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

                          E U R O P E

          Tuesday, February 13, 2024, Vol. 25, No. 32

                           Headlines



A Z E R B A I J A N

PASHA INSURANCE: Fitch Affirms BB ICR & Alters Outlook to Positive


F R A N C E

CASINO GUICHARD: EUR1.43BB Bank Debt Trades at 46% Discount


G E R M A N Y

TELE COLUMBUS: EUR525MM Bank Debt Trades at 39% Discount
TUI AG: S&P Hikes ICR to 'B+' on Higher Revenue & Reduced Leverage
VOITH GMBH: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable
[*] Moody's Takes Rating Actions on 7 German Banks


I R E L A N D

BLACK DIAMOND 2017-2: Moody's Affirms B3 Rating on Class F Notes
GLENBEIGH CONSTRUCTION: Liquidators to Probe Dividend Concerns
GOLDENTREE LOAN 2: Moody's Affirms B2 Rating on EUR9.9MM F Notes
PENTA CLO 8: Moody's Affirms B3 Rating on EUR11.4MM Class F Notes
TORO EUROPEAN 4: Moody's Hikes Rating on EUR10.5MM F-R Notes to B1



I T A L Y

F-BRASILE SPA: Moody's Alters Outlook on 'Caa1' CFR to Positive


L U X E M B O U R G

COVIS FINCO SARL: $395MM Bank Debt Trades at 61% Discount
COVIS FINCO: EUR309MM Bank Debt Trades at 61% Discount
NORTHPOLE NEWCO: $395MM Bank Debt Trades at 90% Discount


N E T H E R L A N D S

BRIGHT BIDCO: $300MM Bank Debt Trades at 70% Discount
COLUMBUS FINANCE: EUR350MM Bank Debt Trades at 16% Discount
SPRINT BIDCO: EUR700MM Bank Debt Trades at 41% Discount
[*] NETHERLANDS: Number of Bankruptcies Down 6% in January 2024


N O R W A Y

HURTIGRUTEN GROUP: EUR655MM Bank Debt Trades at 37% Discount


P O R T U G A L

TAGUS STC: Fitch Affirms 'BBsf' Rating on Class C Notes


R O M A N I A

EUROINS: Eurohold Files Lawsuit Over Bankruptcy of Euroins


S P A I N

BANCAJA 10: Moody's Upgrades Rating on EUR26MM Cl. D Notes to Caa3


S W E D E N

PLATEA (BC) BIDCO: Moody's Assigns B2 CFR, Outlook Stable


U N I T E D   K I N G D O M

AFE SA SICAV-RAIF: Moody's Alters Outlook on Caa2 CFR to Positive
BODY SHOP: UK Arm Set to Go Into Administration
CORINTHIAN HOMES: Goes Into Administration
INSPIRED EDUCATION: Moody's Affirms B2 CFR, Outlook Remains Stable
INSPIRED EDUCATION: S&P Affirms 'B' LT ICR, Outlook Stable

SELINA HOSPITALITY: Defaults on 2026 Notes Interest Payment
WOODFORD EQUITY: High Court Judge Okays GBP230MM Redress Scheme

                           - - - - -


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A Z E R B A I J A N
===================

PASHA INSURANCE: Fitch Affirms BB ICR & Alters Outlook to Positive
------------------------------------------------------------------
S&P Global Ratings revised its outlook on Azerbaijan-Based PASHA
Insurance to positive from stable. At the same time, S&P affirmed
its 'BB' long-term issuer credit and financial strength ratings on
the insurer.

Impact of Revised Capital Model Criteria

-- The improvement in capital adequacy reflects an increase in
total adjusted capital (TAC), since S&P no longer deduct from TAC
non-life deferred acquisition costs, which represent about 10% of
total equity.

-- S&P has also captured the benefits of risk diversification more
explicitly in our analysis, which supports its view of capital
adequacy. This reflects, amongst others, diversification between
non-life premium risk and reserve risk as PASHA Insurance's
business mix is well-diversified between insurance classes compare
to the market average and some international peers.

-- This is somewhat offset by higher catastrophe-risk charges at
higher confidence levels, the revised approach on interest rate
risk charges and the company's relatively high dividend payouts,
and high business growth.

Credit Highlights

Positive outlook indicates a possibility of an upgrade over the
next 12 months.

S&P could revise the outlook to stable in the coming 12 months if
it sees:

-- PASHA's capitalization declines to 99.5% confidence level due
to higher-than-expected dividend plans, higher-than-anticipated
insurance portfolio growth, or underwriting and investment losses
that S&P does not foresee in its base-case scenario; or

-- The company's investment strategy became more aggressive.

S&P said, "We could raise the rating over the next 12 months if the
company maintains its capital adequacy sustainably above the 99.8%
confidence level according to our capital model, while maintaining
strong operating performance and leading positions in the P/C
insurance market in Azerbaijan.

"PASHA Insurance's capital adequacy strengthened within the
satisfactory level, and we expect its financial risk profile can
improve in the next 12 months, although potentially higher
dividends or business growth may have a curbing effect on an
improvement in capital adequacy assessment. PASHA Insurance's
capital adequacy was marginally above the 99.8% confidence level in
2022, according to our revised capital model, and we forecast it
will remain at these levels in the next two years. This reflects
our expectation of 10%-15% premium growth in 2024-2025, in line
with the market average, high profitability with return on equity
exceeding 30% and retention of net profit of up to 20%-25%.

"The company also plans to start managing capital under Solvency II
principles. During the transitional phase, the company plans to
build capital, which we view positively. At the same time,
potential volatility of capital buffers can be caused, for example,
by higher-than-expected dividend playouts or higher business
growth. We note that the company's dividend policy over the last
four years was relatively aggressive with dividend pay-out ratio
exceeding 90%-95% in separate years (about 75% in 2023). Its
premium growth exceeded 30% in 2023 in terms of net premium earned,
supported by adjusted tariffs on compulsory motor third-party
liability insurance by the Central Bank of Azerbaijan at the end of
2022 and an increasing penetration in compulsory property
insurance. We therefore continue considering its capital buffers as
satisfactory.

"The company will likely remain exposed to investment concentration
and high-risk assets. The company's investment portfolio is
concentrated in the local banking sector, including deposits in and
preferred shares of related-party banks -- PASHA Bank
(BB-/Stable/B) and Kapital Bank OJSC (BB-/Positive/B) represent
more than 25% of investments, which we view as high. We forecast
that the weighted-average credit quality of PASHA's investments
will be in the 'BB' range. However, it is still speculative grade,
and consequently we assess its risk exposure as high.

"We expect that PASHA Insurance's funding profile will remain
neutral. We do not expect the company will rely on debt financing
in the next two years. We anticipate that its financial leverage
(financial obligations to total shareholder equity plus financial
obligations), which predominantly consists of lease obligations,
will not exceed 5%-10% in 2024-2025, according to our
expectations."

S&P Global Ratings expects that PASHA Insurance will maintain its
strong competitive position in Azerbaijan's P/C insurance market in
the next two years. PASHA Insurance is the clear market leader,
benefiting from its expertise, brand awareness, and diversified
business mix. It also benefits from strong distribution networks
that facilitate direct sales. With Azerbaijani manat 293 million
(approximately $172 million) of gross premiums written expected in
2023 based on local accounting standards, PASHA Insurance ranks No.
1 in the country's P/C market. It has about a 49% market share in
2023 (up from 46% in 2022), which S&P expects it will maintain over
the next two years. Nevertheless, country- and industry-related
risks weigh on PASHA Insurance's business risk profile, given the
pressured economy, low P/C insurance sector penetration, moderate
growth prospects, and still-developing sector regulations.




===========
F R A N C E
===========

CASINO GUICHARD: EUR1.43BB Bank Debt Trades at 46% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Casino Guichard
Perrachon SA is a borrower were trading in the secondary market
around 54.4 cents-on-the-dollar during the week ended Friday, Feb.
9, 2024, according to Bloomberg's Evaluated Pricing service data.

The loans traded in the secondary market around 49.7
cents-on-the-dollar the previous week ended Feb. 2.

The EUR1.43 billion facility is a Term loan that is scheduled to
mature on August 31, 2025.  The amount is fully drawn and
outstanding.

Casino Guichard-Perrachon SA operates a wide range of hypermarkets,
supermarkets, and convenience stores. The Company operates stores
in Europe and South America.  The Company's country of domicile is
France.




=============
G E R M A N Y
=============

TELE COLUMBUS: EUR525MM Bank Debt Trades at 39% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Tele Columbus AG is
a borrower were trading in the secondary market around 60.7
cents-on-the-dollar during the week ended Friday, Feb. 9, 2024,
according to Bloomberg's Evaluated Pricing service data.

The loans traded in the secondary market around 63.2
cents-on-the-dollar the previous week ended Feb. 2.

The EUR525.2 million facility is a Term loan that is scheduled to
mature on October 15, 2024.  About EUR462.5 million of the loan is
withdrawn and outstanding.

Tele Columbus AG provides cable services. The Company offers cable
television programming, telephone, and internet connection services
to homeowners and the housing industry. Tele Columbus operates
throughout Germany.



TUI AG: S&P Hikes ICR to 'B+' on Higher Revenue & Reduced Leverage
------------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
tourism group TUI AG to 'B+' from 'B'.

S&P said, "The positive outlook reflects our forecast for
significantly improved credit metrics in 2024 and 2025, due to a
margin improvements in the group's markets and airlines segments,
and a solid recovery in TUI's cruise JV, which makes us think that
dividend payments could support the group's profitability and cash
flow from fiscal 2025 onwards.

S&P said, "S&P Global Ratings-adjusted leverage decreased to 3.3x
in fiscal 2023 from 5.3x the previous year, broadly in line with
our expectations, on EBITDA growth and continuous shareholder
support. Fiscal 2023 was the first full year after the pandemic
without travel restrictions. Customers reached 19 million, 9.8%
below 2019 levels, while revenue exceeded 2019 levels by 9.2%,
hitting EUR20.7 billion. S&P Global Ratings-adjusted EBITDA
improved to EUR1.5 billion on higher customer numbers in the
markets and airlines business and fewer business disruptions than
fiscal 2022. Hotels, which already achieved profitability last year
above pre-pandemic levels, saw a further increase in average daily
rate and usage, while Marella cruise performance improved from
higher bookings and the addition of a fifth ship, Marella Voyager,
which was operational in the summer. This led to absolute S&P
Global Ratings-adjusted EBITDA growth to EUR1.5 billion from EUR1.2
billion the year before. Combined with the EUR1.8 billion rights
issue in April and repayment of debt-like liabilities, this also
reduced S&P Global Ratings-adjusted leverage to 3.3x from 5.3x in
fiscal 2022.

"We expect S&P Global Ratings-adjusted EBITDA to improve to EUR1.7
billion (7.4% margin) from EUR1.45 billion (7.1%) in 2023 on
further improvement in the markets and airlines segment, itself the
result of still-supportive demand, leading to leverage of 3.0x in
fiscal 2024 and near 2.5x in fiscal 2025.While economic uncertainty
persists, we think people continue to prioritize travel over other
discretionary spending, and with the improved dynamics of its
markets and airlines segment, TUI can increase revenue in fiscal
2024 by 8.2%. This is supported by higher capacity, average sales
prices, and increased dynamic packaging options, as well as
cross-selling of ancillary services and excursions to existing and
new customers. At the same time, TUI's markets and airlines segment
is expected to support higher group earnings as it benefits from
the return to a normal hedging policy. Management indicated that
the absence of hedging options led to a negative impact of about
EUR100 million in fiscal 2023. TUI Cruises GmbH's contribution in
the form of equity-accounted income increased to EUR174 million in
fiscal 2023 from EUR41.4 million the year before. We anticipate the
JV will again contribute dividends to TUI from fiscal 2025, driven
by continued high demand and expanded capacity from an additional
cruise ship per year until fiscal 2026. We therefore expect total
dividends from JVs to increase above EUR150 million in fiscal 2025,
from currently EUR26 million. We include it in our S&P Global
Ratings-adjusted EBITDA and exclude the equity-accounted income.
All combined, this should improve margins to 7.4% in 2024 and 8.4%
in 2025 and lead to S&P Global Ratings-adjusted leverage of 2.5x
and funds from operations (FFO) to debt of 29% in fiscal 2025.

TUI's strategic initiatives support a recovery in profitability
while it reduces capital intensity. The group has focused on
improving its technological capabilities and availability of
offerings for its customers through its online platforms and the
TUI App (combined, 50% of bookings). A key factor in further growth
is dynamic packaging (13% of customers in fiscal 2023) that allows
clients to choose the services they want in their packaged
vacation, which can also include third-party flights and hotels. In
addition, TUI increased complementary services such as transfers,
excursions, and car rentals. Through new services like flight-only
and hotel-only bookings, the group is targeting new customers. The
aim is to improve profitability of all divisions, by increasing
customer reach and usage of cruise ships, hotels, and aircraft.
This strategy is supported by TUI's aim to expand its branded hotel
and cruise portfolio through its asset right strategy. In essence,
the group gives third-party investors or co-investors through JVs
the opportunity to build TUI branded hotels, resorts, and cruise
ships, which the group manages. As of fiscal 2023, TUI showed a
growth pipeline of 41 hotels and three cruise ships. S&P views the
initiatives as credit supportive because they should drive growth
through capacity expansion, are margin accreditive, and reduce
capital expenditure (capex) needs.

A supportive financial policy and management's clear ambition for a
higher rating level back our expectation of further deleveraging.
TUI updated its financial policy in December 2023, specifically its
key medium-term leverage target to a net leverage target of
strongly below 1.0x from a gross level of below 3.0x (including
2.6x in fiscal 2023). At fiscal 2023, the group achieved a
company-adjusted net leverage of 1.2x translating into S&P Global
Ratings-adjusted leverage of 3.3x. The meaningful deviation between
S&P Global Ratings-adjusted and company-adjusted metrics follow the
netting of cash and exclusion of equity-accounted income from the
S&P Global Ratings-adjusted metrics, where S&P only includes
dividends from JVs. Beside leverage, TUI is focused on cancelling
the undrawn EUR1.05 billion KfW revolving credit facility (RCF) due
July 2026 and realizing profitable growth prospects before
formulating a dividend policy.

Liquidity remains adequate following the EUR1.8 billion rights
issue in April 2023 and extension of the EUR2.7 billion undrawn
RCFs. Fiscal year-end 2023 (Sept. 30) was the first time since the
pandemic's onset that the company had not drawn on its credit
facilities. Following the rights issue in April 2023, in May 2023
the group extended the EUR1.6 billion bank RCF (of which EUR190
million are guarantee lines) and KfW facility to July 2026. S&P
said, "From our expectation of sizable working capital seasonality,
we think TUI will still rely on RCF drawings during the winter in
fiscal 2024, but less so than in previous years. Without material
financial liabilities and our anticipation of higher operating cash
flow, we deem the group's liquidity adequate."

S&P said, "FOCF after leases is negative but we expect it to turn
positive on higher profits in 2024, then accelerate in 2025 on
expected dividends from JVs. In fiscal 2023, reported FOCF after
leases was still negative at EUR190 million, but we anticipate that
higher revenue and S&P Global Ratings-adjusted profitability and
supportive working capital inflows will turn FOCF after leases
positive. We also think that, based on its asset right strategy,
the group can keep gross capex near EUR600 million and partially
fund growth capex through continuous asset disposals. Nevertheless,
our forecast is supported by our expectation of continuous revenue
growth and related working capital inflows from a buildup in
customer prepayments. A deviation from our growth expectations can
lead to meaningful volatility to the group's ability to generate
positive cash flow."

TUI's credit profile is constrained by low cash conversion,
seasonality, and negative working capital. The group's low S&P
Global Ratings-adjusted EBITDA margin and meaningful capex and
lease payments, lead to a very low cash conversion, which limits a
meaningful buildup of available cash to support the group in an
adverse economic scenario. The business is highly dependent on the
summer (fourth fiscal quarter) with 90% of fiscal 2019 and 78% of
fiscal 2023 underlying EBITDA being generated in the season, which
exposes the group to external events, for example airport
disruption, aircraft groundings, geopolitical events, or
unfavorable weather conditions affecting customer demand. These
events can have severe implications as the group's cash flow
profile is supported during expansion by inflows from customer
prepayments, which reverse if revenue declines and can pressure
liquidity. TUI is exposed to highly negative working capital, as it
receives customer prepayments prior to their vacation date but pays
hotels only after the stay. This leads to a EUR1.0 billion-EUR1.5
billion swing in working capital, right after the fiscal year ends
in September, leading to drawings under the RCF and higher gross
leverage.

S&P said, "The positive outlook reflects our forecast for
significant improvement in credit metrics in 2024 and 2025, due to
margin improvements in markets and airlines, and a solid recovery
in TUI's cruise JV, which makes us think that dividend payments can
support the group's profitability and cash flow from fiscal 2025
onwards. We expect TUI's S&P Global Ratings-adjusted debt to EBITDA
will improve to 3.0x in 2024 and 2.5x in 2025. We forecast reported
FOCF after leases to approach EUR150 million-EUR250 million over
the next 12-18 months."

S&P could raise the rating if TUI achieves the following metrics:

-- Reported FOCF after leases turns meaningfully positive;

-- S&P Global Ratings-adjusted FFO to debt approaches 30%; and

-- S&P Global Ratings-adjusted debt to EBITDA remains sustainably
below 3.0x.

This could result from an improved operating environment with
volumes above pre-pandemic levels and TUI passing on higher
operating costs to end customers, leading to improved S&P Global
Ratings-adjusted EBITDA margins.

S&P could lower the rating if:

-- FOCF after leases remains negative for a prolonged time;

-- TUI's liquidity weakens;

-- Debt to EBITDA approaches 4.0x; or

-- FFO to debt declines below 15%.

This could follow weaker earnings due to less meaningful growth in
passenger traffic, higher-than-anticipated cost inflation, or
unexpected external factors. It could also stem from a more
aggressive financial policy.

S&P said, "Environmental factors are a moderately negative
consideration in our analysis of TUI, reflecting that the company
operates 126 aircrafts and 16 ships, and will be increasingly under
scrutiny to reduce greenhouse gas emissions, in line with the
broader airline and cruises industry. We understand TUI plans to
continue upgrading its fleet with more fuel-efficient aircraft and
ships. In its sustainability agenda TUI targets reducing carbon
emissions for its hotels by 46.2%, TUI Airlines by 24%, and cruises
by 27.5% by 2030 compared with base year 2019. The targets have
been validated by the Science Based Targets initiative. The
aviation and maritime transport (cruise) industry are covered by
the European Trading Schemes (ETS) and need to align with ETS
reporting requirements and greenhouse gas reduction targets, which
could result in higher costs if carbon emissions exceed free
credits.

"Social factors are a moderately negative consideration, reflecting
the group's recovery from the pandemic's unprecedented impact in
2020 and 2021. TUI has shown its ability to rebound once
restrictions were lifted completely in the past two years. We
expect that the group can achieve 2019 customer levels by latest
2024, with cruises recovering last. This was an extreme disruption
and although it is unlikely to recur in the same magnitude, we
believe the sector remains sensitive to health and safety issues as
well as geopolitical events that could result in business
disruption."

Governance factors are a neutral consideration. The group has
diversified shareholder structure, with 89% free float. Its largest
shareholder is Mr. Mordashov, who owns 10.9% and is sanctioned by
the EU.


VOITH GMBH: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable
-------------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 long term corporate
family rating and Ba1-PD probability of default rating of
German-based diversified engineering group Voith GmbH & Co. KGaA
(Voith). The outlook remains stable.

The rating action reflects the ongoing improvement of Voith's
operating performance and credit metrics. The company has
maintained a solid organic revenue increase since 2022 across all
of its three divisions complemented by acquisitions. While Moody's
expect revenues to decline in the next 12-18 months from a
moderation in its paper business and low contribution from the
hydro segment, Moody's expect profitability to improve further from
normalization of input costs and strict cost discipline, leading to
Moody's adjusted EBITA-margin of around 5% in the next 12-18
months. The company's performance improvement program continues to
support the profitability. This translates into further
deleveraging potential below 4.0x (Moody's adjusted) which is
further supported by expected reduction in gross financial debt.
Voith's free cash flow/debt was 8.3% in fiscal year 2023 driven by
the higher operating profit combined with working capital
improvements and against elevated capital expenditures.

RATINGS RATIONALE

Voith's Ba1 CFR and stable outlook is supported by (i) market and
technology leadership in many of its relevant markets, such as
hydro power plants and paper machines; (ii) very diversified and
well balanced portfolio, with the group serving many end markets,
which typically follow different cycles in terms of length and
timing, backed by healthy order backlog in excess of one year of
sales; (iii) substantial financial flexibility given cash & cash
equivalents of around EUR400 million and (iv) its conservative
financial policy.

The rating is constrained by (i) a Moody's adjusted gross leverage
of 4.1x (including pension adjustments) for fiscal year 2023, (ii)
persistently lower profitability compared to peers with EBITA
margins only gradually moving towards 5% (Moody's adjusted) since
2017, (iii) its cyclical nature in most of its end markets and only
modest revenue growth of maximum 2-3% expected in fiscal year 2024
and 2025 and, (iv) comparably weak FCF/debt (Moody's adjusted) in
percentage terms as a result of its low profitability.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation that Voith will be
able to strengthen profitability in its core businesses leading to
a Moody's-adjusted EBITA margin improving towards 5%,
Moody's-adjusted retained cash flow coverage metrics moving towards
low twenties in percentage term of net debt (before restructuring
costs) and consistently positive free cash flow.

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

Moody's could upgrade Voith in case of a sustainable strengthening
of its credit profile reflected in a Moody's-adjusted EBITA margin
in the mid-to-high-single digits and Moody's-adjusted debt/EBITDA
improving well below 3.5x, Moody's adjusted RCF/net debt improving
towards 25% while preserving FCF/debt in high single digits in
percentage terms.

Moody's could downgrade Voith's ratings, if its Moody's-adjusted
debt/EBITDA moves sustainably above 4.5x, Moody's-adjusted RCF/net
debt below 15%, negative free cash flow for a prolonged period of
time, if its strong liquidity profile is weakened or in case of
sizeable M&A activity.

LIQUIDITY

Moody's view Voith's liquidity as solid. The company's cash
position amounted to EUR413 million per September 2023. This cash
balance is further supported by an undrawn EUR600 million
multicurrency syndicated credit facility, which matures in October
2028. The facility has no repeating material adverse change clause
or financial covenants with the possibility to increase the credit
volume to a maximum of EUR800 million. Voith's liquidity is also
supported by certain bilateral committed credit facilities of
EUR525 million. These sources are sufficient to cover its liquidity
needs, including any intra-year movements of working capital and
short-term debt maturities.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Voith GmbH & Co. KGaA (Voith) is a diversified engineering group,
primarily addressing energy, oil and gas, paper, raw materials, and
transport and automotive markets. Its product offerings hold
leading positions in hydropower generation, paper machine
technology and selected niches of technical services and power
transmission.

Voith employed some 23,224 people in more than 60 countries and
generated sales of EUR5.5 billion in the fiscal year ended
September 30, 2023 (fiscal 2023). The group is privately owned by
descendants of the Voith family, but it has been led by nonfamily
senior managers for decades.


[*] Moody's Takes Rating Actions on 7 German Banks
--------------------------------------------------
Moody's Investors Service has placed ratings of seven German
banking groups that are members of Sparkassen-Finanzgruppe
(S-Finanzgruppe; Corporate Family Rating Aa2 stable, BCA a2) on
review for upgrade. Those banking groups are:

- Bayerische Landesbank AoR (BayernLB),
- DekaBank Deutsche Girozentrale (DekaBank),
- Landesbank Baden-Wuerttemberg (LBBW),
- Landesbank Hessen-Thueringen Girozentrale (Helaba),
- Landesbank Saar (SaarLB),
- Norddeutsche Landesbank - Girozentrale - (NORD/LB),
- Sparkasse KoelnBonn (SKKB),

and include their rated subsidiaries.

The review for upgrade also pertains to the banks' respective
Adjusted Baseline Credit Assessments (Adjusted BCA).

The review for upgrade reflects a potential change in Moody's
assessment of the likelihood of member banks receiving direct or
indirect support via S-Finanzgruppe's institutional protection
scheme (IPS) on the back of recently updated IPS statutes, which
strengthen the support mechanism.

A list of Affected Credit Ratings is available at
https://urlcurt.com/u?l=kcVFqZ

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

-- KEY DRIVERS OF THE REVIEW FOR UPGRADE

In early 2024, S-Finanzgruppe published updated statutes for its
IPS[1], following regulatory pressure to reduce complexity, to
increase reliability, and to increase the level of directly
available reserves. Key improvements of the support scheme include
a more rule-based approach for decision taking, including tight
deadlines that ensure timely execution of support measures as well
as stronger empowerment of the central governing body of the IPS.

The support measures include access to higher and readily available
resources that will be accumulated from 2025 onwards with a
specific reserve for IPS support cases, while the role of the
central IPS governing body is strengthened by enhancing its powers
regarding the application of early intervention measures as well as
its access to the various support funds that are available in this
decentralized group at regional and national level.

Should Moody's conclude that the IPS's improved support governance
and practices as well as available resources are credible and
enhance the likelihood of swift forthcoming support for
S-Finanzgruppe's member banks in case of need, this could result in
an upward revision of the rating agency's current affiliate support
assumptions and consequently upward pressure on the Adjusted BCAs
and select ratings of the banks affected by the rating action.

-- FOCUS OF THE RATINGS REVIEW

During the review, Moody's will update its opinion regarding the
IPS's willingness and capacity to provide support in case of need
to the affected banking groups.

In particular, the rating agency will consider whether the new
statutes implement a reliably strengthened governance structure
with respect to i) a strong central body with sufficient powers
across the support value chain; ii) proactive risk monitoring with
clear triggers and escalation steps; iii) timely, frictionless
support decision making and execution; and iv) plausible access to
necessary funds and liquidity.

The rating agency will further consider several characteristics of
the rated entities, such as their ownership structure, size, and
business model as well as their importance to the overall sector,
which will be reflected in the assumptions about the likelihood of
receiving support. Furthermore, Moody's will assess whether it
could be reasonably expected that capital instruments, such as
Additional Tier 1 and Tier 2 instruments, can benefit from the same
support assumptions as more senior liabilities under the new
framework.

-- OUTLOOK

Previously, the outlook on the long-term deposit, long-term issuer,
and senior unsecured ratings – where applicable – was stable
for LBBW and its subsidiary Berlin Hyp AG, for BayernLB's
subsidiary Deutsche Kreditbank AG, and for Helaba, DekaBank, and
SaarLB, while it was positive for BayernLB, NORD/LB, and SKKB.

As reflected in the review for upgrade on the ratings and the
Adjusted BCAs, a change to a higher affiliate support assumption
could exert upwards rating pressure.

The ratings could be confirmed if, other things equal, Moody's were
to conclude that the likelihood of affiliate support remains
unchanged despite the recent changes to the IPS statutes.
Furthermore, the ratings for capital instruments could be confirmed
in case the rating agency identifies that burden sharing with
investors in such liabilities is a feasible option for the IPS in a
support scenario.

In addition, ratings could be upgraded following a strengthening of
the banks' stand-alone creditworthiness, as expressed by their BCA,
which would lead to a stronger Adjusted BCA, but also due to
potentially higher ratings uplift from Moody's Advanced Loss Given
Failure (LGF) analysis.

The banks' ratings could be downgraded following a weakening of
their BCAs that concurrently imposes downwards pressure on the
Adjusted BCA, as well as due to lower rating uplift from Moody's
Advanced LGF analysis.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
Methodology published in July 2021.




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

BLACK DIAMOND 2017-2: Moody's Affirms B3 Rating on Class F Notes
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Black Diamond CLO 2017-2 Designated Activity
Company:

EUR56,000,000 Class B Senior Secured Floating Rate Notes due 2032,
Upgraded to Aaa (sf); previously on Sep 27, 2021 Upgraded to Aa1
(sf)

EUR30,900,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Aa3 (sf); previously on Sep 27, 2021
Affirmed A2 (sf)

EUR23,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Baa2 (sf); previously on Sep 27, 2021
Affirmed Baa3 (sf)

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

EUR142,000,000 (Current outstanding amount EUR78,079,564.84) Class
A-1 Senior Secured Floating Rate Notes due 2032, Affirmed Aaa (sf);
previously on Sep 27, 2021 Affirmed Aaa (sf)

USD55,800,000 (Current outstanding amount USD30,667,239.39) Class
A-2 Senior Secured Floating Rate Notes due 2032, Affirmed Aaa (sf);
previously on Sep 27, 2021 Affirmed Aaa (sf)

EUR30,000,000 (Current outstanding amount EUR16,495,682.72) Class
A-3 Senior Secured Fixed Rate Notes due 2032, Affirmed Aaa (sf);
previously on Sep 27, 2021 Affirmed Aaa (sf)

USD15,000,000 (Current outstanding amount USD8,243,881.55) Class
A-4 Senior Secured Fixed Rate Notes due 2032, Affirmed Aaa (sf);
previously on Sep 27, 2021 Affirmed Aaa (sf)

EUR18,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Ba3 (sf); previously on Sep 27, 2021
Affirmed Ba3 (sf)

EUR12,100,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed B3 (sf); previously on Sep 27, 2021
Affirmed B3 (sf)

Black Diamond CLO 2017-2 Designated Activity Company, issued in
December 2017, is a collateralised loan obligation (CLO) backed by
a portfolio of mostly high-yield senior secured European and US
loans. The portfolio is managed by Black Diamond CLO 2017-2
Adviser, L.L.C. The transaction's reinvestment period ended in
January 2022.

RATINGS RATIONALE

The rating upgrades on the Class B, C and D Notes are primarily a
result of the significant deleveraging of the senior notes
following amortisation of the underlying portfolio since March
2023.

The Class A Notes have paid down by approximately EUR63.3 million
and USD25.6 million (40% of Class A original balance) since March
2023 and EUR77.4 million and USD31.9 million (45% of Class A
original balance) since closing. As a result of the deleveraging,
over-collateralisation (OC) has increased across the capital
structure.

According to the trustee report dated January 9, 2024 [1] the Class
A/B, Class C, Class D, Class E and Class F OC ratios are reported
at 148.4%, 128.5%, 116.8%, 109.1% and 104.4% compared to the OC
ratios reported in March 13, 2023 [2], the Class A/B, Class C,
Class D, Class E and Class F OC were at 137.9%, 123.9%, 115.2%,
109.2% and 105.5% respectively. Moody's notes that the January 2024
principal payments are not reflected in the reported OC ratios.

The affirmation on the ratings on the Class A, E 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 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: EUR283.6m

Defaulted Securities: EUR4.4m

Diversity Score: 45

Weighted Average Rating Factor (WARF): 3044

Weighted Average Life (WAL): 3.7 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.9%

Weighted Average Recovery Rate (WARR): 46.3%

Par haircut in OC tests and interest diversion test: None.

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

-- Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels.  Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty.  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.

-- Foreign currency exposure: The deal has exposures to non-EUR
denominated assets. Volatility in foreign exchange rates will have
a direct impact on interest and principal proceeds available to the
transaction, which can affect the expected loss of rated tranches.

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.


GLENBEIGH CONSTRUCTION: Liquidators to Probe Dividend Concerns
--------------------------------------------------------------
Business Post reports that liquidators appointed over a well-known
construction company have said they will investigate concerns that
"very significant dividends" were paid to shareholders a year
before the firm sought to be wound up.

Glenbeigh Construction Limited, which had been carrying out works
on a number of high-value and strategic projects, applied to be
placed into liquidation last month, Business Post relates.  It said
it was unable to pay its debts due to losses in recent years,
Business Post notes.

The company employs 33 people and had been contracted for projects
at Dublin Airport, Arbour Hill prison, Mountjoy prison, and a
residential building at Dundrum Town Centre.

The Dundrum project, which was to build and fit-out 107 apartments
in a 9-storey building, was valued at over EUR36 million.

The High Court heard from Grace Armstrong, a McCann Fitzgerald
solicitor for Dundrum Retail Limited Partnership, Business Post
relays.  She said her client was a counter party to this project
and had concerns about Glenbeigh's petition to enter liquidation,
Business Post states.

According to Business Post, she said it had a "paucity" of
financial information and that "very significant" payments in
dividends had been paid out to shareholders for the 2022 financial
year.

Ms. Armstrong, as cited by Business Post, said she was instructed
to ask that the liquidators would "fully investigate" the issues
raised in correspondence sent on behalf of her client.

According to the company's financial statements filed in the CRO,
its directors declared and paid a dividend of EUR1.125 million at
the end of 2022.

Counsel for the provisional liquidators Dessie Morrow and Diarmaid
Guthrie, of Azets Ireland, said the dividend raised some initial
concerns as to how a company which has now fallen into insolvency
could have distributed funds, Business Post relates.

Ross Gorman, barrister for Glenbeigh, instructed by Crowley Millar,
said a detailed report from the liquidators had been completed,
Business Post notes.

According to Business Post, Mr. Justice Brian Cregan said he was
satisfied to make an order appointing Guthrie and Morrow, who had
been acting as provisional liquidators since last month, as
official joint liquidators.

The High Court also heard that a statement of affairs from the
directors would soon be filed, Business Post notes.

The company experienced "particular difficulties" in relation to a
development of 49 units on a site in Killiney Glenbeigh has
previously worked on projects at Leinster House, Dublin Airport,
Coolmine Business Park, Midlands Prison, and Ennis Hospital,
Business Post discloses.

John Donlon, a director of Glenbeigh, said in an affidavit that "up
until recently" the company was profitable.

He said in more recent times, it had incurred significant losses
due to projects delayed by the Covid-19 pandemic and cost increases
which has resulted in fixed price contracts it entered into
becoming loss making, Business Post notes.

The company experienced "particular difficulties" in relation to a
development of 49 units on a site in Killiney, Business Post
relates.  Mr. Donlon, as cited by Business Post, said it was
expected to lose over EUR1.2 million due to cost inflation on this
project.


GOLDENTREE LOAN 2: Moody's Affirms B2 Rating on EUR9.9MM F Notes
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Goldentree Loan Management EUR CLO 2 Designated
Activity Company:

EUR15,700,000 Class C-1-A Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Aa2 (sf); previously on May 5, 2023
Upgraded to A1 (sf)

EUR12,000,000 Class C-1-B Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Aa2 (sf); previously on May 5, 2023
Upgraded to A1 (sf)

EUR28,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Baa1 (sf); previously on May 5, 2023
Upgraded to Baa2 (sf)

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

EUR240,000,000 (Current outstanding amount EUR206,095,269) Class A
Senior Secured Floating Rate Notes due 2032, Affirmed Aaa (sf);
previously on May 5, 2023 Affirmed Aaa (sf)

EUR10,500,000 Class B-1-A Senior Secured Floating Rate Notes due
2032, Affirmed Aaa (sf); previously on May 5, 2023 Upgraded to Aaa
(sf)

EUR12,000,000 Class B-1-B Senior Secured Floating Rate Notes due
2032, Affirmed Aaa (sf); previously on May 5, 2023 Upgraded to Aaa
(sf)

EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2032,
Affirmed Aaa (sf); previously on May 5, 2023 Upgraded to Aaa (sf)

EUR24,300,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Ba2 (sf); previously on May 5, 2023
Affirmed Ba2 (sf)

EUR9,900,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2032, Affirmed B2 (sf); previously on May 5, 2023 Affirmed B2
(sf)

Goldentree Loan Management EUR CLO 2 Designated Activity Company,
issued in December 2018, is a collateralised loan obligation (CLO)
backed by a portfolio of mostly high-yield senior secured European
loans. The portfolio is managed by GoldenTree Loan Management, LP.
The transaction's reinvestment period ended in July 2023.

RATINGS RATIONALE

The rating upgrades on the Class C-1-A, C-1-B and D notes are
primarily a result of the deleveraging of the senior notes
following amortisation of the underlying portfolio since the last
rating action in May 2023.

The affirmations on the ratings on the Class A, B-1-A, B-1-B, B-2,
E 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 EUR33.9 million
(14.1%) since the last rating action in May 2023. As a result of
the deleveraging, over-collateralisation (OC) has increased across
the capital structure. According to the trustee report dated
January 2024 [1], the Class A/B, Class C, Class D and Class E OC
ratios are reported at 139.89%, 127.10%, 116.34% and 108.38%
compared to April 2023 [2] levels of 139.52%, 126.86%, 116.20% and
108.30%, respectively. Moody's notes that the January 2024
principal payments are not reflected in the reported OC ratios.

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

Key model inputs:

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

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

Performing par and principal proceeds balance: EUR358.16m

Defaulted Securities: EUR1.72m

Diversity Score: 53

Weighted Average Rating Factor (WARF): 2838

Weighted Average Life (WAL): 3.65 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.65%

Weighted Average Coupon (WAC): 4.23%

Weighted Average Recovery Rate (WARR): 44.60%

Par haircut in OC tests and interest diversion test:  none

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

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

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


PENTA CLO 8: Moody's Affirms B3 Rating on EUR11.4MM Class F Notes
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Penta CLO 8 Designated Activity Company:

EUR24,000,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Upgraded to Aa1 (sf); previously on Dec 8, 2021 Definitive
Rating Assigned Aa2 (sf)

EUR11,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Upgraded to Aa1 (sf); previously on Dec 8, 2021 Definitive Rating
Assigned Aa2 (sf)

EUR21,850,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Upgraded to A1 (sf); previously on Dec 8, 2021
Definitive Rating Assigned A2 (sf)

EUR24,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Upgraded to Baa2 (sf); previously on Dec 8, 2021
Definitive Rating Assigned Baa3 (sf)

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

EUR215,250,000 Class A Senior Secured Floating Rate Notes due
2034, Affirmed Aaa (sf); previously on Dec 8, 2021 Definitive
Rating Assigned Aaa (sf)

EUR17,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed Ba3 (sf); previously on Dec 8, 2021
Definitive Rating Assigned Ba3 (sf)

EUR11,400,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed B3 (sf); previously on Dec 8, 2021
Definitive Rating Assigned B3 (sf)

Penta CLO 8 Designated Activity Company, issued in November 2020
and refinanced in December 2021, is a collateralised loan
obligation (CLO) backed by a portfolio of mostly high-yield senior
secured European loans. The portfolio is managed by Partners Group
(UK) Management Ltd. The transaction's reinvestment period ended in
January 2024.

RATINGS RATIONALE

The rating upgrades on the Class B-1, Class B-2, Class C and Class
D notes are primarily a result of the transaction having reached
the end of the reinvestment period in January 2024.

The affirmations on the ratings on the Class A, Class E and Class 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.

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 refinancing.

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: EUR349.8m

Diversity Score: 57

Weighted Average Rating Factor (WARF): 3014

Weighted Average Life (WAL): 4.13 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 4.00%

Weighted Average Coupon (WAC): 5.30%

Weighted Average Recovery Rate (WARR): 45.03%

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.

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.


TORO EUROPEAN 4: Moody's Hikes Rating on EUR10.5MM F-R Notes to B1
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Toro European CLO 4 Designated Activity Company:

EUR25,000,000 Class C-R Secured Deferrable Floating Rate Notes due
2030, Upgraded to Aaa (sf); previously on Aug 14, 2023 Upgraded to
Aa1 (sf)

EUR20,750,000 Class D-R Secured Deferrable Floating Rate Notes due
2030, Upgraded to Aa1 (sf); previously on Aug 14, 2023 Upgraded to
A2 (sf)

EUR26,500,000 Class E-R Secured Deferrable Floating Rate Notes due
2030, Upgraded to Baa3 (sf); previously on Aug 14, 2023 Affirmed
Ba2 (sf)

EUR10,500,000 Class F-R Secured Deferrable Floating Rate Notes due
2030, Upgraded to B1 (sf); previously on Aug 14, 2023 Affirmed B3
(sf)

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

EUR19,500,000 (Current outstanding amount EUR14,225,120) Class
B-1-R Secured Floating Rate Notes due 2030, Affirmed Aaa (sf);
previously on Aug 14, 2023 Upgraded to Aaa (sf)

EUR13,000,000 (Current outstanding amount EUR9,483,413) Class
B-2-R Secured Fixed Rate Notes due 2030, Affirmed Aaa (sf);
previously on Aug 14, 2023 Upgraded to Aaa (sf)

EUR15,000,000 (Current outstanding amount EUR10,942,400) Class
B-3-R Secured Floating Rate Notes due 2030, Affirmed Aaa (sf);
previously on Aug 14, 2023 Upgraded to Aaa (sf)

Toro European CLO 4 Designated Activity Company, issued in
September 2014 and reset in July 2017, is a collateralised loan
obligation (CLO) backed by a portfolio of mostly high-yield senior
secured European loans. The portfolio is managed by Chenavari
Credit Partners LLP. The transaction's reinvestment period ended in
July 2021.

RATINGS RATIONALE

The rating upgrades on the Class C-R, D-R, E-R and F-R notes are
primarily a result of the significant deleveraging of the senior
notes following amortisation of the underlying portfolio since the
last rating action in August 2023.

The affirmations on the ratings on the Class B-1-R, B-2-R and B-3-R
notes are primarily a result of the expected losses on the notes
remaining consistent with their current rating levels, after taking
into account the CLO's latest portfolio, its relevant structural
features and its actual over-collateralisation ratios.

The Class A-R notes have paid down fully by approximately EUR81.7
million (34.0%) since the last rating action in August 2023. The
Class B-1-R, B-2-R and B-3-R notes also have paid down by
approximately EUR12.8 million (27.1%) since August 2023. As a
result of the deleveraging, over-collateralisation (OC) has
increased across the capital structure. According to the trustee
report dated January 2024 [1] the Class A/B, Class C, Class D and
Class E OC ratios are reported at 212.2%, 164.9%, 139.1% and 116.0%
compared to July 2023 [2] levels of 164.4%, 141.5%, 126.8% and
112.0%. respectively. Moody's notes that the January 2024 principal
payments are not reflected in the reported OC ratios.

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

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

Performing par and principal proceeds balance: EUR132.3 million

Defaulted Securities: EUR2.0 million

Diversity Score: 26

Weighted Average Rating Factor (WARF): 2944

Weighted Average Life (WAL): 3.02 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.94%

Weighted Average Coupon (WAC): 3.41%

Weighted Average Recovery Rate (WARR): 42.82%

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank and, 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.




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

F-BRASILE SPA: Moody's Alters Outlook on 'Caa1' CFR to Positive
---------------------------------------------------------------
Moody's Investors Service has affirmed the Caa1 long-term corporate
family rating and the Caa1-PD probability of default rating of
F-Brasile S.p.A. (Forgital), the parent company of the Italian
manufacturer of forged components for the aerospace and industrial
markets Forgital Group. Concurrently, Moody's has affirmed the B1
instrument rating on the EUR80 million backed senior secured bank
credit facility and the Caa2 instrument rating on the $505 million
backed senior secured notes. The rating outlook has been changed to
positive from negative.

RATINGS RATIONALE

The rating action reflects Moody's view that Forgital's credit
metrics will continue recovering in the next 12-18 months.
Forgital's credit profile has been notably affected by both the
pandemic and the recent energy crisis. The company's Moody's
adjusted leverage peaked near 14x in Q2 2022, and its cash
generation was significantly negative throughout 2022, with a
Moody's adjusted Free Cash Flow (FCF) of negative EUR44 million.
However, a recovery in the aerospace markets and the company's
solid performance in the Industrial segment, combined with a
decrease in energy prices and the company's adaptation of its
pricing and contracts, have contributed to an improvement in its
earnings and cash flows. Despite these improvements, the capital
structure remains highly leveraged, with Moody's adjusted leverage
of around 8x and an interest coverage ratio (EBITA/Interest) well
below 1x at the end of Q3 2023.

A further enhancement in metrics is necessary for Forgital to
establish a sustainable capital structure and secure a single-B
rating. That being said, Moody's anticipate a favorable market
environment in the aerospace sector over the next 12-18 months,
with a more substantial recovery in the widebody segment, which has
lagged behind the narrowbody segment in post-pandemic recovery. The
growth in new business, especially in the narrowbody and space
sectors, will further enhance the topline and increase the
diversification of Forgital's portfolio. However, the portfolio
remains heavily reliant on Rolls-Royce plc's (Ba2 Positive)
programs, such as Trent XWB, thus maintaining a significant
exposure to the widebody segment. Moody's expect that Forgital's
performance in 2024 will be primarily influenced by its aerospace
business, with the Industrial segment likely to soften materially
in the face of a weak macroeconomic environment. Forgital's
operating performance will still be negatively impacted by high
energy prices in 2024 as the company hedges its consumption 12 to
18 months in advance but should start to benefit more substantially
from lower energy prices from 2025 onwards.

Moody's also expect Forgital's free cash flow generation to become
meaningfully positive in 2024 after having been significantly
negative in 2022 and close to break-even in 2023. This shift will
strengthen its liquidity profile, which Moody's view as robust
considering cash requirements over the next 12-18 months.
Nevertheless, Moody's are mindful of the upcoming maturity wall in
August 2026 and the need for proactive refinancing well in advance
to prevent a deterioration in the liquidity profile.  

The rating is mainly supported by (1) the company's market position
as a leading manufacturer of forged aero-engine components in
Europe; (2) its end-market diversification through the industrial
division (c. 40% of sales), which however tends to be more
cyclical; (3) good revenue visibility in the aerospace segment
because of the long-term agreements and the ongoing post-pandemic
market recovery; and (4) good profitability level with around
20-21% Moody's adjusted EBITDA margin prior to the pandemic and the
energy crisis.

However, the rating is constrained by (1) its small size and a
relative concentration on wide-body programs; (2) still very weak
credit metrics with leverage (Moody's adjusted gross debt/ EBITDA)
close to 8x and interest coverage (Moody's adjusted EBITA/
Interest) of around 0.6x at the end of September 2023; and (3) high
energy intensity that ultimately resulted in high cash consumption
in 2022 (EUR44 million negative Moody's adjusted FCF or 13% of
sales) whilst FCF remained negative in the first three quarters of
2023.

RATIONALE FOR POSITIVE OUTLOOK

The positive outlook reflects Moody's expectation that Forgital's
credit profile will continue improving, primarily due to the
ongoing post-pandemic recovery in the aerospace industry. Lower
energy costs and improved cost absorption due to higher plant
utilization are also likely to enhance its earnings. This outlook
is contingent on the company's ability to maintain an adequate
liquidity profile.

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

Positive rating pressure could arise if:

-- Moody's adjusted gross debt/ EBITDA sustained below 6.5x;

-- Moody's adjusted EBITA/ Interest sustained above 1x;

-- Sustainably positive free cash flow generation;

-- Liquidity remains adequate.

Conversely, negative rating pressure could arise if:

-- Material deterioration in liquidity profile;

-- Increasing likelihood of debt restructuring and default.

LIQUIDITY

The liquidity position of F-Brasile S.p.A. is adequate. This is
reflected in EUR16 million of cash as of September 2023 and EUR60
million availability under the EUR80 million super senior secured
Revolving Credit Facility (RCF) maturing in March 2026. The
company's liquidity position at the year-end 2023 must have
improved and Moody's expect it to continue improving in 2024 as
Moody's foresee a return to positive free cash flow generation.
While there is no near-term debt maturities, the company is facing
a maturity wall in August 2026 when its $505 million senior secured
notes are due. It is essential to arrange a refinancing far in
advance as otherwise it could lead to a perception of inadequate
liquidity.  

The RCF contains a springing covenant set at 3.0x super senior net
leverage ratio tested quarterly in case of more than 40% drawing
net of cash on balance sheet.

STRUCTURAL CONSIDERATION

In the loss given default (LGD) assessment for F-Brasile S.p.A.
Moody's rank the $505 million senior secured notes maturing in 2026
behind the EUR80 million super senior secured RCF and trade
payables. This structural subordination of senior secured notes
results in one notch lower rating of Caa2 compared to the Caa1
long-term corporate family rating. Moody's assume a standard
recovery rate of 50% due to the covenant lite package consisting of
bonds and loans. The senior ranking super senior secured RCF is
rated B1, three notches above the CFR, supported by the material
loss absorption provided to super senior creditors by the senior
secured notes. Both instruments share the same security package and
guarantor coverage consisting of subsidiaries accounting for around
80% of the group's consolidated EBITDA.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Aerospace and
Defense published in October 2021.

COMPANY PROFILE

Headquartered in Vicenza, Italy, F-Brasile S.p.A. is an
intermediate holding company of the Forgital group, a leading
vertically integrated forging company servicing the commercial and
military aerospace industries and various industrial end-markets.
The company operates eight facilities located in Italy, France and
the United States. It is specialized in forging, laminating and
machining of rolled rings and has advanced capabilities across
various materials including carbon steels, alloy steels, stainless
steels, aluminum, nickel and titanium alloys. Founded in 1873,
Forgital Group has been acquired by the private-equity Carlyle
Group in 2019. In the last twelve months ended September 2023,
Forgital generated approximately EUR425 million of revenue and
employed around 1,200 people worldwide.




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

COVIS FINCO SARL: $395MM Bank Debt Trades at 61% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Covis Finco Sarl is
a borrower were trading in the secondary market around 39.0
cents-on-the-dollar during the week ended Friday, Feb. 9, 2024,
according to Bloomberg's Evaluated Pricing service data.

The loans traded in the secondary market around 71.2
cents-on-the-dollar the previous week ended Feb. 2.

The $395 million facility is a Term loan that is scheduled to
mature on February 18, 2027.  About $342.9 million of the loan is
withdrawn and outstanding.

Covis Finco SARL is an entity affiliated with Covis Pharma, which
is backed by Apollo Global Management. Covis Pharma distributes
pharmaceutical products for patients with life-threatening
conditions and chronic illnesses. Finco is the borrower under a
term loan facility used to refinance existing debt and refinance
the debt incurred to finance products acquired from AstraZeneca.
Finco has its registered office in Luxembourg.




COVIS FINCO: EUR309MM Bank Debt Trades at 61% Discount
------------------------------------------------------
Participations in a syndicated loan under which Covis Finco Sarl is
a borrower were trading in the secondary market around 39.3
cents-on-the-dollar during the week ended Friday, Feb. 9, 2024,
according to Bloomberg's Evaluated Pricing service data.

The EUR309.6 million facility is a Term loan that is scheduled to
mature on February 18, 2027.  About EUR296 million of the loan is
withdrawn and outstanding.

Covis Finco SARL is an entity affiliated with Covis Pharma, which
is backed by Apollo Global Management.  Covis Pharma distributes
pharmaceutical products for patients with life-threatening
conditions and chronic illnesses.  Finco is the borrower under a
term loan facility used to refinance existing debt and refinance
the debt incurred to finance products acquired from AstraZeneca.
Finco has its registered office in Luxembourg.


NORTHPOLE NEWCO: $395MM Bank Debt Trades at 90% Discount
--------------------------------------------------------
Participations in a syndicated loan under which NorthPole Newco
Sarl is a borrower were trading in the secondary market around 10.3
cents-on-the-dollar during the week ended Friday, Feb. 9, 2024,
according to Bloomberg's Evaluated Pricing service data.

The loans traded in the secondary market around 15.4
cents-on-the-dollar the previous week ended Feb. 2.

The $395.9 million facility is a Term loan that is scheduled to
mature on March 3, 2025.  About $301.9 million of the loan is
withdrawn and outstanding.

Northpole Newco S.a.r.l. is a cybersecurity software provider.  The
Company's country of domicile is Luxembourg.




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

BRIGHT BIDCO: $300MM Bank Debt Trades at 70% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Bright Bidco BV is
a borrower were trading in the secondary market around 30.5
cents-on-the-dollar during the week ended Friday, Feb. 9, 2024,
according to Bloomberg's Evaluated Pricing service data.

The loans traded in the secondary market around 34.8
cents-on-the-dollar the previous week ended Feb. 2.

The $300 million facility is a Pik Term loan that is scheduled to
mature on October 31, 2027.  The amount is fully drawn and
outstanding.

Amsterdam, The Netherlands-based Bright Bidco B.V. designs and
manufactures discrete semiconductor devices and circuits for light
emitting diodes (LEDs).



COLUMBUS FINANCE: EUR350MM Bank Debt Trades at 16% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Columbus Finance BV
is a borrower were trading in the secondary market around 83.6
cents-on-the-dollar during the week ended Friday, Feb. 9, 2024,
according to Bloomberg's Evaluated Pricing service data.

The loans traded in the secondary market around 79.2
cents-on-the-dollar the previous week ended Feb. 2.

The EUR350 million facility is a Term loan that is scheduled to
mature on February 27, 2027.  The amount is fully drawn and
outstanding.

Columbus Finance B.V., is a finance subsidiary of the Scenic Group,
which is in the field of luxury cruises and tours worldwide.
Columbus Finance's country of domicile is the Netherlands.


SPRINT BIDCO: EUR700MM Bank Debt Trades at 41% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Sprint Bidco BV is
a borrower were trading in the secondary market around 58.9
cents-on-the-dollar during the week ended Friday, Feb. 9, 2024,
according to Bloomberg's Evaluated Pricing service data.

The loans traded in the secondary market around 76.3
cents-on-the-dollar the previous week ended Feb. 2.

The EUR700 million facility is a Term loan that is scheduled to
mature on September 16, 2029.  The amount is fully drawn and
outstanding.

Sprint Bidco B.V. is a special purpose vehicle that owns the
Dutch-based bicycle company Accell. The Company's country of
domicile is the Netherlands.



[*] NETHERLANDS: Number of Bankruptcies Down 6% in January 2024
---------------------------------------------------------------
Statistics Netherlands reports that Statistics Netherlands (CBS)
reports that, adjusted for the number of court session days, there
were 24 fewer bankruptcies in January 2024 than in December 2023.

This is a decrease of 6%, Statistics Netherlands notes.  However,
there has been an upward trend in the number of bankruptcies for
nearly two years, Statistics Netherlands states.

According to Statistics Netherlands, in January 2024, over 60% more
businesses were declared bankrupt than one year previously. This is
an increase of 138 businesses.




===========
N O R W A Y
===========

HURTIGRUTEN GROUP: EUR655MM Bank Debt Trades at 37% Discount
------------------------------------------------------------
Participations in a syndicated loan under which Hurtigruten Group
AS is a borrower were trading in the secondary market around 62.8
cents-on-the-dollar during the week ended Friday, Feb. 9, 2024,
according to Bloomberg's Evaluated Pricing service data.

The loans traded in the secondary market around 68.9
cents-on-the-dollar the previous week ended Feb. 2.

The EUR655 million facility is a Term loan that is scheduled to
mature on February 28, 2027.  The amount is fully drawn and
outstanding.

Hurtigruten is a Norwegian cruise ship operator that offers cruises
along the Norwegian coast, expedition cruises and land-based Arctic
experience tourism in Svalbard. In the first nine months of 2023,
Hurtigruten reported revenue of EUR512 million (2022: EUR441
million) and company-defined adjusted EBITDA of EUR58 million
(2022: EUR46 million). The Company's country of domicile is
Norway.




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

TAGUS STC: Fitch Affirms 'BBsf' Rating on Class C Notes
-------------------------------------------------------
Fitch Ratings has upgraded Tagus, STC S.A. / Silk Finance No. 5's
class B notes, removed them from Rating Watch Positive (RWP) and
affirmed the class A and C notes. The Outlooks on all notes are
Stable.

   Entity/Debt                Rating            Prior
   -----------                ------            -----
Tagus, STC S.A. /
Silk Finance No. 5

   Class A PTTGULOM0028   LT  A+sf    Affirmed   A+sf
   Class B PTTGUMOM0027   LT  BBB+sf  Upgrade    BBBsf
   Class C PTTGUNOM0026   LT  BBsf    Affirmed   BBsf

TRANSACTION SUMMARY

The transaction is a securitisation of a portfolio of auto loans
originated in Portugal (A-/Stable/F1) by Banco Santander Consumer
Portugal (BSCP; not rated). BSCP is owned by Santander Consumer
Finance, S.A. (SCF; A-/Stable/F2), the consumer credit arm of Banco
Santander, S.A. (A-/Stable/F2). Obligors are individuals (including
professionals and self-employed) and companies.

KEY RATING DRIVERS

Asset Performance; Recalibration of Stresses: The upgrade of the
class B notes and removal from RWP is driven by the transaction's
performance and the recalibration of rating stresses on defaults
and recoveries, following the lifting of structured finance rating
caps in Portugal (see 'Fitch Upgrades Two Portuguese ABS
Transactions Following Sovereign Upgrade; Other Deals on RWP'),
previously set at 'AA+sf', or six notches above the sovereign
rating.

Fitch has maintained the default assumptions for both the new- and
used-vehicle sub pools (at 3.5% and 8% respectively), leading to a
blended remaining lifetime base case of 5.6% based on the actual
portfolio composition. The recovery rate expectation has also been
maintained at 20%. The base-case assumptions are stressed with a
default multiple of 3.0x and a recovery haircut of 33.4% at 'A+sf',
which are slightly lower than previously as the sovereign upgrade
led to the rescaling of intermediate stresses.

Performance in Line with Assumptions: Almost half the assets in the
initial portfolio comprise 10-year loans, compared with historical
data provided at closing that covered five years. With more than
three years of additional information available, the transaction
has performed in line with initial expectations. The securitised
pool is composed of fully amortising auto loans and the majority is
fixed rate.

Pro-rata Repayment to Continue: The class A to D notes are
currently repaying principal on a pro rata basis, until a
subordination event occurs, which includes the breach of a
post-revolving cumulative default trigger set at 5.5% of cumulative
defaults as a percentage of portfolio balance (including revolving
period purchases of 2.9%). The tail risk posed by the pro-rata
pay-down is mitigated by the mandatory switch to sequential
amortisation when the outstanding collateral balance falls below
10% of its initial balance.

Senior Notes' Rating Capped: Despite no more constraints due to
country risk, the transaction's maximum achievable rating is 'A+sf'
as per Fitch's Counterparty Criteria, due to the minimum
eligibility rating thresholds defined for the interest rate cap
provider (which since closing has been Banco Santander, S.A.) at
'BBB' or 'F2', which are insufficient to support ratings in the
'AAAsf' and 'AAsf' categories.

Liquidity Coverage Addresses Servicing Continuity: Servicing
continuity risk is mitigated by the liquidity provided by the
dedicated cash reserve, which covers senior costs and interest on
the class A to D notes for about four months. No back-up servicer
was appointed at closing.

RATING SENSITIVITIES

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

Long-term asset performance deterioration such as increased
delinquencies or reduced portfolio yield, which could be driven by
changes in asset performance, macroeconomic conditions, business
practices or the legislative landscape may put pressure on the
ratings. A simultaneous increase in defaults and decrease in
recoveries of 25% could have an impact of two notches on the class
B notes and three notches on the class C notes.

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

For the class B and C notes, credit enhancement increases due to
the reserve fund at floor as the transaction deleverages that are
able to fully compensate the credit losses and cash flow stresses
commensurate with higher rating scenarios.

Fitch does not see potential for an upgrade of the class A notes
unless the transaction account bank counterparty eligibility
triggers were updated with minimum thresholds set at higher
ratings.

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

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

DATA ADEQUACY

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

Prior to the transaction closing, Fitch reviewed the results of a
third party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.

Prior to the transaction closing, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.

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

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.




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

EUROINS: Eurohold Files Lawsuit Over Bankruptcy of Euroins
----------------------------------------------------------
Romania-Insider.com reports that Bulgarian insurance group Eurohold
announced that it filed a lawsuit against Romania at the European
Court of Human Rights (ECHR) in the case of what it claims to be
the illegal bankruptcy of local subsidiary Euroins.

Moreover, it also reconfirmed that it is preparing an arbitration
request for the amount of over EUR500 million at an international
court in the US, Romania-Insider.com relates.

At the same time, Eurohold claimed that the lawsuit in Romania
against ASF's decision to withdraw Euroins' operating license has
recently started, Romania-Insider.com notes.

Last June, the Bucharest Court decided to open bankruptcy
proceedings in the case of Euroins, the former leader of
third-party liability car insurance (RCA), whose share in this
market segment exceeded 30% at the end of 2022, Romania-Insider.com
recounts.

Romania's Financial Supervisory Authority (ASF) announced in March
2023 that it found "elements of insolvency" at the country's
leading insurance firm, Euroins, and decided to withdraw the
insurer's license and file a bankruptcy request,
Romania-Insider.com relays.  The Bucharest Tribunal confirmed in
June 2023 the state of insolvency and approved the bankruptcy
procedure requested by the ASF in the case of insurer Euroins
Romania, Romania-Insider.com discloses.

After losing all the court appeals in Romania in this case,
Eurohold announced in January 2024 that it would move forward with
preparations for international arbitration,
Romania-Insider.com states.

However, Eurohold, in a recent statement this February, also said
that the lawsuit against ASF's decision to withdraw Euroins'
operating license has just started,
Romania-Insider.com notes.

The Bulgarian group will ask for compensation as "the dispute
regarding Euroins Romania was not resolved," and the damages caused
to the group will not be compensated accordingly following the
ruling of the Romanian court, according to Romania-Insider.com.




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

BANCAJA 10: Moody's Upgrades Rating on EUR26MM Cl. D Notes to Caa3
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 3 notes in
Bancaja 10, FTA. The rating action reflects the increased levels of
credit enhancement for the affected notes repayment of unpaid
interest in the case of Classes B, C and D, and revision of key
collateral assumptions.

EUR65.0 million Class B Notes, Upgraded to Ba3 (sf); previously on
Apr 19, 2021 Affirmed B2 (sf)

EUR52.0 million Class C Notes, Upgraded to B2 (sf); previously on
Sep 22, 2014 Affirmed Ca (sf)

EUR26.0 million Class D Notes, Upgraded to Caa3 (sf); previously
on Sep 22, 2014 Affirmed C (sf)

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

EUR500.0 million Class A3 Notes, Affirmed Aa1 (sf); previously on
Apr 19, 2021 Upgraded to Aa1 (sf)

A comprehensive review of all credit ratings for the transaction
has been conducted during a rating committee.

RATINGS RATIONALE

The rating action is prompted by an increase in credit enhancement
for the affected tranches, repayment of unpaid interest and
revision of key collateral assumptions.

Increase in Available Credit Enhancement:

Sequential amortization, trapping of excess spread and recoveries
related to purchase of defaulted loans led to the increase in the
credit enhancement available in this transaction. For instance, the
credit enhancement for Class B increased to 17.7% from 9.7% since
the last rating action. In the case of Classes C and D, the credit
enhancement increased to 6.9% and 1.5% from 0.4% and -1.6%
respectively since the last rating action on these notes.

Repayment of unpaid interest:

Classes B, C and D are currently up to date for interest payments,
having cured the amounts of unpaid interest accumulated in the
past. In the interest payment date as of February 2023, the
transaction received EUR8.4 million of recoveries, significantly
higher than in prior payment dates. This, together with the excess
spread available in the transaction, has cured the previous
principal deficiency ledger (PDL) and repaid all unpaid interest in
the three tranches. Class B had EUR0.1 million of unpaid interest
in a single payment date, in November 2022. Class C did not pay
interest between February 2014 and November 2022 amounting to a
cumulative amount of EUR1.3 million. Class D unpaid interest
between August 2013 and November 2022 cumulated to EUR4.2 million.
None of these notes accrued interest on unpaid interest during the
period where unpaid interest was outstanding. Moody's has taken
into account these losses due to no interest on unpaid interest,
close to zero in the case of Classes B and C.

The interest of these three notes remain subordinated to PDL given
the interest deferral triggers are hit, however reserve fund is
available to pay subordinated interest for Classes B, C and D.  Due
to the relatively thin excess spread and the uncertainties on
future recoveries inflow, the three notes will continue to be at
risk of future interest shortfall given the position in the
waterfall.

Revision of Key Collateral Assumptions:

As part of the rating action, Moody's reassessed its lifetime loss
expectation for the portfolio reflecting the collateral performance
to date.

The performance of the transaction has continued to be stable since
one year ago. Total delinquencies have increased in the past year,
with 90 days plus arrears currently standing at 1.3% of current
pool balance compared to 1.0% of current pool balance one year ago.
Cumulative defaults currently stand at 11.8% of original pool
balance up from 11.7% a year earlier.

Moody's maintained the expected loss assumption at 3.31% as a
percentage of current pool balance due to stable performance. The
revised expected loss assumption corresponds to 6.95%  as a
percentage of original pool balance, down from 7.28%.

Moody's has also assessed loan-by-loan information as a part of its
detailed transaction review to determine the credit support
consistent with target rating levels and the volatility of future
losses. As a result, Moody's has maintained the MILAN Stressed Loss
assumption at 10.2%.

Available credit enhancement for Class E remains commensurate with
the current rating to cover modelled projected losses as well as
credit risk from other relevant qualitative considerations.

Methodology Underlying the Analysis:

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
October 2023.

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

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

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




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

PLATEA (BC) BIDCO: Moody's Assigns B2 CFR, Outlook Stable
---------------------------------------------------------
Moody's Investors Service has assigned a B2 Corporate Family Rating
and a B2-PD Probability of Default Rating to Platea (BC) Bidco AB
(Eleda or the company). Concurrently, Moody's has assigned a B2
rating to the proposed SEK8,500 million euro-equivalent (EUR753.95
million) senior secured term loan B due 2031, the proposed EUR150
million senior secured multi-currency revolving credit facility due
2030 and the proposed SEK1,735 million euro-equivalent (EUR153.89
million) senior secured delayed draw term loan (DDTL) due 2031
issued by Platea (BC) Bidco AB. The outlook is stable.

The proceeds from the new senior debt facilities will be used
alongside equity financing, to fund the proposed acquisition of a
majority stake in Eleda by Bain Capital Private Equity (Bain
Capital) and to cover related transaction costs. Bain Capital is
acquiring the majority stake from Altor and Eleda's management, who
will both re-invest in the business.

RATINGS RATIONALE

The rating action reflects:

-- Moody's expectations that credit metrics will improve well in
line with the expectations for the B2 rating over the next 12-18
months, including Moody's adjusted debt / EBITDA declining below
5.5x from around 6.0x in the last twelve months ending September
2023, pro-forma the envisaged transaction. Given the high opening
leverage, Eleda's rating is initially weakly positioned leaving
limited headroom for underperformance and/or debt funded
acquisitions.

-- Eleda's high exposure to the countercyclical infrastructure
market and positive market fundamentals, namely from
electrification trends and ageing infrastructure, as well as
increasing investments in data centers. These trends will continue
to support earnings growth over the next 12-18 months, despite a
weak macroeconomic backdrop.

-- Moody's expectation that Eleda will generate positive FCF over
the next two years. These forecasts assumes no extraordinary
working capital consumption as occurred in 2022.

The rating is supported by Eleda's solid position in the fragmented
Swedish construction market; good level of margin's protection
given the high share of contracts with variable compensation;
higher margins than other peers in Sweden; and experienced
management team with a long track record in the industry.

The rating is constrained by Eleda's earnings concentration in
Sweden; the risk of increasing competition from new entrants from
the residential market, which might increase pricing pressure; some
customer concentration; and the company's relatively limited track
record of operating within the current perimeter, with 22
acquisitions completed since 2020, including 5 platforms.

The rating is further constrained by governance considerations
reflecting the company's high opening leverage and the risk of
debt-funded acquisitions over time given the industry's high
fragmentation, which could delay the deleveraging trajectory.

LIQUIDITY

Eleda's liquidity is adequate, supported by SEK300 million of cash
on its balance sheet, pro forma for the transaction, and a new and
fully undrawn RCF of EUR150 million. Liquidity is further supported
by the SEK1,735 million equivalent DDTL, undrawn at clsoing. While
Moody's expect this will be used to fund acquisitions, the company
can also draw this facility for general corporate purposes and
working capital needs.

Moody's expects these sources of liquidity, in addition to the
likely positive FCF, to provide ample capacity to cover working
capital and capital spending needs over the next 12-18 months.
There are no major debt maturities until 2030. The debt structure
is covenant-lite, with one springing maintenance covenant set at




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

AFE SA SICAV-RAIF: Moody's Alters Outlook on Caa2 CFR to Positive
-----------------------------------------------------------------
Moody's Investors Service affirmed AFE S.A. SICAV-RAIF's Caa2
long-term corporate family rating and its Caa3 backed senior
secured rating. Furthermore, Moody's changed the outlook on AFE to
positive from negative.

The rating action follows completion of the restructuring of AFE's
capital on February 9, 2024. The capital restructuring was enabled
as a result of 95.6% of the existing bond holders providing consent
on January 8, 2024 to the backed senior secured notes extension,
which Moody's categorized as a distressed exchange.

RATINGS RATIONALE

With the completion of the restructuring of AFE's capital, its
outstanding EUR307.5 million backed senior secured notes' (SSN) has
been extended by six years to 2030, with the coupon increasing by
250 basis points (bps) to three-month Euro Interbank Offered Rate
(EURIBOR) plus 750 bps. Additionally, AFE raised EUR25 million in
cash by issuing an additional EUR36 million SSN tranche in favour
of Arrow Global Group PLC (AGG) and other investors to use for
general corporate purposes. Furthermore, AFE raised a new six-year
EUR133 million super senior term loan facility provided by AGG and
some of the investors with a carrying 1% cash interest and 11.5%
payment-in-kind (PIK) interest. The AFE utilized portion of this
fund to pay down EUR96 million bridge facility that had been
granted by funds managed by AGG and some other investors. The
bridge facility was raised to repay its revolving credit facility
(RCF), that matured on December 31, 2023. With the completion of
the restructuring AFE's equity is transferred to a new holding
structure where AGG's fund will have controlling economic
ownership. AGG became an investment advisor and the key servicer of
AFE's remaining assets.

The affirmation of the Caa2 CFR was  driven by Moody's view that
AFE's liquidity risk had reduced given the maturity extension of
its funding. This view was reflected through a reduction in the
negative liquidity management adjustment to one notch from
previously two. Despite the near-term relief in terms of AFE's
liquidity position, the restructuring will result in a higher debt
level and higher interest burden (though incremental interest cost
will primarily be accrued under the PIK loan) in the longer term.
The presence of the PIK feature continues to highlight the
challenges the company will continue to face in terms of reduced
cash flow due to reduced investments and very weak profitability.
As a result of these factors, Moody's expects AFE's profitability
and EBITDA continue to be strained with only gradual improvement as
investments increase overn the next 18 months.

The Caa3 backed senior secured debt rating reflects its priority of
claim and asset coverage in the company's current liability
structure.

Moody's believes AFE's exposure to governance risk continues to be
very high under its Environmental Social and Governance (ESG)
framework, given the liquidity stress the company faced which led
to the recent distressed exchange. A  key driver of the rating
action was the restructuring and maturity extension of AFE's
funding, the change in controlling interest under AGG's funds and
the replacement of Veld as the investment advisor and the key
servicer of AFE's remaining assets. Furthermore, under the new
investment advisor,  AFE's investment strategy will evolve the
implications of which are at present uncertain.

OUTLOOK

The positive outlook reflects Moody's expectation of gradual
resumption of investments and stronger collections by AFE, which
will gradually improve the company's revenue generation and debt
servicing capacity enabling a reduction in presently elevated
leverage levels.

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

AFE's CFR could be upgraded if the company's improved liquidity
profile and stabilization and resumption of investments is likely
to result in sufficient improvement in its revenues, profitability,
leverage and debt servicing capactity despite facing higher funding
costs.

AFE's CFR could be downgraded if its financial performance
deteriorates further, as evidenced by weakened revenues and reduced
investments, and if its  elevated Debt/EBITDA leverage and reduced
interest coverage is not reversed.

A change in the CFR would lead to a similar upward or downward
change of the backed senior secured debt rating.

PRINCIPAL METHODOLOGY

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


BODY SHOP: UK Arm Set to Go Into Administration
-----------------------------------------------
Laura Onita at The Financial Times reports that The Body Shop's new
European private equity owners are set to call in administrators
for its UK business only weeks after the retailer changed hands in
a GBP207 million deal.

Aurelius, which also owns sportswear chain Footasylum and chemist
Lloyds Pharmacy, bought the cosmetics brand from Brazilian company
Natura & Co in November and took over its operations at the
beginning of the year, the FT recounts.

The retailer, which has about 200 outlets in Britain, is poised to
appoint administrators at FRP Advisory, in a move that could lead
to closures and job losses, a person familiar with Aurelius's
thinking said, the FT relates.  The move was first reported by Sky
News.

According to the FT, the person said insolvency practitioners could
seek to secure lower rents in an effort to reduce the business's
day-to-day costs.

The private equity firm concluded the business had insufficient
working capital and was trading more weakly than it had
anticipated, the person added, and it intended to act quickly to
put it on a firmer financial footing, the FT notes.

The administration process for the UK operations is not expected to
affect the brand's global franchise partners, the FT states.


CORINTHIAN HOMES: Goes Into Administration
------------------------------------------
Jeff Reines at CornwallLive reports that no fewer than eight
different companies have gone bust in the collapse of one of the
biggest housing developments in Cornwall.

The shock news broke that the controversial North Quay complex at
Hayle had collapsed.

Work halted and CornwallLive found the huge harbourfront site
locked up, CornwallLive notes.  

It was also confirmed that administrators had been brought in to
deal with four different companies involved in the scheme to create
luxury flats alongside leisure, retail and business space on more
than 100 acres in one of the largest regeneration projects in the
South West, CornwallLive discloses.  London-based insolvency
specialists Moorfields Corporate Recovery have been appointed to
deal with the fallout, the main firm being Corinthian Homes, headed
up by Simon Wright, CornwallLive relates.

According to CornwallLive, a spokeswoman for Moorfields said: "On
Wednesday, January 31, Arron Kendal and Milan Vuceljic of
Moorfields Advisory Ltd were appointed as follows: Sennybridge
(Hayle) Limited -- Joint Administrators; Corinthian Plant Limited
-- Joint Administrators; Corinthian Pencoed Limited -- Joint
Receivers of shares; Corinthian Land Limited -- Joint Receivers of
shares; Corinthian Access Limited -- Joint Receivers.

"We are not instructed in respect of any other companies.
Specifically we are not instructed over Hayle Harbour Authority
Operations Limited."


INSPIRED EDUCATION: Moody's Affirms B2 CFR, Outlook Remains Stable
------------------------------------------------------------------
Moody's Investors Service has affirmed Inspired Education Holdings
Limited's ("Inspired") B2 corporate family rating and B2-PD
probability of default rating. Concurrently, Moody's has affirmed
the B2 instrument ratings of the existing senior secured term loan
B, consisting of tranches of EUR795 million with maturity in 2026 -
to be increased to EUR1,095 million and maturity extended to 2031
as part of the contemplated transaction - and EUR600 million with
maturity in 2028, as well as the EUR155 million senior secured
revolving credit facility (RCF) due 2025, all issued by Inspired
Finco Holdings Limited. The outlook on both issuers remains
stable.

The proceeds of the additional EUR300 million debt raised will
mainly be used to fund a number of bolt-on acquisitions and
expansion projects for a combined consideration of around EUR200
million, with the remainder added as cash to the balance sheet for
potential future transactions.

RATINGS RATIONALE

The affirmation of Inspired's B2 CFR reflects Moody's expectation
that the group's Moody's-adjusted leverage will decrease again well
below 7.0x by financial year-end August 31, 2024, following the
temporary increase that results from the proposed EUR300 million
debt add-on. Based on the 12 months period to November 30, 2023,
Moody's-adjusted Debt/EBITDA ratio increases from 6.5x to 7.2x pro
forma for the transaction, reflecting the increased debt offset by
the EBITDA to be acquired.

The rating action also reflects Inspired's continued good operating
performance, with solid organic student enrolment growth of 6% on
average in financial years 2022 and 2023, combined with fee
increases of around 4% and 6% in the respective years. Further
supported by acquisitions, Inspired has achieved revenue growth of
26% on average over the past two years, reaching EUR841 million of
revenue and a Moody's-adjusted EBITDA of EUR273 million in
financial year 2023. For financial years 2024 and 2025, Moody's
forecasts Inspired's revenue to reach over EUR1 billion and EUR1.1
billion, respectively, and expects its Moody's-adjusted EBITDA
margin to remain relatively stable at around 32%.

Inspired's B2 CFR further considers Inspired's financial policy
that continues to be focused on rapid expansion, although Moody's
expects leverage levels to remain in line with expectations for the
B2 rating. In addition to predominantly debt-funded acquisitions,
the financial policy also provides for substantial capital spending
earmarked for capacity expansion projects which is set to reach
around EUR200 million in financial year 2024 and over EUR100
million in the year after. This large amount of capital investment
has further driven the group's need for additional liquidity and
poses a constraint to its free cash flow generation, which Moody's
forecasts to be negative by up to EUR90 million in financial year
2024 before improving to around break-even in 2025.

Inspired's B2 CFR further reflects (1) the group's position as an
established operator in the fragmented private-pay K-12 education
market, with a geographically diversified portfolio of more than
110 schools; (2) the predictable and stable revenue streams with
strong margins, robust demand and good revenue visibility; and (3)
the barriers to entry through regulatory requirements, brand
reputation and purpose-built real-estate in attractive locations.

Conversely, the CFR is constrained by (1) Inspired's elevated
financial leverage with periodical re-leveraging as a result of
predominantly debt-funded M&A; (2) the group's risk exposure to
changes in the political, legal and economic environment in
emerging markets; and (3) some governance risk related to the
concentration of decision-making power around the founder and CEO.

ESG CONSIDERATIONS

Inspired's rating factors in certain governance considerations such
as the group's ownership structure and a degree of key man risk and
concentration of power around the founder and CEO. Inspired's
financial policy is characterised by a tolerance of high financial
leverage linked to a debt-funded expansion strategy. However, in
some instances the group has also raised fresh equity to partly
finance acquisitions and in recent years it has adhered to its
company reported net leverage target of 4.5x.

LIQUIDITY ANALYSIS
Moody's considers Inspired's liquidity to be good. At the end of
November 2023, the group had around EUR192 million of cash on
balance sheet, of which around EUR1 million was considered as
restricted. The group's liquidity is further supported by its fully
undrawn EUR155 million RCF due in May 2025, to be extended to May
2027. The RCF is subject to a springing senior secured net leverage
covenant, tested when drawn down for more than 40%. Moody's expects
the group to retain sufficient headroom under the covenant.

STRUCTURAL CONSIDERATIONS

The B2 instrument ratings of the senior secured term loan B and RCF
are in line with the CFR and reflect the all-senior secured capital
structure, besides some local debt of around EUR63 million. The
security package provided to the first lien lenders is relatively
weak and limited to a pledge over shares, bank accounts and
intercompany receivables, as well as guarantees from operating
companies (80% guarantor test) and a floating charge provided by
English borrower. The documentation allows significant flexibility
to the borrower for corporate actions including acquisitions.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that Inspired will
continue to achieve good organic revenue and EBITDA growth,
complemented by the successful integration of acquired schools
which will deliver additional growth. The outlook further assumes
that Inspired will remain committed to a balanced financial policy
and reduce its leverage again over the next 12-18 months whilst
maintaining a good liquidity.

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

Upward pressure on the rating could occur if Moody's-adjusted
Debt/EBITDA declines and is sustained well below 6.0x,
Moody's-adjusted EBITA/Interest sustainably increases above 2.5x, a
track record of Free Cash Flow generation is established, resulting
in a Moody's-adjusted Free Cash Flow/Debt ratio sustained above 5%,
and liquidity remains good.

Downward pressure on the rating could develop if Moody's-adjusted
Debt/EBITDA sustainably increases towards 7.0x or above,
Moody's-adjusted EBITA/Interest sustainably decreases towards 1.5x,
Moody's-adjusted Free Cash Flow/Debt remains negative for a
sustained period or liquidity weakens. Any materially negative
impact from a change in any of the group's schools' regulatory
approval status could also pressure the ratings.

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

CORPORATE PROFILE

Headquartered in the UK, the group was founded in 2013 by Nadim M
Nsouli and has since grown organically and through acquisitions.
During the financial year ended August 31, 2023, Inspired has
generated EUR841 million of revenue and a company-adjusted EBITDA
of EUR275 million (before leases). Inspired operates 110 schools
across 25 countries with over 80,000 students, ranging from early
learning to secondary schools.

Inspired is controlled by the CEO and founder, Mr Nsouli, with
certain minority shareholders having economic interests in the
group. The group's strategy for market penetration and expansion is
based on acquisitions of well-established local brands and
subsequent capacity expansions at those locations, either at their
existing premises or through greenfield expansions.


INSPIRED EDUCATION: S&P Affirms 'B' LT ICR, Outlook Stable
----------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit and
issue ratings on Inspired Education Holdings Ltd. and its debt. At
the same time, S&P assigned its 'B' issue rating to the EUR300
million term loan B add-on with a recovery rating of '3' (rounded
recovery estimate: 60%).

S&P said, "The stable outlook reflects our expectation that
Inspired Education will successfully finalize and integrate its
recent acquisitions and continue to deliver organic growth. We
expect debt to EBITDA to reach 6.0x-6.5x in 2024 before reducing
toward 5.5x in 2025. We also expect Inspired Education to maintain
adequate liquidity despite negative FOCF after leases in 2024,
which we expect to recover in 2025."

Inspired Education has announced it intends to raise EUR300 million
of additional debt to support its long-term growth strategy through
acquisitions and greenfield projects, bringing leverage close to
6.5x in 2024. It also plans to extend the maturities of the EUR795
million term loan to 2031 from 2026, and revolving credit facility
(RCF) to 2027 from 2025. S&P expects the group to maintain adequate
liquidity for the foreseeable future.

The group's performance was resilient in 2023, and S&P expects this
will continue in 2024 with revenue expanding above EUR1 billion and
EBITDA margins of around 32%, thanks to recent acquisitions.

The announced transaction to raise EUR300 million will pressure the
company's leverage metrics. It intends to refinance the EUR795
million term loan maturing in 2026 and EUR155 million RCF maturing
in 2025 and extend the maturities to 2031 and 2027, respectively.
As part of the transaction, Inspired Education will also raise an
additional EUR300 million to fund new acquisitions and greenfield
projects while retaining some cash for general corporate purposes.
If successful, this would imply that the company has raised EUR900
million of additional debt over the last two years to fund
acquisitions--such as Eleva schools in Brazil and Alpha Plus Group
in the U.K. The recent debt-funded acquisitions will lead to an
increase in leverage to close to 6.5x in 2024. The group has a
record of effectively integrating material acquisitions, and
therefore, S&P expects its EBITDA contribution, synergies, and
increasing margins on acquired businesses to lead to deleveraging
over the next year with debt to EBITDA reaching around 5.5x in
2025.

High capital expenditure will lead to negative FOCF after leases in
2024 and positive thereafter, however, liquidity remains adequate.
In addition to the strong acquisitive strategy, the group is
pursuing growth through a series of greenfield and brownfield
investments that should result in total capital expenditure (capex)
of roughly EUR220 million in 2024, of which close to EUR160 million
is expansionary in relation to greenfield projects and adding
capacity to the existing schools. This is above peers with capex as
a percent of revenue at about 20% compared with closer to 10% for
peers. S&P said, "We anticipate that this, together with higher
interest expenses because of higher debt and a higher EURIBOR rate,
will lead to negative FOCF after leases of close to EUR90 million
before recovering toward positive territory in 2025. Whilst the
company can delay or even review the majority of these projects and
thus, save significant amounts of cash, we understand they are
essential for its growth strategy and that management will continue
to invest heavily." Despite negative FOCF after leases, group
liquidity remains adequate, supported by the recent debt issuances
and historical equity support (the group received EUR125 million of
new equity between August 2023 and September 2023).

S&P said, "The group reported resilient 2023 results, supported by
recent acquisitions, although marginally below our previous base
case. In 2023, the group reported EUR841 million of revenue with
margins close to 30%, below our initial expectations of revenue
closer to EUR880 million and margins at around 32%. This is mainly
due to the delay in the completion and integration of some
acquisitions as well as some transaction-related costs. Underlying
performance remained resilient across all geographies, except in
Brazil where the macroeconomic environment hampered the initial
growth plans of the group in the country. We believe the group will
continue to successfully integrate the new acquisitions whilst
improving utilization and increasing fees across the existing
school portfolio. As a result, we anticipate revenue of close to
EUR1 billion and adjusted EBITDA margins of around 32% in 2024.

"The stable outlook reflects our expectation that Inspired
Education will successfully finalize and integrate the recent
acquisitions and continue to deliver organic growth. This is
supported by predictable earnings and the group's ability to pass
on fee increases in all geographies. Despite the uptick in leverage
in 2024 as a result of the acquisitions, we believe the group will
rapidly deleverage toward 5.5x in 2025. We also expect Inspired
Education to maintain adequate liquidity despite negative FOCF in
2023 and 2024, thanks to cash reserves exceeding EUR200 million and
full availability of the proposed extended EUR155 million RCF,
which will mature in 2027."

S&P could lower the rating if one or more of the following
occurred:

-- FOCF (after leases) remained negative for a prolonged period,
resulting in weaker liquidity;

-- The group failed to successfully integrate the recently
acquired business, with exceptional costs proving more significant
than expected, or deliver organic growth, leading to suppressed
profitability or cash flow metrics; or

-- Inspired Education pursued a debt-financed acquisition or
shareholder returns that eroded its credit metrics, including debt
to EBITDA above 7.0x.

S&P said, "Although unlikely at this stage, we could raise the
ratings if Inspired Education demonstrated a track record of a
prudent financial policy regarding acquisitions, greenfield
projects, and shareholder distributions, and achieved adjusted debt
to EBITDA of less than 5.0x, while consistently generating
materially positive FOCF (after leases). This scenario would be
supported by higher-than-expected growth of school utilization
rates, combined with an improvement in adjusted margins beyond our
expectations."


SELINA HOSPITALITY: Defaults on 2026 Notes Interest Payment
-----------------------------------------------------------
As previously announced by Selina Hospitality PLC via a Report on
Form 6-K issued on December 4, 2023, the Company did not make the
payment of interest due under the Indenture between the Company and
Wilmington Trust, National Association, as trustee, dated as of
October 27, 2022 (as modified and supplemented, the "Indenture"),
in respect of 6.0% Convertible Senior Notes due 2026.

The current aggregate principal amount of the 2026 Notes that
remains outstanding following the closing of the liability
restructuring and investment transactions announced via a Report on
Form 6-K issued on January 26, 2024, is $23,780,000. Specifically,
payment of interest was due on November 1, 2023 and the failure of
the Company to pay the interest payment within a 30-day grace
period constituted an event of default under Section 6.01(a) of the
Indenture that, in addition to other remedies, allows either the
Trustee or the holders of at least 25% in aggregate principal
amount at maturity of the 2026 Notes then outstanding to accelerate
the repayment of all amounts due under the Indenture.

Since the closing of the Transactions, the Company has not made the
interest payment, in the amount of approximately $0.7 million, in
respect of the outstanding 2026 Notes and has engaged further with
certain of the remaining holders of 2026 Notes to discuss options
relating to, among other things, the possible purchase of the 2026
Notes and/or equitization of the interest payments. On February 2,
2024, the Company received a notice from a holder of 2026 Notes
representing approximately 26.3% of the principal amount of the
outstanding 2026 Notes informing the Company that the holder was
exercising its right, under Section 6.02 of the Indenture, to
accelerate the outstanding principal amount of, premium (if any) on
and accrued and unpaid interest due under all of the 2026 Notes and
otherwise was reserving its other rights. The Company will engage
with relevant noteholders to discuss potential settlement
arrangements. There can be no assurances that such discussions will
result in a successful outcome and the Company may need to consider
formal restructuring options in relation to the indebtedness due
under the 2026 Notes and its other liabilities.

               About Selina Hospitality PLC

United Kingdom-based Selina (NASDAQ: SLNA) is one of the world's
largest hospitality brands built to address the needs of millennial
and Gen Z travelers, blending beautifully designed accommodation
with coworking, recreation, wellness, and local experiences.
Founded in 2014 and custom-built for today's nomadic traveler,
Selina provides guests with a global infrastructure to seamlessly
travel and work abroad. Each Selina property is designed in
partnership with local artists, creators, and tastemakers,
breathing new life into existing buildings in interesting locations
in 24 countries on six continents -- from urban cities to remote
beaches and jungles.

WOODFORD EQUITY: High Court Judge Okays GBP230MM Redress Scheme
---------------------------------------------------------------
Annie Green at BBC News reports that a High Court judge has
approved a GBP230 million redress scheme for investors trapped by
the collapse of a fund run by the big-name stock picker Neil
Woodford.

About 300,000 people lost money when the Woodford Equity Income
Fund was frozen in 2019, BBC recounts.

Almost 94% of investors backed the compensation scheme in a vote in
December, although only 54,000 voted, BBC notes.

But campaigners say the court's decision is an "appalling outcome"
and are considering an appeal, BBC relays.

Mr. Woodford was one of the UK's most high-profile investment
managers and when he set up his own managed fund, he came with an
impressive reputation. He was as close to a household name as is
possible in the world of investing.

Investors, ranging from ordinary people to pension funds, put money
into the Woodford Equity Income Fund.  At its peak, the fund
reportedly managed more than GBP10 billion.

But as they became increasingly worried about the investments being
made on their behalf, many withdrew their money, BBC relates.  More
than GBP500 million was taken out in four weeks and in June 2019,
the fund was frozen, BBC discloses.  It was later closed and wound
up, BBC recounts.

The redress scheme was proposed by Link Fund Solutions (LFS), the
former authorised corporate director of the fund, BBC relates.  It
comes after a Financial Conduct Authority (FCA) investigation and
three investor groups filed lawsuits over the way LFS had managed
the fund, BBC notes.

According to BBC, High Court Judge Jonathan Richards said in a
ruling published on Feb. 9 that he saw no reason to contradict the
conclusion of the "overwhelming majority" of investors.

If the scheme is implemented, it would hand an initial GBP183.5
million payout this quarter, BBC says.

The FCA, which backed the scheme, said investors could receive
around 77p in every pound they had put in, according to BBC.

But campaigners say those calculations take in too narrow a view of
losses, BBC discloses.



                           *********


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,
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Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

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

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