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

                          E U R O P E

          Wednesday, January 31, 2024, Vol. 25, No. 23

                           Headlines



C Z E C H   R E P U B L I C

ALLWYN INTERNATIONAL: S&P Affirms 'BB' ICR & Alters Outlook to Neg.
DRASLOVKA HOLDING: S&P Affirms 'B' ICR, Outlook Negative


F R A N C E

EUTELSAT COMMUNICATIONS: Egan-Jones Retains BB+ Sr. Unsec. Ratings


G E R M A N Y

DEUTSCHE FACHPFLEGE: Moody's Assigns 'B3' CFR, Outlook Positive
KADEWE: Files for Administration
SIGNA HOLDING: Faces EUR3.5BB More in Claims


G R E E C E

OPAP SA: S&P Affirms 'BB' LongTerm ICR & Alters Outlook to Neg.


I R E L A N D

FIDELITY GRAND 2023-2: S&P Assigns Prelim. 'B-' Rating on F Notes
ICG EURO 2023-2: S&P Assigns B-(sf) Rating on Class F Notes
PALMER SQUARE 2022-2: S&P Assigns B-(sf) Rating on Class F-R Notes


L U X E M B O U R G

DEUTSCHE FACHPFLEGE: S&P Assigns Prelim. 'B' LongTerm ICR


S P A I N

PLACIN SARL: S&P Discontinues 'B' LongTerm Issuer Credit Rating


U N I T E D   K I N G D O M

BULLITT GROUP: Enters Administration, 100 Jobs Affected
FETCH.AI: Financial Difficulties Prompt Administration
HARTLEY PENSIONS: FSCS to Pay SIPP Members' EAC
LOCAVORE COMMUNITY: Goes Into Administration
ORANGE MOUNTAIN: Bought Out of Administration


                           - - - - -


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C Z E C H   R E P U B L I C
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ALLWYN INTERNATIONAL: S&P Affirms 'BB' ICR & Alters Outlook to Neg.
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S&P Global Ratings revised its outlook to negative from stable and
affirmed its 'BB' ratings on Allwyn International A.S. (Allwyn)
and its senior secured debt.

S&P said, "The negative outlook indicates our view that Allwyn's
leverage will increase toward 4.5x over the next 12 months and that
cash generation will remain subdued as a result of the increased
adjusted debt and a slower ramp-up of the U.K. operations than
anticipated.

"We anticipate that Allwyn's revenue and earnings will fall short
of our previous assumptions in 2024, mainly due to the delayed
implementation of technology infrastructure changes relating to its
takeover of the U.K.'s National Lottery (UKNL). We expect that the
replacement of technology such as terminals and core gaming systems
will support Allwyn's growth strategy. However, we understand that
the replacement is likely to take place well into 2024, as opposed
to at the beginning of the license period on Feb. 1, 2024. This
will hurt revenue and increase operating costs, including
dual-running technology costs, considering that Allwyn will have to
pay both the existing technology supplier, IGT, and the new
supplier, Scientific Games, for at least a few months, and there
will be a longer transition period than the group expected until
the updated technology stack is fully implemented. Consequently, we
expect that Allwyn's operating performance and cash flow will be
subdued in 2024. We factor most integration and upfront costs into
our calculation of EBITDA, which we expect to remain materially
depressed in the ramp-up years. At the same time, we acknowledge
that the group has a cost recovery mechanism through which they
will recover some of its upfront costs during the license period.

"We think that Allwyn's debt will increase materially, although we
note that the group has proactively addressed its debt maturity
profile and diversified its funding structure. On April 28, 2023,
Allwyn raised EUR665 million and $700 million of secured notes
maturing in 2030 and 2029, respectively." It used the proceeds of
the offering to:

-- Repay the preference shares that Allwyn issued (this was
Apollo's stake that we already consolidated; however, at a lower
quantum);

-- Repay drawings on its revolving credit facility (RCF);

-- Redeem in full the EUR300 million 4.125% notes due 2024;

-- Pay transaction fees; and

-- Use for general corporate purposes.

S&P said, "Although we note that the transaction extends Allwyn's
debt maturity profile and diversifies its funding sources, as well
as simplifying its capital structure, we expect its adjusted debt
to increase to nearly EUR3.0 billion in 2023 and EUR3.6
billion-EUR3.8 billion in 2024, from EUR2.7 billion in 2022.

"We anticipate that Allwyn will focus on the integration of its
recent inorganic growth initiatives over the next 12-24 months.
These include the UKNL, a 36.75% stake in Betano and Camelot
Lottery Solutions Group (Camelot US). Although we consider that
some execution risks remain, we expect the group's track record of
successfully integrating new acquisitions to partly mitigate these
risks. Allwyn funded most of the acquisitions using internal cash
or newly issued debt. We acknowledge that Allwyn's entry into new
markets provides it with several benefits and strengthens the
resilience of its future earnings." This is thanks to Allwyn's
presence in solid geographical markets such as the U.K. and the
U.S., the addition of new reasonably long-tail lottery licenses,
and its full ownership of contributors to group-consolidated
earnings.

Allwyn's operating performance could face intensifying regulatory
pressures in key markets. Gambling is inherently exposed to changes
in the regulatory landscape. S&P said, "Over the past 12-18 months,
regulators in some of the group's key geographies--including the
Czech Republic, Italy, and Brazil--have implemented measures that,
in our view, might affect the group's operating performance. In the
Czech Republic, sports betting tax is set to increase to 30% from
23% as of Jan. 1, 2024, albeit we anticipate the impact to be less
than EUR5 million given the relatively small-scale operations. In
Italy, Allwyn's Lottoitalia license expires in 2025, and although
our base-case assumption is that Allwyn will continue to operate
the license together with IGT, we understand that the process is
likely to be competitive, and could result in less favorable
renewal terms and a large cash outflow. Lastly, we expect a new
regulatory framework to be implemented in Brazil in the second half
of 2024, which could affect the Betano operations. Allwyn's other
upcoming license renewals include instant lotteries (2026) and
iGaming (2028) in Greece, and all lottery and iGaming (2027) in
Austria and the Czech Republic."

S&P said, "We acknowledge that Allwyn's performance has
historically exhibited less volatility over economic cycles.
Although no recession in any of Allwyn's operating markets is in
our base case, the slowdown we forecast in 2024 could jeopardize
consumer discretionary spending. Nonetheless, macroeconomic
challenges may only curb Allwyn's expansion rather than cause
declines in revenue and profitability, considering the historic
stability of the group's lottery markets, which typically
experience less volatility over economic cycles.

"However, we expect the inclusion of the U.K. operations in 2024 to
weigh on our estimates of the group's overall proportionate
consolidated revenue and EBITDA and lead to higher leverage over
the next 12-24 months. Allwyn's proportionate revenue and EBITDA
increased to EUR2.4 billion and EUR699 million, respectively, in
2022, while its adjusted leverage declined to 3.8x.

"We anticipate that revenue and EBITDA will expand further in 2023,
toward EUR6.8 billion and EUR800 million-EUR825 million,
respectively. Adjusted leverage should remain broadly stable at
around 3.7x-3.8x, principally owing to the incorporation of the
proportionate cash of Greek subsidiary OPAP at the Allwyn level,
and despite higher gross debt. In 2024, we anticipate that leverage
will increase toward 4.5x, before returning toward 4.0x in 2025."

Allwyn's financial policy of maintaining reported consolidated net
debt to EBITDA below 2.5x allows the group to temporarily exceed
this target if attractive merger and acquisition (M&A)
opportunities come up. Allwyn is a successful consolidator in the
global gaming market with a solid track record. The group's
continued growth suggests that the potential impact of future
acquisitions on the group's overall metrics is likely to gradually
decline. S&P said, "At the same time, we expect dividends to reach
EUR300 million as of year-end 2023. These are at the high end of
Allwyn's stipulated financial policy range of between EUR200
million and EUR300 million annually, at a time when we expect its
leverage to also remain at the high end of its stipulated financial
policy range and its FOCF to be subdued."

S&P said, "At the current ratings, Allwyn has limited flexibility
under its financial policy, although we expect the business to
generate sufficient cash flow in the medium term to support our
deleveraging path expectations. This is despite the fact that we
now net the proportionate cash from OPAP in addition to that from
Casinos Austria AG (CASAG), since Allwyn's direct stake in these
subsidiaries is above 50%."

The ratings on Allwyn reflect the group's enhanced business profile
following numerous acquisitions over the past 12-18 months. Allwyn
has substantially increased its scale, diversification, and overall
competitive position from before the COVID-19 pandemic. This has
resulted in a materially stronger EBITDA base, while the group has
increased its online offering to 35% of gross gaming revenue. The
group's notable geographical and product diversification also helps
it to reduce regulatory risk. Moreover, the group has simplified
its corporate structure markedly and reduced operating-company
priority debt. All of this supports the current ratings.

S&P said, "The negative outlook indicates our expectation that
Allwyn's credit metrics will be weaker than we anticipated in 2024,
with adjusted leverage increasing toward 4.5x, FFO to debt
declining toward 13%-15%, and FOCF to debt of 5%-7%. This is on the
back of Allwyn's recent buyback of Apollo's stake in the group,
higher costs for the U.K. operations, and recent M&A activity."

S&P could lower the ratings if Allwyn's leverage deteriorates more
than it expects in its base case. This could result from
operational headwinds, for example, due to higher costs than S&P
envisages in relation to Allwyn's start of operations of the fourth
UKNL license; regulatory pressures; or earnings falling short of
its expectations.
Accordingly, S&P could consider a downgrade if the group:

-- Failed to sustain adjusted leverage of about 4.5x in 2024, and
subsequently reduce it toward 4.0x, together with an improvement in
FFO to debt toward 20% during 2025; or

-- Saw liquidity deteriorate due to declining cash inflow receipts
at the holding company (holdco) level, resulting in decreasing
coverage of mandatory and fixed charges such as parent-level
interest, amortization, and operating costs.  Specifically, S&P
could consider a downgrade if cash inflows at the holdco level
(namely, dividend income) over outflows (including operating costs,
interest, tax, and scheduled amortizations) declined below 2x on a
sustained basis. In its holdco servicing analysis, S&P would
examine the reasons behind material changes in cash coverage in
conjunction with the relative liquidity availability.

S&P said, "Lastly, we acknowledge that the group's credit metrics
allow little flexibility at the current ratings for sizable M&A
transactions or a pronounced increase in shareholder
distributions.

"We could revise the outlook to stable if Allwyn's earnings
potential solidifies over the next 12 months thanks to its larger
scale, greater diversification, and largely predictable cash flows
emanating from the lottery segment. This would fuel a recovery in
credit metrics, demonstrating a clear path to deleveraging at least
in line with our base case as Allwyn smoothly integrates its recent
acquisitions while continuing to navigate the regulatory
landscape."


DRASLOVKA HOLDING: S&P Affirms 'B' ICR, Outlook Negative
--------------------------------------------------------
S&P Global Ratings affirmed its ratings on Czech chemicals maker
Draslovka Holding at 'B'.

S&P said, "The negative outlook reflects the risk that we could
lower the rating if the recovery in Draslovka's EBITDA and FOCF
were to significantly fall short of our base-case assumptions so
that liquidity deteriorates to less than adequate or leverage fails
to improve to below 9x adjusted debt to EBITDA including PECs
(below 6x excluding PECs) in the next 12 months.

"Despite an improvement from the trough in 2022, EBITDA recovery
and deleveraging in 2023 is below our previous expectation. We
expect Draslovka's S&P Global Ratings-adjusted EBITDA to reach
about $60 million in 2023, up from the $53 million low in 2022,
which is significantly below our previous forecast of a normalized
level of $75 million-$85 million. As a result, leverage will stay
at an elevated level of nearly 9.0x (6.0x-6.5x without PECs) in
2023, in comparison with our previous expectation of 6.5x-7.5x debt
to EBITDA (comfortably below 5.5x without PECs) in 2023. We include
the $150 million preference shares owned by Oaktree, a third-party
financial investor, in our adjusted debt."

Prices for caustic soda prices in the U.S. have continuously been
higher than in other regions and have affected the margin of
Draslovka's sodium cyanide (NaCN) produced at the U.S. site. In
addition, despite an expected recovery of 5%-10% in 2023, NaCN
volumes are below expectations due to softening market conditions
in Latin America and a strike at a mine site of a key customer in
Mexico. To compensate for the drop in offtake volumes, the company
has pushed volumes onto the spot market at prices lower than
contracted levels, further affecting the margins. Furthermore,
hydrogen cyanide (HCN) business also fell short of the budget due
to lower offtake volumes and lower margins stemming from its
dependence on the sole on-site customer. As a result, management
revised down its unadjusted full-year EBITDA guidance for 2023 by
more than 26% to $64.3 million from $87.3 million.

S&P said, "We expect leverage to further improve from 2024,
supported by pronounced licensing income, which is much less
volatile than earnings from the commoditized cyanide-based
chemicals. We anticipate EBITDA to recover to a more normalized
level of $75 million-$80 million in 2024, with our adjusted
leverage swiftly improving to comfortably below 7.5x this year
(clearly below 5.5x without PECs), well in line with our
expectation for the current 'B' rating. We note that Draslovka has
successfully adapted to new trends in the market. Following the
acquisition of the Australia-based Mining & Process Solutions in
2022, the company has been successfully rolling out to its mining
customers the glycine leaching process, an environmentally benign
hydrometallurgical process to leach gold, which can significantly
increase NaCN efficiency, reduce chemicals used in the leaching
process, and reduce to a large extent detoxification costs. License
income from the glycine leaching technology has contributed to
roughly $30 million EBITDA in 2023. We expect this to remain at
least stable in 2024 based on signed contracts with further upside
potential from further roll-out to more customers and mines, which
we have not included in our base case."

In addition, Draslovka has been taking various measures to improve
purchase costs and increase capacity utilization. The company is
addressing the extremely high caustic soda prices through
on-boarding of new suppliers and contract renegotiations. Regarding
HCN, Draslovka has also been in active discussions with the sole
customer to renegotiate the contract to allow for more stable
revenue streams. Combined with the downward trend in raw materials
and supportive gold market conditions, S&P expects volumes and
capacity utilization to further improve in 2024.

S&P said, "FOCF will stay significantly negative in 2023, which we
expect to turn at least neutral in 2024. Still constrained EBITDA,
high capital expenditure (capex) and much-higher-than-expected
working capital outflow led to significantly negative FOCF in 2023,
which we estimate will weaken to negative $60 million-$40 million.
We note that working capital was reduced by roughly $30 million
receivables from licensing income that Draslovka recognized in
fourth-quarter 2023, but will be paid in early 2024. Despite higher
interest costs and potentially higher capex in 2024, we expect FOCF
to turn modestly positive in 2024 thanks to higher EBITDA and a
reverse in working capital. Relatively high capex of $40
million-$50 million during 2022-2025 is driven by the HCN tank farm
project at the U.S. site and numerous right-to-operate campaigns,
which will be completed by 2025. We understand there is some
flexibility to defer capex of $5 million-$10 million to future
years, as seen in 2023."

Despite limited headroom, liquidity should remain adequate, given
shareholders' willingness to provide support, as evidenced by the
continuous equity injection in the past two years. During 2022 and
2023 amid challenging market conditions, equity injection totaled
to about $140 million, which has helped Draslovka to maintain
adequate liquidity. Another $22.5 million is budgeted for 2024. S&P
understands that the shareholder remains committed to providing
further support, if need, in the business transition phase with
temporarily negative FOCF. This should ensure the maintenance of
adequate liquidity and no breach of covenants.

S&P said, "We have assigned a new management and governance (M&G)
assessment of neutral to Draslovka. 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.
Our M&G assessment reflects our view that management and governance
practices are overall neutral for credit risk for Draslovka. The
new M&G assessment has no impact on our rating or outlook on
Draslovka.

"The negative outlook reflects the risk that we could lower the
rating if the recovery in Draslovka's EBITDA and FOCF were to
significantly fall short of our base-case assumptions."

Downside scenario

S&P could lower the rating if:

-- Liquidity deteriorates to less than adequate due to
much-lower-than-expected EBITDA, high growth capex, and large
working capital swings.

-- Leverage remains above 9x adjusted debt to EBITDA including
PECs or above 6x excluding PECs without near-term recovery
prospects.

-- Funds from operations (FFO) interest coverage weakens to below
1.5x without near-term recovery prospects.

-- FOCF remains negative for a prolonged period without prospects
of a swift recovery. This could occur if there is a significant
drop in operating performance due to prolonged low capacity
utilization, major unexpected outages at one of the two production
facilities, loss of key customers, or continuously low activity at
customers' mining operations. It could also happen if there is
material disruption in sourcing key raw materials from its major
suppliers.

Upside scenario

S&P could revise the outlook to stable if:

-- Leverage improves to below 8.0x adjusted debt to EBITDA
including PECs and below 5.5x excluding PECs.

-- The company maintains at least adequate liquidity and can
generate positive FOCF.




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F R A N C E
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EUTELSAT COMMUNICATIONS: Egan-Jones Retains BB+ Sr. Unsec. Ratings
------------------------------------------------------------------
Egan-Jones Ratings Company, on December 22, 2023, maintained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by Eutelsat Communications.

Headquartered in France, Eutelsat Communications own and operates
satellites.




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G E R M A N Y
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DEUTSCHE FACHPFLEGE: Moody's Assigns 'B3' CFR, Outlook Positive
---------------------------------------------------------------
Moody's Investors Service has assigned a B3 corporate family rating
and B3-PD probability of default rating to AI Monet (Luxembourg)
ParentCo S.a.r.l (Deutsche Fachpflege or the company), the top
entity of Deutsche Fachpflege's restricted group. At the same time,
Moody's has assigned a B3 instrument rating to Deutsche
Fachpflege's proposed EUR420 million senior secured term loan B
(TLB), due in 2031, and to the proposed EUR90 million senior
secured revolving credit facility (RCF), due in 2030. The outlook
on all ratings is positive.

The company is looking to refinance its existing debt and fund
transaction fees and expenses, with the proposed instruments, along
with existing cash.

RATINGS RATIONALE

The B3 rating reflects Deutsche Fachpflege's leading position as an
outpatient care provider, with a focus on the highly specialized
intensive care segment in Germany, with good organic growth
prospects, the supportive and mature regulatory framework,
including a continued push to further increment outpatient care
penetration, as the German authorities focus on reducing pressure
on hospitals and in-clinic treatments, and the company's good
quality track record and a proved framework to manage patient
referrals, which are key to increase new patient penetration.

Conversely, the rating is constrained by the company's weak credit
metrics, with an opening Moody's-adjusted gross leverage of 7.1x
for the last twelve months to September 2023, pro forma the new
debt structure. Although Moody's estimates good organic
deleveraging prospects towards 6x over the next 12-18 months, the
rating agency estimates interest coverage (Moody's-adjusted EBITA
to interest expense) of around 1.5x over the next 12-18 months and
limited Moody's-adjusted free cash flow (FCF) generation of around
EUR10 million, over the same period.

Under its ESG framework, Moody's views Deutsche Fachpflege's
financial policy and concentrated ownership, as key governance
risks, and key drivers of the rating action. In particular, the
company has a high tolerance for leverage, while its private equity
fund owner exerts control of the company through its Board.

The rating also considers Deutsche Fachpflege's concentrated
exposure to the German healthcare regulatory framework, which could
hurt earnings in case there are adverse changes. It also considers
the general nurse staffing shortage situation in Germany which has
accentuated since the coronavirus pandemic. Although the company
has a good track record of nurse recruitment and retention and a
general preference of nurses to work in outpatient vs inpatient,
competition to hire nurses in Germany remains high and this creates
downside risk to the company's operating performance. Finally,
although Moody's has not considered any acquisitions during the
next 12-18 months, the agency believes that M&A could continue to
be a growth driver for the company because of its recent history as
a consolidator and the fragmented nature of the industry. This
could delay deleveraging if funded with new debt.

The agency expects the company to grow in the mid-to-high single
digits in percentage terms over the next 12-18 months, driven by
the company's leading position in the outpatient care space in
Germany, which is expected to continue to have patient growth.
Patient growth will be driven by demographic considerations,
increasing prevalence of medical indications, high quality of care,
and increasing penetration of outpatient care, notably from
patients currently taken care of by relatives and moving towards
outpatient care service providers, such as Deutsche Fachpflege.

RATING OUTLOOK

The positive outlook reflects Moody's expectation that Deutsche
Fachpflege's operating performance will continue to be strong over
the next 12-18 months, allowing earnings growth, and that
Moody's-adjusted gross leverage will improve towards 6x, with
continued adequate liquidity, and increasing cash generation. The
outlook assumes that the company will not undertake any major
debt-funded acquisitions or shareholder distributions.

LIQUIDITY

Deutsche Fachpflege's liquidity is adequate supported by EUR8
million of cash expected post-closing of the refinancing, access to
its new EUR90 million RCF, expected to be undrawn at closing, and
Moody's expectations of positive Moody's-adjusted FCF over the next
12-18 months. Moody's anticipates limited working capital
requirements and has assumed total capital expenditure at around 2%
of revenue, over the next 12-18 months.

The RCF includes a springing senior secured net leverage covenant
set at 8.5x, tested only when, subject to certain exclusions, the
RCF is drawn above 40%. Moody's estimates sufficient headroom in
the covenant in case the RCF is used.

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

Upward pressure could arise if Deutsche Fachpflege's operating
performance remains strong, leading to earnings growth and a
Moody's-adjusted debt to EBITDA below 6x on a sustained basis; and
if its Moody's-adjusted FCF to debt improves towards 5%; and if its
Moody's-adjusted EBITA to interest expense increases sustainably
above 2x.

Conversely, downward pressure could develop if operating
performance deteriorates, which could be a result of significant
shift in the regulatory environment for outpatient care in Germany;
or if its Moody's-adjusted debt to EBITDA increments above 7x on a
sustained basis; or if its Moody's-adjusted FCF turns negative
sustainably or liquidity deteriorates; or if its Moody's-adjusted
EBITA to interest expense declines towards 1x.

STRUCTURAL CONSIDERATIONS

The B3 rating of the senior secured term loan B and RCF, in line
with the CFR, reflects their pari passu ranking in the capital
structure and the upstream guarantees from material subsidiaries of
the company. The B3-PD PDR, in line with the CFR, reflects Moody's
assumption of a 50% family recovery rate, typical for bank debt
structures with a limited or loose set of financial covenants.

COVENANTS

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

Guarantor coverage will be at least 80% of consolidated EBITDA
(determined in accordance with the agreement) of wholly owned
members of the Group incorporated in Australia, Canada, any member
state of the EU, Switzerland, the UK and the US and will include
all companies incorporated in those jurisdictions which represent
more than 5% of consolidated EBITDA. Security will be granted over
shares of Material Subsidiaries and certain material intercompany
loans.

Among other permissions, thresholds and baskets, unlimited pari
passu debt is permitted up to opening senior secured net leverage
ratio (SSNLR) of 4.00x and unlimited unsecured debt is permitted
subject to a 5.25x total net leverage ratio or a 2.00x fixed charge
coverage ratio. Any permitted indebtedness may, among other
instruments, be made available as an incremental facility. Among
other permissions, thresholds and baskets, restricted payments are
permitted if the SSNLR is 3.25x or lower, and restricted
investments are permitted if SSNLR is 4.00x or lower. Subject to
certain exceptions, asset sale proceeds are only required to be
applied in full to repay debt or reinvest in the Company where
total leverage is 3.75x or greater.

Adjustments to consolidated EBITDA include the full run rate of
cost savings and synergies, capped at 25% of consolidated EBITDA
and believed to be realisable within 24 months.

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

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Deutsche Fachpflege is an outpatient service platform in Germany
offering care services in the intensive and non-intensive segments
at clients' home and in care communities, and is the largest care
provider of specialized outpatient intensive care in Germany,
according to the company. The company expects to generate revenue
of over EUR630 million and company-adjusted EBITDA of EUR90 million
for the last twelve months to December 2023. Deutsche Fachpflege
has been owned by Advent International since 2018.


KADEWE: Files for Administration
--------------------------------
Sam Jones at The Financial Times reports that KaDeWe, Germany's
most famous and exclusive department store, filed for
administration on Jan. 29, becoming the latest casualty of Rene
Benko's crumbling property empire.

According to the FT, management of the 116-year-old Berlin
institution said that despite booming sales they could not afford
to pay rising rents demanded by the Signa Group and the business
needed urgent restructuring.

Signa co-owns the KaDeWe operating company with Thailand's Central
Group, but it separately owns the KaDeWe building.  The steep
increase in the valuation of the building under Signa's ownership
was justified by the rents that could be squeezed from its captive
tenant, the FT discloses.


SIGNA HOLDING: Faces EUR3.5BB More in Claims
---------------------------------------------
Sam Jones at The Financial Times reports that in Vienna on Jan. 29,
the administrator for the group's central company, Signa Holding,
said it was facing EUR3.5 billion more in claims from creditors
than previously disclosed.

According to the FT, Christof Stapf, who took control of Signa
Holding last week after a restructuring by management failed, told
creditors that in total, 302 parties had listed outstanding debts
of more than EUR8.6 billion.  The company's management said in its
insolvency filing on Nov. 29 that it expected claims totalling
about EUR5.1 billion, the FT relates.

The claims lodged include EUR713 million from the UAE's Mubadala
and EUR279 million from Qatar's AM1, and EUR1.6 billion that other
Signa group entities said was transferred to the central holding
company in the run-up to its collapse, the FT notes.

Presenting his findings to creditors, Mr. Stapf said he intended to
dispute almost all of the debts, according to a readout of the
meeting seen by the FT.

In particular, he said he would refuse to recognise the claims made
by other Signa group entities, the FT relays.

Those include the two other holding companies Signa Development and
Signa Prime, which owns the KaDeWe building, the FT states.
Management and separate administrators at the two companies are
rushing to monetise assets to pay off their own lenders, the FT
discloses.

Mr. Stapf's decision is likely to greatly complicate their efforts,
the FT says.

Signa Development transferred hundreds of millions in cash to other
Signa entities in the past year, which the company's management
said at the time were "ordinary  . . . business cash
management operations", according to the FT.

Creditors have been left dumbfounded at the absence of cash on its
balance sheet despite large asset sales in the past year. The FT
reported last week that the company also transferred more than
EUR300 million to non-Signa group entities controlled by Benko's
family foundation.

"Co-ordination with the other insolvency administrators of the
Signa group in the form of a cross-group steering committee was not
possible due to the different interests, despite considerable
efforts by the insolvency administrator of the holding company,"
Mr. Stapf told creditors on Jan. 29.




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OPAP SA: S&P Affirms 'BB' LongTerm ICR & Alters Outlook to Neg.
---------------------------------------------------------------
S&P Global Ratings revised its rating outlook on OPAP S.A. to
negative from stable and affirmed its 'BB' long-term issuer credit
rating.

The negative outlook reflects that Allwyn's leverage will notably
increase and cash generation will remain subdued over the next 12
months. Stand-alone, S&P expects OPAP will continue to exhibit a
solid operating performance over the next 12 months, supported by a
solid balance sheet and cash flow generation in a defensive
business model.

S&P said, "On Jan. 26, 2024, we revised our rating outlook on
Allwyn International s.a. (Allwyn) to negative from stable and
affirmed our 'BB' ratings. The action captures our forecast that
Allwyn's credit metrics will notably weaken in 2024 from our
previous estimates--partly due to increased debt to EBITDA and the
slower than anticipated ramp-up of its U.K. operations.

"Our rating on OPAP S.A. is constrained by that on Allwyn, OPAP's
parent company.

"The rating action on OPAP mirrors that on its parent. We
anticipate Allwyn's debt to EBITDA will markedly increase which,
alongside the operating challenges the group faces in the U.K.,
leads us to anticipate a temporary deterioration in Allwyn's credit
metrics to levels weaker than our previous estimates. In addition,
the group's credit metrics allow limited flexibility at the current
rating level for any sizable mergers and acquisitions (M&A) or a
pronounced increase in shareholder distributions. That said, we
also recognize the group's business profile has strengthened,
thanks to Allwyn's significant M&A over the past year and its
expansion into solid and stable new geographies.

"OPAP continues to generate strong earnings and healthy free
operating cash flow, supported by solid market positions and a
defensive business model. We expect OPAP's credit metrics to remain
solid over the next 12 months. This is despite its announced EUR150
million share-buyback program, the Hellenic Competition
Commission's fine, and overall increased operating expenditure to
support operations and growth initiatives. In our base case we do
not assume the group will make any material debt-funded
acquisitions, and we think it will have an ample cushion
considering our forecast of 1x leverage compared with our 3x
threshold for the 'BB' rating. We expect the solid Greek sovereign
momentum to also support operating growth. Looking ahead to 2024,
we expect OPAP's topline to be driven by recent initiatives and
product launches, including the OPAP store app, its iLottery
proposition, video lottery terminal upgrades, and the new
Eurojackpot anticipated to launch by first-quarter 2024, among
others. As a result, we anticipate topline growth of 6%-8% and
adjusted EBITDA of EUR740 million-EUR750 million in 2024.

"Overall, we acknowledge OPAP's solid market positions, including
exclusivity within retail and No. 1 online player with over 60%
market share, further supported by a defensive business model and
favorable industry dynamics. OPAP has continued to grow its
customer base and increase its online player engagement levels, all
of which should help pave the way for further growth.

"In our view, the Hellenic Competition Commission's EUR24.5 million
fine will only slightly reduce OPAP's financial position. The
commission ruled that OPAP had abused its monopolistic position in
the Greek market for auxiliary (nongaming) services. We understand
the decision was not unanimous, and that it relates to secondary
services--such as bill payments and mobile top-ups that OPAP's
agencies offer. These services are available in OPAP's stores
alongside its core gaming offerings, and, as such, do not relate to
its core operations. We view the fine as immaterial to the rating.
We also assume OPAP that will legally challenge the decision.
Nonetheless, although not in our base case, we cannot ignore the
possibility of additional legal action by other parties.
Furthermore, OPAP's next big license renewals are not until 2026
(for instant and passives), 2030 (lottery, betting, and online),
and 2035 (video lottery terminals). We understand the renewal
process is independent to and not influenced by the fine and
allegations. Additionally, OPAP is an important tax contributor
(about 1.5% of Greece's total GDP), making it of strategic
importance to the country.

"We cap our long-term issuer credit rating on OPAP at the level of
that on Allwyn. Allwyn holds about 50.1% of OPAP's issued share
capital. We assess OPAP's stand-alone credit profile (SACP) at
'bb+'. Despite its sizable free float, we do not see OPAP as
insulated from Allwyn, considering the latter's controlling
majority shareholding position and that no shareholder, other than
Allwyn-controlled entities, owns more than 5% of OPAP's share
capital. Allwyn relies heavily on OPAP's cash flow, consolidates
OPAP into its own audited accounts (based on its controlling
position), and nominates representation to OPAP's board of
directors. This constrains our long-term rating on OPAP due to the
group credit profile cap, leading the issuer credit rating to be
'BB', one notch lower than the SACP.

"The negative outlook reflects that leverage at OPAP's parent,
Allwyn, will notably increase and cash generation will remain
subdued over the next 12 months as a result of increased gross debt
and the slower than anticipated ramp-up of its U.K. operations.
Stand-alone, we expect OPAP will continue to exhibit a solid
operating performance over the next 12 months. We forecast S&P
Global Ratings-adjusted leverage will remain comfortably below
1.5x, and funds from operations (FFO) to debt above 60%."

S&P could lower the rating on OPAP if:

-- Allwyn's S&P Global Ratings-adjusted leverage metrics fails to
improve toward 4.0x and FFO to debt stays below 20% for a sustained
period without a clear deleveraging path;

-- OPAP drastically underperforms S&P's forecast leading it to
conclude its competitive position is eroding, such that adjusted
leverage is over 3x and free operating cash flow (FOCF) to debt is
below 25%;

-- Liquidity deteriorates at Allwyn or OPAP because of declining
cash flow generation or a decline in cash inflow receipts at the
holding company level; or

-- OPAP's financial policies unexpectedly become more aggressive,
such that the group decides to fund shareholder renumeration or
material acquisitions with debt.

S&P said, "We could revise the outlook to stable if Allwyn shows a
clear path to deleveraging its balance sheet to at least in line
with our base case. This would need to be accompanied by OPAP's
strong operating performance in line with our base case, leading to
an S&P Global Ratings-adjusted leverage below 2.0x, FFO to debt
above 45%, and adequate liquidity."




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

FIDELITY GRAND 2023-2: S&P Assigns Prelim. 'B-' Rating on F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Fidelity Grand Harbour CLO 2023-2 DAC's class A, B-1, B-2, C, D, E,
and F notes and class A delayed draw loan. At closing, the issuer
will also issue unrated subordinated notes.

The class A notes are split into notes and a delayed draw loan.

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 payment.

This transaction has a 1.5 year non-call period and the portfolio's
reinvestment period will end approximately 4.5 years after
closing.

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

-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds 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.

  Portfolio benchmarks
                                                       CURRENT

  S&P Global Ratings weighted-average rating factor   2,838.75

  Default rate dispersion                               581.11

  Weighted-average life (years)                           4.26

  Obligor diversity measure                             123.92

  Industry diversity measure                             17.70

  Regional diversity measure                              1.27

  Weighted-average life (years) extended
  to cover the length of the reinvestment period          4.56


  Transaction key metrics
                                                       CURRENT

  Total par amount (mil. EUR)                           400.00

  Defaulted assets (mil. EUR)                                0

  Number of performing obligors                            132

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

  'CCC' category rated assets (%)                         2.38

  'AAA' target portfolio weighted-average recovery (%)   37.84

  Target portfolio weighted-average spread (%)            4.32

  Target portfolio weighted-average coupon (%)            4.40


Rating rationale

S&P said, "Our preliminary ratings reflect our assessment of the
preliminary collateral portfolio's credit quality, which has a
weighted-average rating of 'B'. We consider that the portfolio will
primarily comprise broadly syndicated speculative-grade senior
secured term loans and senior secured bonds. Therefore, we
conducted our credit and cash flow analysis by applying our
criteria for corporate cash flow CDOs.

"In our cash flow analysis, we modelled the EUR400 million par
amount, the covenanted weighted-average spread of 4.20%, the
covenanted weighted-average coupon of 4.50%, and the actual
weighted-average recovery rates. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

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

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

"At closing, we consider that the transaction's legal structure
will be bankruptcy remote, in line with our legal criteria.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B-1 to F notes could withstand
stresses commensurate with higher ratings than those we have
assigned. However, as the CLO is still in its reinvestment phase,
during which the transaction's credit risk profile could
deteriorate, we capped our assigned preliminary ratings on these
notes. The class A notes can withstand stresses commensurate with
the assigned preliminary rating.

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

Environmental, social, and governance

S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector. Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average. For
this transaction, the documents prohibit assets from being related
to the following industries: controversial weapons, conventional
weapons, firearms, tobacco and tobacco-related products, fraudulent
and coercive loan origination and/or highly speculative financial
operations. Accordingly, since the exclusion of assets from these
industries does not result in material differences between the
transaction and our ESG benchmark for the sector, no specific
adjustments have been made in our rating analysis to account for
any ESG-related risks or opportunities."

Fidelity Grand Harbour CLO 2023-2 DAC is a European cash flow CLO
securitization of a revolving pool, comprising euro-denominated
senior secured loans and bonds issued mainly by speculative-grade
borrowers. FIL Investments International will manage the
transaction.

  Ratings list

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

  X         AAA (sf)     2.00       N/A    Three/six-month EURIBOR

                                           plus 0.50%

  A         AAA (sf)   198.00     38.00    Three/six-month EURIBOR

                                           plus 1.55%

  A-loan    AAA (sf)    50.00     38.00    Three/six-month EURIBOR

                                           plus 1.55%

  B-1       AA (sf)     29.00     27.00    Three/six-month EURIBOR

                                           plus 2.15%

  B-2       AA (sf)     15.00     27.00    5.50%

  C         A (sf)      24.00     21.00    Three/six-month EURIBOR

                                           plus 2.65%

  D         BBB- (sf)   26.00     14.50    Three/six-month EURIBOR

                                           plus 4.20%

  E         BB- (sf)    18.00     10.00    Three/six-month EURIBOR

                                           plus 6.64%

  F         B- (sf)     12.00      7.00    Three/six-month EURIBOR

                                           plus 8.21%
  
  Sub. Notes    NR      34.50       N/A    N/A

*S&P's preliminary ratings address timely payment of interest and
ultimate principal on the class A, B-1, and B-2 notes and the class
A delayed draw loan, and ultimate interest and principal on the
class C, D, E, and F notes.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.


ICG EURO 2023-2: S&P Assigns B-(sf) Rating on Class F Notes
-----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to ICG Euro CLO
2023-2 DAC's class X, A-1, A-2, B-1, B-2, C, D, E, and F notes. At
closing, the issuer also issued EUR26.00 million of unrated class Z
and subordinated notes.

Under the transaction documents, the rated notes 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 four years after
closing.

S&P said, "We performed our analysis on the portfolio provided to
us by the manager. We consider that on the effective date, the
portfolio will be well-diversified, primarily comprising broadly
syndicated speculative-grade senior secured term loans. Therefore,
we have conducted our credit and cash flow analysis by applying our
criteria for corporate cash flow CDOs."

  Portfolio Benchmarks

  S&P Global Ratings weighted-average rating factor      2951.53

  Default rate dispersion                                 510.33

  Weighted-average life (years)                             4.42

  Obligor diversity measure                                81.45

  Industry diversity measure                               22.99

  Regional diversity measure                                1.28

  Weighted-average rating                                      B

  'CCC' category rated assets (%)                           2.16

  'AAA' weighted-average recovery rate                     36.24

  Floating-rate assets (%)                                 92.56

  Actual weighted-average spread (net of floors; %)         4.68


S&P said, "In our cash flow analysis, we used the EUR400 million
target par amount, a weighted-average spread of 4.60, and the
actual portfolio's weighted-average recovery rates. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B to E notes could withstand
stresses commensurate with higher ratings than those we have
assigned. However, the CLO benefits from a reinvestment period
until Jan. 26, 2028, during which the transaction's credit risk
profile could deteriorate, subject to CDO monitor results. We have
therefore capped our ratings assigned to the notes."

Elavon Financial Services DAC is the bank account provider and
custodian. The account bank and custodian's documented replacement
provisions are in line with our counterparty criteria for
liabilities rated up to 'AAA'.

S&P said, "Under our structured finance sovereign risk criteria,
the transaction's exposure to country risk is sufficiently
mitigated at the assigned ratings.

"We consider the issuer to be bankruptcy remote, in accordance with
our legal criteria.

"The CLO is managed by Intermediate Capital Managers Ltd. Under our
"Global Framework For Assessing Operational Risk In Structured
Finance Transactions," published on Oct. 9, 2014, the maximum
potential rating on the liabilities is 'AAA'.

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A to E notes
to 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."

S&P Global Ratings' document review score

To help assess the relative strength of documentation across
European CLO transactions, the S&P Global Ratings' document review
score focuses on 15 CLO document parameters that, in S&P's view,
may affect CLO performance.

Each component score provides an assessment of how conservative the
parameter is using predefined terms. The scores range from 1 (more
conservative) to 3 (less conservative).

Environmental, social, and governance

S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector. Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average." For
this transaction, the documents prohibit assets from being related
to certain activities, including, but not limited to the
following:

-- Weapons of mass destruction, including radiological, nuclear,
biological and chemical weapons;

-- Tobacco production such as cigars, cigarettes, e-cigarettes,
smokeless tobacco, dissolvable and chewing tobacco or any obligor
that is classified as "tobacco";

-- Predatory or payday lending;

-- Pornographic materials or content, or prostitution-related
activities;

-- Trading in endangered or protected wildlife;

-- Trading of illegal drugs or narcotics;

-- Any obligor that is an electrical utility where carbon
intensity is greater than 100g CO2/kWh;

-- Any obligor that derives more than 50% of its revenue from the
trade in hazardous chemicals, pesticides, waste, or ozone-depleting
substances;

-- Any obligor where more than 10% of its revenue is derived from
weapons, tailormade components, or civilian firearms;

-- Any obligor that generates more than 1% of revenues from
thermal coal or coal based power generation, oil sands, or fossil
fuels from unconventional sources; or

-- Any obligor that is an oil and gas producer that derives less
than 40% of its revenue from natural gas or renewables, or that has
reserves of less than 20% deriving from natural gas.

Accordingly, since the exclusion of assets from these industries
does not result in material differences between the transaction and
S&P's ESG benchmark for the sector, no specific adjustments have
been made in its rating analysis to account for any ESG-related
risks or opportunities.

  Ratings List

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

  X         AAA (sf)       2.50       3mE + 0.65%        N/A

  A-1       AAA (sf)     240.00       3mE + 1.73%      40.00

  A-2       AAA (sf)       6.00       3mE + 1.98%      38.50

  B-1       AA (sf)       35.00       3mE + 2.75%      28.00

  B-2       AA (sf)        7.00       6.20%            28.00

  C         A (sf)        24.80       3mE + 3.70%      21.80

  D         BBB- (sf)     27.20       3mE + 5.20%      15.00

  E         BB- (sf)      17.80       3mE + 7.64%      10.55

  F         B- (sf)       11.80       3mE + 9.58%       7.60

  Sub notes    NR         26.00          N/A             N/A
(including class Z notes)

EURIBOR--Euro Interbank Offered Rate.
3mE--Three-month EURIBOR.
NR--Not rated.
N/A--Not applicable.


PALMER SQUARE 2022-2: S&P Assigns B-(sf) Rating on Class F-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Palmer Square
European CLO 2022-2 DAC's class A-R, B-R, C-R, D-R, E-R, and F-R
notes. At closing, the issuer also issued unrated subordinated
notes.

Under the transaction documents, the rated notes will pay quarterly
interest unless there is a frequency switch event. Following this,
the notes will switch to semiannual payment.

The transaction has a 1.5 year non-call period and the portfolio's
reinvestment period will end approximately 4.5 years after
closing.

The assigned 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 Global Ratings weighted-average rating factor    2,741.99

  Default rate dispersion                                555.87

  Weighted-average life (years)                            4.19

  Weighted-average life (years) extended to
  cover the length of the reinvestment period              4.47

  Obligor diversity measure                              150.33

  Industry diversity measure                              25.12

  Regional diversity measure                               1.37


  Transaction key metrics
                                                        CURRENT

  Total par amount (mil. EUR)                            400.00

  Defaulted assets (mil. EUR)                                 0

  Number of performing obligors                             183

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

  'CCC' category rated assets (%)                          0.93

  'AAA' weighted-average recovery (%)                     36.53

  Actual weighted-average spread (%)                       4.00

  Actual weighted-average coupon (%)                       3.94

Rating rationale

S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'. We consider that the portfolio primarily comprises broadly
syndicated speculative-grade senior secured term loans and senior
secured bonds. Therefore, we 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 par amount,
the covenanted weighted-average spread of 3.75%, the covenanted
weighted-average recovery rate at 'AAA' of 35.53%, and actual
weighted-average recovery rates for all other rated notes. 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.

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

"We consider that the transaction's legal structure is bankruptcy
remote, in line with our legal criteria.

"Our credit and cash flow analysis indicate that the available
credit enhancement for the class B-R to F-R notes could withstand
stresses commensurate with higher rating levels than those
assigned. However, as the CLO is still in its reinvestment phase,
during which the transaction's credit risk profile could
deteriorate, we capped our assigned ratings.

"The class A-R notes can withstand stresses commensurate with the
assigned ratings. Our ratings on the class A-R and B-R notes
address timely payment of interest and ultimate payment of
principal, while our ratings on the class C-R to F-R notes address
the ultimate payment of interest and principal.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that the ratings assigned
are commensurate with the available credit enhancement for all
classes of notes.

"In addition to our standard analysis, to indicate 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-R to E-R 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-R notes."

Environmental, social, and governance credit factors

S&P said, "We regard the transaction's exposure to environmental,
social, and governance (ESG) credit factors as broadly in line with
our benchmark for the sector. Considering the diversity of the
assets within CLOs, the exposure to environmental credit factors is
viewed as below average, social credit factors are below average,
and governance credit factors are average.

"For this transaction, the documents prohibit assets from being
related to activities in violation of "The Ten Principles of the UN
Global Compact" and activities having corporate involvement in the
end manufacture or manufacture of intended use components of
biological and chemical weapons, anti-personnel land mines, or
cluster munitions (as defined in the Biological and Toxin Weapons
Convention of 1972, the Chemical Weapons Convention of 1993, the
Anti-personnel Landmines Convention of 1997, and/or the Convention
on Cluster Munitions of 2010). Accordingly, since the exclusion of
assets from these industries does not result in material
differences between the transaction and our ESG benchmark for the
sector, no specific adjustments have been made in our rating
analysis to account for any ESG-related risks or opportunities."

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

  A-R       AAA (sf)      240.00    40.00     Three-month EURIBOR
                                              plus 1.60%

  B-R       AA (sf)        48.00    28.00     Three-month EURIBOR
                                              plus 2.50%

  C-R       A (sf)         24.00    22.00     Three-month EURIBOR
                                              plus 3.00%

  D-R       BBB- (sf)      26.00    15.50     Three-month EURIBOR
                                              plus 4.00%

  E-R       BB- (sf)       15.00    11.75     Three-month EURIBOR
                                              plus 6.59%

  F-R       B- (sf)        10.00     9.25     Three-month EURIBOR
                                              plus 8.15%

  Sub notes   NR           45.60      N/A     N/A

*The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.




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

DEUTSCHE FACHPFLEGE: S&P Assigns Prelim. 'B' LongTerm ICR
---------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B' long-term issuer
credit rating to Ai Monet (Luxembourg) ParentCo S.A R.L., the
parent company of outpatient care provider Deutsche Fachpflege
Gruppe, and preliminary 'B' issue rating to the proposed first-lien
TLB, with a '3' recovery rating indicating its expectation of
meaningful recovery (45%-50%, rounded estimate: 50%) in the event
of a default.

The stable outlook reflects S&P's view that Deutsche Fachpflege
will successfully continue to grow its sales and EBITDA,
translating into debt to EBITDA anchored below 7.0x expected at
5.6x, as well as generate positive free operating cash flow (FOCF)
over the next 12 months.

Deutsche Fachpflege is the No.1 outpatient intensive care service
platform in Germany and benefits from increasing demand from an
ageing population and high unmet needs. It is the leading
outpatient intensive care service platform in Germany, well
positioned to benefit from expected market growth. Consensus from
sectorial reports estimated that the group's addressable market in
Germany, outpatient market, size in 2022 was approximately EUR31.6
billion including EUR4.9 billion of specialized outpatient
intensive care segment. It is expected to expand at a compound
annual growth rate of 9% of the outpatient non-intensive care
(market size: EUR26.5 billion) and 10% of the outpatient intensive
care (market size: EUR5.2 billion) over 2022-2027. The population
in Germany of those older than 65, regulatory shift to
out-of-clinic care (outpatient model), and higher unmet patient
demand support the structural long-term growth of the underlying
market potential. Additionally, the group's position is protected
by high barriers to entry and regulatory requirements coupled with
qualified staff that prevent the entrance of new players and limit
competition.

The nature of the patients, most of whom have critical illnesses,
as well as Deutsche Fachpflege's ability to retain and attract
specialized nurses, gives the company significant customer loyalty
and stickiness. Deutsche Fachpflege's outpatient intensive care
business serves around 8% of Germany's outpatient intensive care
patients. The group offers care services in the intensive and
non-intensive segment at clients' homes and in care communities.
Deutsche Fachpflege cares for about 8,500 patients with 12,000
employees, with 80% of staff being qualified nurses. The patients
include around 2,000 intensive care patients whose vital functions
and ventilation must be monitored using technical devices. Patients
are usually cared for 16-24 hours per day. The outpatient market
also benefits from changes in patient preferences, and a large
unmet demand, with more than 50% of patients still being treated by
relatives rather than by outpatient facilities.

Deutsche Fachpflege operates in a fragmented outpatient market but
remains strongly concentrated in Germany. Germany's outpatient
intensive care market is fragmented, with the top six players
holding nearly 25% of the market, while the remaining 75% market
share is occupied by about 1,000 operators. This offers Deutsche
Fachpflege the chance to rapidly expand and bodes well for industry
consolidation. Deutsche Fachpflege has already taken advantage of
its leading position to engage in multiple bolt-on mergers or
acquisitions to consolidate the market. Over last four years,
Deutsche Fachpflege successfully completed over 38 acquisitions,
adding 1,170 care patients, and 80 intensive care patients during
2022 alone. Although we see Germany as a stable market with a
transparent regulatory and reimbursement framework, we believe
reliance on funding by the German statutory health insurance (SHI),
which accounts for about 80% of the group's revenue base, subjects
the group to political and budgetary risks. The group has a strong
payor management team swiftly negotiating reimbursement rates.

S&P said, "We believe the group will undertake limited inorganic
growth; rather mainly fuel its future growth with a strong focus on
organic growth. We expect Deutsche Fachpflege will continue to
prioritize an acquisitive growth strategy to further consolidate
the market, financed with a mix of cash generation and debt
issuance. However, we do not anticipate that the management team
will aggressively build leverage to fund acquisitions, instead
focusing on bolt-on acquisitions. As a result, we anticipate
gradual deleveraging with S&P Global Ratings-adjusted leverage
falling below 6x over 2024 and 2025 driven by expansion of the
EBITDA base.

"We anticipate Deutsche Fachpflege will witness organic growth of
6% over 2024-2025 and focus on efficiency measures and cost
discipline to expand its S&P Global Ratings-adjusted EBITDA margin
progressively to 15% by 2025.We anticipate Deutsche Fachpflege will
post an EBITDA margin slightly above 12% for 2023, although 100
basis points lower than the 2022 margin, driven by expenses linked
to higher scale and cost structure governed by higher personnel
expenses. Given the structural shortage of medical staff in Germany
and critical importance of attracting and retaining talent for
hospital operators, we believe wages will continue to restrain
immediate expansion of the group's operating profitability.
However, we believe the group will establish cost savings, as well
as derive synergies from integration, to help gradually improve
margins to 15% over 2024-2025. We estimate that in 2024, lease
payments will total around EUR29 million, or roughly 30% of
Deutsche Fachpflege's EBITDA, reflecting the asset-light nature of
the business. Despite increased lease rentals (averaging 2.1% over
the last two years), Deutsche Fachpflege's fixed-charge coverage
will be about 1.8x over 2024-2025, benefitting from an improving
EBITDA base."

Modest FOCF generation and improving profitability will drive the
deleveraging trend, pushing it below 7x over 2025. The group will
use the proposed EUR420 million senior secured TLB to repay
existing debt and simplify the capital structure. S&P said, "We
expect S&P Global Ratings-adjusted leverage will reduce to 6.6x in
2023 and remain below 6.0x over 2024-2025, down from 7.7x in
December 2022. The progressive deleveraging that we expect under
our base case results from improvements in EBITDA. Our adjusted
debt figure includes all debt instruments on the balance sheet,
EUR140 million-EUR150 million of lease liabilities, and negligible
factoring lines outstanding." FOCF generation will remain modest at
about EUR40 million-EUR45 million over 2024-2025, implying limited
working capital investments and stable capital expenditure (capex)
requirements.

The final ratings will depend on satisfactory review of all final
documentation and final terms of the proposed TLB. The preliminary
ratings should therefore not be construed as evidence of final
ratings. If S&P does not receive final documentation within a
reasonable time, or if the final documentation and final terms of
the proposed TLB depart from the materials and terms reviewed, it
reserves the right to withdraw or revise the ratings. Potential
changes include, but are not limited to, utilization of the
proceeds, maturity, size and conditions of the facilities,
financial and other covenants, security, and ranking.

S&P said, "The stable outlook reflects our view that Deutsche
Fachpflege will successfully continue to grow its sales and EBITDA,
as well as generate positive FOCF in the next 12 months. In our
base-case forecast, we foresee the S&P Global Ratings-adjusted
EBITDA margin at around 15%, leverage at 5.6x in 2024 including
company shareholder loans (preferred equity certificates), and
funds from operations (FFO) cash interest coverage above 2.0x."

Downside scenario

S&P could take a negative rating action if it saw weaker earnings
generation or greater volatility in margins from operational or
integration issues than it anticipates in its base case, or on the
back of increased competition translating into one of the
following:

-- S&P Global Ratings-adjusted leverage of above 7x;

-- Fixed-charge coverage approaching 1.5x on a sustained basis;
or

-- Protracted negative FOCF generation.

Additionally, any large debt-funded acquisitions leading to
leverage increasing above 7x on a permanent basis could also
trigger downward pressure on the rating.

Upside scenario

S&P could raise the rating if the group:

-- Demonstrated continuous strong growth in sales, EBITDA, and
FOCF generation;

-- Fostered a prudent financial policy maintaining S&P Global
Ratings-adjusted debt to EBITDA below 5x, including a commitment to
keep leverage at this level; and

-- Fostered a prudent financial policy supportive of a 'B+'
rating.

S&P said, "Environmental, social and governance factors are a
neutral consideration in our credit analysis of Deutsche
Fachpflege. From a social point of view, Deutsche Fachpflege is
focusing on the well-being of its patients and has high standards
in place to track the quality of its services. Additionally, the
group focuses on the well-being and work-life balance of its
employees, offering better working conditions than hospitals. The
group was selected as employer of choice among outpatient intensive
care providers with the highest net promotor score compared with
peers."




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

PLACIN SARL: S&P Discontinues 'B' LongTerm Issuer Credit Rating
---------------------------------------------------------------
S&P Global Ratings discontinued its 'B' long-term issuer credit
rating on Spanish berry breeder Placin S.a.r.l. (Planasa) and the
'B' issue rating on its EUR195 million term loan B. The outlook on
Planasa was stable at the time of the discontinuance. This follows
the full repayment of the company's debt after its takeover by
Germany-based firm EW Group, signed on Sept. 11, 2023.




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

BULLITT GROUP: Enters Administration, 100 Jobs Affected
-------------------------------------------------------
Mobile News reports that rugged handset specialist Bullitt Group
has gone into administration with the loss of 100 jobs after a
critical planned restructuring failed.

Mobile News understands 100 staff were let go on Jan. 26 after the
plan to move them across to a new company failed, and that none of
them had been paid for two months.

The collapse also leaves users without warranty protection on their
devices, Mobile News notes.

According to Mobile News, The Telegraph reported earlier this month
that Bullitt's satellite connectivity business and 100 employees
would be transferred to a new company owned by its creditors.

A source close to the company told Mobile News that it was not
surprising that Bullitt had called in administrators.

"They haven't brought out any new products to market except
satellite messaging.  Their staple line hasn't changed in years.
There has been no investment in any new devices apart from the CAT
s75.  I suspect the owners no longer wanted to be involved in that
business, They now want to concentrate on satellite text messaging
but where is the money in that? Is it just for people who climb
mountains?"

"The whole satellite message thing is dead in the water."

Since 2009, Bullitt Group has specialised in designing and
manufacturing rugged smartphones and it is known for producing
rugged smartphones under various brand partnerships, such as CAT,
Land Rover, and Motorola.


FETCH.AI: Financial Difficulties Prompt Administration
------------------------------------------------------
Simon Hunt and Daniel O'Boyle at Evening Standard report that tech
firm Fetch.ai has been put into administration, the company
revealed on Jan. 31.

According to Evening Standard, advisors to the Suffolk-based
business, which is the firm behind the Fetch.ai crypto token, said
it "ran into financial difficulties towards the end of 2023" and
appointed administrators in order "to find urgent rescue capital or
to secure a sale of the shares, business and/or assets."

FET, the Fetch.AI crypto token, has a market cap of more than half
a billion dollars and around US$50 million in daily trading volume
according to CoinMarketCap.  It was launched by the founders of the
business in 2017 and "powers its internal economy" with "Fetch.ai
users spending FET to consume services within the platform."

In its most recent accounts, Fetch posted a loss of GBP16.7 million
and wrote down the value of its assets by GBP231 million following
a plunge in the value of FET between 2021 and 2022, Evening
Standard discloses.

It is understood that the token is not owned by the company and
will not be directly impacted by the administration process,
Evening Standard notes.

Fetch.ai entered into administration last week, Evening Standard
relays, citing a filing on the Gazette insolvency noticeboard.  It
was subsequently bought by a consortium made up of the firm's
founders, known as Assmbl.ai, according to administrators ReSolve
who said the founders put forward "the best offer."

"After a wide marketing campaign, we are pleased to have achieved a
sale of the business and assets of Fetch.AI, which is in the best
interests of the creditors," Evening Standard quotes ReSolve
partner Ben Woodthorpe as saying.

"With the rapid developments currently taking place in the world of
artificial intelligence, there is great scope for the business to
thrive over the coming years."

In a statement posted online, Fetch.ai said the move was part of a
restructure aimed at shifting operations to Dubai.


HARTLEY PENSIONS: FSCS to Pay SIPP Members' EAC
-----------------------------------------------
Sahar Nazir at Professional Adviser reports that the Financial
Services Compensation Scheme (FSCS) has reversed its decision and
extended support to Hartley self-invested personal pension (SIPP)
clients facing administration charges.

The SIPP operator, which also manages a small number of small
self-administered schemes (SSAS), went into administration in
August 2022 at the request of the Financial Conduct Authority and
is under investigation by the FSCS, Professional Adviser recounts.

According to Professional Adviser, the FSCS previously said it
would not pay the charges but decided on Jan. 29 that it would pay
the exit and administration charge (EAC) after it "obtained and
considered further evidence".  It previously said the charges were
outside the scope of its rules, Professional Adviser notes.

It said it would protect Hartley SIPP members by paying
compensation for the EAC, following the appointment of joint
administrators, Professional Adviser relates.  
In July 2022, Peter Kubik and Brian Johnson of UHY Hacker Young
took on the role of joint administrators for Hartley Pensions, a
move that led to a reassessment by the FSCS, Professional Adviser
discloses.

Despite the administration, the FSCS has not declared Hartley
Pensions in default, meaning claims against the firm are not
currently being accepted, Professional Adviser states.

The EAC covers various costs, including facilitating transfers to
other regulated companies for affected customers.


LOCAVORE COMMUNITY: Goes Into Administration
--------------------------------------------
Brian Donnelly at The Herald reports that a business described as
"Scotland's first social enterprise supermarket" has been placed in
administration.

Blair Nimmo and Geoff Jacobs from Interpath Advisory were appointed
joint administrators to Glasgow-based Locavore Community Interest
Company, The Herald relates.

It is understood part of the business and most of the staff
transferred to a separate CIC before the administration, The Herald
notes.

Founded in 2011 and based in Glasgow, Locavore is a not-for-profit
social enterprise that seeks to build a more sustainable local food
system which benefits its local economies, the environment and its
communities.

According to The Herald, the administrators said that, following
its expansion into new stores and a larger warehouse facility over
2021 and 2022 which incurred significant set up costs, the company
was also adversely impacted by rising costs, including the cost of
energy and food prices.

"With footfall across its stores also lower than anticipated,
cashflow pressures began to increase," The Herald quotes Interpath
as saying.  "The directors took steps to reduce costs across the
business as far as possible; however, with pressure on liquidity
continuing to mount, the directors concluded they had no option but
to place the company into administration."

Interpath also said: "Prior to the appointment of the joint
administrators, we are advised that a transaction took place which
saw The Chard Holding Group CIC acquire the stores in Govanhill and
Partick, as well as the vegetable box business and the Locavore
brand.

"It is understood 77 members of staff transferred to the purchaser
as part of that transaction.  The Edinburgh store closed earlier in
January 2024.

"The administrators closed the remaining store in Kirkintilloch,
which resulted in five redundancies, with one other employee also
made redundant."

Mr. Jacobs, as cited by The Herald, said: "It is disappointing
that, despite the investment made, this not-for-profit enterprise
has not been able to make its expansion plans come to fruition. We
will be providing support to those members of staff who have been
made redundant, as well as seeking buyers for the remaining
assets."


ORANGE MOUNTAIN: Bought Out of Administration
---------------------------------------------
Business Sale reports that Orange Mountain Bikes Limited and P
Bairstow Limited, a pair of mountain bike manufacturers based in
West Yorkshire, have been acquired out of administration.

The Halifax-based companies fell into administration earlier this
month, citing factors including COVID-19 and increased costs,
Business Sale recounts.

P Bairstow Ltd manufactures high end mountain bike frames for
Orange Bikes' bike manufacturing operations and, prior to entering
administration, provided precision engineering services to third
parties.  Orange Mountain Bikes manufactures bikes which are sold
to retailers and directly to customers via its online store.

Mark Thornton and Kerry Bailey of BDO were appointed as joint
administrators on Jan. 10 and, although the companies ceased
trading, said that they were confident of securing a deal for the
businesses and assets, Business Sale relates.

The joint administrators have now sold the business and assets of
both firms to Freedom Property Services Limited, a new company led
by Orange Bikes director Ashley Ball, Business Sale discloses.  The
deal, which secures 30 jobs, will see Orange and Bairstow
consolidate their operations into one site, with Bairstow's
third-party engineering division having already closed, Business
Sale states.

According to Business Sale, BDO Business Restructuring Partner and
joint administrator Mark Thornton said: "Despite the considerable
efforts of management and their teams given sector wide challenges,
the financial position of the companies meant that they were unable
to continue operating."



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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