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

                          E U R O P E

          Tuesday, January 30, 2024, Vol. 25, No. 22

                           Headlines



F R A N C E

ALMAVIVA DEVELOPPEMENT: Moody's Affirms 'B2' CFR, Outlook Stable


I R E L A N D

BARINGS EURO 2018-2: Moody's Cuts EUR12.5MM F Notes Rating to Caa1
CAIRN CLO XVI: S&P Assigns B-(sf) Rating on EUR14.10MM Cl. F Notes
CASTLELAKE AVIATION: Moody's Affirms 'Ba3' CFR, Outlook Stable
HARVEST CLO XI: S&P Assigns 'B-(sf)' Rating on Class F-R Notes
JAZZ PHARMACEUTICALS: Moody's Upgrades CFR to Ba2 & PDR to Ba2-PD

OAK HILL IV: Moody's Cuts Rating on EUR12MM Class F-R Notes to B3


N E T H E R L A N D S

ARTISAN NEWCO: Moody's Affirms 'B2' CFR, Outlook Remains Stable


S L O V A K I A

EUSTREAM AS: Moody's Affirms 'Ba1' CFR & Alters Outlook to Stable
NOVIS INSURANCE: S&P Alters Watch Implications on 'CCC' ICR to Neg.


T U R K E Y

BOSPHORUS 2015-1A: Moody's Upgrades Rating on Class A Notes to B2


U N I T E D   K I N G D O M

AMTE POWER: Bought Out of Administration, 20 Jobs Saved
ELSTREE FUNDING 4: S&P Assigns Prelim. B+(sf) Rating on F Notes
HUMN: Enters Administration Amid Financial Problems
MEREWAY KITCHENS: Enters Administration, 120 Jobs Affected
SQUIBB GROUP: Owed GBP24.6MM to Creditors at Time of Liquidation

VENATOR MATERIALS: Moody's Assigns 'Caa1' CFR, Outlook Stable
VENATOR MATERIALS: S&P Ups ICR to 'CCC+' Post-Chapter 11 Emergence
[*] UK: Construction Sector Suffers Highest Number of Insolvencies
[*] UK: Number of Corporate Failures in London Up 37% in 2023

                           - - - - -


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F R A N C E
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ALMAVIVA DEVELOPPEMENT: Moody's Affirms 'B2' CFR, Outlook Stable
----------------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating and B2-PD probability of default rating of Almaviva
Developpement. Moody's has also affirmed the B2 rating on the
EUR290 million senior secured term loan B maturing in April 2028
and the EUR80 million senior secured revolving credit facility
(RCF) maturing in October 2027. The outlook remains stable.

RATINGS RATIONALE

The rating affirmation reflects Almaviva's stable operating
performance and adjusted credit metrics adequately positioned in
the current rating category. In 2024, Moody's forecasts revenue
growth will be driven by a 2% tariff increase and increased
activity levels, particularly the recommencement of the
radiotherapy department. Moody's forecasts an improvement in
adjusted EBITDA margin as inflation has eased and the company
anticipates a decrease in energy costs due to the negotiation of a
new contract commencing in 2024. In addition, the company has
launched a business optimization programme aiming at reducing
costs. As a result, Moody's forecasts Moody's-adjusted gross debt
to EBITDA ratio to decrease towards 4.2x and Moody's-adjusted EBITA
to interest expense ratio to increase towards 1.7x in 2024.

Almaviva Developpement's ratings are supported by (1) the company's
strong presence in affluent areas with substantial healthcare needs
in France (Government of France, Aa2 stable); (2) the supportive
regulatory framework of the French healthcare system, including
ongoing government support mechanisms that have safeguarded
Almaviva's revenue throughout the COVID-19 pandemic; (3) favorable
secular trends for French private hospitals, driven by an ageing
population with a higher life expectancy resulting in an increased
demand for medical care; and (4) high barriers to entry.

Conversely, the ratings are constrained by (1) estimated
Moody's-adjusted gross debt to EBITDA ratio of 4.6x (using a 4x
rent multiple for operating lease commitments) and Moody's-adjusted
EBITA to interest expense ratio of 1.4x in 2023; (2) the
concentration of revenue in France; (3) the exposure to regulatory
changes, although this risk is currently low; and (4) risk of
debt-funded acquisitions which could impede adjusted leverage
reduction.

LIQUIDITY

Almaviva's liquidity is good, supported by cash of EUR65 million as
well as an undrawn revolving credit facility (RCF) of EUR80 million
as of September 30, 2023. In the next 12 months, Moody's forecast
funds from operations of EUR88 million, limited change in working
capital and EUR60 million of capital spending. Capital spending is
related to real estate development, including extensions and
refurbishments, and IT projects. Overall, Moody's forecast slightly
positive FCF of up to EUR0-10 million in the next two years.

The company has a EUR290 million senior secured term loan maturing
in April 2028 and a EUR80 million undrawn RCF maturing in October
2027. Moody's estimate the company to maintain ample headroom
against the springing net leverage covenant included in the RCF
documentation and set at 9.2x, tested when the RCF is drawn by more
than 40%. The net leverage ratio was at 3.9x as of September 30,
2023.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that Almaviva will
maintain adjusted credit metrics commensurate with the current
rating in the next 12 months. Moody's forecast steady revenue and
EBITDA growth will lead to improved credit metrics.

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

Positive rating pressure could develop if the company increases
scale and geographic diversification; Moody's-adjusted gross debt
to EBITDA ratio remains below 4.5x on a sustained basis;
Moody's-adjusted EBITA to interest expense ratio remains above 2.0x
on a sustained basis; Moody's-adjusted FCF to gross debt ratio
remains above 5% on a sustained basis.

Downgrade rating pressure could develop if Moody's-adjusted gross
debt to EBITDA ratio remains above 5.5x for a prolonged period;
Moody's-adjusted EBITA to interest expense ratio remains materially
below 1.5x for a prolonged period; Moody's-adjusted FCF remains
negative for a prolonged period; profitability deteriorates because
of competitive, regulatory and pricing pressure; the company
increases financial risk, resulting from debt-funded acquisitions;
liquidity deteriorates.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE      
     
Almaviva is the fourth-largest private hospital operator in France
after Ramsay Generale de Sante S.A. (Ba3 stable), Elsan SAS (B2
stable) and Vivalto Sante Investissement (B2 stable). Founded in
2007, the group is a regional operator mainly focused on two
regions: Ile-de-France, Provence-Alpes-Côte d'Azur and Corsica.
Almaviva is 100% owned by Almaviva Holding. The latter also owns
Alma Patrimoine, the real estate branch of the group. Almaviva
Holding is majority owned by Wren House Infrastructure (67.8%)
since December 2021. Minority shareholders include Societe
d'Investissements Almavi (19.25%), Bpifrance (5.18%, Aa2 stable),
Almaviva Doctoroco (practitioners, 3.65%) and individual
shareholders (3.9%). As of September 30, 2023, the company reported
revenue of EUR364 million and EBITDA of EUR45 million.




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I R E L A N D
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BARINGS EURO 2018-2: Moody's Cuts EUR12.5MM F Notes Rating to Caa1
------------------------------------------------------------------
Moody's Investors Service has taken a variety of rating actions on
the following notes issued by Barings Euro CLO 2018-2 Designated
Activity Company:

EUR8,000,000 Class B-1A Senior Secured Floating Rate Notes due
2031, Upgraded to Aaa (sf); previously on May 9, 2023 Affirmed Aa1
(sf)

EUR10,000,000 Class B-1B Senior Secured Floating Rate Notes due
2031, Upgraded to Aaa (sf); previously on May 9, 2023 Affirmed Aa1
(sf)

EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2031,
Upgraded to Aaa (sf); previously on May 9, 2023 Affirmed Aa1 (sf)

EUR13,300,000 Class C-1 Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Aa3 (sf); previously on May 9, 2023
Affirmed A1 (sf)

EUR15,000,000 Class C-2 Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Aa3 (sf); previously on May 9, 2023
Affirmed A1 (sf)

EUR12,500,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2031, Downgraded to Caa1 (sf); previously on May 9, 2023
Downgraded to B3 (sf)

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

EUR229,000,000 (Current outstanding amount EUR154,942,515) Class
A-1A Senior Secured Floating Rate Notes due 2031, Affirmed Aaa
(sf); previously on May 9, 2023 Affirmed Aaa (sf)

EUR5,000,000 (Current outstanding amount EUR3,383,024) Class A-1B
Senior Secured Fixed Rate Notes due 2031, Affirmed Aaa (sf);
previously on May 9, 2023 Affirmed Aaa (sf)

EUR14,000,000 Class A-2 Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on May 9, 2023 Affirmed Aaa
(sf)

EUR18,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Baa1 (sf); previously on May 9, 2023
Affirmed Baa1 (sf)

EUR30,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on May 9, 2023
Affirmed Ba2 (sf)

Barings Euro CLO 2018-2 Designated Activity Company, issued in
September 2018, is a collateralised loan obligation (CLO) backed by
a portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Barings (U.K.) Limited. The transaction's
reinvestment period ended in October 2022.

RATINGS RATIONALE

The upgrades on the ratings on the B-1A, B-1B, B-2, C-1 and C-2
notes are primarily a result of the significant deleveraging of the
senior notes following amortisation of the underlying portfolio
since the last rating action in May 2023. The Class A-1A and A-1B
notes have paid down by approximately EUR72.85 million and EUR1.59
million (32%), respectively, since the last rating action in May
2023, and EUR74.06 million and EUR1.62 million (32.3%),
respectively, since closing. As a result of the deleveraging,
over-collateralisation (OC) has increased for the senior tranches.
The downgrade on the Class F notes is due to an increase in
defaults (from EUR10.97 million in April 2023 to EUR17.67 million
in January 2024) and loss of par due to trading, leading to the
deterioration in the Class F over-collateralisation ratio.
According to the trustee report dated January 2024 [1], the Class
A/B, Class C, Class D, Class E and Class F OC ratios are reported
at 141.82%, 126.78%, 118.77%, 107.45% and 103.35% compared to April
2023 [2] levels of 138.49%, 125.78%, 118.85%, 108.85%, 105.16%,
respectively. Moody's notes that the January 2024 principal
payments are not reflected in the reported OC ratios.

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements.

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: EUR301.43m

Defaulted Securities: EUR17.67m

Diversity Score: 52

Weighted Average Rating Factor (WARF): 2885

Weighted Average Life (WAL): 3.65 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.85%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 42.47%

Par haircut in OC tests and interest diversion test: none

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

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

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


CAIRN CLO XVI: S&P Assigns B-(sf) Rating on EUR14.10MM Cl. F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Cairn CLO XVI
DAC's class A, B-1, B-2, C, D, E, and F notes. At closing, the
issuer also issued unrated subordinated notes.

The 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 is bankruptcy remote.

-- The transaction's counterparty risks, which are in line with
S&P's counterparty rating framework.

  Portfolio benchmarks

                                                       CURRENT

  S&P weighted-average rating factor                  2,653.54

  Default rate dispersion                               626.24

  Weighted-average life (years)                           4.77

  Obligor diversity measure                             132.40

  Industry diversity measure                             15.53

  Regional diversity measure                              1.28


  Transaction key metrics
                                                       CURRENT

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                          B

  'CCC' category rated assets (%)                        0.00

  Covenanted 'AAA' weighted-average recovery (%)        36.87

  Covenanted weighted-average spread (%)                 3.95

  Covenanted weighted-average coupon (%)                 3.35

Rating rationale

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments. The portfolio's
reinvestment period will end approximately 4.47 years after
closing.

S&P said, "The portfolio is 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
CDOs.

"In our cash flow analysis, we used the EUR400 million target par
amount, and the portfolio's covenanted weighted-average spread
(3.95%), covenanted weighted-average coupon (3.35%), and covenanted
weighted-average recovery rates at the 'AAA' level and actual
targeted weighted-average recovery rates at each other rating
level. 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.

"Under our structured finance sovereign risk criteria, we consider
that the transaction's exposure to country risk is sufficiently
mitigated at the assigned ratings.

"Until the end of the reinvestment period on July 15, 2028, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained."

The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.

The transaction's legal structure is bankruptcy remote, in line
with our legal criteria.

S&P said, "Following our analysis of the credit, cash flow,
counterparty, operational, and legal risks, we believe our ratings
are commensurate with the available credit enhancement for the
class A to F notes. Our credit and cash flow analysis indicates
that the available credit enhancement for the class B-1, B-2, C, D,
and E notes could withstand stresses commensurate with higher
ratings than those we have assigned. However, as the CLO is in its
reinvestment phase, during which the transaction's credit risk
profile could deteriorate, we have capped our ratings assigned to
those notes.

"Taking the above factors into account and following our analysis
of the credit, cash flow, counterparty, operational, and legal
risks, we believe that our ratings are commensurate with the
available credit enhancement for all the rated classes of notes.

"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
based on four hypothetical scenarios.

"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."

The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds, and it is managed by Cairn Loan
Investments II LLP.

  Ratings
                        AMOUNT                       CREDIT
  CLASS     RATING*   (MIL. EUR)   INTEREST RATE§  ENHANCEMENT
(%)

  A         AAA (sf)     248.00      3mE + 1.72%     38.00

  B-1       AA (sf)       32.00      3mE + 2.90%     27.00

  B-2       AA (sf)       12.00            6.50%     27.00

  C         A (sf)        24.00      3mE + 3.85%     21.00

  D         BBB- (sf)     26.00      3mE + 5.20%     14.50

  E         BB- (sf)      15.00      3mE + 7.72%     10.75

  F         B- (sf)       14.10      3mE + 9.43%      7.23

  Sub notes     NR        26.30           N/A          N/A

*The ratings assigned to the class A, B-1, and B-2 notes address
timely interest and ultimate principal payments. The ratings
assigned to the class C, D, E, and F notes address ultimate
interest and principal payments.
§The payment frequency switches to semiannual and the index
switches to 6mE when a frequency switch event occurs.
NR--Not rated.
N/A--Not applicable.
3mE--Three-month Euro Interbank Offered Rate.


CASTLELAKE AVIATION: Moody's Affirms 'Ba3' CFR, Outlook Stable
--------------------------------------------------------------
Moody's Investors Service has affirmed Castlelake Aviation Finance
DAC's (Castlelake Aviation) Ba3 corporate family rating and B2
backed senior unsecured rating. Moody's also affirmed the Ba3
backed senior secured first lien term loan ratings of Castlelake
Aviation One DAC, a wholly-owned subsidiary of Castlelake Aviation.
The outlooks on Castlelake Aviation and Castlelake Aviation One DAC
remain stable.

RATINGS RATIONALE

The affirmation of Castlelake Aviation's ratings considered Moody's
expectation of the company's improving profitability and solid
equity capital, as well as continued strength in global air travel.
Castlelake Aviation's fleet is primarily comprised of narrow-body
aircraft (approximately 64% as of September 30, 2023), which are
typically used in domestic travel and tend to be more resilient
during economic downturns. These credit strengths are tempered by
the company's high lessee concentration (top three account for 42%
of book value of aircraft assets as of September 30, 2023), albeit
improving, and continued reliance on secured debt for funding.
Nonetheless, Moody's believes that Castlelake Aviation benefits
from its management and servicing relationship with Castlelake
Aviation Holdings (Ireland) Ltd, a wholly owned subsidiary of
Castlelake, L.P. (together, Castlelake), which has a long history
of placing aircraft and managing relationships across the world.

The stable outlooks reflect Moody's expectation that Castlelake
Aviation will continue to benefit from a generally favorable air
travel environment and will continue its disciplined growth
trajectory. The stable outlooks also reflect Moody's expectation
that Castlelake Aviation will continue to rely on secured debt for
funding, consistent with historical levels.

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

The ratings could be upgraded if Castlelake Aviation manages
secured debt financing such that its ratio of secured debt/tangible
managed assets does not increase above 60%, maintains consistent
profitability with net income/total assets above 1.0% (not
including gain on sale of aircraft), effectively manages its
customer concentrations, and its debt/equity leverage remains
favorable at below 2.5x.

The ratings could be downgraded if Castlelake Aviation suffers from
a deterioration in earnings such that profitability (as measured by
net income/total assets) is sustained below 1%, if it loses a key
customer relationship, if its overall liquidity declines, or if it
disposes of aircraft assets on unfavorable terms.

Incorporated in the Cayman Islands, Castlelake Aviation is an
aircraft lessor owned by funds and accounts managed by Castlelake
L.P. As of September 30, 2023, the company had 118 aviation assets,
eight of which are used for secured loans made to aviation
companies, and had total assets of $5.1 billion. Castlelake L.P. is
a global alternative investment firm with 313 aircraft and total
assets under management of $22 billion as of September 30, 2023.

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


HARVEST CLO XI: S&P Assigns 'B-(sf)' Rating on Class F-R Notes
--------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Harvest CLO XI
DAC's class B-1-R, B-2-R, and B-3-R notes to 'AA+ (sf)' from 'AA
(sf)'. At the same time, S&P raised to 'A+ (sf)' from 'A (sf)' its
rating on the class C-R notes and to 'BBB+ (sf)' from 'BBB (sf)'
its rating on the class D-R notes. S&P affirmed its 'AAA (sf)'
rating on the class A-R-R notes, 'BB (sf)' rating on the class E-R
notes, and 'B- (sf)' rating on the class F-R notes.

S&P said, "The rating actions follow the application of our global
corporate CLO criteria and our credit and cash flow analysis of the
transaction based on the December 2023 trustee report.

"Our ratings address timely payment of interest and ultimate
principal on the class A-R-R, B-1-R, B-2-R, and B-3-R notes and
ultimate payment of interest and principal on the class C-R, D-R,
E-R, and F-R notes."

Since the transaction refinanced in 2021:

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

-- The portfolio has become less diversified since the CLO began
its amortization phase (the number of performing obligors has
decreased to 122 from 148).

-- The portfolio's weighted-average life has decreased to 3.22
years from 4.22 years.

-- The percentage of 'CCC' rated assets has decreased to 6.17%
from 6.69%.

Despite a more concentrated portfolio and a slight deterioration in
credit quality, the scenario default rates (SDRs) have decreased
for all rating scenarios, mainly due to the reduction in the
weighted-average life of the portfolio to 3.22 years from 4.22
years.

  Portfolio benchmarks
                                    CURRENT    PREVIOUS

  SPWARF                            2827.82    2799.93

  Default rate dispersion (%)        708.16     691.50

  Weighted-average life (years)        3.22       4.22

  Obligor diversity measure           89.34     109.19

  Industry diversity measure          22.60      17.32

  Regional diversity measure           1.26       1.36

SPWARF--S&P Global Ratings weighted-average rating factor.

On the cash flow side:

-- The reinvestment period for the transaction ended in June 2021.
The class A-R-R notes deleveraged by EUR82.03 million since then.

-- No class of notes is deferring interest.

All coverage tests are passing as of the December 2023 trustee
report.

  Transaction key metrics
                                         CURRENT     PREVIOUS

  Total collateral amount (mil. EUR)*     302.66       387.27

  Defaulted assets (mil. EUR)               1.42         3.16

  Number of performing obligors              122          148

  Portfolio weighted-average rating            B            B

  'CCC' assets (%)                          6.17         6.69

  'AAA' SDR (%)                            56.36        60.42

  'AAA' WARR (%)                           36.60        37.67

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

  Credit enhancement
                               CURRENT (%)     
                             (BASED ON THE
           CURRENT AMOUNT    DECEMBER 2023
  CLASS         (EUR)        TRUSTEE REPORT) PREVIOUS (%)

  A-R-R       160,380,209          47.01          37.40

  B-1-R       19,160,000           30.77          24.71

  B-2-R       10,000,000           30.77          24.71

  B-3-R       20,000,000           30.77          24.71

  C-R         22,580,000           23.31          18.88

  D-R         20,640,000           16.49          13.55

  E-R         22,120,000            9.18           7.84

  F-R         11,330,000            5.44           4.91

  Sub         45,600,000             N/A            N/A

Credit enhancement = [Performing balance + cash balance + recovery
on defaulted obligations (if any) – tranche balance (including
tranche balance of all senior tranches)]/ [Performing balance +
cash balance + recovery on defaulted obligations (if any)].
N/A--Not applicable.

Based on the improved SDRs and continued deleveraging of the senior
notes--which has increased available credit enhancement—S&P
raised its ratings on the class B-1-R, B-2-R, B-3-R, C-R, and D-R
notes, as the available credit enhancement is now commensurate with
higher levels of stress.

At the same time, S&P affirmed its ratings on the class A-R-R, E-R,
and F-R notes.

S&P said, "The cash flow analysis indicated a higher rating than
that currently assigned to the class C-R notes. We considered the
portion of senior notes outstanding, the current macroeconomic
environment, and the class's seniority. Considering all of these
factors, we raised our rating on the class C-R notes by one notch.

"Following our analysis, we consider that the class F notes'
available credit enhancement is commensurate with a 'B- (sf)'
rating. We therefore affirmed our rating.

"Counterparty, operational, and legal risks are adequately
mitigated in line with our criteria.

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


JAZZ PHARMACEUTICALS: Moody's Upgrades CFR to Ba2 & PDR to Ba2-PD
-----------------------------------------------------------------
Moody's Investors Service upgraded the ratings of Jazz
Pharmaceuticals plc (collectively referred to as "Jazz"), including
the Corporate Family Rating to Ba2 from Ba3, and Probability of
Default Rating to Ba2-PD from Ba3-PD. Concurently, Moody's affirmed
ratings of related subsidiaries, including Jazz Financing Lux
S.a.r.l.'s senior secured bank credit facility rating at Ba2 and
Jazz Securities Designated Activity Company's senior secured notes
rating at Ba2. At the same time, Moody's changed the outlook to
stable from positive. The Speculative Grade Liquidity Rating
remains unchanged at SGL-1.

"The ratings upgrade reflects Moody's expectation for ongoing
deleveraging and improved operating performance due to strong
demand and volume growth of Xywav, Epidiolex, Rylaze and Zepzelca
franchises, over the next 12-18 months," said Vladimir Ronin,
Moody's lead analyst for the company. "Furthermore, the growth of
these product franchises, as well as a robust pipeline have
improved Jazz's product diversity, reducing the impact of Jazz's
exposure to generic competition for Xyrem," added Ronin.

The rating affirmations of the senior secured bank credit facility
and $1.5 billion of senior secured notes due 2029 reflect Moody's
expectation of a reduction in the loss absorption provided by the
$575 million senior unsecured convertible notes (unrated), which
mature in August 2024. The Ba2 rating for the senior secured bank
credit facility and the senior secured notes matches the Ba2
corporate family rating, as these instruments will represent a
preponderance of debt in the capital structure.

RATINGS RATIONALE

Jazz's Ba2 corporate family rating reflects its position as a
specialized pharmaceutical company with nearly $3.8 billion of
revenue. The rating is supported by Jazz's strong presence in sleep
disorder drugs with the Xywav/Xyrem franchise, and a growing
oncology business anchored by Zepzelca and Rylaze and a pipeline
opportunity in zanidatamab. The 2021 acquisition of GW
Pharmaceuticals established Jazz as a leader in cannabinoids, with
solid growth prospects in Epidiolex for treating seizures.

These strengths are constrained by high revenue concentration in
Xyrem/Xywav, representing about half of revenue. Expansion of
authorized generics for Xyrem will continue to erode sales of the
drug, but the risk is mitigated by rapid uptake of Xywav, the only
low-sodium product currently available. The financial terms of the
Xyrem patent settlement are complex, and it is the subject of class
action lawsuits by healthcare payers. In addition, both Xywav and
Epidiolex face patent challenges. Moody's anticipates gross
debt/EBITDA of 4.0 - 4.5x over the next 12 months, with free cash
flow likely to be used for business development.

Jazz's SGL-1 Speculative Grade Liquidity Rating reflects Moody's
view that liquidity will be very good over the next 12-15 months.
As of September 30, 2023, the company had approximately $1.6
billion of cash and short-term investments. Moody's expects Jazz to
generate over $1.0 billion of free cash flow over the next 12
months. Moody's believes these sources will be sufficient to meet
the company's operational needs, as well as upcoming debt
maturities of roughly $575 million due in August 2024. The
company's liquidity is further bolstered by an undrawn $500 million
revolving credit facility expiring in 2026.

Jazz's CIS-3 score indicates that ESG considerations have a limited
impact on the current credit rating with potential for greater
negative impact over time.Jazz's social risk (S-4) exposures are
related to a combination of industry-wide customer relations risks,
responsible production risks, and societal trends risks including
drug pricing policy changes. The recently passed US Inflation
Reduction Act will have a long-term negative impact on drug
pricing. However, Jazz's key products are unlikely to be
significantly affected this decade, and its overall Medicare
exposure is modest. Social risk exposures related to responsible
production include unresolved class action lawsuits concerning
Xyrem patent settlements with generic drug companies. Jazz's
governance risk exposures are related primarily to financial
policies and risk management. Jazz has demonstrated an appetite for
high financial leverage to support business development. However,
this is partly mitigated by the company's track record of rapid
pace deleveraging, meeting publicly communicated targets.

The stable outlook reflects Moody's expectations for continued
strong growth in Xywav, Epidiolex and Rylaze, resulting in
improving credit metrics and reduced exposure to the financial
impact of Xyrem generics.

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

Factors that could lead to an upgrade include greater revenue
diversity arising from growth in key products, continuation of
patient transition from Xyrem to Xywav, and good pipeline
execution. Quantitatively, debt/EBITDA sustained below 3.5x along
with consistently positive earnings and free cash flow would
support an upgrade.

Factors that could lead to a downgrade include significant
contraction in growth due to pricing pressure or competition.
Specifically, ratings could be downgraded due to weak sales trends
in Xywav, Epidiolex or Rylaze, increased litigation exposures or
costs, or large debt-funded acquisitions. Quantitatively,
debt/EBITDA sustained above 4.5x could lead to a downgrade.

Jazz Pharmaceuticals plc is a global biopharmaceutical company with
a portfolio of products that treat patients with serious diseases
– often with limited or no therapeutic options. Reported revenues
for the 12 months ended September 30, 2023 totaled approximately
$3.8 billion.

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


OAK HILL IV: Moody's Cuts Rating on EUR12MM Class F-R Notes to B3
-----------------------------------------------------------------
Moody's Investors Service has taken a variety of rating actions on
the following notes for Oak Hill European Credit Partners IV
Designated Activity Company:

EUR30,550,000 Class B-1-R Senior Secured Floating Rate Notes due
2032, Upgraded to Aaa (sf); previously on Aug 12, 2022 Affirmed Aa1
(sf)

EUR11,000,000 Class B-2-R Senior Secured Fixed Rate Notes due
2032, Upgraded to Aaa (sf); previously on Aug 12, 2022 Affirmed Aa1
(sf)

EUR12,000,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2032, Downgraded to B3 (sf); previously on Aug 12, 2022
Affirmed B2 (sf)

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

EUR222,000,000 (Current outstanding amount EUR190,254,464) Class
A-1-R Senior Secured Floating Rate Notes due 2032, Affirmed Aaa
(sf); previously on Aug 12, 2022 Affirmed Aaa (sf)

EUR25,000,000 (Current outstanding amount EUR21,425,052) Class
A-2-R Senior Secured Fixed Rate Notes due 2032, Affirmed Aaa (sf);
previously on Aug 12, 2022 Affirmed Aaa (sf)

EUR24,000,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Aa3 (sf); previously on Aug 12, 2022
Upgraded to Aa3 (sf)

EUR22,000,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Baa1 (sf); previously on Aug 12, 2022
Affirmed Baa1 (sf)

EUR25,800,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Ba2 (sf); previously on Aug 12, 2022
Affirmed Ba2 (sf)

Oak Hill European Credit Partners IV DAC, issued in December 2015
and refinanced in January 2018, is a collateralised loan obligation
(CLO) backed by a portfolio of mostly high-yield senior secured
European loans. The portfolio is managed by Oak Hill Advisors
(Europe), LLP. The transaction's reinvestment period ended in
January 2022.

RATINGS RATIONALE

The upgrades on the ratings on the Class B-1 and B-2 notes are
primarily a result of the deleveraging of the senior notes
following amortisation of the underlying portfolio since the
payment date in January 2023.

The downgrades to the ratings on the Class F notes are due to a
shorter weighted average life of the portfolio which leads to
reduced time for excess spread to cover shortfalls caused by future
defaults, and the deterioration in junior over-collateralisation
ratios since the payment date in January 2023.

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

The Class A-1-R and A-2-R notes have paid down by approximately
EUR26.8 million (11.1%) in the last 12 months (excluding the Jan
2023 payment and including the Jan 2024 payment). As a result of
the deleveraging, the Class A/B over-collateralisation (OC) has
increased. According to the trustee report dated January 8, 2024
[1] the Class A/B, Class C, Class D and Class E OC ratios are
reported at 137.3%, 125.9%, 117.1% and 108.1% compared to January
2023 [2] levels of 136.8%, 126.2%, 117.8% and 109.2%, respectively.
Moody's notes that the January 2024 principal payments are not
reflected in the reported OC ratios.

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

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

Performing par and principal proceeds balance: EUR350,557,029

Defaulted Securities: EUR7,234,046

Diversity Score: 54

Weighted Average Rating Factor (WARF): 2862

Weighted Average Life (WAL): 3.77 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.77%

Weighted Average Coupon (WAC): 3.87%

Weighted Average Recovery Rate (WARR): 44.84%

Par haircut in OC tests and interest diversion test: none

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.

Moody's notes that the January 2024 trustee report [1] and payment
date report [3] were published at the time it was completing its
analysis of the December 2023 data. Key portfolio metrics such as
WARF, diversity score, weighted average spread and life, and OC
ratios exhibit little or no change between these dates. Of the
incremental EUR23.25 million of principal proceeds reported in
January 2024 [3], EUR13.48 million was a scheduled payment which
had been incorporated in Moody's model runs through reducing the
balance of the senior notes accordingly.

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

The rated notes' performance is subject to uncertainty. The debt's
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change.

Additional uncertainty about performance is due to the following:

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

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

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




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

ARTISAN NEWCO: Moody's Affirms 'B2' CFR, Outlook Remains Stable
---------------------------------------------------------------
Moody's Investors Service has affirmed the B2 long term corporate
family rating and the B2-PD probability of default rating of
Artisan Newco B.V. (Group of Butchers or the company), the parent
company of Group of Butchers, a producer of artisanal processed
meat products across Benelux and Germany. Concurrently, Moody's has
affirmed the senior secured B2 ratings on the EUR390 million senior
secured term loan B (TLB) due in 2029 (including the EUR50 million
add-on raised in January 2024) and the EUR50 million senior secured
revolving credit facility (RCF) due in 2028 both borrowed by
Artisan Newco B.V. The outlook remains stable.

"The ratings affirmation reflects the company's solid operating
performance in 2023, due to its strong pass-through capabilities
and ability to extract synergies from bolt-on acquisitions made in
recent years, which resulted in a Moody's-adjusted debt/EBITDA
below 4.5x, a level expected to be maintained in the next 12-18
months, positioning the company strongly in its rating category,"
says Valentino Balletta, a Moody's Analyst and lead analyst for
Group of Butchers.

"The rating action also takes into account the recent repricing and
fungible add-on raised, and Moody's expectations that liquidity
will remain good, supported by the company's positive free cash
flow of around EUR40 million per year and the absence of
significant debt maturities until 2029. The ratings remain
constrained by the modest business diversification and a degree of
event risk associated with the company's acquisition appetite" adds
Mr Balletta.

RATINGS RATIONALE

The rating action reflects the company's solid operating
performance in 2023. In the first nine months of 2023, the company
reported around EUR600 million revenue (pro-forma for the full-year
effect of VDM), an increase of 7% compared to the same period in
the previous year. Top-line growth was supported mainly by the
company's successful pricing actions, while volumes growth was
broadly flat amidst a challenging economic environment in the wider
sector. Over the same period, the company reported EUR69 million
EBITDA (pro-forma for the full-year effect of VDM), compared to
EUR65 million in the first nine months of 2022. The improvement in
operating performance was supported by the fact that most contracts
with major retailers in the Netherlands and Belgium benefit from
automatic pass-through mechanisms, as well as efficiency gains and
synergies extracted from recently acquired companies. As a result,
Moody's-adjusted leverage is expected to be below 4.5x for the full
year 2023, positioning the company strongly in its current rating
category.

The rating action also takes into account the additional EUR50
million fungible add-on and the recent repricing of the company's
senior secured term loan B and Moody's expectations that any excess
cash raised as part of the transaction will be used to fund bolt-on
acquisitions. Although the company's appetite for bolt-on
acquisitions creates a degree of event risk, the current B2 rating
incorporates the rating agency's expectations that the company will
continue to pursue a balanced approach to acquisitions with a focus
on targets with relatively low multiples to benefit from efficiency
gains after integrating its operations and extracting synergies.

Consequently, the rating agency estimates that Group of Butchers'
credit metrics will remain consistent with the B2 rating over the
next 12-18 months, with a Moody's-adjusted leverage below 4.5x in
the next 12 to 18 months, supported by a resilient operating
performance, efficiency gain and synergies from acquired
businesses. However, potential changes in consumer behavior in a
deteriorating macroeconomic environment, and a potential
downtrading from premium and high quality meat products to cheaper
private-label options, may limit the pace of the company's future
growth and deleveraging.

Group of Butchers' B2 rating continues to be supported by the
company's leading category positions in processed meat products
across the Benelux region and Germany, with an attractive
private-label products portfolio and second tier market position;
relatively good operating margin, particularly taking into
consideration its private-label business; track record of passing
raw material price volatility to customers; flexible cost
structure, which offers some protection in case of demand
volatility and a track record of positive free cash flow (FCF),
which Moody's expects to continue, supporting good liquidity.

However, the ratings remain constrained by the company's modest –
although growing – scale; still relatively high geographical
concentration in Benelux and Germany; the group's high product
concentration with its exposure mainly to private-label category
and processed meat products; increasingly mature product categories
exposed to fast-changing consumer preferences; and high appetite
for acquisitions, which entails integration risks and may impede
deleveraging, while making the monitoring of the company's
underlying business more difficult due to the reliance on pro-forma
numbers.

LIQUIDITY

Group of Butchers' liquidity is good, supported by more than EUR100
million cash on balance sheet (pro forma for the recent fungible
add-on) and EUR50 million committed senior secured revolving credit
facility (RCF) due in February 2028, which is expected to remain
undrawn. The RCF has a springing covenant of senior secured net
leverage not exceeding 7.4x, tested when the facility is more than
40% drawn, against which Moody's expects the company to maintain
ample capacity.

The company's liquidity is further supported by a track record of
positive free cash flow generation, which Moody's expects to be
around EUR40 million in the next 12-18 months, supported by
improvement in EBITDA, limited working capital swings, modest
capital spending requirements and hedging of interest rates on the
TLB until February 2025. Moody's expects that any excess cash,
however, is likely to be spent on future bolt-on acquisitions.

The company has no significant debt maturities until 2029, when its
senior secured term loan B is due.

STRUCTURAL CONSIDERATIONS

The B2 ratings on the EUR390 million senior secured term loan B
(including the EUR50 million add-on) and the EUR50 million RCF,
both borrowed by Artisan Newco B.V., are in line with the CFR,
reflecting the fact that these instruments rank pari passu and
constitute most of the company's debt.

The TLB and the RCF benefit from pledges over the shares of the
borrower and guarantors, as well as bank accounts and intragroup
receivables, and are guaranteed by the group's operating
subsidiaries representing at least 80% of consolidated EBITDA.

The B2-PD probability of default rating reflects Moody's assumption
of a 50% family recovery rate, given the weak security package and
the covenant-lite structure, comprising only a springing covenant
on the RCF, tested only when its utilisation is above 40%.

RATING OUTLOOK

The stable outlook reflects Moody's view that Group of Butchers
will be able to gradually increase its organic sales while
maintaining its operating margin. The stable outlook also factors
in Moody's expectation that the company will continue to grow
inorganically while maintaining a prudent approach to acquisitions,
and that any potential future transactions will not significantly
weaken its credit metrics.

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

Group of Butchers' ratings are currently constrained by its modest
business diversification and appetite to grow through acquisitions.
Over time the rating could be upgraded if: 1) the company increases
its scale and enhances its business profile, including a more
diversified product range and geographical presence, while
maintaining a prudent financial policy; 2) maintains its
Moody's-adjusted gross debt/EBITDA below 4.5x on a sustained basis;
3) continues to generate solid positive FCF and maintains good
liquidity.

The ratings could be downgraded if: 1) the company fails to
maintain its Moody's-adjusted gross/debt EBITDA below 6.0x as a
result of softer sales, erosion of profit margin, or significant
debt-financed acquisitions; 2) the company's FCF turns negative on
a sustained basis; 3) liquidity deteriorates.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Consumer
Packaged Goods published in June 2022.

COMPANY PROFILE

Group of Butchers, domiciled in the Netherlands, is the leading
producer of high-quality private-label meat products across the
Benelux region. The company engages in the production and sale of
processed meat products, such as dry sausages, grilled and smoked
meats, rotisserie products, meatballs and meat snacks, but has also
diversified into spread and dips products. The company is present
in the Netherlands (56% of revenue), Belgium (23%), and Germany
(21%), predominantly in the retail channel. In the last twelve
months to September 2023, the company generated revenue of EUR793
million and a company-adjusted EBITDA of EUR95 million, pro forma
for the 12 months contribution of VDM. Since 2021, the company is
majority owned by private equity firm Parcom Capital, with private
equity firm Apollo Global Management, Inc., the management and
founders owning the remaining shares.




===============
S L O V A K I A
===============

EUSTREAM AS: Moody's Affirms 'Ba1' CFR & Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Investors Service has affirmed the long term Ba1 Corporate
Family Rating, the Ba1-PD probability of default rating and the Ba1
senior unsecured debt rating of eustream, a.s. (eustream) as well
as the Ba1 rating of the backed senior unsecured notes issued by
SPP Infrastructure Financing B.V. and backed by eustream. The
outlook for both issuers was changed to stable from negative.

Moody's has also affirmed the Baa2 senior unsecured debt and
long-term issuer ratings of SPP-distribucia, a.s.
(SPP-distribucia). The outlook was changed to stable from
negative.

Finally, Moody's has affirmed the long term Ba1 CFR, the Ba1-PD
probability of default rating and the Ba2 senior unsecured debt
ratings of EP Infrastructure, a.s. (EPIF). The outlook was changed
to positive from negative.

RATINGS RATIONALE

eustream

The change in outlook to stable primarily reflects eustream's
improved liquidity position. Despite lower volumes of Russian gas
shipped through eustream's gas transit pipeline since the start of
the military conflict in Ukraine, the company has continued to
receive capacity payments under the long-term contract with its
main Russian shipper. As a result, and in the absence of dividend
payments, eustream has accumulated an unrestricted cash position of
more than EUR300 million at year-end 2023, up from an estimated
EUR100 million at the end of March 2022.

The rating action also reflects that the company has reduced
significantly its exposure to out-of-the-money derivatives entered
into before the start of the military conflict in Ukraine to hedge
forward sales of gas-in-kind because of the gradual run-off of
these positions. Accordingly, Moody's expects that eustream will
continue to build up its cash position in the next 12 months,
subject to ongoing receipt of capacity payments, so that it is able
to repay the forthcoming EUR500 million bond maturity in February
2025 from cash in hand.

The rating affirmation reflects that eustream's credit quality
remains constrained by (1) geopolitical risks, including the risk
of cessation of Russian gas flows and capacity payments, and (2)
its high exposure to a single Russian shipper. Although the company
might be able to compensate over time for the reduced gas flow from
Russia through other bookings, there is at this stage little
visibility over the potential timing and quantum of such
alternative gas flows. Nonetheless, the rating affirmation also
reflects Moody's expectation that eustream's parent SPP
Infrastructure, a.s. would likely provide support to eustream in
case of financial distress. eustream is participating in the cash
pooling arrangements of the SPP Infrastructure group, which had an
overall cash position of more than EUR900 million at year-end 2023
(including eustream's own cash).

Because eustream's credit quality is driven by its exposure to
geopolitical risks, Moody's has raised the company's ESG Credit
Impact Score to CIS-2 from CIS-3, reflecting that ESG
considerations do not have a material impact on the current
rating.

SPP-distribucia

The change in outlook to stable follows the change in outlook on
eustream to stable, given the credit linkages between the two
companies. The rating affirmation reflects that the credit quality
of SPP-distribucia continues to be supported by the company's
position as the quasi-monopoly provider of gas distribution
services in Slovakia; a fairly supportive regulatory framework; and
very strong credit metrics with funds from operations (FFO)/net
debt of 98% as of July 2023. At the same time, SPP-distribucia's
rating remains constrained by the potential need to provide
financial support to eustream, its sister company within the SPP
Infrastructure group.

Because SPP-distribucia's credit quality is mostly influenced by
that of eustream, Moody's has raised the company's ESG Credit
Impact Score to CIS-2 from CIS-3, reflecting that ESG
considerations do not have a material impact on the current
rating.

EPIF

The change in outlook to positive reflects the improved credit
quality of EPIF's gas transit subsidiary eustream, which has
continued to receive capacity payment since the beginning of the
military conflict in Ukraine and has accordingly been building up a
larger cash pile which positions it well to address its forthcoming
bond maturity in 2025. It also reflects EPIF's own improved
liquidity position, which Moody's estimates at approximately EUR900
million at year-end 2023, including cash pooled with its subsidiary
EP Energy and an undrawn EUR400 million revolving credit facility
expiring in January 2025. This provides EPIF with sufficient
flexibility to repay its EUR750 million bond (of which around
EUR550 million are outstanding) due April 2024. Finally, the
outlook change factors in EPIF management's decision to tighten the
group's financial leverage target (expressed as proportionally
consolidated net debt/ EBITDA) to a maximum of 3.5x, down from 4.3x
previously.

The rating affirmation reflects that the credit quality of EPIF
continues to be underpinned by (1) the strong business risk
profiles of its regulated monopoly energy distribution activities
and quasi-monopoly heating infrastructure, which generate
relatively stable and predictable cash flow; and (2) its
diversified business model characterized by a mix of activities
including gas transit, gas distribution and electricity
distribution networks in Slovakia, as well as district heating in
Czech Republic and gas storage. The resilience of EPIF's business
model was demonstrated by lower earnings at eustream being partly
offset by growth in the gas storage and heat infrastructure
businesses. At the same time, the ratings remain constrained by (1)
the ongoing exposure to geopolitical risks of eustream; (2) the
reliance of EPIF on dividend flows from its operating subsidiaries;
and (3) a high level of debt at the holding company.

Because EPIF's credit quality is driven by that of its
subsidiaries, Moody's has raised the company's ESG Credit Impact
Score to CIS-2 from CIS-3, reflecting that ESG considerations do
not have a material impact on the current rating.

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

eustream

Given the prevailing geopolitical uncertainties and the current
customer concentration on a single Russian shipper, an upgrade of
eustream's ratings is unlikely. The ratings could be downgraded if
Russian capacity payments ceased and were not offset by alternative
gas contracts and/or support by the SPP Infrastructure group.

SPP-distribucia

An upgrade of SPP-distribucia's ratings is unlikely given the
company's credit linkages with the wider SPP-Infrastructure group,
which includes eustream. SPP-distribucia's ratings could be
downgraded if cash requirements from eustream were to lead to a
significantly weaker financial profile, including FFO/debt below
25%.

EPIF

EPIF's ratings could be upgraded if the company (1) strengthens its
liquidity profile; and (2) maintains leverage (proportional net
debt/ proportional EBITDA) not in excess of 3.5x and FFO/net debt
on a fully consolidated basis (as per IFRS reporting) above 30% on
a sustained basis. Any upgrade would further factor in the credit
quality of eustream. The ratings could be downgraded if EPIF's
financial profile deteriorates because either its proportional net
debt/proportional EBITDA exceeds 4.5x or its FFO/net debt on a
fully consolidated basis (as per IFRS reporting) drops below the
low twenties in percentage terms.

PRINCIPAL METHODOLOGIES

The principal methodology used in rating EP Infrastructure, a.s.
and SPP-distribucia, a.s. was Regulated Electric and Gas Networks
published in April 2022.

eustream, a.s., is the owner and operator of the natural gas
transmission and transit pipeline that runs through Slovakia. In
the financial year 2022/23 the company reported EUR226 million of
revenues.

SPP-distribúcia, a.s. is the monopoly provider of regulated gas
distribution services in Slovakia. In the financial year 2022/23
the company reported EUR469 million of revenues.

EP Infrastructure, a.s. is a Czech holding company with
shareholdings in core Slovak gas and electricity infrastructure,
including (1) eustream, a.s.; (2) SPP-distribúcia, a.s.; and (3)
Stredoslovenska Energetika group. The group also holds stakes in
regional gas storage entities SPP Storage, NAFTA, NAFTA Speicher
and Pozagas, as well as a number of district heating infrastructure
providers in the Czech Republic.


NOVIS INSURANCE: S&P Alters Watch Implications on 'CCC' ICR to Neg.
-------------------------------------------------------------------
S&P Global Ratings revised the implications of the CreditWatch on
its 'CCC' long-term issuer credit rating on Slovakia-based NOVIS
Insurance Co. to negative from developing.

S&P initially placed the rating on CreditWatch developing on June
12, 2023.

S&P said, "The CreditWatch with negative implications reflects that
we no longer see upside in the short term for our rating on Novis.
In June 2023, the Slovak insurance regulator, the National Bank of
Slovakia (NBS), withdrew Novis' insurance license and prohibited
the company from writing new insurance business. NBS has petitioned
the court to dissolve Novis and commence liquidation proceedings to
satisfy the claims of policyholders and other creditors. The
court's decision is still pending.

"According to our rating definitions, an obligor rated 'CCC'
depends on favorable business, financial, and economic conditions
to meet its financial commitments. In the event of adverse
business, financial, or economic conditions, the obligor is
unlikely to have the capacity to meet its financial commitments.

"We understand that, since the withdrawal of Novis' insurance
license and the ban on new business, there has been a significant
increase in lapsed and surrendered policies, in particular in the
third quarter of 2023. Surrenders have reduced since then, however.
Under our base case, we assume further surrenders but not a mass
lapse scenario. We will therefore continue to monitor this trend.
We understand Novis has fulfilled all policyholder and other
financial obligations since the withdrawal of its insurance
license.

"Furthermore, we understand that the company's cash flow plan for
the short term remains highly sensitive to policyholders' behavior.
This was highlighted by what we assume will be a net loss for Novis
following last year's spike in lapses that will have reduced the
company's reported shareholders' equity.

"Moreover, we think the quality of information to assess Novis has
reduced. For 2022 the auditor did not express an opinion on the
accompanying financial statements of Novis. The auditor stated that
it has not been able to obtain sufficient appropriate evidence to
provide a basis for an audit opinion on these financial statements
because the basis for preparation of financial statements should
not have been a going concern. This, in our view, raises additional
governance concerns."

Novis continues to have an outstanding tier 2 subordinated
convertible bond (not rated) that could be converted into
shareholders' equity if the company's regulatory capital position
were to fall below the trigger levels.

CreditWatch

S&P said, "The CreditWatch with negative implications reflects that
we no longer see upside potential in the short term for our rating
on Novis. Rather, we continue to see a high likelihood of Novis not
paying its financial commitments alongside the company's high
reliance on policyholders' behavior and uncertainty linked to the
pending court case.

"We intend to resolve the CreditWatch once we have clarity on the
court's decision and implications for Novis' cash flow
management."

S&P could lower the rating if:

-- The number of policy lapses increases, leading to a sharp drop
in liquidity and, in turn, a heightened risk that Novis would not
be able to service all its obligations; or

-- The court decides on dissolving Novis and liquidation
proceedings commence in line with the regulatory petition.

S&P views a positive rating action as remote at this stage; it
would require:

-- Regulatory or court decisions that enable Novis to operate
without severe restrictions or further damage to its reputation;
and

-- Novis' ability to strengthen its capital and liquidity
positions, largely maintain its customer relationships, and service
its financial obligations to policyholders and other creditors on a
sustainable basis.

Environmental, Social, And Governance

Governance factors are a negative consideration in S&P's credit
rating analysis of Novis. The auditor stated that they have not
been able to obtain sufficient appropriate audit evidence to
provide a basis for an audit opinion on the annual report for 2022,
and this reduces the quality of financial information and the
predictability of the company's performance.

Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:

-- Risk management, culture, and oversight

-- Transparency and reporting




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

BOSPHORUS 2015-1A: Moody's Upgrades Rating on Class A Notes to B2
-----------------------------------------------------------------
Moody's Investors Service upgraded the Class A Enhanced Equipment
Notes of Bosphorus Pass Through Trust 2015-1A ("Bosphorus") to B2
from B3 and the Class A Enhanced Equipment Trust Certificates, the
Class A Equipment Asset Backed Notes, the Class B Enhanced
Equipment Trust Certificates and the Class B Equipment Asset Backed
Notes of the Anatolia Pass Through Trust ("Anatolia") to B1 from
B2.  The separate outlooks on the Bosphorus transaction and the
Anatolia transaction were changed to positive from stable.

RATINGS RATIONALE

The upgrades follow the January 12 and January 19 rating actions on
the Government of Turkiye and on Turk Hava Yollari Anonim Ortakligi
("Turkish Airlines"), respectively. The outlook on Turkiye was
changed to positive from stable. Moody's also raised its country
ceilings for Turkiye; foreign currency ceiling to B2 and local
currency ceiling to Ba3. Turkish Airlines' corporate family rating
was upgraded to B2 and the outlook was changed to positive from
stable.

The B2 rating for the Bosphorus transaction aligns the rating with
Turkish Airlines' B2 corporate family rating. Moody's estimates the
loan-to-value at about 115%. Moody's believes that the negative
equity in the financing mitigates any potential piercing of the
foreign currency country ceiling because of the 18-month liquidity
facility that is offshore. This transaction, with $145.89 million
outstanding, is secured by three Boeing 777-300ERs delivered new to
Turkish Airlines in 2015. The final scheduled payment date for this
transaction is March 15, 2027.

The upgrades to B1 for each of the Anatolia Class A and Class B
instruments maintains the position of these ratings at one notch
above Turkiye's foreign currency country ceiling now B2. Moody's
estimates the loan-to-value on this transaction at 39% for the
Class As and 41% for the Class Bs. Moody's used an exchange rate of
147.5 yen to the US dollar to calculate the loan-to-value in US
dollar terms. The significant equity cushion in the Anatolia
transaction and having a liquidity facility provided by a financial
institution outside of the Turkish banking system facilitates the
piercing of the foreign currency country ceiling by one notch.

The Anatolia transaction, with approximately $22.1 million and
$0.83 million with USD equivalent outstanding in senior and junior
classes, respectively, is secured by three Airbus A321-200s
delivered new in 2015. These amounts for the Anatolia transaction
are US dollar equivalents of the Japanese Yen-denominated
certificates, using a current exchange rate of 147 Japanese yen to
the US dollar. The final scheduled payment dates for this
transaction are March 15, 2024 and September 15, 2027,
respectively.

The transactions are each subject to the Cape Town Convention as
implemented in Turkish law, which is intended to facilitate the
timely repossession of the collateral should a payment default
occur. The transactions also have the standard features found in
EETC financings, including cross-default, cross-collateralization,
18-month liquidity facilities and the issuers of the rated
certificates are bankruptcy-remote entities. Moody's EETC ratings
consider the credit quality of the airline that issues the
equipment notes in a mortgage type transaction or is the lessee in
a lease transaction. Payments on these instruments fund the
pass-through trusts that are the structural foundation of an EETC
transaction. Moody's opinion of the importance (or essentiality) of
specific aircraft models to an airline's network and its estimates
of equity cushion are also factors in its EETC ratings. Moody's
believes the 777-300ERs and the A321s will remain in Turkish
Airline's operations over the transactions' remaining lives.

The positive outlook aligns the outlook on these financings with
the outlooks on Turkish Airlines and Turkiye.

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

Changes in EETC ratings can result from any combination of changes
in Moody's estimates of aircraft market values, which will affect
estimates of loan-to-value; the underlying credit quality or
ratings of the airline issuer or lessee; Moody's opinion of the
importance of particular aircraft models to an airline's network or
changes in the Long Term Foreign Currency Issuer Rating of The
Government of Turkiye, which is currently B3 or Moody's foreign
currency country ceiling for Turkiye, which is currently B2.

The methodologies used in these ratings were Enhanced Equipment
Trust and Equipment Trust Certificates published in July 2018.

Founded in 1933, Turkish Airlines is the national flag carrier of
the Republic of Turkiye and is a member of the Star Alliance
network since April 2008. Through the Istanbul Airport acting as
the airline's primary hub since early 2019, the airline operates
scheduled services to 345 international and domestic destinations
across 129 countries globally. It has a fleet of 296 narrow-body,
120 wide-body and 24 cargo planes.

The airline is 49.12% owned by the Government of Turkiye through
the Turkiye Wealth Fund while the balance is public on Borsa
Istanbul stock exchange. For the 12 months ended September 30,
2023, the company reported revenues of $20.6 billion and a Moody's
adjusted operating profit of $4.0 billion.



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

AMTE POWER: Bought Out of Administration, 20 Jobs Saved
-------------------------------------------------------
Calum Loudon at STV reports that jobs at AMTE Power, a battery
factory in the Highlands, have been saved after it was sold during
an administration process to a Dutch firm.

AMTE Power, which is based in Oxfordshire but has a manufacturing
plant in Thurso, entered into administration in December, STV
relates.

According to STV, specialist business advisory firm FRP launched an
"accelerated mergers and acquisitions process" to help find a buyer
in an effort to save the company.

It was confirmed on Jan. 25 that administrators completed the sale
of the business and assets to Dutch "next generation" battery
technology firm LionVolt, STV notes.

The sale enables the battery production facility at Thurso to be
repurposed for producing LionVolt's batteries and includes the
transfer of 20 jobs based in Thurso, STV states.

However, the remaining 15 staff at Milton, England, have been made
redundant, STV discloses.


ELSTREE FUNDING 4: S&P Assigns Prelim. B+(sf) Rating on F Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Elstree Funding No. 4 PLC's class A to X-Dfrd notes. At closing,
Elstree Funding No. 4 will also issue unrated class Z and RC1 and
RC2 residual certificates.

S&P's preliminary ratings address timely receipt of interest and
ultimate repayment of principal on the class A notes, and the
ultimate payment of interest and principal on all other rated
notes.

Of the loans in the pool, 40.7% are first-lien buy-to-let (BTL)
mortgages, 53.9% are second-lien owner-occupied mortgages, and 5.4%
are second-lien BTL mortgage loans.

The loans in the pool were originated by West One Secured Loans
Ltd. (WOSL) and West One Loan Ltd. (WOLL), which are wholly owned
subsidiaries of Enra Specialist Finance Ltd. (Enra), between 2017
and 2023. 38.3% of the collateral was previously securitized in
Elstree Funding No.1, which was called in November 2023.

Most of the second-lien owner-occupied pool is considered to be
prime, with 97.8% originated under Enra's "prime plus" or "prime"
product ranges and the remainder categorized as "near prime". The
near prime loans are categorized by lower credit scores and
potentially more adverse credit markers, such as county court
judgments, than those under the prime or prime plus ranges.

The class A and B-Dfrd notes benefit from liquidity provided by a
liquidity reserve fund, and principal can be used to pay senior
fees and interest on the rated notes subject to various
conditions.

Credit enhancement for the rated notes will consist of
subordination and a general reserve fund.

The transaction incorporates a swap to hedge the mismatch between
the notes, which pay a coupon based on the compounded daily
Sterling Overnight Index Average, and the portion of loans, which
pay fixed-rate interest before reversion.

At closing, the issuer will use the issuance proceeds to purchase
the full beneficial interest in the mortgage loans from the seller.
The issuer grants security over all its assets in favor of the
security trustee.

WOSL will service the portfolio.

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

"Our current macroeconomic forecasts and forward-looking view of
the U.K. residential mortgage market are considered in our ratings
through additional cash flow sensitivities."

  Preliminary ratings

  CLASS     PRELIM. RATING     CLASS SIZE (%)

  A          AAA (sf)           86.00

  B-Dfrd     AA (sf)             4.75

  C-Dfrd     A (sf)              3.25

  D-Dfrd     BBB+ (sf)           2.50

  E-Dfrd     BB+ (sf)            2.00

  F-Dfrd     B+ (sf)             1.25

  Z          NR                  0.25

  X-Dfrd     B- (sf)             2.25

  RC1 Residual Certs   NR         N/A

  RC2 Residual Certs   NR         N/A

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


HUMN: Enters Administration Amid Financial Problems
---------------------------------------------------
Terry Gangcuangco at InsuranceBusiness reports that London-based
insurance provider Humn has entered administration as a final
resort due to financial woes.  

Its joint administrators are PwC's Adam Seres, David Baxendale, and
James Cameron, InsuranceBusiness discloses.

According to InsuranceBusiness, lifting the lid on the move, PwC
said: "The directors of Humn.ai Limited had been exploring
strategic options to address the medium-term funding requirements
of the company.  Despite extensive efforts and having exhausted all
options, the difficult decision was taken by the directors to place
the company into administration."

The name behind the RideShur platform, Humn was incorporated in
2017 and produced real-time data-driven fleet insurance.

"On appointment, the joint administrators completed a sale of the
shares of a subsidiary business, Walsingham Motor Insurance
Limited, which has maintained the employment of the 11 employees
who were employed by WMIL," PwC said.

Humn's financial circumstances, meanwhile, meant that the
administrators had to make the majority of the Humn roster
redundant, with all employees provided with both verbal and written
communication regarding their employment status, InsuranceBusiness
discloses.

"A few roles remain employed for a period of time to support the
administrators with their duties to explore a sale of the platform
asset RideShur and wind down the operations of the business,"
InsuranceBusiness quotes PwC as saying.

Humn's biggest creditors include Marbruck Investments and HM
Revenue and Customs, InsuranceBusiness relays citing its statement
of affairs.   


MEREWAY KITCHENS: Enters Administration, 120 Jobs Affected
----------------------------------------------------------
Andrew Davies at kbbreview reports that Mereway Kitchens has closed
its doors for good after its new company concluded it couldn't be
saved from the dire straits it had been left in by the previous
owners.

Highlight Green Acres Ltd, a subsidiary of Sigma 3 Group, acquired
the assets of Mereway Kitchens out of its previous administration
in August 2023, kbbreview recounts.  But despite what the company
describes as "substantial investment" and "significant progress" in
improving processes and service, it has not been able to turn
Mereway Kitchens around, kbbreview notes.

Highlight Green Acres has appointed Huw Powell, Paul Wood and Mark
Malone, partners at Begbies Traynor, as joint administrators and
120 staff have been made redundant, kbbreview discloses.

According to kbbreview, a spokesperson for Highlight Green Acres
said: "Despite substantial investment and significant progress in
many areas, it has not been possible for Mereway to achieve the
required sales volumes that were needed to make this business
profitable.

"The impact of the original business going into administration in
2023 appears to have significantly impacted customer confidence.
This, along with a weakening market in the last three months has
materially impacted the business.  It is therefore with great
sadness we have reached the conclusion that there was no viable
alternative to this action."

Huw Powell, joint administrator, and partner at Begbies Traynor,
said it was a "difficult day", saying volatile economic factors are
resulting in falling consumer demand and this created significant
cash flow pressures for Mereway Kitchens.


SQUIBB GROUP: Owed GBP24.6MM to Creditors at Time of Liquidation
----------------------------------------------------------------
Grant Prior at Construction Enquirer reports that demolition
specialist Squibb Group owed GBP24.6 million to creditors when it
went into liquidation last year.

An update from the Official Receiver seen by the Enquirer states
"there is not a prospect of money being returned to creditors."

Directors of the failed firm told the receiver its demise was due
to the impact of Covid and a drop in scrap sales which accounted
for up to 50% of turnover, the Enquirer relates.

Squibb was also among ten firms fined a total of nearly GBP60
million last March following a bid rigging probe into the
demolition sector by the Competition and Markets Authority, the
Enquirer discloses.

According to the Enquirer, Squibb appealed its GBP2 million fine
which it considered "disproportionate" but the ongoing legal action
led to losing contracts after a "reputational risk which had an
effect on the turnover of the company."

Squibb had been in business for more than 75 years and was one of
the most famous names in the UK demolition sector, the Enquirer
notes.


VENATOR MATERIALS: Moody's Assigns 'Caa1' CFR, Outlook Stable
-------------------------------------------------------------
Moody's Investors Service has assigned a Caa1 Corporate Family
Rating and a Caa1-PD Probability of Default Rating to Venator
Materials plc (NEW) ("Venator"). At the same time, Moody's has
assigned a B3 rating to the backed Senior Secured First-Out Term
Loan and a Caa1 rating to the backed Senior Secured Exit Term Loan
issued by Venator Materials LLC (NEW) and Venator Finance S.A.R.L.
(NEW). The rating outlook is stable.

Venator's Caa1 CFR reflects the challenging market conditions in
the TiO2 sector, the company's depressed earnings and continued
cash outlays for business restructuring in Europe. The company's
emerged from Chapter 11 in October 2023 with a substantial
reduction in reported debt from $1 billion to just above $300
million expected at the end of 2024. Such debt level would support
a higher rating assuming mid-cycle earnings. However, the lingering
weakness in TiO2 demand and the company's high-cost position in
Europe could result in negative free cash flows and constrain its
financial flexibility, thus elevating credit risk, in the next
several quarters before a potential recovery in earnings through
demand rebound and business restructuring. The recently issued $100
million First-Out Term Loan does provide additional liquidity, but
has a tenor of only two years. The governance factor of ESG is a
key driver for the rating assignment.

RATINGS RATIONALE

A recovery in demand for TiO2 seems slow after nearly six quarters
of customer destocking. Elevated energy costs in Europe, high
interest rates in the US and property sector distress in China have
deterred TiO2 procurement by customers in the paints and coatings,
plastics and paper industries. While destocking has come to an and
EU's anti-dumping investigation and Red Sea shipping disruption
help restrain Chinese imports to Europe, cautious sentiments among
customers are likely to keep TiO2 demand tepid in early 2024 before
a rebound later in the year.

Venator is vulnerable to the extended market weakness, as it has a
relatively high cost position in Europe and has to spend money for
business restructuring. Moody's estimates Venator will continue to
report negative EBITDA and consume cash in the first half of 2024.
The company has yet to show its ability to complete its business
restructuring, achieve $50 million planned cost reductions and stem
losses. The company has about two years to improve its earnings
before the maturity of the First-Out Term Loan in January 2026.

The estimated $450 million adjusted total debt (including pension
and operating lease adjustments) would support a single B rating,
should the company raise its EBITDA to above $100 million with
improved market conditions and stem cash consumption.

Venator's credit profile benefits from its market position among
the world's leading titanium dioxide producers, strong presence in
specialty products, and modest earnings diversity from the
Performance Additives segment. Prospective benefits from a business
improvement program are considered in its credit profile.

Venator has about $155 million in liquidity, including about $80
million in cash, $25 million revolver availability and $50 million
delayed draw portion of the First-Out Term Loan. Liquidity will
decline in the first half of 2024, given the weak earnings,
payments for working capital and business restructuring. Cash flow
will improve with seasonal working capital release in the second
half of 2024. The company can opt to accrue most of its interest
expenses for at least two years. Its $100 million asset-based
revolver expires in October 2026, but will be accelerated to 91
days before the maturity of any indebtedness in excess of $75
million. Its $100 million First-Out Term Loan will be due in
January 2026, $175 million Exit Term Loan due in October 2028.

Venator's First-Out Term Loan is rated B3, one notch above the CFR
and ahead of its Caa1 rated Exit Term Loan, given the super
priority priming liens and guarantees on all Exit Term Loan
collateral and first out repayment on all asset sale proceeds. The
Exit Term Loan is supported by first lien positions on domestic and
second lien on some foreign assets. Venator has material
non-guarantor subsidiaries with trade payables and other
obligations that have to be satisfied before any of the assets of
such non-guarantors would be available for secured term loan and
notes. The company's $100 million asset-based revolver (unrated) is
collateralized by US and Canadian receivables and inventory.

The stable outlook reflects management efforts to restructure the
business, improve earnings and reduce cash consumption, along with
an expected recovery in TiO2 demand in the next 12 months.

ESG Considerations

Venator's Credit Impact Score (CIS-5) mainly reflects its high
governance risks (G-5), which in turn is impacted by a history of
operating performance below expectations and its elevated balance
sheet debt versus weak earnings.

The company's environmental risks (E-5) is driven by waste and
pollution risks. Roughly two-thirds of Venator's TiO2 production
use the sulfate process; one-third uses the chloride route. Both
have significant water usage, environmental exposure and GHG
emissions. Venator expects to incur additional environmental costs
through 2024 related to the remediation and closure of the Pori
facility.

Venator has high exposure to social risks (S-4). Social risks for
Health & Safety are considered high for commodities in general and
TiO2 specifically. Responsible Production risks are also high,
reflecting in part the EU commission's act to change the
classification of TiO2 to a Category 2 Carcinogen, which became
effective in October 2021.

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

A rating upgrade could be considered, if the company improves its
EBITDA to at least cover interest expenses and capital
expenditures. Achieving breakeven free cash flow and extending term
loan maturity would also be positive to its credit profile.

Continued weak earnings and negative free cash flow could result in
rating downgrades.

Headquartered in the United Kingdom, Venator Materials plc (NEW) is
the world's fourth-largest producer of titanium dioxide pigments
used in paint, paper, and plastics, and a producer of performance
additives for a variety of end markets. Venator completed a
financial restructuring in October 2023. It generated approximately
$2.2 billion in revenues in 2022.

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


VENATOR MATERIALS: S&P Ups ICR to 'CCC+' Post-Chapter 11 Emergence
------------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on U.K.-based
titanium dioxide (TiO2) and pigments producer Venator Materials to
'CCC+' from 'D'.

At the same time, S&P assigned a 'B' issue-level rating and a '1'
recovery rating to the company's $100 million first-out term loan
due 2026 and a 'CCC+' issue and '3' recovery rating to the $175
million initial term loan due 2028.

The negative outlook reflects S&P's view that, despite its
significantly reduced debt burden, the uncertain macroeconomic
environment will continue pressuring the company's earnings and
cash generation, with EBITDA and free operating cash flow (FOCF)
remaining negative over the 12-24 months. It also reflects the
execution risks associated with Venator's turnaround plan,
including the reduction of fixed costs on budget, and the
recapturing of market share.

After filing for Chapter 11 protection in May 2023, Venator
Materials emerged from its Chapter 11 bankruptcy proceedings on
Oct. 12, 2023, with a revised capital structure.

The upgrade reflects Venator's lower debt burden out of bankruptcy
and improved near-term liquidity position following the new debt
issuance. Upon its emergence from bankruptcy, Venator reduced its
debt burden by about 70% to about $275 million (excluding the
revolving asset-based lending [ABL] drawdowns), from approximately
$1.0 billion. The company's post-emergence capital structure
consists of a $100 million ABL facility, which is currently about
$40 million drawn, a $175 million initial term loan, and a $100
million super priority first-out term loan (including $50 million
available for delayed draw subject to certain milestones). S&P
Global Ratings-adjusted debt (including leases and underfunded
pension liabilities) reduced to about $385 million (including
capitalized fees, the drawn portion of the ABL, and the $50 million
available for delayed draw under the first-out term loan due 2026)
from over $1.0 billion as of May 2023.

Its liquidity has also improved following the issuance of the $175
million initial term loan and, more recently, the $100 million
first-out term loan. S&P expects Venator's available liquidity will
be sufficient to cover its uses over the next 12 months, including
the loss-making operations in 2024, potential restructuring costs
in Europe, and its cash interest payments and capital expenditures
(capex) requirements.

S&P said, "Nevertheless, we forecast Venator to generate negative
EBITDA and FOCF in 2024. Despite these positive post-emergence
developments, we limit our issuer credit rating to 'CCC+'
considering the potential for material restructuring costs Venator
may incur, including restructuring costs related to the $50 million
cost savings program already announced. In addition, we believe
that the uncertain macroeconomic environment could stall a
meaningful recovery in Venator's sales volumes in 2024. This is due
to the cyclical nature of the TiO2 industry with its exposure to
end-markets such as construction, paints and coatings, and
plastics. That said, we expect the company to maintain pricing
discipline, further underpinned by its European footprint's
permanent capacity closures, which could support top-line growth in
2024. We forecast S&P Global Ratings-adjusted EBITDA of about
negative $70 million in 2024, with the company's performance only
meaningfully rebounding from 2025, when we expect adjusted EBITDA
to turn positive at about $100 million. Our rating also considers
the commercial risk following the company's bankruptcy filing and
its strategy of reclaiming lost customer relationships.

"We think that potential facility closures could improve Venator's
operating efficiency at the cost of reduced scale.As part of its
chapter 11 filing on May 14, 2023, and its presentation to
investors dated May 15, 2023, Venator presented a strategic review
of its business. The action plan included a potential exit of the
loss-making TiO2 business in Duisburg, Germany (absent a meaningful
change in economic conditions), and a potential closure of its TiO2
production site in Scarlino, if necessary gypsum disposal permits
are not granted. We consider a potential production-footprint
rationalization as a positive step in addressing its structural
cost disadvantage. Venator's facilities in Scarlino and
Duisburg--included in the strategic review--account for 130,000
metric tons (mt), or roughly 20% of its annual capacity. These
plants produced TiO2 using the sulfate process, which is more
energy- and labor-intensive than the chloride process and generates
more byproducts, resulting in a higher cost structure. This is
further exacerbated by the higher energy costs in Europe. As a
result, we consider the resulting production footprint, if these
closures materialize, to be more balanced, with approximately 70%
of its annual capacity in Europe (from about 80% now) and about 48%
of its annual capacity using the chloride process (from 37%). That
said, Venator would have reduced scale, being the fifth largest
producer of TiO2 behind Kronos, and more concentrated production
among its five remaining sites in the U.K., Germany, Spain,
Malaysia, and the U.S. This potential plan comes close on the heels
of the company's sale of its iron oxide business, within its
Performance Additives segment, to Cathay Industries in April 2023,
which led to a less diverse product portfolio and has also reduced
Venator's scale and scope.

"We have assigned a new management and governance (M&G) assessment
of moderately negative to Venator. The assignment follows the Jan.
7, 2024, publication of S&P Global Ratings' revised criteria for
evaluating the credit risks presented by an entity's M&G framework.
The moderately negative assessment points to management's response
to past operational crises, which led to a deterioration in
creditworthiness--in our view--and resulted in Venator filing a
voluntary petition under Chapter 11 of the U.S. Bankruptcy Code.
The new M&G assessment has no impact on our rating or outlook on
Venator.

"The negative outlook reflects our view that, despite its
significantly reduced debt burden, the uncertain macroeconomic
environment will continue pressuring the company's earnings and
cash generation, with EBITDA and FOCF remaining negative over the
12-24 months. It also reflects the execution risks associated with
Venator's turnaround plan, including the reduction of fixed costs
on budget, and the recapturing of market share."

S&P could lower ratings if:

-- The company's operating performance is weaker than S&P
forecasts due to demand weakness, or higher-than-anticipated
restructuring costs;

-- Larger-than-expected cash outflows result in a deterioration in
the company's liquidity position, such that S&P no longer believes
the company has sufficient liquidity to fund its operations over
the next six to 12 months.

S&P could revise its outlook to stable if Venator executes its
turnaround plan successfully, and establishes a track record of
profitability, such that its EBITDA improves to positive and we are
confident that the company will not experience a near-term
liquidity crisis, including a violation of its minimum liquidity
financial covenant.


[*] UK: Construction Sector Suffers Highest Number of Insolvencies
------------------------------------------------------------------
Aaron Morby at Construction Enquirer reports that construction is
now suffering the highest number of insolvencies of any industry
accounting for one in six of all business failures in the UK.

According to accountant Mazars, 4,370 construction firms went bust
in the year to the end of November 2023, equating to an average of
nearly a dozen a day, the Enquirer notes.

Construction insolvencies have now consistently outnumbered any
other sector for the past three years, with 2022/23's construction
failures up 7% on 2021/22 and 76% more than 2020/21, the Enquirer
states.

Insolvencies in the sector have been highest in specialised
construction activities, such as demolition, electrical and
plumbing, representing 58% of all industry firms going out of
business over the last twelve months, the Enquirer discloses.

"There are now on average a dozen building companies going under
every single day in the UK.  This is an immensely difficult period
for the construction sector," the Enquirer quotes Mark Boughey,
partner in the Restructuring Services team at Mazars, as saying.

"One problem is that the commercial viability of a lot of today's
projects were assessed three or four years ago, with fixed price
contracts often being negotiated -- since then, costs have
spiralled, while buyers' appetite has taken a dive."

"We saw a number of bigger contractors filing for insolvency 12 to
18 months ago and now those failures are being felt downstream in
the supply chain," said Mr. Boughley.

"Subcontractors aren't getting paid on time or to the agreed levels
and, as a result, are now starting to experience their own
financial problems. The impact of failures in the sector cuts both
ways though -- when smaller companies fold, it can cause major
delays for the main developers in completing projects."


[*] UK: Number of Corporate Failures in London Up 37% in 2023
-------------------------------------------------------------
Joanna Hodgson at Evening Standard reports that the number of
London companies falling into administration soared 37% last year,
with key sectors such as property, hospitality and retail
particularly hard hit, new figures show.

The 364 corporate failures in the capital last year accounted for
22% of the 1641 national total, Evening Standard relays, citing
data from law firm Shakespeare Martineau.  The UK number was a 22%
jump from 2022 and 91% up on 2021, Evening Standard discloses.

The surge suggests many weakened companies that survived the
pandemic and the energy price spike are finally being forced to
throw in the towel under the weight of a cocktail of pressures,
Evening Standard states.

There is unlikely to be any comfort for firms struggling with high
debt burdens as the Bank of England is thought almost certain to
leave its key rate at 5.25%, with a cut not on the cards until May
or June, Evening Standard notes.

According to Evening Standard, further cost headwinds for
businesses this year include the 9.8% rise in the minimum wage
coming into effect on April 1.  London businesses in key sectors
such as hospitality and retail that are not eligible for relief are
also unhappy that their business rates bills are likely to go up
sharply in April, Evening Standard says.

In addition, the latest round of rail strikes and overtime bans
will hit key London commuter services with an inevitable knock-on
effect for sectors dependent on workers coming into the centre of
the capital, Evening Standard relays.

According to Evening Standard, Andy Taylor, partner and head of
restructuring at Shakespeare Martineau, said the significant uptick
in UK administrations "underscores the challenges faced by
businesses amid changing consumer habits, financial pressures, and
geopolitical uncertainties".

He added: "In the labyrinth of economic complexities, the retail
sector in particular is bearing the brunt. There has also been a
reduction in housebuilding, which has a knock-on effect in the
construction and real estate sectors."

In retail, 239 groups filed for administration compared with 138,
Evening Standard discloses.

"Retailers have faced successive waves of disruption and there are
no surprises that administrations have risen. Throughout the
cost-of-living crisis, consumers have embraced recessionary
behaviours, cutting back their spending, trading down and shopping
around more," Evening Standard quotes Richard Lim, who leads Retail
Economics, as saying.

"Against this backdrop, retailers' profit margins have come under
enormous pressure and many businesses have been pushed to breaking
point."

In the hospitality industry, 190 firms filed for administration, a
jump from 140, during a period when rising energy and food costs
bit.

Meanwhile real estate had 155, up from 95 administrations, Evening
Standard states.  According to Evening Standard, Melanie Leech,
chief executive of the British Property Federation, said: "In
common with most sectors 2023 was a challenging year for real
estate and construction through a combination of higher interest
rates, cost pressures and the aftermath of the 2022 mini Budget
impacting on investor confidence."



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

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

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

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