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

                          E U R O P E

          Thursday, March 7, 2024, Vol. 25, No. 49

                           Headlines



G E R M A N Y

AUTONORIA DE 2023: DBRS Confirms B Rating on Class F Notes


I R E L A N D

BLACK DIAMOND 2019-1: Moody's Affirms B3 Rating on EUR11MM F Notes
DRYDEN 62 EURO 2017: Moody's Cuts Rating on Class F Notes to B3


S P A I N

INCEPTION HOLDCO: S&P Assigns 'B' LongTerm ICR, Outlook Stable


U N I T E D   K I N G D O M

BULLITT GROUP: Enters Administration, Owes Around GBP70.5 Mil.
ELSTREE FUNDING 4: DBRS Finalizes BB(High) Rating on F Notes
GORDON HOTELS: Collapses Into Administration, Accounts Overdue
ILLUMINATE TECHNOLOGIES: Goes Into Administration
KONEKTIO: Falls Into Administration

SKYLARK GOLF: Bought Out of Administration by First Golf
UK SALADS: Enters Administration, Halts Operations
VMED O2 UK: S&P Lowers ICR to 'B+', Outlook Stable
WOOLDRIDGE CONTRACTORS: Falls Into Administration

                           - - - - -


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G E R M A N Y
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AUTONORIA DE 2023: DBRS Confirms B Rating on Class F Notes
----------------------------------------------------------
DBRS Ratings GmbH confirmed the following credit ratings on the
bonds issued by Autonoria DE 2023 (the Issuer):

-- Class A Notes at AAA (sf)
-- Class B Notes at AA (high) (sf)
-- Class C Notes at A (high) (sf)
-- Class D Notes at A (low)(sf)
-- Class E Notes at BB (sf)
-- Class F Notes at B (sf)

DBRS Morningstar did not assign a rating to the Class G Notes
(collectively with the Rated Notes, the Notes) also issued in this
transaction.

The credit ratings on the Class A Notes and Class B Notes address
the timely payment of scheduled interest and the ultimate repayment
of principal by the final maturity date in January 2043. The credit
ratings on the Class C Notes, Class D Notes, Class E Notes, and
Class F Notes address the ultimate payment (then timely as
most-senior class) of interest and the ultimate repayment of
principal by the final maturity date.

The confirmations follow an annual review of the transaction and
are based on the following analytical considerations:

-- Portfolio performance, in terms of delinquencies, defaults, and
losses, as of the January 2024 payment date;

-- Probability of default (PD), loss given default (LGD), and
expected loss assumptions on the remaining receivables; and

-- Current available credit enhancement to the Rated Notes to
cover the expected losses at their respective credit rating
levels.

The transaction represents the securitization of receivables
relating to a pool of retail auto loan receivables originated by
BNP Paribas S.A., Niederlassung Deutschland (the Seller and
Servicer) through its Consors Finanz brand to German borrowers. The
transaction closed in March 2023 with a portfolio balance of EUR
525 million and included a six-month revolving period, which ended
on the September 2023 payment date. Prior to a sequential
redemption event, principal is allocated to the Notes on a pro rata
basis. Following a sequential redemption event, principal is
allocated on a sequential basis. Once the amortization becomes
sequential, it cannot switch to pro rata.

PORTFOLIO PERFORMANCE

As of the January 2024 payment date, loans that were one to two
months and two to three months delinquent represented 0.6% and 0.2%
of the principal outstanding balance of the portfolio,
respectively, while loans that were more than three months
delinquent represented 0.1%. Gross cumulative defaults amounted to
2.6% of the original portfolio balance, with cumulative recoveries
of 19.0% to date.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

Morningstar DBRS conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its base case PD and LGD
assumptions to 2.1% and 55.0%, respectively.

CREDIT ENHANCEMENT

The subordination of the respective junior notes provides credit
enhancement to the rated Notes. As of the January 2024 payment
date, credit enhancements to the Class A, Class B, Class C, Class
D, Class E, and Class F Notes were 12.8%, 9.8%, 7.0%, 6.0%, 3.9%,
and 3.0%, respectively. The credit enhancement has remained stable
since Morningstar DBRS' initial credit rating because of the pro
rata amortization of the Notes. If a sequential redemption event is
triggered, the principal repayment of the Notes will become
sequential and non-reversible.

The transaction benefits from an amortizing liquidity reserve
funded at closing by the seller in an amount equal to 1.55% of the
Notes and floored at 0.50% of the Notes' initial balance as at the
closing date, which is available to cover senior expenses, swap
expenses, Class A Notes' interest and, if not deferred in the
waterfalls, interest on the remaining Notes. The liquidity reserve
is currently at its target of EUR 7.1 million.

BNP Paribas SA (BNP Paribas) acts as the account bank for the
transaction. Based on Morningstar DBRS' reference rating of AA on
BNP Paribas (which is one notch below its Long-Term Critical
Obligations Rating of AA (high)), the downgrade provisions outlined
in the transaction documents, and other mitigating factors inherent
in the transaction structure, Morningstar DBRS considers the risk
arising from the exposure to the account bank to be consistent with
the credit ratings assigned to the Rated Notes, as described in
Morningstar DBRS' "Legal Criteria for European Structured Finance
Transactions" methodology.

BNP Paribas acts as the interest rate swap counterparty for the
transaction. Morningstar DBRS' private rating on BNPPF is
consistent with the first rating threshold as described in
Morningstar DBRS' "Derivative Criteria for European Structured
Finance Transactions" methodology.

Morningstar DBRS' credit rating on the Rated Notes addresses the
credit risk associated with the identified financial obligations in
accordance with the relevant transaction documents.

Morningstar DBRS' credit rating does not address non-payment risk
associated with contractual payment obligations contemplated in the
applicable transaction documents that are not financial
obligations.

Morningstar DBRS' long-term credit ratings provide opinions on risk
of default. Morningstar DBRS considers risk of default to be the
risk that an issuer will fail to satisfy the financial obligations
in accordance with the terms under which a long-term obligation has
been issued.

Notes: All figures are in euros unless otherwise noted.




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I R E L A N D
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BLACK DIAMOND 2019-1: Moody's Affirms B3 Rating on EUR11MM F Notes
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Black Diamond CLO 2019-1 Designated Activity
Company:

EUR27,000,000 Class B-1 Senior Secured Floating Rate Notes due
2032, Upgraded to Aa1 (sf); previously on Oct 22, 2021 Definitive
Rating Assigned Aa2 (sf)

EUR25,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2032,
Upgraded to Aa1 (sf); previously on Oct 22, 2021 Definitive Rating
Assigned Aa2 (sf)

EUR22,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to A1 (sf); previously on Oct 22, 2021
Definitive Rating Assigned A2 (sf)

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

EUR187,000,000 (Current outstanding amount EUR174,222,938) Class
A-1 Senior Secured Floating Rate Notes due 2032, Affirmed Aaa (sf);
previously on Oct 22, 2021 Definitive Rating Assigned Aaa (sf)

USD34,360,000 (Current outstanding amount USD32,011,123) Class A-2
Senior Secured Floating Rate Notes due 2032, Affirmed Aaa (sf);
previously on Oct 22, 2021 Definitive Rating Assigned Aaa (sf)

USD25,000,000 (Current outstanding amount USD23,290,980) Class A-3
Senior Secured Fixed Rate Notes due 2032, Affirmed Aaa (sf);
previously on Oct 22, 2021 Definitive Rating Assigned Aaa (sf)

EUR25,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Baa3 (sf); previously on Oct 22, 2021
Definitive Rating Assigned Baa3 (sf)

EUR22,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Ba3 (sf); previously on Oct 22, 2021
Affirmed Ba3 (sf)

EUR11,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed B3 (sf); previously on Oct 22, 2021
Affirmed B3 (sf)

Black Diamond CLO 2019-1 Designated Activity Company, initially
issued in August 2019 and refinanced in October 2021, 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 2019-1 Adviser, L.L.C.
The transaction's reinvestment period ended in August 2023.

RATINGS RATIONALE

The rating upgrades on the Class B-1, B-2 and C Notes are primarily
a result of the deleveraging of the senior notes following
amortisation of the underlying portfolio since November 2023. The
Class A-1 Notes have paid down by approximately EUR12.8 million and
USD 4.1 million (7% of Class A original balance) [1].

The affirmation on the ratings on the Class A-1, A-2, A-3, D, 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.

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements. In particular, Moody's assumed that
the deal will benefit from a shorter amortisation profile and
higher spread levels than it had assumed at the last rating action
in October 2021.

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: EUR376.2m

Defaulted Securities: EUR4.1m

Diversity Score: 54

Weighted Average Rating Factor (WARF): 3063

Weighted Average Life (WAL): 3.9 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 4.1%

Weighted Average Recovery Rate (WARR): 45.7%

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.


DRYDEN 62 EURO 2017: Moody's Cuts Rating on Class F Notes to B3
---------------------------------------------------------------
Moody's Investors Service has downgraded the rating on the
following notes issued by Dryden 62 Euro CLO 2017 Designated
Activity Company:

EUR14,625,000 Class F Mezzanine Secured Deferrable Floating Rate
Notes due 2031, Downgraded to B3 (sf); previously on Nov 9, 2022
Affirmed B2 (sf)

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

EUR270,000,000 (Current outstanding amount EUR259,756,133) Class A
Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf);
previously on Nov 9, 2022 Affirmed Aaa (sf)

EUR47,250,000 Class B Senior Secured Fixed Rate Notes due 2031,
Affirmed Aa1 (sf); previously on Nov 9, 2022 Upgraded to Aa1 (sf)

EUR30,375,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2031, Affirmed A1 (sf); previously on Nov 9, 2022
Upgraded to A1 (sf)

EUR22,500,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2031, Affirmed Baa2 (sf); previously on Nov 9, 2022
Affirmed Baa2 (sf)

EUR32,625,000 Class E Mezzanine Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on Nov 9, 2022
Affirmed Ba2 (sf)

Dryden 62 Euro CLO 2017 Designated Activity Company, issued in July
2018, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by PGIM Limited. The transaction's
reinvestment period ended in January 2023.

RATINGS RATIONALE

The rating downgrade on the Class F notes is primarily a result of
the deterioration in over-collateralisation ratios since the
payment date in January 2023, mainly as a consequence of an
increase in defaults and subsequent reduction of portfolio par.
According to the trustee report dated January 2024 [1] the Class
A/B, Class C, Class D, Class E and Class F OC ratios are reported
at 140.48%, 127.83%, 119.84%, 109.88% and 105.93% compared to
January 2023 [2] levels of 142.66%, 130.21%, 122.30%, 112.39% and
108.45%, respectively.

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

The 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: EUR427,458,906.96

Defaulted Securities: EUR14,177,872

Diversity Score: 51

Weighted Average Rating Factor (WARF): 2854

Weighted Average Life (WAL): 3.29 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.90%

Weighted Average Coupon (WAC): 4.49%

Weighted Average Recovery Rate (WARR): 40.77%

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

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

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




=========
S P A I N
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INCEPTION HOLDCO: S&P Assigns 'B' LongTerm ICR, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to Spanish fertility company Inception Holdco S.a.r.l. (IVIRMA),
the parent company of the group. S&P assigned its 'B' issue rating
to IVIRMA's proposed EUR1 billion equivalents senior secured TLB,
due in 2031. The recovery rating is '3' (recovery range: 50%-70%;
rounded estimate: 55%).

The stable outlook reflects that S&P expects IVIRMA to continue
seeing EBITDA growth driven by the contribution from acquired
companies, combined with positive underlying market dynamics,
increasing penetration in the U.S., tight cost control, and
materialized synergies. This would facilitate deleveraging, with
S&P Global Ratings-adjusted debt to EBITDA remaining below 6.5x and
the fixed charge coverage ratio improving above 2.0x from 2024.

IVIRMA is refinancing its existing EUR1.0 billion TLB, due in 2029.
On March 4, 2024, IVRIMA announced that it intends to refinance its
existing capital structure. Specifically, the group is looking to
raise a new TLB, due in 2031, with two tranches of EUR590 million
and up to US$450 million (EUR418 million equivalents). At the same
time, the group intends to upsize its existing RCF to EUR200
million from EUR170 million, maturing in 2030. The ratings on the
proposed debt are subject to the successful closing of the
refinancing transaction, in line with our expectations and with
proposed terms and conditions.

S&P said, "While we view the transaction as leverage neutral, the
refinancing improves IVIRMA's liquidity profile and lowers the cost
of debt. According to our base-case scenario, the transaction is
largely leverage neutral, leaving the total amount of financial
debt at about EUR1.1 billion, including the proposed TLB and other
bank lines of about EUR122 million. Our debt adjustments in 2024
also include about EUR 120 million-EUR130 million in leases, and
about EUR18 million-EUR20 million of put options on minority
stakes. We expect the EUR200 million RCF will be undrawn at
transaction closing and at year-end 2024. In line with our
methodology, we do not deduct cash available on the balance sheet
from our debt calculations, owing to IVIRMA's KKR private equity
ownership. Overall, we believe that the transaction improves
IVIRMA's liquidity profile, considering the higher availabilities
under the RCF and the extended maturity profile. Moreover, we
expect the transaction will significantly lower the cost of debt
considering that, according to our base-case scenario, interest
payments will average EUR70 million-EUR75 million from 2024 from
about EUR97 million expected for year-end 2023.

"IVIRMA's vertically integrated business model and its strong brand
and reputation are key credit strengths. In our view, strong brand
and good track record of service quality, success rates, and
regulatory compliance are crucial for the ART industry, since they
enhance the acquisition and retention of patients and physicians.
IVIRMA benefits from vertically integrated business model with
in-house procurement and genetics capabilities that enable it to
offer patients all assisted reproduction techniques, with special
emphasis on in-vitro fertilization (IVF). Furthermore, the group
has the world's largest gamete bank, critical in terms of patient
waiting times, underpinning superior egg-donation capabilities.

"Equity sponsor KKR acquired IVIRMA in March 2022, and since then
it has successfully integrated the business with GeneraLife, also
owned by KKR since 2021. IVIRMA's presence in the U.S. was
subsequently enhanced through two complementary acquisitions,
Eugin's North American operations and Conceptions, which enabled
the company to expand to No. 2 largest player in the U.S. from No.
4. We note positively that both acquisitions were financed through
equity injections from shareholders. We believe that the
transactions strengthened IVIRMA's market position as leading
fertility group in North America, improving its footprint in Canada
and the U.S., and somewhat lowering the concentration to New Jersey
(76% of U.S. sales in 2022). Pro forma the recent acquisitions,
IVIRMA is currently the largest fertility platform globally, with
178 fertility clinics across Europe and Americas.

"While we continue to see potential changes in regulation as a risk
to IVIRMA's business, we note there has been no major update on
legal frameworks that could affect IVF volumes in the near term.
IVIRMA generates most its revenue in U.S., Spain, Italy, Czech
Republic, and the Nordics region -- all countries with stable
regulations related to IVF treatment. Following the U.S. Supreme
Court's ruling on Dobbs versus Jackson Women's Health Organization
in June 2022, legislation concerning issues of reproductive rights
and the legal definition of personhood has been devolved to the
state legislature level. Even though risk on volumes has increased
due to legal uncertainty, there has been no major impact noted
since the change in regulation. Most of IVIRMA's footprint in the
U.S. currently relies on coastal states, where the legal approach
before the Dobbs decision is likely to continue. Additionally,
IVIRMA's established operating principles, such as single-embryo
implantation, are likely to remain compliant with state laws as
they evolve.

"We assume solid revenue growth thanks to positive underlying
market dynamics, coupled with inorganic growth, will expand the
group's presence in high growth markets. In our view, IVIRMA will
report top-line growth of about 10.5% in 2023 on a like-for-like
basis, with sales of about EUR695 million from EUR629 million in
the previous year, pro forma the acquisition of Conceptions.
Including the contribution from the Eugin acquisition, we expect
pro forma sales for 2023 of about EUR843 million. The solid
performance across most businesses and geographies was mostly
driven by strong organic growth backed by higher volumes of new
patients, cycles and treatments, greenfield expansion, and the
ramp-up of existing sites. While Iberia, the U.S., and Central
Europe continued to show strong growth, Latin America and the
Nordics showed lower performance driven by market conditions and
the mix impact. According to our base case, in 2024 and 2025, the
global ART market should expand by 4%-6% per year on the back of
socioeconomic factors, such as higher infertility rates due to
delays to motherhood, increasing social acceptance of ART, rising
demand from same-sex couples, and increasing coverage of ART by
insurance companies in the U.S. Other factors, such as the
continual opening of new clinics and mergers and acquisitions (M&A)
will support revenue growth for the combined business to about
9.0%-11.0% during 2024 and 2025.

"We expect the group's adjusted EBITDA margin will start to improve
in two years thanks to better operating leverage and normalizing
one-off expenses. We anticipate that IVIRMA's S&P Global
Ratings-adjusted EBITDA margin will be about 23.0%-23.5% in 2024,
somewhat declining from about 24.3% expected from 2023, before
improving to 24.0%-24.5% in 2025. The decline in 2024 is mostly
driven by preemptive hiring of doctors and practitioners to support
future growth and higher management expenses to support the group's
integration and expansion strategy. We expect these expenses to
decline in upcoming years which--coupled with a stable pricing
environment, better fixed cost absorption, and synergies from
acquired businesses--should allow the group to improve its adjusted
profitability to around 24.5%-25.5% from 2026 from 24%-24.5% in
2025.

"We project that IVIRMA will reduce leverage in 2024 and benefit
from a supportive free cash flow cushion and fixed charge coverage
of above 2x, in line with the rating.Stable S&P Global
Ratings-adjusted debt -- combined with higher absolute EBITDA from
resilient top-line growth and a contribution from
acquisitions--should lead to adjusted debt declining to 6.0x-6.5x
in 2024, from 7.2x-7.4x expected for year-end 2023. We subsequently
expect further deleveraging in 2025 thanks to better operating
leverage, realized synergies, and lower one-off costs. We project
that a lower cost of debt, combined with only moderate increases in
leases, will improve the fixed charge coverage ratio to above 2.0x
from 2024, up from about 1.5x in 2023. Moreover, lower interest
expenses -- combined with limited capital expenditure (capex) needs
and stable working capital -- should allow the group to post free
operating cash flow (FOCF) of around EUR65 million-EUR70 million in
2024, further improving to EUR100 million-EUR110 million in 2024,
supporting IVIRMA's headroom for bolt-on acquisitions and
greenfield projects.

"In our view, IVIRMA's financial sponsor ownership limits the
potential for leverage reduction over the medium term. We believe
that the company will maintain a balanced capital structure in line
with the existing one in the near term, and will focus on the
integration of recently acquired targets. While we believe that
IVIRMA will continue to generate solid revenue thanks to supportive
organic growth, we project that the company could pursue further
bolt-on acquisitions in the next few years to further strengthen
its vertically integrated business model, and we acknowledge that
this could create integration and acquisitions risks over our
rating horizon. We positively note that financial sponsor KKR was
willing to provide financial support through equity injections for
recent acquisitions.

"The stable outlook reflects that we expect IVIRMA to continue to
see EBITDA growth on the back of contribution from acquired
companies, positive underlying market dynamics, increasing
penetration in the U.S., tight cost control, and materialized
synergies. In our base case, we assume that limited capex and
working capital needs should translate into FOCF of at least EUR70
million per year from 2024, and we project that the fixed charge
coverage ratio will improve above 2.0x from 2024 onwards. We expect
that S&P Global Ratings-adjusted debt to EBITDA will decline below
6.5x from 2024, compared with 7.2x-7.4x expected for year-end
2023."

S&P could consider a negative rating action if the group failed to
deleverage in line with its projections and maintain positive FOCF.
S&P could take a negative rating action if IVIRMA is unable to
increase its EBITDA base, such that FOCF became neutral or negative
or S&P Global Ratings' adjusted fixed charge coverage were below
2.0x for a protracted period. This scenario could stem, for
example, from:

-- Material adverse changes in the regulatory landscape;

-- Loss of market share in key areas; or

-- Higher-than-expected M&A and start-up costs translating into
debt to EBITDA sustainably above 7x.

S&P could lower the rating if IVIRMA is unable to generate healthy
and recurring FOCF, resulting in a material deterioration of its
credit metrics that would hamper expected deleveraging.

An upgrade would hinge on the company's ability and willingness to
maintain S&P Global Ratings-adjusted debt to EBITDA below 5x.

Environmental, Social, And Governance

S&P said, "Governance factors are a moderately negative
consideration in our rating analysis of IVIRMA, as is the case for
most rated entities owned by private equity sponsors. We believe
the group's highly leveraged financial risk profile points to
corporate decision-making that prioritizes the interests of the
controlling owners. This also reflects the generally finite holding
periods and a focus on maximizing shareholder returns."




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

BULLITT GROUP: Enters Administration, Owes Around GBP70.5 Mil.
--------------------------------------------------------------
Business Sale reports that Bullitt Group Limited, which trades as
Bullitt, a ruggedised smartphone maker, fell into administration at
the end of February, with David Baxendale and Tom Crookham of PwC
appointed as joint administrators.

Based in Reading, the company produced ruggedised smartphones with
brands including JCB, Land Rover and Caterpillar, it also developed
the Moto-branded rugged devices with Motorola and produced the Cat
S75 satellite messaging phone and the Bullitt Satellite Connect
service.

However, the company ran into financial difficulties and a proposed
rescue deal reportedly fell through earlier this year, leading to
the company falling into administration, Business Sale relates.
The group reported turnover of GBP179.6 million in its accounts for
2021, up from GBP120.6 million a year earlier, but its post-tax
losses widened from GBP10.8 million to GBP11.1 million, Business
Sale discloses.

At the time, its fixed assets were valued at GBP9.5 million and
current assets at GBP46.6 million, Business Sale states.  However,
the company owed significant amounts to creditors at the time, with
its net liabilities amounting to around GBP70.5 million, Business
Sale notes.


ELSTREE FUNDING 4: DBRS Finalizes BB(High) Rating on F Notes
------------------------------------------------------------
DBRS Ratings Limited finalized its provisional credit ratings on
the residential mortgage-backed notes issued by Elstree Funding No.
4 PLC (Elstree 4 or the Issuer) as follows:

-- Class A notes at AAA (sf)
-- Class B notes at AA (high) (sf)
-- Class C notes at A (high) (sf)
-- Class D notes at BBB (high) (sf)
-- Class E notes at BBB (low) (sf)
-- Class F notes at BB (high) (sf)
-- Class X notes at BBB (low) (sf)

The credit ratings assigned to the Class D, Class E, Class F, and
Class X notes differ from the previously assigned provisional
credit ratings of BBB (sf), BB (sf), B (high) and BB (low),
respectively. This is mainly because of the lower-than-expected
margins of the liabilities, which improved the cash flow analysis
of these notes in Morningstar DBRS' rating stress scenarios.

The credit rating on the Class A notes addresses the timely payment
of interest and the ultimate repayment of principal on or before
the final maturity date in October 2055. The credit ratings on the
Class B, Class C, Class D, Class E, and Class F notes address the
timely payment of interest once they are the senior-most class of
notes outstanding, otherwise the ultimate payment of interest, and
the ultimate repayment of principal on or before the final maturity
date. The credit rating on the Class X notes addresses the ultimate
payment of principal. Morningstar DBRS does not rate the Class Z
notes or the residual certificates also issued in this
transaction.

CREDIT RATING RATIONALE

The Issuer is a bankruptcy-remote special-purpose vehicle
incorporated in England and Wales. The notes issued funded the
purchase of residential assets originated by West One Secured Loans
Limited (WOSL) and West One Loan Limited (WOLL), part of the ENRA
Specialist Finance (ENRA) in the UK. WOSL acts as the servicer of
the respective loans in the portfolio. ENRA is a UK specialist
provider of property finance. CSC Capital Markets UK Limited (CSC
Capital) acts as the back-up servicer facilitator.

The initial mortgage portfolio consists of GBP 342 million of
first- and second-lien owner-occupied (OO) and buy-to-let (BTL)
mortgages secured by properties in the UK.

The Issuer issued seven tranches of collateralized mortgage-backed
securities (the Class A notes as well as the Class B, Class C,
Class D, Class E, Class F, and Class Z notes) to finance the
purchase of the portfolio. Additionally, the Issuer issued one
class of noncollateralized notes, the Class X notes, the proceeds
of which the Issuer used to fully fund a general reserve fund (GRF)
and a liquidity reserve fund (LRF) at closing.

The transaction is structured to initially provide 14.0% of credit
enhancement to the Class A notes comprising of subordination of the
Class B to Class Z notes.

The transaction features a fixed-to-floating interest rate swap,
given the presence of a portion of fixed-rate loans (with a
compulsory reversion to floating in the future) while the
liabilities shall pay a coupon linked to the daily compounded
Sterling Overnight Index Average (Sonia). The swap counterparty is
Barclays Bank PLC (Barclays). Based on Morningstar DBRS' credit
rating on Barclays, the downgrade provisions outlined in the
documents, and the transaction structural mitigants, Morningstar
DBRS considers the risk arising from the exposure to Barclays to be
consistent with the credit ratings assigned to the rated notes as
described in Morningstar DBRS' "Derivative Criteria for European
Structured Finance Transactions" methodology.

Furthermore, Citibank N.A., London Branch acts as the Issuer
Account Bank and National Westminster Bank Plc as the Collection
Account Bank. Both entities are privately rated by Morningstar
DBRS, meet the eligible credit ratings in structured finance
transactions, and are consistent with the credit ratings assigned
to the rated notes as described in Morningstar DBRS' "Legal
Criteria for European Structured Finance Transactions"
methodology.

Credit and liquidity support is provided by the GRF that was funded
at closing from the issuance of the Class X notes. The GRF is
non-amortizing, sized at 1.25% of the collateralized notes balance
at closing (Class A to Class Z notes), minus the LRF. It covers
senior fees and expenses, swap payments, and interest as well as
principal deficiency ledger (PDL) balances. The amortizing LRF
provides further liquidity support and covers senior fees and
expenses, swap payments, as well as interest shortfalls on the
Class A and Class B notes. The LRF is sized at 1.25% of the Class A
and Class B notes' balance. The LRF amortizes in line with these
notes with no triggers. In addition, principal borrowing is also
envisaged under the transaction documentation and can be used to
cover for interest shortfalls on the most senior outstanding class
of notes (except the Class X and Class Z notes).

Morningstar DBRS based its credit ratings on a review of the
following analytical considerations:

-- The transaction's capital structure, including the form and
sufficiency of available credit enhancement;

-- The credit quality of the mortgage portfolio and the ability of
the servicer to perform collection and resolution activities.
Morningstar DBRS estimated stress-level probability of default
(PD), loss given default (LGD), and expected losses (EL) on the
mortgage portfolio. Morningstar DBRS used the PD, LGD, and EL as
inputs into the cash flow engine. Morningstar DBRS analyzed the
mortgage portfolio in accordance with its "European RMBS Insight:
UK Addendum” methodology;

-- The transaction's ability to withstand stressed cash flow
assumptions and repay the Class A, Class B, Class C, Class D, Class
E, Class F, and Class X notes according to the terms of the
transaction documents;

-- The structural mitigants in place to avoid potential payment
disruptions caused by operational risk, such as a downgrade, and
replacement language in the transaction documents;

-- The sovereign credit rating of AA with a Stable trend on the
United Kingdom of Great Britain and Northern Ireland as of the date
of this press release; and

-- The consistency of the transaction's legal structure with
Morningstar DBRS' "Legal Criteria for European Structured Finance
Transactions" methodology and the presence of legal opinions that
are expected to address the assignment of the assets to the
Issuer.

Morningstar DBRS' credit ratings on the rated notes address the
credit risk associated with the identified financial obligations in
accordance with the relevant transaction documents. The associated
financial obligations for each of the rated notes are the related
Interest Amounts and the related Class Balances.

Morningstar DBRS' credit ratings on the rated notes also address
the credit risk associated with the increased rate of interest
applicable to each of the rated notes if the rated notes are not
redeemed on the Optional Redemption Date (as defined in and) in
accordance with the applicable transaction documents.

Morningstar DBRS' credit ratings do not address nonpayment risk
associated with contractual payment obligations contemplated in the
applicable transaction documents that are not financial
obligations.

Morningstar DBRS' long-term credit ratings provide opinions on risk
of default. Morningstar DBRS considers risk of default to be the
risk that an issuer will fail to satisfy the financial obligations
in accordance with the terms under which a long-term obligation has
been issued.

Notes: All figures are in British pound sterling unless otherwise
noted.


GORDON HOTELS: Collapses Into Administration, Accounts Overdue
--------------------------------------------------------------
Georgia Revell at Daily Echo reports that a hotel in Bournemouth
has gone into administration.

Gordon Hotels Limited, trading as The Mercure Bournemouth Queens
Hotel and Spa, went into administration on March 4, Daily Echo
relates.

According to Daily Echo, Philip Dakin and Janet Burt of Kroll
Advisory Limited have been appointed joint administrators.

The Mercure Bournemouth Queens is a four-star hotel in Meyrick
Road, with more than 100 rooms and a spa.

The administration has been confirmed by staff and is now noted on
the hotel's website, with Companies House saying Gordon Hotels
Limited's accounts are overdue, with directors listed as Georgina
and Timothy De Glanville, Daily Echo discloses.


ILLUMINATE TECHNOLOGIES: Goes Into Administration
-------------------------------------------------
Business Sale reports that Illuminate Technologies UK Limited, a
cybersecurity solutions provider, fell into administration at the
end of February, with the Gazette confirming the appointment of
Simon Jagger and Mark Supperstone of ReSolve Advisory as joint
administrators on March 4.

The firm's most recent accounts at Companies House cover the year
ending December 31, 2021, with the company reporting turnover of
GBP9.7 million, down from GBP12.4 million a year earlier, and
pre-tax profits of GBP1.1 million, down from GBP2.6 million a year
earlier, Business Sale discloses.

The company said the decrease in turnover and pre-tax profit was
largely as a result of lower product sales at the Illuminate US
business, which it said continued to be impacted by COVID-19, which
had resulted in "longer sales cycles and a slower conversion of
pipeline opportunities into orders", Business Sale relates.


KONEKTIO: Falls Into Administration
-----------------------------------
East Midlands Business reports that Chesterfield-based Internet of
Things (IoT) business Konektio has been placed into
administration.

The news comes after Tern, the investment company specialising in
supporting high growth, early-stage, disruptive IoT technology
businesses, announced in November 2023 that it would not invest
further in Konektio, as it had "lost focus", East Midlands Business
notes.

According to East Midlands Business, revealing the fall into
administration to the London Stock Exchange, Ian Ritchie, chairman
of Tern, said: "While it is obviously very disappointing that
Konektio has been placed into administration, it was clear to the
Tern board that the Konektio business had lost focus in the second
half of 2023.  We therefore decided not to invest further in
Konektio in November 2023 and Tern's stake was significantly
reduced.


SKYLARK GOLF: Bought Out of Administration by First Golf
--------------------------------------------------------
Golf Business News reports that Skylark Golf & Country Club in
Hampshire, which was put up for sale in June last year after
falling into administration, has been sold.

The sale of the Fareham-based club was handled by HMH Golf &
Leisure, acting on behalf of the Joint Administrators Kroll
Advisory Ltd., Golf Business News notes.

Essex-based golf course operator First Golf Operations Limited has
been named as the new owner, although it has not been revealed how
much the club was sold for.  The club has been renamed Skylark
Country Club and a new website is now live.

According to Golf Business News, the club has continued to operate
on a "business as usual" basis, and honour all event bookings,
including weddings and golf days, while a buyer was found.

"We're delighted that a successful outcome has been achieved,
securing 53 local jobs. Under new ownership, the club will
undoubtedly achieve its full potential and continue to provide its
members and wedding parties the renowned and award-winning service
Skylark is known for," Golf Business News quotes Geoff Bouchier of
administrators Kroll Advisory Ltd, as saying.

As well as an 18-hole, 5,609-yard golf course, Skylark's facilities
include a Grade II listed 18th century wedding barn, a restaurant,
bar, swimming pool, spa and gym facilities.


UK SALADS: Enters Administration, Halts Operations
--------------------------------------------------
Business Sale reports that UK Salads Limited, a major UK producer
of salad items, has fallen into administration and ceased trading.


The company collapsed following a period of challenging trading,
with approximately 200 staff made redundant as a result, Business
Sale relates.

The firm was founded in 1992 and based in Harlow, North East
London.  It supplied major UK retailers, including the UK business
of German discount supermarket Aldi, with products including
cucumbers, tomatoes, peppers and aubergines.

According to Business Sale, while the details of the company's
struggles have not been disclosed, the UK's fresh produce sector
has been hit by headwinds including energy, transportation and
labour cost inflation, as well as post-Brexit issues such as supply
chain disruption and labour shortages.

FRP Advisory partners Alastair Massey and Glyn Mummery were
appointed as joint administrators to the company on Feb. 28,
Business Sale discloses.  Speaking to food industry publication
Just Food, the joint administrators described the company as "a
well-established growing, packing and importing company supplying
to major retailers, wholesalers, catering and the public", Business
Sale relays.

The joint administrators said that "challenging trading conditions"
had left the company "unable to meet its financial obligations",
leading to it falling into administration and ceasing trading,
Business Sale notes.  They added that they were now considering the
options available to the business and "exploring interest from a
number of parties."

Despite strong turnover growth and resilient operating profit, the
company said in its most recent accounts at Companies House cover
the year ending October 31, 2022, that it was "facing significantly
increasing high costs and turbulent market business conditions",
Business Sale discloses.

At the time, its fixed assets were valued at close to GBP2.6
million and current assets at GBP22.4 million, with net assets
amounting to GBP10.3 million, according to Business Sale.


VMED O2 UK: S&P Lowers ICR to 'B+', Outlook Stable
--------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on VMED O2 UK
Ltd. (VMED O2) to 'B+' from 'BB-'.

The stable outlook reflects S&P's expectation of about 5.5x
adjusted leverage for VMED O2, along with free operating cash flow
(FOCF) to debt (excluding the positive impact of vendor financing)
of about 3%-4%.

S&P said, "VMED O2's guidance for 2024 anticipates weaker credit
measures for the next two years, below our previous expectations.
VMED O2's S&P Global Ratings-adjusted credit metrics were on the
weaker end of the 'BB-' rating at the end of 2023, owing to
higher-than-anticipated restructuring charges, dividend
recapitalization as well as some weakness in fixed revenue.
Continued pressure on fixed average revenue per user (ARPU) and a
step-up in marketing expense for new fiber build-outs in 2024 will
lead to further weakening in S&P Global Ratings-adjusted credit
metrics, including our expectation of S&P Global Ratings-adjusted
debt to EBITDA of well above 5.0x over the next two years. We
expect S&P Global Ratings-adjusted leverage of around 5.6x in 2024,
improving to around 5.3x in 2025.

"We expect adjusted EBITDA to decline in 2024 followed by recovery
from 2025. We anticipate flat revenue in 2024 (excluding nextfiber)
as the company faces headwinds from low margin business-to-consumer
video migration and fixed voice decline, as well as the
cost-of-living challenges in the U.K. This revenue pressure should
be offset by inflation-linked price increases. However, we
anticipate adjusted EBITDA margins will decline to around 34% in
2024 (from around 35% in 2023) due to a planned increase in
commercial and marketing activity, leading to higher costs. We also
see no material synergies realization this year due to an
acceleration of synergies realized in 2023. This should lead to
adjusted EBITDA decline of 3%-5% in 2024. We believe marketing and
commercial activities, along with aggressive roll-out of
fiber-to-the-home (FTTH) and the 5G network, should accelerate
customer growth and drive revenue and EBITDA growth in 2025. We
therefore expect 1%-3% revenue growth and 4%-6% adjusted EBITDA
growth in 2025. Nevertheless, S&P Global Ratings-adjusted leverage
is expected to stay higher than 5x for the next two years, absent
any net debt reduction."

Financial policy commits to VMED O2-adjusted net debt to EBITDA of
4x-5x in the medium term, but continued aggressive shareholder
distributions indicate management's tolerance to exceed this target
at least temporarily. VMED O2's company-adjusted leverage is
marginally higher than the company's stated target of 4x-5x net
debt to EBITDA as of end-2023. However, the shareholder
distribution guidance in 2024 indicates that the shareholders are
willing to at least temporarily prioritize dividend distributions
over deleveraging back within the stated target. According to the
company's guidance, essentially the entire FOCF after leases
(around GBP500 million in 2024), along with the proceeds from the
sale of the CTIL stake, will be distributed to shareholders. S&P is
assuming the company will continue to pay out the entire FOCF after
leases to shareholders. This will slow the pace of deleveraging
compared with the company directing FOCF toward reducing leverage.

S&P said, "Following the announced sale of Sunrise, we view VMED O2
as a highly strategic entity for Liberty Global. Following the
expected spin-off of Sunrise, Liberty Global's stake in VMED O2
will become even more significant for Liberty Global because it
will account for around 55% of the group's S&P Global
Ratings-adjusted EBITDA (where we pro-rata consolidate VMED O2).
Given the concentration of earnings and cash flows at VMED O2, we
believe VMED O2 is an almost integral asset for the Liberty Global
group, which we believe Liberty Global would support under almost
all foreseeable scenarios as long as it is able to provide such
support. However, the joint venture ownership structure and lack of
full control limits us from equalizing our rating on VMED O2 with
that on Liberty Global.

"We view the separation of netco as credit neutral for now as it
remains fully owned and the transaction is leverage-neutral. VMED
O2 intends to form a separate entity (Fixed netco) that will help
build out around 16 million FTTH connections in the U.K., but VMED
O2 will continue to fully consolidate the entity. Fixed netco
should allow VMED O2 to be more agile and drive consolidation of
the fragmented U.K. Altnet market. Fixed netco would be one of the
largest fixed network infrastructure assets in the U.K., with
attractive cash flow characteristics, given it would also generate
wholesale revenue. As it is 100% consolidated within the VMED O2
group, we do not view it unfavorably from the business risk
standpoint. We understand VMED O2 does not plan to sell its equity
in Fixed netco in the near term, but we do not rule out the
possibility of VMED O2 trying to monetize its value in the longer
term. We view an asset-light telecom operator unfavorably and we
will reassess VMED O2's business risk profile if it decides to sell
its stake in Fixed netco. As we understand, Fixed netco will be a
part of the restricted group for the debt holders, and the
transaction is expected to be credit neutral. That said, the
planned transaction is in the early days, and we will monitor the
progress as it moves closer to completion in the first half of
2025.

"The stable outlook reflects our expectation of about 5.5x leverage
for VMED O2, along with FOCF to debt (excluding the positive impact
of vendor financing) of about 3.0%-5.0%. Following a subdued 2024,
we anticipate that revenue and EBITDA will grow steadily from 2025,
driven by 1%-3% growth in the mobile segment and stable growth in
the fixed segment.

"We could lower the rating on VMED O2 if EBITDA continues to
decline about 3%-5% beyond 2024 without offsetting debt-reduction
measures. This could happen if integration issues hamper sales,
there is pressure from lower ARPU due to increased pricing
competition, or significantly higher capital expenditure (capex)."
Specifically, S&P could lower the rating due to a combination of:

-- Adjusted debt to EBITDA above 6x on a sustained basis; and

-- Negative FOCF after leases and vendor financing.

S&P could raise the rating on VMED O2 if its adjusted debt to
EBITDA approaches 5x and its FOCF-to-debt ratio (excluding the
positive impact of vendor financing) improves to around 5%.


WOOLDRIDGE CONTRACTORS: Falls Into Administration
-------------------------------------------------
Business Sale reports that Wooldridge Contractors Limited, a
Surrey-based contractor specialising in groundworks, civils and
contract build projects, fell into administration at the end of
February after filing a notice of intention (NOI) to appoint
administrators earlier in the month.

Nicholas Simmonds and Chris Newell of Quantuma Advisory were
subsequently appointed as joint administrators at the company,
which reported turnover of GBP23.2 million and pre-tax profit of
GBP1.7 million in the year ending January 31, 2022, Business Sale
relates.

At that time, the company's fixed assets were valued at GBP1.6
million and current assets at GBP15.1 million, with net assets
amounting to just under GBP11 million, Business Sale 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-
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Editors.

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