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

                          E U R O P E

          Tuesday, May 28, 2024, Vol. 25, No. 107

                           Headlines



F R A N C E

ALSTOM: Moody's Gives Ba2 Rating on New Subordinated Hybrid Notes
GOLDSTORY SAS: Moody's Rates New Secured Revolver Loan 'Ba2'
TARKETT PARTICIPATION: Moody's Affirms 'B2' CFR, Outlook Stable


G E R M A N Y

SC GERMANY 2021-1: Moody's Ups Rating on EUR37.5MM E Notes to Ba1


I R E L A N D

CARLYLE EURO 2013-1: Moody's Affirms B3 Rating on EUR10MM E-R Notes


I T A L Y

BIP SPA: Moody's Rates New EUR70MM Senior Secured Notes 'B2'
KEPLER SPA: Moody's Affirms 'B3' CFR, Outlook Remains Stable


L A T V I A

TRASTA KOMERCBANKA: Administrator Recovers EUR70 Worth of Assets


L U X E M B O U R G

CULLINAN HOLDCO: Moody's Cuts CFR to B3 & Alters Outlook to Stable
INDIVIOR FINANCE: Moody's Raises CFR & First Lien Term Loan to B1


N E T H E R L A N D S

VODAFONEZIGGO GROUP: Moody's Affirms 'B1' CFR, Outlook Stable


P O L A N D

[*] POLAND: Business Bankruptcies Down 18% in First Quarter 2024


P O R T U G A L

EDP SA: Moody's Rates New Subordinated Hybrid Instruments 'Ba1'


R O M A N I A

BLUE AIR: Romania Has to Recover RON190-Mil. in Illegal State Aid


U K R A I N E

[*] UKRAINE: Extends Critical Infrastructure Bankruptcy Moratorium


U N I T E D   K I N G D O M

GKN HOLDINGS: Moody's Withdraws 'Ba1' Senior Unsecured Rating
TED BAKER: Largest Creditor Falls Out with Administrators
TED BAKER: Shuts Down North American-Based Stores, Website
TRAFFORD CENTRE: Fitch Hikes Rating on Class D Notes to B+
VISION MANCHESTER: Receivers Appointed, Project Stalls

[*] UK: Auditors Fail to Give Warnings in 75% of Bankruptcies

                           - - - - -


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F R A N C E
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ALSTOM: Moody's Gives Ba2 Rating on New Subordinated Hybrid Notes
-----------------------------------------------------------------
Moody's Ratings has assigned a Ba2 rating to the proposed EUR750
million undated deeply subordinated fixed to reset rate NC 5.25
("hybrid") notes to be issued by Alstom. Alstom's existing ratings
remain unchanged. The outlook is negative.

RATINGS RATIONALE

The Ba2 rating assigned to the proposed hybrid notes is two notches
below Alstom's Baa3 senior unsecured rating, because they will be
deeply subordinated to the senior unsecured backed obligations of
Alstom and its subsidiaries and rank senior only to common and
preferred shares. The notes will be perpetual and the conditions do
not include events of default. Alstom may opt to defer coupon
payments on a cumulative basis.

The proposed hybrid notes will qualify for the "BASKET M" and a 50%
equity treatment of the borrowing for the calculation of the credit
ratios by Moody's (please refer to Hybrid Equity Credit methodology
published in February 2024).

Moody's expects the proceeds from the hybrid notes to repay a
portion of Alstom's short term debt consisting of EUR1.03 billion
of CP and EUR175 million of drawn RCF lines. The issuance of the
notes is part of a package of about EUR2.4 billion of deleveraging
measures to improve Alstom's liquidity and to deleverage its
balance sheet, along with the signed disposal of its North American
conventional signaling business to Knorr-Bremse AG (A3 stable) for
a consideration of around EUR630 million, and a EUR1 billion rights
issue committed by Alstom's reference shareholders (CDPQ and BPI)
pro rata and a group of banks.

OUTLOOK

Absent any material operating or cash flow underperformance until
the implementation of the inorganic measures, Moody's will
stabilize the outlook on Alstom upon the successful closing of the
rights issue and the hybrid bond issuance. Furthermore, Moody's
expects a gradual improvement of operating performance and cash
flow generation throughout fiscal 2024/2025.

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

The rating could be downgraded if:

-- Alstom would be unable to execute on the deleveraging measures
and improve gradually its operating performance and cash generation
as evidenced by:

-- Moody's-adjusted EBITA margin remains below 5% on a sustained
basis.

-- Moody's-adjusted leverage does not trend towards 3.5x
debt/EBITDA (net for cash on balance earmarked to repay debt when
it comes due) over the next 12 months.

-- Moody's adjusted FCF remains negative on a sustained basis.

The rating could be upgraded if:

-- Alstom build's a track record of improving its operating
performance as evidenced by:

-- Moody's-adjusted EBITA margin recovers to above 6.0% on a
sustained basis.

-- Moody's-adjusted leverage declines below 2.5x on a sustained
basis.

-- Moody's-adjusted FCF is positive on a sustained basis.

Positive rating pressure would also require the company to maintain
solid liquidity and to maintain a strong commitment to a
conservative financial policy.

COMPANY PROFILE

Headquartered in Saint-Ouen, France, Alstom is one of the global
leaders in rail transport equipment, rolling stock, systems,
services and signalling for urban, suburban, regional and main-line
passenger transportation. In fiscal 2023/2024 the group generated
revenue of EUR17.6 billion and company-adjusted EBIT of EUR997
million. Alstom is listed on the Paris Stock Exchange since 1998
with Caisse de depot et placement du Quebec (CDPQ) being its major
shareholder with around 17.5% of shares and Banque Publique
d'Investissement (BPI) with 7.5% of shares.

METHODOLOGY

The principal methodology used in this rating was Manufacturing
published in September 2021.


GOLDSTORY SAS: Moody's Rates New Secured Revolver Loan 'Ba2'
------------------------------------------------------------
Moody's Ratings has assigned Ba2 instrument rating to Goldstory
SAS' super senior secured revolving credit facility (RCF).
Goldstory SAS is the parent company of French jeweller THOM Group
(THOM or company). All other ratings remain unchanged.

RATINGS RATIONALE

THOM's strong operating performance has continued in fiscal 2023
(year end is September) where revenue was up 9% year on year (6 %
on a like for like basis) due to new store openings while
management adjusted EBITDA grew at 7% despite tough market
conditions. This growth was on the back of an already strong 2022
that saw record levels of revenue and EBITDA. Growth was driven
mostly by volumes as the company's strategy is to implement minimal
price increases to protect volumes. The company's leverage as
Moody's adjusted debt/EBITDA stood at 3.4x as of FY2023, down from
4.1x in FY2022, with the sharp decline in leverage being mainly
attributed to the change in lease liability computation (due to the
switch to IFRS reporting in 2023) and disclosures.

Moody's adjusted (EBITDA-capex)/interest expense was 2.6x in 2023,
while free cash flow (FCF)/debt was modest in 2023 at 3% due to
growth capex resulting from new store openings and refurbishments.

Moody's expects THOM to continue growing its leading market share
in the affordable jewellery segment as its products are less
exposed to fashion risk given most of THOM's jewellery is related
to special occasions such as weddings, anniversaries etc. Moody's
expect the company to generate revenue of around EUR1.0 to EUR1.1
billion and Moody's adjusted EBITDA of EUR275 to EUR290 million in
2024 and 2025 respectively. The growth is mostly expected to come
from volumes as new store openings and refurbishments will drive
more in-store traffic. This will result in Moody's adjusted
leverage of 4.0x to 4.2x in 2024 and 2025 while Moody's adjusted
(EBITDA-capex)/interest expense will decline to 2.0x in 2024 and
1.7x in 2025 due to higher interest expense and a peak in
discretionary capex over the period.

STRUCTURAL CONSIDERATIONS

The capital structure includes the super senior secured RCF of
EUR120 million maturing in August 2029, which ranks pari passu with
the backed senior secured notes but as per the terms of
intercreditor agreement, it will get priority in a case of
restructuring which is why it is rated Ba2, three notches above the
CFR. The EUR850 million of sustainability-linked backed senior
secured notes split between fixed and floating maturing in 2030 are
rated B2, in line with the CFR. The guarantor coverage will amount
to at least 90% of THOM's revenue and 95% EBITDA. The super senior
RCF and the sustainability-linked senior secured notes are secured
by share pledges, bank accounts and intragroup receivables.
However, there are substantial limitations on the enforcement of
the guarantees and collateral under French law.

The probability of default rating of B2-PD reflects the use of a
50% family recovery assumption, reflecting a capital structure
comprising bonds and bank debt with loose covenants.

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

Moody's could upgrade THOM if it achieves a Moody's-adjusted
debt/EBITDA of below 4.0x on a sustained basis. A positive rating
action would also require a substantial increase in
Moody's-adjusted FCF to debt to mid to high single digits and
improvement in Moody's adjusted (EBITDA-capex)/interest expense to
around 2.5x, underpinned by revenue and EBITDA growth, as well as a
clear commitment to sustaining credit ratios commensurate with a
higher rating.

Conversely, Moody's could downgrade THOM if its Moody's-adjusted
debt/EBITDA exceeds 5.0x on a sustained basis, if it fails to
generate positive Moody's-adjusted FCF for a prolonged period of
time, or if its Moody's adjusted (EBITDA-capex)/interest expense
declines towards 1.5x. A sharp deterioration in operating
conditions, translating into weaker margins and cash flow
generation could also put pressure on the rating.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Retail and
Apparel published in November 2023.

COMPANY PROFILE

Headquartered in Paris, France, Goldstory SAS is one of the leading
jewellery and watch retail chains in Europe, with EUR1 billion of
revenue and EUR256 million of Moody's adjusted EBITDA in fiscal
2023 ending in September. THOM's business model relies on directly
operated stores, mostly located in shopping malls. Its main banners
— Histoire d'Or, Marc Orian and Stroili — have a
long-established history in France and Italy as generalist
jewellery retailers.


TARKETT PARTICIPATION: Moody's Affirms 'B2' CFR, Outlook Stable
---------------------------------------------------------------
Moody's Ratings has affirmed Tarkett Participation's ratings
including its B2 corporate family rating and its B2-PD probability
of default rating. Concurrently, Moody's has affirmed the B2
instrument ratings on its EUR900 million equivalent 7-year senior
secured first lien term loan B due 2028 and a EUR350 million
6.5-year senior secured first lien revolving credit facility (RCF)
due 2027. The outlook remains stable.

RATINGS RATIONALE

The rating action reflects:

-- Tarkett improved credit metrics, driven by solid earnings
growth, and the rating agency's expectation that further earnings
growth coupled with debt repayments will strengthen these metrics
over the next 12-18 months. This will further improve Tarkett's
position within the current rating.

-- The rating agency's forecast that Moody's-adjusted gross
leverage will decline to 5.0x over the next 12-18 months, down from
5.7x in the LTM ending March 2024. In 2024, Moody's expects
earnings growth to be driven by enhanced productivity, cost
savings, and strategic initiatives in North America and Europe, as
well as a positive inflation balance. However, volumes are expected
to remain weak, particularly in the residential market. Continuous
solid results in Sport will further contribute to earnings growth.
The agency expects further earnings growth from 2025, driven by
improving activities in the construction market, particularly in
the residential segment.

-- Continuous positive FCF generation and good liquidity.

The rating remains supported by Tarkett's product offering in the
flooring segment, with  good end-market and geographical
diversification, and commitment to reduce leverage over time. The
rating is constrained by Tarkett's lower profitability than rated
peers and a limited track record of sustained EBITDA growth, though
this has improved since 2023.

LIQUIDITY

Tarkett's liquidity is good, with a cash balance of EUR154 million
at March 2024 and fully undrawn EUR350 million revolving credit
facility (RCF). These sources of liquidity, together with
internally generated cash flow, will be sufficient to cover basic
cash needs. This includes accommodating the seasonality of working
capital, with an increase in the first half of the year and a
release in the subsequent quarters, as well as capital expenditure
(capex) needs.

Liquidity is further supported by no imminent refinancing risk as
the RCF and TLB are due in 2027 and 2028 respectively.

STRUCTURAL CONSIDERATIONS

Tarkett's capital structure consists of EUR900 million equivalent
senior secured first lien term loan B and a EUR350 million senior
secured first lien RCF, both rated in line with the CFR. The
instruments share the same security package, rank pari passu and
are guaranteed by a group of companies representing at least 80% of
the consolidated group's EBITDA. The security package, consisting
of shares, bank accounts and intragroup receivables, is considered
as limited. The B2-PD PDR is at the same level as the CFR,
reflecting the use of a standard 50% recovery rate as is customary
for capital structures with first-lien bank loans and a
covenant-lite documentation.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectations that credit
metrics will be in line with the levels commensurate with the B2
rating over the next 12-18 months including Debt/EBITDA between
5.5x-5.0x. The stable outlook also reflects Moody's expectations
that Tarkett will generate positive free cash flow over the next
two years.

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

The rating could be upgraded if Tarkett's Moody's-adjusted
debt/EBITDA reduced to around or below 5.0x on a sustained basis;
Moody's adjusted EBITA margin improves sustainably above the
mid-single digit range in percentage terms; Moody's-adjusted EBITA
/ interest improves towards 2.5x; Moody's-adjusted FCF remains
sustainably significantly positive, resulting in good liquidity.

A downgrade is likely if Tarkett's profitability deteriorates
leading to Moody's-adjusted debt/EBITDA above 6.0x on a sustained
basis; EBITA/Interest reduces towards 1.5x; Moody's-adjusted FCF
deteriorates, weakening the liquidity position.

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

COMPANY PROFILE

Headquartered in Paris, Tarkett Participation (Tarkett) is a global
designer and manufacturer of flooring products, with a focus on
resilient flooring, including luxury vinyl tiles (LVTs), commercial
carpets, wood, sport surfaces and flooring accessories. The company
provides its products to a wide range of end-markets, such as
healthcare and care homes, education, workplace, hospitality,
sports and residential. In 2023, the company reported revenue of
EUR3.4 billion and around EUR290 million company adjusted EBITDA.




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G E R M A N Y
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SC GERMANY 2021-1: Moody's Ups Rating on EUR37.5MM E Notes to Ba1
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings of four Notes in SC
Germany S.A., Compartment Consumer 2021-1. The rating action
reflects the increased levels of credit enhancement for the
affected notes.

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

EUR1192.5M Class A Notes, Affirmed Aaa (sf); previously on Nov 17,
2021 Definitive Rating Assigned Aaa (sf)

EUR60M Class B Notes, Upgraded to Aaa (sf); previously on Nov 17,
2021 Definitive Rating Assigned Aa1 (sf)

EUR97.5M Class C Notes, Upgraded to Aa1 (sf); previously on Nov
17, 2021 Definitive Rating Assigned Aa3 (sf)

EUR75M Class D Notes, Upgraded to A2 (sf); previously on Nov 17,
2021 Definitive Rating Assigned Baa3 (sf)

EUR37.5M Class E Notes, Upgraded to Ba1 (sf); previously on Nov
17, 2021 Definitive Rating Assigned Ba3 (sf)

RATINGS RATIONALE

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

Increase in Available Credit Enhancement

The notes principal payments waterfall changed irreversibly to
sequential from the previous pro rata payment due to the occurrence
of a Sequential Payment Trigger Event, linked to the cumulative net
loss ratio exceeding 2.75% as of the payment date in October 2023.

Sequential amortization and, following the repayment of the Class F
notes, available over-collateralization, led to the increase in
credit enhancement available in this transaction.

For instance, the credit enhancement of the Class A notes as of
April 2024 payment date increased to 26.0% from 21.0%, for Class B
to 21.3% from 17.0%, for Class C to 13.4% from 10.5%, for Class D
to 7.4% from 5.5% and for Class E to 4.4% from 3.0% since closing,
respectively.

In addition, the transaction benefits from significant excess
spread as a source of credit enhancement, helped by an interest
rate swap, where the issuer pays a fixed swap rate of -0.24% and
receives one-month EURIBOR on a notional linked to the outstanding
balance of the Class A to E Notes.

Revision of Key Collateral Assumptions

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

The performance of the collateral portfolio has continued to
deteriorate since closing. Total delinquencies for the vintages
contained in this pool have increased in the past year, with 90
days plus arrears currently standing at 0.87% of current pool
balance. Cumulative defaults as of April 2024 payment date stand at
3.56% of original pool balance up from 1.88% a year earlier.

For SC Germany S.A., Compartment Consumer 2021-1, Moody's has
increased its lifetime default expectation to 5.65% of the current
portfolio balance up from 4.69% and to 5.73% of the original
portfolio balance up from 4.80% and maintained the assumptions of
portfolio credit enhancement (PCE) at 16% and the fixed recovery
rate at 15%.

Methodology Underlying the Rating Action:

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

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

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

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




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CARLYLE EURO 2013-1: Moody's Affirms B3 Rating on EUR10MM E-R Notes
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Moody's Ratings has upgraded the ratings on the following notes
issued by Carlyle Euro CLO 2013-1 DAC:

EUR56,000,000 Class A-2-R Senior Secured Floating Rate Notes due
2030, Upgraded to Aaa (sf); previously on Nov 14, 2022 Upgraded to
Aa1 (sf)

EUR24,000,000 Class B-R Senior Secured Deferrable Floating Rate
Notes due 2030, Upgraded to A1 (sf); previously on Nov 14, 2022
Affirmed A2 (sf)

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

EUR236,000,000 (Current outstanding amount is EUR161,847,246)
Class A-1-R Senior Secured Floating Rate Notes due 2030, Affirmed
Aaa (sf); previously on Nov 14, 2022 Affirmed Aaa (sf)

EUR23,000,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed Baa2 (sf); previously on Nov 14, 2022
Affirmed Baa2 (sf)

EUR20,000,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed Ba2 (sf); previously on Nov 14, 2022
Affirmed Ba2 (sf)

EUR10,000,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed B3 (sf); previously on Nov 14, 2022
Downgraded to B3 (sf)

Carlyle Euro CLO 2013-1 DAC, issued in June 2013, reset in February
2017 and refinanced in October 2019, is a collateralised loan
obligation (CLO) backed by a portfolio of mostly high-yield senior
secured European loans. The portfolio is managed by CELF Advisors
LLP. The transaction's reinvestment period ended in April 2021.

RATINGS RATIONALE

The rating upgrades on the Class A-2-R and B-R notes are primarily
a result of the deleveraging of the senior notes following
amortisation of the underlying portfolio since the payment date in
April 2023.

The affirmations on the ratings on the Class A-1-R, C-R, D-R and
E-R notes are primarily a result of the expected losses on the
notes remaining consistent with their current rating levels, after
taking into account the CLO's latest portfolio, its relevant
structural features and its actual over-collateralisation ratios.

The Class A-1-R notes have paid down by approximately EUR63.5
million (26.9%) in the last 12 months and EUR74.2 million (31.4%)
since closing. As a result of the deleveraging,
over-collateralisation (OC) has increased. According to the trustee
report dated April 2024 [1] the Class A and Class B OC ratios are
reported at 136.5%, and 124.7% compared to trustee report date
April 2023 [2] levels of 134.9% and 124.6%, respectively. Moody's
notes that the April 2024 principal payments of EUR34.9 million are
not reflected in the reported OC ratios.

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

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

Performing par and principal proceeds balance: EUR312.8 million

Defaulted Securities: none

Diversity Score: 45

Weighted Average Rating Factor (WARF): 2960

Weighted Average Life (WAL): 3.63 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.83%

Weighted Average Coupon (WAC): 3.42%

Weighted Average Recovery Rate (WARR): 44.43%

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

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
May 2024.

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

-- Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.

-- Long-dated assets: The presence of assets that mature beyond
the CLO's legal maturity date exposes the deal to liquidation risk
on those assets.  Moody's assumes that, at transaction maturity,
the liquidation value of such an asset will depend on the nature of
the asset as well as the extent to which the asset's maturity lags
that of the liabilities. Liquidation values higher than Moody's
expectations would have a positive impact on the notes' ratings.

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




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BIP SPA: Moody's Rates New EUR70MM Senior Secured Notes 'B2'
------------------------------------------------------------
Moody's Ratings has assigned a B2 rating to the proposed EUR70
million senior secured floating rate notes due in 2031 issued by
BIP S.p.A. (Bip or the company). All other ratings are unchanged.
The outlook is stable.

The proceeds from the notes will be used to repay the partial
drawings under the revolving credit facility (RCF) and for general
corporate purposes.

RATINGS RATIONALE

Bip has delivered good operating performance with 17% growth in
revenue and 11% growth in Moody's adjusted EBITDA in 2023 on the
back of strong organic and acquisition related growth. The growth
was driven by the continued demand for its consulting and advisory


services by clients across energy and utilities, financial
services, public sector and healthcare and telecommunications
sector. Moody's adjusted debt/EBITDA was 5.7x as of December 31,
2023 which is on the high side due to incremental additions to debt
for acquisitions. For the same period, EBITDA/interest expense was
at 2.2x while free cash flow (FCF) to debt was 3%.

Moody's expects Bip will continue to grow its revenue and EBITDA
over the medium-term as acquisitions completed in 2023 are
integrated into the business. Moody's expects Bip will generate
revenue in the range of EUR585 to EUR626 million with Moody's
adjusted EBITDA of EUR92 to EUR100 million over 2024 and 2025 on an
organic basis. Despite the projected EBITDA growth, leverage
(Moody's adjusted debt/EBITDA) will increase slightly to 5.8x in
2024 on the back of the anticipated step up in total debt level,
but shall reduce to 5.4x by end FY2025.

Bip's cash flow generation is expected to remain modest, close to
break-even, on the back of some step up in capex, continued working
capital investments and dividend distributions. This will result in
FCF of EUR3-5 million per year, equivalent to around 0.5%-1% of
Moody's adjusted debt, which is weak for its rating category.

Proforma the notes issuance, liquidity will remain adequate with
EUR95 million of cash on balance sheet and access to a EUR60
million RCF. Moody's also expects FCF generation to be around
EUR3-5 million per year over the next two years.

STRUCTURAL CONSIDERATIONS

The capital structure includes EUR345 million senior secured
floating rate notes due 2028, the new EUR70 million senior secured
floating rate notes due 2031 and a EUR60 million super-senior RCF
due in 2028. The security package for the notes and RCF is limited
to share pledges and intercompany receivables which is considered
to be weak. However, the RCF will rank ahead of the notes in an
enforcement scenario under the provisions of the intercreditor
agreement.

The B2 rating assigned to the senior secured notes is in line with
the CFR, reflecting upstream guarantees from operating companies.
The B2-PD probability of default rating is at the same level as the
CFR, reflecting the assumption of a 50% family recovery rate. The
notes and the RCF benefit from upstream guarantees from operating
companies accounting for at least 70% of consolidated EBITDA.

RATING OUTLOOK

The stable outlook reflects expectation of continued growth in
revenue and EBITDA while maintaining stable EBITDA margins over the
medium term; no significant re-leveraging from starting level and
healthy free cash flow generation above 5% of Moody's adjusted debt
and adequate liquidity.

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

Positive pressure could arise if (1) Bip continues to grow its size
and scale in terms of revenue and EBITDA (2) its Moody's-adjusted
(gross) leverage falls towards 4.5x on a sustained basis while
delivering a still solid operating performance; (3) it maintains a
strong liquidity profile, including an improvement in Moody's
adjusted FCF/Debt to around 10% on a sustained basis.

Negative pressure could arise if (1) its revenue and EBITDA
declined, including if there was a sustained deterioration in the
market or competitive environment; (2) its Moody's-adjusted (gross)
leverage rises above 6.0x on a sustained basis; or (3) if its free
cash flow generation also deteriorates and its liquidity profile
weakens.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Established in Milan in 2003, Bip is a consulting firm providing
management consulting and business integration services with a
strong focus on digital transformation to a wide range of clients
in energy, utilities, technology, media, telecommunications, public
sector and healthcare industries amongst others. Bip generated
revenue of EUR525 million and Moody's adjusted EBITDA of EUR91
million for 2023.


KEPLER SPA: Moody's Affirms 'B3' CFR, Outlook Remains Stable
------------------------------------------------------------
Moody's Ratings has affirmed the B3 corporate family rating and
B3-PD probability of default rating of Kepler S.p.A. (Biofarma or
the company). At the same time, Moody's affirmed the B3 instrument
ratings to the EUR345 million backed senior secured floating rate
notes, due in 2029. The outlook remains stable.

RATINGS RATIONALE

The affirmation of the ratings with stable outlook reflects Moody's
expectations that over the next 12-18 months, Biofarma's key credit
metrics will trend within levels commensurate with its B3 rating.
In particular, Moody's forecasts that the company's
Moody's-adjusted gross leverage will improve towards 6.0x from 7.7x
at the end-2023, with an interest coverage, defined as
Moody's-adjusted EBITA to interest expense, of around 1.6x-1.7x.
The company's Moody's-adjusted free cash flow (FCF) generation
remains negative, driven by continued high growth capital
expenditure, which the rating agency expects will increment on the
next 12-18 months from 2023 levels, as Moody's understands the
company has some growth investment plans in the US and France, and
by higher interest expenses, following the issuance of new notes to
partly fund the acquisition of US Pharma Lab, Inc. in 2023.

The rating action also considers Biofarma's leading position in the
European contract development and manufacturing organization (CDMO)
niche segment of nutraceuticals with a specific expertise in
probiotics, the company's broad product offering across several
dosage forms and good technological capabilities, and some barriers
to entry and the company's good track record in terms of quality
and reliability. Moody's forecasts that Biofarma's top line organic
growth will be in the high-single digit range in percentage terms
over the next 12-18 months driven by sustained market growth,
continued penetration of the company's current product portfolio,
and cross-selling opportunities with latest acquisitions,
especially US Pharma Lab, Inc., where the company expects to obtain
important synergies that will increase EBITDA generation.

However, there are key risks to Moody's forecasts as the rating
agency expects the company to remain active in external growth,
which, if funded with new debt, could delay leverage reduction. The
industry is fragmented and Biofarma has a history of pursuing
acquisitions in the past that have increased significantly the
company's geographic and technological footprints. Also, high
exceptional items reduced the company's Moody's-adjusted EBITDA in
2023, partly driven by M&A costs, which may sustain in case the
company remains active in external growth. The rating is also
constrained by some customer and geographic concentration, although
the latter has diminished following the US Pharma Lab, Inc.
acquisition.

RATING OUTLOOK

The stable rating outlook reflects Moody's expectations that
Biofarma's operating performance will continue to be strong over
the next 12-18 months, with earnings growth, leading to
Moody's-adjusted debt/EBITDA reduction towards 6.0x. The outlook
assumes that the company will not undertake any major debt-funded
acquisitions or shareholder distributions, and that its liquidity
will remain at least adequate.

LIQUIDITY

Biofarma's liquidity is adequate. The company had EUR33 million of
cash on hand at the end of 2023 and access to a fully undrawn super
senior revolving credit facility (SSRCF) of EUR60 million. Moody's
forecasts that Biofarma's Moody's-adjusted FCF will improve to
around the break-even level over the next 12-18 months. This
improvement will ultimately depend on the level of capital
expenditure done by the company.

Under the loan documentation, the SSRCF lenders benefit from a
springing super senior net leverage covenant of 1.35x tested only
when the RCF is drawn by more than 40%. Moody's anticipates that
the company will have significant capacity against this threshold
if tested.

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

The rating could be upgraded if Biofarma continues to increase its
scale and geographical diversification while maintaining good
operating performance and sustainable improvements in credit
metrics, with Moody's-adjusted leverage improving below 5.5x, on
the back of a prudent financial policy; Moody's-adjusted FCF moving
towards 5% of debt; Moody's-adjusted EBITA to interest expense
increasing above 2x; and with at least adequate liquidity.

The rating could be downgraded if industry fundamentals become less
favourable and Biofarma's operating performance deteriorates,
leading to below-market revenue growth and a significant margin
deterioration; if its Moody's-adjusted leverage remains above 6.5x
sustainably; if its Moody's-adjusted FCF remains consistently
negative or liquidity weakens; if its Moody's-adjusted EBITA to
interest expense decreases towards 1x; or if the company embarks on
significant debt-funded acquisitions or shareholder distributions.

STRUCTURAL CONSIDERATIONS

The PDR of B3-PD reflects Moody's assumption of a 50% recovery rate
for covenant-lite debt structures. The B3 rating of the EUR345
million backed senior secured floating rate notes due in 2029 is in
line with the B3 CFR, reflecting their positioning in the capital
structure, with only the EUR60 million SSRCF ranking ahead of them.
All debt instruments share the same collateral package on first and
second priority. In particular, the debt instruments benefit from
guarantees by the parent company and significant subsidiaries,
which must represent at least 80% of consolidated EBITDA.

Following the acquisition of US Pharma Lab, Inc. in 2023 the
company raised around EUR200 million equivalent privately placed
senior secured floating rate notes (unrated) due in 2029 and put in
a place a EUR115 million incremental committed acquisition facility
(unrated), which is currently undrawn. Moody's understands that
documentation of these facilities has terms substantially aligned
with the terms of EUR345 million backed senior secured floating
rate notes due in 2029, although the agency has not reviewed the
documentation.

Shareholder funding in the restricted group is in the form of
equity. Additionally, there are EUR161 million of payment-in-kind
(PIK) notes and a EUR37.5 million vendor loan issued outside of the
restricted group, which have not been taken into consideration in
Moody's calculation of leverage metrics.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Biofarma is a global company operating in niche CDMO segment of
nutraceuticals and probiotics, specialised in the development,
production and distribution of nutraceuticals, medical devices and
cosmetics, with four production sites in Italy, two in France, one
in the US and one in China. The company serves more than 500
customers, mainly in Italy and the rest of Europe but with an
increased footprint in the US and to a lesser extent China. The
company generated total revenue of EUR433 million and
company-adjusted EBITDA of EUR92 million in 2023, and it is
majority owned by funds managed by Ardian since 2022.




===========
L A T V I A
===========

TRASTA KOMERCBANKA: Administrator Recovers EUR70 Worth of Assets
----------------------------------------------------------------
LETA reports that the administrator of the to-be-liquidated Trasta
Komercbanka recovered EUR70 worth of the bank's assets in April,
according to a statement published in the Latvian official gazette
Latvijas Vestnesis.

The bank's administrator has recovered a total of EUR151.662
million since March 14, 2016, when a court ordered the bank's
liquidation, LETA notes.

The costs of the bank's insolvency process were EUR3,400 in April
2024, LETA discloses.

As at April 30, 2024, Trasta Komercbanka held EUR534,280 worth of
guaranteed deposits.  Other deposits at the bank were worth
EUR46.431 million.

The assets of Trasta Komercbanka were worth EUR5.272 million at the
end of April as compared to EUR5.372 million at the end of 2023,
LETA relays.

The bank's capital and reserves were negative at minus EUR71.398
million at the end of April 2024, LETA notes.

The European Central Bank (ECB) in March 2016 revoked Trasta
Komercbanka's license, based on a proposal submitted to the ECB by
the Latvian financial watchdog, the Financial and Capital Market
Commission, and the bank's operations were halted on March 3, 2016,
LETA recounts.

According to the Financial and Capital Market Commission, Trasta
Komercbanka has been operating with losses for a long period and
has no viable business model or development strategy adequate to
the situation. In addition, serious and sustained breaches of the
anti-money laundering and counter-terrorist financing regulations
were identified in the bank's activities, LETA relates.

On March 14, 2016, a court in Riga ruled to begin the liquidation
process of Trasta Komercbanka, but on March 10, 2017, the court
declared the bank insolvent and started a bankruptcy proceeding,
LETA discloses.




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

CULLINAN HOLDCO: Moody's Cuts CFR to B3 & Alters Outlook to Stable
------------------------------------------------------------------
Moody's Ratings downgraded Cullinan Holdco SCSp's (Graanul or the
company) long term corporate family rating to B3 from B2, the
probability of default rating to B3-PD from B2-PD as well as the
rating of the EUR630 million floating and fixed rate backed senior
secured notes maturing October 2026, issued by Cullinan Holdco
SCSp, to B3 from B2. The outlook was changed to stable from
negative.

The rating action reflects:

-- Elevated leverage and weak interest cover despite wood pellet
price recovery

-- For 2024 Moody's expects Graanul to achieve EBITDA per ton of
wood pellets in the mid-30s (EUR) and sales volumes in line with
volumes sold in the last twelve months of around 2.3 million tons

-- This results in EBITDA 2024 of around EUR81 million and debt to
EBITDA of around 7.9x and EBITA to interest of around 0.8x (all
Moodys-adjusted).

-- Expectations for free cash flow generation thanks to reduced
capital spending as well as adequate liquidity limit default risk
over the next year, and Moody's expects interest coverage to
improve and exceed 1x in 2025

RATINGS RATIONALE

Graanul's B3 CFR takes into account its strong market position as
one of Europe's largest wood pellets producers; its strong
production footprint in the Baltics that yields economies of scale;
the current regulatory environment in the European Union that
remains supportive of wood pellets; and expectations for positive
free cash flow supported by the ability to reduce capital
investments to cover asset maintenance only, after material
investments in new capacity during 2020 to 2022.

At the same time, its operational concentration as a single
product-company with a high customer and geographical
concentration; its highly leveraged capital structure; the risk of
adverse changes in the regulatory environment in either the wood
pellets or utility sectors; and the threat of technological
advances in renewable energy generation that could potentially make
these technologies more competitive when compared to biomass, all
constrain the rating.

LIQUIDITY

Graanul's liquidity is adequate. On  March 31, 2024, the company
had EUR30.0 million of cash on balance sheet and EUR86.0 million
availability under its committed EUR100 million backed senior
secured revolving credit facility (RCF) due April 2026. Moody's
expects the company to draw on its RCF to meet its cash flow
requirements. The RCF is subject to a springing first lien net
leverage covenant (8.7x senior secured leverage ratio), when
drawings exceed 40%.

The company has drawn around EUR15 million bilateral facilities
from local banks. The next material maturity is in April 2026 for
the RCF, followed by October 2026 for the fixed and floating backed
senior secured notes.

OUTLOOK

The outlook is stable. It assumes that Graanul achieves higher
profitability in 2024 and beyond that supports the deleveraging of
the unsustainably high Moodys-adjusted gross leverage of 11.8x in
2023.

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

The ratings could be downgraded (1) absent a meaningful recovery of
wood pellets prices and restoration of sustainable EBITDA; (2)
expectations for gross debt/EBITDA to remain above 8.0x; (3)
expectations for EBITA/interest expense to remain below 1.0x; or
(4) deterioration of the company's liquidity, including lack of
progress on timely refinancing of the RCF or bonds.

The ratings could be upgraded if (1) leverage is reduced to below
6.5x gross debt/EBITDA on a sustainable basis, (2) EBITA margin
restored to levels above 15%, (3) EBITA/interest expense above
1.5x, and (4) maintenance of adequate liquidity.

All metrics reference is Moody's-adjusted.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Cullinan Holdco SCSp is a Luxembourg-domiciled intermediate holding
company that owns the entire share capital of AS Graanul Invest
following the acquisition of 80% of the company's capital by Apollo
Global Management, Inc. Graanul is headquartered in Tallinn/Estonia
and is the largest utility-grade wood pellet producer in Europe
with 12 production plants in the Baltics region (Estonia, Latvia
and Lithuania) and the US. The company also owns six combined heat
and power plants in Estonia and Latvia, which are biomass-fired and
provide the majority of the company's internal heat and power
needs. For the twelve months ended September 31, 2024, the company
generated EUR496 million in revenues and around EUR69 million in
company-adjusted EBITDA.


INDIVIOR FINANCE: Moody's Raises CFR & First Lien Term Loan to B1
-----------------------------------------------------------------
Moody's Ratings upgraded the ratings of Indivior Finance S.ar.l.,
an indirect wholly-owned subsidiary of Indivior PLC and RBP Global
Holdings Ltd (collectively "Indivior"), including the Corporate
Family Rating to B1 from B2, the Probability of Default Rating to
B1-PD from B2-PD, and the rating of company's backed senior secured
first lien term loan to B1 from B2. The Speculative Grade Liquidity
Rating remains unchanged at SGL-1. The outlook remains stable.

"The ratings upgrade reflects Moody's expectation of Indivior's
continued revenue and profitability growth, driven by ongoing
uptake of the company's key franchises including Sublocade,
Perseris and Opvee," said Vladimir Ronin, Moody's lead analyst for
the company. "Moody's forecasts Indivior's debt-to-EBITDA to remain
below 3.0x times over the next 12 to 18 months. Moody's also
expects the company will maintain a very good liquidity profile
supported by a sizable cash balance and positive free cash flow,
over the forecast period," added Ronin.

Governance risk factors are material to the rating action.
Governance risk considerations are driven by the company's
conservative financial policies vis-à-vis modest financial
leverage, and recently reached agreement with the remaining direct
purchaser class for $385 million, concluding the antitrust
multi-district litigation ("MDL").

RATINGS RATIONALE

Indivior's B1 Corporate Family Rating reflects moderate absolute
scale, and significant revenue concentration in buprenorphine-based
products, which represent the substantial majority of the company's
revenue. Moody's expect gross debt/EBITDA to remain modest with
Moody's adjusted debt/EBITDA 2.0x (0.9x excluding the settlement
payout adjustment), for the twelve months ended March 31, 2024.
Settlement payments, while manageable, will also be a drag on cash
flow through 2027. While the company recently resolved the
multidistrict Suboxone antitrust litigation, it resulted in
meaningful reduction in cash position, additionally there is
ongoing litigation with parties not participating in the MDL.
Supporting the ratings is Indivior's leadership in the growing
market to treat opioid dependence, including recently approved
Opvee to counter overdoses caused by fentanyl and other opioids.
Indivior also benefits from solid liquidity supported by
significant cash balance and expectation for meaningful free cash
flows.

Moody's expects that Indivior will maintain very good liquidity
(reflected in the SGL-1 Speculative Grade Liquidity Rating) over
the next 12 months. This is highlighted by the cash balance of
approximately $248 million at March 31, 2024, which is well in
excess of upcoming cash needs. High cash levels help buffer the
company during periods of cash burn, especially as Moody's expects
cash flow from operations to be impacted by working capital
fluctuations as well as significant investments to support the
commercial uptake of Sublocade and Perseris, as well as
commercialization of Opvee. The company's liquidity is further
bolstered by Moody's expectation of meaningful free cash flow
generation, over the next 12 months. External liquidity is minimal,
since Indivior does not maintain a revolving credit facility. The
majority of the company's assets are encumbered by lien from its
senior secured term loan. The company's liquidity is further
bolstered by roughly $108 million in investments in fixed-income
securities.

Indivior's CIS-3 (previously CIS-4), indicates that ESG
considerations have a limited impact on the current credit rating
with potential for greater negative impact over time. This reflects
social risk (S-5) considerations related to recently concluded
antitrust litigation alleging attempt to delay generic entry of
alternatives to Suboxone, as well as 2020 settlement related to
charge of fraudulent marketing, which will result in constrained
future cash flows for years. Indivior's sales are largely generated
from branded products in the US exposing it to regulatory and
legislative efforts aimed at reducing drug prices, such as the
Inflation Reduction Act. These dynamics relate to demographic and
societal trends that are pressuring government budgets because of
rising healthcare spending. Among governance risk (G-3, previously
G-4) considerations are the company's history of shareholder
distributions and acquisitive posture, despite established track
record in operating with modest financial leverage while
maintaining very good liquidity.

The $250 million senior secured first lien term loan due 2026 is
rated B1, the same as the Corporate Family Rating, since it
represents preponderance of the debt in the capital structure. The
term loan is guaranteed by material subsidiaries (both US and UK).
Security consists of an all-asset pledge of the borrowers and the
guarantor subsidiaries.

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

Factors that could lead to an upgrade of Indivior's ratings include
further increase in scale, along with improved revenue diversity
and greater confidence in the company's ability to sustain
long-term growth. Maintaining conservative financial policies,
reflected in debt/EBITDA sustained below 2.0x would support a
rating upgrade.

Factors that could lead to a downgrade in Indivior's ratings
include material erosion in core product revenues, significant
weakening in profitability, or incurrence of material incremental
cash outflows related to various ongoing legal matters. Shift
towards more aggressive financial policies, including debt-financed
acquisitions such that debt/EBITDA is sustained above 3.0x, could
also result in a downgrade.

UK-based RBP Global Holdings Ltd is a subsidiary of publicly-traded
Indivior PLC (collectively with other subsidiaries "Indivior"), a
global specialty pharmaceutical company headquartered in Richmond,
Virginia. Indivior is focused on the treatment of opioid addiction
and closely related mental health disorders. Reported revenue for
the twelve months ended March 31, 2024 approximated $1.1 billion.

The principal methodology used in these ratings was Pharmaceuticals
published in November 2021.




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

VODAFONEZIGGO GROUP: Moody's Affirms 'B1' CFR, Outlook Stable
-------------------------------------------------------------
Moody's Ratings has affirmed the B1 corporate family rating and the
B1-PD probability of default rating of VodafoneZiggo Group B.V.
("VodafoneZiggo" or "the company"). Concurrently, Moody's has
affirmed the B1 instrument ratings on the senior secured notes
issued by VZ Secured Financing B.V., the backed senior secured
notes and bank credit facilities issued at Ziggo B.V. and the
senior secured bank credit facility issued at Ziggo Financing
Partnership. The rating agency has also affirmed the B2 instrument
ratings on the senior unsecured notes issued at VZ Vendor Financing
II B.V. and the B3 instrument ratings on the backed senior
unsecured notes issued at Ziggo Bond Company B.V. The outlook on
all entities remains stable.

"The rating action largely reflects Moody's expectation that the
company's EBITDA will stabilize over 2024-2025 as top-line will be
broadly flat and the impact of inflation on its cost base will
reduce. Leverage should trend down over the same period, although
it will remain high for the current B1 rating" says Luigi Bucci, a
Moody's Assistant Vice President-Analyst and lead analyst for
VodafoneZiggo.

"At the same time, VodafoneZiggo's ratings continue to be
negatively impacted by the pressures on fixed revenues,
particularly as competitors are stepping up their full fibre
footprint, and by the large shareholder distributions. In addition,
the Dutch market remains highly promotional" adds Mr Bucci.

RATINGS RATIONALE

VodafoneZiggo's B1 CFR reflects  the company's: (1) position as one
of the leading telecom operators in the Netherlands; (2) the
relatively concentrated nature of the fixed market where
VodafoneZiggo and Koninklijke KPN N.V. (KPN, Baa3 stable) hold
significant positions; (3) moderate recovery in EBITDA growth over
2024 following 2023 weaknesses; (4) strong EBITDA margins; and (5)
adequate liquidity, underpinned by a long-dated maturity profile
and solid cash flow from operations (CFO).

The rating remains constrained by: (1) the company's high
Moody's-adjusted leverage of 5.8x as of March 2024, with limited
leverage reduction prospects; (2) the continued pressure from full
fibre competition as KPN and altnets are expanding their footprint;
(3) sustained challenges in the video and legacy fixed telephony
segments; (4) the high degree of promotional activity in the Dutch
market; and (5) the rating agency's expectation that VodafoneZiggo
will continue to make large distributions to its shareholders
Liberty Global plc (Liberty Global, Ba3 negative) and Vodafone
Group Plc (Vodafone, Baa2 stable) over 2024-25 resulting in weak
Moody's-adjusted free cash flow (FCF) generation post dividends.

The rating agency forecasts Moody's-adjusted leverage to remain
high at 5.9x in 2024 and to decline to 5.8x in 2025 (2023: 6.0x)
because EBITDA will moderately improve in both years. Current
forecasts assume that the payment for the upcoming spectrum auction
in 2024 will be paid in two installments over 2024/2025 with the
resulting spectrum liability to be included in Moody's-adjusted
debt until repayment. Although there is continued potential for
leverage reduction based on the company's solid cash flow
generation, which could be used to reduce debt, Moody's expects
aggressive shareholder distributions to continue (2024 guidance: up
to EUR300 million).

Moody's estimates VodafoneZiggo's CFO to remain solid through
2024/2025 with Moody's-adjusted FCF generation post dividends
remaining weak. While EBITDA will slightly increase over the
period, capital intensity is likely to remain steady. The rating
agency anticipates a step-up in capex over 2025 as the network
upgrade to the DOCSIS 4.0 technology is likely to start. Moody's
forecasts Moody's-adjusted CFO/debt to increase towards 12%-13% in
2024/2025 from 11.8% in 2023, driven by a modest improvement in
EBITDA and lower tax paid.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

VodafoneZiggo's CIS-4 indicates that ESG considerations are
material for the rating. This largely reflects the high governance
risks stemming from the company's tolerance for leverage and
shareholder distributions as well as its concentrated shareholding
structure through the 50:50 joint venture between Liberty Global
and Vodafone. Social risks mainly reflect the company's
industrywide exposure to data privacy and security risk.

LIQUIDITY

VodafoneZiggo has an adequate liquidity profile, supported by EUR42
million of cash and cash equivalents as of March 2024, with EUR2.5
million of it being restricted, and EUR800 million of undrawn
revolving credit facilities available.

While the rating agency continues to assume that most of the excess
cash flow will be up-streamed to Liberty Global and Vodafone, it
also considers that it represents a buffer to support leverage
reduction or liquidity if EBITDA were to come under pressure after
the weakness experienced in 2023. VodafoneZiggo's capital
structure, excluding short-term vendor financing maturities, is
long-dated with no maturity due before 2027 and a broad
concentration over 2028-2030.

STRUCTURAL CONSIDERATIONS

VodafoneZiggo's B1-PD probability of default rating (PDR) is at the
same level as the CFR, reflecting the expected recovery rate of 50%
that Moody's typically assume for a capital structure that consists
of a mix of bank debt and bonds. The B1 rating of the senior
secured debt is in line with the company's B1 CFR. The senior
secured debt benefits from the buffer provided by the vendor
financing obligations and senior notes, which rank behind this
debt.

The B2 rating on the vendor financing notes reflects their junior
position in the capital structure relative to the large amount of
senior secured debt and the buffer provided by the senior notes,
which are junior and rated B3, reflecting their deep structural
subordination. Receivables under the vendor financing programme and
the vendor financing facility are unsecured obligations of VZ
Vendor Financing II B.V. and VodafoneZiggo Group B.V. VZ Vendor
Financing II B.V. is structurally subordinated to the obligors of
the senior secured debt of VodafoneZiggo but is structurally senior
to the obligors of the senior notes.

RATIONALE FOR STABLE OUTLOOK

The stable outlook on VodafoneZiggo's rating reflects Moody's
expectation that the company's EBITDA will grow modestly over the
next 12-18 months following pressures noted over 2023. This is
likely to lead to Moody's-adjusted leverage remaining below 6x and
an adequate liquidity profile supported by a solid CFO.

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

Upward rating pressure could develop if VodafoneZiggo's: (1)
operating performance improves significantly, leading to an
acceleration in revenue and EBITDA growth; (2) Moody's-adjusted
leverage falls below 5.0x on a sustained basis; and (3) cash flow
generation improves, such that its Moody's-adjusted cash flow from
operations (CFO)/debt increases to more than 15%.

The rating agency could consider a downgrade of the rating if
VodafoneZiggo's: (1) operating performance weakens significantly on
a sustained basis because of intense competition in the market; (2)
Moody's-adjusted debt/EBITDA fails to remain below 6.0x; and (3)
Moody's-adjusted CFO/debt falls below 10% on a sustained basis.

LIST OF AFFECTED RATINGS

Issuer: VodafoneZiggo Group B.V.

Outlook Actions:

Outlook, Remains Stable

Affirmations

Probability of Default, Affirmed B1-PD

LT Corporate Family Rating, Affirmed B1

Issuer: VZ Vendor Financing II B.V.

Outlook Actions:

Outlook, Remains Stable

Affirmations

Senior Unsecured Regular Bond/Debenture (Local Currency), Affirmed
B2

Issuer: Ziggo B.V.

Outlook Actions:

Outlook, Remains Stable

Affirmations

Senior Secured Bank Credit Facility (Local Currency), Affirmed B1

BACKED Senior Secured Bank Credit Facility (Local Currency),
Affirmed B1

BACKED Senior Secured Regular Bond/Debenture (Local Currency),
Affirmed B1

BACKED Senior Secured Regular Bond/Debenture (Foreign Currency),
Affirmed B1

Issuer: Ziggo Bond Company B.V.
Outlook Actions:

Outlook, Remains Stable

Affirmations

BACKED Senior Unsecured Regular Bond/Debenture (Foreign Currency),
Affirmed B3

BACKED Senior Unsecured Regular Bond/Debenture (Local Currency),
Affirmed B3

Issuer: Ziggo Financing Partnership

Outlook Actions:

Outlook, Remains Stable

Affirmations

Senior Secured Bank Credit Facility (Foreign Currency), Affirmed
B1

Issuer: VZ Secured Financing B.V.

Outlook Actions:

Outlook, Remains Stable

Affirmations

Senior Secured Regular Bond/Debenture (Foreign Currency),
Affirmed B1

Senior Secured Regular Bond/Debenture (Local Currency), Affirmed
B1

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

COMPANY PROFILE

VodafoneZiggo Group B.V. (VodafoneZiggo) is a Dutch
telecommunications and network operator. The company generated
revenue of EUR4,115 million and company-adjusted EBITDA of EUR1,824
million in 2023. VodafoneZiggo is a 50-50 joint venture owned by
Liberty Global and Vodafone.




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

[*] POLAND: Business Bankruptcies Down 18% in First Quarter 2024
----------------------------------------------------------------
Warsaw Business Journal reports that the number of business
bankruptcies in the first quarter of 2024 was 100, a decrease of
18.0% compared to the same period last year, as reported by GUS.

According to Warsaw Business Journal, the decline was observed in
industries including manufacturing, construction, trade, vehicle
repair, accommodation, and food service.

However, bankruptcies increased in transportation and warehousing
while remaining unchanged in the information and communication
sector, Warsaw Business Journal discloses.




===============
P O R T U G A L
===============

EDP SA: Moody's Rates New Subordinated Hybrid Instruments 'Ba1'
---------------------------------------------------------------
Moody's Ratings has assigned a Ba1 long-term rating to the proposed
Fixed to Reset rate Subordinated Instruments (the junior
subordinated "Hybrid") to be issued by EDP, S.A. The size and
completion of the Hybrid are subject to market conditions. The
outlook is stable.

RATINGS RATIONALE

The Ba1 rating assigned to the Hybrid is two notches below EDP's
issuer rating of Baa2, reflecting the features of the Hybrid. It is
deeply subordinated, ranking senior only to ordinary shares, and
pari passu with the company's existing hybrids.

In Moody's view, the Hybrid has equity-like features that allow it
to receive basket 'M' treatment (please refer to Moody's Hybrid
Equity Credit methodology published in February 2024), i.e. 50%
equity and 50% debt for financial leverage purposes. The features
of the Hybrid include (1) a contractual maturity of 30 years; (2)
the optional coupon deferral on a cumulative basis; and (3) no
step-up in coupon prior to year 10, with the step-up not exceeding
a total of 100 basis points thereafter.

As the Hybrid's rating is positioned relative to another rating of
EDP, a change in either (1) Moody's relative notching practice; or
(2) the Baa2 issuer rating of EDP, could affect the rating of the
Hybrid.

EDP's ratings are underpinned by (1) its commitment to maintain
robust financial metrics; (2) its diversified business and
geographical mix, which helps moderate earnings volatility; (3) the
stable earnings coming from contracted generation and regulated
networks, which account for about 70% of group EBITDA; and (4) the
low carbon intensity of its power generation fleet and the strategy
to exit coal-fired power generation by 2025, which positions it
well in the context of energy transition.

EDP's ratings are constrained by (1) the earnings volatility
stemming from variations in hydro output in Iberia and, to a lesser
extent, wind resources globally; (2) the residual exposure of EDP's
merchant generation to volatile wholesale power prices; (3) the
execution risks associated with the group's significant capital
spending over 2024-26; (4) the exposure to political and regulatory
risks in Portugal (A3 stable), Spain (Baa1 positive) and Brazil
(Ba2 positive); and (5) the minority holdings in the group, which
add to complexity.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectation that, in the
context of its capital investment plan and dividend policy, EDP
will maintain financial metrics consistent with guidance for a Baa2
rating, including funds from operations (FFO)/net debt at least in
the upper teens, and retained cash flow (RCF)/net debt at least in
the low teens, in percentage terms.

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

The rating could be upgraded if the company makes progress on its
strategy and  investments while reducing leverage. A sustainable
and solid financial profile, including FFO/net debt above 22%, and
RCF/net debt at least in the mid-teens (in percentage terms), would
support an upgrade to Baa1.

The rating could be downgraded if (1) EDP's financial profile were
to weaken because of a downturn in the company's
operating/regulatory environment and performance, or because cash
flow generation was not to keep pace with debt-funded investment,
such that FFO/net debt and RCF/net debt appeared likely to fall
persistently below guidance for the current rating; or (2) credit
negative changes occur in EDP's corporate structure, such as a
significant increase in minority shareholdings, which could prompt
a tightening of guidance, or if subordination were to increase and
weaken the position of parent company senior unsecured creditors.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Unregulated
Utilities and Unregulated Power Companies published in December
2023.

EDP is a vertically integrated utility company, with consolidated
revenue of EUR16.2 billion and EBITDA of EUR5 billion in 2023. It
is the largest electric utility in Portugal.




=============
R O M A N I A
=============

BLUE AIR: Romania Has to Recover RON190-Mil. in Illegal State Aid
-----------------------------------------------------------------
Iulian Ernst at Romania Insider reports that the Romanian state has
to recover RON190 million (EUR38 million) from insolvent Blue Air,
including the interest paid on principal debt, calculated as of now
according to the Ministry of Finance quoted by Economica. However,
it is not clear exactly how since it is the airline's owner as
well.

The European Commission said on Feb. 16 that Romania must recover
from Blue Air illegal state aid amounting to roughly EUR33.84
million (RON163.8 million), as the restructuring plan failed to
restore the airline's long-term viability and is therefore
incompatible with EU state aid rules, Romania Insider relates.

According to Romania Insider, the state aid that must be recovered
bears interest until it is fully recovered, the Finance Ministry
said, meaning that further interest will be added.

The state has already nationalized the company after, in November
2022, got 75% in Blue Air in exchange for EUR60 million, including
a EUR28 million COVID-19 aid and the EUR34 million rescue loan
attached to the restructuring plan -- both extended by state-owned
bank EximBank in August 2020 with the European Commission's permit
and guaranteed by the government, Romania Insider discloses.




=============
U K R A I N E
=============

[*] UKRAINE: Extends Critical Infrastructure Bankruptcy Moratorium
------------------------------------------------------------------
Interfax reports that Ukraine's parliament has passed a law
extending the moratorium on the bankruptcy of state-owned critical
infrastructure facilities during martial law in the country and for
two years after it has been lifted, Ukrainian media reported,
quoting the Telegram channel of MP Yaroslav Zheleznyak.

According to Interfax, the Energy and Housing Committee said in its
conclusion that the final version of the bill introduces selective
restrictions on the execution of court decisions, enforcement
proceedings, the termination of legal proceedings in a case, the
lifting of arrests, and the closure of bankruptcy cases for
commercial organizations that operate state-owned critical
infrastructure.

The committee thinks such norms contain high risks for the energy
sector, which is of systemic importance to the country's economy,
do not take the specific nature of its activities into account and
may entail undesirable financial, reputational and legal
consequences and adversely affect the country's investment climate,
Interfax discloses.  This could, for example, result in the
questionable use of public funds, with taxpayers footing the bill
for lack of professionalism by the managers of state operators of
critical infrastructure or in the use of funds designated for the
country's restoration, Interfax notes.

The parliament in February 2024 passed a law extending the
moratorium on bankruptcy of state-owned coal mines until January 1,
2025, Interfax recounts.  The moratorium on bankruptcy of state
mines has been in effect in Ukraine for several years and has been
extended repeatedly, Interfax states.




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

GKN HOLDINGS: Moody's Withdraws 'Ba1' Senior Unsecured Rating
-------------------------------------------------------------
Moody's Ratings has withdrawn the Ba1 backed senior unsecured
rating of GKN Holdings Limited as well as the outlook which was
previously stable.

RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons.

COMPANY PROFILE

Headquartered in the UK, GKN Holdings Limited is a global tier-one
supplier to the aerospace industry with operations in twelve
countries.


TED BAKER: Largest Creditor Falls Out with Administrators
---------------------------------------------------------
Aoife Morgan at Retail Gazette reports that Ted Baker's largest
creditor has fallen out with the chain's administrators over claims
of a conflict of interest.

The retailer's main lender Secure Trust Bank attempted to replace
Teneo as administrators as it is owned by the same private equity
firm that owns a stake in Ted Baker owner Authentic Brands, Retail
Gazette relays, citing The Times.

It is understood that Secure Trust was concerned that Teneo might
have an incentive to act within the interests of its owner CVC,
rather than creditors, Retail Gazette discloses.

The bank tried to replace Teneo, which were appointed in March by
Ted Baker's independent director, with fellow restructuring firm
FRP Advisory, Retail Gazette recounts.

However, a court judge ruled that Teneo should remain in place as
administrators, Retail Gazette states.

A source close to CVC denied claims of a conflict of interest and
said that all its portfolio companies were run by independent
teams, Retail Gazette relates.

According to Retail Gazette, documents filed by Teneo last week
show that Ted Baker owes nearly GBP60 million to 612 unsecured
creditors that are unlikely to be repaid.

Administrators said the GBP15.6 million owed to Secure Trust is
expected to be paid, Retail Gazette notes.


TED BAKER: Shuts Down North American-Based Stores, Website
----------------------------------------------------------
Jade Burke at Drapers reports that Ted Baker has shut down its
North American-based stores and website amid the fashion brand's
fall into administration.

Authentic Brands Group told Drapers: "We are close to finalising
agreements with new partners to operate Ted Baker's concessions,
wholesale distribution and ecommerce businesses.  We remain
committed to Ted Baker and are optimistic about the brand's
future."

It has been reported that 31 of the brand's US stores and nine of
its Canada stores will close, while customers in both regions are
now no longer able to shop via the brand's online website, Drapers
relays, citing Fashion Network.

Ted Baker's parent company Authentic Brands Group appointed
administrators to the brand's UK business in March, Drapers
recounts.

On March 19, restructuring firm Teneo was appointed as
administrator to No Ordinary Designer Label, which trades under the
Ted Baker brand in the UK and is owned by Authentic Brands Group,
Drapers relates.

Following Ted Baker's collapse into administration, in April it was
revealed that the brand would also close several stores in the UK
affecting 245 jobs, Drapers notes.

In addition, Authentic Brands Group terminated its relationship
with Dutch business AARC on Jan. 29, which owned and operated Ted
Baker's retail stores and ecommerce platform in the UK and Europe,
Drapers discloses.


TRAFFORD CENTRE: Fitch Hikes Rating on Class D Notes to B+
----------------------------------------------------------
Fitch Ratings has upgraded Trafford Centre Limited's class B and D
notes.

   Entity/Debt                 Rating           Prior
   -----------                 ------           -----
The Trafford Centre
Finance Ltd

   Class A2 6.50%
   Secured Notes due
   2033 XS0108039776       LT BBBsf  Affirmed   BBBsf

   Class A3 Floating
   Rate Secured Notes
   Due 2038 XS0222488396   LT BBBsf  Affirmed   BBBsf

   Class B 7.03% Secured
   Notes due 2029
   XS0108043968            LT BB+sf  Upgrade    BBsf

   Class B2 Floating
   Rate Secured Notes
   Due 2038 XS0222489014   LT BB+sf  Upgrade    BBsf

   Class D1(N) Floating
   Rate Secured Notes
   Due 2035 XS0222489873   LT B+sf   Upgrade    CCCsf

TRANSACTION SUMMARY

The transaction is a securitisation of a GBP638 million fixed-rate
commercial mortgage loan secured on the Trafford Centre, a
super-regional shopping centre in the north-west of England, four
miles west of Manchester city centre. The long-dated loan financing
is tranched into three series, with a combination of bullet and
scheduled amortisation arranged non-sequentially and mirrored by
the CMBS. The issuer has a liquidity facility to cover interest and
some principal obligations across the capital structure. The class
A3, B2 and D1(N) notes are floating-rate, swapped at the issuer
level.

KEY RATING DRIVERS

Deleveraging Leads to Upgrade: On the April 2024 interest payment
date, the class B3 and D3 notes were fully repaid, materially
reducing the loan-to-value ratio to 51.8% from 62.2% (based on the
most recent December 2023 property valuation). The upgrades of the
class B and D notes reflect this deleveraging.

Improving Asset Performance: Following a lengthy period of
underperformance, worsened by the effects of the pandemic, the
Trafford Centre continues to show signs of improving prospects,
with increased footfall and turnover, up by 3.8% and 11.3%,
respectively, in the last 12 months. Occupancy has risen to around
90%, as at December 2023, from a low of 80%.

Based on the December 2023 valuation, the market value has
increased 3.5% since end-2022, to GBP926 million, while the
estimated rental value (ERV) is up by 1.7% to GBP75.1 million. In
the absence of further market deterioration, Fitch expects rental
income to continue to improve, which is reflected in the Stable
Outlooks on all notes.

Increased Operating Costs: The Trafford Centre has had heightened
operating costs since 2020 that are now reported at GBP22.9
million. While this cost level appears high, the figure is based on
the conventions used for the quarterly reporting and according to
the sponsor overstates the underlying operating costs of the
centre.

RATING SENSITIVITIES

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

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

Further increase in vacancy and rent decline within the property.

The change in model output that would apply with 1pp higher cap
rate assumptions produces the following ratings:

'BBsf' / 'BBsf' / 'BBsf' / 'BBsf' / 'CCCsf'

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

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

Improvement in asset performance confirmed by a third-party
valuation.

The change in model output that would apply with 1pp lower cap rate
assumptions produces the following ratings:

'Asf' / 'Asf' / 'BBB+sf' / 'BBB+sf'/ 'BB+sf'

Key Property Assumptions (weighted by market value)

Net ERV: GBP 52.2million

'Bsf' cap rate: 8.00%

'Bsf' structural vacancy: 9.80%

'Bsf' rental value decline: 6.50%

'BBsf' cap rate: 8.13%

'BBsf' structural vacancy: 10.50%

'BBsf' rental value decline: 8.50%

'BBBsf' cap rate: 8.26%

'BBBsf' structural vacancy: 11.90%

'BBBsf' rental value decline: 10.50%

'Asf' cap rate: 8.40%

'Asf' structural vacancy: 12.60%

'Asf' rental value decline: 12.50%

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

The Trafford Centre Finance Ltd

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pool[s] and the transaction[s]. Fitch has not reviewed the results
of any third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

Fitch did not undertake a review of the information provided about
the underlying asset pool[s] ahead of the transaction's [The
Trafford Centre Finance Ltd] initial closing. The subsequent
performance of the transaction[s] over the years is consistent with
the agency's expectations given the operating environment and Fitch
is therefore satisfied that the asset pool information relied upon
for its initial rating analysis was adequately reliable.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.

ESG CONSIDERATIONS

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.


VISION MANCHESTER: Receivers Appointed, Project Stalls
------------------------------------------------------
Julia Hatmaker at Northwest Place reports that Vision was supposed
to comprise 327 one-, two-, and three-bed apartments across 37
floors off Whitworth Street West -- now, the project is stalled.

Joe Pitt and Ewan Mackie were appointed receivers to the special
purpose vehicle behind the scheme -- Vision Manchester -- on May 2,
Northwest Place relates.  When approached for comment, Mr. Pitt
said that they were still in the early stage of the process,
Northwest Place notes.

Vision Manchester's sole director is Paul Rothwell, the man who was
also behind Featherfoot Globe, Northwest Place discloses.
Featherfoot Globe was an SPV that was to convert a 19th-century
mill in Bolton into 150 apartments.  It went into administration
earlier this year, Northwest Place recounts.

Mr. Rothwell, Northwest Place says, is also behind Empire Property
Concepts, which was renamed MCIOD and went into administration in
2023.  The company owed subcontractors and suppliers more than
GBP500,000, states.

Vision had been in the works since 2015, when Brigantes submitted
and achieved planning permission for the tower block, designed by
Jon Matthews Architects, Northwest Place relays.  In 2021, Rothwell
and EGCC Properties acquired the site.

EGCC Properties was no longer involved with the project by the time
summer 2023 rolled around.

According to Northwest Place, the charge that sparked the
receivership came from Octopus Real Estate S.A.R.L.  Octopus
Finance was one of two companies that agreed a GBP9 million
bridging loan to support the project in 2021, Northwest Place
notes.


[*] UK: Auditors Fail to Give Warnings in 75% of Bankruptcies
-------------------------------------------------------------
Michael Kapoor at Bloomberg Law reports that UK auditors have
failed to raise the alarm before three quarters of the largest
corporate collapses since 2010, according to a new report that
questioned whether the firms hired to vet financial statements were
performing one of their core functions.

According to Bloomberg Law, auditors failed to give so-called going
concern warnings for 75% of the 250 stock exchange listed companies
registered in the UK that collapsed between 2010 and 2022, the
Audit Reform Lab, a research body at Sheffield University, said in
a report on May 20.

Under UK regulations, auditors must give a going concern warning if
they think there's a danger the company could go bust based on
their review of its accounting.

"Auditors are failing to perform their core function," Bloomberg
Law quotes the report as saying.

The findings come against a backdrop of the UK government's promise
to reform the audit market after the 2018 collapse of construction
company Carillion plc, without warning from auditor KPMG, Bloomberg
Law notes.

US auditors have also missed going concern warnings before major
bankruptcies, Bloomberg Law sates.  

A Bloomberg Tax analysis found that auditors and management failed
to raise alarms for nearly half of the 20 largest US public
companies that went bankrupt in 2023, though auditors and company
leaders had a better track record when looking at bankruptcies of
all sizes.

Of the four biggest auditors, the UK affiliate of Ernst & Young
gave going concern warnings for 20% of collapsed firms, while
PricewaterhouseCoopers issued warnings in 23% of cases, Bloomberg
Law states.  KPMG issued the highest rate of going concern
warnings, at 38% of collapsed companies, and Deloitte warned 36% of
the time, the Audit Reform Lab research showed, Bloomberg Law
notes.

Smaller auditors gave warnings in just 17% of cases, according to
the report.



                           *********


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
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Information contained herein is obtained from sources believed to
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                * * * End of Transmission * * *