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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

          Thursday, February 1, 2024, Vol. 25, No. 24

                           Headlines



F R A N C E

GOLDSTORY SAS: Moody's Rates Proposed EUR850MM Notes 'B2'


G E R M A N Y

FRESENIUS MEDICAL: Egan-Jones Retains BB+ Senior Unsecured Ratings
K+S AG: Egan-Jones Retains BB+ Sr. Unsecured Debt Ratings


I R E L A N D

AVOCA CLO XVIII: Moody's Ups Rating on EUR28MM Cl. E Notes to Ba1
BAIN CAPITAL 2018-1: Moody's Cuts Rating on Class F Notes to 'B3
WISE PLC 2006-1: Moody's Affirms Ba2 Rating on GBP22.5MM B Notes


I T A L Y

ENEL SPA: Egan-Jones Retains BB Senior Unsecured Debt Ratings


L U X E M B O U R G

IREL BIDCO: Moody's Affirms 'B2' LongTerm CFR, Outlook Stable


S P A I N

CIRSA FINANCE: Moody's Rates New EUR600MM Sr. Secured Notes 'B2'


S W E D E N

INTRUM AB: Moody's Lowers CFR to B2 & Alters Outlook to Negative


U K R A I N E

UKRAINE: Egan-Jones Hikes Sr. Unsecured Debt Ratings to BB


U N I T E D   K I N G D O M

ATLANTICA SUSTAINABLE: Egan-Jones Retains B- Sr. Unsecured Ratings
BOOHOO: Lenders Refuse to Extend GBP325MM Debt Repayment Deadline
FETCH.AI: Bought Out of Administration by Founders
HYPERION REFINANCE: Moody's Rates New $3.4BB Term Loans 'B2'
INIZIO GROUP: Moody's Affirms 'B2' CFR, Outlook Remains Stable

LIBERTY GLOBAL: Egan-Jones Lowers Sr. Unsecured Ratings to BB
MICROBLADE LIMITED: Goes Into Administration
MOBI MARKET: Falls Into Administration, Owes GBP700,000
SAPCOTE ENGINEERING: Goes Into Administration
UINNEAG CONSULTANTS: Enters Administration, Owes GBP293,000

[*] UK: Business Insolvencies in Northern Ireland Up 62% in Q423

                           - - - - -


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F R A N C E
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GOLDSTORY SAS: Moody's Rates Proposed EUR850MM Notes 'B2'
---------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating and a B2-PD probability of default rating to Goldstory SAS,
the parent company of French jeweller THOM Group. Moody's has also
assigned a B2 rating to the proposed EUR850 million backed
sustainability-linked senior secured notes consisting of a fixed
rate and a floating rate tranche to be issued by Goldstory SAS. The
proceeds will be used to refinance EUR620 million of the existing
senior secured notes, pay dividend of EUR174 million and repay
EUR30 million of vendor loans to Altamir, the majority shareholder,
the rest being used to pay accrued interests and pay
transaction-related fees and expenses. The super senior revolving
credit facility (RCF) is being upsized to EUR120 million from EUR90
million as part of this transaction. The outlook is maintained at
stable. The rating on the existing EUR620 million of the backed
senior secured notes remains unchanged and will be withdrawn once
repaid.

RATINGS RATIONALE

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

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

Moody's expects THOM to continue growing its leading market share
in the affordable jewellery segment as its products are less
exposed to fashion risk given most of THOM's jewellery is related
to special occasions such as weddings, anniversaries etc. Moody's
expect the company to generate revenue of around EUR1.0 to 1.1
billion and Moody's adjusted EBITDA of EUR275 to EUR290 million in
2024 and 2025 respectively. The growth is mostly expected to come
from volumes as new store openings and refurbishments will drive
more in-store traffic. This will result in Moody's adjusted
leverage of 4.0x to 4.2x in 2024 and 2025 while Moody's adjusted
(EBITDA-capex)/interest expense will decline to 2.0x in 2024 and
1.7x in 2025 due to higher interest expense and a peak in
discretionary capex over the period.  

ESG CONSIDERATIONS

THOM's governance is a key consideration for this rating action
under Moody's Environmental, Social, and Governance (ESG)
framework, due to the dividend recapitalisation resulting in a
re-leveraging event.

LIQUIDITY

THOM's liquidity is adequate pro forma the refinancing with
expected cash at issue date of around EUR60 million and access to
EUR120 million fully undrawn revolving credit facility (RCF)
maturing in 2029. There is no significant term debt maturity until
2030 when the sustainability-linked senior secured notes will
mature.

STRUCTURAL CONSIDERATIONS

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

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

RATIONALE FOR THE STABLE OUTLOOK

The stable rating outlook reflects Moody's expectation that THOM
will maintain robust operating performance and sustain high profit
margin despite high inflation and weak consumer environment.
Moody's expects that the company will not embark on any dividend
recapitalisations or debt funded acquisitions in the next 12 to 18
months.

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

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

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

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Retail and
Apparel published in November 2023.

COMPANY PROFILE

Headquartered in Paris, France, Goldstory SAS is one of the leading
jewellery and watch retail chains in Europe, with EUR1 billion of
revenue and EUR279 million of Moody's adjusted EBITDA in fiscal
2023. THOM's business model relies on directly operated stores,
mostly located in shopping malls. Its main banners — Histoire
d'Or, Marc Orian and Stroili — have a long-established history in
France and Italy as generalist jewellery retailers.




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G E R M A N Y
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FRESENIUS MEDICAL: Egan-Jones Retains BB+ Senior Unsecured Ratings
------------------------------------------------------------------
Egan-Jones Ratings Company, on January 9, 2024, maintained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by Fresenius Medical Care AG.

Headquartered in Bad Homburg, Germany, Fresenius Medical Care AG
offers kidney dialysis services and manufactures equipment and
products used in the treatment of dialysis patients.


K+S AG: Egan-Jones Retains BB+ Sr. Unsecured Debt Ratings
---------------------------------------------------------
Egan-Jones Ratings Company, on January 12, 2024, maintained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by K+S AG.

Headquartered in Kassel, Germany, K+S Aktiengesellschaft
manufactures and markets within the fertilizer division standard
and specialty fertilizers to the agricultural and industrial
industries worldwide. In its salt business, the company produces
de-icing salt, food grade salt, industrial salt and salt for
chemical use.




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I R E L A N D
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AVOCA CLO XVIII: Moody's Ups Rating on EUR28MM Cl. E Notes to Ba1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Avoca CLO XVIII Designated Activity Company:

EUR31,000,000 Class C Deferrable Mezzanine Floating Rate Notes due
2031, Upgraded to Aa1 (sf); previously on Oct 17, 2022 Upgraded to
A1 (sf)

EUR25,000,000 Class D Deferrable Mezzanine Floating Rate Notes due
2031, Upgraded to A2 (sf); previously on Oct 17, 2022 Upgraded to
Baa1 (sf)

EUR28,000,000 Class E Deferrable Junior Floating Rate Notes due
2031, Upgraded to Ba1 (sf); previously on Oct 17, 2022 Affirmed Ba2
(sf)

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

EUR295,000,000 (Current outstanding amount EUR188,381,982) Class A
Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf);
previously on Oct 17, 2022 Affirmed Aaa (sf)

EUR45,000,000 Class B-1 Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Oct 17, 2022 Upgraded to Aaa
(sf)

EUR25,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2031,
Affirmed Aaa (sf); previously on Oct 17, 2022 Upgraded to Aaa (sf)

EUR14,500,000 Class F Deferrable Junior Floating Rate Notes due
2031, Affirmed B1 (sf); previously on Oct 17, 2022 Upgraded to B1
(sf)

Avoca CLO XVIII Designated Activity Company, issued in May 2018, is
a collateralised loan obligation (CLO) backed by a portfolio of
mostly senior secured European loans and bonds. The portfolio is
managed by KKR Credit Advisors (Ireland) Unlimited Company. The
transaction's reinvestment period ended in October 2022.

RATINGS RATIONALE

The rating upgrades on the Class C, D and E notes are primarily a
result of the significant deleveraging of the Class A notes
following amortisation of the underlying portfolio and the
improvement in over-collateralisation ratios since January 2023.

The affirmations on the ratings on the Class A, B-1 B-2 and F 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 notes have paid down by approximately EUR106.6 million
36.1% in the last 12 months and since closing. As a result of the
deleveraging, over-collateralisation (OC) has increased across the
capital structure. According to the trustee report dated December
2023 [1] the Class A/B, Class C, Class D, Class E and Class F OC
ratios are reported at 145.70%, 131.90%, 122.60%, 113.60% and
109.40% compared to December 2022 [2] levels of 137.30%, 126.50%,
119.00%, 111.60% and 108.10%, 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. In particular, Moody's assumed that
the deal will benefit from a shorter amortisation profile and
higher spread levels than it had assumed at the last review in May
2023.

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: EUR393,724,932

Defaulted Securities: EUR700,000

Diversity Score: 59

Weighted Average Rating Factor (WARF): 2879

Weighted Average Life (WAL): 3.58 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.57%

Weighted Average Coupon (WAC): 3.69%

Weighted Average Recovery Rate (WARR): 44.1%

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.  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.


BAIN CAPITAL 2018-1: Moody's Cuts Rating on Class F Notes to 'B3
----------------------------------------------------------------
Moody's Investors Service has taken a variety of rating actions on
the following notes issued by Bain Capital Euro CLO 2018-1
Designated Activity Company:

EUR25,100,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Aa1 (sf); previously on Apr 25, 2023
Upgraded to Aa3 (sf)

EUR20,300,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to A3 (sf); previously on Apr 25, 2023
Affirmed Baa1 (sf)

EUR11,200,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2032, Downgraded to B3 (sf); previously on Apr 25, 2023
Affirmed B2 (sf)

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

EUR207,600,000 (Current outstanding amount EUR132,890,710) Class A
Senior Secured Floating Rate Notes due 2032, Affirmed Aaa (sf);
previously on Apr 25, 2023 Affirmed Aaa (sf)

EUR22,800,000 Class B-1 Senior Secured Floating Rate Notes due
2032, Affirmed Aaa (sf); previously on Apr 25, 2023 Affirmed Aaa
(sf)

EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2032,
Affirmed Aaa (sf); previously on Apr 25, 2023 Affirmed Aaa (sf)

EUR23,800,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Ba2 (sf); previously on Apr 25, 2023
Affirmed Ba2 (sf)

Bain Capital Euro CLO 2018-1 Designated Activity Company, issued in
May 2018, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Bain Capital Credit, Ltd. The transaction's
reinvestment period ended in April 2022.

RATINGS RATIONALE

The rating upgrades on the Class C and Class D notes are primarily
a result of the deleveraging of the Class A notes following
amortisation of the underlying portfolio since the last rating
action in April 2023.

The downgrade on the rating on the Class F notes is primarily a
result of the deterioration in the over-collateralisation ratio
since the last rating action in April 2023 caused mainly by
increase in defaulted assets.

The affirmations on the ratings on the Class A, Class B-1,Class B-2
and Class 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 notes have paid down by approximately EUR 73.3 million
(35.3%) since the last rating action. As a result of the
deleveraging, over-collateralisation (OC) has increased for Class
A/B and Class C. According to the trustee report dated January 2024
[1] the Class A/B and Class C OC ratios are reported at 146.59% and
129.45% compared to March 2023 [2] levels of 140.46%, 127.36%
respectively.

Additionally, as a result of the increase in defaulted assets in
the transaction the OC has decreased for the Class D, Class E and
Class F. According to the trustee report dated January 2024 [1] the
Class D, Class E and Class F OC ratios are reported at 118.27%,
107.40% and 102.94% compared to March 2023 [2] levels of 118.42%,
109.42% and 105.64%, respectively.

Moody's notes that the January 2024 principal payments are not
reflected in the reported OC ratios. Moody's also observed that in
the most recent payment date report interest proceeds were used to
cure Class F OC ratio, further deleveraging the transaction.
Consequently, Moody's anticipate an increase in the OC ratios for
the other classes compared to the levels reported in January 2024.

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. In particular, Moody's assumed that
the deal will benefit from a shorter amortisation profile than it
had assumed at the last rating action in April 2023.

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: EUR252.3m

Defaulted Securities: EUR18.08m

Diversity Score: 57

Weighted Average Rating Factor (WARF): 2884

Weighted Average Life (WAL): 3.33 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.69%

Weighted Average Coupon (WAC): 4.48%

Weighted Average Recovery Rate (WARR): 43.8%

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 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.

WISE PLC 2006-1: Moody's Affirms Ba2 Rating on GBP22.5MM B Notes
----------------------------------------------------------------
Moody's Investors Service has upgraded the rating on the Super
Senior Credit Default Swap entered into by Dexia Credit Local
(protection buyer) and referencing the underlying portfolio of WISE
2006-1 PLC:

GBP1,436,250,000 (Current outstanding amount GBP886,556,250) Super
Senior Swap Notes, Upgraded to Aa1 (sf); previously on Mar 22, 2023
Affirmed Aa2 (sf)

Moody's has also affirmed the ratings on the following notes issued
by WISE 2006-1 PLC:

GBP30,000,000 Class A Credit-Linked Notes due 2058, Affirmed A3
(sf); previously on Mar 22, 2023 Upgraded to A3 (sf)

GBP22,500,000 Class B Credit-Linked Notes due 2058, Affirmed Ba2
(sf); previously on Mar 22, 2023 Upgraded to Ba2 (sf)

GBP11,250,000 Class C Credit-Linked Notes due 2058, Affirmed Caa1
(sf); previously on Mar 22, 2023 Upgraded to Caa1 (sf)

WISE 2006-1 PLC is a partially-funded synthetic securitisation,
with an underlying portfolio consisting of GBP denominated PFI and
regulated utility bonds located in the UK, each guaranteed by one
of three (originally seven) monolines.

RATINGS RATIONALE

Moody's said that the rating actions are a result of an improvement
in the credit quality of the underlying reference portfolio, and
the deleveraging of the Super Senior Credit Default Swap following
amortization of the underlying reference portfolio since the last
rating action in March 2023.

The credit quality has continued to improve as reflected in the
increase in the average credit rating of the portfolio (measured by
the weighted average rating factor, or WARF). Moody's WARF of the
underlying reference portfolio 280, compared with 298 in March
2023.

Moody's also notes that since the last rating action, the size of
the reference portfolio has reduced to GBP950m from GBP958.0m.

The affirmations on the ratings on the Class A, B and C notes are
primarily a result of the expected losses on the notes remaining
consistent with their current rating levels, after taking into
account the latest underlying reference portfolio, and its relevant
structural features.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Project
Finance and Infrastructure Asset CLOs Methodology" published in
November 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 ratings of the notes rely on the ratings of the wrappers but
also on the credit quality of the underlying reference portfolio.
In particular, an upgrade or downgrade to the Insurance Financial
Strength rating of one or more of the wrappers could result in an
upgrade or downgrade to the ratings of the notes.

Other sources of uncertainty that may impact notes performance
include limitations of historical data for some of the project
finance asset types, long maturities of the underlying obligations.
Additionally, this transaction is subject to a high level of
macroeconomic uncertainty, which could negatively affect the
ratings on the note, in light of uncertainty about credit
conditions in the general economy.

Additional uncertainty about performance is due to the following:

-- Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the underlying portfolio.
Moody's has assumed the average life of the bonds as reported,
however legal final maturity could be up to 34 years.

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 and specific
documentation features. All information available to rating
committees, including macroeconomic forecasts, input from other
Moody's analytical groups, market factors, and judgments regarding
the nature and severity of credit stress on the transactions, can
influence the final rating decision.




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I T A L Y
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ENEL SPA: Egan-Jones Retains BB Senior Unsecured Debt Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company, on December 21, 2023, maintained its
'BB' foreign currency and local currency senior unsecured ratings
on debt issued by Enel SpA. EJR also withdraws the rating on
commercial paper issued by the Company.

Headquartered in Rome, Italy, Enel SpA operates as a multinational
power company and an integrated player in the global power, gas,
and renewables markets.




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

IREL BIDCO: Moody's Affirms 'B2' LongTerm CFR, Outlook Stable
-------------------------------------------------------------
Moody's Investors Service has affirmed the B2 long term corporate
family rating and the B2-PD probability of default rating of Irel
Bidco SARL ("IFCO" or "the company"). IFCO is the largest global
provider of Reusable Packaging Container (RPC) solutions.

Concurrently, Moody's has assigned B2 ratings to the EUR1,640
million backed senior secured first lien term loan BB due November
2029 and to the EUR270 million extended backed senior secured
multi-currency revolving credit facility (RCF) due May 2029, to be
borrowed by its subsidiary IFCO Management GmbH. The B2 ratings on
the existing EUR1,292 million and USD160 million backed senior
secured term loans B1 and B2 (term loans) due May 2026 and on the
existing backed senior secured RCF due November 2025 of IFCO
Management GmbH, have been reviewed and are unaffected. The outlook
on both entities remains stable.

The rating action follows the proposed debt refinancing including
the increase in size as well as the maturity extension of its
existing RCF and term loans from 2025 and 2026 respectively to
2029, the proceeds of which will be used to refinance existing term
loans, repay the drawings under the RCF, pre-fund future
acquisitions and pay for the transaction fees.

"The rating affirmation balances the company's solid business
profile, its sustained EBITDA growth under challenging market
conditions and the improved liquidity following the completion of
the refinancing transaction, with Moody's expectation for negative
free cash flow generation, albeit improving, over the next 12 to 18
months," says Donatella Maso, a Moody's Vice President–Senior
Credit Officer and lead analyst for IFCO.

RATINGS RATIONALE

IFCO recently launched an amend and extend transaction that aims at
extending its debt maturities from 2025-2026 to 2029 and at
increasing the size of its term loans and RCF, improving the
company's liquidity. Although at completion the total debt drawn
will increase by approximately EUR80 million, Moody's adjusted
leverage, based on a LTM December 2023 EBITDA of EUR332 million,
will be marginally  affected, rising to 5.2x from 4.9x, thus
remaining within the guidance for the B2 rating category.

IFCO's interest costs will also increase by approximately EUR20
million per annum partly owing to the increased debt and the
average cost of debt with the proposed refinancing transaction,
somewhat reducing interest cover ratios and hampering an already
weak free cash flow (FCF).

Having said that, IFCO's B2 rating remains supported by its
resilient operating performance since 2019 driven by both organic
growth and acquisitions and despite difficult market conditions
including political and inflationary headwinds and adverse weather,
which caused some delays in the ramp-up of the contracts with two
major retailers in Europe and in North America awarded in calendar
year 2020. However, Moody's positively acknowledges IFCO management
efforts to mitigate these headwinds, including the renegotiation of
contracts by increasing the duration and introducing indexation
clauses across most customers and geographies, the progressive
automation of its service centres, and higher economies of scale at
its wash centres. The benefits of these initiatives are already
visible in the second half of calendar year 2023, or fiscal 2024,
leading to a significant improvement in the company's EBITDA and
EBITDA margin in Q2 FY2024 compared to Q2 FY2023.

Although demand for fresh produce may be under strain in the near
term due to inflated product prices, and the contracts with the two
large retailers carry lower margins, Moody's expects that IFCO's
EBITDA and EBITDA margin will be sustained, owing to incremental
volumes as well as the measures described above. As a result,
Moody's expects that the company will maintain leverage around 5.0x
in the next 12 to 18 months. Moody's did not factor in any bolt-on
acquisitions in these assumptions, but considering the company's
appetite and track record for M&A, there is an event risk but also
an upside on the forecasts given the EUR63 million cash overfund
for this purpose.

Conversely, the rating agency expects IFCO's FCF, before
compensation for lost and broken RPCs, to continue to be negative
until at least FY2025, owing to higher interest costs and large
capital expenditures, the latter a feature of the company's
business model. In addition to the maintenance capex, which has
been historically around 9-10% of revenue, IFCO will need to invest
in the pool conversion and the ramp-up of the contracts with two
large retailers, which are expected to complete in FY2024 and
FY2025, respectively, and continue to automate its service centres.
Growth and non-pooling capex will likely reduce over time and
improve the company's FCF generation. However, new contracts wins
will require incremental investments, which may hamper the ability
to turn its FCF into positive territory and may require additional
debt through drawing under its backed senior secured RCF, slowing
down the deleveraging profile.

The B2 rating is also constrained by the relatively focused nature
of the business on pooled returnable plastic crates and
predominantly fresh produce; a degree of customer concentration in
Europe and North America and with some retailers; the substantial
capital requirements in the business with a currently relatively
narrow supplier base; and some exposure to cost inflation and to
foreign exchange movements.

Conversely, IFCO's B2 CFR continues to reflect the company's solid
business profile as the global largest provider of RPC solutions;
the limited cyclicality of its end markets; its diversified
footprint across Europe, the Americas and Asia; the high
profitability margin although this is counterbalanced by
significant capex needs; and long term positive industry
fundamentals supported by a gradual move away from paper-based
packaging and wood to RPCs because of lower handling costs and
product damage risk.

LIQUIDITY

IFCO's rating is supported by a good liquidity profile. The company
had EUR167 million of cash on balance sheet as of December 2023,
pro forma for the refinancing transaction and including cash
overfund for signed or prospective acquisitions; full availability
under its backed senior secured revolving credit facility (RCF).
These sources of liquidity are sufficient to cover intra-year
working capital swings because of seasonality, maintenance capex of
approximately 10% of revenue, growth capex related to pooling and
non-pooling investments and increasing interest costs.

There is a springing net leverage covenant at 9.5x in senior
secured facility loan agreement, only tested when drawings exceed
40% of the RCF, under which Moody's expects IFCO to maintain
sufficient capacity. The company's reported pro forma net leverage
was 4.6x as of December 2023.

STRUCTURAL CONSIDERATIONS

The backed senior secured first-lien term loans are rated B2, in
line with the B2 CFR, because they represent the vast majority of
the debt capital structure. The facilities are guaranteed by
material subsidiaries representing at least 80% of group's EBITDA,
and are mainly secured by pledge over pledges, intercompany
receivables and bank accounts, which Moody's considers as weak.

COVENANTS

Moody's has reviewed the marketing 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), excluding China,
Russia and Turkey. Security will be granted over key shares,
material bank accounts, receivables and payment claims in respect
of loan proceeds; US and UK obligors will also grant security over
material assets / floating charges. Incremental facilities are
permitted up to the greater of EUR250 million and 100% of
consolidated EBITDA.

Unlimited pari passu debt is permitted up to a senior secured net
leverage ratio of 5.0x, and unlimited unsecured debt or debt
secured on non-transaction security is permitted subject to a 2x
fixed charge coverage ratio. Any restricted payments are permitted
if net leverage is 4.5x or lower. Asset sale proceeds are required
to be applied in full (subject to exceptions) regardless of
leverage. The adjustments to consolidated EBITDA include the full
run rate of anticipated cost savings and synergies, capped at 25%
and reasonably anticipated to be realizable within 24 months.

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

RATING OUTLOOK

The stable outlook reflects Moody's expectation that IFCO's
operating performance will be sustained and the company will be
able to maintain a leverage ratio below 6.0x and a satisfactory
liquidity profile. The outlook assumes that the company will not
embark in material debt funded acquisitions or shareholders
distributions.

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

Upward rating pressure could develop over time if IFCO's
Moody's-adjusted (gross) debt/EBITDA falls below 5.0x on a
sustained basis, while the company generates sustainable positive
FCF after net capital spending and interest payments and maintains
a good liquidity profile.

Downward rating pressure could arise if IFCO's operating
performance deteriorates so that its Moody's-adjusted (gross)
debt/EBITDA increases sustainably above 6.0x; FCF remains negative
beyond 2025 because of aggressive capital spending; or its
liquidity weakens.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Irel Bidco SARL is the holding company for IFCO, one of the largest
RPCs providers for the transport of fresh produce (more than 90%
being fruit and vegetables) between retailers and suppliers. IFCO
is present in 50+ countries with 110+ centers, serving more than
550 retailers and 18,000 producers, with more than 380 million RPCs
and 2 billion rentals.

For the 12 months that ended December 2023, the company generated
approximately EUR1.5 billion of revenue and EUR332 million of
EBITDA (Moody's-adjusted). IFCO is owned by funds advised by Triton
Partners and a subsidiary of Abu Dhabi Investment Authority, in
equal shares, after the company was sold by its former parent,
Brambles Limited, in May 2019.



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

CIRSA FINANCE: Moody's Rates New EUR600MM Sr. Secured Notes 'B2'
----------------------------------------------------------------
Moody's Investors Service has assigned a B2 instrument rating to
the proposed new backed senior secured notes due 2028 and 2029
together amounting to EUR600 million (the "new senior secured
notes") issued by Cirsa Finance International S.a r.l., a
subsidiary of Cirsa Enterprises, S.L.U. ("Cirsa" or "the company"),
an international gaming operator based in Spain. Concurrently,
Moody's has affirmed Cirsa's B2 corporate family rating, its B2-PD
probability of default rating, and the B2 instrument ratings on the
existing EUR615 million backed senior secured notes due 2027,
EUR425 million backed senior secured notes due 2027, EUR375 million
backed senior secured notes due 2028 and EUR325 million backed
senior secured notes due 2028 (together and with the new senior
secured notes, the "senior secured notes"), all issued by Cirsa
Finance International S.a r.l. The outlook on all ratings has been
changed to positive from stable.

Net proceeds from the issuance of the new senior secured notes will
be used to repay the EUR390 million senior secured notes due in May
2025 ("senior secured notes due in May 2025"), repay EUR42.5
million of the EUR425 million backed senior secured notes due in
November 2027. The remaining amount will be paid outside the
restricted group and will repay EUR150 million of the outstanding
amount of EUR506 million of paid-in-kind ("PIK") toggle notes due
in October 2025.

RATINGS RATIONALE

The affirmation of Cirsa's B2 CFR and the change of outlook to
positive reflects the company's stronger-than-expected operating
performance and the ongoing positive execution of its strategy, as
well as the reduced refinancing risks given the repayment in full
of the company's existing senior secured notes due in May 2025.
Following the transaction, Cirsa will not have any significant
upcoming debt maturity within the senior secured notes restricted
group until March 2027.

Those considerations more than offset the expected modest increase
in leverage resulting from the partial repayment of the PIK
instrument.

As part of the proposed transaction, the new senior secured notes
proceeds will be partly used to upstream cash to outside the
restricted group of the senior secured notes to repay a portion of
the PIK toggle notes. Moody's therefore estimate that this
transaction will lead to a moderate 0.3x pro forma increase in the
company's Moody's adjusted gross leverage.

However, Moody's expects the company's EBITDA to continue its
growth trajectory such that Cirsa's Moody's adjusted gross leverage
would decrease to below 4.0x (excluding the PIK toggle notes) in
the next 12 to 18 months. Moody's expects that while the company
will need to address the upcoming maturity of the remaining amount
of PIK toggle notes outside of the senior secured notes restricted
group, it will not lead to a material increase in leverage within
the restricted group.

Cirsa maintained strong operating performance in 2023 with EBITDA
growing by around 17% in the first nine months of 2023, ahead of
Moody's previous expectations.

Cirsa's B2 CFR continues to be supported by its leading market
positions in Spain and Latin America and its geographical and
business segment diversification. Conversely, Cirsa's rating is
constrained by the company's material presence in emerging markets,
which represents above 40% of the company's EBITDA, the company's
limited although increasing online offering, its exposure to
foreign-exchange fluctuations and reliance on repatriation of cash
from Latin American countries as well as the regulatory risks
inherent to the gambling industry.

LIQUIDITY

Cirsa's liquidity is adequate, supported by EUR232 million of cash
at the end of September 2023, combined with its fully undrawn
EUR275 million revolving credit facility (RCF) maturing in December
2026.

The company's liquidity is also supported by Moody's projected
positive free cash flow (FCF) generation over the next two years,
excluding the group's business acquisitions related cash outflows
and the impact of the cash uptreamed to partially repay the PIK
toggle notes outside of the restricted group as part of the
proposed transaction. Following the refinancing of the 2025 notes,
the company will have limited debt maturities till March 2027.

The RCF documentation contains a springing financial covenant based
on a senior secured net leverage set at 7.52x, tested on a
quarterly basis when the RCF is drawn by more than 40%. A breach
only triggers a drawstop event and not an event of default. Moody's
expects Cirsa to maintain a good headroom under this covenant.

STRUCTURAL CONSIDERATIONS

Cirsa's B2-PD PDR is in line with the CFR reflecting Moody's
assumption of a 50% recovery rate, as is customary for capital
structures that include notes and bank debt. The senior secured
notes are rated B2, in line with the CFR, given they represent the
majority of the company's financial debt. There is also a small
amount of bank debt at the operating companies level, as well as a
super senior RCF, which ranks ahead of the senior secured notes
given the relatively low guarantor coverage of 46% and the RCF has
priority over the proceeds under the Intercreditor Agreement, but
the size of the RCF is not material enough to drive notching on the
senior secured notes.

RATIONALE FOR POSITIVE OUTLOOK

The positive outlook reflects Moody's expectation that Cirsa will
continue to record steady revenue and EBITDA growth such that the
company's Moody's-adjusted gross leverage will reduce to below 4.0x
and its EBIT/Interest ratio will improve towards 2x in the next 12
to 18 months.

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

Upward pressure on Cirsa's ratings would continue developing if
Cirsa's operating performance continues to be strong, with solid
revenue and EBITDA growth driven by a growing online segment
combined with growth in land-based activities, such that (i) its
Moody's adjusted gross leverage reduces to below 4.0x; (ii) its
Moody's adjusted EBIT/interest ratio improves well above 2.0x;
(iii) the company continues to generate solid positive free cash
flow and maintains good liquidity; and (iv) it demonstrates a track
record of conservative financial policies, including a prudent
management of debt maturities. A rating upgrade would require
visibility into the repayment or refinancing of the PIK instrument
due in October 2025 and sitting outside of the restricted group.

Downward pressure on Cirsa's ratings could arise if: (i) Cirsa's
Moody's adjusted gross leverage increases to above 5.5x; (ii) its
Moody's adjusted EBIT/interest ratio decreases to below 1.5x; (iii)
free cash flow turns sustainably negative; or (iv) if the company's
liquidity deteriorates or the company does not proactively address
the refinancing of debt maturities at least 12 months ahead of
maturity.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Gaming
published in June 2021.

COMPANY PROFILE

Cirsa Enterprises, S.L.U. (Cirsa) was founded in 1978 following the
liberalisation of the Spanish private gaming market. Headquartered
in Terrassa, Spain, Cirsa is an international gaming operator. The
company is present in nine countries where it has market-leading
positions: Spain and Italy in Europe; Panama, Colombia, Mexico,
Peru, Costa Rica and the Dominican Republic in Latin America; and
Morocco in Africa. Cirsa operates casinos, slot machines, bingo
halls and betting locations. In 2022, the company reported net
revenue of around EUR1.7 billion and company-adjusted EBITDA of
EUR552 million.  




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

INTRUM AB: Moody's Lowers CFR to B2 & Alters Outlook to Negative
----------------------------------------------------------------
Moody's Investors Service downgraded Intrum AB (publ)'s corporate
family rating to B2 from B1 and its senior unsecured debt rating to
B3 from B2. The issuer outlook was changed to negative from
stable.

The rating action follows Intrum's SEK11.5 billion asset sale to
Cerberus announced on January 22, 2024[1].  

RATINGS RATIONALE

The downgrade, with a negative outlook, reflects Intrum's delayed
deleveraging relative to its previous forecasts and to Moody's
expectations. This follows Intrum's announcement on January 22 of a
large asset sale (approximately 30% of the firm's investment
portfolio by book value), resulting in a loss of investment income
and EBITDA, and an increase of the firm's Debt/EBITDA leverage
notwithstanding the planned reduction in the nominal level of
debt.

Despite the planned nominal debt reduction, Intrum's Debt/ EBITDA
leverage will increase, reflecting the loss of portfolio income and
EBITDA from the sold portfolio, which will only be partially offset
by servicing income that the firm will receive on the sold assets.
Intrum estimates a 20% reduction in EBITDA following the sale,
which would equate to SEK10.3 billion on a pro-forma basis as of
September 30, 2023 (last-twelve month basis). Moody's estimates
that pro-forma for a full year, Intrum's Debt/EBITDA leverage will
increase to 4.9x as compared to 4.0x previously forecasted for 2024
(as disclosed in the September 2023 Capital Markets Day update). On
a gross basis, Intrum's pro-forma Debt/EBITDA leverage will be
slightly above 5x.

Intrum's slower than anticipated deleveraging heightens execution
risks related to the strategic repositioning of its business in the
currently challenging operating environment, characterized by
increased refinancing costs and stiff competition in the debt
purchasing and servicing sector, particularly given its upcoming
debt maturities in 2024-2025. Though Intrum has been actively
growing its volume in servicing organically and through
acquisitions, higher operating costs have pressured its margins.

Intrum's senior unsecured debt rating of B3 reflects the
application of Moody's Loss Given Default (LGD) analysis, which
reflects the priorities of claims and asset coverage in the
company's liability structure.

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

A rating upgrade is unlikely, given the negative outlook. The
outlook could be changed to stable  if Intrum demonstrates solid
financial and operating performance, with no further deterioration
in leverage or debt servicing metrics, as it executes on its
restructuring plan, including communication of credible plans to
mitigate EBITDA reduction and refinancing pressures, as well as
achieving its 2025 deleveraging plans.

Intrum's CFR could be downgraded if Intrum's credit metrics are
expected to deteriorate further including material weakening of its
liquidity and a lack of credible plans to enhance its EBITDA and
achieve its 2025 deleveraging plans. As Intrum is facing material
upcoming maturities in 2024 and 2025, which it will have to
refinance in a higher interest rate environment, a delay in
addressing the refinancings in a timely manner could result in a
further ratings downgrade.

PRINCIPAL METHODOLOGY

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




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

UKRAINE: Egan-Jones Hikes Sr. Unsecured Debt Ratings to BB
----------------------------------------------------------
Egan-Jones Ratings Company, on January 16, 2024, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Ukraine to BB from BBB-. EJR also withdrew its 'A1'
rating on commercial paper issued by the Company.




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

ATLANTICA SUSTAINABLE: Egan-Jones Retains B- Sr. Unsecured Ratings
------------------------------------------------------------------
Egan-Jones Ratings Company, on January 9, 2024, maintained its 'B-'
foreign currency and local currency senior unsecured ratings on
debt issued by Atlantica Sustainable Infrastructure PLC. EJR also
withdrew the rating on commercial paper issued by the Company.

Headquartered in United Kingdom, Atlantica Sustainable
Infrastructure PLC provides renewable energy solutions.


BOOHOO: Lenders Refuse to Extend GBP325MM Debt Repayment Deadline
-----------------------------------------------------------------
Christopher Williams and Luke Barr at The Telegraph report that an
attempt by Boohoo to extend repayment deadline on a GBP325 million
debt has been rejected by some of its lenders amid tumbling sales
for the online fashion retailer.

In response to questions from The Telegraph, the company said it
had been able to push out the cut-off on the GBP250 million of the
borrowing by a year, to March 2026.  A spokesman said it had
received the support of six "household name" banks, The Telegraph
notes.

However, lenders behind a GBP75 million portion of the revolving
credit facility, a three-year corporate overdraft which was agreed
in March 2022 and is fully withdrawn, declined to give Boohoo
another year to pay it back, The Telegraph states.

It is understood the banks include a leading Italian institution.
The sum will need to be paid back in March next year, according to
The Telegraph.

Boohoo said it had agreed the extension on GBP250 million of the
borrowing in July, The Telegraph relates.  Delaying repayment until
March 2026 was potentially crucial, as auditors seek certainty that
financing is in place for at least a year before signing off
accounts, The Telegraph says.

Boohoo is scheduled to deliver its results in May, less than a year
before the original deadline, The Telegraph notes.

According to The Telegraph, the company said the extension of most
of the facility meant it had "ample surplus liquidity".  Boohoo
last month replaced its chief financial officer after just two
years in the role.

It comes as Boohoo, co-founded by chairman Mahmud Kamani, faces a
series of pressures that have wiped more than 90% off its share
price compared to its pandemic peak, The Telegraph relays.
Aim-listed Boohoo was valued at GBP4 billion but it is now worth
just GBP460 million, The Telegraph states.

Boohoo's business is now being challenged by the rising Chinese
giant Shein, as well as the cost of living crisis and inflation in
its supply chain, The Telegraph discloses.

The company has forecast revenue will fall by as much as 17%, The
Telegraph says.  In its interim update in October, Boohoo's
half-year losses widened to GBP21.2 million compared to GBP11.8
million a year earlier, according to The Telegraph.

Boohoo was plunged into turmoil in 2020 after it was hit by a
string of modern slavery allegations, including claims of forced
labour at its factories, The Telegraph recounts.


FETCH.AI: Bought Out of Administration by Founders
--------------------------------------------------
Business Sale reports that Fetch.ai, an AI and cryptocurrency tech
firm, has been acquired out of administration by its founders.

According to Business Sale, the Suffolk-based company fell into
administration last week, appointing administrators from ReSolve,
and has now been acquired by Assmbl.ai, a consortium comprised of
its founders.

The company is behind the FET crypto token, which is reported by
industry publication CoinMarketCap to generate around US$50 million
in daily trading volume, with a market cap of more than half a
billion US dollars.

FET, which was launched in 2017, powers Fetch.ai's "internal
economy".

The company has seemingly been heavily impacted by the turbulence
in the crypto market over recent years, Business Sale discloses.
In its most recent accounts, the company reported a loss of GBP16.7
million, while the value of its assets was written down by more
than GBP230 million after the value of FET plunged between 2021 and
2022, Business Sale notes.

According to the company's advisors, it ran into financial
difficulties towards the end of last year, leading to the
appointment of administrators as it sought "to find urgent rescue
capital or to secure a sale of the shares, business and/or assets",
Business Sale states.

Following the sale to Assmbl.ai, joint administrator and ReSolve
partner Ben Woodthorpe said: "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."

"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."


HYPERION REFINANCE: Moody's Rates New $3.4BB Term Loans 'B2'
------------------------------------------------------------
Moody's Investors Service has assigned B2 ratings to the proposed
new $3,435 million and EUR660 million backed senior secured term
loans being issued by Hyperion Refinance S.a.r.l. and HIG Finance 2
Limited, respectively. Moody's also assigned a B2 rating to an
amended $1,083 million backed senior secured term loan issued by
Hyperion Refinance S.A.R.L and a B2 rating to the GBP630 million
backed senior secured revolving credit facility (RCF) to be issued
by HIG Finance 2 Limited.

Concurrently, Moody's assigned a B2 rating to the backed senior
secured notes to be co-issued by Howden UK Refinance plc and Howden
US Refinance LLC (together "SSN Issuers") and a Caa1 rating to the
backed senior unsecured notes to be co-issued by Howden UK
Refinance 2 plc and Howden US Finance LLC (together the "SUN
Issuers").

As part of the same rating action, Moody's affirmed the B2
corporate family rating (CFR) and the B2-PD probability of default
(PDR) on HGH Finance Limited (Howden).

The outlook on Hyperion Refinance S.a.r.l., HIG Finance 2 Limited
and HGH Finance Limited remains stable. The outlooks assigned to
Howden UK Refinance plc and Howden UK Refinance 2 plc are stable.

Howden will use the proceeds from the offering to refinance some of
its existing facilities, fund its locked account, and pay related
fees and expenses. With the introduction of high yield bonds in the
capital structure, Howden will diversify its financing sources.

RATINGS RATIONALE

The B2 CFR reflects Howden's growing market presence in its chosen
segments, strong geographically diverse business and significant
EBITDA expansion, which has supported healthy EBITDA margins. These
strengths are offset by the company's high leverage, weak bottom
line profitability, and ongoing material cash outflows related to
the group's active acquisition strategy.

Following the transaction, the group's total gross financial debt
will increase to GBP5.6 billion from GBP5.1 billion (pro-forma
November 2023). On a Moody's adjusted basis, which includes
adjustments for operating lease obligations, deferred
considerations, certain non-recurring costs and run-rate earnings
from acquisitions, debt-to-EBITDA is estimated at around 7.6x.
Taking into consideration the locked account element (a portion of
which will be used to repay some of the outstanding deferred
consideration obligations or existing credit facilities), leverage
is estimated at around 7.1x, which remains high for the rating
level but it will likely decline below 7x as the group expands its
EBITDA base. The new capital structure will benefit from a longer
debt maturity profile, a credit positive. Notwithstanding the
increase in debt levels, the financing cost will be broadly flat.
In addition, the proposed RCF upsize and extension, together with
the diversification of the funding sources with the introduction of
the senior notes in the capital structure, will provide additional
financial flexibility. The RCF is expected to be substantially
undrawn at closing.

Howden has grown significantly in recent years, reflecting the
completion of a number of strategic acquisitions as well as
consistently strong organic growth throughout. Moody's expects that
leverage will trend down steadily as Howden expands its EBITDA base
organically and via bolt-on acquisitions, and as it realizes
synergies related to recently acquired businesses and new hires.

— DEBT AND PROBABILITY OF DEFAULT RATINGS —

The B2 ratings assigned to the group's proposed backed senior
secured term loans, backed senior secured revolving credit
facility, and senior secured notes, which rank pari passu with the
group's existing backed senior secured term loan, are in line with
the B2 CFR of HGH Finance Limited.

This reflects the proposed largely senior secured debt structure
with limited levels of deferred consideration and other debt
obligations ranking behind the aforementioned securities.

HGH Finance Limited's B2-PD PDR is in line with the CFR and
reflects Moody's assumption of a 50% family recovery rate, which is
standard for covenant-lite loan structures.

The Caa1 rating on the backed senior unsecured notes reflects its
junior ranking relative to the senior secured notes, the RCF, and
the term loans, which all rank pari passu.

— OUTLOOK —

The stable outlook on Howden reflects Moody's expectation that
leverage will trend down steadily as Howden expands its EBITDA base
organically and via bolt-on acquisitions, and as it realizes
synergies related to recently acquired businesses and new hires.

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

Factors that could lead to a rating upgrade include: (i) a lower
level of overall leverage, including debt-to-EBITDA ratio
consistently below 5.5x; (ii) free-cash-flow-to-debt ratio
consistently exceeding 6%; and (iii) (EBITDA - Capex) coverage of
interest consistently exceeding 3.0x.

Factors that could lead to a rating downgrade include: (i) an
unsuccessful execution of deleveraging plans, resulting in a
sustained rise in debt-to-EBITDA above 7.0x; (ii) (EBITDA - Capex)
coverage of interest consistently below 1.5x; and/or (iii) a
material deterioration in the group's liquidity position.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Insurance
Brokers and Service Companies published in June 2018.


INIZIO GROUP: Moody's Affirms 'B2' CFR, Outlook Remains Stable
--------------------------------------------------------------
Moody's Investors Service affirmed the ratings of Inizio Group
Limited, including the B2 Corporate Family Rating and the B2-PD
Probability of Default Rating. At the same time, Moody's affirmed
the B1 rating on the senior secured first lien credit facility,
including the senior secured multi-currency revolving credit
facility and existing senior secured first lien term loans under
Hunter US Bidco Inc. The outlook remains stable.

The rating action follows Inizio's proposed $150 million
incremental senior secured first lien term loan. Inizio expects to
use the proceeds from the incremental term loan issuance to fully
repay the $140 million of borrowings on the company's revolving
credit facility as of December 31, 2023 with the remainder to pay
related transaction fees. Debt/EBITDA is unchanged in the low 7
times pro forma the debt issuance and subsequent revolver paydown.

The ratings affirmation reflects Moody's expectation that, despite
Inizio's high financial leverage, Inizio will delever to the mid 6
times range over the next 12 to 18 months. Further, Moody's expects
Inizio to maintain good liquidity following this transaction and
the subsequent paydown of the revolver balance.

RATINGS RATIONALE

Inizio's B2 CFR reflects its high financial leverage; Moody's
expects debt/EBITDA will remain elevated, but decline to the mid 6
times range over the next 12 to 18 months. Debt/EBITDA on a Moody's
adjusted basis for the LTM period ending September 30, 2023 was
7.2x. The rating also reflects the company's high level of customer
concentration with the top 10 pharmaceutical customers representing
more than 40% of revenues. The rating is constrained by variability
around customer product approvals that can create some volatility
in demand.

The rating benefits from the company's significant scale in the
provisions of communications, marketing, advisory and research
services. The company is widely diversified with multiple contracts
across most of its segments with its largest customers. Moody's
expects Inizio will benefit from longer-term tailwinds including
trends for outsourcing by its pharmaceutical clients and increasing
therapeutic complexity. The rating also benefits from a strong
track record of organic revenue growth.

The outlook is stable. Moody's expects leverage to remain high, but
to gradually improve.  Moody's expects Inizio to maintain good
liquidity with modest cash balances and sufficient access to its
revolving credit facility over the next 12 to 18 months.

Moody's expects Inizio will have good liquidity over the next 12 to
18 months. Cash flows have been weaker than Moody's expectations.
Numerous factors have driven this weakness, including pressures on
working capital and a high level of costs tied to restructuring,
consolidation of IT systems, deferred consideration payments, and
FX headwinds. Moody's expects many of these pressures will
alleviate over the next 12 to 18 months, which should support an
improvement in cash flows. Moody's expects Inizio to generate
positive free cash flow in FY 2024. The company has a $425 million
revolver that expires in August 2026 that will be undrawn at the
close of the transaction. There are no material near-term debt
maturities until 2028.

The B1 rating on the first lien credit facility (including revolver
and term loans) is one notch higher than the company's B2 CFR,
reflecting its seniority in the capital structure to the (unrated)
second lien term loans.

ESG CONSIDERATIONS

Inizio's CIS-4 indicates the rating is lower than it would have
been if ESG risk exposure did not exist. Inizio has exposure to
both social risks and governance considerations. The social risk
(S-3) largely reflects the company's sensitivity to pharmaceutical
drug pricing, which could have negative effects on the company.
Lower drug pricing could lead to fewer or more limited scope
projects for Inizio's as pharmaceutical customers look to trim
expenses. Any type of regulation that impacts pharmaceutical
companies marketing activities could also impact demand for
Inizio's services. Inizio's exposure to governance considerations
reflects the company's aggressive financial policy under private
equity ownership, evidenced in its high financial leverage.

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

Ratings could be downgraded if the company does not turn to
positive free cash flow over the next 12 to 18 months, with
internal sources of cash sufficient to cover debt amortization and
other anticipated cash outflows. Ratings could also be downgraded
if debt to EBITDA is sustained in the high 6 times range. Further
reduction in product line diversification could also drive a
downgrade.

Ratings could be upgraded if liquidity improves, including
sustained positive free cash flow.   Quantitatively, adjusted
debt/EBITDA sustained below 5.0x could support an upgrade. In
addition, the rating could be upgraded if Inizio demonstrates
stable organic growth at the same time it effectively executes on
its expansion strategy.

Headquartered in London, UK, Inizio Group is a global provider of
communications, market access and marketing services, principally
to pharmaceutical and biotechnology companies. The company was
formed through the combination of UDG's healthcare business
(Ashfield) and Huntsworth. Revenues were approximately $2.2 billion
for the twelve months ending September 30, 2023. The company is
controlled by affiliates of private equity firm Clayton, Dubilier &
Rice (CD&R).

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


LIBERTY GLOBAL: Egan-Jones Lowers Sr. Unsecured Ratings to BB
-------------------------------------------------------------
Egan-Jones Ratings Company, on January 16, 2024, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Liberty Global Holdings Limited to BB from BB+.  EJR
also withdrew its 'A1' rating on commercial paper issued by the
Company.

Previously, EJR, on January 2, 2024, retained its 'BB+' foreign
currency and local currency senior unsecured ratings on debt issued
by Liberty Global.

Headquartered in London, England, United Kingdom, Liberty Global
Holdings Limited of the United Kingdom, operates as a holding
company.


MICROBLADE LIMITED: Goes Into Administration
--------------------------------------------
Business Sale reports that Microblade Limited, a Sheffield-based
manufacturer of blades, fell into administration on Jan. 19, with
Robert Dymond and Joanne Hammond of Begbies Traynor appointed as
joint administrators.

The company has been trading since 1975, manufacturing paper
converting knives, orbital log saw blades and circular knives.

In the firm's accounts for the year ending March 31 2022, its fixed
assets were valued at slightly over GBP400,000 and current assets
at close to GBP1.27 million, Business Sale discloses.  However, its
net liabilities at the time amounted to more than GBP212,000,
Business Sale notes.


MOBI MARKET: Falls Into Administration, Owes GBP700,000
-------------------------------------------------------
Business Sale reports that Mobi Market Limited, a company
specialising in the sale of second-hand mobile devices, fell into
administration earlier this month, with Freddy Khalastchi and
Jonathan Bass of Menzies LLP appointed as joint administrators.

According to Business Sale, in its most recent accounts, for the
year to March 31, 2022, the Burton on Trent-based business reported
turnover of GBP11.4 million, down from GBP15.5 million a year
earlier, but cut its pre-tax losses from close to GBP260,000 to
just under GBP223,000.  At the time, the company's net liabilities
totalled just over GBP700,000, Business Sale discloses.


SAPCOTE ENGINEERING: Goes Into Administration
---------------------------------------------
Business Sale reports that Sapcote Engineering Limited, a
Leicestershire-based manufacturer, fell into administration this
month, after filing a notice of intention (NOI) to appoint
administrators in December 2023.

Miles Needham of FRP Advisory and Trevor Binyon of Opus
Restructuring were appointed as joint administrators, Business Sale
relates.

The company, part of the i3 Group, manufactures conveyors, access
platforms, robotics and automation solutions and has provided
services for brands including PepsiCo, Walkers, Unilever, KP Snacks
and British American Tobacco.

In its accounts for the year ending October 31, 2022, Sapcote
Engineering's total assets were valued at around GBP2.8 million,
with net assets standing at just under GBP788,000, Business Sale
discloses.


UINNEAG CONSULTANTS: Enters Administration, Owes GBP293,000
-----------------------------------------------------------
Business Sale reports that Uinneag Consultants Limited, a
manufacturer of windows and doors based on the Houstoun Industrial
Estate in Livingston, has gone into administration.

The company fell into administration on Jan. 17, with the
appointment of Kenneth Pattullo and Jamie Taylor of Begbies Traynor
confirmed on Jan. 26, Business Sale relates.

In the company's accounts for the year to February 28, 2023, its
fixed assets were valued at around GBP400,000 and current assets at
GBP1.6 million, Business Sale discloses.  At the time, however, the
company's net liabilities amounted to more than GBP293,000,
Business Sale notes.


[*] UK: Business Insolvencies in Northern Ireland Up 62% in Q423
----------------------------------------------------------------
Gary McDonald at The Irish News reports that business insolvencies
in Northern Ireland soared by 62% in the final quarter of 2023
compared to the previous year, government figures show.

There were 81 company insolvencies in the north in the
October-December period, taking the total number of business
failures over the calendar year to more than 200, The Irish News
relays, citing the Insolvency Service.

The latest quarterly total comprised 33 compulsory liquidations, 38
creditors' voluntary liquidations (CVLs), three company voluntary
arrangements (CVAs) and seven administrations, The Irish News
discloses.  There were no administrative receiverships, The Irish
News notes.

The figures were broadly similar to pre-pandemic levels, and
predictions of a tsunami of insolvencies, especially among among
smaller businesses, remained relatively unfounded, The Irish News
states.

The latest insolvency statistics for England and Wales revealed the
highest quarterly number of CVLs since the start of the time series
in 1960, and a 14% increase in business failures in 2023 compared
to 2022, The Irish News relates.

According to The Irish News, Oliver Collinge, director at
restructuring and insolvency firm, PKF GM, said: "There is no doubt
that higher interest rates and continuing cost pressures have
seriously impacted many UK businesses, with one in 186 active
companies entering insolvent liquidation in 2023."



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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-
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