
third-quarter 2023:

Debt contracted externally via the state level represents 17% of
GDP. This debt is almost entirely due to official bilateral and
multilateral creditors which is incurred by the BiH state and then
on-lent to the FBiH and RS entities. Key creditors include the
World Bank, European Investment Bank, and IMF.

Direct domestic debt of the FBiH and RS, mostly in the form of
bonds and treasury bills, stands at 8% of GDP.

Direct external debt of the subnational entities, which almost
entirely consists of Eurobonds issued by RS, is above 1% of GDP.

Debt of lower levels of government such as municipalities in RS and
cantons in the FBiH amount to less than 1% of GDP.

Arrears to suppliers in both RS and the FBiH have also been
reported, but the information on their size is more limited and we
do not explicitly include those in our calculation of government
debt.

There is almost no commercial debt at the state level; it
constitutes only 0.1% of GDP and is due to several foreign
commercial banks tied to specific projects. S&P also notes that BiH
operates a special debt-servicing mechanism for state-level debt
which has been on-lent to the FBiH and RS entities. Under this
arrangement, the state-level Indirect Taxation Authority collects
indirect taxes across BiH each day, following which resources are
put aside for foreign debt payments on state-level debt and the
functioning of the central government and its institutions. It is
only after these provisions are made that the remaining indirect
revenue is distributed to the FBiH and RS. This mechanism is
structured to operate even when there is no budget adopted on the
state or entity level. In S&P's view, it significantly reduces the
risks of nonpayment linked to any unanticipated political
disagreements.

S&P said, "We estimate BiH's current account deficit at 3.4% of GDP
in 2023, down from 4.5% of GDP in 2022, mainly as a reflection of
lower energy import prices in 2023. From 2024, a pickup in external
demand will help exports recover--as will the continued expansion
of the tourism sector. This will narrow external deficits closer to
historical averages of 3% of GDP by 2027. As previously, we expect
debt financing to account for only a small portion of current
account funding, with most financing representing net foreign
direct investment inflows; a capital account surplus (including
European pre-accession funds); and positive net errors and
omissions likely reflecting unrecorded transfers from Bosnian
citizens working abroad. Consequently, we project that BiH's net
external liabilities will remain low over the next few years, at
roughly 25% of GDP.

"BiH maintains a currency board arrangement with the euro, whereby
the exchange rate is fixed at BAM1.96 to EUR1. The currency board
is an important economic anchor, but it curtails the central bank's
ability to pursue fully independent monetary policy. Also, under
the existing exchange-rate arrangement, we consider that the
central bank effectively cannot act as a lender of last resort. We
do not expect the existing exchange-rate arrangement to change.

"Like other economies, BiH has experienced a pronounced upswing in
inflation, peaking at 17.4% in October 2022. Inflation has declined
markedly since then, reaching a low of 1.7% in November 2023. We
expect inflation will pick up slightly over the coming months. Core
inflation continues to exceed headline inflation, implying
underlying price pressures--also from rising wages--still persist;
and some government support measures against high energy and food
prices will expire over the next few months. We therefore think
that headline inflation will remain at 3% for 2024 before gradually
falling to 2%, in line with price developments in the eurozone.

"Following the temporary deterioration in banking sector confidence
over February-March 2022 in relation to Sberbank subsidiaries
operating in BiH, credit market conditions have improved, and
deposits have been expanding, reportedly by 7% year on year in
October 2023. Reported nonperforming loans continue to decline
(currently at a low 4.1%), while the stock of domestic credit
increased by almost 6% year on year in October 2023. BiH's
financial sector remains largely conventional in nature,
predominantly deposit-funded, and with a limited amount of external
debt outstanding. We expect that domestic credit will continue to
expand this year, increasing by 4%."

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  RATINGS AFFIRMED

  BOSNIA AND HERZEGOVINA

  Sovereign Credit Rating       B+/Stable/B

  Transfer & Convertibility Assessment   BB




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F I N L A N D
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AMER SPORTS: Moody's Rates New EUR600MM Secured Term Loan 'B1'
--------------------------------------------------------------
Moody's Investors Service has assigned a B1 rating to Amer Sports
Corporation's proposed EUR600 million backed senior secured term
loan (TL) due 2031 and $800 million backed senior secured revolving
credit facility (RCF) due 2029. Concurrently, the rating agency
assigned a B1 rating to Amer Sports Company's proposed new $600
million backed senior secured term loan due 2031. All other ratings
of Amer Sports Holding 1 Oy (Amer Sports or the company) are
unaffected, including the B2 long term corporate family rating, the
B2-PD probability of default rating and the B2 backed senior
secured ratings on Amer Sports Holding Oy's existing EUR1,700
million senior secured term loan B (TLB) due March 2026 and on the
existing EUR315 million backed senior secured revolving credit
facility (RCF) due September 2025, which remain on review for
upgrade. Moody's expects that it will withdraw the ratings on the
existing debt instruments once they are repaid.

Amer Sports plans to utilize Amer Sports Corporation's and Amer
Sports Company's TL proceeds to repay part of Amer Sports Holding
Oy's existing EUR1,700 million TLB and fund related transaction
fees. The proposed new RCF will replace the existing EUR315 million
RCF.

The B1 rating for the proposed new backed senior secured bank
credit facilities is based on the expectation that Amer Sport's CFR
will be upgraded to B1 once the IPO and the refinancing
transactions are closed under the currently expected terms. Moody's
understands that the $1.27 billion IPO proceeds, together with
around EUR200 million cash from the company's balance sheet, will
be used to prepay the EUR1.3 billion Term Loan A (TLA) sitting
outside of Amer Sports' restricted group, and to pay related
transaction fees. The rating agency also assumes that Amer Sports
will successfully complete the refinancing at a manageable interest
cost, and in line with the proposed terms and conditions.

RATINGS RATIONALE

Based on the company's pro-forma capital structure under the
proposed terms and conditions, Moody's will likely upgrade Amer
Sports' CFR to B1 and its probability of default rating (PDR) to
B1-PD, upon completion of the IPO and refinancing, in line with the
assigned instrument ratings.

The IPO transaction is credit positive because it will simplify the
group structure and remove the overhang that the TLA at the holding
company level represented for Amer Sports. Moody's also anticipates
lower cash leakage once the TLA has been repaid. However, the
repayment will slightly increase the company's net leverage as IPO
proceeds are not enough to repay entirely the TLA and Moody's
expects the company to use part of its existing cash to finance the
difference. Although IPO proceeds will not reduce the debt within
the restricted group, Moody's anticipates further de-leveraging in
the next 12-18 months as the company's retail expansion strategy in
China and the US, together with still supportive consumer demand,
will continue to drive earnings growth.

The refinancing of the outstanding bank debt, if successfully
completed at a sustainable cost of debt, will be credit positive
because it will extend Amer Sports' debt maturity profile, with the
maturity wall pushed by five and seven years, from September 2025
and March 2026, respectively. Following this transaction, Amer
Sports will also increase significantly the availability of its
committed external liquidity sources, which is positive.

Moody's expects the company to maintain a balanced financial policy
for a public company. Positively, the IPO will diversify the
group's funding structure, providing access to equity capital
markets. It may also lead to less concentrated ownership, although
Anta Sports and the Consortium will continue to own a significant
portion of Amer Sports' shares post completion of the IPO.

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

Before Amer Sport's and Amer Sports Holding Oy ratings were placed
on review, Moody's stated that:

Positive pressure on the ratings could materialise over time if the
company executes successfully on its retail expansion plan, such
that (1) its Moody's adjusted gross debt to EBITDA ratio moves
towards 5.0x, (2) its free cash flow generation is consistently
positive, and (3) it maintains a solid liquidity profile.

Negative pressure on the ratings could materialize if the company's
operating performance weakens or it engages in large debt-financed
acquisitions that lead to an increase in Moody's-adjusted gross
debt to EBITDA above 6.5x, while its Moody's-adjusted EBIT to
interest ratio drops below 1.2x. Negative pressure would also build
up in case of a deterioration in the company's liquidity profile,
as a result of sustained negative free cash flow generation or
reduced capacity under its financial covenant.

COVENANTS

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

Guarantor coverage will be at least 80% of consolidated EBITDA
(determined in accordance with the agreement) and include Amer
Sports, Inc. and its wholly-owned restricted subsidiaries in
Finland, the United States, Canada, France, Hong Kong, Switzerland,
Austria, Sweden and the Cayman Islands. The obligations will be
secured by substantially all assets of the borrowers and guarantors
including over key shares and substantially all tangible and
intangible assets (subject to the agreed security principles and
certain exclusions).

Incremental facilities are permitted up to the greater of a fixed
amount and 100% consolidated EBITDA. Unlimited incremental pari
passu debt is permitted up to a first lien net leverage ratio of
4.0x, unlimited junior secured debt is permitted up to a secured
net leverage ratio of 4.25x, and unlimited unsecured debt is
permitted up to a total net leverage ratio of 4.25x.

Restricted payments are permitted if total net leverage is 3.75x or
lower, and restricted investments are permitted if total net
leverage is 4.0x or lower. Asset sale proceeds are only required to
be applied in full (subject to exceptions) where the first lien net
leverage ratio is 2.5x or greater.

Adjustments to consolidated EBITDA include run rate cost savings
and synergies, capped at 25% and from actions expected to be taken
within 24 months.

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

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Domiciled in Helsinki, Finland, Amer Sports is a global sporting
goods company, with sales in more than 100 countries across EMEA,
the Americas and APAC. Focused on outdoor sports, its product
offering includes apparel, footwear, winter sports equipment and
other sports accessories. Amer Sports owns a portfolio of globally
recognised brands such as Arc'teryx Salomon, Wilson, Peak
Performance and Atomic, encompassing a broad range of sports,
including alpine skiing, running, tennis, baseball, American
football, hiking and golf. In the last twelve months ended
September 2023, Amer Sports generated revenue of around EUR4
billion (2022: EUR3.4 billion) and company-adjusted EBITDA, that
is, excluding non-recurring items and IFRS 16 impact, of EUR500
million (2022: EUR357 million).


AMER SPORTS: S&P Assigns 'BB' LongTerm ICR, Outlook Stable
----------------------------------------------------------
S&P Global Ratings assigned a 'BB' long-term issuer credit rating
to sportswear and sports equipment company Amer Sports Inc.  At the
same time, S&P removed the rating on Amer Sports Holding 1 Oy (an
intermediate holding entity) from CreditWatch positive and raised
the long-term issuer credit rating on Amer Sports Holding 1 Oy to
'BB' from 'B+'.
The public rating on the intermediate holding entity will be
discontinued once the existing debt has been repaid.

S&P's issue ratings on Amer Sports' new proposed $600 million
senior secured term loan B (TLB) and EUR600 million senior secured
TLB, both due in 2031, are 'BB', with a recovery rating of '3'
(recovery range: 50%-70%; rounded estimate: 60%).

On Feb. 1, 2024, Amer Sports (the new listed company and ultimate
parent of the group) completed its IPO on the New York Stock
Exchange, with a market capitalization of about $6.3 billion at the
time of closing. The group will use the net cash proceeds from the
transaction of about $1.27 billion primarily for debt repayment.

S&P said, "The issuer credit rating on Amer Sports is supported by
our view that the company maintains a moderately strategic status
for its majority shareholder ANTA Sports (44.5% equity stake
post-IPO). We therefore expect the controlling shareholder will
continue supporting Amer Sports' expansion in Asia-Pacific and
provide extraordinary support in some foreseeable circumstances.

"The stable outlook reflects our expectation that Amer Sports will
maintain a strong operating performance, with adjusted debt to
EBITDA close to 3.5x-3.8x in 2024 and the prospect of further
deleveraging going forward. Moreover, the company has an adequate
liquidity profile, thanks to its extended debt maturity profile and
the proposed revolving credit facility (RCF) upsize."

On Feb. 1, 2024, Amer Sports completed the IPO on the New York
Stock Exchange, with a market capitalization of about $6.3 billion
at the time of closing. Floating shares account for about 22% of
the overall capital, while existing shareholders' stakes are
proportionally diluted. Majority shareholder ANTA Sports reduced
its ownership to 44.5%, from 56.0%. Co-investors FountainVest,
Anamered Investments Inc., and Tencent hold 12.7%, 16.3%, and 4.5%,
respectively. The net cash proceeds from the IPO amount to about
$1.27 billion. Amer Sports intends to use these proceeds and
partial drawings under the new proposed $800 million RCF to
reimburse the $1.46 billion equivalent (about EUR1.3 billion) term
loan A provided by ANTA Sports. Moreover, as part of the
transaction, Amer Sports outstanding shareholder loans of about
$2.8 billion equivalent (about EUR2.6 billion), treated as equity
according to S&P's criteria, will be converted into common equity.

Amer Sports is in the process of refinancing its existing EUR1.7
billion TLB, due in 2026. To refinance the existing debt, the group
intends to raise a new TLB, due in 2031, with two tranches of
EUR600 million and $600 million, plus other new secured debt. At
the same time, the group intends to sign a new proposed $800
million RCF, maturing in 2029, to replace the existing EUR315
million committed lines, maturing in 2026. The ratings on the
proposed debt are subject to the successful closing of the
refinancing transaction in line with our expectations and with
proposed terms and conditions.

S&P said, "We expect that Amer Sports will reduce leverage to about
3.5x-3.8x in 2024, with further expected deleveraging going
forward. Strong EBITDA growth and a significant debt reduction,
thanks to the use of IPO cash proceeds for debt repayments,
improved the group's adjusted leverage to about 3.8x-4.0x at
transaction closing, down from about 5.6x-5.7x projected for
year-end 2023 and 7.2x in 2022. For full-years 2024 and 2025, we
forecast that solid topline growth and improving profitability will
offset subdued cash flow generation. We expect adjusted debt to
EBITDA will be about 3.5x-3.8x in 2024 and 3.2x-3.5x in 2025. Our
debt adjustments in 2024 also include about EUR35 million of
factoring, about EUR340 million-EUR350 million in leases, and EUR25
million in pension deficits. We expect the new proposed $800
million RCF will be partially drawn at transaction closing, in the
range of EUR250 million-EUR290 million equivalents. We estimate
about 15% of cash and cash equivalents are not immediately
available for debt repayments (due to possible currency
repatriation frictions) and according to our methodology, we do not
net these amounts to the gross debt.

"We view Amer Sports' financial policy as supportive of the current
rating. We believe that management will focus on organic growth
opportunities through continued capex, marketing, and product
innovation investments. Within our base case, we do not include any
shareholder remuneration and merger and acquisition activities. We
also believe that management has flexibility to scale down these
investments in case of a softer-than-expected product demand,
limiting the possible negative effect on cash flow conversion.

"We believe that overall positive industry trends, Amer Sports'
competitive position, and the group's geographical expansion will
support revenue growth and profitability expansion over next two to
three years. According to Euromonitor International, the global
sportswear market's retail value will increase at an annual average
rate of about 6%-7% over 2024-2027, in current prices. In our view,
the increased focus on health and wellness following the COVID-19
pandemic, the ongoing casualization of dress codes in many
developed countries, combined with the long-term trend in
premiumization within the consumer goods sector, will continue to
support demand. We expect Amer Sports will continue to outperform
the market, with an annual average sales growth of about 12%-14%
over 2024-2025. These assumptions are mainly supported by the
group's focus on premium and innovative products, the strong brand
equity power of its main brands (Arc'teryx, Salomon, and Wilson),
and new store openings to better penetrate large and profitable
markets, such as the U.S. and China. In terms of profitability, we
expect adjusted EBITDA margins of about 15.0%-15.5% over 2024-2025,
up from about 14.5% expected for year-end 2023. The improvement
results from a better product mix (with a stronger focus on
footwear and apparel), the improved channel mix as the group
focuses on the direct-to-consumer channel (accounting for about 33%
of total sales as of September 2023), and Amer Sports' geographical
expansion in highly profitable markets.

"Under our base case scenario, we expect negative annual FOCF
generation (after lease payments) over the next few years, affected
by relatively higher working capital and capex requirements.
Following an expected negative FOCF generation after leases of
EUR150 million-EUR170 million in 2023, mostly because of high
working capital requirements and capex, we expect cash flow
generation will remain constrained over the next few years, driven
by strategic investments to support organic and profitable growth.
We project that annual capex will increase significantly to about
EUR290 million-EUR310 million over 2024-2025, mainly to upgrade
Amer Sports' IT infrastructure and expand the group's retail
network (with 336 stores as of September 2023). We also expect that
working capital requirements will remain elevated, given the need
to increase inventories to support the retail expansion, including
the online channel (accounting for about 15% of total sales).
Accordingly, we expect negative FOCF generation, including leases,
of EUR190 million-EUR210 million in 2024 and EUR50 million-EUR90
million in 2025.

"Our 'BB' long-term issuer credit rating on Amer Sports includes
one notch of uplift to reflect support from its main shareholder
ANTA Sports. We see Amer Sports as moderately strategic for ANTA
Sports, which remains the main shareholder following the IPO and
owns about 44.5% of total outstanding shares. For these reasons, we
expect Amer Sports will receive extraordinary support in some
foreseeable circumstances. Following the listing, Amer Sports
entered into a master business services agreement with ANTA Sports,
according to which ANTA Sports will provide certain IT support
services, including an e-commerce platform, operational management
services, and systems applications and products services. As long
as it owns at least 30% of Amer Sports' outstanding ordinary
shares, ANTA Sports has the right to nominate five of the 11
directors. We consider that the ongoing operating support from ANTA
Sports will aid Amer Sports' expansion in China, where ANTA Sports
can leverage its established presence in the country and its
consumer and market knowledge. Amer Sports' sales in China
increased and accounted for roughly 19% of the total revenue as of
Sept. 30, 2023, compared with 15% in 2022.

"The stable outlook reflects our expectation that Amer Sports will
maintain strong operating performance, with adjusted debt to EBITDA
close to 3.5x-3.8x in 2024 and the prospect of further deleveraging
going forward. Moreover, the group has an adequate liquidity
profile, thanks to its extended debt maturity profile and the
proposed RCF upsize.

"We could lower the rating on Amer Sports if its adjusted debt to
EBITDA approached 4.5x or if FOCF generation remained negative for
longer than we expect. This could happen if Amer Sports failed to
execute its strategy such that, for example, its investments in the
direct-to-consumer channel did not deliver the expected results and
eroded the EBITDA margin materially. In addition, we could lower
the rating if we considered that Amer Sports was no longer
moderately strategic for its controlling shareholder."

A positive rating action would depend on Amer Sports' ability to
sustain positive recurring annual FOCF, resulting in FOCF
(excluding lease payments) to debt that is comfortably above 10%
and adjusted leverage below 4.0x on a sustained basis. This could
stem from a successful expansion strategy in China and the U.S,
combined with higher profitability, thanks to improved product,
geographical, and channel mixes.




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

LA FINANCIERE: S&P Lowers LT ICR To 'CC', Outlook Negative
----------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on La
Financiere Atalian SAS (Atalian) and its issue ratings on its
senior unsecured notes to 'CC' from 'CCC'. S&P's recovery rating of
'4' on the notes is unchanged.

The negative outlook indicates that S&P will lower its ratings on
Atalian and its senior unsecured debt to 'D' (default) if the
proposed debt restructuring goes ahead or if a conventional
nonpayment of debt occurs.

On Jan. 19, 2024, Atalian announced a proposed debt restructuring
to address its upcoming debt maturities. The restructuring will
include an upfront payment of EUR400 million to the existing
noteholders, an extension of the maturity date on the EUR836
million of new, now senior secured, notes to 2028, and a revised
interest rate of 8.5%.

S&P views the proposed debt restructuring announced on Jan. 19,
2024, as a distressed exchange under our criteria. Atalian's
proposed debt restructuring will address its upcoming debt
maturities, which include EUR625 million of senior unsecured notes
due in May 2024, and EUR350 million and £225 million (equivalent
to EUR261 million applying the exchange rate used in the exchange
offer) of senior unsecured notes due in May 2025. The proposed debt
restructuring includes:

The exchange of the senior unsecured notes due in May 2024 and May
2025 for EUR836 million of new senior secured notes due in June
2028.

The immediate paydown of EUR300 million of notes, which equates to
EUR180 million for the 2024 notes and EUR120 million for the 2025
notes.

Another EUR100 million (EUR60 million to the 2024 noteholders and
the remainder to the 2025 noteholders) of additional principal
paydown to the noteholders who consent to the transaction within
the first ten business days of the exchange offer being launched.
The new EUR836 million senior secured notes will carry an 8.5%
interest rate, split between a 3.5% cash interest rate and a 5.0%
payment-in-kind (PIK) interest rate payable until maturity.

S&P said, "In our view, the proposed transaction falls short of the
original promise to the lenders, and does not offer the lenders
adequate compensation for the changes. For example, a lower
interest rate paid in cash and a higher PIK interest rate is
inferior to the current cash-only interest paid on all three sets
of existing notes. Therefore, if Atalian completes the transaction
as we expect, or a conventional nonpayment of interest or principal
occurs, we would treat it as a general default and lower our
ratings on Atalian and its debt to 'D'.

"Following such a default, we would review Atalian's new capital
structure, cash flow, liquidity position, and business risk, and
then reassess our ratings on Atalian and the new senior secured
notes. We note that the proposed transaction would result in a
significant reduction in debt and a notable reduction in cash
interest costs for Atalian.

"Without the successful completion of the restructuring, we view
Atalian as vulnerable to a liquidity shortfall in the next six
months. This is despite it having around EUR582 million in cash as
of Dec. 31, 2023. We believe that a conventional default would be
likely to occur as Atalian faces the imminent maturity of one of
its material debt obligations in May 2024.

"The negative outlook indicates that we will lower our ratings on
Atalian and its debt to 'D' (default) after the proposed
transaction closes or if a conventional nonpayment of debt
principal or interest occurs."




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

CONTEGO CLO V: Moody's Affirms B2 Rating on EUR12MM Class F Notes
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Contego CLO V Designated Activity Company:

EUR10,000,000 Class B-1 Senior Secured Fixed Rate Notes due 2031,
Upgraded to Aa1 (sf); previously on Jul 19, 2018 Definitive Rating
Assigned Aa2 (sf)

EUR30,000,000 Class B-2 Senior Secured Floating Rate Notes due
2031, Upgraded to Aa1 (sf); previously on Jul 19, 2018 Definitive
Rating Assigned Aa2 (sf)

EUR28,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to A1 (sf); previously on Jul 19, 2018
Definitive Rating Assigned A2 (sf)

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

EUR248,000,000 (Current outstanding amount EUR 243,740,438) Class
A Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf);
previously on Jul 19, 2018 Definitive Rating Assigned Aaa (sf)

EUR20,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Baa2 (sf); previously on Jul 19, 2018
Definitive Rating Assigned Baa2 (sf)

EUR24,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on Jul 19, 2018
Definitive Rating Assigned Ba2 (sf)

EUR12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed B2 (sf); previously on Jul 19, 2018
Definitive Rating Assigned B2 (sf)

Contego CLO V Designated Activity Company, issued in July 2018, is
a collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by Five Arrows Managers LLP. The transaction's reinvestment
period ended end in July 2022.

RATINGS RATIONALE

The rating upgrades on the Class B-1, B-2 and C notes are primarily
a result of the deleveraging of the senior notes following
amortisation of the underlying portfolio since the previous payment
date in October 2023, the transaction having reached the end of the
reinvestment period in July 2022 and a shorter weighted average
life of the portfolio which reduces the time the rated notes are
exposed to the credit risk of the underlying portfolio.

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

According to the trustee report dated January 2024 [1] the Class
A/B and Class C, Class D, Class E and Class F OC ratios are
reported at 138.52%, 126.23%, 118.70%, 110.78% and 107.20% compared
to January 2023 [2] levels of 138.46%, 126.19%, 118.67%, 110.76%
and 107.18%, respectively. Moody's notes that the January 2024
principal payments are not yet reflected in the last reported OC
ratios.

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

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

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

Performing par and principal proceeds balance: EUR398.3m

Defaulted Securities: EUR0m

Diversity Score: 53

Weighted Average Rating Factor (WARF): 2968

Weighted Average Life (WAL): 3.29 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.66%

Weighted Average Coupon (WAC): 3.97%

Weighted Average Recovery Rate (WARR): 43.45%

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

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




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

DOVALUE SPA: S&P Affirms 'BB' LongTerm ICR, Outlook Stable
----------------------------------------------------------
S&P Global Ratings affirmed its 'BB' long-term issuer credit rating
on doValue SpA and its 'BB' issue rating on the existing senior
secured debt, with the recovery rating on the debt unchanged at
'4', indicating its expectation of about 45% recovery in the event
of default.

The stable outlook reflects our expectation that broadly stable
gross book value will help doValue maintain stable revenue and
adjusted EBITDA margins above 30%, which, combined with comfortably
positive free operating cash flow (FOCF), will lead to adjusted
leverage staying largely below 4x.

Despite weaker performance in 2023 and prospects for 2024 and 2025,
S&P continues to forecast that doValue's credit metrics will remain
in line with the rating, with S&P Global Ratings-adjusted debt to
EBITDA remaining below 4x.

S&P said, "On doValue and our 'BB' issue rating on the existing
senior secured debt, with the recovery rating on the debt unchanged
at '4', indicating our expectation of about 45% recovery in the
event of default.

"The stable outlook reflects our expectation that broadly stable
gross book value will help doValue maintain stable revenue and
adjusted EBITDA margins above 30%, which, combined with comfortably
positive free operating cash flow (FOCF), will lead to adjusted
leverage staying largely below 4x.

"Due to the lack of growth in the gross book value of assets under
servicing and management, we anticipate that revenue will stagnate
in 2024 and 2025 but that S&P Global Ratings adjusted EBITDA
margins will remain solidly above 30%.The improving health of
Southern European economies and the strong economic support of
governments during the COVID-19 period has reduced the volume of
assets under servicing and management addressable for doValue.
Moreover, doValue has not compensated the EUR21 billion of gross
book value lost with the Sareb contract in 2022. All in all, we
expect the gross book value to remain broadly stable around EUR110
billion and revenue growth to be quasi-idle, growing at 1% in 2024
and declining by 1% 2025. We forecast adjusted EBITDA margins will
decline to 32% in 2024, from 34% in 2023, before recovering to 36%
in 2025. The decline in profitability in 2024 is largely due to
higher exceptional costs of EUR21 million due to the resizing of
operations in Spain following the loss of the Sareb contract. That
being said, we note that doValue is able to maintain high margins
above 30%, outlining the flexibility of its cost base which is 75%
made of personnel costs.

"The future refinancing of upcoming debt maturities will
significantly increase cash interest expense and negatively impact
cash interest coverage ratios. We expect that doValue will
refinance in the first half of 2024 the EUR264 million notes due
August 2025 and in the first half of 2025 the EUR296 million senior
secured notes due 2026. The existing EUR264 million notes were
paying a fixed coupon of 5%; whereas the existing EUR296 million
notes were paying a fixed coupon of 3.375%, significantly below the
expected interest rate for the future notes. Consequently, we
expect the cash interest expense to increase, which will drive
funds from operations (FFO) cash interest coverage down once any
refinancing has taken place. Failure to refinance the bonds in a
timely manner, however, will put negative pressure on the rating.

"Despite higher leverage, credit metrics remain commensurate with
the 'BB' rating, although headroom is reduced. Due to weaker
performance, we expect S&P Global Ratings-adjusted leverage to
reach 3.1x by year-end 2024, before declining to 2.6x by year-end
2025, which nevertheless remains well below our downgrade trigger
of 4.0x. We expect FOCF generation to stay strong, above EUR70
million annually in the next 24 months, thanks to moderate capital
expenditure (capex) requirements of 4%-5% of revenue and tight
working capital management. We also expect dividend payments to
significantly decline in 2024 and 2025, compared to 2023, which
will help contain the increase in leverage.

"The stable outlook reflects our expectation that broadly stable
gross book value will help doValue maintain stable revenue and
adjusted EBITDA margins above 30%, which, combined with comfortably
positive FOCF will lead to adjusted leverage staying below 4x and
FFO to debt above 20%.

"We could lower the rating if adjusted leverage climbs above 4x on
a sustained basis. We could also take a negative rating action if
FFO to debt did not recover to about 20% and discretionary cash
flow to debt fell sustainably below 5%."

This could happen if:

-- Gross book value declines significantly due to contract losses
or if the company is unable to win new tenders;

-- doValue adopts a more aggressive financial policy and
undertakes debt-funded acquisitions.

S&P said, "If we considered that financial sponsors and main
shareholders Fortress and Bain Capital were acting together, it
would mean that they have effective control of the company, and it
could lead to a negative rating action because we would need to
evaluate the financial policy under their control.

"We could also lower the rating if the company did not refinance
its bonds due August 2025 in the first half of 2024.

"We see an upgrade as unlikely in the near term. We could raise the
rating if doValue deleverages, such that it sustains its credit
metrics comfortably within our intermediate financial risk profile
category, specifically adjusted debt to EBITDA of 2x-3x and FFO to
debt of 30%-45%. This may result from the company maintaining a
relatively stable gross book value, or at least partly offsetting
declines in the gross book value with new contract wins, while
continuing to achieve stable EBITDA margins in excess of 30% and
funding acquisitions primarily with internally generated cash
flow.

"We would also require doValue to tighten its financial policy,
with a commitment to maintain company-reported debt to EBITDA below
2x, compared with below 3x as February 1."




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

COVIS FINCO: Eaton Vance EFT Marks $617,000 Loan at 29% Off
-----------------------------------------------------------
Eaton Vance Floating-Rate Income Trust (EFT) has marked its
$617,000 loan extended to Covis Finco S.a.r.l., to market at
$438,420 or 71% of the outstanding amount, as of Nov. 30, 2023,
according to a disclosure contained in EFT's Semi-Annual Report on
Form N-CSR for the period ended Nov. 30, 2023, filed with the U.S.
Securities and Exchange Commission.

EFT is a participant in a Term Loan (SOFR + 6.50%) to Covis Finco.
The loan accrues interest at a rate of 12.04% per annum. The loan
matures on February 18, 2027.

EFT is a Massachusetts business trust registered under the
Investment Company Act of 1940, as amended, as a diversified,
closed-end management investment company. The Trust's investment
objective is to provide a high level of current income. The Trust
will, as a secondary objective, also seek preservation of capital
to the extent consistent with its primary goal of high current
income. EFT's fiscal year ends May 31.

EFT can be reached at:

     Deidre E. Walsh
     Eaton Vance Senior Floating-Rate Income Trust
     Two International Place
     Boston, MA 02110
     Tel: (617) 482-8260

Covis Finco SARL is an entity affiliated with Covis Pharma, which
is backed by Apollo Global Management. Covis Pharma distributes
pharmaceutical products for patients with life-threatening
conditions and chronic illnesses. Finco is the borrower under a
term loan facility used to refinance existing debt and refinance
the debt incurred to finance products acquired from AstraZeneca.
Finco has its registered office in Luxembourg.




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

FOODCO BONDCO: Moody's Withdraws 'Ca' CFR on Debt Cancellation
--------------------------------------------------------------
Moody's Investors Service has withdrawn the Ca long term corporate
family rating of Foodco Bondco, S.A.U. ("Telepizza" or "the
company"), the parent company of Spanish pizza delivery operator
Food Delivery Brands (formerly known as Telepizza). Concurrently,
Moody's has withdrawn the Ca-PD /LD probability of default rating
and the Ca rating of the EUR335 million senior secured notes due
2026. The outlook prior to the withdrawal was negative.

RATINGS RATIONALE

Moody's has withdrawn the ratings of Telepizza following the
cancellation of its outstanding rated senior secured debt on
January 17, 2024.

COMPANY PROFILE

Founded in 1987 and headquartered in Madrid, Telepizza is a leading
pizza delivery operator, with operations concentrated mainly in
Spain, Portugal and Latin America. Following its alliance with Yum!
Brands, effective since December 2018, Telepizza has become the
exclusive master franchisee of the Pizza Hut brand in Latin America
(excluding Brazil), the Caribbean, Spain, Portugal and
Switzerland.




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

ARRIVAL: Goes Into Administration, Mulls Asset Sale
---------------------------------------------------
James Titcomb at The Telegraph reports that a British electric van
maker once valued at US$13 billion (GBP10 billion) has gone into
administration after burning through US$1.5 billion without having
sold a vehicle.

Oxfordshire-based Arrival has appointed administrators at EY to
find a buyer for the business, blaming "challenging market and
macroeconomic conditions", The Telegraph relates.

Arrival's Nasdaq flotation in 2021 was the biggest ever for a
British company but shares have fallen by 99.98% as it became clear
that the company was unable to service its debts, The Telegraph
discloses.

"The group's liquidity position has been impacted by challenging
market and macroeconomic conditions resulting in delays in getting
the group's products to market," The Telegraph quotes the
administrators as saying.

"As such, the Joint Administrators are now exploring options for
the sale of the business and assets of the Companies, including its
electric vehicle platforms, software, intellectual property and R&D
assets, for the benefit of creditors."

Last week, Arrival said it would be delisted from the Nasdaq after
failing to release financial updates or hold an annual meeting, The
Telegraph recounts.  The company has defaulted on its debts despite
seeking to cut costs with repeated job losses, The Telegraph
states.

Arrival secured hundreds of millions of investment from the likes
of BlackRock, BNP Paribas and Hyundai before going public.

Denis Sverdlov, a Russian businessman who founded the company,
stepped down as chief executive in 2022, The Telegraph relays.

According to The Telegraph, the company had been seeking a
potential sale or investment but EY were appointed administrators
of its two UK entities, which own its key assets, on Feb. 5.

Arrival had planned to make electric vans and buses at small,
robot-led "microfactories" that would be cheaper to set up than
traditional car plants.

It had signed agreements with the delivery giant UPS to deliver as
many as 10,000 vehicles as well as a deal with Uber to produce cars
purpose-built for taxi apps.

The company last year switched its plans to manufacturing in
America in an attempt to benefit from Biden administration
subsidies, although production never began, The Telegraph
discloses.

The company had more than US$300 million in debt as of last June,
The Telegraph notes.


BENCHMARK LEISURE: Council Writes Off Majority of GBP9-Mil. Loan
----------------------------------------------------------------
Hayley Coyle and Anttoni James Numminen at BBC News report that
most of a GBP9 million loan given to the developers of a
Scarborough water park will not have to be repaid, a council has
confirmed.

Benchmark Leisure Ltd, the operators of Alpamare, borrowed the
money from Scarborough Borough Council in 2013, BBC notes.

However, in October, the firm went into administration still owing
GBP7.8 million, BBC discloses.

According to BBC, North Yorkshire Council, which took over from
Scarborough Borough Council last year, has said there would be "no
further payments."

Alpamare opened in Scarborough's North Bay in 2016 with the help of
the GBP9 million bail-out loan from the now-defunct borough
council, BBC recounts.

That council was among eight which were abolished on March 31,
2023, to make way for the new North Yorkshire Council, BBC states.

The new authority confirmed "there will be no further payments"
against the remaining millions of pounds of taxpayer funds loaned
to Benchmark Leisure Ltd., BBC relates.

North Yorkshire Council added that its contractors were now
assessing the Alpamare site for future use after it took control
when Benchmark went into administration, BBC discloses.

Questions about the millions of pounds of taxpayer money loaned to
Benchmark led North Yorkshire Council to launch an investigation in
November, which the authority said was now "progressing well", BBC
relays.

According to BBC, North Yorkshire Council said it hoped the park
could reopen later this year.


CD&R FIREFLY 4: Moody's Puts 'B2' CFR on Review for Downgrade
-------------------------------------------------------------
Moody's Investors Service has placed UK fuel forecourt operator
CD&R Firefly 4 Limited's (Motor Fuel Group, MFG or the company) B2
long term corporate family rating and B2-PD probability of default
rating on review for downgrade. Simultaneously, Moody's has also
placed the B2 ratings of CD&R Firefly Bidco Limited (MFG)'s backed
senior secured bank credit facilities on review for downgrade.
Previously, the outlook on both entities was positive.

On January 30, 2023, MFG and Market Holdco 3 Limited (Morrisons, B2
negative) announced that the companies had entered into an
agreement for MFG to acquire 337 petrol forecourts and over 400
associated sites for electric vehicle charging development from
Morrisons. The transaction is valued at GBP2.5 billion, with
Morrisons taking a minority stake of approximately 20% in MFG,
valued at GBP550 million. Full details on the remaining GBP1950
million are yet to be disclosed publicly. The transaction is
expected to close in the second quarter of 2024 and subject to
customary regulatory approvals.

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

The review for downgrade will focus on the funding of the
transaction and its impact on MFG's capital structure, as well as
the potential increase in leverage. The review will also focus on
the business plan and assess the impact on MFG's business profile
with the additional sites from Morrisons. Limited information is
available from MFG on the transaction at this stage and based on
Moody's preliminary analysis any potential downward rating action
could be limited to an outlook change rather than a one notch
downgrade.

Negative pressure could arise if: (1) Moody's-adjusted gross
leverage increased above 6.25x over the next 12-18 months; (2)
there was additional dividend payments that increased leverage
above this level; (3) free cash flow was to turn negative for an
extended period or; (4) a case of weaker than expected liquidity
transpired.

Although not expected at this stage the ratings could experience
upward pressure if Moody's-adjusted gross leverage was expected to
(1) sustainably reduce below 5.25x or (2) Moody's adjusted EBIT/
interest expense was to exceed 1.75x. An upgrade would also require
expectations of broadly stable fuel volumes and margins, as well as
reduced event risk associated with potential dividend
recapitalisations.

LIQUIDITY

Moody's views MFG's liquidity as adequate. Liquidity is supported
by the agency's expectation of ongoing availability under CD&R
Firefly Bidco Limited (MFG)'s backed senior secured revolving
credit facility (RCF) of GBP350.5 million but could be drawn to
meet internal cash flow needs. Moody's considers this facility to
be adequate to cover intra-quarter working capital needs. The RCF
has only one springing maintenance covenant based on net senior
secured leverage, tested only when drawn by more than 40% and
against, which Moody's expects MFG to maintain sizeable headroom.
The backed senior secured term loans facility is covenant-lite.

STRUCTURAL CONSIDERATIONS

CD&R Firefly Bidco Limited (MFG)'s B2 rating of the backed senior
secured bank credit facility instrument ratings is in line with
MFG's CFR and reflects the company's capital structure being all
senior and pari passu ranking.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Retail and
Apparel published in November 2023.

CORPORATE PROFILE

Headquartered in St Albans, MFG is the largest independent
forecourt operator in the United Kingdom (UK) with 873 stations,
operating under multiple fuel brands. The company mainly operates
petroleum filling stations and offers convenience retail stores and
food-to-go-services. The company has been majority owned by funds
managed by private equity firm Clayton Dubilier & Rice, LLC (CD&R)
since 2015.


FLAT CAP: The Vicarage at Cranage Put Up for Sale for GBP2.5MM
--------------------------------------------------------------
Barbara Jordan at Knutsford Guardian reports that a historic 16th
century Cheshire hotel has been put up for sale just weeks after
the owners went into administration.

According to Knutsford Guardian, The Vicarage at Cranage is on the
market with Christie & Co for GBP2.5 million.

Flat Cap Hotels collapsed last month after being hit by inflation
and economic challenges, Knutsford Guardian relates.

The company's other two businesses The Vicarage and The Bridge in
Prestbury remain open, Knutsford Guardian notes.

The affairs, business and property of the company are being managed
by joint administrators Gareth Prince, Mark Malone and Julian Pitts
of Begbies Tryanor, Knutsford Guardian discloses.


FOLGATE INSURANCE: A.M. Best Reviews 'B(Fair)' Fin. Strength Rating
-------------------------------------------------------------------
AM Best has placed under review with positive implications the
Financial Strength Rating of B (Fair) and the Long-Term Issuer
Credit Rating of "bb+" (Fair) of Folgate Insurance Company Limited
(Folgate) (United Kingdom).

The action on these Credit Ratings (ratings) follows the
announcement on February 1, 2024, that Folgate has been acquired by
affiliates of Hadron Specialty Insurance Company (Hadron). Hadron
is an insurance carrier formed in the United States in 2023, which
provides insurance capacity to managing general agents.

The under review with positive implications status reflects the
anticipated improvements in Folgate's rating fundamentals that are
associated with Hadron's business plan to materially grow the
entity and provide implicit and explicit financial support. Folgate
is expected to be strategically important to Hadron as a principal
writer of business in the United Kingdom.

The ratings will remain under review until AM Best can fully
evaluate the impact of the change in ownership on Folgate's rating
fundamentals.


HEWORTH GREEN: Falls Into Administration, Owes More Than GBP37MM
----------------------------------------------------------------
Darren Greenwood at York Press reports that a plan to build 600
flats in York looks up in the air after its developer went into
administration, with its creditors owed more than GBP37 million.

The scheme concerns the site of the former Heworth Gas Works, which
has approval to build the homes.

However, the developer -- Heworth Green Developments -- went into
administration last August, leaving the administrators, Moorfields
of London, trying to find a buyer for the land, York Press
recounts.

Heworth Green Developments Ltd currently has just the one director
John Howard Neil, with Neal Investments listed as the only
shareholder, a company which is in administration.

An administrators' report, published in October, says Heworth Green
Developments Ltd was incorporated in June 2017 to buy and develop
land on the former gasworks site at Heworth Green, Layerthorpe.

The company acquired planning permission from City of York Council
in July 2020 to build 607 flats and remedy the site. The
development would be split into three zones with Zones A and C
containing 215 flats, when built, and a "commercial element."

In August 2022, Silbury Speciality Finance refinanced the company's
existing debt to fund the extensive remediation works and construct
Zones A and C, York Press relays.

However, the site remediation and construction works "endured
significant time and cost overruns", York Press notes.

The developer failed to meet its funding obligations, and Silbury
served a demand on the company in August 2023, with Moorfields
appointed as administrators, York Press relates.

The Statement of Proposals, dated from September, says Heworth
Green Developments bought the site and neighbouring plots of land.

According to York Press, the report says the remediation and cost
overruns were "due in large part to the original ground works
contractor entering administration in February 2023."

Silbury offered a new facility to fund the remediation, but terms
could not be agreed, so Silbury lost confidence in Heworth's
ability to complete the remediation, leading it to act, York Press
discloses.

The statement said it worked with the incumbent site manager
Ellmess to look at how much remediation would cost, and whether
administration would be best served by selling the site once this
work is done, York Press notes.

"The administrators are currently taking advice from agents and
planning professionals in this regard to determine the best course
of action."

Some flats have been sold, the report continued, and the
administrator ordered no more marketing of the units.  Most buyers/
investors have paid 20% deposits, half kept in an escrow account,
the other half "protected by a Security Trust Deed."

A more detailed Statement of Affairs is being prepared but by
August 2023, Silbury was owed GBP28,178,385 and though it is a
secured debt, the administrators "anticipate that Silbury will
suffer a shortfall", York Press discloses.

Furthermore, there are "insufficient funds to pay a distribution to
unsecured creditors", according to York Press.

The report says the company owned freehold land and property with a
book value of GBP30 million, York Press relays.

An estimated financial statement from August gives an "estimated
deficiency" of GBP37.3 million, York Press notes.


NEPTUNE ENERGY: Moody's Puts 'Ba3' Rating on Unsec. Notes on Review
-------------------------------------------------------------------
Moody's Investors Service has placed on review for upgrade the Ba3
instrument rating of the USD850 million backed senior unsecured
notes due May 2025 issued by Neptune Energy Bondco Plc, a
wholly-owned subsidiary of UK-based exploration and production
company Neptune Energy Group Midco Ltd. (Neptune). Previously, the
outlook was stable.

Neptune's Ba2 corporate family rating and Ba2-PD probability of
default rating continue to be on review for upgrade.

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

The rating action follows the announcement made on January 31, 2024
[1] of the completion of the sale of Neptune Energy Group Limited
(NEGL, Neptune's parent company) to Eni International BV, a
wholly-owned subsidiary of Italian oil major Eni S.p.A. (Eni, Baa1
stable).

Contrary to the rating agency's initial expectations, Moody's
understands that Neptune's debt instruments will remain outstanding
for the time being as opposed to be repaid with proceeds from the
transaction. Moody's expects that the company's outstanding bonds
will ultimately be repaid in full at maturity at the latest out of
Eni's excellent liquidity position.

The review for upgrade will focus on (1) the resultant standalone
credit quality of Neptune, (2) funding and debt strategy for
Neptune, and (3) the level of strategic importance of Neptune to
Eni. Moody's anticipates that an upgrade of Neptune's ratings and
instrument ratings could exceed one notch at the conclusion of the
review.

Neptune's ratings reflect the company's: modest scale and
relatively short reserve life, particularly after the separation of
legacy German and Norwegian assets; diversified operational
footprint and gas-weighted commodity mix; retention of solid credit
metrics even in a normalised hydrocarbon pricing environment;
conservative financial policies and adequate liquidity; substantial
spending requirements to bring largely undeveloped reserves into
production; some uncertainty around the ultimate strategic
importance of Neptune under the new ownership by Eni.

As Moody's previously stated, Neptune's ratings could be upgraded
if production volumes grow durably above 225 kboepd supported by an
adequate reserve life, while keeping Moody's-adjusted debt to
average daily production below $7,500/boe and retained cash flow
(RCF) to total debt above 45% on a sustainable basis in a $60/boe
oil price scenario. An upgrade would also require a well-defined
and conservative shareholder remuneration policy, and maintenance
of strong liquidity backed by positive FCF generation.

Conversely, Moody's would consider downgrading Neptune's ratings if
the production profile and/or reserve life of the company
deteriorate significantly, or FCF generation is consistently
negative as a result of large shareholder distributions and/or
capital outspending, which would strain the company's liquidity; or
Moody's-adjusted debt to average daily production is above
$15,000/boe or RCF/gross debt falls below 30% for a prolonged
period.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Independent
Exploration and Production published in December 2022.

COMPANY PROFILE

Neptune is a UK-based, wholly-owned subsidiary of Italian oil major
Eni S.p.A. (Baa1 stable) that engages in hydrocarbon exploration
and production activities across the Netherlands, the UK,
Indonesia, Algeria and Egypt.


PEDAL ME: Shareholders Buy Assets Out of Administration
-------------------------------------------------------
Adwitiya Pal at road.cc reports that the electric cargo bike
company Pedal Me has been forced to go into administration after it
failed to reach an agreement with HMRC over its debts, but a buyout
of assets from existing shareholders has managed to save jobs and
offer some promise for the future.

The news comes despite the London-based bike courier service
company claiming that its gross margins improved to around 50%,
while hourly earnings per staff hour went up 20% on the previous
year, road.cc notes.

The news was delivered by co-founder Ben Knowles via an email to
its shareholders, seen by road.cc.  

Mr. Knowles cites the difficulties imposed on the company in a
post-pandemic world, as the disruption caused by Covid meant that
its work disappeared overnight, road.cc relates.  Since then, the
company has also found it difficult to raise capital, hindering its
growth, road.cc discloses.

According to road.cc, he said: "Frustratingly -- even though
company productivity has never been higher than over the last few
months -- with earnings per staff hour running 20% up on a year
ago, and gross margins improving to around 50% -- the amount of
debt we have means that we were unable to accept further investment
in the current company without a workable payment plan for our
debts with HMRC.

"Despite tireless efforts, we've been unable to reach a viable
agreement with HMRC -- which means there is no realistic chance of
trading out of the current debt, even with those offers of
investment and ongoing improvements in productivity.

"Having exhausted all alternative options, we have been forced to
put the company into administration.  At the same time, a group of
existing shareholders bought the company assets back from
administration as a going concern -- preserving the jobs, the
service and the mission."

Founded in 2017 by Ben Knowles, Rob Sargent, and Chris Dixon, Pedal
Me established itself as a revolutionary and eco-friendly new
service by using cargo bikes built in the Netherlands by Urban
Arrow.  The company claims that in central London, it is cheaper
and quicker than the taxi service Uber.


QREDO: Portion of Business Put Into Administration
--------------------------------------------------
Yogita Khatri at The Block reports that a portion of the struggling
crypto custodian Qredo has been placed into administration after
its partial acquisition by 10T Holdings and 1RoundTable Partners,
growth equity firms led by veteran investor Dan Tapiero.

10T and 1RT said Feb. 2 they have acquired "substantial" assets of
Qredo through their new U.K.-based entity, Fusion Laboratories, The
Block relates.  The acquisition comes after the two firms led
Qredo's bridge financing round and reorganized the company late
last year, they said -- confirming The Block's previous reporting,
The Block notes.

According to The Block, as part of the deal, 10T and 1RT will
relaunch Qredo's acquired assets through Fusion Labs -- focusing
solely on Fusionchain, an upgraded version of Qredo Network on
Cosmos.  The QRDO token will move to the Cosmos ecosystem with
Fusionchain's launch, The Block states.

Qredo appointed Ian James Corfield and Philip David Reynolds of FRP
Advisory as its joint administrators on Feb. 1, The Block
discloses.

Qredo's joint administrators will communicate with the company's
suppliers, creditors, and employees regarding the next steps in the
coming days, said 10T and 1RT, The Block notes.

Meanwhile, the Qredo custody platform will remain "fully
operational" until further notice, ensuring customers remain
unaffected by these changes for the time being, The Block relays,
citing a Qredo spokesperson.

Qredo has cut 44 more jobs, halted salary payments, and transferred
the remaining 23 employees to Fusion Labs, a source with knowledge
of the matter told The Block.

A Fusion Labs spokesperson confirmed that 23 people from Qredo have
been brought to Fusion Labs, The Block notes.


VUE INTERNATIONAL: Eaton Vance EFT Marks Loan at 62% Off
--------------------------------------------------------
Eaton Vance Floating-Rate Income Trust (EFT) has marked its
EUR530,000 loan extended to Vue International Bidco PLC, to market
at EUR199,909 or 38% of the outstanding amount, as of Nov. 30,
2023, according to a disclosure contained in EFT's Semi-Annual
Report on Form N-CSR for the period ended Nov. 30, 2023, filed with
the U.S. Securities and Exchange Commission.

EFT is a participant in a Term Loan (EURIBOR + 8.50%, 6.13% cash,
6.50% PIK) to Vue International Bidco. The loan accrues interest at
a rate of 12.63% per annum. The loan matures on December 31, 2027.

EFT is a Massachusetts business trust registered under the
Investment Company Act of 1940, as amended, as a diversified,
closed-end management investment company. The Trust's investment
objective is to provide a high level of current income. The Trust
will, as a secondary objective, also seek preservation of capital
to the extent consistent with its primary goal of high current
income. EFT's fiscal year ends May 31.

EFT can be reached at:

     Deidre E. Walsh
     Eaton Vance Senior Floating-Rate Income Trust
     Two International Place
     Boston, MA 02110
     Tel: (617) 482-8260

Vue International Bidco PLC operates movie theaters worldwide. The
Company's country of domicile is the United Kingdom.


                           *********


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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