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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

          Monday, March 4, 2024, Vol. 25, No. 46

                           Headlines



F R A N C E

ATHENA HOLDCO: Moody's Assigns 'B1' Corp. Family Rating
ATHENA HOLDCO: S&P Assigns Prelim. 'B' LT ICR, Outlook Stable


G E R M A N Y

FORTUNA CONSUMER 2024-1: DBRS Finalizes B(High) Rating on F Notes


I R E L A N D

CLONTARF PARK A-2A1: S&P Raises Class E Notes Rating to 'B(sf)'
RIVER GREEN 2020: DBRS Places BB(High) D Notes Rating Under Review


N E T H E R L A N D S

SCHOELLER PACKAGING: Fitch Hikes LongTerm IDR to B-, Outlook Stable


S P A I N

PROMOTORA DE INFORMACIONES: Moody's Ups CFR to B3, Outlook Stable


S W E D E N

ESSITY AB: Bondholders Want Money Back After Debt Default
[*] SWEDEN: Company Bankruptcies Hit Record High to 29% in 2023


T U R K E Y

VAKIF KATILIM: Fitch Alters Outlook on 'B-' LongTerm IDR to Stable


U N I T E D   K I N G D O M

BE OFFICES: Bought Out of Administration
DOWSON PLC 2022-2: S&P Affirms 'CCC (sf)' Rating on X-Dfrd Notes
FARFETCH LTD: Point72 Asset Management, 3 Others Report Stakes
FLAT CAP: The Vicarage Hotel Under New Management
IMPALA BIDCO: Moody's Affirms 'B1' CFR, Outlook Remains Stable

INTERFLEX LTD: Files NOI to Appoint Administrators
MORALE HOME: Enters Administration After Significant Headwinds
OCEAN ROOM: Goes Into Administration
VANQUIS BANKING: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable


X X X X X X X X

[*] BOND PRICING: For the Week February 26 to March 1, 2024

                           - - - - -


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F R A N C E
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ATHENA HOLDCO: Moody's Assigns 'B1' Corp. Family Rating
-------------------------------------------------------
Moody's Investors Service has assigned a B1 corporate family rating
and a B1-PD probability of default rating to Athena HoldCo S.A.S.
(Athena). Concurrently, Moody's has assigned a B1 to the backed
Term Loan B senior secured bank credit facility issued by Athena
BidCo SAS. The outlook on both entities is stable.

Athena HoldCo S.A.S, itself majority-owned by affiliates of the
global investment company KKR, is the ultimate parent of April SAS
(April). Established in 1988, the April Group is a leading
wholesale broker that designs, distributes and manages insurance
solutions and assistance services for individuals, professionals
and businesses. April operates mainly in France, in the
supplementary private health cover, personal protection, and
property and casualty insurance brokerage segments. The proposed
EUR1,200 million backed Term Loan B issued by Athena BidCo SAS will
be used to refinance EUR920 million of outstanding senior
facilities and to finance the acquisition of the broker DLPK.

The B1 rating on the backed senior secured Term Loan B reflects
Moody's view of the probability of default of Athena BidCo SAS,
along with Moody's loss given default (LGD) assessment of the debt
obligations and the absence of strong covenants.

RATINGS RATIONALE

The B1 CFR on Athena reflects April's solid business profile, as
well as its strong track record in terms of level of margins and
stability and predictability of earnings through the cycle. The
rating remains constrained by the increased debt burden following
the refinancing transaction and recent acquisitions, as well as the
lack of broad geographic diversification of April's activities, and
execution risks linked to the group's recurring external growth
strategy.

The group's solid business profile reflects (i) April's strong
market position in France within the wholesale insurance brokerage
business, (ii) its solid reputation and recognized brand, as well
as (iii) large distribution capacities, with growing direct sales
and a good client granularity which limits concentration risk,
despite a lack of international diversification, as France
continues to represent more than 80% of revenues.

The long duration of April's contracts as well as diversified
business lines lead to relative high profitability and a high
earnings predictability, which is demonstrated by a very stable
EBITDA margin over time. Going forward, Moody's expects EBITDA
margins to be maintained close or above 25%, as direct sales,
synergies from acquisitions, and the increased presence of April in
profitable business niches should sustain profitability.

The rating is however constrained by a weaker financial profile
resulting from the increased debt burden. Moody's estimates a
debt-to-EBITDA ratio (Moody's calculation) within the 5.5x-6.5x
range in the next 12-18 months. This high level of leverage is
partly mitigated by a good interest coverage ratio, expected to
remain over 4x, and a free-cash-flow-to-debt ratio in the range of
5%-7% in 2023-2024. These metrics include the rating agency's
standard accounting adjustments.

The assigned ratings also incorporate Athena's environmental,
social and governance (ESG) considerations, as per Moody's
Investors Service's General Principles for Assessing Environmental,
Social and Governance Risks methodology. Moody's assessment of
Athena's exposure to governance risks is high, reflected in a
Governance Issuer Profile Score (IPS) of G-4, driven by its higher
risk financial strategy, primarily relating to its high gross
leverage. Private ownership gives rise to governance risks related
to concentration of effective control and limitations on external
oversight, albeit that the management team has a strong track
record of operating performance.

OUTLOOK

The stable outlook reflects Moody's view that Athena's leverage
ratio will remain between 5.5x and 6.5x in the next 12-18 months,
and that profitability will be maintained in 2024, as evidenced by
an EBITDA margin in the 25%-30% range. The stable outlook also
indicates Moody's anticipation that April's external growth
strategy will remain prudent, thanks to KKR's long-term and
flexible investment management strategy, materialized by a
continued improvement of business and geographic diversification,
and a stable debt structure.

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

Athena's rating could be upgraded in case of: (i) an adjusted
debt-to-EBITDA ratio below 5x on a sustained basis, and (ii)
interest coverage ratio exceeding 6x, and (iii) EBITDA margin
sustainably improved above 30%.

Conversely, Athena's rating could be downgraded in case of: (i) an
adjusted debt-to-EBITDA ratio deteriorating sustainably to above
6.5x, or (ii) EBITDA margin deteriorating to below 25% on a
sustained basis, or (iii) Free Cash Flow (FCF)-to-debt ratio
falling below 3%.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Insurance
Brokers and Service Companies published in February 2024.


ATHENA HOLDCO: S&P Assigns Prelim. 'B' LT ICR, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B' long-term issuer
credit rating to Athena Holdco SAS and its financing subsidiary
Athena Bidco SAS, and its preliminary 'B' issue rating to the
proposed term loan.

Athena Holdco SAS -- holding company of France-based insurance
broker April Group -- plans to issue a new EUR1.2 billion term loan
B (TLB) and a EUR200 million revolving credit facility (RCF). It
will use the proceeds to refinance its existing debt and finance
the acquisition of DLPK Group and some earnouts.

The stable outlook reflects S&P's view that April will continue to
see strong revenue and EBITDA growth. These will be spurred by
favorable industry trends and strategic mergers and acquisitions
(M&A), which will underpin adjusted debt to EBITDA of 6.0x-6.5x;
positive free operating cash flows (FOCF); and funds from
operations (FFO) interest coverage of about 2.0x over the next 12
months.

The rating is constrained by April's high leverage and financial
sponsor ownership. April plans to raise EUR1.2 billion in TLB
financing to refinance its existing debt of EUR920 million and fund
the acquisition of DLPK and earnouts related to the recent
acquisition of Lexham. We forecast April's adjusted leverage at
6.6x at end-2024 declining to about 6.0x in 2025 on the back of
EBITDA growth, absent any further debt-funded acquisitions or
shareholder distributions.

S&P said, "The company's financial sponsor ownership that limits
the case for pronounced deleveraging influences our assessment. We
note that the documentation allows the company to raise meaningful
additional debt, up to a reported 7.5x total net leverage (compared
with an opening reported total net leverage of 5.1x). Investment
firm KKR provided part of its equity in the form of convertible
bonds at the topco level and transferred the same as shareholder
loans to April at the time of acquisition. We exclude this
financing from our financial analysis, including our leverage and
coverage calculations, since we think the common equity financing
and the non-common-equity financing are sufficiently aligned. Our
assessment could change if we feel the headroom per the finance
documents could be used to refinance the shareholder loans."

April's position as the largest wholesale insurance broker in
France is underpinned by its well-recognized brand, large broker
network, and long-standing relations with insurers. April is the
largest wholesale broker in France and ranks No. 1 or No. 2 in
several niche segments, particularly in health insurance, credit
protection, disability and death protection, and some property and
casualty niche products. The company operates as an intermediary
between insurers and brokers and provides more than 50 insurers
access to its extensive network of about 17,000 distributors,
including more than 12,000 active brokers. Its long-standing and
established relationships with its top 10 insurers provide brokers
access to a diversified portfolio with segmented products to
address specific client requirements.

Favorable industry trends will bolster April's organic growth. In
S&P's view, insurance brokers benefit from sticky revenue streams,
continued favorable pricing, and net benefits from still high
inflation that mitigates subdued economic growth. France supports
volume growth because of its aging population and positive tailwind
from brokerage penetration headroom in the country in personal
lines. Regulatory developments have historically had a mixed effect
on the company's business. However, recent regulatory
changes--especially those allowing customers to switch
policies--have supported the business, particularly with growth in
individual insurance policies. S&P forecasts organic revenue growth
for April of 5%-6% in 2024 and 2025 due to a strong back book, and
growth in both premium and volume thanks to the non-discretionary
nature of insurance products.

High level of recurring revenue supports our view of April's
business risk. April generates about 85% of its annual revenue
through its back book, which indicates high revenue visibility.
This is supported by medium- to long-term contracts, its
well-diversified broker and end-clients base made of small
businesses, senior citizens, and self-employed workers.

Good margins and low working capital and capex requirements support
April's strong cash flow generation. April's revenue includes fixed
commissions earned on premium volume and variable commissions on
insurers' profits. The company shares these commissions with retail
brokers operating as distributors for April's products. S&P said,
"In our view, this business model offers more flexibility and
downside protection than if it had to bear the labor costs of a
large sales force or the fixed costs of a dense agency network.
Based on this, we think the company will maintain stable margins at
the low-end of the rated European peer group average."

Structurally, April benefits from working capital inflows because
it receives upfront premium payments. S&P said, "We forecast
working capital use of EUR10 million in 2024 due to some payment
delays, but an inflow of EUR5 million-EUR10 million in 2025. The
company plans to invest about EUR140 million of cumulated capital
expenditure (capex) between 2024-2027 for better digitalization,
automation, and process efficiencies. We therefore expect increased
capex of EUR50 million in 2024 and EUR35 million in 2025."

S&P said, "We forecast one-time transaction-related costs (funded
with the proceeds from the transaction) of EUR25 million will drive
negative FOCF of about EUR6.4 million in 2024. If we exclude such
costs, FOCF would be EUR18.6 million in 2024. We expect FOCF of
over EUR70 million in 2025.

"April's small scale of operations and limited diversity in a
competitive and fragmented market restricts our view of its
business risk. Despite the recent diversification into wealth
management, April's scale and product offering still lag some of
the larger international insurance brokers such as Aon PLC
(A-/Negative/A-2) or Marsh & McLennan Cos. Inc. (A-/Stable/A-2).
The company also has significant exposure to France, which accounts
for about 80% of revenue, making it vulnerable to regulatory
developments affecting the country's health care system and credit
protection insurance framework. The insurance brokerage market is
very fragmented and competitive, with limited barriers to entry.
April's relatively small size and niche focus could make the group
vulnerable to increased competition if large international peers
decide to strengthen their presence in the French market."

In the recent years, the company has reduced the number of risk
carriers. Although this has improved profitability, there is a
significant insurer concentration, with the top 10 carriers
contributing the majority of net premium stock.

S&P said, "We expect April will continue to pursue M&A for
growth.Since KKR acquired April in 2023, April closed the
acquisition of Lexham in January 2024 and the DLPK Group
acquisition is forecast to close in the second quarter of 2024. We
estimate the company's net revenue to be about EUR542 million in
2024 (compared with EUR450 million in 2023), including the prorate
contribution of the acquisitions. Although we have not factored any
additional acquisitions into our forecast, we anticipate that April
will pursue strategic M&A to supplement organic growth--in line
with the consolidation trend within the insurance brokerage
industry. This will reinforce its market positions in France and
abroad and expand its wealth management business.

"The final ratings will depend on our receipt and satisfactory
review of all final transaction documentation. The preliminary
ratings should not be construed as evidence of final ratings. If we
do not receive final documentation within a reasonable time frame,
or if final documentation departs from materials reviewed, we
reserve the right to withdraw or revise our ratings. Potential
changes include, but are not limited to, use of loan proceeds,
maturity, size and conditions of the loans, financial and other
covenants, security, and ranking.

"The stable outlook reflects our view that April will see strong
revenue and EBITDA growth. These will be driven by favorable
industry trends and M&A, which will underpin adjusted debt to
EBITDA of 6.0x-6.5x; positive FOCF; and FFO interest coverage of
about 2.0x over the next 12 months.

"We could lower the ratings if April posted negative FOCF on a
prolonged basis or FFO cash interest coverage reduced materially
below 2x. This could happen if April experienced a material decline
in profitability, or higher volatility in margins due to unexpected
operational issues--including integration of recent acquisitions or
adverse regulatory developments. We could also lower the ratings if
April's leverage increased meaningfully on the back of material
debt-funded acquisitions or shareholder remuneration.

"We could consider an upgrade if April improved its adjusted
leverage to less than 5x, in line with a financial risk profile
that qualifies for a higher assessment. A positive rating action
would also depend on the financial sponsor's commitment to
demonstrating a prudent financial policy and maintaining credit
metrics at this level."




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G E R M A N Y
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FORTUNA CONSUMER 2024-1: DBRS Finalizes B(High) Rating on F Notes
-----------------------------------------------------------------
DBRS Ratings GmbH finalized its provisional credit ratings on the
following notes (collectively, the Rated Notes) issued by Fortuna
Consumer Loan ABS 2024-1 Designated Activity Company (the Issuer):

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

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

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

CREDIT RATING RATIONALE

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

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

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

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

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

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

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

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

TRANSACTION STRUCTURE

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

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

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

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

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

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

TRANSACTION COUNTERPARTIES

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

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

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

Morningstar DBRS used a lifetime expected gross default of 11.9%,
reflecting the concentration limits of score classes and the
potential portfolio migration during the scheduled revolving
period. On the other hand, Morningstar DBRS maintained the expected
recovery rate at 27.5%, unchanged from Fortuna Consumer Loan ABS
2023-1 DAC.

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

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

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

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

Notes: All figures are in euros unless otherwise noted.




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I R E L A N D
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CLONTARF PARK A-2A1: S&P Raises Class E Notes Rating to 'B(sf)'
---------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Clontarf Park CLO
DAC's class A-2A1, A-2A2, and A-2B notes to 'AAA (sf)' from 'AA+
(sf)', B notes to 'AAA (sf)' from 'AA (sf)', C notes to 'AA (sf)'
from 'A (sf)', D notes to 'BBB- (sf)' from 'BB+ (sf)', and E notes
to 'B (sf)' from 'B- (sf)'. At the same time, S&P affirmed its 'AAA
(sf)' rating on the class A-1 notes.

The rating actions follow the application of its global corporate
CLO criteria and our credit and cash flow analysis of the
transaction based on the February 2024 payment report.

Since S&P's previous review in September 2022:

-- The weighted-average rating of the portfolio remains at 'B'.

-- The portfolio has become less diversified, as the number of
performing obligors has decreased to 71 from 129.

-- The portfolio's weighted-average life has decreased to 2.72
years from 3.44 years.

-- The percentage of 'CCC' rated assets has increased to 9.45%
from 8.42%.

Following the deleveraging of the senior notes, the class A-1 to E
notes benefit from higher levels of credit enhancement compared
with S&P's previous review.

  Credit enhancement

             CURRENT
              AMOUNT                    AT PREVIOUS
  CLASS     (MIL. EUR)   CURRENT (%)  REVIEW IN 2022 (%)

  A-1         12.99        92.01          51.64

  A-2A1       20.00        59.42          34.45

  A-2A2       23.00        59.42          34.45

  A-2B        10.00        59.42          34.45

  B           21.00        46.50          27.64

  C           20.50        33.90          20.99

  D           25.00        18.52          12.89

  E           10.75        11.91           9.40

  Sub Notes   43.30          N/A            N/A

  N/A--Not applicable.

The scenario default rates have decreased for all rating scenarios
following a reduction in the weighted-average life since our
previous review (2.72 years from 3.44 years).

  Portfolio benchmarks
                                              AT PREVIOUS
                                   CURRENT    REVIEW IN 2022

  SPWARF                          2,953.21        2,914.13

  Default rate dispersion           790.48          676.00

  Weighted-average life (years)       2.72            3.43

  Obligor diversity measure          56.00          103.93

  Industry diversity measure         19.92           20.33

  Regional diversity measure          1.16            1.23

SPWARF—S&P Global Ratings' weighted-average rating factor. All
figures presented in the table do not include defaulted assets.

On the cash flow side:

-- The reinvestment period for the transaction ended in August
2021.

-- The class A-1 notes have deleveraged by EUR227.01 million since
closing.

-- No class of notes is currently deferring interest.
-- All coverage tests are passing as of the February 2024 payment
report.

  Transaction key metrics
                                                AT PREVIOUS
                                       CURRENT  REVIEW IN 2022

  Total collateral amount (mil. EUR)*   162.61      308.39

  Defaulted assets (mil. EUR)             9.77        0.00

  Number of performing obligors             71         129

  Portfolio weighted-average rating          B           B

  'AAA' SDR (%)                          57.95       58.88

  'AAA' WARR (%)                         36.54       36.91

*Performing assets plus cash and expected recoveries on defaulted
assets.
SDR--scenario default rate.
WARR--Weighted-average recovery rate.

S&P said, "In our view, the portfolio is diversified across
obligors, industries, and asset characteristics. Nevertheless, due
to amortization, it has become more concentrated since our previous
analysis. Hence, we have performed an additional scenario analysis
by applying a spread and recovery compression analysis.

"Based on the improved scenario default rates and higher credit
enhancement available to the notes, we have raised our ratings on
the class A-2A1, A-2A2, A-2B, B, C, D, and E notes. At the same
time, we have affirmed our rating on the class A-1 notes.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class C, D, and E notes could withstand
stresses commensurate with higher rating levels than those assigned
(without the above-mentioned additional sensitivity analysis). The
transaction has continued to amortize since the end of the
reinvestment period in August 2021.

"However, we have considered that the manager may still reinvest
unscheduled redemption proceeds and sale proceeds from
credit-impaired assets. Such reinvestments (as opposed to repayment
of the liabilities) may therefore prolong the note repayment
profile for the most senior class of notes, at the same time the
weighted-average life test is failing by an increasing margin.

"We also considered the level of cushion between our break-even
default rate (BDR) and scenario default rate (SDR) for these notes
at their passing rating levels, as well as the current
macroeconomic conditions and these classes of notes' relative
seniority. Considering all of these factors, we raised our ratings
on the class C notes by three notches, and class D and E notes by
one notch.

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

Counterparty, operational, and legal risks are adequately mitigated
in line with S&P's criteria.


RIVER GREEN 2020: DBRS Places BB(High) D Notes Rating Under Review
------------------------------------------------------------------
DBRS Ratings GmbH placed its credit ratings on the following
classes of the commercial mortgage-backed floating-rate notes due
January 2032 issued by River Green Finance 2020 DAC (the Issuer)
Under Review with Negative Implications (UR-Neg.).

-- Class A rated AA (high) (sf)
-- Class B rated A (high) (sf)
-- Class C rated BBB (high) (sf)
-- Class D rated BB (high) (sf)

CREDIT RATING RATIONALE

The UR-Neg. credit rating actions follow the underlying loan's
failure to repay at maturity on the January 2024 interest payment
date (IPD), and the loan's subsequent transfer to special servicing
on January 16, 2024.

The loan was scheduled to mature on January 15, 2024, after a
one-year extension option was exercised last year. According to a
transaction notice from the servicer, although the second and last
extension option, which would have extended the loan to January
2025, was still available, the borrower (LRC Real Estate Limited)
and the servicer (Mount Street Mortgage Servicing Limited) were
jointly of the view that a consensual long-term restructuring of
the loan would be in the best interests of all parties concerned.
In order to agree restructuring, the borrower and the servicer
entered into a three-month standstill agreement.

River Green Finance 2020 DAC is the securitization of a EUR 196.2
million floating-rate commercial real estate loan split into two
facilities (Facility A and Facility B) both advanced by Goldman
Sachs International Bank (GS). The EUR 35.8 million Facility A was
advanced to four ring-fenced compartments of LRC RE-2, a Luxemburg
investment company with variable share capital, the reserved
alternative investment fund (the Facility A Borrower), while the
EUR 160.4 million Facility B was advanced to a French Organisme de
Placement Collectif Immobilier (the Facility B Borrower). The
Issuer purchased the loan using the proceeds from the notes'
issuance (95.0% of the purchase price) and from an Issuer loan
advanced by GS (5.0% of the purchase price). The debt facilitated
the acquisition of the River Ouest building by a group of investors
led by LRC Real Estate Limited. As of the January 2024 IPD, the
outstanding whole loan balance stands at EUR 187.3 million, which
is 4.5% lower than the original loan amount. The loan amortized at
a rate of 1.0% per annum of the original loan amount.

River Ouest is a campus-style office with amenities including
restaurants, terraces, an auditorium, a fitness club, and concierge
services located in the Bezons municipality in Paris' western
suburbs. A major business district, La Defense, is approximately
five kilometers southeast of the asset. The property's market value
declined to EUR 307.0 million following the latest revaluation
conducted by CBRE Limited in January 2023, representing a fall of
9.0% from the previous valuation (March 2021), and a 10.7% decline
from the original valuation (July 2019).

The property is occupied by three tenants. As of the October 2023
IPD, 83% of the total rental income comes from a lease to Atos
which expires in July 2030. Atos is a French multinational IT and
consulting company, whose credit outlook has deteriorated since
issuance. The company is currently in the midst of debt
restructuring, with a EUR 1.5 billion term loan maturing in January
2025
(https://atos.net/en/2024/press-release20240103/market-update-2),
subject to two six-months extension options, in addition to several
bond maturities over 2024 and 2025. In February 2024, Atos
requested an appointment of an independent mediator (mandataire ad
hoc) to facilitate its discussions with the banks
(https://atos.net/en/2024/press-release20240205/market-update-3).
The company is also pursuing a sale of some of its business
divisions.

The other two tenants are Dell Technologies (15% of rental income)
and Sophos (2% of rental income), whose leases expired in September
2023 and May 2020, respectively. The tenants remain as occupants,
with leasing negotiations ongoing. Together, the uncertainties
around the future of Atos and tenants' leasing terms raise concerns
about the property's future cash flow.

In its credit rating review, Morningstar DBRS will focus on near to
mid-term rental cash flow expectations considering potential
leasing negotiations and the ability of the borrower to ultimately
repay the debt by means of property sale or refinancing.

The loan matured on January 15, 2024, with the final maturity of
the notes scheduled on January 22,2032.

The loan accrues interest at the aggregate of three-month Euribor
(floored at zero) plus a margin of 2.4% and it is fully hedged with
a prepaid interest rate cap provided by Wells Fargo Bank, N.A.
(rated AA with a Stable trend by DBRS Morningstar) with a strike
rate of 5.0%. The cap agreement terminates on 22 January 2025.
Following the loan maturity, default interest will apply on the
unpaid amounts at a rate that is 1.0% higher than the loan interest
rate.

The transaction is supported by a EUR 10.8 million liquidity
facility as of January 2024 (EUR 11.3 million at origination). The
liquidity facility was provided by Crédit Agricole Corporate and
Investment Bank at issuance and can be used to cover interest
shortfalls on the Class A through Class C notes (the covered
notes), as well as the Issuer loan. Based on the 5.0% cap strike
rate, the estimated coverage amounts to approximately 13 months.

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

Morningstar DBRS' credit ratings do not address nonpayment risk
associated with contractual payment obligations contemplated in the
applicable transaction documents that are not financial
obligations. For example, the credit ratings on the notes do not
address the payment of Euribor Excess Amounts, Pro-Rata Default
Interest Amounts, and Prepayment Fees.

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

Notes: All figures are in euros unless otherwise noted.




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

SCHOELLER PACKAGING: Fitch Hikes LongTerm IDR to B-, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has upgraded Schoeller Packaging B.V. (Schoeller)
Long-Term Issuer Default Rating (IDR) to 'B-' from 'CCC+'. The
Outlook on the IDR is Stable.

The upgrade and Stable Outlook reflect Schoeller's new capital
structure with longer maturities and lower leverage alleviating
high refinancing risk, as well as deleveraging capacity and
liquidity constraints. This results in improved key rating metrics
that are commensurate with a 'B-' rating.

Fitch expects lower interest payments to improve liquidity along
with lower leverage, supported by an EUR149 million net equity
injection. Liquidity is further supported by a EUR30 million
shareholder loan, covering the majority of non-recurring costs in
2023 and leaving an almost fully undrawn EUR30 million revolving
credit facility (RCF), and by expected recovery in profitability.

Fitch has withdrawn Schoeller's IDR as the rating is taken private.
Fitch will no longer provide rating or analytical coverage on the
company.

KEY RATING DRIVERS

Stronger Capital Structure: Fitch believes the recapitalisation has
been positive for Schoeller's credit profile. The equity injection
by shareholders has allowed Schoeller to redeem half of its EUR250
million notes and helped refinance the other half by enabling the
company to raise a new EUR125 million term loan (TL) and extending
its RCF, both with maturities in 2028. The new EUR30 million
shareholder loan, despite its second-lien ranking, further shows
shareholder support in running the business.

Improving Liquidity: Fitch expects stronger margins, declining
non-recurring costs and availability of the RCF to limit liquidity
risks. Fitch forecasts gradual recovery of EBITDA margins on higher
volumes and improved operating efficiencies. The latter will be
driven by capacity optimisation, personnel cost savings, and a
redesign of the supply chain. Fitch estimates negative free cash
flow (FCF) in 2023 and 2024, due mostly to restructuring costs and
working-capital outflows (in 2024) on growing revenue. Fitch
forecasts positive FCF from 2025 on lower interest, normalised
capex and in the absence of restructuring costs.

Lower Leverage: Fitch estimates EBITDA gross leverage at 4.7x at
end-2023 compared with a peak of 8.1x in 2022. Fitch expects
deleveraging to around 4.5x in 2024 on higher EBITDA. Fitch expects
the PIK interest on the shareholder loan and TL to gradually
increase the debt quantum until they mature but for leverage to
remain within its rating sensitivities.

Order Intake to Improve: Fitch forecasts modestly recovering
volumes from 2024 onwards, after a decline in 2023 as weaker
pooling offset stronger demand for beverage, system integrators &
automotive packaging. Fitch believes the recovery will be driven by
lower selling prices (on normalised resin prices) compared with
high prices in 2022-2023 that held back new packaging orders from
customers. Its expectations for revenue recovery are also based on
new initiatives, including an increase in sales staff.

Strong Ties with RentCo Remain: Post recapitalisation Fitch views
the continuing strong operational and strategic ties between
Schoeller and RentCo, its rental business affiliate, as
credit-neutral in the short term. This is because RentCo continues
to be a start-up business with limited scale and, hence, with
immaterial impact to the consolidated group. RentCo's estimated
2023 EBITDA is of high single-digit share in the group's EBITDA,
albeit with the potential to grow on new contracts.

Customer Concentration and Size Constraints: Schoeller has a broad
customer base covering a variety of markets, but with high
concentration on its largest customer in pooling services, Irel
Bidco S.a.r.l (IFCO; B+/Stable), at almost 17% of total revenue in
2022 (25% in 2021).

Schoeller's business profile is underpinned by a record of
longstanding relationships as the majority of its top 100 customers
are returning customers, with relationships often exceeding 15
years. The company's size is small versus that of other Fitch-rated
'B' category diversified manufacturers, which are at least twice
the size of Schoeller.

Environmentally-Driven Growth Opportunities: Fitch believes that
reusable plastic containers are set for growth, supported by trends
such as supply-chain efficiency, environmental awareness and
e-commerce development, which will drive a transition to multi-year
usage of packaging.

Fitch expects increasing demand for a circular economy, favourable
regulation and efforts to cut costs by companies will stimulate
demand for reusable packaging in the long term. This development
should benefit Schoeller's products, as they have a long lifetime.

DERIVATION SUMMARY

Fitch treats Schoeller as a diversified manufacturer, although
Fitch believes that packaging companies are similar in raw-material
usage, environmental impact, logistics, markets and customers. The
returnable transit packaging market remains fragmented, but
Schoeller has a leading position in Europe with a 15% market share.
Plant locations across Europe allow Schoeller to be more
competitive and to operate at lower transportation costs than peers
that usually operate domestically.

Most Fitch-rated packaging peers produce consumer products
(bottles, jars, small packages) and offer a wider range of products
(different material, shapes, colour and marketing), such as Ardagh
Group S.A. (B-/Negative) and Smurfit Kappa Group plc (BBB-/RWP),
while Titan Holdings II B.V. (B/Positive) is focused on metal
packaging. Similar to Schoeller, they are exposed to a broad range
of markets (retail, food and industrial), but are more affected by
market trends resulting from consumer spending and preferences.

Schoeller has weaker EBITDA margins than Fitch-rated, mid-sized
diversified manufacturers or packaging companies rated in the 'B'
category and below, including the belt manufacturer Ammega Group
B.V. (B-/Stable), with a margin of around 16%; the speciality
fibre-based materials manufacturer Ahlstrom Holding 3 Oy
(B+/Stable), with a margin of around 13.5%; Ardagh, with a margin
of 11%-12%; and Titan Holdings, with a margin of around 15%-16%.

Schoeller is expected to have a stronger leverage profile,
following recapitalisation, with EBITDA leverage of 4.7x-4.4x in
2023-2024 compared with 6.9x-6.3x for Ammega or 5.7x-5.4x for
Alhstrom or 5.6x-5.3x for Titan Holdings. However, the peers'
financial profile is supported by a stronger business profile,
higher revenue, stronger FCF generation and margins. The higher
rating of Irel Bidco S.a.r.l (B+/Stable), owner of Schoeller's
customer IFCO, reflects its very high EBITDA margins, long-term
contractual flows and lower leverage.

KEY ASSUMPTIONS

- Revenue decline of around 7.1% in 2023 due to lower volumes in
pooling and a decrease in prices. This is followed by steady growth
of 4.8% and 3.7% in 2024 and 2025, respectively

- Fitch-adjusted EBITDA margin increase to 9.4% in 2023. This is
followed by steady recovery to around 10% on improved operating
efficiencies to 2025

- Working-capital inflow of around 0.5% in 2023, supported by
destocking and lower resin prices. This is followed by an outflow
of 1.4% in 2024 and 0.5% in 2025 on higher revenue

- Normalised capex at an average 4.3% of revenue to 2025

- No M&A activity and dividend distributions until 2025

RATING SENSITIVITIES

Not applicable due the rating being withdrawn

LIQUIDITY AND DEBT STRUCTURE

Limited Liquidity: Schoeller's readily available cash amounted to
about EUR22 million at end-3Q23 and Fitch estimates it to be
EUR20.5 million at end-2023. After recapitalisation and new money
injected by shareholders Fitch expects around EUR27 million of
availability under the EUR30 million RCF at end-2023. Fitch
forecasts negative FCF margins of around 7% in 2023 and 0.6% in
2024 on non-recurring costs, before it turns positive at 1.8% in
2025, driven by lower interest payments under the new capital
structure, normalised capex and no restructuring costs.

Liquidity has been also supported by the subordinated shareholder
loan with an outstanding amount of EUR61 million at end-3Q23, which
Fitch treats as equity as per its criteria. With the additional
EUR30 million of the second-lien shareholder loan fully drawn Fitch
views shareholder financing as critical to maintaining operations.

Undiversified Debt Structure: The debt structure is undiversified
as the majority of debt consists of its EUR125 million TLB,
resulting in concentrated maturities in 2028. The second-lien
shareholder loan is due in December 2029.

ISSUER PROFILE

Schoeller is Europe's largest manufacturer of plastic containers
and reusable transit packaging.

ESG CONSIDERATIONS

Fitch has revised the ESG Relevance Score for Management Strategy
to '3' from '4' on the newly established capital structure with
long-dated debt and cash equity injected by shareholders, that
Fitch believes has mitigated uncertainty around Schoeller as a
going concern.

Fitch has revised the ESG Relevance Score for Governance Structure
to '3' from '4' after the cash equity injection by shareholders
that redeemed half of the senior secured debt, helped support
liquidity and reduce leverage.

Schoeller has an ESG Relevance Score of '4' for Group Structure,
due to its added complexity with the separation of the rental
business, which resulted in increased exposure to inter-company
transactions. This has a negative impact on the credit profile, and
is relevant to the ratings in conjunction with other factors.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Following the rating withdrawal Fitch will no longer provide ESG
Relevance Scores for Schoeller.

   Entity/Debt                   Rating           Prior
   -----------                   ------           -----
Schoeller Packaging B.V.   LT IDR B- Upgrade      CCC+

                           LT IDR WD Withdrawn    B-




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

PROMOTORA DE INFORMACIONES: Moody's Ups CFR to B3, Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service has upgraded to B3 from Caa1 the
long-term corporate family rating of Promotora de Informaciones,
S.A. ("Prisa" or "the company"), a leading provider of cultural,
educational, informational and entertainment content for the
Spanish and Portuguese-speaking markets. The outlook remains
stable.

"The rating upgrade reflects stronger key credit metrics
underpinned by improved operating performance over the last three
years and the company's efforts to reduce its debt burden,
including the issuance of mandatorily convertible notes into
shares," says Victor Garcia Capdevila, a Moody's Vice
President-Senior Analyst and lead analyst for Prisa.

RATINGS RATIONALE

The B3 rating reflects the company's robust operational and
financial performance over the last three years; and the
considerable improvement in its key credit metrics.

Prisa generated revenue of EUR947 million in 2023, an increase of
11% year-on-year. This was driven by a 15% growth in the education
business to EUR515 million and a 7% growth in the media business to
EUR432 million. Moody's-adjusted EBITDA reached EUR178 million in
2023 from EUR150 million a year earlier while Moody's-adjusted
gross leverage decreased to 5.5x in 2023 from 7.3x in 2022.

Moody's expects that in 2024, Prisa's revenue and EBITDA will
reduce slightly towards EUR930 million and EUR170 million,
respectively, mainly reflecting a likely delay in public education
sales in Brazil into 2025 and the effect of the large institutional
sale in Argentina in 2023 which is unlikely to reoccur in 2024. On
the other hand, Moody's expects strong growth in private education
and the media business.

On January 30, 2024, Prisa announced its intention to issue up to
EUR100 million subordinated unsecured notes mandatorily convertible
into new Prisa shares. The proceeds from this convertible are
earmarked to clear the EUR86 million junior tranche of the
company's syndicated facility and to fund growth opportunities. The
key terms and conditions are expected to be in line with the EUR130
million convertible notes issued in February 2023.

Based on the strong track record of shareholder support over the
years, the rating agency's base scenario assumes a successful
convertible bond issuance. Under this scenario,
Moody's-adjusted-gross debt is likely to reduce to 5.3x in 2024
while interest coverage, measured as (EBITDA-Capex)/Interest
Expense, is likely to be around 1.1x. The net effect of the
convertible bond in Moody's-adjusted leverage is around 0.5x.

The B3 rating reflects Prisa's market-leading positions in the
media segment and the resiliency of the education business in Latin
America, which is bolstered by the growing contribution of the
digital learning systems subscription model.

The rating also factors in the company's sizeable exposure to
emerging markets, leading to significant foreign-exchange risks and
a considerable currency mismatch between its cash flow and debt
profile; the cyclical nature of advertising spending and its
susceptibility to digital disruption; the structural challenges
within the media segment and the company's negative free cash flow
generation.

Governance considerations are material to the rating action because
Prisa's financial policy is more conservative than in the past. The
company continues to demonstrate its willingness to reduce debt
levels. In February 2023, Prisa issued EUR130 million convertible
bonds to repay part of its syndicated facility's junior tranche. In
January 2024, the company announced the issuance of additional
convertible notes for up to EUR100 million to repay the remaining
EUR86 million junior tranche of its syndicated facility and fund
growth opportunities within the business. This has resulted in a
change in the company's Financial Strategy and Risk Management
score to 4 from 5, the governance issuer profile score (IPS) to G-4
from G-5 and the Credit Impact Score to CIS-4 from CIS-5.

LIQUIDITY

The company's liquidity is adequate. As of December 2023 the
company had cash and cash equivalents of around EUR186 million. The
EUR80 million revolving credit facility (RCF) is fully drawn. The
company does not have any debt maturities until June 2026, when the
EUR160 million super senior term loan and the EUR80 million RCF
mature.

Moody's estimates that the company will generate negative free cash
flow of around EUR20 million in 2024. The rating agency forecasts
that as of December 2024, the capacity under the net debt covenant
included in the senior facilities agreement will be around 50% and
the capacity under the debt service covenant around 15%.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects the expectation that the company will
continue to have a solid operating performance over the next 12-18
months while maintaining its Moody's-adjusted gross leverage ratio
within the maximum leverage threshold set for the B3 rating
category. The outlook does not factor in any large debt-funded
acquisitions and reflects Moody's expectation that the company will
maintain adequate liquidity at all times.

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

Upward rating pressure could develop if the company successfully
refinances its capital structure; Moody's-adjusted gross leverage
is reduced below 5.0x; interest coverage, measured as
(EBITDA-Capex)/Interest Expense, trends towards 2.0x; and the
company maintains an adequate liquidity profile at all times.

Downward rating pressure could develop should operating conditions
deviate significantly from Moody's current expectations leading to
a Moody's-adjusted gross leverage above 6.0x; interest coverage,
measured as (EBITDA-Capex)/Interest Expense, reduces towards 1.0x;
liquidity deteriorates or refinancing risk increases.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Media published
in June 2021.

COMPANY PROFILE

Promotora de Informaciones, S.A. (Prisa), headquartered in Madrid,
is a leading provider of cultural, educational, informative and
entertainment content to the Spanish and Portuguese-speaking
markets. The company is present in 22 countries and offers its
content through two business lines: Education and Media (Radio and
Press). In 2023, Prisa generated revenue of EUR947 million and
reported EBITDA of EUR181 million. The company is listed on the
Spanish Stock Exchange.




===========
S W E D E N
===========

ESSITY AB: Bondholders Want Money Back After Debt Default
---------------------------------------------------------
Irene Garcia Perez at Bloomberg News reports that a group of
bondholders in Essity AB are asking for their money back after
arguing the Swedish personal care products maker has defaulted on
its debt.

The creditors sent a letter to the company last month saying it had
breached a so-called cessation of business clause in its bonds by
agreeing to sell its majority stake in tissue maker Vinda
International Holdings Ltd., Bloomberg relays, citing people with
knowledge of the matter.  That followed the firm signing an
"irrevocable undertaking" in December to sell its 51.6% ownership
of Vinda to Indonesian tycoon Sukanto Tanoto, Bloomberg recounts.

The bondholders, advised by investment bank Houlihan Lokey Inc. and
law firm White & Case LLP, argued that the irrevocable undertaking
of this offer constitutes an event of default according to the bond
documentation, said the people, asking not to be named discussing
private information, Bloomberg notes.  As a result, they say the
bonds have now become due in full, along with accrued interest,
Bloomberg states.

Stockhom-based Essity has EUR3.77 billion-equivalent (US$4.1
billion) of outstanding notes including such a clause, Bloomberg
discloses.  Of those, a EUR600 million bond is due this month,
though the group of creditors holds bonds due in 2029, 2030 and
2031, Bloomberg relays.

According to Bloomberg, an Essity spokesman said the company had
nothing to add to its statement on Dec. 15, when it announced
support for the Tanoto offer for Vinda.  The firm, which makes
products such as bandages, diapers and toilet paper, is due to hold
its annual general shareholders meeting on March 21, Bloomberg
discloses.


[*] SWEDEN: Company Bankruptcies Hit Record High to 29% in 2023
---------------------------------------------------------------
Charles Daly at Bloomberg News reports that Swedish bankruptcies
jumped 29% in 2023 to the highest level since the 1990s, when the
bursting of a property bubble crippled the Nordic nation's banking
system.

This may just be the tip of the iceberg in the wake of persistently
high inflation and interest rates, Bloomberg relays, citing, UC, a
credit reference agency that compiled the data.  It said that in
December, bankruptcies increased overall by 23% from a year
earlier, Bloomberg relates.

"The slightly optimistic trend that we saw in the autumn, where
bankruptcies seemed to stabilize, has now reversed, and the
development has picked up speed again," Bloomberg quotes Gabriella
Goransson, chief executive at UC, as saying.

Sweden is widely expected to experience a recession this year even
after the central bank appears to have halted an 18-month campaign
of interest-rate hikes amid a slowdown in inflation, Bloomberg
discloses.  Ms. Goransson says that UC is seeing a stage where
companies that have so far "held out" and been resilient are no
longer able to maintain stable turnover and liquidity. That in turn
could fuel the next wave of bankruptcies, she said, Bloomberg
notes.

The number of companies going bust has yet to exceed the 1990s
level because "today's market is more global than it was then and
the crisis has hit more broadly," Ms. Goransson, as cited by
Bloomberg, said.




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

VAKIF KATILIM: Fitch Alters Outlook on 'B-' LongTerm IDR to Stable
------------------------------------------------------------------
Fitch Ratings issued a ratings release on Vakif Katilim Bankasi
A.S. to replace a version published on February 6, 2024 to include
a VR adjustment on the operating environment score.

The amended ratings release is as follows:

Fitch Ratings has revised the Outlook on Vakif Katilim Bankasi
A.S.'s (Vakif Katilim) Long-Term Foreign-Currency (LTFC) Issuer
Default Rating (IDR) to Stable from Negative. Its LTFC and
Local-Currency (LTLC) IDRs have been affirmed at 'B-' and 'B',
respectively. Fitch has also affirmed the bank's Viability Rating
(VR) at 'b-'.

The Outlook revision reflects Fitch's view that risks to the bank's
standalone credit profile are manageable, given adequate capital
buffers and profitability. Near-term operating environment risks
have partly abated following Turkiye's return to a more
conventional and consistent policy mix. However, risks remain due
to still challenging market conditions, including multiple
macro-prudential regulations, as well as expected pressures on
asset quality amid higher lira interest rates and slower GDP
growth.

KEY RATING DRIVERS

VR Drives LTFC IDR: Vakif Katilim's 'b-' VR drives its LTFC IDR.
The VR reflects its concentrated operations in the challenging
Turkish market, rapid financing growth, fairly short record of
operations and concentration risk. However, it also considers its
growing participation-banking franchise, adequate capital buffers
and limited FC wholesale funding. The Short-Term IDRs of 'B' is the
only possible option mapping to the Long-Term IDRs in the 'B'
category.

Sovereign Support Drives LTLC IDR: The LTLC IDR is driven by state
support, reflecting its view of the sovereign's higher ability to
provide support and a lower risk of government intervention in LC.
Its Stable Outlook reflects that on the sovereign LTLC IDR.

Operating Environment Pressures Recede: Vakif Katilim's operations
are concentrated in the challenging Turkish operating environment.
The recent shift towards the normalisation of the monetary policy
has reduced near-term macro-financial stability risks and decreased
external financing pressures. Banks remain exposed to high
inflation, lira depreciation, slowing growth expectations, and
multiple macro-prudential regulations, despite recent
simplification efforts

Growing Participation Franchise: Vakif Katilim is a growing
participation bank, a niche segment that accounted for 8.7% of
banking-sector assets at end-2023. The bank has a small franchise
concentrated in Turkiye, but with reasonable prospects as the
third-largest participation bank in the country, supported by
capital injections from the authorities.

High Risk Appetite: Vakif Katilim's credit underwriting framework
is still developing, given its fairly short record of operations
and historically rapid growth (18% foreign exchange (FX)-adjusted
financing growth in 9M23; 72% in 2022) in the volatile Turkish
market. It targets diversification by growing short-term, LC
financing, including to SMEs, a segment that is sensitive to the
economic outlook.

Asset-Quality Risks: The bank's non-performing financing and Stage
2 financing ratios remained flat at 0.9% at and 2.1%, respectively
at end-3Q23, reflecting strong financing growth, which in turn
creates seasoning risks. Asset-quality risks remain high given
macro volatility, single name concentration, and FC financings
(31%) as not all borrowers are hedged against lira depreciation and
exposure to troubled sectors.

Reasonable Profitability: Vakif Katilim's operating profit improved
to 5.6% of average total assets at end-3Q23 (2022: 4.6%), despite a
decline in its net financing margin on the back of strong
customer-driven trading and fee income. Its 9M23 return on assets
improved to 3.6% (2022: 3.3%) despite a one-off donation to the
earthquake relief fund of TRY1,000 million. Profitability remains
sensitive to slower GDP growth, asset-quality risks and
macro-economic and regulatory developments.

Support Underpins Capitalisation: The bank's common equity Tier 1
(CET1) ratio (end-3Q23: 18.0%, net of forbearance) is adequate for
its risk profile and growth appetite, while its leverage also
compares well with peers' (equity/assets: 10.6%; sector: 9.0%).

Its capital ratios are supported by regular state injections and
benefit from a favourable risk-weighting on assets financed by
profit share accounts (alpha effect), providing an uplift of around
550bp to its CET1 ratio. Risks to capitalisation remain given macro
uncertainty, sensitivity to lira depreciation (due to the inflation
of FC RWAs) and asset-quality risks.

Limited FC Wholesale Funding: The bank is largely funded by
customer deposits, at 90% of total funding at end-3Q23, with 42% in
FC and 33% FX-protected lira deposits. External FC debt is fairly
limited (6% of total funding), while FC liquidity (mainly
unencumbered FC government sukuk, FC placements in foreign banks
and FC cash excluding balances with the central bank) broadly
covers FC non-deposit liabilities due within a year. Nevertheless,
FC liquidity could come under pressure from sector-wide FC deposit
instability.

RATING SENSITIVITIES

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

Vakif Katilim's LTFC IDR is sensitive to a downgrade of its VR, an
adverse change in Fitch's view of government intervention risk in
the banking sector and potentially to a sovereign downgrade.

The VR could be downgraded on a deterioration in the operating
environment, most likely due to a sovereign downgrade, particularly
if it leads to further erosion of the bank's FC liquidity buffer,
for example, due to a prolonged funding market closure or deposit
instability, or a material deterioration of asset-quality metrics.

Vakif Katilim's LTLC IDR would be downgraded if Turkiye's LTLC IDR
is downgraded, if Fitch believes the sovereign's propensity to
provide support in LC has reduced, or if its view of the likelihood
of intervention risk in the banking sector in LC increases.

The Short-Term IDRs are sensitive to downgrades to the bank's
Long-Term IDRs.

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

Vakif Katilim's LTFC IDR could be upgraded following an upgrade of
Turkiye's Long-Term IDRs and a reduction, in Fitch's view, of
government intervention risk in the banking sector, if followed by
an upgrade of the bank's VR.

Vakif Katilim's VR could be upgraded if the bank grows and
consolidates its domestic participation franchise while
strengthening its business profile, maintaining adequate
capitalisation and FC liquidity buffers, coupled with an
improvement in the operating environment, most likely due to a
sovereign upgrade.

A positive change in the sovereign's LTLC IDR would likely lead to
similar action on the bank's LTLC IDR.

The Short-Term IDRs are sensitive to upgrades - albeit by multiple
notches - to their respective Long-Term IDRs.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

The National Long-term Rating of 'AA(tur)' reflects its view of
Vakif Katilim's creditworthiness in LC relative to that of other
Turkish issuers and is in line with other state-owned deposit
banks'. The National Rating is underpinned by its view of
government support in LC.

Vakif Katilim's 'no support' Government Support Rating (GSR)
reflects the sovereign's weak financial flexibility to provide
support in FC, given its weak external finances and sovereign FC
reserves. This is despite Fitch's view of a high propensity by the
government to provide support, given Vakif Katilim's state
ownership, the strategic importance of participation banking to the
authorities and the record of state capital support.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

The National Rating is sensitive to a change in the bank's
creditworthiness in LC relative to that of other Turkish issuers.

The GSR could be upgraded if Fitch views the government's ability
to support the bank in FC has strengthened.

VR ADJUSTMENTS

The operating environment score of 'b-' for Turkish banks is lower
than the category implied score of 'bb', due to the following
adjustment reasons: sovereign rating (negative) and macroeconomic
stability (negative). The latter adjustment reflects heightened
market volatility, high dollarisation and high risk of FX movements
in Turkiye.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Vakif Katilim's LTLC IDR is driven by support from the Turkish
authorities.

ESG CONSIDERATIONS

Vakif Katilim's ESG Relevance Scores of '4' for Governance
Structure and Management Strategy are due to potential government
influence over its board's effectiveness and management strategy in
the challenging Turkish operating environment, which has a
moderately negative impact on the bank's credit profile, and is
relevant to the ratings in conjunction with other factors.

The ESG Relevance Management Strategy score of '4' also reflects
increased regulatory intervention in the Turkish banking sector,
which hinders the operational execution of management's strategy,
constrains management's ability to determine strategy and price
risk and creates an additional operational burden for banks. This
has a moderately negative credit impact on the bank and is relevant
to the rating in combination with other factors.

As an Islamic bank Vakif Katilim needs to ensure compliance of its
entire operations and activities with sharia principles and rules.
This entails additional costs, processes, disclosures, regulations,
reporting and sharia audit. This results in a Governance Structure
Relevance Score of '4' for the bank, which has a negative impact on
the bank's credit profile and is relevant to the ratings in
combination with other factors.

In addition, Islamic banks have an ESG Relevance Score of '3' for
exposure to social impacts, above sector guidance for an ESG
relevance score of '2' for comparable conventional banks, which
reflects certain sharia limitations being embedded in Islamic
banks' operations and obligations, although this only has a minimal
credit impact on the entities.

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

   Entity/Debt                     Rating           
   -----------                     ------           
Vakif Katilim
Bankasi A.S.      LT IDR             B-      Affirmed
                  ST IDR             B       Affirmed
                  LC LT IDR          B       Affirmed
                  LC ST IDR          B       Affirmed
                  Natl LT            AA(tur) Affirmed
                  Viability          b-      Affirmed
                  Government Support ns      Affirmed




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

BE OFFICES: Bought Out of Administration
----------------------------------------
Business Sale reports that a group of serviced office operators has
been acquired out of administration by companies owned by most of
the existing management team.

According to Business Sale, BE Offices, which operates close to
300,000 sq ft of flexible workspace across England and Northern
Ireland, has been significantly impacted by COVID-19 and its
ongoing aftereffects in recent years.

The group's business model was severely affected by the pandemic,
with millions forced to work from home during lockdown and many of
those workers continuing to do so on at least a part-time basis
even after restrictions had been lifted, Business Sale relates.

In 2021, the group reported turnover of GBP24 million, down from
GBP36.1 million a year earlier, and a post-tax loss of GBP20.5
million, Business Sale discloses.  During 2021 and 2022, centres in
Manchester, Bristol Marylebone, Canary Wharf and Royal Exchange
were shut down, Business Sale recounts.

The group's directors retained ReSolve, securing 11 moratoriums
and, subsequently 16 separate, interrelated CVA proposals, which
were all approved by creditors during the first half of 2022,
Business Sale notes.

However, demand did not recover during the next year, as home
working continued to be popular and the group's revenue
expectations were not met, Business Sale relays.  By December 2023,
the group's CVAs had failed and it fell into administration, with
ReSolve retained once more to run an accelerated marketing campaign
in January 2024 and sales secured on February 7 for 13 companies in
the group, according to Business Sale.

In the wake of the closures in 2021 and 2022, the group operated 13
workspaces, with 10 across London and further flexible spaces in
Belfast, Birmingham and Southampton.  Close to 200 people worked
across the business, but the company did not employ any staff
directly.


DOWSON PLC 2022-2: S&P Affirms 'CCC (sf)' Rating on X-Dfrd Notes
----------------------------------------------------------------
S&P Global Ratings took various credit rating actions in Dowson
2021-2 PLC, Dowson 2022-1 PLC, and Dowson 2022-2 PLC.

The rating actions follow its review of the transactions'
performance and the application of our current criteria, and
reflect S&P's assessment of the payment structure according to the
transaction documents.

The transactions have amortized strictly sequentially since their
respective closing dates. This has resulted in increased credit
enhancement for the outstanding notes, most notably for the senior
and mezzanine notes, and is magnified with the passage of time
since close. As of the January 2024 servicer reports, the pool
factors for non-defaulted receivables had declined to 22.6% (Dowson
2021-2), 42.3% (Dowson 2022-1), and 48.7% (Dowson 2022-2), and the
available credit enhancement for all tranches had risen to varying
degrees as a result. The exceptions are each transaction's class
F-Dfrd notes (which are backed only by the reserve fund) and Dowson
2022-2's class X-Dfrd notes, which are uncollateralized.

The transactions' underlying collateral comprises U.K. fully
amortizing fixed-rate auto loan receivables arising under hire
purchase agreements primarily for the purchase of used cars by
near-prime borrowers. These borrowers may be more susceptible to
greater financial pressure during the current cost of living
squeeze than prime borrowers.

Cumulative gross losses to the end of January 2024 were 10.1%
(Dowson 2021-2, 28 months after close), 11.9% (Dowson 2022-1, 22
months after close), and 10.2% (Dowson 2022-2, 17 months after
close). S&P adjusted its base-case hostile termination assumptions
to reflect the differing performance levels across each
transaction.

Dowson 2021-2's losses were higher than forecast, so S&P has
increased the base-case hostile termination assumption to 14.0%
from 11.6%.

Given the increased base-case hostile termination assumption,
shorter weighted average life (WAL), and reduced pool factor, S&P
lowered the hostile termination multiples on Dowson 2021-2 to 3.75x
from 4.00x at the 'AAA' rating level, and applied similar downward
adjustments at investment-grade rating levels. This effectively
amplifies the effect of the higher base-case assumptions at the
speculative-grade rating levels.

The current cumulative voluntary termination rate of 0.75% in
Dowson 2021-2, when considered with the portfolio's 32-month
seasoning and pool factor, has led S&P to lower its voluntary
termination base-case to 2.0% from 2.5%.

S&P said, "Dowson 2022-1 and Dowson 2022-2 have continued to record
losses at levels much higher than expected at close and at our last
review, when we raised both transactions' base-case hostile
termination assumptions to 14.0%. At this review we further
increased Dowson 2022-1's base-case hostile termination rate to
20.0% and Dowson 2022-2's to 21.0%.

"Given the increased base case assumptions and lower WAL, we
further lowered both these transactions' hostile termination
multiples to 3.50x and 3.15x at the 'AAA' and 'AA+' rating levels
from 3.75x and 3.25x, respectively. The multiples at lower rating
levels are unchanged, leading to notable increases in the stressed
gross loss levels given the higher base-case assumption.

"Dowson 2022-1's voluntary terminations are 0.16% and Dowson
2022-2's are 0.34%. These are within expectations, and we have not
revised the 2.50% base-case assumption."

All three transactions' recovery rate assumptions are unchanged.

Lastly, as the collateral backing the notes comprises U.K. fully
amortizing fixed-rate auto loan receivables arising under hire
purchase agreements, the transactions are not exposed to residual
value risk.

S&P performed its cash flow analysis to test the effect of the
amended credit assumptions and deleveraging in the structures. The
rapidly increasing credit enhancement levels generally mitigated
the elevated loss assumptions at higher rating levels. The higher
loss assumptions had a greater negative effect on the junior
tranches, especially in the less seasoned Dowson 2022-1 and Dowson
2022-2.

Dowson 2021-2

S&P said, "Our cash flow analysis indicates that the available
credit enhancement for the class C and D notes is sufficient to
withstand the credit and cash flow stresses that we apply at the
'AAA' and 'AA-' rating levels, respectively. We therefore raised to
'AAA (sf)' and 'AA- (sf)' from 'AA (sf)' and 'A (sf)' our ratings
on the class C and D notes, respectively.

"Our cash flow analysis indicates that the available credit
enhancement for the class B, E, and F-Dfrd notes is sufficient to
withstand the credit and cash flow stresses that we apply at the
'AAA', 'BBB-', and 'B-' rating levels, respectively. We therefore
affirmed our 'AAA (sf)', 'BBB- (sf)', and 'B- (sf)' ratings on the
class B, E, and F-Dfrd notes, respectively."

Dowson 2022-1

S&P said, "Our cash flow analysis indicates that, given the
increased hostile termination assumptions, the class C, D, E, and
F-Dfrd notes' available credit enhancement is insufficient to
withstand the credit and cash flow stresses that we applied at
their previous rating levels. We therefore lowered to 'A (sf)',
'BBB- (sf)', 'B (sf)', and 'CCC (sf)' from 'A+ (sf)', 'A- (sf)',
'BB (sf)', and 'B- (sf)' our ratings on the class C, D, E, and
F-Dfrd notes, respectively.

"The class F-Dfrd notes do not pass at the 'B' level of credit and
cash flow stress. After applying our 'CCC' criteria, we believe
this class is vulnerable to nonpayment, and depends on favorable
business, financial, or economic conditions to be repaid. We
therefore lowered to 'CCC (sf)' from 'B- (sf)' our rating on the
class F-Dfrd notes.

"Our cash flow analysis indicates that the available credit
enhancement for the class A and B notes is sufficient to withstand
the credit and cash flow stresses that we apply at the 'AAA' rating
level. We therefore affirmed our 'AAA (sf)' ratings on the notes."

Dowson 2022-2

S&P said, "Our cash flow analysis indicates that the class C, D, E,
and F-Dfrd notes' available credit enhancement is insufficient to
withstand the credit and cash flow stresses that we applied at
their previous rating levels. We therefore lowered to 'A- (sf)',
'BB+ (sf)', 'B- (sf)', and 'CCC (sf)' from 'A (sf)', 'BBB+ (sf)',
'BB- (sf)', and 'B- (sf)' our ratings on the class C, D, E, and
F-Dfrd notes, respectively. The downgrades primarily reflect the
effect of the increased hostile termination base-case assumption.

"Our cash flow analysis indicates that the available credit
enhancement for the class A and B notes is sufficient to withstand
the credit and cash flow stresses that we apply at the 'AAA' and
'AA' rating levels, respectively. We therefore affirmed our 'AAA
(sf)' and 'AA (sf)' ratings on the class A and B notes,
respectively."

The class X-Dfrd notes do not pass a 'B' level of credit and cash
flow stress. Excess spread levels within the transaction were, for
eight consecutive months during 2023, insufficient to result in any
amortization of the class X-Dfrd notes' balance. Amortization
recommenced in December 2023 and continued the following month.
While the class X-Dfrd notes' balance has fallen to 19.4% of its
original balance, we applied our 'CCC' criteria and believe this
class is vulnerable to nonpayment, and depends on favorable
business, financial, or economic conditions to be repaid. S&P
therefore affirmed its 'CCC (sf)' rating.

S&P said, "Our credit stability analysis indicates that the maximum
projected deterioration that we would expect at each rating level
for one-year horizons under moderate stress conditions is in line
with our criteria.

"There are no rating constraints under our operational risk
criteria. In addition, there are no rating constraints under our
counterparty or structured finance sovereign risk criteria, and
legal risks continue to be adequately mitigated, in our view."

  Ratings list

  CLASS     RATING TO     RATING FROM

  DOWSON 2021-2 PLC  

  RATINGS RAISED  

  C         AAA (sf)      AA (sf)

  D         AA- (sf)      A(sf)

  RATINGS AFFIRMED  

  B         AAA (sf)      AAA (sf)

  E         BBB- (sf)     BBB- (sf)

  F-Dfrd    B- (sf)       B- (sf)


  DOWSON 2022-1 PLC  

  RATINGS LOWERED  

  C         A(sf)         A+ (sf)

  D         BBB-(sf)      A- (sf)

  E         B (sf)        BB (sf)

  F-Dfrd    CCC (sf)      B- (sf)

  RATINGS AFFIRMED  

  A         AAA (sf)      AAA (sf)

  B         AAA (sf)      AAA (sf)


  DOWSON 2022-2 PLC  

  RATINGS LOWERED  

  C          A- (sf)      A (sf)

  D          BB+ (sf)     BBB+ (sf)

  E          B- (sf)      BB- (sf)

  F-Dfrd     CCC (sf)     B- (sf)

  RATINGS AFFIRMED  

  A          AAA (sf)     AAA (sf)

  B          AA (sf)      AA (sf)

  X-Dfrd     CCC (sf)     CCC (sf)


FARFETCH LTD: Point72 Asset Management, 3 Others Report Stakes
--------------------------------------------------------------
Point72 Asset Management, LP disclosed in a Schedule 13G/A Report
filed with the U.S. Securities and Exchange Commission that, as of
December 31, 2023, it beneficially owned shares of Farfetch Ltd.'s
Class A ordinary shares, along with its affiliated entities. The
beneficial ownership of each entity is as follows:


Reporting Person       Shares Owned          Percent of Class

Point72 Asset            19,725,797                 5.6%
Management, LP

Point72 Capital          19,725,797                 5.6%
Advisors, Inc.

Cubist Systematic        657,506                    0.2%
Strategies, LLC

Steven A. Cohen          20,383,303                 5.8%   

The Shares owned by Cubist Systematic Strategies, LLC and Steven A.
Cohen included 506,700 issuable upon exercise of options.

A full-text copy of the Report is available at
https://tinyurl.com/mu7ztn4b

                        About Farfetch Ltd

London, UK-based Farfetch Limited is a global platform for the
luxury fashion industry, operating the Farfetch Marketplace which
connects consumers around the world with over 1,400 brands,
boutiques and department stores. The company's additional
businesses include Browns and Stadium Goods, which offer luxury
products to consumers, New Guards Group, a platform for the
development of global fashion brands, and Farfetch Platform
Solutions, which services enterprise clients with e-commerce and
technology capabilities.

                           *     *     *

As reported by the Troubled Company Reporter on Jan. 2, 2024, S&P
Global Ratings lowered its long-term issuer credit rating on
Farfetch Ltd. to 'CC' from 'CCC+'. S&P also lowered its issue
rating on the term loan to 'CCC-' from 'CCC+' and placed it on
CreditWatch developing to reflect the uncertainty on the timely
completion and implications of the sale. The '3' (50%) recovery
rating on this debt is unchanged.

The negative outlook on the long-term issuer credit rating reflects
S&P's opinion of the virtual certainty that Farfetch Ltd. will
default on its convertible notes (not rated) in the next few
months.

Farfetch Holdings PLC (Farfetch Holdings), an intermediary holding
company owned by Farfetch Ltd., has announced its intention to sell
Farfetch businesses via an English-law pre-pack administration
process to Athena Topco LP, a holding company owned by Coupang
Inc., and funds managed or advised by Greenoaks Capital Partners
LLC, and subsequently to delist and liquidate Farfetch Ltd.

Athena Topco will acquire Farfetch businesses after making a $500
million bridge loan available to reduce the immediate acute
liquidity needs the company is facing. On Dec. 18, 2023, Farfetch
announced an agreement with Athena Topco, an entity owned by
Coupang Inc., and Greenoaks Capital Partners, for Farfetch Holdings
to sell 100% of its businesses and assets. The agreement is subject
to regulatory approvals and completion of an independent sale
process. The acquirer has offered a $500 million committed
first-lien, delayed-draw term bridge loan facility available
Farfetch Holdings and certain direct and/or indirect subsidiaries
to meet the short-term liquidity needs of the group, which will be
converted into equity when the transaction closes. The group
expects to close the sale by April 30, 2024, during the exclusivity
period, having received regulatory approvals.

The issuer of convertible notes, Farfetch Ltd., will be delisted in
January 2024 and liquidated upon the completion of the sale. In
addition, the group announced that, upon completion of the sale,
the convertible note holders will not recover any of their
outstanding investments. S&P, therefore, considers the default of
Farfetch Ltd. on its convertible notes to be a virtual certainty,
expected in first-half 2024, upon the completion of the sale.

However, the group plans to continue to service its debt under the
existing term loan agreement and the lenders of the credit
agreement have agreed to forbear several events of default to allow
the sale. S&P said, "We understand that the credit agreement with
term loan lenders has been amended to allow for the sale to occur
without triggering events of defaults during the exclusivity
period, which runs until April 30, 2024. As per management's
representations, under the terms of the transaction support and the
bridge facility agreements, if the transaction is completed under
the outlined timeframe and announced terms and conditions, Farfetch
Holdings and its subsidiaries would not default under the term loan
agreement. In such a scenario, depending on operating performance,
capital structure, liquidity, and other factors after closing, we
could consider raising the rating on the term loans. However, if
the sale is not completed at all or on time, or if the conditions
materially differ from those announced, we view the potential risk
of default for the term loan as inevitable within the next six
months, absent unanticipated significantly favorable changes in the
issuer's circumstances."

S&P said, "The negative outlook reflects that we are likely to
lower our long-term issuer credit rating on Farfetch Ltd. to 'SD'
(selective default) in the next few months, following the closing
of the sale and the nonpayment of the financial obligations related
to the convertible notes.

"We would lower the rating on Farfetch Ltd. to 'SD' if the company
defaults on the convertible notes and continues to service its term
loan. We would typically lower the rating of Farfetch Ltd. to 'D'
(default) if the company defaults on all its obligations or files
for insolvency."

Rating upside is unlikely at this stage and would involve
unforeseen favorable circumstances.

S&P said, "The CreditWatch developing on the $600 million senior
secured term loan, which we also downgraded to 'CCC-' from 'CCC+',
reflects the uncertainty regarding the closing and final conditions
of the sale transaction and the creditworthiness of the surviving
business. Rating upside would depend on the outcome of the sale
transaction and its implications for the term loans. Rating
downside would likely occur if the announced transaction does not
close as expected. We expect to review the ratings in the coming
weeks and months as more information becomes available regarding
the outcome of the sale transaction and of the group's
creditworthiness."

On Jan. 4, 2024, TCR reported that Fitch Ratings has downgraded
Farfetch Limited's Long-Term Issuer Default Rating (IDR) to 'CC'
from 'B-' and senior secured term loan (TLB) rating to 'CCC-' from
'BB-' and removed them from Rating Watch Negative (RWN). The
Recovery Rating on the TLB has been revised to 'RR3' from 'RR1'.

The downgrade reflects a significant deterioration in Farfetch's
liquidity position as Fitch believes the company is de-facto
insolvent and can avoid liquidity crisis only with third-party
support. Should the intended acquisition structured through an
English-law pre-pack administration fail to close by end-April
2024, Fitch would see a TLB default as inevitable.

Fitch would consider downgrading the rating to 'D' once Farfetch's
subsidiary Farfetch Holding plc enters into administration and
restructure its liabilities, which would result in zero recovery
for its convertible notes holders. Fitch would subsequently re-rate
the company once administration is completed.

FLAT CAP: The Vicarage Hotel Under New Management
-------------------------------------------------
Barbara Jordan at Knutsford Guardian reports that a Cheshire hotel
put up for sale weeks after the owners went into administration is
celebrating a new lease of life.

Buoyant staff say it's "business as usual" at The Vicarage in
Cranage, Knutsford Guardian notes.

Employees who lost jobs when Knutsford's iconic Courthouse closed,
after Flat Cap Hotels went into administration, have been
transferred to The Vicarage and The Bridge in Prestbury, Knutsford
Guardian states.

Condor Hotels, one of the UK's leading hotel, leisure and
hospitality specialists, is now managing these two hotels.

The Vicarage is on the market with Christie & Co for GBP2.5
million, Knutsford Guardian discloses.

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

The affairs, business and property of The Vicarage and The Bridge
are being managed by joint administrators Gareth Prince, Mark
Malone and Julian Pitts of Begbies Traynor, according to Knutsford
Guardian.


IMPALA BIDCO: Moody's Affirms 'B1' CFR, Outlook Remains Stable
--------------------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
rating and the B1-PD Probability of Default Rating of Impala Bidco
0 Limited (Acacium, or the company). Concurrently, Moody's affirmed
the B1 ratings of the existing GBP375 million senior secured first
lien term loan due 2028 (GBP TLB), of the GBP45 million senior
secured first lien revolving credit facility due 2027 (RCF), both
issued by Impala Bidco 0 Limited and of the $140 million
incremental senior secured first lien term loan due 2028 (USD TLB)
issued by ICS US Holdings Inc.

The outlook on both entities remains stable.

RATINGS RATIONALE

Acacium experienced a revenue and EBITDA decline in 2023 of about
40% driven exclusively by the reduction of healthcare emergency
needs required in response to the COVID pandemic across the globe.
Moody's rating already assumed normalisation of Acacium's revenue,
profitability and an increase in Moody's adjusted leverage towards
4.0x.  The rating agency expects further revenue decline in 2024
(low single digits), but it will be largely due to Favorite one-off
government projects winding down in 2023. The post tax profits
generated  from Favorite one-off Covid related projects were to be
shared 50/50 with the former owner for two years after closing
which has now concluded.

Positively, the rating agency acknowledges that Acacium's services
which are not directly affected by emergency healthcare needs, like
delivery of clinical services through Health and Community Services
in the UK and Life Science recorded solid growth. Life Sciences
delivered low single digit revenue growth in a difficult 2023
employment environment for the segment and Health and Community
Services posted over 20% year on year revenue growth which
demonstrates Acacium's capabilities in delivering end-to-end
healthcare programs & service.

Moody's expects Diversified Healthcare and Health & Community
Services segments will continue to grow together with further
expansion of Favorite in the USA; Moody's estimates EBITDA of about
GBP120-125 million in 2024 supported by margin stabilisation and
strong cost control, resulting in a Moody's adjusted leverage to
remaining largely flat at about 4.0x.

Acacium's B1 rating reflects the company's (1) leading position in
a fragmented market; (2) long term growth in demand for healthcare
services with supportive demographics in its core markets (UK, US,
Australia), alongside structural and sustained staff shortages
which drive demand for agency services; (3) diversification
strategy which has seen the company branch into life sciences,
expand its service offering and increase international presence,
all contributing to a reduced reliance on NHS England; and (4) high
cash flow conversion due to low capital expenditures and working
capital requirements resulting in a stable Moody's adjusted Free
Cash Flow.

Acacium's rating, however, is still constrained by the company's
(1) revenue generation remaining highly dependent on NHS England
which faces pressure from increased demand and unsustainable cost
structure; (2) potential risks of technological disruption through
disintermediation or more efficient procurement practices; (3)
regulatory risk (as already seen between 2015-2017 to limit agency
spend in the NHS); and (4) elevated Moody's adjusted leverage at
about 4.1x in December 2023 with limited deleveraging potential in
the next 18 months.

LIQUIDITY

Acacium has a good liquidity position. At the end of December 2023,
the company had GBP54.6 million of cash on balance sheet and a
fully undrawn GBP45 million RCF as of December 31, 2023.

The RCF has a springing first lien net leverage covenant being
tested only when the RCF's drawn amount exceeds 40% of commitment;
Moody's estimates that the covenant levels, if applicable, would
provide the company with a comfortable headroom at least for the
next couple of years.

Moody's adjusted free cash flow is expected to almost double in
2024 driven by working capital unwinding largely in the US business
(Favorite) and to remain stable thereafter. Moody's expects the
company to repay in full within the first half of 2024 the $50
million overdraft facility available to the US business (Favorite),
which at the end of December 2023 was fully utilised.

Acacium has a favourable debt maturity profile. The next scheduled
debt repayment would be in 2028 when the term loan facilities
mature.

STRUCTURAL CONSIDERATIONS

The GBP TLB and USD TLB, together with the RCF rank pari-passu and
are rated in line with the CFR reflecting a senior only financing
structure. The probability of default rating (PDR) is B1-PD,
reflecting Moody's standard 50% recovery rate for senior secured
debt with weak documentation and limited covenants typical of an
LBO.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectations that Acacium's
revenue and EBITDA will stabilise from the exceptional levels
recorded because of the pandemic emergency and the Favorite one-off
work ceases in 2024. Moody's adjusted debt to EBITDA is expected to
remain broadly stable and not to exceed 4.0x. The stable outlook
also assumes no material changes in regulation for interim agencies
providing staff to the NHS and that Acacium will not embark on any
debt-financed transforming acquisitions, nor make further
shareholders' distributions.

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

Upward pressure on the rating would require a sustained period of
stable profitability and positive cash flow generation, with a
continued increase in scale of services not related to Last Minute
Nursing in the UK. Quantitatively, upward rating pressure could
arise if Moody's-adjusted Debt/EBITDA is on a sustainable path
towards 3.5x and below, and if RCF/Net debt continues to exceed
15%.

The rating could experience downward pressure if Moody's-adjusted
Debt/EBITDA were to approach 5x. Aggressive debt-funded
acquisitions or shareholder distributions could also result in
negative rating pressure.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Acacium Group, a leading global healthcare and life science
delivery partner with services and staffing operations across four
continents. Acacium Group is headquartered in London and since
September 2020 is majority-owned by Onex Partners. The company has
a market leading position as supplier of temporary staff to NHS
England and after acquiring USA based Favorite, in December 2021,
it is one of the top 10 healthcare staffing firms in the country.
The group's revenue on a pro-forma basis and for the full year
ending December 2023 was GBP1.4 billion with a gross margin of
GBP401 million and company reported EBITDA of GBP126 million.


INTERFLEX LTD: Files NOI to Appoint Administrators
--------------------------------------------------
Business Sale reports that Interflex Limited, a manufacturer of
automotive parts in Nottinghamshire, is set to fall into
administration after filing a notice of intention (NOI) to appoint
administrators.

According to Business Sale, the NOI, filed through law firm
Bermans, will protect the company from creditor action for 10
business days.

Interflex, which has its registered office in Essex but operates
from a facility in Langar, Nottinghamshire, supplies a range of
sealing solutions used in the automotive industry, including door
and boot deals, interior trim and under carpet.  The company also
coats and cuts materials used in automotive manufacturing,
including the fabric used in arm rests to improve durability and
comfort.  The company expanded into an entirely different industry
and product line with a move into the horticultural sector.
The company's facility in Langar beginning to produce a range of
biodegradable mulch mats for planting saplings and strawberries.

Despite diversifying its product range, however, the business
appears in danger of falling into insolvency unless a solution can
be found within the next couple of weeks, Business Sale relaets.
While few specific details on its troubles have been revealed, it
has potentially been negatively affected by the wide range of
headwinds impacting the UK manufacturing sector, such as soaring
energy and raw materials costs, supply chain disruption and high
inflation, Business Sale discloses.

In its financial accounts for the year ending December 31, 2022,
Interflex Limited's fixed assets were valued at slightly over
GBP342,000 and current assets at more than GBP3.4 million, Business
Sale states.  The company's total debts at the time amounted to
more than GBP3.1 million, however, with its net assets standing at
GBP561,748, Business Sale notes.


MORALE HOME: Enters Administration After Significant Headwinds
--------------------------------------------------------------
Beth Franklin at STV News reports that a Glasgow furniture store
has gone into administration after nearly two decades in business,
putting a dozen employees at risk.

Morale Home Furnishings has appointed two administrators after
facing declining instore footfall and "significant headwinds" for
several months, STV News relates.

A closing down sale has begun at the firm's store in Hillington,
STV News states.

Blair Nimmo and Alistair McAlinden from Interpath Advisory were
appointed as joint administrators to Morale Home Furnishings UK
Limited on Feb. 28, STV News discloses.

Morale had been trading since 2006, under the ownership of
businessman Khalid Ali and his family, STV News notes.

According to STV News, the company has said its recently faced
significant headwinds over recent months with downward price point
pressure from online retailers and declining in-store footfall.

Around six people are currently employed, all of which will be kept
on following the appointment of the joint administrators, and while
they continue to trade the business, STV News discloses.

Following their appointment, the joint administrators have
announced they will continue to trade the business for a period,
and have commenced a closing down sale at the store in the
Hillington Industrial Estate, STV News notes.

The sale will initially see discounts of at least 30% off RRP on
all stock, and up to 60% off RRP on selected lines on display
furniture straight from the showroom, STV News states.

According to STV News, Alistair McAlinden, head of Interpath
Advisory in Scotland and joint administrator, said: "As consumers
continue to tighten their belts as a result of the cost-of-living
crisis, retailers of big-ticket items and similar considered
purchases continue to come under significant pressure.

"Unfortunately, in the case of Morale, the company has been
impacted by customers moving to lower-priced alternatives,
including those retailers which predominantly sell online."


OCEAN ROOM: Goes Into Administration
------------------------------------
Faye Minton at Eastern Daily Press reports that a beloved
entertainment and music venue is closing down after almost 50
years.

According to Eastern Daily Press, The Ocean Room in Gorleston has
gone into administration, marking an end to three generations of
family ownership.

It has hosted everything from live music, discos, club nights and
boxing matches to dinner dances, charity events, variety shows,
family fun dances and award ceremonies.

The current operators, Kelly Edwards and her cousin Ben Jay, have
called their current situation "untenable" due to the long-lasting
effects of the cost-of-living crisis and the pandemic, Eastern
Daily Press relates.

Ms. Edwards said there has been a "huge change in habits" since
2020, Eastern Daily Press notes.

"Our first event back from Covid -- which would usually bring in
over 700 people -- had an attendance of 75," she explained.

"We have battled so hard to adapt and evolve what we do -- we've
invested heavily in the hope we can turn things around."

Mr. Jay added: "Night time entertainment venues have taken the
longest time to recover since the pandemic, and larger venues such
as ours no longer seem viable.

"Unfortunately, there has been little to no national or local
government support through this time.

"This has created a huge debt we have not been able to overcome."


VANQUIS BANKING: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed UK-domiciled Vanquis Banking Group plc's
(VBG) Long-Term Issuer Default Rating (IDR) and senior unsecured
long-term debt rating at 'BB'. The Outlook on the IDR is Stable.

KEY RATING DRIVERS

Narrow Franchise; Capital Cushion: VBG's ratings reflect its
acceptable capital buffers over the regulatory capital requirement,
good funding access with its ability to use Vanquis Bank deposits
for other business units and well-established but narrow franchise
in consumer and auto lending in the UK. The ratings also reflect
Fitch's view that VBG's business model is concentrated by income
sources and geography and relies on non-prime lending, which
results in weaker asset quality and historically volatile
profitability.

Niche Focus: Limited Scale: VBG has a well-established franchise in
its non-prime market segment through credit cards (via Vanquis
Bank) and vehicle finance (via Moneybarn), although Fitch regards
the overall franchise as modest compared with higher-rated UK
lenders. VBG has begun to diversify its product mix, including into
second-charge mortgage and personal loans, to regain market share
as its total net operating income (total gross revenue adjusted for
interest expenses) has continually declined since 2019, alongside
its exit from the high-yield home-collected credit segment. These
new products come with elevated execution risk, given VBG's limited
experience to date.

Asset Quality Risk to Persist: VBG's loan impairment charges
increased and stood at 6.6% of average gross loans at end-1H23
compared with 2.8% at end-2022, reflecting normalising loan loss
provisioning as pandemic-related writebacks unwind. Furthermore,
VBG's resumption of loan growth (6M23: 7.4%) has also accelerated
IFRS 9-based expected credit loss provisioning. Fitch expects the
high interest rate environment and borrowers' reduced repayment
capacity to exert pressure on VBG's asset quality in 2024, although
the acceleration of loan growth and rapid loan write-off policy may
mask the extent of the impaired loan ratio (1H23: 22.5%)
deterioration.

Profitability to Remain Pressured: Fitch expects VBG's
cost-reduction initiatives together with loan book repricing in
2H23 to reduce some pressure on its overall profitability. However,
VBG's scale of operations and normalising credit costs are likely
to hinder the group's ability to revert to its pre-pandemic
averages. VBG's pre-tax income/average total assets ratio was -1.0%
in 1H23 compared with 4.0% in 2022. The discontinued home-collected
credit segment and the resultant expenditure have increased VBG's
earnings volatility over the past several years.

Healthy Capital Headroom: Fitch views VBG's capitalisation as a
rating strength, given its comfortable Tier 1 headroom at end-1H23
of GBP182million over the regulatory minimum capital. As of
end-1H23, the group's common equity Tier 1 (CET1) ratio had
declined to 21.7% from 26.4% at end-2022 alongside the reported
loss and risk-weighted asset growth, but remained well above the
regulatory minimum of 10.2%. Similarly, its total capital ratio
declined to 31.9% (2022: 37.5%), but remained strong, compensating
for VBG's high-risk appetite and business volatility.

Manageable Refinance Needs: Fitch believes VBG's near-term
wholesale refinancing needs (2024: zero and 2025: GBP353 million)
are manageable, given its adequate liquidity headroom over the
regulatory liquidity requirement (GBP297 million at end-1H23) and
its sound record of accessing a variety of funding sources
including in challenging market conditions.

Retail deposits at Vanquis Bank will remain VBG's main source of
funding, which has helped the group manage increasing funding
costs. Furthermore, the Prudential Regulation Authority's approval
of the Core UK Group Waiver in November 2022 has increased the
fungibility of Vanquis's deposits at group level, improving the
stability of the funding profile.

RATING SENSITIVITIES

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

VBG's CET1 ratio falling below 16% on a sustained basis, or a
reduction in regulatory capital headroom to below GBP50 million

Inability to restore comfortable operational profitability either
due to lack of scale or because of higher credit losses

A deterioration in the liquidity profile, as reflected in a
reduction in unrestricted liquidity or notably weaker funding
access.

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

Upside for the ratings is presently limited. In the medium term it
would require gaining scale and revenue diversification by business
line, accompanied by a strong and sustainable rebound in
operational profitability.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

Debt Ratings: VBG's senior unsecured notes are rated in line with
the group's Long-Term IDR, reflecting Fitch's expectation of
average recovery prospects.

The Tier 2 notes' rating is two notches below VBG's Long-Term IDR,
reflecting poor recovery prospects in the event of a failure of
VBG, in line with Fitch's base-case notching for Tier 2 debt. Fitch
has not applied additional notching as the issue terms do not
contain features that give rise to incremental non-performance
risk.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

The senior unsecured debt and Tier 2 notes ratings are principally
sensitive to a change in VBG's Long-Term IDR and material changes
to Fitch's recovery expectations for the bonds.

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

The group's senior debt could be downgraded if the layer of senior
group debt plus junior debt plus excess capital (outside the bank)
decreases to less than 10% of risk-weighted assets relative to
structurally preferred retail deposit funding.

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

An upgrade of VBG's Long-Term IDR would result in an upgrade of the
unsecured debt and Tier 2 notes' ratings.

ADJUSTMENTS

The sector risk operating environment score has been assigned above
the implied score due to the following adjustment reason(s):
regulatory and legal framework (positive).

The business profile score has been assigned below the implied
score due to the following adjustment reason(s): business model
(negative).

The asset quality score has been assigned above the implied score
due to the following adjustment reason(s): collateral and reserves
(positive).

Fitch has used the Bank Rating Criteria for the following
adjustment:

The capitalisation & leverage score has been assigned below the
implied score due to the following adjustment reason(s): size of
capital base (negative), risk profile and business model
(negative).

ESG CONSIDERATIONS

VBG has an ESG Relevance Score of '4' for Exposure to Social
Impacts and Customer Welfare stemming from a business model focused
on non-prime and sub-prime consumer lending. This exposes the group
to shifts of consumer or social preferences and to increasing
regulatory scrutiny, in particular on loans to low-income
individuals. This has a moderately negative influence on the
pricing strategy, product mix, and targeted customer base.

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

   Entity/Debt             Rating           Prior
   -----------             ------           -----
Vanquis Banking
Group plc            LT IDR BB  Affirmed    BB

   senior
   unsecured         LT     BB  Affirmed    BB

   subordinated      LT     B+  Affirmed    B+




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

[*] BOND PRICING: For the Week February 26 to March 1, 2024
-----------------------------------------------------------
Issuer              Coupon   Maturity Currency Price
------              ------   -------- -------- -----
Codere Finance 2 Lu  12.750 11/30/2027  EUR     1.484
Kvalitena AB publ    10.067   4/2/2024  SEK    35.271
Codere Finance 2 Lu  13.625 11/30/2027  USD     2.144
Oscar Properties Ho  11.317   7/5/2024  SEK     3.309
Bakkegruppen AS      11.700   2/3/2025  NOK    46.385
Tinkoff Bank JSC Vi  11.002             USD    37.000
IOG Plc              13.438  9/20/2024  EUR    10.000
Caybon Holding AB    10.566   3/3/2025  SEK    45.999
Solocal Group        10.925  3/15/2025  EUR    18.923
Codere Finance 2 Lu  13.625 11/30/2027  USD     2.144
Bilt Paper BV        10.360             USD     1.424
Saderea DAC          12.500 11/30/2026  USD    43.563
UkrLandFarming PLC   10.875  3/26/2018  USD     4.144
YA Holding AB        12.789 12/17/2024  SEK    15.000
Marginalen Bank Ban  13.068             SEK    45.000
Virgolino de Olivei  10.500  1/28/2018  USD     0.010
R-Logitech Finance   10.250  9/26/2027  EUR    15.073
Avangardco Investme  10.000 10/29/2018  USD     0.108
Ilija Batljan Inves  10.797             SEK     3.312
Offentliga Hus I No  10.924             SEK    44.000
Bourbon Corp SA      11.652             EUR     1.373
Privatbank CJSC Via  10.250  1/23/2018  USD     0.865
Plusplus Capital Fi  11.000  7/29/2026  EUR     9.776
Virgolino de Olivei  10.500  1/28/2018  USD     0.010
Immigon Portfolioab  10.258             EUR     9.751
Virgolino de Olivei  11.750   2/9/2022  USD     0.668
Privatbank CJSC Via  10.875  2/28/2018  USD     8.618
Transcapitalbank JS  10.000             USD     1.333
Goldman Sachs Inter  16.288  3/17/2027  USD    25.610
Sidetur Finance BV   10.000  4/20/2016  USD     0.224
Solocal Group        10.925  3/15/2025  EUR     9.091
Phosphorus Holdco P  10.000   4/1/2019  GBP     0.383
Privatbank CJSC Via  11.000   2/9/2021  USD     1.000
Bilt Paper BV        10.360             USD     1.424
Virgolino de Olivei  10.875  1/13/2020  USD    36.000
Leonteq Securities   12.490  7/10/2024  USD    37.730
Societe Generale SA  23.510  6/23/2026  USD     7.600
UBS AG/London        16.500  7/22/2024  CHF    25.280
Citigroup Global Ma  25.530  2/18/2025  EUR     3.180
Ukraine Government   11.000  3/24/2037  UAH    25.774
Turkiye Ihracat Kre  12.540  9/14/2028  TRY    47.439
Credit Suisse AG/Lo  20.000 11/29/2024  USD    16.050
Codere Finance 2 Lu  12.750 11/30/2027  EUR     1.484
Societe Generale SA  15.840  8/30/2024  USD    14.300
Russian Railways JS  12.940  2/28/2040  RUB    50.000
Bulgaria Steel Fina  12.000   5/4/2013  EUR     0.216
NTRP Via Interpipe   10.250   8/2/2017  USD     0.750
Ukraine Government   11.000  2/16/2037  UAH    25.977
Tonon Luxembourg SA  12.500  5/14/2024  USD     0.010
Credit Agricole Cor  10.500  2/16/2027  TRY    45.944
Sidetur Finance BV   10.000  4/20/2016  USD     0.224
Ukraine Government   11.000  4/20/2037  UAH    25.471
KPNQwest NV          10.000  3/15/2012  EUR     0.876
Societe Generale SA  11.000  7/14/2026  USD    13.200
Finca Uco Cjsc       13.000  5/30/2025  AMD     0.000
Russian Railways JS  12.940  2/28/2040  RUB    50.000
Banco Espirito Sant  10.000  12/6/2021  EUR     0.063
EFG International F  10.300  8/23/2024  USD    34.850
Lehman Brothers Tre  10.000  6/11/2038  JPY     0.100
Ukraine Government   11.570   3/1/2028  UAH    43.275
Credit Suisse AG/Lo  29.000  3/28/2024  USD    17.898
Converse Bank        10.500  5/22/2024  AMD     0.000
Privatbank CJSC Via  10.875  2/28/2018  USD     8.618
Erste Group Bank AG  14.500   8/2/2024  EUR    48.950
Societe Generale SA  18.000  5/31/2024  USD    21.000
Basler Kantonalbank  26.000   5/8/2024  CHF    29.500
Tailwind Energy Chi  12.500  9/27/2019  USD     1.500
Ukraine Government   10.570  5/10/2027  UAH    46.462
Societe Generale SA  15.000  9/29/2025  USD    11.300
UBS AG/London        10.000  3/23/2026  USD    24.900
Evocabank CJSC       11.000  9/28/2024  AMD    10.000
Ukraine Government   11.000   4/1/2037  UAH    25.734
Lehman Brothers Tre  11.750   3/1/2010  EUR     0.100
Deutsche Bank AG/Lo  12.780  3/16/2028  TRY    42.374
Phosphorus Holdco P  10.000   4/1/2019  GBP     0.383
Raiffeisen Switzerl  14.000   3/6/2024  CHF    26.330
Swissquote Bank SA   20.120  6/20/2024  CHF    22.340
Petromena ASA        10.850 11/19/2018  USD     0.622
EFG International F  11.120 12/27/2024  EUR    36.620
Inecobank CJSC       10.000  4/28/2025  AMD     0.000
Zurcher Kantonalban  22.000   8/6/2024  USD    53.510
Leonteq Securities   30.000  3/13/2024  CHF    22.360
Armenian Economy De  10.500   5/4/2025  AMD    10.300
Leonteq Securities   24.000  8/14/2024  CHF    48.920
Leonteq Securities   23.000  3/13/2024  USD    30.630
Virgolino de Olivei  11.750   2/9/2022  USD     0.668
Landesbank Baden-Wu  11.000  3/22/2024  EUR    30.930
Landesbank Baden-Wu  12.500  3/22/2024  EUR    28.220
Societe Generale SA  26.640 10/30/2025  USD   #N/A N/A
BNP Paribas Issuanc  19.000  9/18/2026  EUR     0.820
BNP Paribas Issuanc  20.000  9/18/2026  EUR    36.570
HSBC Trinkaus & Bur  22.750  3/22/2024  EUR    46.200
BNP Paribas SA       10.000  7/26/2027  USD    10.350
Bank Vontobel AG     12.000  9/30/2024  EUR    27.800
UniCredit Bank GmbH  10.500  9/23/2024  EUR    31.900
Bank Vontobel AG     10.000  8/19/2024  CHF    18.600
Corner Banca SA      13.000   4/3/2024  CHF    32.420
UBS AG/London        13.000  9/30/2024  CHF    20.140
UBS AG/London        16.000  3/11/2024  CHF    10.380
UBS AG/London        12.250  3/11/2024  EUR    37.400
UBS AG/London        12.250  3/11/2024  CHF    10.320
Bank Vontobel AG     13.500   1/8/2025  CHF    33.300
UBS AG/London        10.000  5/14/2024  USD     9.975
Societe Generale SA  20.000  1/29/2026  USD   #N/A N/A
JP Morgan Structure  15.500  11/4/2024  USD    30.480
Societe Generale SA  18.000   8/1/2024  USD    20.954
Societe Generale SA  20.000  7/21/2026  USD   #N/A N/A
Societe Generale SA  16.000   7/3/2024  USD    24.400
Societe Generale SA  16.000   7/3/2024  USD   #N/A N/A
Societe Generale SA  18.000   7/3/2024  USD    23.839
Societe Generale SA  16.000   7/3/2024  USD    20.800
Societe Generale SA  15.000   7/3/2024  USD   #N/A N/A
Leonteq Securities   24.000  1/13/2025  CHF    46.460
Leonteq Securities   18.000  9/11/2024  CHF    33.330
Corner Banca SA      15.000   7/3/2024  CHF    60.730
Leonteq Securities   26.000   7/3/2024  CHF    39.450
Leonteq Securities   20.000   7/3/2024  CHF    22.270
Vontobel Financial   17.500  3/22/2024  EUR    46.360
Vontobel Financial   21.000  3/22/2024  EUR    43.750
DZ Bank AG Deutsche  10.250  3/20/2024  EUR    48.220
Corner Banca SA      23.000  8/21/2024  CHF    42.390
Bank Julius Baer &   18.400  3/20/2024  CHF    47.000
Fast Credit Capital  11.500  7/13/2024  AMD     0.000
Bank Vontobel AG     13.000  3/18/2024  CHF    25.500
Leonteq Securities   21.000  5/22/2024  USD    27.310
Raiffeisen Switzerl  20.000  5/22/2024  CHF    33.990
Finca Uco Cjsc       12.000  2/10/2025  AMD     0.000
Raiffeisen Schweiz   20.000  6/12/2024  CHF    38.280
Basler Kantonalbank  16.000  6/14/2024  CHF    30.810
EFG International F  24.000  6/14/2024  CHF    34.540
Leonteq Securities   15.000  9/12/2024  USD    34.320
Leonteq Securities   22.000  8/14/2024  CHF    47.920
DZ Bank AG Deutsche  13.500  6/28/2024  EUR    43.720
National Mortgage C  12.000  3/30/2026  AMD     0.000
Evocabank CJSC       11.000  9/27/2025  AMD     0.000
Raiffeisen Switzerl  16.000  5/22/2024  CHF    26.560
UniCredit Bank GmbH  16.550  8/18/2025  USD    33.320
DZ Bank AG Deutsche  16.900  6/28/2024  EUR    40.350
Leonteq Securities   26.000  5/22/2024  CHF    30.250
ACBA Bank OJSC       11.500   3/1/2026  AMD     0.000
Leonteq Securities   20.000   8/7/2024  CHF    24.210
Societe Generale SA  20.000 11/28/2025  USD   #N/A N/A
Leonteq Securities   28.000  3/20/2024  CHF    51.180
Leonteq Securities   30.000  3/20/2024  CHF    18.730
Vontobel Financial   10.000  3/22/2024  EUR    39.860
DZ Bank AG Deutsche  22.700  3/22/2024  EUR    47.040
DZ Bank AG Deutsche  10.600  3/22/2024  EUR    41.680
DZ Bank AG Deutsche  14.700  3/22/2024  EUR    37.660
UBS AG/London        19.000  7/12/2024  CHF    41.100
UBS AG/London        14.250  7/12/2024  EUR    21.300
EFG International F  15.000  7/12/2024  CHF    48.570
Leonteq Securities   24.000  7/17/2024  CHF    37.570
UniCredit Bank GmbH  14.300  6/28/2024  EUR    47.480
Bank Vontobel AG     22.000  5/31/2024  CHF    20.700
Bank Vontobel AG     13.000   3/4/2024  CHF    42.600
Basler Kantonalbank  24.000   3/8/2024  CHF    21.570
DZ Bank AG Deutsche  12.700  3/22/2024  EUR    47.030
DZ Bank AG Deutsche  22.900  3/22/2024  EUR    48.510
Vontobel Financial   19.500  6/28/2024  EUR    47.190
Vontobel Financial   13.500  3/22/2024  EUR    41.060
Vontobel Financial   12.000  3/22/2024  EUR    44.100
Vontobel Financial   23.500  3/22/2024  EUR    34.510
Vontobel Financial   21.000  3/22/2024  EUR    37.120
Vontobel Financial   18.500  3/22/2024  EUR    39.950
Vontobel Financial   22.000  3/22/2024  EUR    35.670
Vontobel Financial   25.000  3/22/2024  EUR    33.470
Leonteq Securities   27.000  7/24/2024  CHF    24.080
Leonteq Securities   15.000  7/24/2024  CHF    20.380
Leonteq Securities   23.000  7/24/2024  CHF    40.440
DZ Bank AG Deutsche  12.500  3/22/2024  EUR    47.340
Leonteq Securities   25.000   5/2/2024  CHF    26.540
Leonteq Securities   27.500   5/2/2024  CHF    27.000
Swissquote Bank SA   22.760   3/6/2024  CHF    28.110
Leonteq Securities   19.000   6/3/2024  CHF    51.240
Raiffeisen Switzerl  15.000   3/6/2024  CHF    43.970
DZ Bank AG Deutsche  12.800  3/22/2024  EUR    43.710
DZ Bank AG Deutsche  11.200  6/28/2024  EUR    46.460
DZ Bank AG Deutsche  21.100  6/28/2024  EUR    45.790
Bank Vontobel AG     12.000  6/10/2024  CHF    40.200
Societe Generale Ef  13.250  4/26/2024  EUR    48.590
UniCredit Bank GmbH  15.200  3/22/2024  EUR    47.520
Swissquote Bank SA   26.980   6/5/2024  CHF    31.500
Vontobel Financial   11.000  6/28/2024  EUR    42.000
Vontobel Financial   18.500  3/22/2024  EUR    48.240
Leonteq Securities   16.000  6/20/2024  CHF    32.200
UBS AG/London        18.500  6/14/2024  CHF    30.100
Raiffeisen Switzerl  20.000  3/13/2024  CHF    20.190
Zurcher Kantonalban  24.250  3/28/2024  USD    35.200
Raiffeisen Schweiz   20.000   4/3/2024  CHF    24.340
Leonteq Securities   11.000  5/13/2024  CHF    36.390
Bank Vontobel AG     25.500   4/3/2024  CHF    24.500
Vontobel Financial   12.500  3/22/2024  EUR    47.630
Vontobel Financial   23.000  3/22/2024  EUR    46.900
Vontobel Financial   22.000  3/22/2024  EUR    48.850
Vontobel Financial   24.000  3/22/2024  EUR    45.190
Vontobel Financial   23.000  3/22/2024  EUR    44.960
Vontobel Financial   17.500  3/22/2024  EUR    42.320
Vontobel Financial   20.000  3/22/2024  EUR    40.100
Vontobel Financial   24.500  3/22/2024  EUR    43.160
Vontobel Financial   25.000  3/22/2024  EUR    42.320
UBS AG/London        18.750  5/31/2024  CHF    31.800
Leonteq Securities   30.000  4/24/2024  CHF    24.620
Zurcher Kantonalban  18.000  4/17/2024  CHF    23.860
Leonteq Securities   22.000  4/24/2024  USD    57.530
Zurcher Kantonalban  17.400  4/19/2024  USD    46.900
Vontobel Financial   25.000  3/22/2024  EUR    43.460
Vontobel Financial   21.500  3/22/2024  EUR    46.800
Vontobel Financial   20.000  3/22/2024  EUR    48.980
Vontobel Financial   14.500  3/22/2024  EUR    44.770
DZ Bank AG Deutsche  21.300  3/22/2024  EUR    59.040
Zurcher Kantonalban  12.500   3/8/2024  CHF    46.930
Bank Vontobel AG     15.000  3/11/2024  CHF    43.600
Leonteq Securities   28.000  4/11/2024  CHF    24.090
Finca Uco Cjsc       13.000 11/16/2024  AMD     0.000
Ist Saiberian Petro  14.000 12/28/2024  RUB    11.390
Vontobel Financial   23.500  3/22/2024  EUR    33.240
Vontobel Financial   16.000  3/22/2024  EUR    43.380
Vontobel Financial   10.000  3/22/2024  EUR    39.860
BNP Paribas Emissio  16.000  3/21/2024  EUR    47.910
ObedinenieAgroElita  13.750  5/22/2024  RUB    20.300
UniCredit Bank GmbH  16.800  3/22/2024  EUR    45.870
Leonteq Securities   20.000   5/2/2024  CHF    26.740
Leonteq Securities   28.000   6/5/2024  CHF    31.190
Vontobel Financial   21.500  3/22/2024  EUR    49.860
Raiffeisen Schweiz   20.000  9/25/2024  CHF    52.280
UniCredit Bank GmbH  14.900  3/22/2024  EUR    49.630
UniCredit Bank GmbH  16.400  3/22/2024  EUR    47.910
UniCredit Bank GmbH  17.900  3/22/2024  EUR    46.310
UniCredit Bank GmbH  19.600  3/22/2024  EUR    44.850
UniCredit Bank GmbH  18.200  6/28/2024  EUR    49.420
UniCredit Bank GmbH  19.500  6/28/2024  EUR    48.390
Bank Vontobel AG     13.000  6/26/2024  CHF    17.200
Bank Vontobel AG     18.500 12/16/2024  CHF    29.100
HSBC Trinkaus & Bur  23.250  3/22/2024  EUR    43.220
Leonteq Securities   22.000   8/7/2024  CHF    41.050
Bank Vontobel AG     20.500  11/4/2024  CHF    42.400
Raiffeisen Switzerl  12.300  8/21/2024  CHF    22.410
Leonteq Securities   14.000   7/3/2024  CHF    20.300
Leonteq Securities   20.000  8/28/2024  CHF    28.190
UniCredit Bank GmbH  10.700  2/17/2025  EUR    25.400
UniCredit Bank GmbH  10.700   2/3/2025  EUR    25.130
Leonteq Securities   30.000   8/7/2024  CHF    36.920
Bank Vontobel AG     19.000   4/9/2024  CHF    16.200
UBS AG/London        17.400  4/14/2027  SEK    46.680
UBS AG/London        18.000   4/8/2024  CHF    42.200
Leonteq Securities   22.000  8/28/2024  CHF    43.650
Raiffeisen Schweiz   20.000  8/28/2024  CHF    29.650
UBS AG/London        18.750  4/26/2024  CHF    25.060
Raiffeisen Schweiz   18.400   5/2/2024  CHF    25.920
Bank Vontobel AG     23.500  4/29/2024  CHF    25.300
Leonteq Securities   30.000   5/8/2024  CHF    30.790
Swissquote Bank SA   14.560  3/13/2024  CHF    43.410
Leonteq Securities   26.000  3/13/2024  CHF    17.210
Societe Generale SA  13.010 11/14/2024  USD    27.000
Leonteq Securities   23.000  3/27/2024  CHF    22.540
Leonteq Securities   18.000  3/27/2024  CHF    30.080
Leonteq Securities   27.600  6/26/2024  CHF    32.710
Leonteq Securities   21.600  6/26/2024  CHF    22.870
Vontobel Financial   11.000  6/28/2024  EUR    48.730
Leonteq Securities   20.000  9/26/2024  USD    38.860
Corner Banca SA      18.500  9/23/2024  CHF    27.260
Raiffeisen Switzerl  20.000  6/26/2024  CHF    37.750
Zurcher Kantonalban  21.000  5/17/2024  CHF    43.670
Vontobel Financial   20.000  3/22/2024  EUR    47.980
Vontobel Financial   24.500  3/22/2024  EUR    45.250
Sintekom TH OOO      13.000  1/23/2025  RUB    18.620
Vontobel Financial   16.250  3/22/2024  EUR    23.870
Swissquote Bank SA   26.040  7/17/2024  CHF    43.360
UBS AG/London        16.000  4/19/2024  CHF    29.500
UniCredit Bank GmbH  10.300  9/27/2024  EUR    31.900
Societe Generale SA  20.000  9/18/2026  USD   #N/A N/A
Bank Vontobel AG     24.000  3/25/2024  CHF    22.100
Bank Vontobel AG     20.750  6/24/2024  CHF    24.800
Vontobel Financial   17.000  3/22/2024  EUR    47.860
Vontobel Financial   20.500  3/22/2024  EUR    45.050
Vontobel Financial   22.000  3/22/2024  EUR    43.790
Vontobel Financial   18.500  3/22/2024  EUR    46.370
UBS AG/London        21.250   4/2/2024  CHF    20.960
DZ Bank AG Deutsche  20.200  3/22/2024  EUR    43.020
DZ Bank AG Deutsche  23.600  3/22/2024  EUR    38.880
Zurcher Kantonalban  16.500  3/27/2024  CHF    41.030
Swissquote Bank SA   16.380  7/31/2024  CHF    20.390
Basler Kantonalbank  24.000   7/5/2024  CHF    40.090
Leonteq Securities   26.000  7/10/2024  CHF    39.690
Leonteq Securities   24.000  7/10/2024  CHF    41.560
Swissquote Bank SA   26.120  7/10/2024  CHF    42.100
Citigroup Global Ma  14.650  7/22/2024  HKD    36.195
Bank Vontobel AG     21.750  3/18/2024  CHF    16.500
UniCredit Bank GmbH  15.900  3/22/2024  EUR    49.410
Swissquote Bank SA   21.060  4/11/2024  CHF    17.510
Armenian Economy De  11.000  10/3/2025  AMD     0.000
Zurcher Kantonalban  17.000  3/13/2024  CHF    45.590
Corner Banca SA      22.000  3/20/2024  CHF    21.810
Raiffeisen Switzerl  15.000  3/20/2024  CHF    25.880
UBS AG/London        17.500  3/15/2024  CHF    42.050
Bank Vontobel AG     12.250  6/17/2024  CHF    47.500
UniCredit Bank GmbH  12.600  6/28/2024  EUR    50.250
Leonteq Securities   19.000  5/24/2024  CHF    16.390
Finca Uco Cjsc       12.500  6/21/2024  AMD     0.000
Vontobel Financial   21.750  3/22/2024  EUR    21.150
UniCredit Bank GmbH  13.500  6/28/2024  EUR    48.810
Societe Generale SA  20.000 12/18/2025  USD   #N/A N/A
Raiffeisen Switzerl  16.000  6/12/2024  CHF    31.480
Vontobel Financial   12.000  3/22/2024  EUR    47.420
ACBA Bank OJSC       11.000  12/1/2025  AMD     9.800
Leonteq Securities   25.000  3/27/2024  CHF    23.000
DZ Bank AG Deutsche  21.700  3/22/2024  EUR    47.970
DZ Bank AG Deutsche  23.200  6/28/2024  EUR    48.700
Leonteq Securities   26.000  7/31/2024  CHF    38.680
Bank Vontobel AG     25.000  7/22/2024  USD    35.000
Vontobel Financial   21.500  3/22/2024  EUR    48.050
DZ Bank AG Deutsche  11.000  3/20/2024  EUR    48.150
Bank Vontobel AG     10.000  5/28/2024  CHF    15.500
Leonteq Securities   27.000  5/30/2024  CHF    20.530
Ameriabank CJSC      10.000  2/20/2025  AMD     0.000
Leonteq Securities   15.000   4/3/2024  CHF    17.370
Leonteq Securities   24.000   4/3/2024  CHF    20.580
Leonteq Securities   22.000   4/3/2024  CHF    29.200
Corner Banca SA      24.000   4/3/2024  CHF    24.840
UBS AG/London        26.000  3/22/2024  CHF    17.540
Leonteq Securities   24.000  3/27/2024  CHF    26.210
Raiffeisen Switzerl  20.000  3/20/2024  CHF    21.550
Vontobel Financial   19.000  6/28/2024  EUR    48.290
Raiffeisen Switzerl  10.500  7/11/2024  USD    23.480
DZ Bank AG Deutsche  10.300  4/26/2024  EUR    48.240
UBS AG/London        18.750  4/15/2024  CHF    23.320
UniCredit Bank GmbH  13.800  3/22/2024  EUR    48.140
Leonteq Securities   22.000  4/17/2024  CHF    29.730
Leonteq Securities   26.000  4/17/2024  CHF    25.710
Leonteq Securities   15.000  4/30/2024  CHF    40.270
Leonteq Securities   14.000  4/30/2024  CHF    16.900
Vontobel Financial   16.500  6/28/2024  EUR    48.860
Societe Generale SA  27.300 10/20/2025  USD    11.000
Societe Generale SA  21.000 12/26/2025  USD    27.300
Vontobel Financial   12.500  3/22/2024  EUR    39.970
Vontobel Financial   11.000  3/22/2024  EUR    39.900
Ukraine Government   11.000  4/24/2037  UAH    28.316
Ukraine Government   11.000   4/8/2037  UAH    25.702
Ukraine Government   11.000  4/23/2037  UAH    25.638
Lehman Brothers Tre  13.150 10/30/2008  USD     0.100
Teksid Aluminum Lux  12.375  7/15/2011  EUR     0.619
Lehman Brothers Tre  13.000 12/14/2012  USD     0.100
Credit Agricole Cor  10.200 12/13/2027  TRY    42.094
Lehman Brothers Tre  16.800  8/21/2009  USD     0.100
Lehman Brothers Tre  14.100 11/12/2008  USD     0.100
Lehman Brothers Tre  11.250 12/31/2008  USD     0.100
Lehman Brothers Tre  12.000  7/13/2037  JPY     0.100
Lehman Brothers Tre  16.000  10/8/2008  CHF     0.100
Lehman Brothers Tre  11.000 12/20/2017  AUD     0.100
Lehman Brothers Tre  11.000 12/20/2017  AUD     0.100
Lehman Brothers Tre  11.000 12/20/2017  AUD     0.100
Lehman Brothers Tre  10.000  2/16/2009  CHF     0.100
Lehman Brothers Tre  11.000  2/16/2009  CHF     0.100
Lehman Brothers Tre  14.900  9/15/2008  EUR     0.100
Lehman Brothers Tre  15.000  3/30/2011  EUR     0.100
Lehman Brothers Tre  13.500 11/28/2008  USD     0.100
BLT Finance BV       12.000  2/10/2015  USD    10.500
Lehman Brothers Tre  14.900 11/16/2010  EUR     0.100
Lehman Brothers Tre  10.000  3/27/2009  USD     0.100
Lehman Brothers Tre  11.000  6/29/2009  EUR     0.100
Lehman Brothers Tre  15.000   6/4/2009  CHF     0.100
Lehman Brothers Tre  10.442 11/22/2008  CHF     0.100
Lehman Brothers Tre  11.000   7/4/2011  CHF     0.100
Lehman Brothers Tre  13.500   6/2/2009  USD     0.100
Lehman Brothers Tre  12.400  6/12/2009  USD     0.100
Lehman Brothers Tre  11.000   7/4/2011  USD     0.100
Lehman Brothers Tre  12.000   7/4/2011  EUR     0.100
Lehman Brothers Tre  17.000   6/2/2009  USD     0.100
Lehman Brothers Tre  10.000  5/22/2009  USD     0.100
Ukraine Government   12.500  4/27/2029  UAH    40.358
Ukraine Government   12.500 10/12/2029  UAH    39.041
Lehman Brothers Tre  13.000  2/16/2009  CHF     0.100
Lehman Brothers Tre  10.000 10/22/2008  USD     0.100
Lehman Brothers Tre  10.600  4/22/2014  MXN     0.100
Lehman Brothers Tre  16.000 12/26/2008  USD     0.100
Lehman Brothers Tre  23.300  9/16/2008  USD     0.100
Lehman Brothers Tre  10.000  6/17/2009  USD     0.100
Lehman Brothers Tre  16.000 10/28/2008  USD     0.100
Lehman Brothers Tre  16.200  5/14/2009  USD     0.100
Lehman Brothers Tre  16.000  11/9/2008  USD     0.100
Lehman Brothers Tre  10.000 10/23/2008  USD     0.100
Lehman Brothers Tre  10.500   8/9/2010  EUR     0.100
Lehman Brothers Tre  18.250  10/2/2008  USD     0.100
Lehman Brothers Tre  13.000  7/25/2012  EUR     0.100
Bulgaria Steel Fina  12.000   5/4/2013  EUR     0.216
Ukraine Government   10.360 11/10/2027  UAH    42.664
Deutsche Bank AG/Lo  14.900  5/30/2028  TRY    45.583
Lehman Brothers Tre  13.432   1/8/2009  ILS     0.100
PA Resources AB      13.500   3/3/2016  SEK     0.124
Lehman Brothers Tre  11.000 12/19/2011  USD     0.100
Ukraine Government   11.580   2/2/2028  UAH    43.645
UkrLandFarming PLC   10.875  3/26/2018  USD     4.144
Ukraine Government   11.110  3/29/2028  UAH    41.952
Ukraine Government   10.710  4/26/2028  UAH    40.772
Virgolino de Olivei  10.875  1/13/2020  USD    36.000
Tonon Luxembourg SA  12.500  5/14/2024  USD     0.010
BNP Paribas Emissio  15.000  3/21/2024  EUR    49.990



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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written permission of the publishers.

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

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delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


                * * * End of Transmission * * *