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

                          E U R O P E

          Wednesday, February 9, 2022, Vol. 23, No. 23

                           Headlines



A U S T R I A

INNIO GROUP: S&P Upgrades ICR to 'B', Outlook Stable


F I N L A N D

FINNAIR OYJ: Egan-Jones Keeps CCC- Senior Unsecured Ratings


G E R M A N Y

CHEPLAPHARM: Fitch Affirms 'B+' LT IDR, Outlook Stable
CHEPLAPHARM: Moody's Rates New Senior Secured Term Loan 'B2'


G R E E C E

NAVIOS MARITIME: Egan-Jones Keeps CC Senior Unsecured Ratings


I R E L A N D

AURIUM CLO III: Moody's Affirms B2 Rating on EUR10.5MM Cl. F Notes
BAIN CAPITAL 2018-2: Fitch Affirms B- Rating on Class F Notes
BLACKROCK EUROPEAN VIII: Moody's Assigns (P)B3 Rating to F-R Notes
NEUBERGER BERMAN 3: S&P Assigns Prelim B- (sf) Rating to F Notes
SCULPTOR EUROPEAN IX: Moody's Assigns (P)B3 Rating to Cl. F Notes



I T A L Y

CASTOR SPA: S&P Assigns Preliminary 'B' LT ICR, Outlook Stable
MONTE DEI PASCHI: Set to Name New Chief Executive


L U X E M B O U R G

ANACAP FINANCIAL: Moody's Affirms B2 CFR & Ups Secured Debt to B2
ANACAP FINANCIAL: S&P Rates EUR350MM Senior Secured Notes 'B'


R U S S I A

NIZHNEKAMSKNEFTEKHIM PJSC: Moody's Withdraws Ba3 CFR on Sibur Deal


S W E D E N

SAS AB: Egan-Jones Maintains C Senior Unsecured Ratings


S W I T Z E R L A N D

SIG COMBIBLOC: Moody's Affirms Ba1 CFR Amid Scholle Transaction


U N I T E D   K I N G D O M

BCP V MODULAR: Moody's Affirms B2 CFR, Outlook Remains Stable
BCP V MODULAR: S&P Affirms 'B' Long-Term ICR on Term Loan B Add-On
HOLT CARS: Enters Administration, 12 Jobs Affected
KAICER: Goes Into Administration After Rescue Efforts Fail
MIDAS: New Company May Take Over Coal Orchard Project

WYELANDS BANK: All Loans in Default, "No Viable Future"
YE OLDE: Goes Into Administration Due to Pandemic

                           - - - - -


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A U S T R I A
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INNIO GROUP: S&P Upgrades ICR to 'B', Outlook Stable
----------------------------------------------------
S&P Global Ratings raised to 'B' from 'B-' its long-term issuer
credit rating on Austria-based INNIO Group Holding GmbH, as well as
its issue rating on the senior secured debt. The recovery rating on
the senior secured debt is unchanged at '3'.

The stable outlook reflects S&P's expectation that the continued
recovery in INNIO's operating performance and the refinancing will
lead to an increase in the funds from operations (FFO) cash
interest coverage ratio to around 2.5x and meaningful positive free
operating cash flow (FOCF) over the next 12 months.

INNIO's solid operating performance in 2021 was down to a strong
service business and a gradual increase in equipment sales. The
COVID-19 pandemic dented the group's revenue, cash flow, and credit
metrics due to lower energy consumption and muted demand for the
group's equipment in the textile industry and several emerging
markets. In addition, the material drop in oil prices severely
affected the group's gas compression and oilfield power generation
business, which is based primarily in North America. However, S&P
estimates that the group's operating performance recovered
significantly in 2021, resulting in revenue increasing by 7% to
around EUR1,425 million, and S&P Global Ratings-adjusted EBITDA
increasing to about EUR265 million from EUR142 million in 2020.
Growth was primarily thanks to the strong performance of the
service business, with increasing penetration of the installed
base, in combination with multi-year contracts for services, a
digital product offering, and increased sales of spare parts. In
addition, the group benefited from greater demand for new equipment
in the second half of the year, particularly in Europe and the
U.S.

S&P said, "We anticipate that INNIO's solid operating performance
will continue, with an EBITDA margin above 17% and positive FOCF
over the next 12 months. We expect revenue growth to continue and
sales volumes to exceed pre-pandemic levels in 2022, with an
increase of 6.0%-8.0% in 2022 on the back of further expansion of
the service operations and a recovery in new equipment sales.
INNIO's solid order intake already surpasses pre-pandemic volumes.
Due to material price increases, it remains an open question
whether the group will be able to pass on higher input costs in
full to its customers. However, we expect margins to remain high,
at 17.0%-18.0% in 2022, thanks to a solid top-line performance
combined with a positive product mix and an improved cost base,
including a successful reduction in overhead costs. We understand
that the group does not intend to implement any new material
restructuring measures, which would weigh on its profitability."

INNIO's refinancing is neutral to leverage and the lower interest
costs will support the interest coverage ratios. INNIO intends to
repay all of its EUR262 million of second-lien debt and a EUR60
million loan that it obtained from OeKB during the pandemic by
issuing a EUR322 million senior secured term loan B. The
transaction has no effect on the group's debt-to-EBITDA ratio, but
reduces its interest burden by approximately EUR6 million per year,
thereby supporting the interest coverage ratios and free cash flow
generation. S&P said, "The transaction has no impact on our
recovery rating, which remains unchanged at '3', reflecting our
rounded estimate of 50% recovery in a default scenario.
Consequently, the issue rating on the senior secured notes, now
'B', remains at the same level as the issuer credit rating. We no
longer rate the second-lien debt. We have increased the operational
adjustment we use to determine the group's recovery rating to 25%
from 10% in our previous analysis." This is primarily due to
INNIO's expansion of its higher-margin service business, which will
increase the group's value at default.

The resilient aftermarket business supports the ratings. In
comparison to the broader capital goods sector, INNIO's operating
performance benefits from a highly resilient, predictable, and
growing service business that accounts for approximately 60% of its
revenue. Service contracts usually cover the lifecycle of an engine
or are multi-year agreements lasting 5-10 years. Aside from the
recurrent nature of its revenue, S&P believes that the service
business is the primary contributor to the group's higher
profitability than that of its peers. INNIO's power generation
engines are also used in mission-critical facilities such as
hospitals, which benefits the business model.

INNIO's positive free cash flow and the repayment of its revolving
credit facility (RCF) support the liquidity profile. INNIO's
improving profitability and revenue growth also translate into
positive cash flow generation. S&P said, "We predict that the
group's FOCF will be above EUR100 million over 2021-2022,
supporting its liquidity profile, which we continue to assess as
adequate. Over the same period, we expect capital expenditure
(capex) to remain flat at EUR70 million-EUR80 million, including
EUR30 million-EUR40 million in capitalized research and development
(R&D) costs. We anticipate a working capital outflow of EUR15
million-EUR25 million in 2022 to support revenue growth, following
a working capital inflow of approximately EUR35 million in 2021.
With closing of the refinancing, we estimate that the group held
cash of more than EUR150 million and full availability of its $225
million RCF." The group paid back its RCF drawings in 2021 and
refinanced its OeKB pandemic-support loan, thereby reducing
upcoming debt maturities. This underlines the management's
confidence in sustainable positive FOCF generation. The liquidity
profile is further supported by low working capital swings, no
material short-term debt maturities, and sufficient covenant
headroom.

S&P said, "The stable outlook reflects our expectation of a
stabilizing financial and operational performance stemming from
INNIO's solid order book, the cost-saving measures that it has
implemented, and the high share of high-margin service revenue over
the next 12 months. We also incorporate our expectation of
sustainable positive FOCF generation and an FFO cash interest
coverage ratio of around 2.5x over the next 12 months.

"We could lower the ratings if INNIO does not increase its revenue
or EBITDA margins as we expect, resulting in debt to EBITDA of more
than 7x or an FFO cash interest ratio of less than around 2.5x.
This could occur because of less effective cost reduction, a loss
of service contracts, a material decline in the order intake, or an
inability to pass through cost inflation."

S&P could lower the ratings if the group's operating and financial
performance falls short of its expectations and it:

-- Is unable to generate meaningful FOCF over the next 12-18
months;

-- Fails to post EBITDA margins of more than 16%;

-- Faces deteriorating liquidity; and

-- Distributes debt-financed shareholder returns.

Rating upside is very limited over the next 12 months owing to
INNIO's high leverage and financial-sponsor ownership. Over the
long term, an upgrade could materialize if the group deleverages
significantly, leading to FFO to debt above 12% and adjusted debt
to EBITDA below 5x on a continuous basis, supported by a more
conservative financial policy.

Environmental, Social, And Governance

ESG credit indicators: E-3, S-2, G-3

Environmental and governance factors are a moderately negative
consideration in S&P's credit rating analysis of INNIO. Changing
environmental regulations and more stringent requirements for
carbon dioxide emissions linked to traditional power generation and
gas compression are reshaping INNIO's operating landscape.
Balancing investments in renewable technology and the demand for
the legacy products will be important to sustain the group's
operating performance. The group takes a proactive role in
addressing these risks. These efforts are evident from INNIO's
investments in technology and application of climate-neutral fuels,
such as hydrogen, renewable fuels, and highly efficient
cogeneration solutions, including digital platforms for optimized
efficiency and sustainability. INNIO demonstrates a clear
commitment to the environmental, social, and governance agenda
through public sustainability disclosures, and has structured
sustainability governance. S&P said, "Our assessment of the group's
financial risk profile as highly leveraged reflects corporate
decision-making that prioritizes the interests of the controlling
owners, in line with our view of most rated entities owned by
private-equity sponsors. Our assessment also reflects sponsors'
generally finite holding periods and focus on maximizing
shareholder returns."




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F I N L A N D
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FINNAIR OYJ: Egan-Jones Keeps CCC- Senior Unsecured Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company on January 27, 2022, maintained its
'CCC-' foreign currency and local currency senior unsecured ratings
on debt issued by Finnair Oyj. EJR also maintained its 'C'  rating
on commercial paper issued by the Company.

Headquartered in Vantaa, Finland, Finnair Oyj operates scheduled
passenger traffic, technical and ground handling operation,
catering, travel agencies, and reservation services.




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G E R M A N Y
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CHEPLAPHARM: Fitch Affirms 'B+' LT IDR, Outlook Stable
------------------------------------------------------
Fitch Ratings has affirmed Cheplapharm Arzneimittel GmbH's
Long-Term Issuer Default Rating (IDR) at 'B+' with a Stable Outlook
and senior secured debt rating at 'BB-'.

The ratings have been removed from Rating Watch Positive (RWP),
following the company's announcement to postpone the IPO and
instead raise incremental senior secured debt. Fitch has assigned
an expected instrument rating of 'BB-(EXP)'/'RR3' to the new senior
secured debt.

The affirmation of the IDR reflects Fitch's view that financial
risk will be unchanged, assuming the refinancing is completed as
planned, with total debt/EBITDA projected to remain at 5.0x,
combined with steady EBITDA margins of around 50% and free cash
flow (FCF) margins of 30%.

The Stable Outlook reflects Fitch's expectation that Cheplapharm
will maintain the quality and risk profile of its product portfolio
by investing all of its internally generated cash flows into new
intellectual property (IP) rights while applying consistent
acquisition and financial policies. This will facilitate a stable
operating and financial profile.

On completion of the refinancing Fitch expects to withdraw the
senior secured debt ratings of repaid facilities and assign final
senior secured debt ratings to new debt facilities.

KEY RATING DRIVERS

Incremental Debt Rating Neutral: Fitch regards the announced
refinancing as rating neutral, assuming it is completed as planned
with an estimated net increase in senior secured debt of EUR500
million. The proceeds will be used to fund M&A of around EUR335
million and prepay the nearly fully-drawn revolving credit facility
(RCF) of around EUR410 million used for recently closed product
additions.

The new products follow the company's acquisition and investment
principles of legacy and niche off-patent drugs with enterprise
value (EV)/EBITDA multiples of less than 5.0x. This contributes to
steady, strong EBITDA and FCF margins commensurate with the rating
of 50% and 30%, respectively. Combined with total debt/EBITDA
projected to stay at 5.0x, this supports the 'B+' IDR.

Aggressive But Consistent Financial Policy: The company's decision
to postpone the IPO in response to unfavourable market conditions
and issue incremental debt to fund its business growth is
aggressive, but fully consistent with its previous financial
policy. Fitch has removed Cheplapharm's ratings from RWP as the
prospect of a near-term IPO has become less certain. Fitch projects
the company will continue to use the flexibility under the RCF
combined with internally-generated cash to continue its fast-pace
growth, prioritising inorganic growth over deleveraging.

Defensive Operations: The rating is underpinned by Cheplapharm's
defensive business profile, characterised by well-executed
acquisitions of drug IP rights and active product life-cycle
management. Fitch views positively Cheplapharm's predictable,
albeit organically declining, revenue from its late stage drugs,
enhanced by the addition of new products with comparable economic
contribution and risk profile.

Appropriate Leverage, No Deleveraging: Fitch projects total
debt/EBITDA will remain within the sensitivities at about 5.0x on
the back of steady quality of the organic portfolio, combined with
disciplined implementation of inorganic growth, based on
established acquisition and investment criteria. At the same time,
apart from an IPO remaining an event risk, Fitch does not forecast
any organic deleveraging as the company continues to favour M&A
over deleveraging.

More Debt-Funded M&A Expected: Fitch assumes FCF together with any
availability under the committed RCF will be used for M&A estimated
at EUR600 million-EUR700 million a year. Larger acquisitions, which
would require incremental funds exceeding the total committed debt
capital, are also likely but represent event risk. Without any
commitment to deleveraging, the rating is driven by the company's
disciplined approach to acquisitions and intact organic portfolio.
Departure from the established acquisition principles leading to
acceptance of higher asset valuations, riskier product profiles or
weaker integration would put the rating under pressure.

Supportive Market Fundamentals: Cheplapharm benefits from a
continuing strong supply of off-patent drugs to the market as
innovative pharma companies are looking to streamline their product
portfolios to concentrate on core therapies and implement their
capital allocation strategies. Fitch regards niche specialist
pharmaceutical companies such as Cheplapharm as well-positioned to
continue capitalising on these positive sector trends.

DERIVATION SUMMARY

Fitch rates Cheplapharm applying Fitch's Ratings Navigator
framework for pharmaceutical companies. The IDR reflects
Cheplapharm's defensive business profile with resilient and
predictable earnings, as well as high operating margins and strong
cash flow generation due to the company's asset-light business
model.

Cheplapharm is rated at the same level as Pharmanovia Bidco Limited
(B+/Negative), although Pharmanovia has shown uneven operating
performance and increased execution risks around its acquisition
strategy and organic portfolio management.

Fitch views Cheplapharm's credit profile as stronger than that of
the specialist pharmaceutical company IWH UK Finco Ltd (B/Stable),
warranting a one-notch difference. The rating differential reflects
the former's higher operating and cash flow margins, combined with
a more conservative financial profile reflected in FFO gross
leverage of 5.0-5.5x, against IWH's 5.5x-6.0x.

Fitch also regards Cheplapharm as stronger than generics producer
Nidda BondCo GmbH (B/Stable), despite its much smaller scale and
more concentrated portfolio, which is mitigated by wide geographic
diversification within each brand. Nidda BondCo's rating is
burdened by high leverage, with a spike in expected FFO gross
leverage to 9.0x-10.0x in 2021-2022, following the recent operating
underperformance amid the pandemic and the impact of debt-funded
acquisitions.

KEY ASSUMPTIONS

-- Sales growth of around 55% in 2021, decelerating to around 8%
    by FY24;

-- EBITDA margin of around 57% in FY21, stabilising at 50-51%
    from 2022 to 2024;

-- Capex at around 1% of sales each year;

-- Change in trade working capital outflow of EUR100 million a
    year through to 2024;

-- M&A of EUR1.2 billion in 2021-22, EUR600 million thereafter at
    an EV/sales multiple of 2.5x (EV/EBITDA of 5.0x). M&A will be
    funded through FCF generation, drawdowns of the RCF and from
    planned incremental debt proceeds of EUR500 million in 2022;

-- No dividend payments through to 2024.

RECOVERY ASSUMPTIONS

In a distressed scenario, Fitch expects Cheplapharm would most
likely be sold or restructured as a going concern (GC) rather than
liquidated given its asset-light business model.

Fitch estimates a post-restructuring GC EBITDA at about EUR400
million, which includes the contribution from the recently signed
but not yet closed drug IP acquisitions scheduled for completion in
1Q-2Q22. Cheplapharm would be required to address debt service and
fund working capital as the company takes over inventories
following transfer of market authorisation rights, as well as to
make smaller M&A to sustain its product portfolio to compensate for
a natural sales decline.

Fitch applies a distressed enterprise value/EBITDA multiple of 5.5x
(unchanged), reflecting the underlying value of the company's
portfolio of IP rights.

After deducting 10% for administrative claims, the allocation of
value in the liability waterfall results in a Recovery Rating of
'RR3' for the existing senior secured debt including the RCF of
EUR450 million, which Fitch assumes will be fully drawn prior to
distress, indicating a 'B+' instrument rating with a
waterfall-generated recovery computation (WGRC) of 68%
(unchanged).

Based on the refinancing plan announced by Cheplapharm, Fitch
assigns an expected senior secured debt rating of 'BB-(EXP)'/'RR3'
albeit at the lower end of the 'RR3' range given the projected
increase in the senior secured term debt by EUR500 million, based
on the same recovery assumptions.

Upon completion of the refinancing, Fitch expects to withdraw the
senior secured debt rating of the prepaid term loan B and RCF.

RATING SENSITIVITIES

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

-- An upgrade to the 'BB' rating category would require a
    maturing of Cheplapharm's business risk profile, characterized
    by a sustained improvement of business scale with sales above
    EUR1 billion combined with a more diversified product
    portfolio, resilient operating and strong FCF margins, and
    reducing execution risks, as well as

-- A conservative leverage policy with total debt/operating
    EBITDA at or below 4.0x, or FFO gross leverage at about 4.0x.

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

-- Failure to complete the refinancing to secure the funding
    required to pay for the near-term committed M&A;

-- Unsuccessful management of individual pharmaceutical IP rights
    leading to material permanent loss of income and EBITDA
    margins declining towards 40%;

-- Positive but continuously declining FCF; and

-- More aggressive financial policy with total debt/operating
    EBITDA sustainably above 5.5x, or FFO gross leverage above
    6.0x (net of readily available cash: 5.5x).

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: Fitch views liquidity as comfortable, based
on Cheplapharm's strong pre-M&A FCF of EUR350 million to EUR400
million a year until 2024. Fitch views the prospect of refinancing
as strong given Fitch's expectation of continued stable operating
performance. A near-term restoration in the RCF together with the
sizeable internally generated cash will be sufficient to maintain
and grow its earnings base as its organic portfolio declines.

Cheplapharm currently benefits from long-dated term loan B and
senior secured note maturities spread between July 2025 and January
2028. A potential refinancing would further extend the term loan
maturities.

In Fitch's assessment of freely available cash, Fitch deducts EUR20
million of minimum liquidity required for operations.

ISSUER PROFILE

Cheplapharm is engaged in acquisition and management of off-patent
branded legacy and niche drugs.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This 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.

CHEPLAPHARM: Moody's Rates New Senior Secured Term Loan 'B2'
------------------------------------------------------------
Moody's Investors Service has assigned B2 ratings to the new senior
secured term loan B (TLB) and senior secured revolving credit
facility issued by Cheplapharm Arzneimittel GmbH ("Cheplapharm",
"the company" or "the group"). The outlook is stable.

Cheplapharm intends to issue a new EUR1,480 million senior secured
term loan B due 2029 and will use most of the proceeds to repay its
existing EUR980 million senior secured term loan B4 due 2025. The
remaining EUR500 million proceeds will be used to partially repay
RCF drawings, which amounted to EUR253 million as of September 30,
2021, and partially fund recently signed acquisitions. At the end
of 2021, Cheplapharm had closed acquisitions totaling approximately
EUR355 million and signed definitive agreements for investments of
EUR565 million. At the same time, Cheplapharm also intends to
refinance its existing senior secured RCF with a new six-year
EUR450 million senior secured RCF.

RATINGS RATIONALE

The assignment of a B2 rating to the new senior secured TLB
considers that, pro forma the planned refinancing and recent
acquisitions, Cheplapharm's credit metrics will meet the
requirements for the B2 rating, which include a Moody's-adjusted
(gross) debt / EBITDA between 4.5x and 5.5x.

In 2021, Cheplapharm performed in line with its guidance and
continued to successfully integrate acquisitions closed in late
2020 and early 2021. While there continue to be risks associated
with integrating acquisitions, Moody's expects the company will
grow Moody's-adjusted EBITDA to close to EUR650 million in 2021
compared with EUR370 million in 2020, resulting in Moody's-adjusted
(gross) leverage of around 4.5x by year-end 2021, down from 7.1x at
the end of 2020.

Cheplapharm's B2 rating continues to reflect its good therapeutic
and geographical diversity; a good track record in the timely
transfer of marketing authorizations from pharmaceutical companies
for products acquired; and the generation of strong cash flow from
operations (CFO) and free cash flow (FCF), supported by the
company's asset light business model.

The B2 rating remains constrained by the company's structural
earnings decline in its existing off-patent product portfolio,
which prompts the company to make ongoing product acquisitions to
maintain or grow revenues; its relatively short track record of
working with well-recognized pharmaceutical companies; an
aggressive financial policy, with multiple debt-funded acquisitions
undertaken in recent years, which increased its gross debt sharply
to EUR2.8 billion at the end of September 2021 from EUR0.9 billion
at the end of 2018.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectation that Cheplapharm
will continue to successfully deliver on the integration of its
acquired portfolio of drugs in the next 12 to 18 months and operate
with credit ratios commensurate with the B2 rating. Moody's also
expects that the company will continue to generate strong CFO to
offset rising debt levels.

LIQUIDITY

Based on data as of September 30, 2021 and pro forma the
refinancing, Cheplapharm would have a cash balance of about EUR70
million and about EUR360 million available under its EUR450 million
senior secured RCF. Moreover, Moody's forecasts that Cheplapharm
will generate EUR350 million to EUR400 million of Moody's-adjusted
FCF (before acquisitions) over the next 12 months. Depending on
when recently signed acquisitions will be paid, Cheplapharm could
still need to raise additional funds to fund its acquisitions.
Following the refinancing, the next material debt maturity will be
the EUR500 million guaranteed senior secured notes due 2027.

STRUCTURAL CONSIDERATIONS

Pro forma the refinancing, the company's capital structure
comprises a EUR1,480 million senior secured term loan B, three
tranches of EUR500 million due 2027, EUR575 million due 2028 and
$500 million due 2028 guaranteed senior secured notes, as well as a
EUR450 million senior secured RCF. All these debt instruments rank
pari passu and have the same security package, which includes a
first-priority pledge over Cheplapharm Arzneimittel GmbH's shares
as well as pledges over bank accounts and intercompany receivables.
Moody's views this security package as relatively weak and
therefore considers these debt instruments as unsecured in its loss
given default analysis.

Cheplapharm's Moody's-adjusted debt also includes a small
shareholder loan (around EUR30 million) that ranks behind the
senior secured instruments in the waterfall.

Moody's uses a family recovery rate of 50%, which is appropriate
for a debt structure comprising bank and bond debt.

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

A positive rating action would require that Cheplapharm maintains
its Moody's-adjusted (gross) debt/EBITDA ratio below 4.5x and its
CFO/debt ratio above 15% on a sustained basis. An upgrade would
also require the company to show commitment to more moderate
acquisitions in terms of size and in their financing to ensure that
the company limits the impact on its credit metrics.

Conversely, Moody's may downgrade Cheplapharm's rating if it does
not maintain a Moody's-adjusted debt/EBITDA ratio pro forma
acquisitions comfortably below 5.5x, or if its CFO/debt ratio
declines below 10% for a prolonged period. Failing to maintain
adequate liquidity, including a well spread debt maturity profile,
could also trigger a rating downgrade.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in Greifswald, Germany, Cheplapharm Arzneimittel GmbH
(Cheplapharm) is a family-owned company focused on the marketing of
off-patent, branded, prescription and niche drugs. Its business
model relies on its ability to buy products with sufficient
earnings potential at the right price, and the outsourcing of its
production and distribution to reliable third parties.
Cheplapharm's asset-light operations enable it to generate high
cash flow, which it reinvests into new products, offsetting the
structural earnings decline in its existing portfolio. The group
owns a portfolio of more than 125 products that it distributes in
over 145 countries. It generated EUR793 million in revenue and
EUR484 million in EBITDA, on a reported basis, in the nine months
ended September 30, 2021. Cheplapharm is 50:50 owned by Sebastian
Braun (Co-CEO of the group) and Bianca Juha (Chief Scientific
Officer).



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NAVIOS MARITIME: Egan-Jones Keeps CC Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company on January 24, 2022, maintained its 'CC'
foreign currency and local currency senior unsecured ratings on
debt issued by Navios Maritime Holdings, Inc. EJR also maintained
its 'D'  rating on commercial paper issued by the Company.

Headquartered in Pireas, Greece, Navios Maritime Holdings, Inc.
offers maritime freight transportation services.




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AURIUM CLO III: Moody's Affirms B2 Rating on EUR10.5MM Cl. F Notes
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Aurium CLO III Designated Activity Company:

EUR25,500,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2030, Upgraded to A1 (sf); previously on Jul 28, 2021
Affirmed A2 (sf)

EUR18,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2030, Upgraded to Baa1 (sf); previously on Jul 28, 2021
Affirmed Baa2 (sf)

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

EUR220,000,000 (Current outstanding amount EUR219.58m) Class A
Senior Secured Floating Rate Notes due 2030, Affirmed Aaa (sf);
previously on Jul 28, 2021 Affirmed Aaa (sf)

EUR41,500,000 Class B-1 Senior Secured Floating Rate Notes due
2030, Affirmed Aa1 (sf); previously on Jul 28, 2021 Upgraded to Aa1
(sf)

EUR10,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2030,
Affirmed Aa1 (sf); previously on Jul 28, 2021 Upgraded to Aa1 (sf)

EUR22,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed Ba2 (sf); previously on Jul 28, 2021
Affirmed Ba2 (sf)

EUR10,500,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed B2 (sf); previously on Jul 28, 2021
Affirmed B2 (sf)

Aurium CLO III Designated Activity Company, issued in May 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 Spire Management
Limited. The transaction's reinvestment period ended in April
2021.

RATINGS RATIONALE

The rating upgrades on the Class C and D Notes are a result of the
deleveraging, albeit limited, of the senior notes following
amortisation of the underlying portfolio and the improvement in the
credit quality of the underlying collateral pool since the last
rating action in July 2021.

The affirmations on the ratings on the Class A, B-1, B-2, E and F
Notes are primarily a result of the expected losses on the notes
remaining consistent with their current ratings after taking into
account the CLO's latest portfolio, its relevant structural
features and its actual over-collateralization (OC) levels.

The Class A notes have paid down by approximately EUR0.3 million
since the last rating action in July 2021.

The credit quality has improved as reflected in the improvement in
the average credit rating of the portfolio (measured by the
weighted average rating factor, or WARF) and a decrease in the
proportion of securities from issuers with ratings of Caa1 or
lower. According to the trustee report dated January 2022 [1], the
WARF was 2861, compared with 2979 as of the last rating action in
July 2021 [2]. Securities with ratings of Caa1 or lower currently
make up approximately 4.11% of the underlying portfolio, versus
5.57% observed in the last rating action in July 2021.

Key model inputs:

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: EUR372.9m

Defaulted Securities: nil

Diversity Score: 49

Weighted Average Rating Factor (WARF): 2676

Weighted Average Life (WAL): 4.47 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.47%

Weighted Average Recovery Rate (WARR): 44.56%

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank and swap provider,
using the methodology "Moody's Approach to Assessing Counterparty
Risks in Structured Finance" published in May 2021. 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:

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the note,
in light of uncertainty about credit conditions in the general
economy. In particular, the length and severity of the economic and
credit shock precipitated by the global coronavirus pandemic will
have a significant impact on the performance of the securities. CLO
notes' performance may also be impacted either positively or
negatively by (1) the manager's investment strategy and behaviour
and (2) divergence in the legal interpretation of CDO documentation
by different transactional parties because of embedded
ambiguities.

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.

BAIN CAPITAL 2018-2: Fitch Affirms B- Rating on Class F Notes
-------------------------------------------------------------
Fitch Ratings has upgraded Bain Capital Euro CLO 2018-2 DAC's class
E notes and affirmed the class A-R, B-1-R, B-2-R, C, D, and F
notes. The class B-1-R through F notes have been removed from Under
Criteria Observation (UCO), and all Rating Outlooks remain Stable.

     DEBT                 RATING           PRIOR
     ----                 ------           -----
Bain Capital Euro CLO 2018-2 DAC

A-R XS2326485898     LT AAAsf  Affirmed    AAAsf
B-1-R XS2326486516   LT AAsf   Affirmed    AAsf
B-2-R XS2326487167   LT AAsf   Affirmed    AAsf
C XS1890841452       LT Asf    Affirmed    Asf
D XS1890840058       LT BBBsf  Affirmed    BBBsf
E XS1890842930       LT BBsf   Upgrade     BB-sf
F XS1890843235       LT B-sf   Affirmed    B-sf

TRANSACTION SUMMARY

Bain Capital Euro CLO 2018-2 DAC is a cash flow CLO comprised of
mostly senior secured obligations. The transaction is actively
managed by Bain Capital Credit U.S. CLO Manager, LLC and will exit
its reinvestment period in January 2023.

KEY RATING DRIVERS

CLO Criteria Update: The rating actions mainly reflect the impact
of Fitch's recently updated CLOs and Corporate CDOs Rating
Criteria, and the shorter risk horizon incorporated in Fitch's
updated stressed portfolio analysis. The analysis considered cash
flow modelling results for the stressed portfolio based on the Jan.
6, 2022 trustee report.

The transaction has two matrices, based on 18% and 26.5% Top 10
Obligor limits, and Fitch analyzed the matrix specifying the 18%
limit, as the agency viewed this matrix as the most ratings
relevant. Fitch also applied a haircut of 1.5% to the weighted
average recovery rate (WARR) as the calculation of the WARR in
transaction documentation reflects an earlier version of Fitch's
CLO criteria.

The Stable Outlooks on all classes reflect Fitch's expectation that
the classes have sufficient levels of credit protection to
withstand potential deterioration in the credit quality of the
portfolio in stress scenarios commensurate with such class's
rating.

Deviation from Model-Implied Ratings: The ratings assigned to all
notes, except the class A-R and F notes, are one notch below their
respective model implied ratings. The deviations reflect the
remaining reinvestment period until January 2023, during which the
portfolio can change due to reinvestment or negative portfolio
migration.

Stable Asset Performance: The transaction metrics indicate stable
asset performance. The transaction is passing all coverage tests,
collateral quality tests, and portfolio profile tests. Exposure to
assets with a Fitch-derived rating (FDR) of 'CCC+' and below is
5.7% excluding non-rated assets, as calculated by Fitch.

'B' Portfolio: Fitch assesses the average credit quality of the
transaction's underlying obligors in the 'B' category. The Fitch
weighted average rating factor (WARF), as calculated by the
trustee, was 33.2, which is below the maximum covenant of 36.0. The
WARF, as calculated by Fitch under the updated criteria, was 24.7.

High Recovery Expectations: Senior secured obligations comprise
99.1% of the portfolio as calculated by the trustee. Fitch views
the recovery prospects for these assets as more favorable than for
second-lien, unsecured and mezzanine assets. The Fitch WARR
reported by the trustee was 66.4%, against the covenant at 63.9%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration is 12.3%, and no obligor represents more than 1.5% of
the portfolio balance, as reported by the trustee.

RATING SENSITIVITIES

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

-- An increase of the rating default rate (RDR) at all rating
    levels by 25% of the mean RDR and a decrease of the rating
    recovery rate (RRR) by 25% at all rating levels in the
    stressed portfolio will result in downgrades of up to four
    notches, depending on the notes;

-- Downgrades may occur if the build-up of the notes' credit
    enhancement (CE) does not compensate for a larger loss
    expectation than initially assumed due to unexpectedly high
    levels of defaults and portfolio deterioration.

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

-- A reduction of the RDR at all rating levels by 25% of the mean
    RDR and an increase in the RRR by 25% at all rating levels in
    the stressed portfolio would result in an upgrade of up to
    five notches, depending on the notes;

-- Except for the tranches already at the highest 'AAAsf' rating,
    upgrades may occur in the case of better than expected
    portfolio credit quality and deal performance that leads to
    higher CE and excess spread available to cover losses in the
    remaining portfolio.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. 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.

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.

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.

BLACKROCK EUROPEAN VIII: Moody's Assigns (P)B3 Rating to F-R Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to the refinancing notes to be issued
by Blackrock European CLO VIII Designated Activity Company (the
"Issuer"):

EUR248,000,000 Class A-R Senior Secured Floating Rate Notes due
2036, Assigned (P)Aaa (sf)

EUR30,000,000 Class B-1-R Senior Secured Floating Rate Notes due
2036, Assigned (P)Aa2 (sf)

EUR10,000,000 Class B-2-R Senior Secured Fixed Rate Notes due
2036, Assigned (P)Aa2 (sf)

EUR25,000,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2036, Assigned (P)A2 (sf)

EUR28,000,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2036, Assigned (P)Baa3 (sf)

EUR20,000,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2036, Assigned (P)Ba3 (sf)

EUR12,000,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2036, Assigned (P)B3 (sf)

RATINGS RATIONALE

The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in Moody's methodology.

The Issuer will issue the notes in connection with the refinancing
of the following classes of notes (the "Original Notes"): Class A-1
Notes, Class A-2 Notes, Class B-1 Notes, Class B-2 Notes, Class C-1
Notes, Class C-2 Notes, Class C-3 Notes, Class D-1 Notes, Class D-2
Notes, Class E Notes, and Class F Notes due July 20, 2032
previously issued on June 5, 2019.

As part of this refinancing, the Issuer will amend the base matrix
and modifiers that Moody's will take into account for the
assignment of the definitive ratings.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be fully ramped up as of the closing date
and to comprise of predominantly corporate loans to obligors
domiciled in Western Europe.

Blackrock Investment Management (UK) Limited ("BlackRock ") will
manage the CLO. It will direct the selection, acquisition and
disposition of collateral on behalf of the Issuer and may engage in
trading activity, including discretionary trading, during the
transaction's four-and-half-year reinvestment period. Thereafter,
subject to certain restrictions, purchases are permitted using
principal proceeds from unscheduled principal payments and proceeds
from sales of credit impaired obligations or credit improved
obligations.

In addition to the seven classes of notes rated by Moody's, the
Issuer has originally issued EUR36,500,000 of Subordinated Notes
which remain outstanding and are not rated.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

Methodology underlying the rating action:

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

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.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2021.

Moody's used the following base-case modeling assumptions:

Par Amount: EUR400,000,000

Diversity Score(*): 54

Weighted Average Rating Factor (WARF): 2975

Weighted Average Spread (WAS): 3.6%

Weighted Average Coupon (WAC): 3.5%

Weighted Average Recovery Rate (WARR): 43.5%

Weighted Average Life (WAL): 7.67 years

NEUBERGER BERMAN 3: S&P Assigns Prelim B- (sf) Rating to F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Neuberger Berman Loan Advisers Euro CLO 3 DAC's class A, B, C, D,
E, and F notes. At closing, the issuer will also issue unrated
subordinated notes.

The preliminary ratings reflect S&P's assessment of:

-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior-secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

-- The transaction's legal structure, which S&P expects to be
bankruptcy remote.

-- The transaction's counterparty risks, which S&P expects to be
in line with its counterparty rating framework.

  Portfolio Benchmarks
                                                      CURRENT
  S&P Global Ratings weighted-average rating factor   2,794.35
  Default rate dispersion                               394.64
  Weighted-average life (years)                           5.25
  Obligor diversity measure                             122.38
  Industry diversity measure                             20.17
  Regional diversity measure                              1.34

  Transaction Key Metrics
                                                       CURRENT
  Total par amount (mil. EUR)                              300
  Defaulted assets (mil. EUR)                                0
  Number of performing obligors                            140
  Portfolio weighted-average rating
   derived from S&P's CDO evaluator                        'B'
  'CCC' category rated assets (%)                         1.92
  'AAA' weighted-average recovery (%)                    36.50
  Weighted-average spread net of floors (%)               3.50


This is a European cash flow CLO transaction, securitizing a pool
of primarily syndicated senior secured loans or bonds. The
portfolio's reinvestment period ends approximately 4.5 years after
closing, and the portfolio's maximum average maturity date is 8.5
years after closing. Under the transaction documents, the rated
notes pay quarterly interest unless there is a frequency switch
event. Following this, the notes will switch to semiannual
payment.

S&P said, "We understand that at closing the portfolio will be
well-diversified, primarily comprising broadly syndicated
speculative-grade senior-secured term loans and senior-secured
bonds. Therefore, we have conducted our credit and cash flow
analysis by applying our criteria for corporate cash flow
collateralized debt obligations.

"In our cash flow analysis, we modeled the EUR300 million target
par amount, the covenanted weighted-average spread of 3.50%, the
reference weighted-average coupon of 3.50%, and the covenanted
weighted-average recovery rates. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category. Our cash flow analysis also considers
scenarios where the underlying pool comprises 100% floating-rate
assets (i.e., the fixed-rate bucket is 0%) and where the fixed-rate
bucket is fully utilized (in this case, 10%).

"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 preliminary ratings, as the exposure to
individual sovereigns does not exceed the diversification
thresholds outlined in our criteria.

"At closing, we expect that the transaction's documented
counterparty replacement and remedy mechanisms will adequately
mitigate its exposure to counterparty risk under our current
counterparty criteria.

"We expect the transaction's legal structure to be bankruptcy
remote, in line with our legal criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our preliminary
ratings are commensurate with the available credit enhancement for
the class A, B, C, D, E, and F notes. Our credit and cash flow
analysis indicates that the available credit enhancement for the
class B, C, and D notes is commensurate with higher ratings than
those we have assigned. However, as the CLO will have a
reinvestment period, during which the transaction's credit risk
profile could deteriorate, we have capped our assigned preliminary
ratings on these notes.

"The class F notes' current break-even default rate (BDR) cushion
is negative at the 'B-' rating level. Based on the portfolio's
actual characteristics and additional overlaying factors, including
our long-term corporate default rates and recent economic outlook,
we believe this class is able to sustain a steady-state scenario,
in accordance with our criteria." S&P's analysis reflects several
factors, including:

-- The class F notes' available credit enhancement is in the same
range as that of other CLOs S&P has rated and that has recently
been issued in Europe.

-- S&P's BDR at the 'B-' rating level is 25.52% versus a portfolio
default rate of 16.28% if it was to consider a long-term
sustainable default rate of 3.1% for a portfolio with a
weighted-average life of 5.26 years.

-- Whether the tranche is vulnerable to non-payment in the near
future.

-- If there is a one-in-two chance for this note to default.

-- If S&P envisions this tranche to default in the next 12-18
months.

-- Following this analysis, S&P considers that the available
credit enhancement for the class F notes is commensurate with a
preliminary 'B- (sf)' rating.

S&P said, "In addition to our standard analysis, to provide an
indication of how rising pressures among speculative-grade
corporates could affect our ratings on European CLO transactions,
we have also included the sensitivity of the ratings on the class A
to E notes to five of the 10 hypothetical scenarios we looked at in
our publication, "How Credit Distress Due To COVID-19 Could Affect
European CLO Ratings," published on April 2, 2020.

"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F notes."

Environmental, social, and governance (ESG) factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit the manger from investing in activities that are United
Nations Global Compact violations, and activities related to the
manufacture of controversial weapons, civilian firearms, tobacco,
thermal coal or coal extraction, oil sands extraction, utilities
with expansion plans that would increase their negative
environmental impact, services to physical casinos and/or online
gambling platforms, palm oil production, speculative transactions
of soft commodities, pornography or prostitution, and operation,
management, or provision of services to private prisons. Since the
exclusion of assets related to these activities does not result in
material differences between the transaction and our ESG benchmark
for the sector, we have not made any specific adjustments in our
rating analysis to account for any ESG-related risks or
opportunities."

  Ratings List

  CLASS    PRELIM.    PRELIM.    SUB (%)     INTEREST RATE*
           RATING     AMOUNT
                    (MIL. EUR)

  A        AAA (sf)    186.00    38.00    Three/six-month EURIBOR
                                          plus 0.92%

  B        AA (sf)      30.75    27.75    Three/six-month EURIBOR
                                          plus 1.70%

  C        A (sf)       18.75    21.50    Three/six-month EURIBOR
                                          plus 2.25%

  D        BBB- (sf)    20.25    14.75    Three/six-month EURIBOR
                                          plus 3.20%

  E        BB- (sf)     15.00     9.75    Three/six-month EURIBOR
                                          plus 6.32%

  F        B- (sf)       9.00     6.75    Three/six-month EURIBOR
                                          plus 8.87%

  Sub      NR           26.40     N/A     N/A

*The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency  switch event
occurs.
EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A—-Not applicable.


SCULPTOR EUROPEAN IX: Moody's Assigns (P)B3 Rating to Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to the notes to be issued by Sculptor
European CLO IX DAC (the "Issuer"):

EUR248,000,000 Class A Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

EUR27,000,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)

EUR13,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Assigned (P)Aa2 (sf)

EUR24,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)A2 (sf)

EUR28,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Baa3 (sf)

EUR21,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Ba3 (sf)

EUR12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)B3 (sf)

RATINGS RATIONALE

The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in Moody's methodology.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be between 90% to 100% ramped as of the
closing date and to comprise of predominantly corporate loans to
obligors domiciled in Western Europe.

The effective date determination requirements of this transaction
are weaker than those for other European CLOs because (i) full par
value is given to defaulted obligations when assessing if the
transaction has reached the expected target par amount and (ii)
satisfaction of the Caa concentration limit is not required as of
the effective date. Moody's believes that the proposed treatment of
defaulted obligations can introduce additional credit risk to
noteholders since the potential par loss stemming from recoveries
being lower than a defaulted obligation's par amount will not be
taken into account. Moody's also believes that the absence of any
requirement to satisfy the Caa concentration limit as of the
effective date could give rise to a more barbelled portfolio rating
distribution. However, Moody's concedes that satisfaction of (i)
the other concentration limits, (ii) each of the coverage test and
(iii) each of the collateral quality test can mitigate such
barbelling risk. As a result of introducing relatively weaker
effective date determination requirements, the CLO notes'
outstanding ratings could be negatively affected around the
effective date, despite satisfaction of the transaction's effective
date determination requirements.

Sculptor Europe Loan Management Limited ("Sculptor") will manage
the CLO. It will direct the selection, acquisition and disposition
of collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
4.6-year reinvestment period. Thereafter, subject to certain
restrictions, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk obligations or credit improved obligations.

In addition to the seven classes of notes rated by Moody's, the
Issuer will issue a EUR8.0 million of Class Z Notes and
EUR34,600,000 of Subordinated Notes which are not rated. The Class
Z Notes accrue interest in an amount equivalent to a typical
subordinated management fee.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

Methodology underlying the rating action:

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

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.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2021.

Moody's used the following base-case modeling assumptions:

Par Amount: EUR400,000,000

Diversity Score: 48

Weighted Average Rating Factor (WARF): 3000

Weighted Average Spread (WAS): 3.75%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 43.50%

Weighted Average Life (WAL): 8.5 years



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

CASTOR SPA: S&P Assigns Preliminary 'B' LT ICR, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B' long-term issuer
credit rating to Castor SpA (Castor) and its preliminary 'B' issue
rating and preliminary '3' recovery rating to the proposed EUR1.4
billion of senior secured notes. The recovery rating on the notes
is '3', indicating its expectation of meaningful recovery prospects
(50%-70%; rounded estimate: 60%) in the event of a payment
default.

The stable outlook reflects S&P's view that Cerved's revenue will
increase by about 6%-9% in 2021-2022, thanks to a rebound in
corporate activity following the worst effects of the pandemic,
continued high demand for digital services, and more favorable
market conditions for nonperforming loans (NPLs), with higher
inflows of assets under management and better recovery rates.

Cost-cutting initiatives will also help support an improvement in
the S&P Global Ratings-adjusted EBITDA margin of around 500 basis
points (bps), resulting in deleveraging toward 6.0x by the end of
2022.

As of Nov. 16, 2021, ION Investment Group Ltd. (ION) had acquired
more than 90% of Cerved Group SpA's (Cerved's) public shares via
Castor Bidco SpA. This triggered a sell-out of the remaining Cerved
shares pursuant to applicable Italian law, with the aim of
delisting Cerved which is expected imminently.

Castor SpA (Castor) plans to issue EUR1.4 billion of senior secured
notes to refinance loans outstanding under the senior secured
bridge facility, which was used to provide funding for the
acquisition of Cerved's shares and repay Cerved's outstanding debt.
S&P expects a total equity contribution of about 47% from ION, post
the imminent de-listing of Cerved.

Pro forma the transaction, S&P forecasts that Cerved's S&P Global
Ratings-adjusted debt to EBITDA will be around 6x at year-end 2022,
followed by deleveraging in the coming years on the back of organic
revenue growth and the realization of cost-reduction plans.

Cerved has a strong position in credit information and credit risk
management in Italy, with high entry barriers thanks to its
comprehensive database and the mission-critical nature of its
products. Cerved's leading market position in business information
and risk analytics in Italy is evident from its 5x-7x and 2.5x
relative market shares with financial institutions and corporates,
respectively. The group has built relationships with over 95% of
Italian banks over the past 40 years, while the products it
provides to support the credit processes of its clients, including
daily monitoring services, such as changes in credit positions or
ratings, are mission critical to the clients' risk management and
benefit from integration with the clients' own systems. S&P
believes that this creates high switching costs for Cerved's
clients, while the underlying proprietary data platform is backed
by a mix of private and proprietary sources and public data
including yearly data sets purchased from the official Italian
chambers of commerce. Apart from the database, which has been built
over 40 years, proprietary algorithms and processes support data
organization and analysis, resulting in proprietary scores as well
as meaningful connections created among the data points. This makes
it difficult for other companies to enter the market and thus
strengthens Cerved's leading position. On the credit management
side, Cerved is a No. 2 independent servicer of NPLs behind doValue
and benefits from a strong brand reputation, which will continue to
support future growth.

Cerved has resilient business characteristics, supported by high
recurring revenue and strong margins. S&P said, "We consider
Cerved's adjusted EBITDA margin to be above average compared to the
margins of its broader industry peers. The majority of the data
intelligence business, which accounts for around two thirds of
total sales, is based on subscription-based contracts due to the
nature of Cerved's platform-based products. This supports the
predictability of cash flows from strong recurring revenues. While
the group continues to update its product mix and grow its
project-based revenues, we do not expect a material change in the
recurring revenue base." This should allow Cerved to sustain its
stable business characteristics.

Cerved's business risk profile is constrained by its limited scale,
lack of geographical diversification, and some margin volatility in
recent years. Cerved generated over 95% of its 2020 revenue from
Italy. It is also limited in size, generating about EUR490 million
of total revenue and over EUR200 million of S&P Global
Ratings-adjusted EBITDA in 2020. Consequently, Cerved lacks scale
and geographical diversification compared to larger global peers
such as Dun & Bradstreet or Moody's. Additionally, S&P believes
that the credit management division exhibits customer
concentration, with about 60% of total revenue coming from the top
10 customers, mainly linked to large servicing contracts with banks
(49% of segment revenue in 2020), partially mitigated by the
revenue diversification exhibited through the other service lines
of the segment including corporate receivables (20% of segment
revenue in 2020), credit operations (20% of segment revenue in
2020), as well as legal services (11% of segment revenue in 2020).
S&P said, "Compared to the risk intelligence segment, we see more
competitive dynamics in the NPL space, which, coupled with the
continued consolidation and sale of NPLs, leads to greater
switching activity among providers. The latter is evident from the
loss of Cerved's servicing contract with the Italian bank Banca
Monte dei Paschi di Siena (MPS) in 2019 due to the nationalization
of MPS by the Italian government and the subsequent transfer of the
servicing contract to AMCO, which is a government-related entity.
Some contracts, such as the MPS servicing agreement, contain
clauses for the payment of indemnity fees in the case of early
termination, adding a layer of protection. Cerved received EUR40
million in such fees in 2019, which largely compensate the revenue
loss over the expected 10-year life of the contract. We view the
loss of key NPL servicing contracts in Italy as a key risk to the
margin stability of the business, even though the credit management
division has partly diversified its revenue base, with roughly 10%
of revenue coming from Greece and Romania."

S&P said, "We view ION as a permanent financial sponsor owner. Pro
forma the refinancing, we expect ION's adjusted debt to EBITDA to
be around 6x by year-end 2022, a strong decline from above 8x
estimated for year-end 2021. The group will likely remain highly
leveraged in the coming years, but we expect it to deleverage
significantly by over one turn year-on-year.

"We view positively Cerved's ability to generate stable free
operating cash flow (FOCF) even during challenging market
conditions. Despite the impact of the COVID-19 pandemic, which led
to a revenue decline and significant margin compression, Cerved was
able to generate FOCF of above EUR50 million in 2020, underlining
the resilience of its operating model. In 2021, we expect FOCF to
be close to EUR30 million, despite being affected by one-off
transaction fees. However, we expect FOCF to improve significantly
to about EUR75 million-EUR110 million between 2022 and 2023,
supported by a relatively low capital expenditure (capex)
requirement, modest working capital outflows, and an improved
EBITDA base due to significant cost cutting.

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

"The stable outlook reflects our view that Cerved's revenue will
increase by about 6%-9% in 2021-2022, thanks to a rebound in
corporate activity following the worst effects of the pandemic,
continued high demand for digital services, and more favorable
market conditions for nonperforming loans (NPLs), with higher
inflows of assets under management and better recovery rates.
Cost-cutting initiatives will also help support an improvement in
the S&P Global Ratings-adjusted EBITDA margin of around 500 basis
points (bps), resulting in deleveraging toward 6.0x by the end of
2022.

"We could raise the ratings if Cerved materially improved its
business strength, evident from increased scale, market position,
and geographical diversification, while maintaining adjusted debt
to EBITDA at about 5x and funds from operations (FFO) to debt at
about 12%. In addition, the permanent financial sponsor owner would
need to commit to a financial policy that sustains the metrics at
these levels."

S&P could lower the ratings if:

-- Cerved's operating performance weakened due to contract losses,
resulting in persistent low-single-digit or negative FOCF;

-- The FFO cash interest coverage ratio dropped below 2x; or

-- S&P assessed the group's financial policy as increasingly
aggressive, with debt-funded acquisitions or shareholder returns
increasing leverage.

E-2, S-2, G-3

S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of Castor SpA. Our
assessment of the company's financial risk profile as highly
leveraged reflects corporate decision-making that prioritizes the
interests of the controlling owners, in line with our view of the
majority of rated entities owned by private-equity sponsors. Our
assessment also reflects generally finite holding periods and focus
on maximizing shareholder returns."


MONTE DEI PASCHI: Set to Name New Chief Executive
-------------------------------------------------
Silvia Sciorilli Borrelli at The Financial Times reports that Monte
dei Paschi di Siena is preparing to name a new chief executive in
response to mounting pressure from Mario Draghi's government to
replace Guido Bastianini, who has led the ailing Italian
state-controlled bank since 2020.

Luigi Lovaglio, a 66-year-old turnround specialist and veteran of
rival Italian lender UniCredit, was set to be appointed at a board
meeting on Feb. 7, the FT relays, citing three people involved in
the discussions.

MPS director Olga Cuccurullo, appointed by the Italian Treasury,
resigned with immediate effect on Feb. 4, freeing up a seat on the
board for the new chief executive, the FT discloses.  Once Mr.
Bastianini is stripped of his executive roles he will remain a
board member unless he voluntarily resigns, the FT states.

Mr. Bastianini was appointed by the previous government led by the
populist Five Star Movement and has refused to step down despite
resignation requests from government officials, the FT notes.

Rome and UniCredit at the end of last year failed to agree on the
terms of a potential deal to take Monte dei Paschi private and Rome
is now faced with the prospect of having to raise a further EUR2.5
billion to meet MPS's capital needs, the FT relates.

Italy, the FT says, is seeking state-aid approval from Brussels as
well as a postponement of the 2022 deadline to privatise the
lender.  The European Commission will also have to give a green
light to the bank's five-year business plan, the FT notes.

According to the three people involved in the talks, the Italian
Treasury, which holds a 64% stake in MPS, does not trust Mr.
Bastianini to see the plans through and has asked him to step
down.




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

ANACAP FINANCIAL: Moody's Affirms B2 CFR & Ups Secured Debt to B2
-----------------------------------------------------------------
Moody's Investors Service upgraded Anacap Financial Europe S.A.
SICAV-RAIF's (AFE) backed senior secured debt ratings to B2 from
B3. In the same rating action, Moody's affirmed AFE's corporate
family rating of B2 and changed the issuer outlook to positive from
stable.

The rating action follows AFE's announcement in relation to the
proposed senior secured debt issuance in the amount of EUR350
million, with a final maturity of 2027.

RATINGS RATIONALE

The change of the issuer outlook to positive reflects AFE's
substantially improved financial performance in 2021, after a
pandemic-induced deterioration in 2020. AFE's collections
demonstrated strong recovery in 2021, leading to stronger EBITDA,
and as a result, meaningful improvement in the interest coverage
and leverage ratios. Moody's estimates that AFE's Debt/EBITDA
leverage declined to 4x by the end of 2021 from 6.8x at year-end
2020, while its interest coverage improved to 4.2x in 2021 from
2.4x in 2020. The year-over-year improvement in financial
performance benefitted from collections of cash flows that had
previously been deferred due to court closures in Southern Europe,
resulting in the shift of collection curves from 2020 into future
years. Moody's now expects that the company's profitability,
leverage and interest coverage, having now normalised in line with
pre-pandemic levels, will remain generally in-line with its current
financial performance.

The affirmation of the B2 CFR continues to reflect AFE's
historically elevated volatility of earnings and cash flows, given
its small size and geographic concentrations. AFE has substantial
exposure to Southern Europe (71% of AFE's 84-month estimated
remaining collections (ERCs) as of September 30, 2021), which was
particularly affected by the coronavirus pandemic. Partially
mitigating the geographic concentration concern is the fact that
over 80% of the ERCs are secured, which tend to be deferred rather
than lost during unfavorable economic conditions. Further, AFE's
continued expansion of its direct real estate investment business
will diversify its income with the associated recurring revenues,
likely reducing the volatility of earnings and cash flows that
stems from delays in court approvals for secured collections. At
the same time, the changing business model will also introduce new
credit risks, if the direct real estate business continues to
expand relative to AFE's core debt purchasing business. As of
September 30, 2021, AFE's direct real estate investment business
represented 25% of its 84-month ERCs as of September 30, 2021, up
from 6% as of year-end 2020.

The CFR also reflects AFE's debt maturity concentration, with its
only non-securitised term debt issuance maturing in 2024; however,
with the proposed debt offering, the term debt maturity will be
extended until 2027, reducing immediate refinancing risk.

The upgrade of AFE's backed senior secured debt to B2 from B3 is
driven by loss-given-default (LGD) considerations related to the
anticipated changes in its liability structure, given the increased
preponderance of senior secured term debt, and reflects the
application of Moody's Loss Given Default for Speculative-Grade
Companies methodology, published in December 2015.

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

AFE's CFR could be upgraded if the company's recently improved
financial performance proves to be sustainable, particularly with
respect to Debt/EBITDA leverage (not higher than 4x) and interest
coverage (not lower than 3.5x). The outlook could return to stable
if AFE's financial performance meaningfully weakens relative to its
2021 results.

Although unlikely given the positive issuer outlook, AFE's CFR
could nevertheless be downgraded if its financial performance
deteriorates meaningfully, as evidenced by higher than expected
earnings volatility, as well as materially increased Debt/EBITDA
leverage and reduced interest coverage. A change in the CFR would
lead to a similar upward or downward change of the senior secured
debt rating.

AFE's backed senior secured debt rating could also be downgraded if
the planned transaction is not consummated as planned.

PRINCIPAL METHODOLOGY

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

ANACAP FINANCIAL: S&P Rates EUR350MM Senior Secured Notes 'B'
-------------------------------------------------------------
S&P Global Ratings assigned its 'B' issue rating to the EUR350
million senior secured notes AnaCap Financial Europe S.A. (AFE)
plans to issue. This is in line with its 'B' issue credit rating on
AFE (B/Stable/--), and subject to its review of the final bond
documentation. S&P thinks that the proposed issuance will not
materially impact AFE's leverage and financial risk, because the
company plans to use proceeds to refinance the existing floating
rate notes of EUR308 million and repay existing revolving credit
facility drawn at EUR51 million.

S&P said, "We note that in 2021 the company demonstrated visible
improvement of its operating and financial performance, with
adjusted EBITDA increasing by 46.5% (year over year) as of Sept.
30, 2021, and gross collections increasing by 23.2% to EUR74.3
million as of the same date. AFE also materially increased its
exposure to direct real estate across Europe, which increased to
25% from 3% in AFE's estimated remaining collections mix. We
recognize AFE's extensive knowledge of the real estate market due
to its traditional exposure to nonperforming loan portfolios
secured by real estate.

"We expect that AFE's leverage metrics will gradually improve in
2021-2022 thanks to the observed recovery in profitability. In
particular, we estimate S&P Global Ratings' debt-to-EBITDA ratio,
on an adjusted basis, of 4.0x-4.5x at year-end 2021, and expect it
might gradually improve further in 2022, supported by a large
increase in cash collections compared with 2020.

"The company's liquidity remains adequate with sources continuing
to exceed uses by more than 1.5x over the next 12 months. Among
sources, we note available cash of about EUR11.0 million as
adjusted for the issuance, EUR63.0 million of the new revolving
credit facility (RCF), and funds from operations exceeding EUR70
million. We also understand that AFE will continue to be compliant
with all of its covenants before and after the proposed issuance."

Issue Ratings - Recovery Analysis

Key analytical factors

-- The long-term issue rating on AFE's senior secured notes is
'B', in line with the long-term issuer credit rating. The recovery
rating of '4' reflects S&P's expectation of average recovery
(30%-50%; rounded estimate: 50%) in the event of payment default.
The group's asset base and the U.S.'s status as a relatively
favorable insolvency jurisdiction for senior secured creditors both
support the recovery rating.

-- In S&P's simulated default scenario, it contemplates a default
in 2025, reflecting a significant decline in cash flow because of
adverse operational issues or a significant change in the
regulations and laws that govern the collections in AFE's loan
portfolios, ultimately limiting AFE's ability to maximize
recoveries from the assets.

-- S&P said, "We calculate AFE's enterprise value upon
hypothetical default using a discrete asset valuation approach. We
use the carrying value of AFE's receivables, investments, and loans
in joint ventures as of Sept. 30, 2021, to which we apply a 25%
discount, in line with the approach we follow for rated peers. We
also assume the senior secured RCF would be 85% drawn and that AFE
would use most proceeds from the drawdown to purchase additional
receivables, to which the 25% discount would also apply."

Simulated default assumptions

-- Year of default: 2025
-- Jurisdiction: The U.S.

Simplified waterfall

-- Net enterprise value (1) on liquidation: EUR239 million

-- Priority claims (2): EUR55 million

-- Collateral value available to secured creditors: EUR185
million

-- Senior secured claims (3): EUR363 million

-- Recovery rating: 4

-- Recovery expectation: 30%-50% (rounded estimate: 50%)

(1) This figure is net of a 5% administrative expense charge.

(2) Includes six months of prepetition interest expense.

(3) Includes six months of prepetition interest expense.




===========
R U S S I A
===========

NIZHNEKAMSKNEFTEKHIM PJSC: Moody's Withdraws Ba3 CFR on Sibur Deal
------------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings of
Nizhnekamskneftekhim PJSC (NKNK), due to corporate reorganisation
following the acquisition by Sibur Holding, PJSC (Sibur, Baa3
stable), a vertically integrated petrochemical company operating in
Russia. The outlook at the time of the withdrawal was stable. The
company has no rated debt.

The action follows completion of acquisition by Sibur of certain
assets of JSC TAIF, including NKNK. As a result of this transaction
Sibur, via JSC TAIF, now holds 83% NKNK's ordinary shares (or 78,1%
of the company's total equity).

RATINGS RATIONALE

The acquisition, completed in October 2021, has resulted in
corporate reorganization with NKNK becoming an integral part of
Sibur group financially and operationally. Key investment and
financing decisions, including debt issuance, will be taken at the
holding level. Moody's upgraded NKNK to Ba3 stable and affirmed
Sibur at Baa3 stable on October 29, 2021 to reflect consolidation
of NKNK into Sibur from the fourth quarter of 2021. Please see
press-release [1].

LIST OF AFFECTED RATINGS

Withdrawals:

Issuer: Nizhnekamskneftekhim PJSC

Probability of Default Rating, Withdrawn, previously rated Ba3-PD

LT Corporate Family Rating, Withdrawn, previously rated Ba3

Outlook Actions:

Issuer: Nizhnekamskneftekhim PJSC

Outlook, Changed To Ratings Withdrawn From Stable

Nizhnekamskneftekhim PJSC is a major Russian petrochemical company
located in the Republic of Tatarstan. NKNK's eight core production
units produce rubber, plastics, monomers and other petrochemicals,
and are located on two adjacent production sites that have
centralised transportation, energy and telecommunication
infrastructure. In the 12 months that ended on June 30, 2021, the
company reported sales of RUB205 billion and adjusted EBITDA of
RUB49 billion. Of NKNK's ordinary shares, 83% (or 73% of the
company's total equity) are held by Sibur via JSC TAIF, and the
rest of the equity is in free float. The Tatarstan government
retains the golden share of NKNK, which gives the government veto
power over certain major corporate decisions.

Sibur Holding, PJSC (Sibur) is a vertically integrated
petrochemical company operating in Russia. Leonid Mikhelson is the
major shareholder with of shares (30.6%), followed by Gennady
Timchenko with 14.5%. China Petroleum and Chemical Corporation (A1
stable) and China's (Government of China, A1 stable) Silk Road Fund
hold 8.5% each in Sibur. SOGAZ JSC holds 10.6%, JSC TAIF
shareholders 15%, and the company's current and former management
hold the remaining 12.3%. In the 12 months ended September 30,
2021, Sibur generated revenue and reported EBITDA of RUB752 billion
and RUB334 billion, respectively.



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

SAS AB: Egan-Jones Maintains C Senior Unsecured Ratings
-------------------------------------------------------
Egan-Jones Ratings Company on January 26, 2022, maintained its 'C'
foreign currency and local currency senior unsecured ratings on
debt issued by SAS AB. EJR also maintained its 'D' rating on
commercial paper issued by the Company.

Headquartered in Stockholm, Sweden, SAS AB offers air
transportation services.





=====================
S W I T Z E R L A N D
=====================

SIG COMBIBLOC: Moody's Affirms Ba1 CFR Amid Scholle Transaction
---------------------------------------------------------------
Moody's Investors Service affirmed the corporate family rating of
SIG Combibloc Group AG (SIG or the company) of Ba1 and the
probability of default rating of Ba1-PD. Concurrently, Moody's
affirmed the Ba1 senior unsecured ratings of its EUR550 million
Term Loan borrowed at subsidiaries SIG Combibloc PurchaseCo S.a
r.l. and SIG Combibloc US Acquisition II Inc., and the EUR300
million senior unsecured revolving bank credit facility borrowed at
SIG Combibloc PurchaseCo S.a r.l. and SIG Euro Holding GmbH.
Further, Moody's affirmed at Ba1 backed senior unsecured ratings of
SIG Combibloc PurchaseCo S.a r.l.'s EUR450 million notes due 2023
and EUR550 million notes due 2025. The outlook on all ratings
remains stable.

This rating action follows SIG's announcement on February 1, 2022
that it has reached an agreement to acquire 100% of Scholle IPN, a
privately held company, for an enterprise value of EUR1.36 billion
and an equity value of EUR1.05 billion. The transaction will be
funded through 33.75 million SIG shares issued from existing
authorised capital and EUR370 million cash; the existing debt of
Scholle IPN will be refinanced at closing. The transaction is
expected to close before the end of the third quarter of 2022
subject to customary closing conditions.

RATINGS RATIONALE

The rating action reflects (i) SIG's increased product and
geographic diversification as a result of the Scholle IPN
transaction, (ii) amplified presence in the fast-growing Chinese
market following the previously announced Evergreen acquisition;
(iii) expected limited impact on leverage, as well as (iv)
execution and integration risks endemic to a large acquisition.

With this transaction, SIG will add a bag-in-a-box and a spouted
pouch to its line-up of aseptic cartons which will allow it to
service larger and smaller volume products, respectively. SIG will
also gain an entry to the industrial and institutional markets
whereas previously it has been focused on the consumer marketplace.
Simultaneously, SIG will expand into wine, water and non-food
offerings while maintaining its focus on non-discretionary food and
beverage markets. In addition, SIG will more than triple its
presence in the US market. Furthermore, Scholle IPN has a
complementary selling approach which involves furnishing its
customers with a filling machine and providing filling containers.
It enjoys long term relationships with its customers with the
average length of its top ten customers over 30 years. Also
significantly, both companies have a deeply embedded sustainability
focus across their portfolios.

SIG expects to realise EUR17 million of run-rate synergies from
this acquisition which are anticipated to come from joint
procurement and corporate functions, as well as manufacturing
efficiency.

Moody's expects SIG's leverage to remain largely neutral in 2022 at
approximately 4.0x debt/EBITDA including Moody's standard
adjustments. Moody's notes that future earnouts could add up to
0.3x to this figure if the maximum agreed amount is earned.

SIG has secured EUR1.1 billion of acquisition bridge facilities to
finance this transaction and the Evergreen Asia transaction; they
are expected to be refinanced with a mix of long-term debt and
equity issuance which SIG has identified in the range of EUR200 --
EUR250 million.

LIQUIDITY

SIG benefits from ample liquidity which the company carefully
maintains. At the end of the first half of 2021, SIG had EUR152
million of cash and an undrawn EUR300 million senior unsecured
revolving credit facility. Its next debt repayment is not due until
EUR450 million of backed senior unsecured notes mature in June
2023. The company is expected to continue generating positive free
cash flow. SIG paid a EUR128 million dividend in April 2021 and
expects to continue paying dividends in line with its target of
50%-60% of adjusted net income. SIG is subject to a net leverage
covenant which the company is expected to meet comfortably and
expects that its net capex will decrease to 7-9% of sales,
reflecting slightly less capital intensive acquisitions.

STRUCTURAL CONSIDERATIONS

SIG's capital structure is unsecured and consists of a EUR300
million senior unsecured revolving credit facility, a EUR550
million senior unsecured term loan due June 2025, EUR450 million
backed senior unsecured notes due 2023 and EUR550 million backed
senior unsecured notes due 2025. All instruments rank pari passu.
Therefore, Moody's assigned all instrument ratings at Ba1 in line
with the CFR.

OUTLOOK

The rating is stable because Moody's expect gradual deleveraging in
2022 stemming from positive free cash flows and growth in EBITDA.

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

Further positive rating movement would place SIG in the investment
grade category which would require a stronger balance sheet.
Specifically, Moody's would expect SIG to achieve a leverage of
3.25x (measured as debt/EBITDA) and FCF/debt sustainably improving
above 15%. All metrics reflect Moody's standard adjustments.

Negative rating pressure could result from SIG's failure to
maintain Moody's-adjusted debt/EBITDA sustainably below 4.0x, a
weakening of the company's free cash flow such that its FCF/debt is
below 5%. More aggressive financial policies, evidenced for example
by debt-funded acquisitions, rising Moody's adjusted debt or more
shareholder-friendly actions, could also pressure the rating.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass and Plastic Containers published in
December 2021.

Headquartered in Switzerland, SIG Combibloc Group AG is the second
largest manufacturer of aseptic carton packaging systems, supplying
mostly the liquid dairy (e.g. milk, cream and soy milk products)
and non-carbonated soft drinks (e.g. juice, nectar and ice tea) end
markets. The company's aseptic cartons can also be used for liquid
food products, such as soups and broths, sauces, desserts and baby
food. The company is listed on the Swiss Stock Exchange since
September 2018 and reported revenues of EUR2.0 billion in 2021.



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

BCP V MODULAR: Moody's Affirms B2 CFR, Outlook Remains Stable
-------------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating of BCP V Modular Services Holdings III Limited (Modular),
the top entity in the company's restricted group. Concurrently, the
Agency affirmed the B2 ratings of i) the EUR750 million plus GBP250
million backed senior secured notes issued by BCP V Modular
Services Finance II PLC, ii) the EUR350 million backed Revolving
Credit Facility (RCF) and the EUR1.26 billion backed Term Loan B
for which BCP V Modular Services Holdings IV Limited is the
borrower, and iii) the Caa1 rating of the EUR435 million backed
senior unsecured note issued by BCP V Modular Services Finance PLC,
which are subsidiaries of Modular. The outlook on these issuers
remains stable.

On February 7, 2022, Brookfield Business Partners L.P. (Brookfield)
shareholder of Modular announced that Modular was seeking to raise
EUR250m via a fungible Term Loan B add-on to the existing EUR1.26
billion. The proceeds from the add-on along with existing cash from
the balance sheet will be used to repay existing holding company
Payment-in-Kind (PIK) notes placed outside of the restricted group,
repay the partially drawn Revolving Credit Facility, fund the
signed merger and acquisition, and pay transaction fees and
expenses.

RATINGS RATIONALE

CFR

The affirmation of Modular's B2 CFR reflects Moody's expectation
that Modular's revenue generation will continue to improve,
supported by the growing cash flow generation from its growing
fleet, and a higher than historical utilization rate, as well as
the much-improved operating environment. On the back of improved
revenues, Moody's expects Modular's earnings generation to improve
further during 2022, offsetting the impact on leverage from a
higher volume of debt.

Moody's continues to view Modular as having a track record
characterised by weak and fluctuating profitability, albeit
improving, due to the impact of numerous past acquisitions and
associated investment costs. Additionally, Modular has a high
reliance on secured financing resulting in high asset encumbrance
and high gross leverage, which Moody's expects to remain elevated.
However, Modular has low refinancing risk due to the long-term
maturities of the outstanding debt and access to liquidity via the
RCF.

The B2 CFR also reflects the company's franchise strength given
that the company is the largest operator by large margins in most
markets in which it operates, with no competitor having a similar
geographic footprint.

AFFIRMATION OF DEBT RATINGS

The increase in the Term Loan B amount does not result in a
material change in expected loss of the rated debt, according to
the priorities of claims and asset coverage within the proposed
liability structure, per Moody's Loss Given Default (LGD) for
Speculative-Grade Companies methodology.

As a result, Moody's affirmed the B2 backed senior secured note
ratings issued by BCP V Modular Services Finance II PLC, the B2
backed RCF and the backed Term Loan B ratings for which BCP V
Modular Services Holdings IV Limited is the borrower, and the Caa1
backed senior unsecured note ratings issued by BCP V Modular
Services Finance PLC. In Moody's LGD analysis, the senior secured
notes are pari-passu amongst themselves and with the Term Loan B
and the RCF, and they continue to benefit from the presence of a
senior unsecured note that is structurally subordinated to them. In
accordance with Moody's LGD analysis, the backed senior unsecured
note is affirmed at Caa1 due to its subordinated position within
the liability structure and higher expected loss.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlooks reflect Moody's expectation that Modular's
credit fundamentals will largely remain in line with the B2 CFR
over the outlook period.

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

Moody's could upgrade Modular's CFR, if Modular improves (i) its
cashflow generation, the level and stability of its profitability
and debt servicing capacity, (ii) deleverages so that debt / EBITDA
is maintained below 4x; and/or (iii) improves its liquidity profile
with lower secured debt reliance and higher cashflow generation
relative to its debt. An upgrade of the CFR would likely result in
an upgrade of all ratings.

Conversely, Moody's could downgrade Modular's CFR if the company
(i) is unable to maintain its cash flow generation; (ii) fails to
maintain a sustainable profitability; and/or (iii) is unable to
deleverage, maintaining gross leverage above 6.5x for a prolonged
time while consuming its cash balances.

Moody's could also change the debt ratings if there are material
changes to the liability structure that increase or decrease
expected recoveries in a default scenario.

LIST OF AFFECTED RATINGS

Issuer: BCP V Modular Services Holdings III Limited

Affirmation:

Long-term Corporate Family Rating, affirmed B2

Outlook Action:

Outlook remains Stable

Issuer: BCP V Modular Services Holdings IV Limited

Affirmations:

Backed Senior Secured Bank Credit Facility, affirmed B2

Outlook Action:

Outlook remains Stable

Issuer: BCP V Modular Services Finance II PLC

Affirmations:

Backed Senior Secured Regular Bond/Debenture, affirmed B2

Outlook Action:

Outlook remains Stable

Issuer: BCP V Modular Services Finance PLC

Affirmation:

Backed Senior Unsecured Regular Bond/Debenture, affirmed Caa1

Outlook Action:

Outlook remains Stable

PRINCIPAL METHODOLOGY

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

BCP V MODULAR: S&P Affirms 'B' Long-Term ICR on Term Loan B Add-On
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit rating
on BCP V Modular Services Holdings III Ltd. (Modulaire). S&P also
affirmed its 'B' issue rating on the senior secured notes, with a
recovery rating of '3', and its 'CCC+' issue rating on the senior
unsecured notes, with a recovery rating of '6'.

S&P said, "The stable outlook indicates our expectation that
Modulaire will continue to grow its revenue and EBITDA, both
organically and via acquisitions. It also reflects our view that
the company applies good cost control measures, has maintained high
utilization rates, and is continuing to expand the business thanks
to a focus on high value-added products and services (VAPS)."

Modulaire is raising EUR250 million as an add-on to its Term Loan B
issuance, on the same terms as the existing debt.

Modulaire will use the debt raise, as well as some existing cash on
balance sheet, to fully repay the HoldCo payment-in-kind (PIK) debt
in place since the buyout in December 2021 by Brookfield, repay the
drawn portion of its revolving credit facility (RCF), and fund
further mergers and acquisitions (M&A).

S&P said, "We already viewed the PIK note as debt-like, so we do
not expect Modulaire's S&P Global Ratings-adjusted debt levels to
materially increase as a result of the add-on and PIK repayment. We
therefore do not expect a significant change in the company's key
credit metrics. Modulaire is raising EUR250 million in the form of
an add-on to the Term Loan B (taking the total Term Loan B
principal to EUR1,510 million), on the same terms as the existing
issuance, on the back of attractive market conditions and the
company's continued improving performance. Gross debt levels, which
stood at above EUR3 billion following the company's acquisition by
Brookfield in December 2021, will increase as a result of this
raise. However, the repayment of the existing EUR185 million HoldCo
PIK note will largely offset this rise. The transaction will see
Modulaire use the add-on, as well as EUR124 million of cash on the
balance sheet, to repay the EUR185 million PIK note, repay the
EUR109 million drawn portion of its RCF, and to fund some further
M&A. The overall result is a marginal increase in our forecast for
Modulaire's leverage in 2022, a slight reduction in its funds from
operations (FFO) to debt, and a slight reduction in its FFO cash
interest coverage. Specifically, we expect debt to EBITDA to
between 6.5x-7.0x this year, versus our previous expectations of
6.0x-6.5x. We expect FFO to debt to remain at 9.0%-9.5% in 2022,
against our previous forecasts of close to 10%, with FFO interest
coverage at just under 3.0x. Overall, the metrics remain
commensurate with the current rating level.

"We expect revenue and EBITDA to continue growing, organically as
well as through acquisitions, and profitability margins are
continuing to improve. Total revenue in 2021 grew by about 17%,
with a 7% jump in organic leasing and sales revenue and a 90% rise
in revenue from completed acquisitions. We expect the acquisitions
of Procomm and Tecnifor, completed in the second half of 2021, and
the acquisition of Balat, expected to close in the first half of
2022, to contribute about EUR100 million in revenue in 2022, which
supports our expectation that revenue will increase by about
14%-18% to EUR1,620 million-EUR1,680 million in 2022. Organic
growth will also support the company's revenue generation, since we
expect a continuing trend of rising average unit rental rates and
average VAPS rental rate, as seen in 2021. We also expect S&P
Global Ratings-adjusted EBITDA to rise to EUR465 million-EUR490
million in 2022 from about EUR410 million in 2021. The margins are
steadily increasing toward 30%, but they continue to generally
trend lower relative to peers in the equipment rental rated
universe. We expect the three completed acquisitions in 2021 will
contribute about EUR40 million of the company's EBITDA growth in
2022.

"We have lowered our expectations of free operating cash flow
(FOCF) generation for 2022 due to higher-than-forecasted capital
expenditure (capex). Modulaire's business remains highly capital
intensive, and although we continue to expect the company's FOCF to
turn positive in 2022 after negative generation in the past two
years, we have lowered our forecasts to about EUR25 million-EUR40
million in 2022 from about EUR145 million-EUR175 million
previously. This is because we now forecast increased capex of
about EUR275 million for 2022, up from about EUR160 million
previously, and we expect a fairly even split between maintenance
and growth capex. We currently expect FOCF to remain positive and
increase in 2023.

"The stable outlook indicates our expectation that Modulaire will
continue to gradually grow its revenue and EBITDA organically as
well as through completed and further acquisitions. It also applies
good cost control measures, has maintained high utilization rates,
and continues expanding the business through its focus on VAPS."

S&P could lower the rating if revenue and EBITDA growth trended
lower than we currently forecast, with debt to EBITDA rising to
more than 7x. Furthermore, S&P could lower the rating if:

-- FFO cash interest coverage fell and remained below 2.5x;

-- FOCF generation remained negative; or

-- Liquidity came under any strain.

S&P said, "We could raise the rating if debt to EBITDA was
sustainably below 5x, with FFO to debt improving to above 12% at
the same time. An upgrade would also depend on FFO cash interest
coverage remaining consistently above 3x and EBITDA margins rising
to above 30%. We would also expect the company to generate positive
and consistent FOCF, which would likely require supportive
macroeconomic and industry conditions."

Environmental, Social, And Governance

E-2 S-2 G-3

S&P said, "Governance is a moderately negative consideration in our
credit rating analysis of Modulaire. Our assessment of the
company's financial risk profile as highly leveraged reflects
corporate decision-making that prioritizes the interests of the
controlling owners, in line with our view of the majority of rated
entities owned by private-equity sponsors. Our assessment also
reflects their generally finite holding periods and a focus on
maximizing shareholder returns.

"Environmental and social factors have no material influence on our
rating analysis of Modulaire. In our view, Modulaire can meet the
capex required for a new fleet that meets rising demand from its
customers for more environmentally sustainable rental equipment."

HOLT CARS: Enters Administration, 12 Jobs Affected
--------------------------------------------------
Sam Metcalf at TheBusinessDesk.com reports that a Derby-based new
and used car retailer has gone under, with 12 jobs lost.

Joanne Hammond and Kris Wigfield of Begbies Traynor were appointed
as joint administrators to new and used vehicle retailer Holt Cars
on Feb. 2, TheBusinessDesk.com relates.

According to TheBusinessDesk.com, based on London Road in Alvaston,
Derby, the company experienced a downturn in trade as a result of
Covid, together with the withdrawal of UK Mitsubishi sales which
was announced in July 2020, resulting in a "significantly lower"
number of new cars available for sale than forecast.  The business
employed 12 people and all staff have been made redundant,
TheBusinessDesk.com notes.

The joint administrators say they are working to realise the
company's assets, TheBusinessDesk.com discloses.


KAICER: Goes Into Administration After Rescue Efforts Fail
----------------------------------------------------------
Dave Rogers at Building reports that Facade specialist Kaicer is
believed to have gone into administration after rescue efforts to
save the business foundered last week.

Kace Holdings, which was set up at the start of 2016 more than 18
months before Lakesmere collapsed, later worked as Kaicer Building
Envelope Solutions and took on other jobs from Lakesmere as well as
around 100 former staff.

Lakesmere administrator Deloitte revealed the firm had collapsed
with debts of GBP30 million with HSBC owed GBP15 million and
unsecured creditors a similar amount.

The 65-year-old Davey stood down from Kace Holdings last November,
handing control to managing director Chris Oatridge.

Kaicer, which was not answering calls this morning, operated out of
offices in Winchester and Cannock.  It is understood to have sunk
owing suppliers more than GBP4 million.

In its last set of accounts, Kace Holdings saw turnover more than
halve to GBP14 million from GBP32.7 million in the year to February
2020 with pre-tax profit slumping from GBP1.4 million to just
GBP8,500.  It said income had been hit by contract delays and the
impact of Brexit.


MIDAS: New Company May Take Over Coal Orchard Project
-----------------------------------------------------
Daniel Mumby at SomersetLive reports that the contract to finish a
key Somerset project could be given to a new company if Midas
Construction goes into administration, the district council has
stated.

The Exeter-based Midas Group -- including its construction arm
Midas Construction -- has announced its intention to appoint
administrators after posting a GBP2 million loss in 2021,
SomersetLive relates.

According to SomersetLive, alongside many other contracts across
the south west, the company had been working on finishing the Coal
Orchard regeneration site in Taunton town centre, providing new
flats and retail units near the Brewhouse Theatre.

Somerset West and Taunton Council has now hinted it could take over
the remaining parts of the project if the company goes under, with
the three months' work on the site being undertaken by a new
contractor, SomersetLive discloses.

Joe Wharton, the council's assistant director of major and special
projects, provided a detailed update at a meeting of the council's
corporate scrutiny committee in Taunton on Feb. 2, SomersetLive
recounts.

Mr. Wharton, as cited by SomersetLive, said: "Midas is actively
looking for solutions to its commercial problems, but their staff
have been told not to come into work, so we have taken over the
site.

"We had already served a default notice on Midas last week due to
poor performance. We know there's not been much going on there over
the last few months.  It's become apparent that they have had real
issues as a business.

"Should Midas go into administration or we get to the end of the
default period, we can carry on and get the job done.

"The quicker the situation is resolved, the quicker we can get on
and continue with our alternative options.

"There's about three months of work to be done, from the date we
can remobilise."

The outstanding work on the site includes delivering the car
parking facilities for the new flats and businesses, as well as the
steps down to the River Tone.


WYELANDS BANK: All Loans in Default, "No Viable Future"
--------------------------------------------------------
Robert Smith at The Financial Times reports that Wyelands Bank has
announced that it has "no viable future" and that virtually all of
its loans are in default, nearly a year after regulators forced
Sanjeev Gupta's stricken lender to return money to British savers.

In its latest annual accounts published on Feb. 7, Wyelands said
that efforts to find a buyer for the bank had been unsuccessful,
meaning it had made the "majority of staff" redundant ahead of
winding down the business, the FT relates.  The bank also reported
a GBP116 million loss in the year ending April 2021, with more than
90% of its GBP173 million loan book impaired because a "high
proportion" of its borrowers "remained in default", the FT
discloses.

According to the FT, Mr. Gupta, a steel magnate whose GFG Alliance
conglomerate is now under investigation by the Serious Fraud
Office, established Wyelands Bank in 2016 with the stated aim of
supporting British industry.  It gathered GBP700 million in
deposits from British savers at its peak but the Prudential
Regulation Authority ordered the bank to repay customer deposits in
March 2021 amid rising concerns over its financial position, the FT
relays.

This came a year after a Financial Times investigation revealed
that Wyelands Bank had channelled depositors' money into Gupta's
wider business empire, using a network of companies controlled by
the metals magnate's associates, the FT recounts.  Mr. Gupta's
employees often referred to these entities as the "Friends of
Sanjeev".

According to the FT, Stephen Rose, chief executive of Wyelands,
said the bank's wind down "is now largely complete. As a result, we
need fewer employees and fewer board members.

"In addition, the bank is simplifying its structures to preserve
its resources, and that is why a number of our senior colleagues
have resigned as directors.  Rachelle Frewer has left the board but
remains as the bank's chief financial officer."

GFG Alliance, as cited by the FT, said: "The shareholder has
supported the bank to ensure a solvent wind down."

Wyelands' accounts disclose that the bank is under investigation
from the PRA and the Financial Conduct Authority, noting that
regulators could levy a fine in excess of the GBP3 million the bank
said it had available to pay it, the FT relays.

Wyelands' previous auditor PwC, which resigned in late 2019 citing
an undisclosed conflict of interest, is under investigation from
the Financial Reporting Council, the FT states.

In an audit letter signed this month, Wyelands' present auditor
Mazars noted that the bank had faced "sustained challenges" in
recovering loans from borrowers, "not least those that are fellow
GFG Alliance firms", the FT notes.


YE OLDE: Goes Into Administration Due to Pandemic
-------------------------------------------------
Katherine Price at The Caterer reports that Ye Olde Fighting Cocks,
a pub once titled Britain's oldest has fallen into administration
after the impact of the pandemic left it unable to meet its
financial obligations, but is expected to reopen under new
management.

According to The Caterer, Christo Tofalli, who has run the pub for
the last 10 years, posted on Facebook: "It is with great sadness
that I have to announce that after a sustained period of extremely
challenging trading conditions, YOFC Ltd has gone into
administration.

"Along with my team, I have tried everything to keep the pub going.
However, the past two years have been unprecedented for the
hospitality industry, and have defeated all of us who have been
trying our hardest to ensure this multi-award-winning pub could
continue trading into the future.

"Before the pandemic hit, the escalating business rates and
taxations we were managing meant trading conditions were extremely
tough, but we were able to survive and were following an exciting
five-year plan and were hopeful for the future.

"However the Covid-19 pandemic was devastating and our already
tight profit margins gave us no safety net.  This resulted in us
being unable to meet our financial obligations as they were due,
creating periods of great uncertainty and stress for all who worked
for, and with, the pub."

"We can confirm that sadly our tenants at Ye Olde Fighting Cocks
have appointed administrators but can reassure locals that this is
far from the end for the pub," The Caterer quotes a spokesperson
for Mitchells & Butlers saying. "We are currently in discussions
with the tenant's administrators and expect the pub to reopen under
new management as soon as possible."



                           *********


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

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

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