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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

          Friday, May 10, 2024, Vol. 25, No. 95

                           Headlines



F R A N C E

COMPACT BIDCO: Moody's Cuts CFR to Ca & EUR300MM Secured Notes to C


G E R M A N Y

TTD HOLDING IV: Moody's Rates Extended Sr. Secured Term Loan 'B2'


I R E L A N D

CAPITAL FOUR I: Moody's Affirms B3 Rating on EUR8.6MM Cl. F Notes
CUMULUS STATIC 2024-1: Moody's Assigns B3 Rating to EUR4MM F Notes
PROVIDUS CLO II: Moody's Affirms B2 Rating on EUR10.1MM F Notes
RRE 3 LOAN: Moody's Raises Rating on EUR25MM Class E Notes to Ba2


I T A L Y

FIBER BIDCO: S&P Affirms 'B' Rating on New Senior Secured Notes


P O R T U G A L

LUSITANO NO.4: Fitch Affirms 'BB+sf' Rating on Class C Notes


S W E D E N

AINAVDA BIDCO:S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
AINAVDA PARENTCO: Moody's Assigns B3 CFR, Rates New Term Loans B3


U N I T E D   K I N G D O M

ALBA 2005-1: Moody's Affirms Ba2 Rating on GBP4.05MM E Notes
ALUCRAFT SYSTEMS: Owed Supply Chain GBP7.7M at Time of Collapse
CABLE & WIRELESS: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
CAZOO GROUP: Appoints Purnell as New Chief Financial Officer
CAZOO GROUP: Continues Lease Talks, Faces Future Capital Woes

CPUK FINANCE: Fitch Assigns 'B(EXP)' Rating to New Class B7 Notes
GO MODULAR: Set to Go Into Administration
GO PLANT: Collapse to Disrupt Flintshire Council Services
GOJO INDUSTRIES: Goes Into Administration
HUGHUB: Lack of Funding Prompts Administration

JME DEVELOPMENTS: Corby Estate Residents Express Concern
MIXIT: Files Notice of Intent to Appoint Administrator


X X X X X X X X

[*] BOOK REVIEW: The Titans of Takeover

                           - - - - -


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F R A N C E
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COMPACT BIDCO: Moody's Cuts CFR to Ca & EUR300MM Secured Notes to C
-------------------------------------------------------------------
Moody's Ratings has downgraded the long term corporate family
rating of Compact Bidco BV (Consolis) to Ca from Caa1, its
probability of default rating to C-PD from Caa1-PD and the
instrument rating on its EUR300 million guaranteed senior secured
notes due 2026 to C from Caa2. The outlook remains negative.

RATINGS RATIONALE

The downgrade of Consolis' PDR to C-PD and its CFR to Ca mainly
reflects the increasing likelihood of a default over the next few
months and Moody's expectation of a relatively low family recovery
at the default. On May 4, 2024, Consolis announced it had elected
not to proceed with the payment of interest payable on its
guaranteed senior secured notes on May 2, 2024. Non-payment of
interest after the grace period elapses is an event of default
according to Moody's.

Furthermore, it also announced a comprehensive restructuring, to be
concluded during 3Q 2024, which involves a full equitization of its
guaranteed senior secured notes. The agency will very likely view
the transaction as a distressed exchange, which also  constitutes a
default based on its definition, because the company's creditors
would incur significant losses.

Among other conditions, the restructuring requires the support of a
majority of its bondholders, and is therefore subject to some
execution risk. Even if the transaction is not concluded as planned
and interest is paid during the grace period, the likelihood of
Consolis needing to restructure its debt obligations within the
coming one to two years is high. Operating conditions in its
construction markets continue to be challenging, particularly for
new residential construction in Scandinavia and several Western
European countries. A meaningful improvement in activity in the
second half of 2024 is unlikely and the pace of the recovery in
2025 remains uncertain.

As a result, Consolis is unlikely to restore its credit metrics
into sustainable levels over the next 12-18 months without a
meaningful reduction of its debt load. For 12 months to March 2024,
its Moody's-adjusted debt/EBITDA was around 14x and its adjusted
EBIT/interest was less than 0.1x, lacking positive free cash flow
generation since 2021. Furthermore, it faces sizeable refinancing
needs over the coming two years: its EUR30 million real-estate
backed facility matures in May 2025, its EUR75 million revolving
credit facility in November 2025 and its EUR300 million guaranteed
senior secured notes in May 2026.

The C rating of the guaranteed senior secured notes reflects
Moody's expectation of their limited to no recovery at the default.
The notes rank behind sizeable liabilities, including the EUR75
million revolving facility, trade payables, but also the new
funding Consolis contracted in connection with the announced
balance sheet recapitalization to support its liquidity.

RATING OUTLOOK

The negative outlook reflects uncertainties whether the proposed
restructuring will be completed as expected, highlighting the risk
of a further reduction in family recovery.

ESG CONSIDERATIONS

Governance considerations were among the primary drivers of this
rating action. The announced balance sheet recapitalisation, which
implies significant losses for creditors, as well as the decision
not to pay interest on guaranteed senior secured notes on May 2,
underlines the company's aggressive financial policies. As a
consequence, Moody's has changed Consolis' Governance Issuer
Profile Score to G-5 from G-4 and its Credit Impact Score to CIS-5
from CIS-4.

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

Upward pressure on CFR could materialize if Consolis were to
complete the restructuring resulting in the implementation of a
sustainable capital structure. Furthermore, an upgrade of Consolis'
ratings would require an adequate liquidity profile.

Moody's could downgrade Consolis' CFR if creditors' recovery
expectations weakened further.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in Paris, France, Consolis is a leading European
producer of precast concrete building solutions and elements. In
2023, it generated revenue of around EUR1.0 billion. Since 2017, it
has been ultimately owned by private equity firm Bain Capital.



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

TTD HOLDING IV: Moody's Rates Extended Sr. Secured Term Loan 'B2'
-----------------------------------------------------------------
Moody's Ratings assigned B2 ratings to TTD Holding IV GmbH's (TTD)
amended & extended EUR1,170 million backed senior secured term loan
B5 due 2029 and the EUR155 million backed senior secured revolving
credit facility (RCF) due 2029. Upon completion of the contemplated
refinancing transaction, the new backed senior secured bank credit
facilities will replace the existing backed senior secured term
loan B's and RCF maturing in 2026. The B2 long-term Corporate
Family Rating of TTD Holding III GmbH, the parent company of TTD
Holding IV GmbH is unaffected. TTD Holding III GmbH's and TTD's
stable outlook are unaffected.

RATINGS RATIONALE

The assignment of the B2 ratings to TTD's amended and extended
backed senior secured bank credit facilities reflects Moody's
expectation that the group will successfully complete the
contemplated refinancing transaction, thereby extending the tenor
of its existing backed senior secured term loan B's and RCF by 3
years to 2029. This extension proactively addresses TTD's upcoming
backed senior secured bank credit facilities maturities in 2026 in
a leverage neutral transaction and will lead to modestly higher
interest costs. Moody's forecasts debt / EBITDA of around 5.5x -
6.0x (6.0x in 2023), Moody's adjusted EBITA / Interest at around
1.7x (2.0x in 2023), and Free Cash Flow (FCF)/Debt at low single
digits (2% in 2023) in the next 12-18 months. The credit metrics
are currently at the weaker end of the expected range for its B2
rating, following the impact of the dividend recap in Q4 2023.

The ratings are supported by its strong position in the sanitary
route-based services market with strong brands and a competitive
advantage in terms of cost structure, reflected in the company's
strong margins (EBITDA margin of around 30%); favourable underlying
growth trends, supported by strict regulatory requirements and
increasing demand for premium products; ability to adjust cost base
and capital expenditures; a track record of margin expansion and
generating positive FCF; Moody's expectation of continued positive
FCF generation, and good liquidity.

TTD's leverage of around 6.0x Moody's-adjusted debt/EBITDA in 2023;
risk of re-leveraging via debt-funded acquisitions or shareholder
distributions, considering several incremental debt issuances to
fund shareholder distributions in the past; its exposure to the
overall health of the cyclical construction industry and the risk
that current solid profitability could moderately weaken because of
a decline in construction activity, all constrain the rating.

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

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS

-- Moody's-adjusted debt/EBITDA declines and remains below 4.5x,
and

-- Moody's-adjusted EBITA/Interest above 2.5x, and

-- Moody's-adjusted FCF/debt sustained in high-single-digit
percentages, and

-- Liquidity remains good

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS

-- Moody's-adjusted debt/EBITDA rises to and remains above 6.0x on
a sustained basis, or

-- Moody's-adjusted EBITA/Interest below 1.7x on a sustained
basis, or

-- FCF reducing towards zero on a sustained basis, or

-- Weakening liquidity

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

TTD, based in Ratingen, Germany, provides portable toilet and
sanitation equipment rental services worldwide. The company is a
market leader in eight of its top 10 focus countries. Its pro forma
net sales and company-adjusted EBITDA were around EUR715 million
and EUR221 million, respectively, in 2023. The company is majority
owned by the funds advised by Apax Partners.



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I R E L A N D
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CAPITAL FOUR I: Moody's Affirms B3 Rating on EUR8.6MM Cl. F Notes
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Capital Four CLO I DAC:

EUR22,500,000 Class B-1 Senior Secured Floating Rate Notes due
2033, Upgraded to Aa1 (sf); previously on Dec 3, 2019 Definitive
Rating Assigned Aa2 (sf)

EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2033,
Upgraded to Aa1 (sf); previously on Dec 3, 2019 Definitive Rating
Assigned Aa2 (sf)

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

EUR233,300,000 Class A Senior Secured Floating Rate Notes due
2033, Affirmed Aaa (sf); previously on Dec 3, 2019 Definitive
Rating Assigned Aaa (sf)

EUR25,500,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2033, Affirmed A2 (sf); previously on Dec 3, 2019
Definitive Rating Assigned A2 (sf)

EUR23,600,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2033, Affirmed Baa3 (sf); previously on Dec 3, 2019
Definitive Rating Assigned Baa3 (sf)

EUR19,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2033, Affirmed Ba3 (sf); previously on Dec 3, 2019
Definitive Rating Assigned Ba3 (sf)

EUR8,600,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2033, Affirmed B3 (sf); previously on Dec 3, 2019 Definitive
Rating Assigned B3 (sf)

Capital Four CLO I DAC, issued in December 2019, is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by Capital Four CLO Management K/S. The transaction's
reinvestment period will end in July 2024.

RATINGS RATIONALE

The rating upgrades on the Class B-1 and B-2 notes are primarily a
result of the benefit of the shorter period of time remaining
before the end of the reinvestment period in July 2024.

The affirmations on the ratings on the Class A, C, 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.

The key model inputs Moody's Ratings 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 Ratings used the following assumptions:

Performing par and principal proceeds balance: EUR378.3m

Defaulted Securities: EUR210,383

Diversity Score: 55

Weighted Average Rating Factor (WARF): 3042

Weighted Average Life (WAL): 4.0 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.89%

Weighted Average Coupon (WAC): 3.77%

Weighted Average Recovery Rate (WARR): 44.19%

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 Ratings 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 Ratings 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 the account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance methodology" published in October 2023. Moody's
Ratings 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: Once reaching the end of the
reinvestment period in July 2024, the main source of uncertainty in
this transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales the collateral manager or be
delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

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

-- Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which could
lengthen as a result of the manager's decision to reinvest in new
issue loans or other loans with longer maturities, or participate
in amend-to-extend offerings. The effect on the ratings of
extending the portfolio's weighted average life can be positive or
negative depending on the notes' seniority.

In addition to the quantitative factors that Moody's Ratings
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 Ratings analytical groups, market factors,
and judgments regarding the nature and severity of credit stress on
the transactions, can influence the final rating decision.

CUMULUS STATIC 2024-1: Moody's Assigns B3 Rating to EUR4MM F Notes
------------------------------------------------------------------
Moody's Ratings announced that it has assigned the following
definitive ratings to the notes issued by Cumulus Static CLO 2024-1
DAC (the "Issuer"):

EUR272,000,000 Class A Senior Secured Floating Rate Notes due
2033, Assigned Aaa (sf)

EUR28,000,000 Class B Senior Secured Floating Rate Notes due 2033,
Assigned Aa1 (sf)

EUR24,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2033, Assigned A2 (sf)

EUR23,600,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2033, Assigned Baa3 (sf)

EUR19,600,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2033, Assigned Ba3 (sf)

EUR4,000,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2033, Assigned B3 (sf)

RATINGS RATIONALE

The rationale for the rating is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in Moody's methodology.

The Issuer is a static CLO. The issued notes will be collateralized
primarily by broadly syndicated senior secured corporate loans. The
portfolio is expected to be 100% ramped as of the closing date.

Blackstone Ireland Limited may sell assets on behalf of the Issuer
during the life of the transaction. Reinvestment is not permitted
and all sales and principal proceeds received will be used to
amortize the notes in sequential order.

In addition to the six classes of notes rated by Moody's, the
Issuer has issued EUR27,800,000 of Subordinated Notes which are not
rated.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

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

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.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2021.

Moody's used the following base-case modeling assumptions:

Par Amount: EUR400,000,000

Diversity Score: 50

Weighted Average Rating Factor (WARF): 2833

Weighted Average Spread (WAS): 3.74% (actual spread vector of the
portfolio)

Weighted Average Coupon (WAC): 3.86% (actual spread vector of the
portfolio)

Weighted Average Recovery Rate (WARR): 44.97%

Weighted Average Life (WAL): 4.14 years (actual amortization vector
of the portfolio)

PROVIDUS CLO II: Moody's Affirms B2 Rating on EUR10.1MM F Notes
---------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Providus CLO II Designated Activity Company:

EUR22,500,000 Class B-1 Senior Secured Floating Rate Notes due
2031, Upgraded to Aaa (sf); previously on Apr 15, 2021 Definitive
Rating Assigned Aa2 (sf)

EUR9,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2031,
Upgraded to Aaa (sf); previously on Apr 15, 2021 Definitive Rating
Assigned Aa2 (sf)

EUR26,300,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to A1 (sf); previously on Apr 15, 2021
Definitive Rating Assigned A2 (sf)

EUR20,100,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Baa2 (sf); previously on Apr 15, 2021
Affirmed Baa3 (sf)

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

EUR217,000,000 (Current outstanding amount EUR206,473,680) Class A
Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf);
previously on Apr 15, 2021 Definitive Rating Assigned Aaa (sf)

EUR20,100,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on Apr 15, 2021
Affirmed Ba2 (sf)

EUR10,100,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed B2 (sf); previously on Apr 15, 2021
Affirmed B2 (sf)

Providus CLO II Designated Activity Company, issued in December
2018 and refinanced in April 2021, is a collateralised loan
obligation (CLO) backed by a portfolio of mostly high-yield senior
secured European loans. The portfolio is managed by Permira Credit
Group Holdings Limited ("Permira"). The transaction's reinvestment
period ended in January 2023.

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 shorter weighted average life
of the portfolio which reduces the time the rated notes are exposed
to the credit risk of the underlying portfolio.

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.

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: EUR334,928,443

Defaulted Securities: EUR4,930,000

Diversity Score: 49

Weighted Average Rating Factor (WARF): 2865

Weighted Average Life (WAL): 3.43 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.53%

Weighted Average Coupon (WAC): 3.78%

Weighted Average Recovery Rate (WARR): 44.49%

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.

RRE 3 LOAN: Moody's Raises Rating on EUR25MM Class E Notes to Ba2
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by RRE 3 Loan Management Designated Activity Company:

EUR36,000,000 Class B Senior Secured Floating Rate Notes due 2032,
Upgraded to Aa1 (sf); previously on Nov 8, 2019 Definitive Rating
Assigned Aa2 (sf)

EUR28,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to A1 (sf); previously on Nov 8, 2019
Definitive Rating Assigned A2 (sf)

EUR25,000,000 (current outstanding balance EUR18,314,039) Class E
Senior Secured Deferrable Floating Rate Notes due 2032, Upgraded to
Ba2 (sf); previously on Nov 8, 2019 Definitive Rating Assigned Ba3
(sf)

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

EUR248,000,000 Class A Senior Secured Floating Rate Notes due
2032, Affirmed Aaa (sf); previously on Nov 8, 2019 Definitive
Rating Assigned Aaa (sf)

EUR27,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Baa3 (sf); previously on Nov 8, 2019
Definitive Rating Assigned Baa3 (sf)

RRE 3 Loan Management Designated Activity Company, issued in
November 2019, is a collateralised loan obligation (CLO) backed by
a portfolio of mostly high-yield senior secured/mezzanine European
loans. The portfolio is managed by Redding Ridge Asset Management
(UK) LLP. The transaction's reinvestment period will end in May
2024.

RATINGS RATIONALE

The rating upgrades on the Class B, C and E notes are primarily a
result of the benefit of the shorter period of time remaining
before the end of the reinvestment period in May 2024.

The affirmations on the ratings on the Class A and D 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.

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: EUR400.4m

Diversity Score: 56

Weighted Average Rating Factor (WARF): 2845

Weighted Average Life (WAL): 4.2 years

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

Weighted Average Coupon (WAC): 3.41%

Weighted Average Recovery Rate (WARR): 44.8%

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance methodology" published in October 2023.

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: Once reaching the end of the
reinvestment period in May 2024. 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.

-- Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which could
lengthen as a result of the manager's decision to reinvest in new
issue loans or other loans with longer maturities, or participate
in amend-to-extend offerings. Moody's tested for a possible
extension of the actual weighted average life in its analysis. The
effect on the ratings of extending the portfolio's weighted average
life can be positive or negative depending on the notes'
seniority.

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
=========

FIBER BIDCO: S&P Affirms 'B' Rating on New Senior Secured Notes
---------------------------------------------------------------
S&P Global Ratings affirmed its 'B' ratings on Fiber Bidco SpA
(Fedrigoni) and its outstanding senior secured notes. S&P also
assigned its 'B' issue rating on the proposed seven-year EUR430
million fixed rate notes and its 'CCC+' issue rating on the
proposed EUR300 PIK toggle notes, issued by Fiber Midco SpA.

The outlook on Fedrigoni remains negative and indicates that S&P
could lower its ratings in the next 12 months if further debt
increases pushed Fedrigoni's FFO cash interest coverage below 1.5x
or kept FOCF negative or at nil, while the company's leverage
remained sustainably above 7x.

S&P said, "We expect that higher sales and adjusted EBITDA enables
the group to reduce leverage toward 7x in the next two years,
however, there are downside risks to our forecast. The proposed
notes issuance will increase S&P Global Ratings-adjusted debt by
about EUR50 million. We expect Fedrigoni's leverage to be
approximately 7.6x-7.7x in 2024 (from 8.4x in 2023) and 7.0x-7.2x
in 2025. The decrease in leverage is driven by adjusted EBITDA
growth and broadly stable debt. This is broadly in line with our
previous assumptions. In our view, slower-than-expected economic
recovery may impede Fedrigoni's ability to deleverage over 2025.

"We anticipate that higher volumes (demand recovery as destocking
comes to an end) and the full year contribution of acquisitions
completed in 2023 will drive sales growth of about 9% in 2024. We
expect adjusted EBITDA margins to rise to 14.5%-15.0% in 2024
(13.2% in 2023) due to lower transformation, other nonrecurring
costs of about EUR32 million (EUR55 million in 2023), and cost
efficiencies (amid cost-cutting measures and some input cost
reductions). We anticipate further adjusted EBITDA growth, similar
EBITDA margins (higher volumes and broadly stable prices and
costs), and similar debt levels in 2025.

"It is likely that Fedrigoni will use the cash proceeds from its
recent transactions for acquisitions. Upon the closing of the
transaction, we expect Fedrigoni to have about EUR210 million cash
on balance sheet. We anticipate the company will spend
approximately EUR250 million-EUR260 million of this on acquisitions
(this includes some businesses in radio-frequency identification
and self-adhesive labels) in 2024. We think that cash will mainly
fund such acquisitions. Conservatively, we have not factored any
EBITDA uplift from such potential acquisitions into our base case.

"Positively, the proposed transaction will lead to a lower interest
burden, which supports the current rating level. The new notes will
have lower coupons than the existing ones. We anticipate the S&P
Global Ratings-adjusted FFO cash interest coverage ratio to improve
to about 1.6x in 2024 and 2.0x in 2025, from 1.2x in 2023.

"We expect Fedrigoni's FOCF to remain positive in 2024 and 2025. We
estimate S&P Global Ratings-adjusted FOCF for 2024 of EUR21
million–EUR26 million, compared with EUR32 million in 2023. This
is on the back of higher capital expenditure (capex) and lower
working capital inflows, and despite lower cash interest paid.
Further pick-up in sales, as well as stable capex and neutral
working capital should improve adjusted FOCF to EUR50 million-EUR70
million in 2025.

"The negative outlook indicates that there is at least a one in
three possibility that we could lower our ratings in the next 12
months."

S&P could lower the rating in the next 12 months if the company's
leverage exceeded 7.0x on a sustained basis while:

-- FFO cash interest coverage dropped and remained below 1.5x; or

-- FOCF was nil or negative.

This could result from weaker-than-expected EBITDA due to, for
example, a prolonged weakness in market demand or high
transformation costs, as well as from further debt increases, or
material working capital outflows.

S&P could revise the outlook to stable if Fedrigoni's operating
performance and financial policy supported a reduction in leverage
toward 7.0x, sustained robust FOCF, and a supported recovery in FFO
cash interest coverage toward 2.0x.




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

LUSITANO NO.4: Fitch Affirms 'BB+sf' Rating on Class C Notes
------------------------------------------------------------
Fitch Ratings has upgraded Lusitano No. 6 Limited's class C notes
to 'AA+' from 'A'. Fitch has also affirmed Lusitano No. 5 Plc's,
Lusitano No. 4 Plc's note and Lusitano No. 6 Limited's remaining
tranches. All Outlooks are Stable.

   Entity/Debt                Rating           Prior
   -----------                ------           -----
Lusitano Mortgages
No.5 plc

   Class A XS0268642161   LT AAAsf  Affirmed   AAAsf
   Class B XS0268642831   LT A+sf   Affirmed   A+sf
   Class C XS0268643649   LT BBB+sf Affirmed   BBB+sf
   Class D XS0268644886   LT CCCsf  Affirmed   CCCsf

Lusitano Mortgages
No.6 Limited

   Class A XS0312981649   LT AAAsf  Affirmed   AAAsf
   Class B XS0312982290   LT AAAsf  Affirmed   AAAsf
   Class C XS0312982530   LT AA+sf  Upgrade    Asf
   Class D XS0312982704   LT CCCsf  Affirmed   CCCsf
   Class E XS0312983009   LT CCsf   Affirmed   CCsf

Lusitano Mortgages
No.4 Plc

   Class A XS0230694233   LT AA-sf  Affirmed   AA-sf
   Class B XS0230694589   LT A-sf   Affirmed   A-sf
   Class C XS0230695552   LT BB+sf  Affirmed   BB+sf
   Class D XS0230696360   LT B+sf   Affirmed   B+sf

TRANSACTION SUMMARY

All three static Portuguese RMBS transactions comprise residential
mortgages originated and serviced by Novo Banco, S.A.
(BBB-/Stable/F3).

KEY RATING DRIVERS

Increasing Credit Enhancement: The notes are sufficiently protected
by credit enhancement (CE) to absorb the projected losses that are
commensurate with their current ratings. The upgrade of the class C
notes of Lusitano 6 reflects increasing CE from sequential
amortisation of the notes that offsets the slow replenishment of
the cash reserve towards its target. Structural CE protection is
expected to increase only moderately for Lusitano 4 and 5
considering the pro-rata amortisation of the notes.

Stable Performance Outlook: Over the past 12 months, the
transactions have seen stable asset performance. The proportion of
loans that are more than 90 days in arrears remained broadly stable
(ranging between 0.2% and 0.4% of the current portfolio balances as
of the latest reporting dates), and the cumulative default rate
ranges between 7.4% and 11.7% for all three transactions, which is
higher than the market average but stable over the last four
years.

Payment Interruption Risk Mitigated: Payment interruption risk is
mitigated in the event of a servicer disruption in the Lusitano
transactions. Fitch deems the available liquidity mitigants as
sufficient to cover stressed senior fees, net swap payments and
senior note interest due amounts while an alternative servicer
arrangement is being implemented. Other mitigations include the
sweep of cash collections from the servicer into the SPV account
bank every two days, and principal collections on the portfolio
that can be used to cover interest shortfalls under certain
circumstances.

While the transactions' respective reserve fund balances were
volatile in the past, they recovered and have been at target
balance since September 2017 for Lusitano 4 and January 2021 for
Lusitano 5. The cash reserve is below target for Lusitano 6, but it
is the only transaction featuring a dedicated liquidity reserve.

RATING SENSITIVITIES

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

A downgrade of the Portuguese sovereign Long-Term IDRs could lower
the maximum achievable rating for Portuguese structured finance
transactions and have an impact on the 'AAAsf' notes.

Long-term asset underperformance such as increased delinquencies or
larger defaults, which could be driven by changes to macroeconomic
conditions, interest-rate increases or borrower behaviour, could
have a negative impact on all three transactions.

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

Stable to improved asset performance and increased CE as the
transactions deleverage to fully compensate for the credit losses
and cash flow stresses that are commensurate with higher ratings
could lead to a positive rating impact on all three transactions,
except for 'AAAsf' notes.

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
pools and the transactions. 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.

Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the transactions' closing. The
subsequent performance of the transactions over the years is
consistent with the agency's expectations given the operating
environment and Fitch is therefore satisfied that the asset pool
information relied upon for its initial rating analysis was
adequately reliable.

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.



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

AINAVDA BIDCO:S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to Northern Europe IT services provider Ainavda Bidco (Advania) and
its 'B' issue rating and '3' recovery rating (indicating rounded
recovery prospects of 55%) to the proposed EUR820 million term
loans.

The stable outlook reflects S&P's expectation that Advania's debt
to EBITDA will decline to about 6x by the end of 2024, from above
7x at year-end 2023, and free operating cash flow (FOCF) will turn
sustainably positive, supported by EBITDA growth (including the
realization of synergies from recent acquisitions and the
conclusion of elevated exceptional expenses).

Advania is an end-to-end provider of mission-critical IT solutions
for the mid-market in Northern Europe, generating revenue of
Swedish krone (SEK) 14 billion in 2023. The company operates a
decentralized business model with the flexibility to tailor its
customer approach specifically to local market needs. Its solutions
cover the full IT value chain for a broad range of industry
verticals (more than 7,000 customers in corporate and public
sectors with low concentration). The client-centric approach
results in low customer churn of about 3% and very high recurring
revenue of about 95% in its managed services segment (39% of
revenue and 53% of gross profit in 2023).

The company has been expanding rapidly through acquisitions since
2021, when it was acquired by sponsors. The process included three
transformational and 12 bolt-on acquisitions, and an expansion into
the U.K. As a result, Advania saw its revenue increase by just
under 3x to SEK14 billion in 2023 while EBITDA rose by more than
3x, to SEK1.34 billion. The restructuring, integration, and other
exceptional costs related to acquisitions weighed on the company's
profitability and FOCF conversion until 2023. S&P thinks Advania
now has a good foundation to gradually strengthen revenue,
profitability, and FOCF in the coming years.

Ainavda is issuing term loans totaling EUR820 million--split
between a euro term loan B (TLB) and a mix of sterling/Norwegian
krone (NOK)/Swedish krona (SEK) tranches that are pre-placed--to
fully refinance its capital structure. Following the proposed
issuance, Advania will have a highly leveraged capital structure,
with expected adjusted debt to EBITDA of about 6x in 2024.

A highly leveraged capital structure and financial sponsor
ownership constrain the rating, partially offset by the owners'
commitment to deleveraging. The refinancing transaction, alongside
the commitment of a new EUR210 million revolving credit facility
(RCF), is credit neutral. The proceeds will be used to repay
existing debt and cover transaction fees and expenses. S&P said,
"We estimate Advania's S&P Global Ratings-adjusted debt to EBITDA
will improve to about 6x at year-end 2024 compared with above 7x in
2023, through expected EBITDA growth. The company has a track
record of deleveraging since its acquisition by sponsors in 2021,
and we do not anticipate dividend distributions in the next
two-to-three years, according to the sponsor's guidance. We expect
the company should cover bolt-on acquisitions with the RCF and
internal cash flow. In our base-case scenario, we do not forecast
large acquisitions in 2024, given the need to fully integrate past
investments."

Advania's business risk profile is constrained by its limited scale
compared to global peers, a niche focus within the broad IT
services market, and modest profitability and cash flow. It is much
smaller than global IT companies like IBM, Capgemini, and
Accenture. However, Advania is focused on the mid-market segment
(companies between 500 and 3,000 employees) in Northern Europe, and
therefore faces limited competition from these large IT players.
However, this segment is relatively small within the large IT
industry. Advania assesses its addressable market at $233 billion,
hence it has a relatively low market shares of a few percent in its
key markets--Sweden, Norway, the U.K., and Finland--but it holds a
26% share in Iceland, though Advania only generates about 10% of
its total revenue (based on 2023) in the latter. S&P said, "In
2023, Advania reported SEK264 million of restructuring and
integration and other exceptional costs, which we consider
operating expenses, resulting in an S&P Global Ratings-adjusted
EBITDA margin of slightly below 10%, below the range for average
profitability for peers in the same industry that we assess at
10%-15%. In addition, in 2023, profitability was affected by the
large share of lower margin public contract wins. Furthermore, we
think the large portion of revenues derived from IT Infrastructure
and integration (re-seller of hardware and software products) also
dilutes the overall margin. However, as we expect exceptional costs
will gradually decrease in 2024 and beyond, and sales structure
will improve towards managed and professional services,
profitability could increase gradually to 11% in 2024. We forecast
that FOCF will turn positive in 2024, from negative in 2023, but
will remain modest."

The group's diversification across six countries and customer
industries, as well as its positioning as a one-stop-shop partner
delivering mission-critical IT solutions, support the competitive
position and low churn of only 3%. Advania offers vendor-agnostic
solutions addressing key IT needs: managed services (39% of revenue
in 2023), IT infrastructure and integration (43%), and professional
services (18%). With a large base of 7,000 customers spread across
14 industries in private and public sectors, Advania's clients are
well diversified and concentration is low: the top 10 customers
generated 12% of total 2023 revenue. The company has a
customer-centric strategy, covers the full IT value chain tailoring
services to customer's needs, is vendor-agnostic, and has local
representation in each country of operations. This approach results
in low churn of 3%, long-term relationships , and sustained
expansion within customers through cross-selling, with 76% of all
customers purchasing multiple services (generating revenues in two
or three operating segments). At the same time, S&P thinks that
such customization weighs on the company's profitability as unique
offers are less scalable.

Advania benefits from a resilient business model through economic
cycles with low capital expenditure needs. The large and expanding
IT market, tailwinds from digitalization, and a trend toward
outsourcing, as well as the mission-critical nature of the
company's software and services, supports our revenue growth
scenario. That said, the company doesn't have a long track record
of operating in the current structure, following all the recent
acquisitions, and we are yet to see a track record of sustainably
solid organic growth.

Outlook

S&P said, "The stable outlook reflects our expectation that
leverage will settle at about 6x by the end of 2024, from above 7x
at year-end 2023, and that FOCF with turn positive, with FOCF to
debt gradually approaching 5%, supported by EBITDA growth, the
realization of synergies from recent acquisitions, and the
conclusion of elevated exceptional expenses. We also expect the
company to comfortably service its debt, with EBITDA cash interest
coverage of at least 2x after the refinancing."

Downside scenario

S&P said, "We could lower the rating if FOCF to debt remains at or
below 1%-2%, debt to EBITDA remains above 7x, or if EBITDA cash
interest coverage is below 2x. We think this could occur if
Advania's performance is weaker than anticipated, and its
profitability and FOCF fail to improve in line with our base case.
This could happen if the company does not reduce exceptional costs,
weighing on EBITDA and profitability, or faces operational issues
that impede its revenue trajectory."

Upside scenario

S&P could raise the rating if FOCF to adjusted debt increases
toward 10% together with adjusted debt to EBITDA declining below
5x. Additionally, an upgrade would hinge on Advania's adherence to
a financial policy that sustainably supports those metrics.

Environmental, Social, And Governance

S&P said, "Governance factors are a moderately negative
consideration in our credit analysis of Advania. Our assessment of
the company's financial risk profile as highly leveraged reflects
corporate decision-making that prioritizes the interests of the
controlling owners, which is the case for most rated entities owned
by private-equity sponsors. Our assessment also reflects their
generally finite holding periods and a focus on maximizing
shareholder returns."


AINAVDA PARENTCO: Moody's Assigns B3 CFR, Rates New Term Loans B3
-----------------------------------------------------------------
Moody's Ratings has assigned a B3 corporate family rating and B3-PD
probability of default rating to Ainavda Parentco AB (Advania or
the company). Concurrently, Moody's has assigned B3 ratings to the
planned EUR375 million backed senior secured term loan B1, EUR250
million equivalent GBP-denominated backed senior secured term loan
B2, EUR100 million equivalent NOK-denominated backed senior secured
term loan B, EUR95 million equivalent SEK-denominated backed senior
secured term loan B, and EUR210 million backed senior secured
revolving credit facility (RCF), all of which are borrowed by
Ainavda Bidco AB, a subsidiary of Ainavda Parentco AB. Proceeds of
the planned debt issuance will be used to refinance the company's
capital structure. The outlook for both entities is stable.

"The action reflects Advania's good business profile and its track
record of revenue growth, which we expect will continue" said
Fabrizio Marchesi, a Moody's Vice President-Senior Analyst and lead
analyst for the company. "However, the rating also reflects the
company's relatively aggressive financial metrics and a certain
degree of execution risk surrounding the ability of the company to
translate top-line growth into meaningful gains in profitability
and free cash flow going forward." added Mr. Marchesi.

Corporate governance considerations were a key rating driver for
the rating action. This reflects the appetite for high leverage of
Advania's shareholders as demonstrated by the proposed financing
(Financial Strategy and Risk Management), which are captured under
Moody's General Principles for Assessing Environmental, Social and
Governance Risks Methodology for assessing ESG risks.

RATINGS RATIONALE

The B3 CFR reflects Advania's status as a recognised provider of IT
services in Northern Europe, with solid technical expertise; an
attractive IT services market, which benefits from increasing
digitalisation; the recurring and repeatable nature of a
significant portion of the company's revenue, which provides a
certain degree of revenue visibility; and Moody's expectation that
Advania's financial performance will improve over the next 12-18
months.

Concurrently, the rating is constrained by the company's limited
geographical diversification, particularly when compared to the
broader Moody's rated universe; limited size and market share in a
competitive IT services market; high Moody's-adjusted leverage of
7.0x as of 31 December 2023 (pro forma for the refinancing) and
Moody's expectations of relatively limited deleveraging and free
cash flow (FCF) generation over the next 12-18 months; as well as
the risk of future debt-funded acquisitions, although Moody's
understand that the company intends to primarily focus on small,
bolt-on acquisitions going forward, or shareholder-friendly
distributions, which could limit leverage reduction going forward.

Although management has stressed that they are not planning to pay
any cash dividends in the future, Moody's considers this a risk for
private-equity owned companies.

Moody's expects that Advania will continue to deliver revenue
growth in the high-single-digit percentages over the next 12-18
months. However, Moody's also considers that the company may face
challenges in fully converting top-line gains into added
profitability. This is because Advania has recorded declining gross
profit and EBITDA margins over the past three years, with
company-adjusted EBITDA remaining broadly flat despite a growing
top-line. While Moody's acknowledges that the company was more
focused on revenue growth and integrating acquisitions in the past,
and that management is confident that its added focus on Advania's
cost base going forward will lead to margin gains, Moody's also
considers that there is a certain degree of execution risk.

Overall, Moody's forecasts that management's initiatives will lead
to a gradual stabilization of company-adjusted EBITDA margin at
around 11% from 2025 onwards, so that company-adjusted EBITDA
improves from SEK1.6 billion in 2023 towards SEK1.7 billion in 2024
and SEK1.8 billion in 2025. This will result in an improvement in
Advania's Moody's-adjusted leverage to 6.5x by December 2024 and
6.0x by December 2025, with Moody's adjusted FCF/debt of around
1-2% over the next two years.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

Moody's believes that governance was a key rating driver in the
rating action. Financial strategy and risk management is a
governance consideration under Moody's General Principles for
Assessing Environmental, Social and Governance Risks Methodology.
The sizable quantum of debt planned demonstrates the aggressive
financial policy of its owners and the overall tolerance to operate
with high leverage. Advania is controlled by GSAM, which controls
the board. As a result, the company's board structure and policies
reflect concentrated control and decision making, while financial
disclosure is more limited relative to publicly listed companies.
These considerations are reflected in Advania's G-4 Issuer Profile
Score (IPS), which reflects overall exposure to governance risk,
and the company's Credit Impact Score (CIS) of CIS-4.

LIQUIDITY

Advania's liquidity is adequate, supported by a cash balance of
SEK177 million (equivalent to EUR16 million) as of December 31,
2023 (proforma the refinancing) and, more importantly, access to a
EUR220 million undrawn senior secured RCF, which is undrawn at
closing. Additionally, Moody's expects that the company will
generate positive Moody's-adjusted FCF of between SEK100-200
million per year over the next two years.

STRUCTURAL CONSIDERATIONS

The company's capital structure consists of a EUR210 million backed
senior secured RCF due 2030, a EUR375 million backed senior secured
term loan B1 due 2031, a EUR250 million equivalent GBP-denominated
backed senior secured term loan B2, a EUR100 million equivalent
NOK-denominated backed senior secured term loan B due 2031 and a
EUR95 million equivalent SEK-denominated backed senior secured term
loan B due 2031, all of which are borrowed by Ainavda Bidco AB.
Security provided consists of pledges over shares, intercompany
receivables and bank accounts.

KEY COVENANTS

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

Guarantor coverage will be at least 80% of EBITDA (determined in
accordance with the agreement) generated in Security Jurisdictions,
and include Ainavda Parentco AB, Ainavda Bidco AB and wholly-owned
subsidiaries representing 5% or more of consolidated EBITDA.
Companies incorporated in Sweden, Norway, England & Wales, Iceland,
Finland and any borrower jurisdiction (for the purposes of that
borrower only) ("Security Jurisdictions") are required to provide
guarantees and security. Security will be granted over key shares,
bank accounts and receivables, and floating charges will be granted
in England and Wales.

Incremental facilities are permitted up to 100% of relevant EBITDA,
and any permitted indebtedness can be made available as an
incremental liquidity facility. Unlimited pari passu debt is
permitted up to a senior secured net leverage ratio (SSNLR) of
5.75x. Restricted payments are permitted if total net leverage
(TNL) is 4.5x or lower, junior debt payments are permitted if TNL
is 5.0x or lower and permitted investments are permitted up to a
SSNLR of 5.0x. Asset sale proceeds are never required to be applied
in full, with only 50% of proceeds required for such where the
SSNLR exceeds 6.0x and no proceeds required to be applied where the
SSNLR is 5.0x or less.

Adjustments to consolidated EBITDA include run-rate cost savings
and synergies, capped at 30% of consolidated EBITDA with a 24-month
realisation period.

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

RATING OUTLOOK

The stable outlook reflects Moody's expectations that the company
will continue to grow, such that Moody's-adjusted leverage and
Moody's adjusted FCF gradually improve. The outlook also assumes no
material releveraging from any future debt-funded acquisitions or
shareholder distributions, as well as the company maintaining an
adequate liquidity profile.

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

Positive rating pressure could develop if Advania grows by
delivering solid organic revenue and EBITDA growth such that the
company improves its Moody's-adjusted leverage to around 5.5x on a
sustained basis. This level of leverage is consistent with other
factors which are required for positive rating pressure, including
Moody's-adjusted EBITA / interest improving towards 2.0x and
Moody's-adjusted FCF/ debt rising to around 5%, both on a sustained
basis. An upgrade would also require that the company maintains at
least adequate liquidity.

Conversely, Advania's ratings could come under negative pressure if
the company's revenue and EBITDA weaken materially, possibly as a
result of subdued operating performance or increased competition;
Moody's- adjusted leverage is maintained above 7.0x,
Moody's-adjusted EBITA / interest remains below 1.5x,
Moody's-adjusted FCF/debt remains negative on a sustained basis; or
the company's liquidity position deteriorates.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in Stockholm, Sweden, Advania is an end-to-end
provider of IT solutions targeting the Northern European
mid-market. The company has a customer-centric, vendor-agnostic,
one-stop-shop go-to-market strategy, and generates revenue from
managed services, professional services and the value-added resale
of IT Infrastructure hardware and software. In 2023, Advania's pro
forma revenue and company-adjusted EBITDA amounted to SEK14 billion
and SEK1.6 billion, respectively.



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

ALBA 2005-1: Moody's Affirms Ba2 Rating on GBP4.05MM E Notes
------------------------------------------------------------
Moody's Ratings has upgraded the ratings of 7 notes in Alba 2005-1
Plc, Alba 2006-2 Plc and Alba 2007-1 Plc. The rating action
reflects the reassessment of the financial disruption risk in these
deals. Moody's affirmed the ratings of the notes that had
sufficient credit enhancement to maintain their current ratings.

Alba 2005-1 Plc

GBP105M Class A3 Notes, Upgraded to Aa2 (sf); previously on May
15, 2023 Affirmed A1 (sf)

Underlying Rating: Upgraded to Aa2 (sf); previously on May 15,
2023 Affirmed A1 (sf)

GBP21.65M Class B Notes, Upgraded to Aa2 (sf); previously on May
15, 2023 Affirmed A1 (sf)

GBP13.25M Class C Notes, Affirmed A1 (sf); previously on May 15,
2023 Affirmed A1 (sf)

GBP6.8M Class D Notes, Affirmed Baa2 (sf); previously on May 15,
2023 Affirmed Baa2 (sf)

GBP4.05M Class E Notes, Affirmed Ba2 (sf); previously on May 15,
2023 Downgraded to Ba2 (sf)

Alba 2006-2 Plc

GBP163.75M Class A3a Notes, Upgraded to Aa2 (sf); previously on
Jul 27, 2017 Upgraded to A1 (sf)

EUR60M Class A3b Notes, Upgraded to Aa2 (sf); previously on Jul
27, 2017 Upgraded to A1 (sf)

GBP44.05M Class B Notes, Upgraded to Aa2 (sf); previously on Jul
27, 2017 Upgraded to A1 (sf)

Alba 2007-1 Plc

GBP269M Class A3 Notes, Upgraded to Aa2 (sf); previously on Oct
18, 2021 Affirmed A1 (sf)

GBP105.8M Class B Notes, Upgraded to Aa2 (sf); previously on Oct
18, 2021 Affirmed A1 (sf)

GBP20.4M Class F Notes, Affirmed Ba2 (sf); previously on Oct 18,
2021 Upgraded to Ba2 (sf)

RATINGS RATIONALE

The rating action is prompted by the updated view on the credit
quality of the servicer, Homeloan Management Limited ("HML"), fully
owned by Computershare Ltd, leading to reduced counterparty risk
related to financial disruption risk in these deals.

Counterparty Exposure

The rating actions took into consideration the notes' exposure to
relevant counterparties, such as servicer, account banks or swap
providers.

Moody's considered how the liquidity available in the transactions
and other mitigants support continuity of note payments, in case of
servicer default.

In Alba 2005-1 Plc the servicing is split between Western Mortgage
Services and HML, respectively servicing the loans originated by
Platform Funding Limited and Preferred Mortgages Limited. In Alba
2006-2 Plc and Alba 2007-1 Plc, the whole portfolio is serviced by
HML.

HML is not rated but the parent company, Computershare Ltd, is
rated Baa2 (LT Issuer Rating).

Moody's assessment took into account the rating of the parent
entity of HML as well as the extensive experience and the relative
size and market share of this servicer in the UK mortgage market.
The updated assessment of the servicer credit quality and the
associated probability of the servicer default has resulted in an
increase of the maximum achievable rating for the concerned deals
to Aa2 (sf) from A1 (sf), due to the associated decrease in the
financial disruption risk.

The updated cap is driven by exposure to payment disruption risk
and lack of structural features that mitigate it, such as
estimation language, a backup servicer or back-up servicer
facilitator.

Moody's notes that there is sufficient liquidity available in all
the transactions although Moody's note that the reserve fund in
Alba 2005-1 Plc has been partially drawn and not fully
replenished.

However, the available liquidity does not mitigate payment
disruption risk as the cash manager would need estimation
instructions to prepare the payment report should a servicer report
not be delivered by the report date. The current documentation does
not contain specific provisions on the use of servicer report
estimates and there is therefore potential for a missed payment on
the notes.

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 transactions has continued to deteriorate
since last year. Total delinquencies have increased in the past
year, with 90 days plus arrears currently standing at 7.13%, 7.12%
and 10.05% of current pool balance, for Alba 2005-1 Plc, Alba
2006-2 Plc and Alba 2007-1 Plc respectively. Cumulative losses
remained stable since last year at 2.46%, 3.12% and 3.35% of
original pool balance.

Moody's increased the expected loss assumption in Alba 2005-1 Plc,
Alba 2006-2 Plc and Alba 2007-1 Plc to 2.88%, 3.14% and 3.57%
respectively, as a percentage of current pool balance from 2.58%,
2.18% and 2.88% respectively, due to the deteriorating performance.
The revised expected loss assumption corresponds to 2.77%, 3.60%
and 4.04% as a percentage of original pool balance in Alba 2005-1
Plc, Alba 2006-2 Plc and Alba 2007-1 Plc respectively.

The tranches affected by the rating action benefit from a sizable
credit enhancement. For example, in Alba 2005-1 Plc, the credit
enhancement for tranche A3 and tranche B stands at 65.1% and 37.0%
respectively. In Alba 2006-2 Plc, the credit enhancement for
tranches A3a and A3b stands at 49.2%, and for tranche B at 32.5%.
In Alba 2007-1 Plc, the credit enhancement for tranche A3 and
tranche B stands at 55.8% and 33.5% respectively.

Moody's has maintained the MILAN Stressed Loss assumptions at
15.6%, 14.0% and 14.7%, respectively for Alba 2005-1 Plc, Alba
2006-2 Plc and Alba 2007-1 Plc.

The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations methodology" published in October
2023.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.
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.

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.

ALUCRAFT SYSTEMS: Owed Supply Chain GBP7.7M at Time of Collapse
---------------------------------------------------------------
Grant Prior at Construction Enquirer reports that cladding
specialist Alucraft Systems Ltd crashed into administration owing
more than GBP7.7 million to suppliers and subcontractors.

The Staffordshire based contractor called in administrators from
PwC in March who have now posted an update at Companies House on
the firm's finances, Construction Enquirer relates.

According to Construction Enquirer, it reveals that the supply
chain is owed GBP7.7 million with little chance of unsecured
creditors getting a penny for their unpaid invoices.

Latest results for Alucraft Systems Ltd for the year to December
31, 2022, show a turnover of GBP18.7 million generating a pre-tax
loss of GBP5.7 million while employing 82 staff, Construction
Enquirer discloses.

Alucraft Systems Ltd is one of four businesses that form the
Clarison Group of companies.

The other three firms are Alucraft Ireland Ltd, EAG and William
Cox.

Clarison Group is supported by private equity group Elaghmore which
is owed GBP19 million following the failure of Alucraft,
Construction Enquirer states.


CABLE & WIRELESS: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Cable & Wireless Communications
Limited's (C&W) Long-Term Foreign Currency and Local Currency
Issuer Default Ratings (IDRs) at 'BB-'. Fitch has also affirmed C&W
Senior Finance Limited's unsecured notes, Coral-US Co-Borrower
LLC's secured credit facilities, and Sable International Finance
Limited's secured notes, revolver and term loan at 'BB-'/'RR4'. The
Rating Outlook is Stable.

The ratings reflect the company's leading market positions across
well-diversified operating geographies and service offerings,
underpinned by solid network competitiveness and leading
business-to-consumer (B2C) and business-to-business (B2B)
offerings.

KEY RATING DRIVERS

Steady Net Leverage: Fitch forecasts C&W will maintain net leverage
in the 4.0x-4.5x range over the medium term. Moderate EBITDA margin
expansion and growth in broadband and B2B services should help the
company to delever organically at a gradual pace over the rating
horizon. Liberty Latin America (LLA) targets net leverage of around
3.5x at the group level, although investments or operating weakness
in core markets could temporarily push leverage metrics higher at
the subsidiary level. Fitch expects capital intensity to be around
10%-14% of sales, mainly due to network upgrades and, to a lesser
extent, network expansion.

Moderately Improving Operating Prospects: Fitch forecasts C&W's
EBITDA to expand above USD1.1 billion by 2025 from USD974 million
in 2023 mainly due to modest top-line growth, synergies from the
acquisition in Panama, and cost cutting efforts in C&W Caribbean.
The company's subsea cable business should continue to grow at
low-to-mid-single digits as data demand increases. Near-term ARPU
pressures in mobile are likely to be offset by favorable growth in
postpaid subscribers, while residential fixed revenues are likely
to continue growing at a steady pace driven by opportunities for
greater penetration in fixed broadband.

Diversified Operator: The group's business diversification explains
the resilience of its revenue compared with other speculative-grade
issuers in the region, which generally have higher dependence on
mobile revenues that are less sticky than subscription fixed-line
and B2B service revenues. B2C mobile accounted for 28% of C&W's
2023 revenue, while B2C fixed accounted for 25%, and B2B
represented the remaining 47%. Businesses in the Caribbean and in
Panama, delivering both B2C and B2B services, generate about 55%
and 20% of EBITDA, respectively. The subsea cable business and, to
lesser extent, B2B offerings in Colombia and other Latin America
countries generate the remaining roughly 25% of consolidated
EBITDA.

Strong Market Position: Strong market share in duopoly markets
reduces the risk of new entrants and allows C&W to maintain
relatively stable ARPUs. C&W has the No. 1 or 2 position in its
major markets, many of which are a duopoly between C&W and Digicel
in most of the Caribbean markets and Millicom (Tigo) in Panama. The
risk of new entrants in any given market is low given their
relatively small size. C&W's largest mobile market, Panama, has
consolidated to a two-player market after Digicel announced its
exit from the market, leaving only C&W and Tigo. This market has
remained relatively competitive despite consolidation. Although
local legislation requires three operators to participate in this
market, the economic prospects of a third operator in the near term
are questionable.

LLA Linkage: Fitch analyzes C&W on a standalone basis and also
monitors the parent's credit quality. The credit pools are legally
separate, but LLA has a history of moving cash around the group for
investments and acquisitions. LLA has a modest amount of debt
(~USD220 million) at the parent level, and depends on upstream cash
from subsidiaries to service its debt. Deterioration of the
financial profile of one of the credit pools, or the group more
broadly, could potentially place more financial burdens on C&W.

Instrument Ratings and Recovery Prospects: The secured debt at
Sable International Finance Limited is secured by equity pledges in
the various subsidiaries. Per Fitch's Corporates Recovery Ratings
and Instrument Ratings Criteria, Category 2 secured debt can be
notched up to 'RR2'/'+2' from the IDR. However, the instrument
ratings have been capped at 'RR4' due to Fitch's Country-Specific
Treatment of Recovery Ratings Criteria. The C&W Senior Finance
Limited unsecured notes are rated 'BB-'/'RR4', which is the same as
the IDR.

DERIVATION SUMMARY

Compared with its sister entity, Liberty Communications of Puerto
Rico LLC (LCPR; BB-/Negative), C&W has larger scale and better
geographical diversification, although C&W also operates in weaker
operating environments. LCPR's Outlook is Negative due to
expectations that net leverage could remain above 5.0x.

C&W operates in slightly more balanced markets compared with
Millicom International Cellular S.A.'s (BB+/Stable) subsidiaries CT
Trust (Comcel; BB+/Stable) and Telefonica Celular del Paraguay
S.A.E. (Telecel; BB+/Stable), which have more dominant market
positions and significantly lower net leverage.

Millicom's consolidated net leverage, at around 3x, is lower than
LLA's at around 4.7x. Comcel's and Telecel's respective ratings
reflect strong linkage with their parent, as Millicom heavily
relies on these wholly owned subsidiaries' dividend upstreams to
service its debt. Millicom's subsidiary in Panama and key
competitor to C&W, Telecomunicaciones Digitales, S.A. (BB+/Stable),
has somewhat weaker scale and diversification relative to C&W but
benefits from a stronger financial profile while its ratings
reflect strong linkages with Millicom, similar to its sister
companies.

KEY ASSUMPTIONS

- B2B revenues growing low-to-mid-single digits;

- Net fixed customer additions of approximately 25,000 per year;

- Fixed-line customer ARPUs of around USD47/month;

- Mobile subscribers recovering modestly in 2024 as continued
strong growth in postpaid offsets slowing growth in prepaid;

- Mobile service ARPUs of around USD13/month;

- Fitch-defined EBITDA margins expanding to around 43% by 2026 from
38% in 2023, driven by the benefit of synergies, cost-savings
initiatives, and modest operating leverage;

- Capital intensity of around 13-14% over the medium term;

- Excess cash flow returned to shareholders or kept for
acquisitions or investments.

RATING SENSITIVITIES

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

- Fitch does not anticipate an upgrade in the near term given C&W's
and LLA's leverage profiles;

- Longer-term positive actions are possible if debt/EBITDA and net
debt/EBITDA are sustained below 4.25x and 4.0x, respectively, for
C&W and LLA;

- (CFO-Capex)/Debt ratio trending towards 7.5%.

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

- Total debt/EBITDA and net debt/EBITDA at C&W sustained above
5.25x and 5.00x, respectively, due to organic cash flow
deterioration or M&A;

- While the three credit pools are legally separate, LLA net
debt/EBITDA sustained above 5.0x could result in negative rating
actions for one or more rated entities in the group.

LIQUIDITY AND DEBT STRUCTURE

Sound Liquidity: Projected pre-dividend FCF averaging around USD200
million over the rating horizon, cash of around USD200
million-USD300 million and a long-dated maturity profile support
the company's financial flexibility. C&W has USD572 million under
the C&W revolver and USD65 million under regional facilities that
are committed and undrawn. The majority of C&W's debt is due after
2027.

ISSUER PROFILE

Cable & Wireless Communications Limited is a U.K.-domiciled
telecommunications provider that is owned by Liberty Latin America
(LLA), a Bermuda-domiciled entity. The company provides B2C mobile,
B2C fixed and B2B services to customers mainly in the Caribbean and
Panama. CWC also operates a subsea and terrestrial fiber optic
cable network that connects approximately 40 markets in the
region.

ESG CONSIDERATIONS

C&W has an ESG Relevance Score of '4' for Exposure to Environmental
Impacts due to its operations in a hurricane-prone region, which
has a negative impact on the credit profile and is relevant to the
ratings in conjunction with other factors.

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.

   Entity/Debt                 Rating         Recovery   Prior
   -----------                 ------         --------   -----
Cable & Wireless
Communications
Limited               LT IDR    BB-  Affirmed            BB-
                      LC LT IDR BB-  Affirmed            BB-

Coral-US
Co-Borrower LLC

   senior secured     LT        BB-  Affirmed   RR4      BB-

Sable International
Finance Limited

   senior secured     LT        BB-  Affirmed   RR4      BB-

C&W Senior Finance
Limited

   senior unsecured   LT        BB-  Affirmed   RR4      BB-

CAZOO GROUP: Appoints Purnell as New Chief Financial Officer
------------------------------------------------------------
Cazoo Group Ltd disclosed in the Form 6-K Report filed with the
U.S. Securities and Exchange Commission that the Company has
appointed Gareth Purnell as its Chief Financial Officer.

Paul Woolf entered into an amendment to his employment agreement on
February 1, 2024 that provided that he would continue in his
position as Chief Financial Officer until April 30, 2024, or such
later date as Mr. Woolf and the Company may subsequently agree in
writing.

Effective April 30, 2024, Paul Woolf retired from his position as
Chief Financial Officer and a director of the Company.

                        About Cazoo Group

Cazoo Group Ltd -- https://www.cazoo.co.uk/ -- makes buying and
selling a car as simple as ordering any other product online, where
consumers can simply and seamlessly buy, sell or finance a car
entirely online for delivery or collection in as little as 72
hours.  Cazoo was founded in 2018 by serial entrepreneur Alex
Chesterman OBE and is a publicly traded company (NYSE: CZOO).

The Company has cautioned, "We have determined that, in a downside
scenario, certain inherent uncertainties in forecasting operating
performance, including gross profit margin, raise substantial doubt
about our ability to continue as a going concern, due to the risk
that we may not have had sufficient cash and liquid assets at June
30, 2023, to cover our operating and capital requirements for the
period through to August 31, 2024; and if sufficient cash cannot be
obtained, we would have to substantially alter, or possibly even
discontinue, operations. The identification of a substantial doubt
about our ability to continue as a going concern could adversely
affect our ability to obtain additional financing on favorable
terms, if at all, and may cause investors to have reservations
about our long-term prospects and may adversely affect our
relationships with suppliers. If we cannot successfully continue as
a going concern, our investors may lose a large proportion of or
even their entire investment."

The Company acknowledged it has limited liquidity and will need to
raise additional capital before the beginning of the second half of
2024 to satisfy its liquidity needs going forward, as well as to
pursue its business objectives and to capitalize on business
opportunities, and there is no assurance that it will be able to
raise the necessary capital on terms acceptable to the Company or
at all.


CAZOO GROUP: Continues Lease Talks, Faces Future Capital Woes
-------------------------------------------------------------
Cazoo Group Ltd on March 6, 2024, announced that it was pivoting
its business to a marketplace model. Since the announcement, the
Company has successfully sold substantially all inventory, paid off
its stocking loans and reduced employee numbers. Cazoo disclosed in
the Form 6-K Report filed with the U.S. Securities and Exchange
Commission that it continues to negotiate the termination or
assignment of certain of its leases, to seek to transfer its
customer service centers to third parties, to sell obsolete and
other non-strategic assets, and to transition to a pure-play B2C
and C2B marketplace model. As of April 30, 2024, the Cazoo website
listed over 14,000 cars for sale from a number of new partners, and
consumers are now able to sell their cars to third parties via the
Cazoo website.

On December 31, 2023, Cazoo and its consolidated subsidiaries had
cash and cash equivalents of EUR113 million (plus EUR25 million of
self-financed inventory) and were utilizing between approximately
EUR25 million and EUR30 million of cash per quarter in the
operations of its business. At April 30, 2024, the Company and its
consolidated subsidiaries had cash and cash equivalents of over
EUR95 million and expect to utilize approximately EUR6-7 million of
cash per quarter after completion of the transition to the
marketplace model which we expect to be the case from July 1, 2024.
The indenture that governs the Company's senior secured notes
contains a liquidity covenant pursuant to which Cazoo is required
to maintain cash and cash equivalents of EUR50 million, tested
quarterly; the New Notes Indenture requires us to keep at least
EUR50 million in a blocked account as security solely for the
benefit of noteholders.

"Notwithstanding our pivot to a marketplace model and the various
asset disposals, we still need to raise additional capital in the
future in order to continue as a going concern in the medium- to
long-term," the Company explained.

"We currently have no offers to provide outside capital, or
otherwise, to address this need.  We have been pursuing strategic
alternatives for the business or parts thereof, and while we have
received interest for parts of the Company's business and assets,
we have not received any offers that would, if consummated, enable
the Company to continue as a going concern in the medium- to
long-term. Accordingly, absent an agreement with respect to a
significant strategic alternative or outside capital, it is
reasonably likely that certain of the Company's operating
subsidiaries would need to file for administration or liquidation
and we would then consider the best options for the Company at that
time. The options may include filing for administration or winding
up the Company."

Cazoo also disclosed that the market prices and trading volume of
the Company's Class A ordinary shares have recently experienced,
and may continue to experience, extreme volatility, which could
cause purchasers of our Class A ordinary shares to incur
substantial losses. For example, since the announcement of its
transition to the marketplace business model on March 6, 2024,
through May 1, the closing price of its Class A ordinary shares has
ranged from a low of $2.12 to a high of $16.40, and the last
reported sale price of our Class A common stock on the NYSE on
April 30, 2024, was $9.43 per share. In addition, since March 6, to
date, the daily trading volume of our Class A ordinary shares has
ranged from approximately 19,712 shares to 24,283,754 shares. This
volatility has occurred even though the Company have made no
disclosure regarding a change to its underlying business since
March 6, other than the announcements being announced in its Form
6-K.

"We believe that the recent volatility in the market price of our
Class A ordinary shares reflects market and trading dynamics
unrelated to our underlying business, or macro or industry
fundamentals, and we do not know how long these dynamics will
last," Cazoo said.

The Company also reported that as a result of the significant
amount of time devoted by management of the Company to pursuing
strategic alternatives and changing its business model, which has
also required a dedication of the Company's limited personnel and
financial resources that precluded the Company from completing the
preparation and review of its financial statements and disclosures
for the reporting period, and because of the Company's liquidity
concerns whereby it would not be able to demonstrate an ability to
continue as a going concern in the medium- to long-term, the
Company is unable to file its Form 20-F for the fiscal year ended
December 31, 2023 on or before the prescribed filing date without
unreasonable effort or expense. The Company does not currently
expect to file the 2023 Form 20-F on or before the 15-day extension
period granted pursuant to Rule 12b-25 under the Securities
Exchange Act of 1934, as amended. At this time, the Company cannot
estimate when it will be able to file the 2023 Form 20-F, if at
all.

                        About Cazoo Group

Cazoo Group Ltd -- https://www.cazoo.co.uk/ -- makes buying and
selling a car as simple as ordering any other product online, where
consumers can simply and seamlessly buy, sell or finance a car
entirely online for delivery or collection in as little as 72
hours.  Cazoo was founded in 2018 by serial entrepreneur Alex
Chesterman OBE and is a publicly traded company (NYSE: CZOO).

The Company has cautioned, "We have determined that, in a downside
scenario, certain inherent uncertainties in forecasting operating
performance, including gross profit margin, raise substantial doubt
about our ability to continue as a going concern, due to the risk
that we may not have had sufficient cash and liquid assets at June
30, 2023, to cover our operating and capital requirements for the
period through to August 31, 2024; and if sufficient cash cannot be
obtained, we would have to substantially alter, or possibly even
discontinue, operations. The identification of a substantial doubt
about our ability to continue as a going concern could adversely
affect our ability to obtain additional financing on favorable
terms, if at all, and may cause investors to have reservations
about our long-term prospects and may adversely affect our
relationships with suppliers. If we cannot successfully continue as
a going concern, our investors may lose a large proportion of or
even their entire investment."

The Company acknowledged it has limited liquidity and will need to
raise additional capital before the beginning of the second half of
2024 to satisfy its liquidity needs going forward, as well as to
pursue its business objectives and to capitalize on business
opportunities, and there is no assurance that it will be able to
raise the necessary capital on terms acceptable to the Company or
at all.


CPUK FINANCE: Fitch Assigns 'B(EXP)' Rating to New Class B7 Notes
-----------------------------------------------------------------
Fitch Ratings has assigned CPUK Finance Limited's (CPUK) new class
B7 notes a 'B(EXP)' expected rating. The Outlook is Stable.

The new GBP330 million class B7 notes are expected to refinance the
existing GBP250 million class B4 notes and finance general
corporate purposes, including payment of distributions.

A final rating is contingent upon the receipt of final
documentation conforming materially to the information already
received.

   Entity/Debt                Rating           
   -----------                ------           
CPUK Finance Limited

   CPUK Finance
   Limited/Project
   Revenues - Second
   Lien/2                 LT B(EXP)  Expected Rating

RATING RATIONALE

The rating reflects CPUK's demonstrated ability to maintain high
and stable occupancy rates, increase prices above inflation, and
ultimately deliver a solid financial performance. At the same time,
the ratings factor in CPUK's exposure to the UK holiday and leisure
industry, which is highly exposed to discretionary spending.
Overall, Fitch expects CPUK's proactive and experienced management
to continue leveraging on the company's good-quality estate and
deliver steady financial performance over the medium term, despite
pressures on real disposable income in the UK.

The 'B' rating also reflects the deep subordination of the class B
to the class A notes. The class B7 notes benefit from similarly
protective features as the other class B notes, which supports the
rating.

The Stable Outlook reflects its expectation that CPUK will be able
to continue to pass through cost increases into prices to a large
extent and maintain high occupancy rates.

KEY RATING DRIVERS

Industry Profile - Weaker - Operating Environment Drives
Assessment

The UK holiday park sector faces both price and volume risks, which
makes the projection of long-term cash flows challenging. It is
highly exposed to discretionary spending and to some extent,
commodity and food prices. Events and weather risks are also
significant, with Center Parcs having been affected by fire, minor
flooding and the pandemic.

Fitch views the operating environment as a key driver of the
industry profile, resulting in its overall 'Weaker' assessment. In
terms of barriers to entry, the scarcity of suitable, large sites
near major conurbations is credit-positive for CPUK. The company's
offering is also exposed to changing consumer behaviour (e.g.
holidaying abroad or in alternative UK sites).

Sub-KRDs: Operating Environment: 'Weaker'; Barriers to Entry:
''Midrange; Sustainability: 'Midrange'

Company Profile - Stronger - Strong Performing Market Leader

CPUK has no direct competitors and the uniqueness of its offer
differentiates the company from camping and caravan options or
overseas weekend breaks. Growth has been driven by villa price
increases and CPUK's large repeat customer base helps revenue
stability. CPUK also benefits from a high level of advanced
bookings. An increasing portion of food and beverage revenue is
derived from concession agreements, but these are fully
turnover-linked, thereby giving some visibility of the underlying
performance.

The CPUK brand is fairly strong and the company benefits from other
brands operated on a concession basis at its sites. The company is
well into its current eight-year lodge refurbishment programme and
makes further capex projections that should maintain the estate and
offering's quality.

Sub-KRDS: Financial Performance: 'Stronger'; Company Operations:
'Stronger'; Transparency: 'Stronger'; Dependence on Operator:
'Midrange'; Asset Quality: 'Stronger'

Debt Structure - Class A Stronger; Class B Weaker - Cash Sweep
Drives Amortisation

The class A notes have an interest-only period and also benefit
from the payment deferability of the class B notes. The notes are
all fixed-rate. Fitch views the covenant package as slightly weaker
than other typical WBS deals, with covenants based on free cash
flow (FCF) debt service coverage ratios (DSCR), which are
effectively interest coverage ratios. However, this is compensated
by the cash sweep feature.

The transaction benefits from a comprehensive whole business
securitisation (WBS) security package. Security is granted by way
of fully fixed and qualifying floating security under an
issuer-borrower loan structure. As long as the class A notes are
outstanding, only the class A noteholders can direct the trustee to
enforceme any security. The class B noteholders benefit from a
Topco share pledge structurally subordinated to the borrower group,
and as such would be able to sell the shares upon a class B default
event (e.g. non-payment, failure to refinance or class B FCF DSCR
under 1.0x).

Sub-KRDs: Debt Profile: Class A - 'Stronger', Class B - 'Weaker';
Security Package: Class A - 'Stronger', Class B - 'Weaker';
Structural Features: Class A - 'Stronger', Class B - 'Weaker'.

Financial Profile

Under the Fitch rating case, CPUK's leverage stands at 4.9x and
7.9x net debt-to-EBITDA in the financial year ending April 2025
(FY25) for the class A and B notes, respectively and then
progressively deleverages to well below 5.0x and 8.0x by FY26, on
the back of solid operational performance, which Fitch expects to
continue despite higher inflation and pressure on discretionary
spending.

The projected deleveraging profile under the FRC envisages the
class A notes' full repayment in FY32 and class B notes' full
repayment by FY39.

PEER GROUP

Operationally, the most suitable WBS comparisons are WBS pubs, as
they share exposure to discretionary consumer spending. CPUK has
proven less cyclical than leased pubs with strong performance
during previous major economic downturns. The pandemic also
demonstrated that CPUK has more control over its costs.

Due to the similarity in debt structure, the transaction can also
be compared with Arqiva. Arqiva's WBS notes are also rated 'BBB'
and envisage full repayment via cash sweep in 2032, similar to
CPUK's expected full class A repayment. Industry risk for Arqiva is
assessed as 'Stronger' as it benefits from long-term contractual
revenue with strong counterparties, versus the 'Weaker' assessment
for CPUK. However, Arqiva's prepayment timing is somewhat
restricted by the expiry of these long-term contracts.

RATING SENSITIVITIES

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

Class A notes:

- Deterioration of the expected leverage profile with net
debt-to-EBITDA above 5.0x by FY25

- Substantial repayment of the class A notes is not expected to be
achieved by FY33 under the FRC

Class B notes:

- Deterioration of the expected leverage profile with net
debt-to-EBITDA above 8.0x by FY25

- Substantial repayment of the class B notes is not expected to be
achieved by FY41 under the FRC

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

Class A notes:

- A significant improvement in performance above the FRC, with a
resultant improvement in the projected deleveraging profile with
net debt-to-EBITDA below 4.0x in FY25 combined with the management
commitment not to re-leverage the structure as they have done in
the past

- Full repayment of the class A notes expected to occur well before
FY32 under the FRC.

Class B notes:

- An upgrade is precluded under the WBS criteria given the current
tap language, which requires the ratings post-tap to be the lower
of the ratings of the class B notes at close and the then current
ratings pre-tap (i.e. potentially 'B' or lower). This means an
upgrade could result in unwanted rating volatility if the
transaction taps the class B notes. Even without this provision,
given the sensitivity of the class B notes to variations in
performance due to their deferability, they are unlikely to be
upgraded above the 'B' category.

TRANSACTION SUMMARY

The transaction is secured by CP's holiday villages: Sherwood
Forest in Nottinghamshire, Longleat Forest in Wiltshire, Elveden
Forest in Suffolk, Whinfell Forest in Cumbria and Woburn Forest in
Bedfordshire. Each site has an average of 867 villas and is set in
a forest environment with extensive central leisure facilities.

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.

GO MODULAR: Set to Go Into Administration
-----------------------------------------
Aaron Morby at Construction Enquirer reports that Southampton
offsite specialist Go Modular Technologies UK has filed a notice of
intention to appoint an administrator.

The firm specialises in bespoke modular construction from rooftop
extensions to existing buildings to multi-storey new build flats.

According to latest accounts for 2023, the volumetric timber frame
producer employed around 60 staff from its South Hampshire
Industrial Park base in Southampton, Construction Enquirer
discloses.



GO PLANT: Collapse to Disrupt Flintshire Council Services
---------------------------------------------------------
BBC News reports that bin collections and housing repairs could be
delayed in Flintshire after a company providing the council's bin
lorries and vans went into administration.

Flintshire council outsourced the supply and maintenance of its
fleet of more than 400-plus vehicles to Essential Fleet Services in
2016 in a bid to save money.

The firm, which changed its name to Go Plant Services, announced
last week that it had gone into administration, BBC relates.

According to BBC, the council said services were running as normal,
but that future disruption was "inevitable".

The council's initial seven-year contract with the firm ended last
year and was originally allowed to expire without a new deal being
struck, BBC notes.

However, a temporary extension of six months was given in late
October after concerns were raised that failing to reach an
agreement would have led to bin collections coming to a halt, BBC
recounts.

The authority's monitoring officer Gareth Owens admitted at the
time that it would have resulted in all of its vehicles being taken
away, including bin lorries and housing repair vans, BBC relays.

Officials, as cited by BBC, said more time was needed to hold
discussions with the company over a new long-term arrangement due
to uncertainty surrounding inflationary cost pressures.

Following the company entering administration, the council has
reported that services are running normally, but has warned of the
possibility of future disruption as it looks to find alternative
vehicles, BBC relates.

Joint administrators Mike Denny and Jonny Marston, of Alvarez and
Marsal, completed the sale of several depots owned by Go Plant
Limited last week, BBC discloses.

However, the future of the fleet services element of the business
remains uncertain, BBC notes.


GOJO INDUSTRIES: Goes Into Administration
-----------------------------------------
Business Sale reports that Gojo Industries - Europe Limited is the
European operation of Gojo Industries, which makes a wide range of
hand soaps, shower gels, shampoos, skin conditioners and sanitisers
and is best known for its Purell hand sanitiser.

The company was placed into administration on April 30 after Gojo
Industries opted to pull out of Europe, with Alastair Beveridge,
Daniel Imison and Catherine Williamson of AlixPartners appointed as
joint administrators, Business Sale relates.

In its report for the year ending December 31 2021, the company
reported turnover of GBP56.6 million, down from GBP111.1 million a
year earlier, which the company attributed distributors working
through excess inventory purchased the previous year, the ongoing
impact of COVID-19 and foreign exchange losses resulting from a
stronger GBP compared to EUR, Business Sale discloses.

According to Business Sale, the company fell from an operating
profit of GBP9.4 million to a loss of GBP5.6 million, while its
total equity fell from GBP8.9 million to GBP707,491.


HUGHUB: Lack of Funding Prompts Administration
----------------------------------------------
Damisola Sulaiman at InsurancePOST reports that insurance software
provider Hughub has been placed into administration due to a lack
of funding.

Two insolvency practitioners from Resolve Advisory have been
appointed, InsurancePOST relays, citing Companies House filings.

One of the documents explained the administration was caused by a
lack of funding, InsurancePOST discloses.


JME DEVELOPMENTS: Corby Estate Residents Express Concern
--------------------------------------------------------
Martin Heath at BBC News reports that a housing developer has gone
into administration, leaving an estate it was working on
unfinished.

JME Developments, based in Higham Ferrers, Northamptonshire, owns
the Little Stanion estate near Corby.

Residents say they are worried the estate might not be finished,
BBC relates.

According to BBC, the administrator says she is developing a "plan
for the way forward".

The estate has been under construction for more than a decade and
some houses and the village hall have not been built yet, BBC
notes.

JME Developments said in October it was hoping to finish the site
in 2028, nearly eight years after construction should have been
completed, BBC recounts.

As first reported by the Northamptonshire Telegraph, the
appointment of administrator Rachel Fowler to manage JME
Developments' affairs followed a high-court application by the
Alternative Bridging Corporation, BBC relays.

Ms. Fowler told the BBC: "I am working with the JME team and
secured lenders to assess the works required on site and develop a
plan for the way forward.

"We are mindful of the residents already there and want to minimise
the impact on them."

A petition to wind up the company was presented in March by
Ballycommon Services, which said it was a creditor of JME
Developments.

The Telegraph reported that a letter had been sent by residents to
North Northamptonshire Council asking for a public meeting about
the situation, according to BBC.

They are concerned about roads not being completed on the estate
and a community centre that was promised but never built, BBC
discloses.


MIXIT: Files Notice of Intent to Appoint Administrator
------------------------------------------------------
Grant Prior at Construction Enquirer reports that London concrete
supplier Mixit has filed a notice of appointment to appoint an
administrator.

Mixit Concrete Ltd has been in business since 1983 with plants in
Tilbury, Barking and Edmonton.

According to Construction Enquirer, latest results for the firm for
the year to September 30, 2021, show a turnover of GBP21.8 million
generating a pre-tax loss of GBP698,000 while employing 35 people.





===============
X X X X X X X X
===============

[*] BOOK REVIEW: The Titans of Takeover
---------------------------------------
Author:     Robert Slater
Publisher:  Beard Books
Softcover:  252 pages
List Price: $34.95

Order your personal copy at
http://www.beardbooks.com/beardbooks/the_titans_of_takeover.html  

Once upon a time -- and for a very long while -- corporate
behemoths decided for themselves when and if they would merge.  No
doubt such decisions were reached the civilized way, in a proper
men's club with plenty of good brandy and better cigars.  Like
giants, they strode Wall Street, fearing no one save the odd
trust-busting politico, mutton-chopped at the turn of the twentieth
century, perhaps mustachioed in the 1960s when the word was no
longer trust but monopoly.

Then came the decade of the 1980s.  Enter the corporate raiders,
men with cash in hand, shrewd business sense, and not a shred of
reverence for the Way Things Have Always Been Done.  These
businesspeople -- T. Boone Pickens, Carl Icahn, Saul Steinberg, Ted
Turner -- saw what others missed: that many of the corporate giants
were anomalies, possessed of assets well worth possessing yet with
stock market performances so unimpressive that they could be had
for bargain prices.

When the corporate raiders needed expert help, enter the investment
bankers (Joseph Perella and Bruce Wasserstein) and the M&A
attorneys (Joseph Flom and Martin Lipton).  And when the merger
went through, enter the arbitragers who took advantage of stock
run-ups, people like Ivan "Greed is Good" Boesky.

The takeover frenzy of the 1980s looked like a game of Monopoly
come to life, where billion-dollar companies seemed to change
ownership as quickly as Boardwalk or Park Place on a sweet roll of
dice.

By mid-decade, every industry had been affected: in 1985, 3,000
transactions took place, worth a record-breaking $200 billion. The
players caught the fancy of the media and began showing up in the
news until their faces were almost as familiar to the public as the
postman's.  As a result, Jane and John Q. Citizen's in Wall Street
began its climb from near zero to the peak where (for different
reasons) it is today.

What caused this avalanche of activity?  Three words: President
Ronald Reagan.  Perhaps his most firmly held conviction was that
Big Business was Being shackled by the antitrust laws, deprived a
fair fight against foreign competitors that has no equivalent of
the Clayton Act in their homelands.

Reagan took office on Jan. 20, 1981, and it wasn't long after that
that his Attorney General, William French Smith, trotted before the
D.C. Bar to opine that, "Bigness does not necessarily mean badness.
Efficient firms should not be hobbled under the guise of antitrust
enforcement."  (This new approach may have been a necessary
corrective to the over-zealousness of earlier years, exemplified by
the Supreme Court's 1966 decision upholding an enforcement action
against the merger of two supermarket chains because the Court felt
their combined share of 8% (yes, that's "eight percent") of the Los
Angeles market was potentially anticompetitive.)

Raiders, investment bankers, lawyers, and arbitragers, plus the fun
couple Bill Agee and Mary Cunningham --remember them? -- are the
personalities Profiled in Robert Slater's book, originally
published in 1987, Slater is a wonderful writer, and he's given us
a book no less readable for being absolutely stuffed with facts,
many of them based on exclusive behind-the-scenes interviews.

                      About The Author

Robert Slater has authored several business books, which have been
on the best-seller lists. He has been a journalist for Newsweek and
Time.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


                * * * End of Transmission * * *