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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

              Monday, November 14, 2022, Vol. 26, No. 317

                            Headlines

305 EAST 61ST: Settlement with Carter Parties Gets Approval
ACPRODUCTS HOLDINGS: US$1.4B Bank Debt Trades at 32% Discount
AEMETIS INC: Incurs $66.8 Million Net Loss in Third Quarter
AGILE THERAPEUTICS: Incurs $19.7 Million Net Loss in Third Quarter
AGWAY FARM: Gallagher North America Steps Down as Committee Member

ALCAMI CORP: S&P Places 'CCC+' ICR on CreditWatch Positive
ALTRA INDUSTRIAL: Moody's Puts 'Ba2' CFR on Review for Upgrade
ANDRADE GUTIERREZ: Coutinho's Bid for Provisional Relief Granted
ANTARAMIAN PROPERTIES: Dismissal of Richards Case Affirmed in Part
APARTMENT INVESTMENT: Egan-Jones Keeps BB+ Sr. Unsecured Ratings

ASHFORD HOSPITALITY: Egan-Jones Hikes Sr. Unsec. Ratings to CCC+
ASSUREDPARTNERS INC: Moody's Rates New $500MM Secured Loan 'B2'
ASSUREDPARTNERS INC: S&P Rates $500MM First-Lien Term Loan 'B'
ASURION LLC: US$1.64B Bank Debt Trades at 25% Discount
AT HOME GROUP: Moody's Lowers CFR to Caa1, Outlook Stable

B&G PROPERTY: Bob Swangard Appointed as New Committee Member
BALL CORP: Moody's Rates New $750MM Notes 'Ba1', Outlook Negative
BALL CORP: S&P Rates New $750MM Senior Unsecured Notes 'BB+'
BEASLEY BROADCAST: S&P Lowers ICR to 'CCC+', Outlook Negative
BEECH INTERNATIONAL: S&P Lowers 2010A Revenue Bond Rating to 'CCC'

BELDEN INC: Egan-Jones Retains 'BB-' Sr. Unsec. Debt Ratings
BLACKBERRY LIMITED: Egan-Jones Keeps CCC Senior Unsecured Ratings
CARVANA CO: S&P Alters Outlook to Negative, Affirms 'CCC+' ICR
CEDAR CORNERS: Judge Makes Findings of Fact to Involuntary Petition
CELSIUS NETWORK: Troutman 2nd Update on Withhold Account Holders

CENTURY ALUMINUM: Egan-Jones Hikes Senior Unsecured Ratings to B-
CENTURY ALUMINUM: Posts $44.3 Million Net Income in Third Quarter
CHARTER COMMUNICATIONS: Egan-Jones Keeps BB Sr. Unsecured Ratings
COMM 2015-DC1: Fitch Affirms CCC Rating on 2 Tranches
COMMUNITY HEALTH: Egan-Jones Keeps CCC+ Senior Unsecured Ratings

CONSOLIDATED COMMUNICATIONS: Egan-Jones Keeps B- Sr. Unsec. Ratings
CORECIVIC INC: Egan-Jones Retains 'BB+' Unsec. Debt Ratings
COTERRA ENERGY: Egan-Jones Withdraws BB+ Sr. Unsec. Debt Ratings
CQP HOLDCO: S&P Upgrades ICR to 'BB', Outlook Stable
CROWN FINANCE: US$650M Bank Debt Trades at 68% Discount

CTI BIOPHARMA: Posts $15.7 Million Net Loss in Third Quarter
DELCATH SYSTEMS: Incurs $8.5 Million Net Loss in Third Quarter
DELEK US: Moody's Assigns 'B1' Rating to New Term Loan B
DELL INC: Egan-Jones Keeps BB- Senior Unsecured Ratings
DIOCESE OF ROCHESTER: Reaches $55M Deal With Clergy Abuse Victims

DXP ENTERPRISES: Moody's Affirms B1 CFR & Alters Outlook to Stable
EAGLE BEAR: Gets More Time for Bankruptcy Plan
ECTOR COUNTY: Hearing on Exclusivity Bid Set for Nov. 16
EMERGENT BIOSOLUTIONS: S&P Downgrades ICR to 'B+', Outlook Neg.
ENDO INTERNATIONAL: Pillsbury 2nd Update on Endo EC

ENERPAC TOOL: Egan-Jones Retains BB+ Sr. Unsecured Debt Ratings
ENVISION HEALTHCARE: US$2.2B Bank Debt Trades at 60% Discount
EP ENERGY: Horrocks and Peterson Proof of Claim Disallowed
EQT CORP: Egan-Jones Keeps BB+ Senior Unsecured Ratings
FAST RADIUS: Nov. 15 Deadline Set for Panel Questionnaires

FIDELITY NATIONAL: Egan-Jones Retains BB+ Unsec. Debt Ratings
FORMER CHARTER: Egan-Jones Keeps BB Sr. Unsecured Ratings
FTX TRADING: Commences Chapter 11 as CEO Bankman-Fried Resigns
FTX TRADING: FDM Assets Frozen by Bahamas Regulators
FTX TRADING: Identifies Affiliates Not Part of Chapter 11 Filings

FTX TRADING: Voluntary Chapter 11 Case Summary
FUEL DOCTOR: Incurs $37K Net Loss in Third Quarter
GANNETT CO: Moody's Affirms 'B3' CFR & Alters Outlook to Negative
GAP INC: Egan-Jones Keeps B+ Senior Unsecured Ratings
GATES GLOBAL: Moody's Rates New $575MM Sr. Secured Term Loan 'Ba3'

GLOBALSTAR INC: Egan-Jones Keeps CC Senior Unsecured Ratings
GROM SOCIAL: Incurs $2.1 Million Net Loss in Third Quarter
GTT COMMUNICATIONS: US$1.77B Bank Debt Trades at 30% Discount
GWG HOLDINGS: Nov. 14 Deadline to Oppose Exclusivity Extension Bid
HARBOUR AIRCRAFT: S&P Affirms CCC (sf) Rating on Series C Loans

HELMERICH & PAYNE: Egan-Jones Retains BB- Sr. Unsec. Debt Ratings
HIGHPEAK ENERGY: Fitch Rates New Unsec. Notes Due 2024 'B'
HOST HOTELS: S&P Alters Outlook to Positive, Affirms 'BB+' ICR
HOVNANIAN ENTERPRISES: Egan-Jones Hikes Sr. Unsec. Ratings to B-
HUNTER DOUGLAS: US$3.50B Bank Debt Trades at 13% Discount

INSPIREMD INC: Posts $4.5 Million Net Loss in Third Quarter
INSTANT BRANDS: US$450M Bank Debt Trades at 33% Discount
JACK IN THE BOX: Egan-Jones Keeps 'B-' Sr. Unsecured Debt Ratings
JETBLUE AIRWAYS: Egan-Jones Keeps B- Senior Unsecured Ratings
KIRBY CORP: Egan-Jones Retains 'BB' Sr. Unsec. Debt Ratings

KNB HOLDINGS: S&P Downgrades ICR to 'CCC-', Outlook Negative
KOSMOS ENERGY: Posts $222.3 Million Net Income in Third Quarter
LUMEN TECHNOLOGIES: S&P Alters Outlook to Stable, Affirms BB- ICR
MAD ENGINE: Moody's Cuts CFR to B3, Outlook Stable
MASTEC INC: Egan-Jones Cuts Sr. Unsec. Debt Ratings to 'BB'

MBIA INC: Egan-Jones Lowers Sr. Unsecured Debt Ratings to 'CCC-'
MD HELICOPTERS: Exclusivity Period Extended to Jan. 24
MEDICAL PROPERTIES: Moody's Alters Outlook on 'Ba1' CFR to Stable
MOBILESMITH INC: Bankruptcy Administrator Unable to Form Committee
MY ISLAND VISA: Exclusivity Period Extended to Jan. 31

NABORS INDUSTRIES: Egan-Jones Retains 'CCC-' Unsec. Debt Ratings
NASSAU BREWING: Exclusivity Period Extended to Nov. 30
NATIONAL CINEMEDIA: Incurs $8.9 Million Net Loss in Third Quarter
NATIONAL CINEMEDIA: US$270M Bank Debt Trades at 59% Discount
NATIONAL REALTY: Exclusivity Period Extended to Feb. 2

NEPTUNE BIDCO: Moody's Assigns B3 CFR, Outlook Stable
NID HOME SOLUTIONS: Gets More Time to File Bankruptcy Plan
NIELSEN N.V: Egan-Jones Lowers Senior Unsecured Ratings to BB-
NINE ENERGY: Posts $14.3 Million Net Income in Third Quarter
NINE ENERGY: S&P Affirms 'CCC' ICR as Debt Maturities Approach

NOV INC: Egan-Jones Keeps B+ Senior Unsecured Ratings
OCULAR THERAPEUTIX: Incurs $24.2 Million Net Loss in Third Quarter
OCWEN FINANCIAL: Egan-Jones Hikes Senior Unsecured Ratings to B
ONE CALL CORP: US$700M Bank Debt Trades at 25% Discount
OPEN TEXT: Fitch Assigns 'BB+' LongTerm IDR, Outlook Negative

OPEN TEXT: Moody's Assigns Ba1 Rating to New Sr. Secured Term Loan
PARETEUM CORP: Executives Can't Draw on D&O Policies, Says Trustee
PARK-OHIO INDUSTRIES: Moody's Cuts CFR to B3 & Unsec. Notes to Caa2
PEBBLEBROOK HOTEL: Egan-Jones Keeps BB- Senior Unsecured Ratings
PENNSYLVANIA REAL: Egan-Jones Hikes Senior Unsecured Ratings to C

PITNEY BOWES: S&P Alters Outlook to Negative, Affirms 'BB' ICR
POLAR US: US$1.48B Bank Debt Trades at 17% Discount
PROJECT CASTLE: US$1.47B Bank Debt Trades at 19% Discount
PROVENIR LLC: Unsecureds Will Get 5.6% of Claims in 60 Months
RED VENTURES: Moody's Rates New $940MM 1st Lien Revolver 'B1'

REILLY-BENTON: Move to File Appeal of Interlocutory Order Denied
REWALK ROBOTICS: Posts $5.5 Million Net Loss in Third Quarter
RIDER HOTEL: Exclusivity Period Extended to Jan. 5
RIOT BLOCKCHAIN: Incurs $36.6 Million Net Loss in Third Quarter
RITCHIE BROS: Moody's Puts 'Ba2' CFR on Review for Downgrade

RYMAN HOSPITALITY: Moody's Alters Outlook on 'Ba3' CFR to Stable
SANIBEL REALTY: Case Summary & Two Unsecured Creditors
SANMINA CORP: Moody's Affirms 'Ba1' CFR, Outlook Stable
SEACOR HOLDINGS: Egan-Jones Withdraws 'C' Commercial Paper Rating
SEALED AIR: Egan-Jones Retains 'BB-' Sr. Unsec. Debt Ratings

SHENANDOAH TELECOMMUNICATIONS: Egan-Jones Ups Unsec. Ratings to BB+
SHO-ME NUTRICEUTICALS: Future Income to Fund Plan
SHUTTERFLY LLC: US$1.11B Bank Debt Trades at 39% Discount
SINCLAIR BROADCAST: Egan-Jones Retains 'CCC' Unsec. Debt Ratings
SIX FLAGS: S&P Alters Outlook to Stable, Affirms 'B+' ICR

SKILLZ INC: Incurs $78.5 Million Net Loss in Third Quarter
SOUND INPATIENT: US$200M Bank Debt Trades at 18% Discount
SOUND INPATIENT: US$610M Bank Debt Trades at 17% Discount
SPIRIT AEROSYSTEMS: Moody's Rates New 1st Lien Secured Notes 'Ba2'
SPIRIT AIRLINES: Egan-Jones Keeps CCC+ Senior Unsecured Ratings

SPIRIT AIRLINES: Moody's Affirms B1 CFR & Alters Outlook to Neg.
SUMMIT MIDSTREAM: Egan-Jones Retains B+ Sr. Unsec. Debt Ratings
SUN BORICUA: Seeks to Hire Joshuan Feliciano Cosme as Accountant
SUPERIOR INDUSTRIES: S&P Downgrades ICR to 'B-', Outlook Negative
T & J TRUCKING: Seeks to Hire Frances Hoit Hollinger as Counsel

TAQUITO TAQUITO: Seeks to Hire BransonLaw PLLC as Legal Counsel
TD SYNNEX: Egan-Jones Keeps BB+ Senior Unsecured Ratings
TECOSTAR HOLDINGS: Moody's Lowers CFR to Caa3, Outlook Stable
THORNHILL BROTHERS: Approval of Compromise Affirmed on Appeal
TRAVEL + LEISURE: Egan-Jones Keeps B LC Senior Unsecured Ratings

TRONOX INC: Egan-Jones Keeps B+ Senior Unsecured Ratings
TTF HOLDINGS: Moody's Raises CFR to B1, Outlook Stable
TTM TECHNOLOGIES: Egan-Jones Keeps 'B+' Sr. Unsecured Debt Ratings
UNDER ARMOUR: Egan-Jones Retains 'BB' Sr. Unsecured Debt Ratings
US RENAL CARE: US$225M Bank Debt Trades at 39% Discount

US SILICA: Egan-Jones Retains 'CCC' Sr. Unsecured Debt Ratings
VESTA HOLDINGS: Wins Cash Collateral Access, $6.6MM of DIP Loans
VIBRANTZ TECHNOLOGIES: US$2.45B Bank Debt Trades at 19% Discount
VISION DEMOLITION: Seeks to Hire KC Cohen, Lawyer as Counsel
VOYAGER DIGITAL: Reopens Bidding After FTX Collapse

WALL VENTURES: Seeks to Hire KC Cohen as Legal Counsel
WILLIAMS LAND: Bankruptcy Administrator Unable to Form Committee
WP CITYMD: Moody's Puts 'B1' CFR on Review for Upgrade
YELLOW CORP: Egan-Jones Retains 'C' LC Rating on Commercial Paper
YUM BRANDS: Egan-Jones Keeps BB- Senior Unsecured Ratings

[^] BOND PRICING: For the Week from November 7 to 11, 2022

                            *********

305 EAST 61ST: Settlement with Carter Parties Gets Approval
-----------------------------------------------------------
Bankruptcy Judge Sean H. Lane approved the settlement between the
Creditor Trustee and the Carter Parties (61 Prime LLC, Jason Carter
and Lazarus 5, LLC).

The Chapter 11 Trustee filed a Chapter 11 Trustee's Plan of
Liquidation on May 12, 2020. The Plan provided for the sale of the
Property at 305 East 61st Street and also established the Creditor
Trust to which all of Debtor's remaining assets, including all
avoidance action and causes of action, were transferred. The Court
confirmed the Plan on Aug. 21, 2020, approving the Creditor Trust
and appointing Kenneth P. Silverman as the Creditor Trustee.

The Creditor Trustee proposes a settlement that: (i) resolves all
legal issues between the Carter Parties and the Creditor Trustee on
behalf of the creditor trust established by the confirmed Chapter
11 plan in this bankruptcy case (the "Creditor Trust"), (ii)
reduces the Carter Parties' claims by more than $18,000,000, from
$60,901,051 to $42,500,000, and (iii) provides for a distribution
of $650,000 from the available funds of the estate that would
otherwise be distributed to the Carter Parties per their claims, as
well as a distribution to the Creditor Trustee for the payment of
his administration of the Creditor Trust.

Under the settlement, the Carter Parties also have agreed to pay
the unsecured creditors' claims in full from the Carter Parties'
distribution on account of their claims and pursue all outstanding
causes of actions and avoidance actions for the benefit of the
Creditor Trust at the discretion of the Carter Parties.

Three equity members of the Debtor — Little Heart Marks Family II
L.P., Onestone 305, and Thaddeus Pollock — have filed objections
to the settlement. There have been no objections from the unsecured
creditors, which is not surprising as the settlement provides that
allowed unsecured claims will be paid in full.  

The Court wants to address three of the specific objections made to
the settlement: First, the Court rejects the notion that the
settlement seeks to impermissibly alter the terms of the Plan or
run roughshod over the priority scheme of the Bankruptcy Code. . .
the Court notes that there is a reserve for holders of unliquidated
general unsecured claims in Class 5, ensuring their payment.
Moreover, the Court notes that payment of the allowed claims of the
Carter Parties is for a pro rata share of the Creditor Trust
proceeds on a pari passu basis with the Class 4 and 5 claimants, a
treatment consistent with the confirmed Plan and the Bankruptcy
Code.

Second, the Court explicitly rejects the notion that the Carter
Parties' claims are without value for the purposes of settlement.
The Court agrees with the Creditor Trustee that the compromises
embodied in the settlement are of value to the estate and form an
appropriate basis for settlement under Rule 9019 and applicable
law. Indeed, the Court finds that the objecting parties
conveniently ignore that the settlement guarantees the payment in
full of all claims of non-insider creditors, a clear benefit to the
estate that would not otherwise be achieved.

Third, the Court concludes that it is not a basis to reject the
settlement because claims against the Carter entities are being
conveyed to the Carter Parties by the Creditor Trustee. The record
establishes that the Creditor Trustee has analyzed the value of
such claims, has assessed the cost of pursuing such claims to
conclusion, and weighed their value as compared with the value
received by the Creditor Trustee under the settlement. That is but
one factor in assessing a settlement that takes a great stride
forward in moving this case to a conclusion and avoiding further
dissipating value from additional litigation.

A full-text copy of the Memorandum of Decision dated Nov. 7, 2022,
is available at https://tinyurl.com/mpz9y57d from Leagle.com.

                About 305 East 61st Street Group

Based in New York, 305 East 61st Street Group LLC, a Single Asset
Real Estate (as defined in 11 U.S.C. Section 101(51B)), filed a
voluntary Chapter 11 petition (Bankr. S.D.N.Y. Case No. 19-11911)
on June 10, 2019.  At the time of filing, the Debtor was estimated
to have assets and debt of $10 million to $50 million. The case is
assigned to Hon. Sean H. Lane.  The Debtor's counsel is Robert J.
Spence, Esq., at Spence Law Office, P.C., in Roslyn, New York. The
Debtor's accountant is Singer & Falk.


ACPRODUCTS HOLDINGS: US$1.4B Bank Debt Trades at 32% Discount
-------------------------------------------------------------
Participations in a syndicated loan under which ACProducts Holdings
Inc is a borrower were trading in the secondary market around 67.6
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.

The US$1.40 billion facility is a term loan.  The loan is scheduled
to mature on May 17, 2028. The loan is fully drawn and outstanding.


ACProducts, Inc. manufactures cabinets.


AEMETIS INC: Incurs $66.8 Million Net Loss in Third Quarter
-----------------------------------------------------------
Aemetis, Inc. filed with the Securities and Exchange Commission its
Quarterly Report on Form 10-Q disclosing a net loss of $66.84
million on $71.83 million of revenues for the three months ended
Sept. 30, 2022, compared to a net loss of $17.60 million on $49.89
milion of revenues for the three months ended Sept. 30, 2021.

For the nine months ended Sept. 30, 2022, the Company reported a
net loss of $85.35 million on $189.78 million of revenues compared
to a net loss of $46.27 million on $147.58 million of revenues for
the same period in 2021.

As of Sept. 30, 2022, the Company had $198.87 million in total
assets, $183.09 million in current liabilities, $200.67 million in
total long-term liabilities, and a total stockholders' deficit of
$184.89 million.

Cash and cash equivalents were $0.3 million at Sept. 30, 2022, of
which $0.2 million was held in North America and the rest was held
at its Indian subsidiary.  The Company's current ratio at Sept. 30,
2022 was 0.13, compared to a current ratio of 0.32 at Dec. 31,
2021. The Company expects that its future available liquidity
resources will consist primarily of cash generated from operations,
remaining cash balances, borrowings available, if any, under its
senior debt facilities and its subordinated debt facilities, and
any additional funds raised through sales of equity.  The use of
proceeds from all equity raises and debt financings are subject to
approval by the Company's senior lender.

Aemetis said, "As a result of negative capital and negative
operating results, and collateralization of substantially all of
the company assets, the Company has been reliant on its senior
secured lender to provide additional funding and has been required
to remit substantially all excess cash from operations to the
senior secured lender.  In order to meet its obligations during the
next twelve months, the company will need to either refinance the
company's debt or receive the continued cooperation of its senior
lender.  This dependence on the senior lender raises substantial
doubt about the company's ability to continue as a going concern."

A full-text copy of the Form 10-Q is available for free at:

https://www.sec.gov/ix?doc=/Archives/edgar/data/738214/000143774922026219/amtx20220930_10q.htm

                        About Aemetis

Headquartered in Cupertino, California, Aemetis, Inc. --
http://www.aemetis.com-- is an international renewable natural
gas, renewable fuels and byproducts company focused on the
acquisition, development and commercialization of innovative
technologies that replace traditional petroleum-based products.
The Company operates in two reportable geographic segments: "North
America" and "India."

Aemetis reported a net loss of $47.15 million for the year ended
Dec. 31, 2021, compared to a net loss of $36.66 million for the
year ended Dec. 31, 2020.  As of June 30, 2022, the Company had
$178.45 million in total assets, $60.36 million in total current
liabilities, $240.80 million in total long-term liabilities, and a
total stockholders' deficit of $122.71 million.


AGILE THERAPEUTICS: Incurs $19.7 Million Net Loss in Third Quarter
------------------------------------------------------------------
Agile Therapeutics, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $19.67 million on $3 million of net revenues for the three
months ended Sept. 30, 2022, compared to a net loss of $16.77
million on $1.28 million of net revenues for the three months ended
Sept. 30, 2021.

For the nine months ended Sept. 30, 2022, the Company reported a
net loss of $43.65 million on $6.89 million of net revenues
compared to a net loss of $51.54 million on $2.58 million of net
revenues for the same period during the prior year.

As of Sept. 30, 2022, the Company had $18.46 million in total
assets, $12.20 million in total liabilities, and $6.26 million in
total stockholders' equity.

As of Sept. 30, 2022, the Company had $6.1 million of cash,
compared to $13.0 million of cash and cash equivalents as of the
end of the second quarter 2022.

"The third quarter is the quarter we expected to be the breakout
quarter for both Agile and Twirla and we are thrilled to share the
quarter's encouraging results," said Agile Therapeutics Chairman
and Chief Executive Officer Al Altomari.  "Net revenue grew 43% in
the quarter – the largest quarter-over-quarter increase we have
achieved – and the growth was driven by increasing Twirla demand.
This reinforces our confidence in the credibility of our current
business plan and we believe the plan can deliver additional growth
in the fourth quarter 2022 and in 2023.  We are focused on our key
goals of growing Twirla and generating positive cash flow, and
pursuing opportunities to advance our performance, including
exploring business development opportunities."

A full-text copy of the Form 10-Q is available for free at:

https://www.sec.gov/ix?doc=/Archives/edgar/data/1261249/000155837022016628/agrx-20220930x10q.htm

                     About Agile Therapeutics

Agile Therapeutics, Inc. is a women's healthcare company dedicated
to fulfilling the unmet health needs of today's women.  The
Company's product and product candidates are designed to provide
women with contraceptive options that offer freedom from taking a
daily pill, without committing to a longer-acting method.  Its
initial product, Twirla, (levonorgestrel and ethinyl estradiol), a
transdermal system, is a non-daily prescription contraceptive.

Agile reported a net loss of $74.89 million for the year ended Dec.
31, 2021, a net loss of $51.85 million for the year ended Dec. 31,
2020, and a net loss of $18.61 million for the year ended Dec. 31,
2019.  As of June 30, 2022, the Company had $32.83 million in total
assets, $29.41 million in total liabilities, and $3.42 million in
total stockholders' equity.

Iselin, New Jersey-based Ernst & Young LLP, the Company's auditor
since 2010, issued a "going concern" qualification in its report
dated March 30, 2022, citing that the Company has generated losses
since inception, used substantial cash in operations, anticipates
it will continue to incur net losses for the foreseeable future,
requires additional capital to fund its operating needs and has
stated that substantial doubt exists about the Company's ability to
continue as a going concern.


AGWAY FARM: Gallagher North America Steps Down as Committee Member
------------------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 disclosed in a court filing
that Gallagher North America, Inc. resigned from the official
committee of unsecured creditors in the Chapter 11 case of Agway
Farm & Home Supply, LLC.

The remaining members of the committee are:

     1. The Scotts Company, LLC
        Attention: David S. Robinson
        7873 Lakeshore Ct.
        Parker, CO 80134
        Phone: 716-553-2157
        Email: dave.robinson@scotts.com

     2. Animal Health International, Inc.
        Attention: Heather Kayser
        P.O. Box 1418
        Loveland, CO 80539
        Phone: 970-371-9400
        Email: heather.kayser@pattersonvet.com

     3. Wildlife Sciences, LLC
        Attention: William J. Gleason
        11400 K-Tel Drive, Ste. A
        Hopkins, MN 55343
        Phone: 952-238-1111
        Email: bill.gleason@wildlifesciences.net

     4. Capital Forrest Products
        Attention: Bryant R. O'Kane
        222 Severn Ave., Bldg. 14, Suite 100
        Annapolis, MD 21403
        Phone: 800-255-3405
        Email: bokane@capitalforest.com

     5. Hub Group, Inc.
        Attention: Geoffrey F. De Martino
        2002 Hub Group Way
        Oak Brook, IL 60523
        Phone: 630-271-3623
        Email: gdemartino@hubgroup.com

     6. American Wood Fibers, Inc.
        Attention: Owen Ward
        9740 Patuxent Woods Drive, Suite 500
        Columbia, MD, 21046
        Phone: 410-290-8700
        Email: oward@awf.com

                  About Agway Farm & Home Supply

Agway Farm & Home Supply LLC -- https://www.agway.com/ -- is a
one-stop shop for lawn, garden, bird, pet and farm products. It is
based in Richmond, Va.

Agway Farm & Home Supply sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Case No. 22-10602) on July 6,
2022, listing $10 million to $50 million in both assets and
liabilities. Jay Quickel, president and chief executive officer of
Agway Farm & Home Supply, signed the petition.

Judge J. Kate Stickles oversees the case.

The Debtor tapped Shulman Bastian Friedman & Bui, LLP as lead
bankruptcy counsel; Morris James, LLP as local Delaware counsel;
Wilson Elser Moskowitz Edelman & Dicker LLP as special litigation
counsel; and Focus Management Group USA, Inc. as financial advisor.
Stretto, Inc. is the claims and noticing agent and administrative
advisor.

The official committee of unsecured creditors appointed in the case
selected Pachulski Stang Ziehl & Jones as legal counsel; FTI
Consulting, Inc. as financial advisor; and Hilco IP Services, LLC
as intellectual property marketing agent.


ALCAMI CORP: S&P Places 'CCC+' ICR on CreditWatch Positive
----------------------------------------------------------
S&P Global Ratings placed all of its ratings on North
Carolina-based pharmaceutical contract development, testing, and
manufacturing organization (CDMO) Alcami Corp., including its
'CCC+' issuer credit rating, on CreditWatch with positive
implications.

Private equity sponsors GHO Capital and The Vistria Group have
signed a definitive agreement to acquire a controlling interest in
Alcami Corp, from the current private equity owners.

S&P said, "The CreditWatch placement reflects our view that,
following the close of the transaction (we estimate mid-December
2022), there is a significant likelihood that the company will be
recapitalized in a manner consistent with a higher credit rating.

"The CreditWatch placement reflects a significant likelihood that
we will raise our ratings on Alcami following the change of
ownership. This reflects our expectation that the company will
recapitalize with less debt, such that it will generate at least
modest levels of free cash flow, which would likely be supportive
of a higher credit rating."

Moreover, Alcami's business has strengthened meaningfully over the
course of 2022. The acquisition of Masy BioServices in December
2021 enhanced earnings and helped preserve cash while capacity at
the Research Triangle Park, N.C.-based facilities was brought
online. The company's improving performance could also contribute
to a higher rating in the next few quarters.

S&P's ratings on Alcami will depend on its proposed debt
structure.

S&P expects to resolve the CreditWatch placement upon the change in
ownership, which it expects to occur before the end of 2022.



ALTRA INDUSTRIAL: Moody's Puts 'Ba2' CFR on Review for Upgrade
--------------------------------------------------------------
Moody's Investors Service has placed Altra Industrial Motion
Corp.'s ratings on review for upgrade, including Altra's Ba2
corporate family rating, Ba2-PD probability of default rating and
Ba3 rating on the senior notes (issued by the company's subsidiary,
Stevens Holding Company, Inc.) The company's SGL-1 Speculative
Grade Liquidity Rating remains unchanged.

This follows the announced acquisition of Altra for about $5
billion in enterprise value by Regal Rexnord Corporation ("Regal
Rexnord", Baa3 stable). The closing of the transaction is subject
to the receipt of regulatory approvals and Altra's shareholder
approval as well as the satisfaction of other customary closing
conditions. The transaction is expected to close in the first half
of 2023.

The ratings review for upgrade reflects Moody's expectation that
Altra's credit profile will improve once it is acquired by Regal
Rexnord, an investment-grade rated company.  Altra will become part
of a larger, more diverse company with greater financial resources.
Regal Rexnord's historically conservative financial leverage, very
good liquidity and good track record of acquisition execution is
also considered.

On Review for Upgrade:

Issuer: Altra Industrial Motion Corp.

Corporate Family Rating, Placed on Review for Upgrade, currently
Ba2

Probability of Default Rating, Placed on Review for Upgrade,
currently Ba2-PD

Issuer: Stevens Holding Company, Inc.

Senior Unsecured Regular Bond/Debenture, Placed on Review for
Upgrade, currently Ba3 (LGD5)

Outlook Actions:

Issuer: Altra Industrial Motion Corp.

Outlook, Changed To Rating Under Review From Stable

Issuer: Stevens Holding Company, Inc.

Outlook, Changed To Rating Under Review From Stable

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

The rating review will focus on the successful closing of the
transaction, the treatment of Altra's debt following the
acquisition, pro forma credit metrics and the risks and
opportunities associated with a large scale acquisition.

The Ba2 CFR for Altra as a standalone company is supported by its
strong market position and brand strength in the design and
manufacture of electro-mechanical power transmission and motion
control products. The company also possesses a global reach into
diverse end markets spanning factory automation and specialty
automation to turf & garden, material handling, and medical, among
others. Consistent and healthy annual free cash flow and a
conservative financial profile support the company's credit
profile. Counterbalancing these considerations are the company's
modest size relative to higher rated peers and the cyclical nature
of certain of its end-markets. Risk factors include those related
to the industrial sector's supply chain constraints and
inflationary cost pressures ranging from elevated commodity costs
to higher logistics and labor costs.

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

Headquartered in Braintree, Massachusetts, Altra Industrial Motion
Corp., is a leading global designer, producer, and marketer of a
wide range of electromechanical power transmission and
motion-control products. Key products include clutches, brakes,
couplings and gearing. Annual revenues for the publicly-traded
company approximate $1.9 billion.


ANDRADE GUTIERREZ: Coutinho's Bid for Provisional Relief Granted
----------------------------------------------------------------
Chief Bankruptcy Judge Martin Glenn grants the motion of Gustavo
Braga Mercher Coutinho for provisional relief pending the final
determination on the pending Motion for Recognition of foreign
proceeding and foreign representative.

Gustavo Braga Mercher Coutinho is the authorized foreign
representative the recuperação extrajudicial proceeding — the
Brazilian EJ Proceeding — of Andrade Gutierrez Engenharia S.A.
("AGE") and its affiliated debtors.

The Debtors, along with other related entities and affiliates ("AG
Group"), are part of a larger Brazilian corporate group. The AG
Group is one of the largest engineering and heavy construction
companies in Brazil and Latin America. As of Sept. 29, 2022, the
Debtors directly employed approximately 1,657 employees, all of
whom are based in Brazil, and the broader AG Group (including the
Debtors) directly and indirectly employed approximately 13,200
employees worldwide, with approximately 89% of such employees based
in Brazil. The AG Group (including the Debtors) is overseen by
corporate management in Brazil.

                                The Brazilian EJ Proceeding

On Sept. 29, 2022, the Debtors filed the Brazilian EJ Proceeding
with the Brazilian Court. The Brazilian EJ Proceeding seeks
confirmation of a consensual restructuring transaction reflected in
a Brazilian restructuring plan ("EJ Plan") that is already on file
with the Brazilian Court and has been signed and supported by the
holders of a majority of the Notes — the requisite majority
required under Brazilian law. The EJ Plan, and the transactions
contemplated thereby, are designed to preserve the Debtors'
going-concern value and provide the Debtors with an additional
liquidity runway. Under Brazilian Bankruptcy Law, the filing of the
Brazilian EJ Proceeding triggered an initial automatic stay
(lasting no less than 180 days) applicable to all claims subject to
the Brazilian EJ Proceeding, including all claims for default or
non-payment of the Notes.

                     The Trustee Litigation

There is a suit pending against the Debtors, which was filed by UMB
Bank N.A., as trustee for a portion of the Notes subject to the
Brazilian EJ Proceeding ("2021 Trustee") in the Supreme Court of
the State of New York. The Trustee Litigation is a debt enforcement
proceeding arising because of the nonpayment of the 2021 Notes. At
times, the Trustee Litigation has been stayed by court order
pursuant to the mutual agreement of the parties. However, the most
recent stay of such proceedings expired on Sept. 30, 2022. The New
York Trial Court has not ordered any further stay of proceedings,
so the matter is currently unstayed. Further, briefing on a motion
for summary judgment concluded on March 3, 2022, and it is possible
that the New York Trial Court would proceed promptly to a ruling,
which might result in the issuance of a judgment.

In a September 30 Statement, the Debtors' requested that the New
York Trial Court (a) refrain from further proceedings at that time
and (b) grant comity to the Brazilian Court with respect to the
initial automatic stay triggered by the filing of the Brazilian EJ
Proceeding until it is recognized in the United States, in light of
the filing of the Brazilian EJ Proceeding, the onset of the
Brazilian EJ Stay, and their intent to commence the Chapter 15
Cases as a condition to ultimately consummating the Debtors'
restructuring.

The Court finds that the Brazilian EJ Proceeding satisfies each of
the elements of a "foreign proceeding" pursuant to Section 101(23)
— the Brazilian EJ Proceeding is (a) a "collective proceeding"
because the Brazilian Court has exclusive jurisdiction over all
matters relating to the claims being restructured and administers
all such claims; (b) pending in a foreign country which is Brazil;
(c) under the supervision of the Brazilian Court, which must
confirm any restructuring plan; and (d) for the purpose of
reorganization of the Debtors' Notes. Further, the Brazilian EJ
Proceeding is a "main proceeding" since it is the center of main
interests is likely in Brazil, as the Debtor AGE, who manages the
operations of the AG Group, is headquartered in Brazil and each of
their executive officers is based in Brazil. Additionally, Coutinho
is a Foreign Representative within the meaning of the Bankruptcy
Code, duly authorized by the Chapter 15 Debtors' board.

Because summary judgment in the Trustee Litigation has been fully
briefed since March, and the action is not currently stayed,
Coutinho believes that a decision could come down at any time in
favor of the Trustee 2021. In addition, because New York state law
permits attachment on an ex parte basis, Coutinho also believes
that the 2021 Trustee could seek attachment to the Debtors'
property without notice, which could endanger the pre-negotiated EJ
Plan. Coutinho points out that said attachment could undermine the
pari passu treatment for affected creditors in the Brazilian EJ
proceeding and potentially kill the Brazilian E.J. Plan.

The Court agrees Coutinho that "granting the Provisional Relief is
consistent with the policy goals of chapter 15 by avoiding
individual creditor actions, dissipation of the Debtors' estates,
and the resulting inequitable distribution of property among
creditors, the public interest also favors granting the relief
sought herein." The Court rules that staying the Trustee Litigation
will ensure that the Brazilian EJ Plan has the best chance of
succeeding, which aligns with Chapter 15's goal to foster the "fair
and efficient administration of cross-border insolvencies that
protects the interests of all creditors

The Court rules that "the rights of the 2021 Trustee are
sufficiently protected because the 2021 Trustee will be able to
participate in the Brazilian EJ Proceeding and that proceeding will
provide for a comprehensive restructuring of all notes claims. As
to other creditors besides the 2021 Trustee, because the EJ Plan. .
. requires an order granting effect in the United States, the
Brazilian EJ Proceeding will necessarily be subject to further
proceedings in this Court. Accordingly, parties affected by the
Provisional Relief will have access to courts in both Brazil and
the United States and are thus sufficiently protected."

Coutinho also asks for a waiver of Bankruptcy Rule 1007(a)(4)(b)
— which requires a list of all entities against whom provisional
relief is being sought. The Court finds that these disclosures seem
sufficient and a waiver of Rule 1007(a)(4)(b), to the extent
necessary, is proper considering that Coutinho cannot be expected
to anticipate every potential party that could seek to bring claims
against the Debtors in the United States.

A full-text copy of the Memorandum Opinion dated Nov. 3, 2022, is
available at https://tinyurl.com/45rbd2u8 from Leagle.com.

                     About Andrade Gutierrez

Andrade Gutierrez Engenharia S.A., and its affiliated debtors,
along with other related entities and affiliates (the "AG Group"),
are part of a larger Brazilian corporate group. The AG Group is one
of the largest engineering and heavy construction companies in
Brazil and Latin America.  As of the EJ Petition Date, as defined
below, the Debtors directly employed approximately 1,657 employees,
all of whom are based in Brazil, and the broader AG Group
(including the Debtors) directly and indirectly employed
approximately 13,200 employees worldwide, with approximately 89% of
such employees based in Brazil. The AG Group (including the
Debtors) is overseen by corporate management in Brazil.

On Sept. 29, 2022 (the "EJ Petition Date"), Andrade Gutierrez
Engenharia S.A. ("AGE") and its affiliated debtors, AG
Construçoes e Serviços S.A. ("AGCS"), Andrade Gutierrez
Investimentos em Engenharia S.A. ("AGIE"), Andrade Gutierrez
International S.A. ("AGI"), and Zagope Sgps, S.A. ("Zagope") filed
recuperação extrajudicial proceeding in Brazil (the
"Brazilian EJ Proceeding"). On Oct. 5, 2022, the Brazilian Court
entered an order formally accepting the Debtors into the Brazilian
EJ Proceeding

The Brazilian EJ Proceeding seeks confirmation of a consensual
restructuring transaction reflected in a Brazilian restructuring
plan (the "EJ Plan") that is already on file with the Brazilian
Court and has been signed and supported by the holders of a
majority of the Notes -- the requisite majority required under
Brazilian law.

Andrade Gutierrez Engenharia S.A., et al., filed for Chapter 15
bankruptcy (Bankr. S.D.N.Y. Lead Case No. 1:22-bk-11425) on Oct.
31, 2022, to seek U.S. recognition of the Brazilian EJ Proceeding.
Mercher Coutinho, the authorized foreign representative, signed the
petitions.

Counsel to the Foreign Representative:

     DAVIS POLK & WARDWELL LLP
     450 Lexington Avenue
     New York, NY 10017
     Timothy Graulich, Esq.
     James I. McClammy, Esq.
     David Schiff, Esq.
     Joshua Sturm, Esq.

Counsel to UMB Bank, N.A., as Indenture Trustee

     FAEGRE DRINKER BIDDLE & REATH LLP
     1177 Avenue of the Americas, 41st Floor
     New York, NY 10036
     James H. Millar, Esq.
     Laura E. Appleby, Esq.
     Kyle R. Kistinger, Esq.

Counsel to Ad Hoc Group of Holders of 2021 and 2024 Notes:

     CLEARY GOTTLIEB STEEN & HAMILTON LLP
     One Liberty Plaza
     New York, NY 10006
     Richard J. Cooper, Esq.
     Jane VanLare, Esq.

Counsel to U.S. Bank as Indenture Trustee:

     MASLON LLP
     3300 Wells Fargo Center, 90 South Seventh Street
     Minneapolis, MN 55402
     Clark Whitmore, Esq.



ANTARAMIAN PROPERTIES: Dismissal of Richards Case Affirmed in Part
------------------------------------------------------------------
In the appealed case IN RE: ANTARAMIAN PROPERTIES, LLC, ANTARAMIAN
FAMILY, LLC, and ANTARAMIAN FAMILY TRUST. JAMES RICHARDS,
Appellant, v. NAPLES BAY RESORT HOLDINGS, LLC, NAPLES BAY
PROPERTIES, LLC, NBR MANAGER LLC, NAPLES BAY RESORT INVESTMENT
COMPANY LLC, SOJOURN HOSPITALITY GROUP LLC, SUMMIT MANAGEMENT GROUP
OF FLORIDA LLC, GULFWATER INVESTMENT'S LLC, THE CLUB AT NAPLES BAY
RESORT LLC, THE RESTAURANT AT NAPLES BAY RESORT LLC, THE SHOPPES AT
NAPLES BAY RESORT LLC, and other legal entities as of yet
identified, FRED PEZESHKAN, THOMAS MacIVOR, RAYMOND SEHAYEK, and
KNIGHTSBRIDGE PARTNERS OF NAPLES, LLC, Appellees, Case No.
2:21-cv-206-JES, (M.D. Fla.), Senior District Judge John E. Steele
affirms in part the bankruptcy court's orders denying two motion of
the Plaintiff James Richard.

The Naples Bay Resort is a mixed use and facilities development
established in 2006 by Antaramian Properties, LLC, Antaramian
Family, LLC, and Antaramian Family Trust. The relevant legal
documents governing the Resort include a Master Declaration for the
Naples Bay Resort; a Master Declaration for the Naples Bay Resort
West Parcel; and various other related documents ("Real Property
Covenant Documents"). In March 2008, the Appellant James Richards
purchased Unit 3-301 of the hotel in the West Parcel of the Resort
— for investment purposes. The relevant legal documents governing
Richards' unit include a Master Declaration for the Naples Bay
Resort; a Master Declaration for the Naples Bay Resort West Parcel;
and various other related documents ("Original Contract
Documents").

                 The Underlying Bankruptcy Case

Aug. 29, 2014, Antaramian Properties, LLC and its affiliates each
filed a voluntary petition for reorganization of the Resort
pursuant to Chapter 11 of the Bankruptcy Code.  All of the unit
owners in the Resort were listed as creditors and the holders of
undisputed claims. James Richards was listed as a "Hotel Owner"
creditor holding an unsecured nonpriority claim for $1,220. In due
course, an Initial Plan of reorganization was proposed and
circulated for comment and objections. Richards did not make any
comments or objections. Effective April 1, 2015, the Final Modified
Joint Plan of Reorganization was confirmed by the bankruptcy court.
The Confirmed Plan relied upon the terms of the Real Property
Covenant Documents and the Original Contract Documents (none of
which were challenged by any party during the bankruptcy case).
Among other things, the Confirmed Plan determined that certain
Hotel Unit Owners were owed their portion of revenue received by
the Resort under the Rental Program in July and August of 2014. A
distribution check dated April 13, 2015, for $249.27 was made to
Richards as the owner of a unit in the Resort. Pursuant to the
Confirmed Plan, all property of the Debtors reverted in the
applicable debtor free and clear of all claims or other interests
of every kind, except property taxes.

                   The State Court Litigation

On Aug. 20, 2020, Richards filed a Complaint in state court against
Antaramian Properties, LLC n/k/a Naples Bay Properties LLC, Naples
Bay Resort Investment Company LLC, Knightsbridge Partners of Naples
LLC, Sojourn Hospitality Group LLC, Summit Management Group of
Florida LLC, Gulfwater Investments LLC, F. Fred Pezeshkan and
Thomas MacIvor (the State Court Defendants). An Amended Complaint
was filed on Oct. 4, 2020, which sought declaratory, injunctive,
and supplemental relief in two counts and monetary relief in four
additional counts. On the following day, the State Court Defendants
removed the Amended Complaint to the bankruptcy court, asserting
that the claims in the Amended Complaint were matters arising under
Title 11 of the United States Code or were related to the prior
Chapter 11 cases previously filed by the Debtors. The Amended
Complaint was opened as an adversary proceeding by the bankruptcy
court, and the underlying bankruptcy cases were eventually
reopened.

On Oct. 27, 2020, Richards filed a Motion to Remand the Removed
Case, arguing that the removal "is inequitable as the Amended
Complaint seeks to enforce certain releases and injunctions for
legal action taken by the Plaintiff (moving party) after
confirmation of the plan of reorganization and independent of any
plan provision material to the removed case." At hearing held on
Nov. 19, 2020, the bankruptcy court concluded that "it's
appropriate to deny the Motion to Remand because. . . the
confirmation of the Debtor's plan and the discharge and injunction
provisions of the Plan likely bar any claims that arose prior to
the confirmation order, prior to the bankruptcy filing, that relate
to allegations that the master declaration and other condo
documents are unconscionable or unenforceable or one-sided or
illegal." Thereafter, Richards filed a Second Amended Complaint
that goes on to disavow any relationship to the estates or the
Chapter 11 cases.

The Defendants thereafter filed a Motion to Dismiss Second Amended
Complaint and Richards filed an Amended Motion to Remand Removed
Case and/or to Abstain. The bankruptcy court concluded that the
Second Amended Complaint may have been discharged under the
Confirmed Plan and Confirmation Order and found that the other
counts were not sufficiently pled to state causes of action or
allow the bankruptcy court to determine if they were also barred.

In this appeal, the Appellant argues that the bankruptcy court
erred in denying his motion to remand the case back to state court
and in dismissing with prejudice his operative Second Amended
Complaint in the adversary proceeding. The Appellees respond that
Richards was a scheduled creditor with actual notice of the Chapter
11 cases but failed to object to or appeal the confirmation of the
Plan. They also assert that the bankruptcy court had jurisdiction
to determine if matters were within the scope of its injunction,
including the state court case they removed to the bankruptcy
court.

The Court affirms the bankruptcy court as to Count I of the Second
Amended Complaint, finding the bankruptcy court did have subject
matter jurisdiction over Count I. Count I in the Second Amended
Complaint sought a declaration that all the original Real Property
Covenant Documents and the Original Contract Documents were
unconscionable contracts or contracts of adhesion, and therefore
unenforceable. The Court finds that Count I fails to plausibly
plead either procedural or substantive unconscionability or that it
was a contract of adhesion. Indeed, almost nothing is alleged about
the initial purchase of the unit by Richards other than that it was
as a financial investment. Richards asks for a declaration of
unconscionability without stating any facts in support of why the
Master Declaration was a contract of adhesion.

As to Counts II through V of the Second Amended Complaint, the
Court finds that the remaining four counts are premised on the
position that the Original Contract Documents are valid and fully
enforceable. While it is true that the Second Amended Complaint
contains few specific dates, the Court notes that it clearly states
that the events which form the basis for these counts occurred
after the bankruptcy proceedings had ceased ("since April 1,
2015"). If Appellant prevails on any of the four substantive
counts, the Court sees no potential impact on the bankruptcy
estate. Accordingly, the Court concludes that the bankruptcy
court's continued exercise of jurisdiction over these four counts
was erroneous and should have remanded these claims. Lacking
jurisdiction, there was no authority to determine the sufficiency
or insufficiency of the factual allegations, a matter which is for
the state court if raised there.

A full-text copy of the Opinion and Order dated Nov. 3, 2022, is
available at https://tinyurl.com/5bkz8pue from Leagle.com.

                    About Antaramian Properties

Antaramian Properties, LLC, sought bankruptcy protection (Bankr.
M.D. Fla. Case No. 14-10145) on Aug. 29, 2014.  The case is
assigned to Judge Caryl E. Delano.  The Debtors are represented by
David S. Jennis, Esq., at Jennis & Bowen PL, in Tampa, Florida.



APARTMENT INVESTMENT: Egan-Jones Keeps BB+ Sr. Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on September 28, 2022, retained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by Apartment Investment & Management Company.

Headquartered in Denver, Colorado, Apartment Investment &
Management Company is a self-administered and self-managed real
estate investment trust.


ASHFORD HOSPITALITY: Egan-Jones Hikes Sr. Unsec. Ratings to CCC+
----------------------------------------------------------------
Egan-Jones Ratings Company, on October 14, 2022, raised the foreign
currency and local currency senior unsecured ratings on debt issued
by Ashford Hospitality Trust Inc to CCC+ from CCC.  

EJR also raised the foreign currency and local currency ratings on
commercial paper issued by the Company to B from C.  

Headquartered in Dallas, Texas, Ashford Hospitality Trust, Inc.
operates as a self-advised real estate investment trust focusing on
the lodging industry.


ASSUREDPARTNERS INC: Moody's Rates New $500MM Secured Loan 'B2'
---------------------------------------------------------------
Moody's Investors Service has assigned a B2 rating to a $500
million senior secured term loan being issued by AssuredPartners,
Inc (AssuredPartners, corporate family rating B3). AssuredPartners
will use the net proceeds from the offering for general corporate
purposes including funding acquisitions and paying related fees and
expenses. The rating outlook for AssuredPartners is unchanged at
stable.

RATINGS RATIONALE

According to Moody's, AssuredPartners' ratings reflect its growing
presence in middle market insurance brokerage, its good mix of
business across property & casualty insurance and employee
benefits, and its healthy EBITDA margins. AssuredPartners acquired
26 agencies during the first nine months of 2022 and allows
acquired brokers to operate fairly autonomously under local and
regional brands, while the group centralizes accounting and control
functions and certain carrier relationships. These strengths are
tempered by the company's aggressive financial leverage and low
fixed charge coverage, execution risk associated with acquisitions,
and significant cash outflows to pay contingent earnout
liabilities. AssuredPartners also faces potential liabilities from
errors and omissions in the delivery of professional services.

For the 12 months through June 2022, AssuredPartners reported total
revenue of $2.0 billion, compared to $1.7 billion reported for
2021, driven by acquisitions and mid-single digit organic revenue
growth. The company's EBITDA margin has remained healthy, although
slightly lower due to increased expenses and ongoing investments in
technology.

Giving effect to the proposed transaction, Moody's estimates that
AssuredPartners' pro forma debt-to-EBITDA ratio is in the range of
7.0-7.5x, with (EBITDA - capex) interest coverage over 2x, and a
free-cash-flow-to-debt ratio in the low single digits. These
metrics incorporate Moody's adjustments for operating leases,
contingent earnout liabilities, run-rate earnings from completed
and assumed acquisitions and certain non-recurring costs.

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

Factors that could lead to a ratings upgrade include: (i)
debt-to-EBITDA ratio below 6x, (ii) (EBITDA - capex) coverage of
interest exceeding 2x, and (iii) free-cash-flow-to-debt ratio
exceeding 5%.

Factors that could lead to a ratings downgrade include: (i)
debt-to-EBITDA ratio above 7.5x, (ii) (EBITDA - capex) coverage of
interest below 1.2x, or (iii) free-cash-flow-to-debt ratio below
2%.

Moody's has assigned the following rating:

-- $500 million senior secured term loan maturing in February 2027
at B2 (LGD3).

The rating outlook for AssuredPartners is unchanged at stable.

The principal methodology used in this rating was Insurance Brokers
and Service Companies published in June 2018.

Based in Lake Mary, Florida, AssuredPartners ranks among the 15
largest US insurance brokers. The company provides property &
casualty and employee benefits insurance products to middle-market
businesses and personal clients in the US. For the 12 months
through June 2022, AssuredPartners reported total revenues of $2.0
billion.


ASSUREDPARTNERS INC: S&P Rates $500MM First-Lien Term Loan 'B'
--------------------------------------------------------------
S&P Global Ratings assigned its 'B' issue-level rating to Lake
Mary, Fla.-based insurance broker AssuredPartners Inc.'s proposed
$500 million incremental first-lien term loan due 2027. S&P also
assigned a '3' recovery rating, indicating its expectation of
meaningful recovery (55%) in the event of payment default to the
term loan.

S&P said, "We also rate the existing first-lien credit facilities
'B', with a recovery rating of '3' (55%). Additionally, we rate
AssuredPartners' senior notes due 2025, 2027, and 2029 'CCC+' with
a recovery rating of '6' (0%)."

S&P expects the new financing to have terms consistent with the
company's existing first-lien term loan, though priced on a SOFR
benchmark with a margin modestly above the company's January 2022
incremental first-lien term loan B-3. AssuredPartners intends to
deploy the majority of proceeds to fund its mergers and
acquisitions (M&A) pipeline. Including this $500 million issuance,
pro forma financial leverage as of estimated 12 months ended Sept.
30, 2022 (including annualized contributions of acquisitions closed
and under letter of intent) is approximately 7.7x (8.0x including
preferred equity treated as debt), with cash EBITDA interest
coverage above 2.0x.

Through the first nine months of 2022, AssuredPartners acquired 26
agencies, adding approximately $41 million in EBITDA. M&A activity
picked up in the second and third quarters as AssuredPartners
replenished its pipeline in the first quarter following an active
fourth-quarter 2021 with deals pulled forward to year-end over
concerns of changes in capital gains taxes. Recent deals supplement
capabilities and expand verticals in AssuredPartners' retail
segment as well as in its recently launched Accretive brand, which
encapsulates the company's specialty, managing general underwriter,
and wholesale operations and represents over $380 million in
revenue for the first nine months of 2022. S&P expects that with
the proposed $500 million issuance, AssuredPartners acquires an
additional $44 million in EBITDA by the end of January 2023.

Beyond inorganic expansion, AssuredPartners performed well for the
nine months ended Sept. 30, 2022, with organic growth of 5.2%. S&P
said, "For the fiscal year ending Dec. 31, 2022, we expect the
company to report organic growth of roughly 5%, fostered by
continued insurance pricing momentum, the company's diversification
by geography and business segment, favorable new business trends,
and expansion of Accretive. We expect stable to modest contraction
in S&P Global Ratings-adjusted EBITDA margins due to a combination
of new hiring, wage inflation, and normalization of travel and
entertainment expenses."

S&Ps aid, "Despite the significant debt in AssuredPartners' capital
structure, we expect pro forma adjusted leverage to remain below
our leverage tolerance level of 8.0x (excluding preferred equity
treated as debt) on an S&P Global Ratings-adjusted basis, supported
by our expectation that EBITDA will continue to grow, both
organically and through an active M&A pipeline, over the next 12
months. We view the rising interest rate environment and higher
debt servicing costs as a headwind to EBITDA cash interest
coverage, though we expect metrics to remain about 2.0x."



ASURION LLC: US$1.64B Bank Debt Trades at 25% Discount
------------------------------------------------------
Participations in a syndicated loan under which Asurion LLC is a
borrower were trading in the secondary market around 75
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.

The US$1.64 billion facility is a term loan.  The loan is scheduled
to mature on February 3, 2028. The amount is fully drawn and
outstanding.

Asurion, LLC provides wireless handset insurance services. The
Company offers replacement of lost, stolen, damaged, and
malfunctioning devices, as well as roadside assistance programs,
technical support, mobile security devices, and electronics
protection.



AT HOME GROUP: Moody's Lowers CFR to Caa1, Outlook Stable
---------------------------------------------------------
Moody's Investors Service downgraded At Home Group, Inc.'s
corporate family rating to Caa1 from B3, its probability of default
rating to Caa1-PD from B3-PD, its senior secured first lien term
loan B and senior secured notes ratings to Caa1 from B3 and its
senior unsecured notes rating to Caa3 from Caa2. The outlook
remains stable.

The downgrade reflects the difficult operating environment the
company is facing including high costs and volatile demand that
increases the risk that a recovery in operating performance could
be longer than previously anticipated. The downgrade also reflects
At Home's very high leverage with debt/EBITDA of 13x for the twelve
months ended July 30, 2022. Absent a significant recovery in
earnings, this level of leverage is unsustainable. While Moody's
expects declining freight costs will contribute to an earnings
recovery in 2023, inflationary pressures will continue to impact
demand and credit metrics are expected to remain weak in 2023.
However, Moody's believes the company has adequate liquidity to
navigate these cost pressures and demand volatility over the next
12-18 months.

Downgrades:

Issuer: At Home Group, Inc.

Corporate Family Rating, Downgraded to Caa1 from B3

Probability of Default Rating, Downgraded to Caa1-PD from B3-PD

Senior Secured Bank Credit Facility, Downgraded to Caa1 (LGD4)
from B3 (LGD3)

Senior Secured Regular Bond/Debenture, Downgraded to Caa1 (LGD4)
from B3 (LGD3)

Senior Unsecured Regular Bond/Debenture, Downgraded to Caa3 (LGD5)
from Caa2 (LGD5)

Outlook Actions:

Issuer: At Home Group, Inc.

Outlook, Remains Stable

RATINGS RATIONALE

At Home's Caa1 CFR is constrained by its private equity ownership
and very high lease-adjusted leverage. The rating is also
constrained by At Home's modest scale, and operations in the
discretionary, cyclical and highly competitive home décor segment.
Demand for the home décor segment has been highly volatile and
combined with high freight costs has contributed to significant
earnings deterioration. In addition, as a retailer, At Home needs
to make ongoing investments in its brand and infrastructure, as
well as in social and environmental drivers including responsible
sourcing, product and supply sustainability, privacy, and data
protection. The rating is supported by the company's adequate
liquidity which includes $18 million of balance sheet cash and $288
million of borrowing base availability under its $675 million
asset-based revolving credit facility (ABL) as of July 30, 2022.
The rating is also supported by At Home's differentiated home
décor "fast fashion" value proposition. Moody's also positively
views the company's recent accelerated implementation of
omni-channel capabilities, including buy-online/pick-up in store,
curbside pick-up, and delivery options through third parties.

The stable outlook reflects Moody's expectation for adequate
liquidity as provided by excess revolver availability and a
significant decline in free cash flow deficits over the next 12-18
months.

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

The ratings could be upgraded if the company's operating
performance improves reflecting improving demand, moderating cost
pressures along with solid execution of its strategy and store
expansion plans. An upgrade would also require improved liquidity,
including at least break-even free cash flow generation.
Quantitatively, the ratings could be upgraded if Moody's-adjusted
debt/EBITDA is sustained below 7 times and EBIT/interest expense is
sustained above 1 time.

The ratings could be downgraded if the probability of default
increases for any reason or if operating performance declines more
than anticipated or if the pace of recovery is longer. The ratings
could also be downgraded if liquidity deteriorates for any reason
including constrained revolver availability and continued free cash
flow deficits.

At Home Group, Inc. operated 255 home décor and home improvement
retail stores and generated about $2.1 billion of revenue for the
last twelve months ended July 30, 2022. The company is owned by
Hellman & Friedman LLC.

The principal methodology used in these ratings was Retail
published in November 2021.


B&G PROPERTY: Bob Swangard Appointed as New Committee Member
------------------------------------------------------------
The U.S. Trustee for Region 18 appointed Bob Swangard as new member
of the official committee of unsecured creditors in the Chapter 11
case of B&G Property Investments, LLC.

Meanwhile, Forge Trust Co. has been removed from the committee.  

As of Nov. 10, the members of the committee are:

     1. Stanley J. Ruff
        1920 SE 44th Ave.
        Portland, OR 97215
        Phone: (541) 510-6509
        Email: stanruff@gmail.com

     2. Charles McGlade
        4055 Spring Blvd.
        Eugene, OR 97405
        Phone: (503) 913-1273
        Email: mcgladecharles@gmail.com

     3. Bob Swangard
        2885 Arline Way
        Eugene, OR 97403
        Phone: (541) 953-1232
        Email: rjswangard@comcast.net

                   About B&G Property Investments

B&G Property Investments, LLC, a company in Medford, Ore., filed
its voluntary petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. Ore. Case No. 22-60998) on July 29,
2022, with between $10 million and $50 million in both assets and
liabilities. Keith Boyd, manager, signed the petition.

Judge Thomas M. Renn presides over the case.

Douglas R. Ricks, Esq., at Vanden Bos & Chapman, LLP and John
Warekois, CPA LLC serve as the Debtor's legal counsel and
accountant, respectively.

The U.S. Trustee for Region 18 appointed an official committee of
unsecured creditors on Oct. 6, 2022.


BALL CORP: Moody's Rates New $750MM Notes 'Ba1', Outlook Negative
-----------------------------------------------------------------
Moody's Investors Service affirmed Ball Corporation's Ba1 corporate
family rating, Ba1-PD Probability of Default Rating, and all other
ratings.  At the same time, Moody's assigned a Ba1 to Ball's
proposed $750 million senior unsecured notes.  Proceeds from the
bond issuance will be used to repay Ball's Euro 4.375% senior
unsecured notes due December 2023 and bank debt. The Speculative
Grade Liquidity rating (SGL) is unchanged at SGL-2. The outlook has
been changed to negative from stable.

The negative outlook reflects elevated execution risk in reducing
the company's high leverage of debt/EBITDA of near 5.0x (inclusive
of Moody's adjustments) and reversing the material amount of cash
burn from inflated working capital and growth capital
expenditures.

Ball's financial results have been negatively impacted by less than
expected volume growth so far in 2022, mainly due to the lack of
promotional activity of its customers. As a result, the company is
carrying elevated inventory, which in conjunction with a larger
allocation to discretionary capital expenditures, is anticipated to
contribute to a material cash burn of close to $1 billion in 2022.
As such, Moody's expects Ball's leverage to be near 5.0x by
year-end 2022. Moody's recognizes the proactive decision by
management to halt all share repurchases until the company improves
its cash flow profile. However, execution risk has been raised
significantly to recalibrate the company's credit metrics relative
to the Ba1 CFR.

"Efficient and rapid execution in reducing leverage and returning
to positive free cash flow generation in the near term are
paramount," said Scott Manduca, Vice President at Moody's.  

Assignments:

Issuer: Ball Corporation

Senior Unsecured Regular Bond/Debenture, Assigned Ba1 (LGD4)

Affirmations:

Issuer: Ball Corporation

Corporate Family Rating, Affirmed Ba1

Probability of Default Rating, Affirmed Ba1-PD

Senior Secured Bank Credit Facility, Affirmed Baa3 (LGD3)

Senior Unsecured Regular Bond/Debenture, Affirmed Ba1 (LGD4)

Outlook Actions:

Issuer: Ball Corporation

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

Ball's Ba1 CFR incorporates the company's very strong business
profile including large scale in the consolidated metal can
industry, an elite position along the supply chain ensuring raw
material needs, and long-term customer contracts that create high
switching costs and provide the ability to efficiently pass along
cost inflation. Ball also has sophisticated innovation abilities
that support its strong position in the rapidly growing custom can
market, consisting of about 45% of annual revenue. The company
benefits from a large global geographic footprint and portfolio
diversification including its Aerospace segment that accounts for
about 15% of revenue.

Ball's credit profile is constrained by high leverage and a
shareholder friendly financial policy including share repurchases
and dividends. The company has not expressed a commitment to an
investment grade capital structure. While Ball has a very strong
position in the mature and consolidated aluminum can market, the
company has customer concentration of around 36% of revenue
generated from its top three customers.

Ball has a strong liquidity position with about $1.5 billion of
revolver availability and around $650 million available under its
accounts receivable securitization facilities, as well as, cash of
near $500 million as of September 30, 2022. Successful refinancing
of the $1.0 billion senior unsecured notes due in November 2023
will alleviate the potential need to utilize funds from these
liquidity sources to repay the notes.    

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

A ratings upgrade would require less aggressive financial policies,
liquidity improvement, and a migration to an investment grade
capital structure. Specifically, the ratings could be upgraded if
adjusted total debt-to-EBITDA is below 3.5x, free cash flow-to-debt
above 10%, and EBITDA-to-interest greater than 6.0x.

A ratings downgrade may occur if there is a deterioration in the
company's business profile, credit metrics, or liquidity.
Specifically, if adjusted total debt-to-EBITDA is above 4.25x
without a reasonable path to fall below this threshold, free cash
flow-to-debt falls below 7%, and EBITDA-to-interest is below 5.5x.

Westminster, Colorado based Ball Corporation is a manufacturer of
metal packaging, primarily for beverages, and a supplier of
aerospace and other technologies and services to government and
commercial customers. Revenue for the twelve months ended September
30, 2022 totaled $15.5 billion.

The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass and Plastic Containers published in
December 2021.


BALL CORP: S&P Rates New $750MM Senior Unsecured Notes 'BB+'
------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue-level and '3' recovery
ratings to Ball Corp.'s proposed $750 million senior unsecured
notes due 2028. The '3' recovery rating indicates S&P's expectation
for meaningful (50%-70%; rounded estimate: 55%) recovery in the
event of a default. The company intends to use the net proceeds
from this offering to repay approximately $528 million of its
4.375% euro-denominated senior unsecured notes due December 2023
and $200 million of borrowings under its U.S. dollar-revolving
credit facility. The new notes will rank pari passu with the
company's existing senior unsecured notes. S&P views the proposed
refinancing as leverage neutral and forecast Ball's credit measures
will remain appropriate for the current rating.

S&P said, "Our rating incorporates the company's strong competitive
position, with a market-leading position in metal beverage
containers, and diversified global manufacturing footprint. It also
considers its favorable long-term growth prospects, despite lower
growth now forecasted in the short-term. Following the third
quarter, we lowered our expectations for volume growth in 2022 and
2023. We now expect global industry volumes to grow in the
low-single digit range through 2023, primarily driven by stronger
demand in Europe, the Middle East, and Africa (EMEA) and South
America. In recent quarters, beverage consumption in North America
decreased following several years of accelerated growth. A return
to on-premise consumption following the COVID-19 pandemic and
higher prices continues to pressure beverage can volume growth. In
the second quarter, Ball announced it will cease production in its
Phoenix, Ariz. and St. Paul, Minn. facilities to align capital
given recent volume deceleration and localized supply-demand
imbalances. We now expect lower volumes and weaker earnings will
result in S&P Global Ratings-adjusted debt to EBITDA to be at the
weaker end of our previous forecast, rising to 4.5x-5x in 2022
before improving close to 4x in 2023."

The rating also reflects management's financial policies. As a
result of more conservative expectations through 2023, Ball has
reduced the amount it plans to return to shareholders in 2022. The
company now expects to return approximately $850 million to
shareholders through dividends and share repurchases in 2022
compared to $1.75 billion earlier in the year. The reduction in
shareholder returns, along with the $753 million of proceeds from
the sale of Ball Metalpack Finco LLC and its Russia business, will
offset the significant free cash flow deficit in 2022. S&P now
expects the impact of inflationary headwinds on working capital and
weaker earnings to result in a free cash flow deficit of $950
million to $1 billion in 2022.

Ball is a global supplier of aluminum packaging for customers in
the beverage and household products markets, and also provides
aerospace and other technologies and services, primarily for the
U.S. government.

Issue Ratings--Recovery Analysis

Key analytical factors

-- The collateral package for the stock-secured facility is
somewhat weak because lenders only have a lien on subsidiary stock,
while all domestic entities are borrowers or guarantors for the
company's secured and unsecured debt. Therefore, domestic
borrowings under the credit facility do not have a priority claim
on the value of the U.S. operations relative to unsecured creditors
in the U.S.

-- Despite this weakness in the collateral package, domestic
borrowings under the credit facility have a priority claim on 65%
of the equity value in the foreign subsidiaries, and direct
borrowings by foreign subsidiaries have a structurally senior claim
to the foreign enterprise value.

-- S&P assumes revolver borrowings by foreign subsidiaries of $441
million. A collection allocation mechanism would equalize recovery
rates for all bank borrowing, despite the better guarantor and
collateral terms for non-U.S. borrowings.

-- Using these assumptions, S&P estimates the collateral covers
91% of the secured facility. The large proportion of unpledged
value would be sufficient to provide 55% coverage of the unsecured
claims, including the notes and deficiency claim on the secured
loan. The secured lenders' share of the unpledged value (from the
deficiency claim) would push their total recovery to 91%.

Simulated default assumptions

-- Simulated year of default: 2027
-- EBITDA multiple: 6.0x
-- EBITDA at emergence: $1.329 billion
-- Jurisdiction: U.S.

Simplified waterfall

-- Net enterprise value at default (after 5% administrative
costs): $7.575 billion

-- Valuation split (domestic/foreign): 50%/50%

-- Net enterprise value of foreign entities: $3.787 billion

-- Priority claims (foreign receivables factoring program): $605
million

-- Secured foreign revolver borrowings: $441 million

-- Remaining foreign value available (collateral/noncollateral):
$2.741 billion ($1.782 billion/$959 million)

-- Net enterprise value of domestic entities: $3.787 billion

-- Priority claims (domestic receivables factoring program): $444
million

-- Remaining domestic value available (noncollateral): $3.343
billion

-- Value available to all secured debt (collateral/share of
noncollateral): $2.526 billion ($2.223 billion/$303 million)

-- All secured debt claims: $2.769 billion

    --Recovery expectations: 90%-100% (rounded estimate: 90%)

-- Value available to unsecured debt (noncollateral): $4.303
billion

-- Pari passu secured deficiency claims: $546 million

-- Senior unsecured debt claims: $7.192 billion

    --Recovery expectations: 50%-70% (rounded estimate: 55%)

Note: Debt amounts include six months of accrued interest that S&P
assumes will be owed at default. Collateral value includes equity
pledges in nonobligors (after priority claims). S&P generally
assumes usage of 85% for cash flow revolvers at default.



BEASLEY BROADCAST: S&P Lowers ICR to 'CCC+', Outlook Negative
-------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Beasley
Broadcast Group Inc. and Beasley Mezzanine Holdings LLC to 'CCC+'
from 'B-'.

At the same time, S&P lowered its rating on Beasley Mezzanine
Holdings LLC's $290 million (outstanding) senior secured notes to
'CCC+' from 'B-'.

S&P said, "The negative outlook reflects our expectations for a
shallow recession in the first half of 2023 that leads to a 15%
decline in Beasley's 2023 broadcast advertising revenue, resulting
in negative free operating cash flow and leverage of about 11.5x in
2023; the outlook also reflects the potential for a more severe
recession than in our current base case.

"We expect a shallow recession in the first half of 2023, leading
to a 15% decline in broadcast industry revenue. Broadcast radio
advertising revenue is highly correlated to GDP growth because
expectations for consumer spending drive advertising budgets. Radio
advertising also has very short lead times and is one of the first
advertising mediums to decline when the economy slows. Multiple
radio broadcasters have publicly indicated that national
advertising is slowing much faster than local advertising. Larger
advertisers are likely concerned about the economic outlook, which
could be the beginning of a broader pullback in radio advertising.
In previous downturns--such as those in 2008 and 2020--national
advertising was the first category to experience declines and
precipitated larger pullbacks in local advertising. In addition,
the radio industry has lost significant portions of its advertising
base in previous downturns, having failed to recover significant
portions of revenue lost. For example, we believe the broadcast
radio industry lost roughly 20% of total revenue in 2020. In a
recession, it is more likely the industry would face additional
losses relative to pre-pandemic levels.

"We believe Beasley's already high leverage would likely become
unsustainable in a recession. In a recession, we expect Beasley's
broadcast revenue could decline 15%. This would result in the
company's leverage rising to about 11.5x, and the company
generating around $15 million of negative reported free operating
cash flow in 2023. We do not expect a liquidity shortfall over the
next 12 months given the company's demonstrated ability to reduce
costs when revenues decline as well as its current cash balance of
about $33 million. However, even if a recession doesn't occur next
year, we still believe an extended period of slow economic growth
is likely. As such, absent a long and favorable industrywide
recovery in broadcast radio advertising, we view it unlikely that
Beasley's credit metrics would ever return to sustainable levels.
We expect Beasley would have difficulty refinancing its 2026 senior
secured notes if it is unable to consistently generate positive
free cash flow and uses excess cash to reduce debt, such that its
leverage would decline to about 6x in advance of the company
needing to address its debt maturity.

Beasley's senior secured notes are trading at distressed levels,
increasing the likelihood of a subpar debt exchange. The company's
senior secured notes are currently trading around 70 cents on the
dollar. The significant discount associated with the value of the
company's senior notes increases the likelihood that the company
would be able to negotiate some form of a subpar debt exchange or
out-of-court restructuring. S&P would view any type of distressed
exchange in which the lenders receive less than originally promised
as a default.

The negative outlook reflects S&P's expectation that a shallow
recession in the first half of 2023 would lead to a 15% decline in
Beasley's 2023 broadcast advertising revenue, resulting in negative
free operating cash flow and leverage of about 11.5x in 2023. The
outlook also reflects the potential for a more severe recession
than in our current base case.

S&P could lower the rating if:

-- The economy enters a more severe recession than anticipated and
we expect Beasley will be unable to meet its financial or operating
commitments over the next 12 months;

-- The company pursues a subpar debt exchange that we would view
as a default; or

-- Market conditions remain unfavorable such that Beasley is
unable to reduce leverage toward 6x and refinance its senior
secured notes well in advance of its 2026 maturity.

S&P could raise the rating if:

-- S&P believes the risk or the instance of an economic recession
has passed and that the broadcast radio industry has entered into a
period of sustained recovery; and

-- S&P expects the company to generate sustainably positive free
operating cash flow with a clear path to reducing leverage below
6x.

ESG credit indicators: E-2, S-2, G-2



BEECH INTERNATIONAL: S&P Lowers 2010A Revenue Bond Rating to 'CCC'
------------------------------------------------------------------
S&P Global Ratings lowered its rating on the Philadelphia Authority
for Industrial Development, Penn.'s series 2010A student housing
revenue bonds, issued for Beech International LLC (Beech
International Apartments) to 'CCC' from 'BB+'. The outlook is
negative.

"The multinotch rating action is based on the project's being in
technical default for missing a reporting requirement under the
bond documents due to the failure to produce a timely budget for
fiscal 2023, then not appointing a financial consultant as remedy
to address the violation within the 90-day cure period," said S&P
Global Ratings credit analyst Gauri Gupta. Currently, the project
still does not have a financial consultant and continues to remain
in technical default. Per draft audited financials for fiscal year
2021, the auditors have classified them to be currently payable.
S&P views the bonds as subject to potential acceleration.

Furthermore, the project has extraordinarily low occupancy of 18%
for spring 2022 and 26% for fall 2022, with no certainty on any
agreement with Temple University to renew its master lease for the
project.

The project is unable to generate sufficient rental revenues to
make debt service payments itself and has been receiving funds from
Beech Interplex, Inc., its sole member and owner, toward these
payments and for certain expenses. Since there is no legal
obligation for Beech Interplex, Inc. to continue monetarily
supporting the project, and currently payable per draft audited
financials, S&P views the current arrangement as a credit risk, as
the significant support could be relinquished at any time and
neither the project nor Beech Interplex, Inc. has sufficient
resources to repay the bonds in full.

The lower rating and negative outlook reflect the covenant
violation due to the missed reporting requirement, resulting in
technical default of the project coupled with sustained occupancy
pressure on the project since the expiration of the master and
occupancy agreements with Temple University in August 2021. Lack of
sufficient rental revenues has resulted in financial support from
Beech Interplex, Inc. to meet debt service payments, which, in our
view, is unsustainable, given that there is no formal agreement in
place between the two entities and with the financial strength of
Beech Interplex, Inc. and its inability to continue to support the
project financially for the foreseeable future. In the absence of
this support, the project does not have sufficient revenues to pay
debt service beyond what is available in the reserve funds.

Credit factors that could lead to a lower rating include the
project's inability to cure the technical default and its coverage
covenant violation, leading to acceleration of the bonds such that
they are immediately payable, in turn leading to a default.

S&P said, "We would consider a positive rating action if the
housing project is able to take the necessary steps to remedy the
current covenant violations and show a credible plan to address
occupancy concerns at the project, either via an agreement with
Temple or by marketing the project to Temple students and the
community on its own, such that it shows improved revenue to meet
its 1.2x debt service coverage covenant while narrowing its
reliance on funds from Beech Interplex, Inc. We would also view
timely issuance of future budgets and audits favorably."



BELDEN INC: Egan-Jones Retains 'BB-' Sr. Unsec. Debt Ratings
------------------------------------------------------------
Egan-Jones Ratings Company, on October 13, 2022, retained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by Belden Inc.

Headquartered in St. Louis, Missouri, Belden Inc. designs,
manufactures, and markets cable, connectivity, and networking
products.


BLACKBERRY LIMITED: Egan-Jones Keeps CCC Senior Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on September 28, 2022, retained its
'CCC' foreign currency and local currency senior unsecured ratings
on debt issued by BlackBerry Limited. EJR also retained its 'C'
rating on commercial paper issued by the Company.

Headquartered in Waterloo, Canada, BlackBerry Limited provides
intelligent security software solutions.


CARVANA CO: S&P Alters Outlook to Negative, Affirms 'CCC+' ICR
--------------------------------------------------------------
S&P Global Ratings revised its outlook on Carvana Co. to negative
from stable and affirmed its 'CCC+' issuer credit rating.

The negative outlook reflects Carvana's weak operating performance
and continuing macroeconomic headwinds which could extend weaker
profitability and sustain or increase negative cashflows.

S&P said, "We now expect EBITDA margins will remain more negative
and recovery will take longer which is increasing our forecast of
negative cashflows. Results for Carvana continue to be worse than
expected and the company has indicated margins will worsen in the
fourth quarter. Sales are down due to higher interest rates, which
reduces affordability for consumers; lower inventory; reduced
spending on advertising, which is down 11% sequentially; and more
upfront costs to customers, including deliveries. The company made
some progress in reducing selling, general, and administrative
(SG&A) costs but it did not improve on a per unit basis since unit
sales dropped 8.4% year over year.

"We lowered our forecast and no longer expect Carvana to reach
breakeven EBITDA by 2024. Our reduced margin forecast is based on
both a weaker gross profit per unit (GPU) and slower reduction of
SG&A costs on a per unit basis. GPU is expected to remain weak due
to higher used car depreciation rates and lower returns from
selling loans and other products. Carvana generates over 50% of its
GPU from selling loans and other products. With rising interest
rates, it is more difficult for Carvana to compete with the large
banks that can keep loan rates low, which will reduce the number of
loans allocated to Carvana. The volatility of the ABS market, which
will likely continue over the next 18 months, will add pressure for
Carvana to sell more whole loans to Ally and these tend to be less
profitable. We recognize Carvana is very focused on reducing its
fixed SG&A costs, and we expect these initiatives to gain traction
over the next several quarters. However, lower unit sales will make
it more challenging for Carvana to reduce SG&A cost per vehicle to
increase margins.

Liquidity will likely erode more rapidly than expected, and the
company's standing in credit and equity markets has deteriorated
significantly since the second quarter. Carvana had $316 million in
unrestricted cash and $1.9 billion from revolving facilities at the
end of the second quarter. For the revolving facilities, roughly
$1.625 billion of the liquidity comes from a $2.2 billion floor
plan facility ($575 million drawn). Liquidity is somewhat better
now that the company has extended the maturity to March 22, 2024,
but the extended facility will step down to $2 billion on Sept. 22,
2023. Also, the new floor plan facility requires that at least
12.5% of the total principal amount owed to the lender is held as
restricted cash.

S&P said, "While we expect that Carvana has sufficient liquidity to
cover cash burn to the end of 2023, we now expect the company will
have to seek new sources of capital to maintain liquidity in 2024.
With the reduction in the company's stock and the current high
interest rates on its debt, we think the company's standing in
capital markets has fallen significantly, which could limit funding
options for the company. Although the company can use its acquired
real estate from Adesa and do sale leasebacks (not in our base
case), it would increase leverage longer term."

The negative outlook reflects Carvana's weak operating performance
and continuing macroeconomic headwinds which could extend weaker
profitability and sustain or increase negative cash flows.

S&P said, "We could lower our rating the company would be unlikely
to continue support its cash burn by monetizing its real estate or
by accessing credit or equity markets. A downgrade could also occur
if we anticipated a debt restructuring which we view as distressed.
This could be due to an even weaker demand environment and
continued volatility in the auto loan market which could limit
improvement in reducing costs and increasing profitability from the
recent lower levels."

S&P could revise its outlook to stable if Carvana

-- Shows significant improvement in maintaining and growing sales
while managing cost reductions to increase margins back toward
breakeven; and

-- Maintains sufficient liquidity to pay for its cash burn.

ESG credit indicators: E-2, S-2, G-3

S&P said, "Environmental and social credit factors have no material
influence on our credit rating analysis, as increased demand for
electrified vehicles will not have a meaningful impact on its
business model as an online retailer of used vehicles. Carvana
sells vehicles through its platform regardless of the propulsion
system, and we expect the potential adoption of EV vehicles (new
and used vehicles) will not be a significant impact demand for used
ICE vehicles in the near term.

"Governance factors are a moderately negative consideration for our
ratings analysis as we view the controlling ownership by its
founders as demonstrating corporate decision-making that
prioritizes the interests of the controlling owners over other
shareholders. This structure in our view could also limit the
effectiveness of the board of directors."



CEDAR CORNERS: Judge Makes Findings of Fact to Involuntary Petition
-------------------------------------------------------------------
On Nov. 8, 2022, after a trial on Cedar Corners Management LLC's
objection to the involuntary petition and motion to dismiss,
Bankruptcy Judge Kevin R. Anderson makes the following findings of
fact:

A. The Cedar Corners' Real Estate Development and the Involuntary
Petition

Cedar Corners Management LLC is the owner and developer of 98
residential lots on approximately 32 acres in the area of Eagle
Mountain, Utah — the Property/Project. Cedar Corners contracted
with RJ Construction to act as the general contractor for the
Project. RJ Construction subcontracted with Jacobson Excavation who
in turn subcontracted with Construction Materials Co. and Ralph
Smith Co. — the Petitioning Creditors. There is no contract or
other written agreement between Cedar Corners and any of the
Petitioning Creditors. The Property is subject to a first position
trust deed in favor of BRMK Lending, LLC, with an asserted
outstanding balance of over $10 million. Cedar Corners defaulted on
the mortgage, and BRMK scheduled a foreclosure sale for July 11,
2022. The Petitioning Creditors filed an involuntary bankruptcy
petition against Cedar Corners on July 8, 2022.

B. The Claims of the Petitioning Creditors

The Petitioning Creditors assert that combined, they hold
approximately $1.9 million in unpaid invoices for work and
materials they provided to the Project. The Petitioning Creditors
advanced the following claims prior to the filing the involuntary
petition: (1) Construction Materials Co. asserts it is owed
$359,250, but it did not file a construction lien; (2) Ralph Smith
Co. asserts it is owed $147,380 secured by a construction lien
against the Property; and (3) Jacobson Excavation asserts it is
owed approximately $1.9 million secured by a construction lien,
which amount includes the claims of Construction Materials Co. and
Ralph Smith; and (4) Jacobson Excavation has filed a complaint that
includes a cause of action against Cedar Corners for unjust
enrichment and seeks a recovery of the $1.9 million.

At the time of the involuntary petition, it is estimated it would
take another $5 million to complete the Project before the
residential building lots could be marketed. While there was no
direct evidence on the present value of the property, the parties
do not dispute that based on the uncompleted nature of the Project
and the amount of liens, there is likely no equity in the
Property.

After the filing of the involuntary petition, the Petitioning
Creditors have asserted the following additional claims against the
Alleged Debtor: (a) Cedar Corners, through its principals,
wrongfully used the BMRK loan proceeds for purposes other than to
pay subcontractors; (b) because Cedar Corners failed to post a
payment bond, it is liable under Utah Code for the unpaid charges
of the Petitioning Creditors; and (c) neither of these claims has
been asserted in a filed complaint.

Cedar Corners admits that it did not post a payment bond under Utah
Code. Ann. Section 14-2-2, but it asserts it was not required to do
so because the Project was for the construction of "single family
detached housing," and the statute excludes such residential
construction from this requirement.

A full-text copy of the Findings of Fact dated Nov. 8, 2022, is
available at https://tinyurl.com/333zca84 from Leagle.com.

The Petitioning Creditors (Jacobson Excavation, Construction
Materials Co., and Ralph Smith Co.) filed an involuntary bankruptcy
petition (Bankr. D. Utah. Case No. 22-22580) against Cedar Corners
Management LLC on July 8, 2022.


CELSIUS NETWORK: Troutman 2nd Update on Withhold Account Holders
----------------------------------------------------------------
In the Chapter 11 cases of Celsius Network LLC, et al., the law
firm of Troutman Pepper Hamilton Sanders LLP submitted a second
supplemental verified statement under Rule 2019 of the Federal
Rules of Bankruptcy Procedure, to disclose an update list of Ad Hoc
Group of Withhold Account Holders that it is representing.

As of Nov. 5, 2022, members of the Ad Hoc Group of Withhold Account
Holders and their disclosable economic interests are:

Larry Fulton

* Withhold Account Balance: $96,890.79
* Earn Account Balance: $76.38

Benny Wong

* Withhold Account Balance: $47,085.73
* Earn Account Balance: $24.42

Shane Coolen

* Withhold Account Balance: $23,316.40
* Earn Account Balance: $19.30

Travis Schilling

* Withhold Account Balance: $74,573.19
* Earn Account Balance: $32.35

Robert Riskin

* Withhold Account Balance: $57,858.20
* Earn Account Balance: $95.48

Ryan Holz

* Withhold Account Balance: $138,188.38
* Earn Account Balance: $18.41

Alvaro Drevon

* Withhold Account Balance: $11,354.90
* Earn Account Balance: $14,370.51

Scott Reina

* Withhold Account Balance: $20,638.79
* Earn Account Balance: $16,709.03

Kaveh Bastani

* Withhold Account Balance: $86,841.39
* Earn Account Balance: $83.53

Manuel Martinez

* Withhold Account Balance: $64,895.00
* Earn Account Balance: $67.80

Gavin Hoffman

* Withhold Account Balance: $619,133.08
* Earn Account Balance: $9.83

Chris Lovette

* Withhold Account Balance: $24,513.02
* Earn Account Balance: $29.03

The addresses and contact information for all members of the Ad Hoc
Group of Withhold Account Holders is provided as c/o Troutman
Pepper Hamilton Sanders LLP, 875 Third Avenue, New York, New York
10022.

On or about August 1, 2022, the initial members of the Ad Hoc Group
of Withhold Account Holders retained the Troutman Firm to represent
it in connection with the above-captioned Chapter 11 Cases.  
Additional members may join the Ad Hoc Group of Withhold Account
Holders on an ongoing basis, and the Troutman Firm will file
additional Statements as necessary to comply with Bankruptcy Rule
2019.

Each member of the Ad Hoc Group of Withhold Account Holders has
consented to the Troutman Firm's representation of the group. The
Troutman Firm does not represent any member of the Ad Hoc Group of
Withhold Account Holders in his or her individual capacity or with
respect to any property interests other than in connection with the
Celsius Withhold Accounts.

Counsel to Ad Hoc Group of Withhold Account Holders can be reached
at:

          TROUTMAN PEPPER HAMILTON SANDERS LLP
          Deborah Kovsky-Apap, Esq.
          875 Third Avenue
          New York, NY 10022
          Tel: (212) 704-6000
          E-mail: deborah.kovsky@troutman.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3TzEkcR and https://bit.ly/3E3hsga

                    About Celsius Network

Celsius Network LLC -- http://www.celsius.network/-- is a
financial services company that generates revenue through
cryptocurrency trading, lending, and borrowing, as well as by
engaging in proprietary trading.

Celsius helps over a million customers worldwide to find the path
towards financial independence through a compounding yield service
and instant low-cost loans accessible via a web and mobile app.
Celsius has a blockchain-based fee-free platform where membership
provides access to curated financial services that are not
available through traditional financial institutions.

The Celsius Wallet claims to be one of the only online crypto
wallets designed to allow members to use coins as collateral to get
a loan in dollars, and in the future, to lend their crypto to earn
interest on deposited coins (when they're lent out).

Crypto lenders such as Celsius boomed during the COVID-19 pandemic,
drawing depositors with high interest rates and easy access to
loans rarely offered by traditional banks.  But the lenders'
business model came under scrutiny after a sharp sell-off in the
crypto market spurred by the collapse of major tokens terraUSD and
luna in May 2022.

New Jersey-based Celsius froze withdrawals in June 2022, citing
"extreme" market conditions, cutting off access to savings for
individual investors and sending tremors through the crypto
market.

The list of major crypto firms that have filed for bankruptcy
protection in 2022 now includes Celsius Network, Three Arrows
Capital and Voyager Digital.

Celsius Network LLC and its subsidiaries sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No.
22-10964) on July 14, 2022. In the petition filed by CEO Alex
Mashinsky, the Debtor estimated assets and liabilities between $1
billion and $10 billion.

Kirkland & Ellis LLP is serving as legal counsel, Centerview
Partners is serving as financial advisor, and Alvarez & Marsal is
serving as restructuring advisor to Celsius.  Stretto, the claims
agent, maintains the page https://cases.stretto.com/celsius

On July 27, 2022, the U.S. Trustee appointed an official committee
of unsecured creditors. The committee tapped White & Case, LLP as
its bankruptcy counsel; Elementus Inc. as its blockchain forensics
advisor; M3 Advisory Partners, LP as its financial advisor; and
Perella Weinberg Partners, LP as its investment banker.

Shoba Pillay, Esq., is the examiner appointed in the Debtors'
Chapter 11 cases.  Jenner & Block, LLP and Huron Consulting
Services, LLC, serve as the examiner's legal counsel and financial
advisor, respectively.


CENTURY ALUMINUM: Egan-Jones Hikes Senior Unsecured Ratings to B-
-----------------------------------------------------------------
Egan-Jones Ratings Company, on September 30, 2022, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Century Aluminum Company to B- from CCC+. EJR also
retained its 'B' rating on commercial paper issued by the Company.

Headquartered in Chicago, Illinois, Century Aluminum Company
produces primary aluminum, in both molten and ingot form, through
facilities located in the United States.


CENTURY ALUMINUM: Posts $44.3 Million Net Income in Third Quarter
-----------------------------------------------------------------
Century Aluminum Company filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting net income
of $44.3 million on $637.2 million of total net sales for the three
months ended Sept. 30, 2022, compared to a net loss of $52.4
million on $581.4 million of total net sales for the three months
ended Sept. 30, 2021.

For the nine months ended Sept. 30, 2022, the Company reported net
income of $99.4 million on $2.24 billion of total net sales
compared to a net loss of $227.5 million on $1.55 billion of total
net sales for the nine months ended Sept. 30, 2021.

As of Sept. 30, 2022, the Company had $1.58 billion in total
assets, $406.1 million in total current liabilities, $660.9 million
in total noncurrent liabilities, and $516.6 million in total
shareholders' equity.

Century's liquidity position at quarter end was $215.1 million.
Additionally, the Company agreed to a new $90.0 million credit
facility secured by its Vlissingen assets.  The Vlissingen credit
facility will be available beginning December 2022, increasing
liquidity by $90.0 million.

"While the global energy crisis and difficult industry conditions
continued to present challenges in the third quarter, Century
remains well positioned to operate all of our businesses through
this portion of the commodity cycle and benefit from the long-term
trends towards value-added aluminum products," commented President
and Chief Executive Officer Jesse Gary.  "We took several proactive
measures to lower our cost structure, reduce our exposure to market
energy prices and improve our liquidity.  Among these measures, we
have agreed with our energy supplier in Iceland to convert our
remaining unhedged Nord Pool exposure to a fixed price.  We have
also significantly bolstered our liquidity position with a new $90
million credit facility secured by our Vlissingen assets.  We are
confident that these actions, combined with the continuing
excellent work from our operations teams, leave us well-situated to
continue to execute on our long-term strategies and create value
for our stakeholders."

A full-text copy of the Form 10-Q is available for free at:

https://www.sec.gov/ix?doc=/Archives/edgar/data/949157/000094915722000053/cenx-20220930.htm

                About Century Aluminum Company

Century Aluminum Company -- http://www.centuryaluminum.com-- owns
primary aluminum capacity in the United States and Iceland.

Century Aluminum reported a net loss of $167.1 million for the year
ended Dec. 31, 2021, a net loss of $123.3 million for the year
ended Dec. 31, 2020, a net loss of $80.8 million for the year ended
Dec. 31, 2019, and a net loss of $66.2 million for the year ended
Dec. 31, 2018.  As of June 30, 2022, the Company had $1.59 billion
in total assets, $444.8 million in total current liabilities,
$661.2 million in total noncurrent liabilities, and $479 million in
total shareholders' equity.


CHARTER COMMUNICATIONS: Egan-Jones Keeps BB Sr. Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on September 26, 2022, retained its
'BB' foreign currency and local currency senior unsecured ratings
on debt issued by Charter Communications, Inc.

Headquartered in Stamford, Connecticut, Charter Communications,
Inc. operates cable television systems in the United States.


COMM 2015-DC1: Fitch Affirms CCC Rating on 2 Tranches
-----------------------------------------------------
Fitch Ratings has affirmed 13 classes of COMM 2015-DC1 Mortgage
Trust. Fitch has also revised the Rating Outlook on class D to
Stable from Negative.

   Entity/Debt           Rating          Prior
   -----------           ------          -----
COMM 2015-DC1

   A-3 12629NAC9    LT AAAsf  Affirmed   AAAsf
   A-4 12629NAE5    LT AAAsf  Affirmed   AAAsf
   A-5 12629NAF2    LT AAAsf  Affirmed   AAAsf
   A-M 12629NAH8    LT AAAsf  Affirmed   AAAsf
   A-SB 12629NAD7   LT AAAsf  Affirmed   AAAsf
   B 12629NAJ4      LT AA-sf  Affirmed   AA-sf
   C 12629NAL9      LT A-sf   Affirmed   A-sf
   D 12629NAX3      LT BBB-sf Affirmed   BBB-sf
   E 12629NAZ8      LT CCCsf  Affirmed   CCCsf
   PEZ 12629NAK1    LT A-sf   Affirmed   A-sf
   X-A 12629NAG0    LT AAAsf  Affirmed   AAAsf
   X-B 12629NAM7    LT AA-sf  Affirmed   AA-sf
   X-D 12629NAR6    LT CCCsf  Affirmed   CCCsf

KEY RATING DRIVERS

Stable Loss Expectations: The affirmations reflect the generally
stable loss expectations of the pool since Fitch's prior rating
action. Fitch has identified 14 Fitch Loans of Concern (FLOCs;
38.0% of the pool), including six loans (11.2%) in special
servicing and eight loans (26.8%) flagged for low DSCR, high
vacancy, low inline sales and/or pandemic-related
underperformance.

Fitch's current ratings incorporate a base case loss of 9.1%. The
Outlook revision for class D to Stable from Negative reflects
increasing credit enhancement from paydown including the full
repayment of two loans ($128 million) since Fitch's prior review,
and the defeasance of Sylvan Corporate Center (5.5%) which was
previously modeled with a high loss.

The largest contributor to expected losses is 115 Mercer (FLOC,
3.6%). This loan is collateralized by an unanchored retail
condominium space located in the in the Soho neighborhood of New
York, NY. The loan transferred to special servicing in March 2019
for payment default. Derek Lam (NRA 48%) terminated its lease and
vacated in May 2019 ahead of its scheduled lease expiration in
November 2024. As of February 2022, the subject was 52% occupied.

The loan was originally put on the servicer's watchlist in January
2018 as The Kooples Bloom (NRA 52%) intended to terminate its lease
prior to its lease expiration in October 2024. In mid-2018, the
borrower and Kooples Bloom reached a new agreement whereby the
tenant would continue its lease at a reduced rate. However, the
tenant stopped paying rent in August 2020 due to the impact from
the pandemic.

A foreclosure sale was scheduled for Oct. 26, 2022 and the asset is
expected to become real estate owned (REO). Based on lower market
rates, low physical occupancy and an updated appraisal value, Fitch
modeled a loss severity of 68% on the loan; however, actual losses
may be lower given the high-quality asset and location. Fitch
recognized that the applied losses are potentially mitigated and
considered this when affirming the junior classes in the
transaction.

The second largest contributor to expected losses is Pinnacle Hills
Promenade (FLOC, 10.0%). This loan is collateralized by a lifestyle
and power center located in Rogers, AR. This loan was previously
cash managed due to JCPenney filing Chapter 11 Bankruptcy in May
2020. JCPenney exited bankruptcy in mid-2020 following the
company's acquisition by Simon Property Group; the subject's
JCPenney remains open.

Per the most recent servicer provided tenant sales for TTM ended
March 2020, in-line sales were $331 psf, compared with $337 psf at
YE 2019 and $302 reported at issuance as of YE 2014. Green Street
reported sales for the property at $456psf as of July 2022. Overall
property occupancy has remained stable since issuance, reporting at
92% as of June 2022. Fitch's expected loss of 11.4% assumes a 12%
cap rate and a 15% haircut on YE 2021 NOI to reflect low inline
sales and secondary market location.

The third largest contributor to expected losses is Soho Portfolio
(FLOC, 7.4%). This loan is collateralized by 459 Broadway and 427
Broadway, two office/retail mixed-use properties located on
Broadway between Grand and Canal Streets in the SoHo neighborhood
of Manhattan.

This loan transferred to special servicing in June 2021 due
imminent monetary default as a result of coronavirus-pandemic
related hardship. Occupancy had fallen to 33% by year-end 2020 due
to a number of tenants vacating ahead of their scheduled lease
expirations. The loan returned to master servicing in April 2022
following portfolio occupancy rebounding to 100% and the borrower
bringing the loan current. Fitch's base case loss of 15.1% assumes
an 8.75% cap rate off the stabilized YE 2019 NOI, with additional
stress to account for uncertainty regarding stabilized property
performance and decline in overall rental income from the new
leases. Fitch's analysis gave credit to the prime location of the
assets.

Increased Credit Enhancement: Class credit enhancement has
increased primarily due to prepayments, defeasance and loans
maturing. Since Fitch's prior rating action, two loans repaid in
full: 26 Broadway ($120 million) paid in full at maturity and
StorQuest Thousand Oaks ($8.2 million) prepaid with yield
maintenance. As of the October 2022 distribution date, the pool's
aggregate balance has been reduced by 25.8% to $1.04 billion from
$1.42 billion at issuance. Sixteen loans comprising 19.6% of the
pool have been defeased. Nine loans (25.8%) are classified as
interest only.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

Downgrades to classes A-3 through A-M and the interest-only classes
X-A are not likely due to the position in the capital structure,
but may occur should interest shortfalls occur. Downgrades to
classes B, C and X-B are possible should performance of the FLOCs
continue to decline; and/or should further loans transfer to
special servicing. Classes E, D and X-D could be downgraded should
the specially serviced loan not return to the master servicer
and/or realized losses are higher than anticipated.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

Upgrades to the 'A-sf' and 'AA-sf' rated classes are not expected
but would likely occur with significant improvement in CE and/or
defeasance. An upgrade of the 'BBB-sf' class is considered unlikely
and would be limited based on the sensitivity to concentrations or
the potential for future concentrations. Classes would not be
upgraded above 'Asf' if there is a likelihood of interest
shortfalls. An upgrade to the 'CCCsf' rated class is not likely
unless the performance of the remaining pool stabilizes and the
senior classes pay off.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This 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.



COMMUNITY HEALTH: Egan-Jones Keeps CCC+ Senior Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on September 26, 2022, retained its
'CCC+' foreign currency and local currency senior unsecured ratings
on debt issued by Community Health Systems, Inc. EJR also retained
its 'B' rating on commercial paper issued by the Company.

Headquartered in Franklin, Tennessee, Community Health Systems,
Inc. owns, leases, and operates hospitals.


CONSOLIDATED COMMUNICATIONS: Egan-Jones Keeps B- Sr. Unsec. Ratings
-------------------------------------------------------------------
Egan-Jones Ratings Company, on September 26, 2022, retained its
'B-' foreign currency and local currency senior unsecured ratings
on debt issued by Consolidated Communications Holdings, Inc. EJR
also retained its 'B' rating on commercial paper issued by the
Company.

Headquartered in Mattoon, Illinois, Consolidated Communications
Holdings, Inc. offers telecommunications services.


CORECIVIC INC: Egan-Jones Retains 'BB+' Unsec. Debt Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company, on October 13, 2022, retained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by CoreCivic Inc.  

Headquartered in Nashville, Tennessee, CoreCivic, Inc. provides
detention and corrections services to governmental agencies.


COTERRA ENERGY: Egan-Jones Withdraws BB+ Sr. Unsec. Debt Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on October 14, 2022, withdrew the local
currency rating on commercial issued by Coterra Energy Inc from A1.


EJR also withdrew the foreign currency and local currency senior
unsecured ratings on debt issued by the Company from BB+.  

Headquartered in Houston, Texas, Coterra Energy Inc. operates as a
diversified energy company.


CQP HOLDCO: S&P Upgrades ICR to 'BB', Outlook Stable
----------------------------------------------------
S&P Global Ratings raised the ICR on CQP Holdco L.P. (CQP Holdco)
to 'BB' from 'B+'.

S&P Global Ratings also raised its issue-level rating on CQP
Holdco's senior secured term loan to 'BB' from 'B+'. S&P's recovery
rating of '3' is unchanged, indicating substantial (50%-70%;
rounded estimate: 65%) recovery in the event of a payment default.

The stable outlook on CQP Holdco reflects its expectation that CQP
will generate robust cash flows and increase distributions to CQP
Holdco. S&P expects CQP Holdco's stand-alone leverage will be about
4.8x at year-end 2022 and 4.3x in 2023.

Higher LNG prices and strong European demand support robust cash
flows and improved credit metrics at CQP.

CQP's subsidiaries have been able to capitalize on high liquefied
natural gas (LNG) prices and European demand for U.S. LNG,
utilizing uncontracted capacity. In addition, all six trains are
fully operational at Sabine Pass Liquefaction LLC (SPL), further
supporting cash flows. As a result, S&P raised its rating on CQP
based on accelerated debt repayment owing to robust cash flow
generation.

S&P expects CQP's improved finances and higher distributions will
lead to improved metrics at CQP Holdco.

S&P said, "We expect improved cash flow generation at CQP will
result in increased distributions to CQP Holdco, improving its
financial metrics. We expect total distributions to CQP Holdco of
$790 million-$810 million in 2022 and forecast that CQP Holdco's
leverage will be 4.8x in 2022 and 4.3x in 2023, compared with our
previous forecast of 6.5x in 2022 and below 6.0x in 2023."

The 'BB' ICR on CQP Holdco reflects the differentiated credit
quality between CQP Holdco and CQP. CQP Holdco owns approximately
42% of CQP. The rating differential reflects the structural
subordination of CQP Holdco's debt to CQP's underlying cash flows,
which CQP Holdco does not control. Other factors include cash flow
stability, CQP Holdco's influence on CQP's corporate governance and
financial policy, financial ratios, and ability to liquidate its
investments in CQP to repay debt. S&P assesses these factors as
either positive, neutral, or negative. When viewing these factors
holistically, S&P arrives at a 'bb' SACP for CQP Holdco, a
three-notch differential from its 'bbb' SACP on CQP.

S&P views CQP's underlying cash flows as stable because the
dividend stream to CQP Holdco is backed by highly contracted
long-term agreements with investment-grade counterparties. S&P does
not anticipate an adverse change to the dividend policy. In
addition, having all six trains fully operational at SPL and strong
2022 cash flows further support CQP Holdco's positive cash flow
assessment.

S&P said, "We assess corporate governance and financial policy as
positive given the master limited partnership (MLP) structure of
CQP. MLP unitholders strongly favor stable or increasing dividends.
In our opinion, CQP Holdco also benefits from a more robust
governance structure than conventional limited partners in an MLP
structure. These were affected as a precondition of an initial
investment in CQP in 2012, prior to all six trains being
operational, and supported by Blackstone and Brookfield
Infrastructure Partners' joint ownership in 2020.

"We view CQP Holdco's ability to liquidate its investment in CQP as
negative. At the price, CQP Holdco could sell its entire stake and
repay its total debt by more than 3x; however, in our view, CQP's
units do not have a relatively deep market. Therefore, if CQP
Holdco tried to sell a large number of its units, it would likely
depress CQP's unit price. We do not view the near-term likelihood
of CQP Holdco selling its stake in CQP as probable.

"The stable outlook on CQP Holdco reflects our expectation that CQP
will generate robust cash flows and increase distributions to CQP
Holdco. We expect CQP Holdco's stand-alone leverage will be about
4.8x at year-end 2022 and 4.3x in 2023."

S&P could take a negative rating action if:

-- S&P expects leverage will be sustained above 6.0x;

-- Interest coverage ratio falls below 3.0x for a sustained
period;

-- CQP Holdco's liquidity position materially deteriorates; or

-- CQP's credit quality deteriorates such that leverage is above
4.5x on a sustained basis, prompting us to revise downward the SACP
on the investee company.

These outcomes could occur in the unlikely scenario that an
unanticipated interruption at the operational subsidiaries
materially reduces cash flow.

S&P could take a positive rating action on CQP Holdco if:

-- CQP's leverage improves to less than 3.5x on a sustained basis
due to robust cash flow generation and accelerated debt repayment;
and

-- CQP Holdco maintains leverage below 4.0x.

ESG credit indicators: E-3, S-2, G-2

As a minority holder of CQP, CQP Holdco's environmental indicator
assessment reflects the indicator for CQP. Environmental factors
are a moderately negative consideration in S&P's credit rating
analysis on CQP, an operator of LNG regasification and liquefaction
facilities on the U.S. Gulf Coast and a natural gas pipeline.
Climate transition risks for the midstream industry--and CQP
notably--relate to risk that global gas demand may peak earlier
than expected if renewable power generation is further accelerated
by policies. However, this risk is offset to a certain degree by
the role of natural gas in helping to balance renewables and
seasonal demand.



CROWN FINANCE: US$650M Bank Debt Trades at 68% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Crown Finance US
Inc is a borrower were trading in the secondary market around 32.2
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.

The US$650 million facility is a term loan.  The loan is scheduled
to mature on September 20, 2026. The loan is fully drawn and
outstanding.

Crown Finance US, Inc. operates as a movie theater.



CTI BIOPHARMA: Posts $15.7 Million Net Loss in Third Quarter
------------------------------------------------------------
CTI Biopharma Corp. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $15.70 million on $18.24 million of net product sales for the
three months ended Sept. 30, 2022, compared to a net loss of $24.18
million on $0 of net product sales for the three months ended Sept.
30, 2021.

For the nine months ended Sept. 30, 2022, the Company reported a
net loss of $75.53 million on $32.86 million of net product sales
compared to a net loss of $61.12 million on $0 of net product sales
for the same period in 2021.

As of Sept. 30, 2022, the Company had $123.47 million in total
assets, $140.30 million in total liabilities, and a total
stockholders' deficit of $16.84 million.

As of Sept. 30, 2022, the Company's cash, cash equivalents and
short-term investments totaled $81.6 million, compared to $65.4
million as of Dec. 31, 2021.

"In the third quarter, CTI continued to make strong progress with
the U.S. commercial launch of VONJO, delivering net revenue of
$18.2 million, a 48% increase in sales compared to the second
quarter. This important result reflects strong growth in new
patient starts and high refill rates.  As CTI continues on its path
to becoming the market leader in cytopenic myelofibrosis, the value
proposition of VONJO as a safe, simple and effective therapy is
rapidly being accepted in both the community and academic
settings," said Adam Craig, president and chief executive officer
of CTI BioPharma.  "As our understanding of pacritinib's potential
mechanisms of actions expands, we are excited to present new data
on pacritinib's anemia benefit in cytopenic myelofibrosis, a
benefit believed to be due to ACVR1 (ALK2) inhibition, during an
oral presentation at the upcoming ASH 2022 meeting."

A full-text copy of the Form 10-Q is available for free at:

https://www.sec.gov/ix?doc=/Archives/edgar/data/891293/000089129322000054/ctic-20220930.htm

                       About CTI BioPharma

Headquartered in Seattle, Washington, CTI BioPharma Corp. is a
biopharmaceutical company focused on the acquisition, development
and commercialization of novel targeted therapies for blood-related
cancers that offer a unique benefit to patients and their
healthcare providers .  The Company concentrates its efforts on
treatments that target blood-related cancers where there is an
unmet medical need.  In particular, the Company is focused on
evaluating pacritinib, its sole product candidate currently in
active development, for the treatment of adult patients with
myelofibrosis.  In addition, the Company has recently started
developing pacritinib for use in hospitalized patients with severe
COVID-19, in response to the COVID-19 pandemic.

CTI Biopharma reported a net loss of $97.91 million for the year
ended Dec. 31, 2021, compared to a net loss of $52.45 million for
the year ended Dec. 31, 2020. As of June 30, 2022, the Company had
$134.53 million in total assets, $139.81 million in total
liabilities, and a total stockholders' deficit of $5.27 million.

Seattle, Washington-based Ernst & Young LLP, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated March 31, 2022, citing that the Company has suffered
recurring losses from operations and has stated that substantial
doubt exists about the Company's ability to continue as a going
concern.


DELCATH SYSTEMS: Incurs $8.5 Million Net Loss in Third Quarter
--------------------------------------------------------------
Delcath Systems, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $8.50 million on $906,000 of product revenue for the three
months ended Sept. 30, 2022, compared to a net loss of $7.12
million on $395,000 of product revenue for the three months ended
Sept. 30, 2021.

For the nine months ended Sept. 30, 2022, the Company reported a
net loss of $26.36 million on $1.91 million of product revenue
compared to a net loss of $20.30 million on $1.05 million of
product revenue for the nine months ended Sept. 30, 2021.

As of Sept. 30, 2022, the Company had $20.23 million in total
assets, $25.47 million in total liabilities, and a total
stockholders' deficit of $5.25 million.

Delcath stated, "The Company anticipates incurring additional
losses until such time, if ever, that it can generate significant
sales. These circumstances raise substantial doubt about the
Company's ability to continue as a going concern within one year
after the date that the financial statements are issued.
Additional working capital will be required to continue operations.
Operations of the Company are subject to certain risks and
uncertainties, including, among others, uncertainty of product
development and clinical trial results; uncertainty regarding
regulatory approval; technological uncertainty; uncertainty
regarding patents and proprietary rights; comprehensive government
regulations; limited commercial manufacturing, marketing, or sales
experience; and dependence on key personnel."

A full-text copy of the Form 10-Q is available for free at:

https://www.sec.gov/ix?doc=/Archives/edgar/data/872912/000119312522280207/d319494d10q.htm

                        About Delcath Systems

Headquartered in New York, NY, Delcath Systems, Inc. --
http://www.delcath.com-- is an interventional oncology company
focused on the treatment of primary and metastatic liver cancers.
The Company's lead product candidate, Melphalan Hydrochloride for
Injection for use with the Delcath Hepatic Delivery System, or
Melphalan/HDS, is designed to administer high-dose chemotherapy to
the liver while controlling systemic exposure and associated side
effects.  In Europe, Melphalan/HDS is approved for sale under the
trade name Delcath CHEMOSAT Hepatic Delivery System for Melphalan.


Delcath Systems reported a net loss of $25.65 million for the year
ended Dec. 31, 2021, compared to a net loss of $24.16 million for
the year ended Dec. 31, 2020.  As of June 30, 2022, the Company had
$21.07 million in total assets, $23.91 million in total
liabilities, and a total stockholders' deficit of $2.85 million.

New York, NY-based Marcum LLP, the Company's auditor since 2018,
issued a "going concern" qualification in its report dated March
30, 2022, citing that the Company has a significant working capital
deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.


DELEK US: Moody's Assigns 'B1' Rating to New Term Loan B
--------------------------------------------------------
Moody's Investors Service assigned a B1 rating to Delek US
Holdings, Inc.'s proposed term loan B.  The company's other
ratings, including the Ba3 Corporate Family Rating and SGL-3
Speculative Grade Liquidity rating, are unchanged.  The rating
outlook is stable.  The proceeds from the new term loan B will be
used to refinance a portion of the existing $1.25 billion term loan
debt. Proceeds from revolver borrowings and existing balance sheet
cash will be used to repay the remaining principal amount of the
existing term loan debt.

"The refinancing of Delek's term loan will improve its debt
maturity profile," stated James Wilkins, Moody's Vice President -
Senior Analyst. "We expect the company to reduce its debt balance
as it repays the revolver borrowings with free cash flow."

The following summarizes the rating activity:

Assignments:

Issuer: Delek US Holdings, Inc.

Senior Secured Bank Credit Facility, Assigned B1 (LGD4)

RATINGS RATIONALE

The proposed secured term loan is rated B1, one notch below the Ba3
CFR, reflecting the priority claim of the $1.1 billion revolving
credit facility, which shares the same collateral as the term loan,
but has a first lien on working capital and a second lien on fixed
assets, whereas the term loan has a first lien priority claim on
fixed assets and a second lien on working capital. Moody's views
the B1 rating assigned to the secured term loan as more appropriate
than the rating indicated by Moody's Loss Given Default for
Speculative-Grade Companies Methodology given the inherent
volatility of the company's trade payables and lack of material
other debt outstanding that is subordinated to the term loan.

Delek's Ba3 CFR reflects its declining leverage and a large cash
balance which is indicative of its relatively conservative
financial policies that has supported it through periods of
volatile refining industry profit margins and potentially high cost
of compliance with the renewable fuels standard program (RINs
expenses). The financial results of the company's refining
operations have improved meaningfully in 2022 after weak
performance in 2020-2021. Moody's expects the company to continue
to generate robust earnings and cash flow in 2023 that will improve
its credit metrics.

Delek's benefits from more stable earnings generated by midstream
operations, through its ownership interests in Delek Logistics
Partners, LP (B1 stable) and retail gas station network. The
refining and marketing operations include four refineries of modest
scale that are geographically focused and have a combined crude oil
throughput capacity of 302 thousand barrels per day (mbpd). The
refineries are positioned in Texas, Louisiana and Arkansas where
they can benefit from both growing Permian crude oil production and
other locally-sourced crudes that are purchased at a discount to
WTI Cushing prices. In 2022, it has benefited from the relatively
wide differentials between WTI and Brent crude oil prices.

Delek's Speculative Grade Liquidity rating of SGL-3 reflects
adequate liquidity supported by funds from operations, cash balance
and a revolving credit facility. It has supply and off-take
agreements that finance working capital for three of its refineries
that mature in December 2022. Should these agreements not be
renewed, Delek would have to invest a substantial amount in working
capital. (The obligation under the supply and off-take agreements
totaled $596.2 million as of September 30, 2022.) Moody's expects
that the company will extend the maturity of these facilities in
the near-term and will generate positive free cash flow in 2023.
The company has kept elevated cash balances ($1.15 billion as of
September 30, 2022) and plans to continue to do so. Delek's undrawn
$1.1 billion ABL revolving credit facility due in October 2027 had
outstanding letters of credit totaling $213 million as of September
30, 2022. The Delek revolver has a minimum fixed charge coverage
ratio of 1.0x, which is only tested if excess availability is less
than the greater of 10% of the loan limit and $90 million. Moody's
does not expect the covenant to be tested through 2023.

The stable outlook reflects Moody's expectation that Delek will
continue to generate positive free cash flow in 2023.

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

The ratings could be upgraded if retained cash flow to debt is
sustainable above 25%, refining margins improve such that all
refineries produce free cash flow in trough market conditions and
the company increases scale by adding refineries to its portfolio
or expanding existing operations such that it benefits from larger
scale operations (refineries with throughput capacity greater than
100 mbpd). The ratings could be downgraded if profitability of
refining operations declines or retained cash flow to debt remains
below 15%.

The principal methodology used in this rating was Refining and
Marketing published in August 2021.


DELL INC: Egan-Jones Keeps BB- Senior Unsecured Ratings
-------------------------------------------------------
Egan-Jones Ratings Company, on September 26, 2022, retained its
'BB-' foreign currency and local currency senior unsecured ratings
on debt issued by Dell Inc.

Headquartered in Round Rock, Texas, Dell Inc. provides computer
products.


DIOCESE OF ROCHESTER: Reaches $55M Deal With Clergy Abuse Victims
-----------------------------------------------------------------
Bankrupt Catholic Diocese of Rochester in New York struck a deal to
pay clergy child sex abuse victims $55 million and grant them
rights to sue its insurers to collect more.

The Diocese of Rochester has filed a motion asking the Bankruptcy
Court to (i) approve the Restructuring Support Agreement, dated
November 1, 2022 by and among the (a) Diocese, (b) the Official
Committee of Unsecured Creditors, and (c) the members of the
Committee in their individual capacities as Sexual Abuse Claimants;
(ii) authorize the Diocese to enter into and perform under the RSA;
and (iii) approve the Committee Settlement.

More than three years since the filing of this chapter 11 case, the
Diocese has reached a settlement that (a) will provide a fair and
equitable distribution to creditors in the Chapter 11 Case, which
are comprised primarily of survivors of sexual abuse, and (b)
facilitate the Diocese's successful exit from chapter 11 so that it
may continue the good work of the Catholic Church in Western New
York.

While a global settlement involving both the Committee and the
Insurers has continued to elude the Diocese, mediation has led to a
settlement, reflected in the RSA, which the Diocese believes (a) is
in the best interest of the Diocese's chapter 11 estate and its
creditors, the bulk of whom are survivors of sexual abuse, and (b)
presents the best prospect for achieving a confirmable chapter 11
plan.

Among other things, the RSA provides $55,000,000 from the Diocese,
parishes, and other Catholic entities that represents a significant
initial source of funding to a Trust for the benefit of Sexual
Abuse Claimants.  The RSA provides a clear roadmap to a Plan, which
has the support of the Committee, and Committee Members, who are
represented by State Court Counsel that collectively represent over
70% of all Sexual Abuse Claimants in this case.

Because of these key State Court Counsels' involvement in the
development of the RSA, the Diocese believes that the Plan
incorporating the RSA terms will have wide sweeping support from
the Sexual Abuse Claimants.

In addition to presenting the best opportunity for a consensual
plan, the RSA also resolves other matters in litigation, including
the Appeal currently pending in the Western District of New York,
and the Stay Adversary which is to be settled, reducing the time,
cost, expense, and complexity associated with this Chapter 11
Case.

The RSA Parties were represented by able counsel, including the
State Court Counsel representing the Committee Members and all
negotiations were shepherded through by the co-mediators.

The Diocese intends to file a chapter 11 plan that will incorporate
the terms of the RSA.

                  About The Diocese of Rochester

The Diocese of Rochester in upstate New York provides support to 86
Roman catholic parishes across 12 counties in upstate New York.  It
also operates a middle school, Siena Catholic Academy.  The diocese
has 86 full-time employees and six part-time employees and provides
medical and dental benefits to an additional 68 retired priests and
two former priests.

The diocese generated $21.88 million of gross revenue for the
fiscal year ending June 30, 2019, compared with a gross revenue of
$24.25 million in fiscal year 2018.

The Diocese of Rochester filed for Chapter 11 bankruptcy protection
(Bankr. W.D.N.Y. Case No. 19-20905) on Sept. 12, 2019, amid a wave
of lawsuits over alleged sexual abuse of children.  In the
petition, the diocese was estimated to have $50 million to $100
million in assets and at least $100 million in liabilities.

Bond, Schoenec & King, PLLC and Bonadio & Co. serve as the
diocese's legal counsel and accountant, respectively.  Stretto is
the claims and noticing agent.

The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors in the diocese's Chapter 11 case.  Pachulski
Stang Ziehl & Jones, LLP and Berkeley Research Group, LLC serve as
the committee's legal counsel and financial advisor, respectively.


DXP ENTERPRISES: Moody's Affirms B1 CFR & Alters Outlook to Stable
------------------------------------------------------------------
Moody's Investors Service affirmed DXP Enterprises Inc's existing
ratings, including the B1 Corporate Family Rating, B1-PD
Probability of Default Rating and B2 rating on its existing senior
secured term loan. The SGL-2 Speculative Grade Liquidity Rating
remained unchanged. The outlook was changed to stable from
negative.

The affirmation of the ratings follows the company's announcement
that it plans to increase its term loan B by $125 million. The
proceeds of the proposed term loan will be used to finance
acquisitions, repay borrowings on its revolving credit facility and
for general corporate purposes.

"DXP's stable rating outlook reflects the recovery in its business
and Moody's expectations that the company will experience solid
revenue growth in 2023 and generate positive free cash flow,"
stated James Wilkins, Moody's Vice President - Senior Analyst. "The
term loan issuance will increase DXP's leverage, but Moody's expect
DXP's credit metrics to remain supportive of its ratings."

The following summarizes the ratings activity:

Affirmations:

Issuer: DXP Enterprises Inc

Corporate Family Rating, Affirmed B1

Probability of Default Rating, Affirmed B1-PD

Senior Secured Term Loan B, Affirmed B2 (LGD4)

Outlook Actions:

Issuer: DXP Enterprises Inc

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

DXP's senior secured term loan due 2027 is rated B2, one notch
below the CFR, reflecting the lower priority of its claim relative
to the borrowings under the ABL revolving credit facility. In a
distressed scenario the collateral available to term loan lenders
likely will not be sufficient to cover the principal amount of the
loan. Accordingly, Moody's believes the B2 rating on the term loan
is more appropriate than the rating suggested by Moody's Loss Given
Default for Speculative-Grade Companies methodology.

The stable outlook reflects Moody's expectation that DXP's business
will continue to recover as it has since 2020, credit metrics will
remain supportive of the B1 CFR and the company will resolve its
accounting issues that gave rise to its auditors' opinion that it
had material weaknesses in its accounting controls. The company
generated positive free cash flow throughout 2020-2022, despite
funding working capital needs during the rebound. DXP's revenue,
which dropped over 20% in 2020 from the prior year, exceeded 2019
pre-pandemic levels during the twelve months ended September 30,
2022. However, the majority of the increase in revenue since the
2020 trough has been sourced from acquisitions, not organic growth.
The company, which has a long history of modest bolt-on
acquisitions, made multiple purchases in 2020-2022 that had almost
$240 million of revenue at the time of purchase and have expanded
DXP's product line and geographic footprint. Moody's expects DXP's
legacy business in Innovative Pumping Solutions, which had revenue
for the twelve months ended September 30, 2022, that lagged 2019
revenue by almost 30%, to improve further in 2023 as a result of
its large backlog. The segment has high exposure to the oil and gas
industry that Moody's expect will continue to grow spending in
2023.

DXP's B1 CFR reflects its high exposure to cyclical end markets,
modest scale for a distribution company with competitors having
greater resources, single digit operating margins (driven by its
distribution business model) and a history of acquisitions. The oil
& gas, chemical and other industrial markets in North America
account for a significant portion of its revenue. The oil & gas
market provided over one-quarter of 2021 revenue. The company,
which intends to diversify its revenue further in markets with more
stable demand, has a history of bolt-on acquisitions that increase
its geographic footprint or adds to its core product lines.
Historically, it has partially funded acquisitions with equity,
limiting the impact on its leverage. The company's margins do
benefit from certain value added activities and gross profit could
expand in an inflationary period. The rating has also been
supported by moderate leverage and interest coverage credit metrics
through the industry cycle, the diversity of its customer base and
product lines, broad North American presence, positive free cash
flow generation through cycles (as a result of low capital
expenditure requirements, no common dividend and release of cash
from working capital if revenue declines), a steady contractual,
fee-based business in the Supply Chain Services segment and broad
supplier base.

The SGL-2 Speculative Grade Liquidity Rating reflects Moody's
expectation the company will have good liquidity supported by
positive free cash flow through 2023, cash balances following the
term loan issuance and ABL revolving credit facility. The $135
million revolving credit facility is subject to a borrowing base
and will be undrawn after DXP increases the term loan. DXP has some
seasonality to its cash flows and working capital is typically a
use of cash when revenue grows. The company is subject to two
financial covenants -- a maximum net secured leverage ratio under
the term loan agreement and a springing fixed charge coverage ratio
of 1.0x under the revolving credit facility. Moody's expects the
company to remain in compliance with the financial covenants
through 2023. The company is required to make principal repayments
totaling one percent per year of the original term loan principal
($4.5 million per year). DXP's revolver and term loan mature in
2027.

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

An upgrade in the company's ratings is constrained by its modest
scale. However, an upgrade could be considered if the company's
EBITA grew considerably to more than $300 million, operating margin
exceeds six percent on a sustained basis, and debt to EBITDA is
less than 3.0x. The ratings could be downgraded if revenues decline
meaningfully, operating margins fall below 4%, leverage exceeds
4.5x, the company does not produce positive free cash flow or DXP
has ongoing issues with its public financial reporting.

The principal methodology used in these ratings was Distribution &
Supply Chain Services Industry published in June 2018.

DXP Enterprises Inc (NASDAQ: DXPE), headquartered in Houston, TX,
is a distributor and service provider to the energy industry and
industrial customers. It distributes maintenance, repair, operating
(MRO) products and equipment, and provides integrated supply and
other services. DXP also assembles rotating equipment packages and
engages in limited pump manufacturing.


EAGLE BEAR: Gets More Time for Bankruptcy Plan
----------------------------------------------
A judge extended the time Eagle Bear, Inc. can keep exclusive
control of its bankruptcy case while the company waits for the
outcome of its lawsuit against Blackfeet Nation.

Judge Benjamin Hursh of the U.S. Bankruptcy Court for the District
of Montana extended the period during which Eagle Bear has the
exclusive right to pursue its own plan to the date that is 21 days
after entry of a final order resolving the Blackfeet suit.

In its case (Adversary Proceeding 22-04001), Eagle Bear seeks a
court declaration that the cancellation of its lease with Blackfeet
in 2008 is null and void.

Eagle Bear operates the Kampgrounds of America campground in East
Glacier, Mont., on property leased from Blackfeet. Blackfeet
blocked access to the campground following the cancellation,
depriving Eagle Bear of any revenue.

                         About Eagle Bear

Eagle Bear Inc. operates recreational vehicle parks and camping
ground resort. The company is based in St. Mary, Mont.

Eagle Bear filed a voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. D. Mont. Case No. 22-40035) on May
23, 2022, with up to $10 million in both assets and liabilities.
Susan Brooke, president of Eagle Bear, signed the petition.

Judge Benjamin P. Hursh oversees the case.

Patten, Peterman, Bekkedahl and Green, PLLC is the Debtor's
bankruptcy counsel while Crowley Fleck, PLLP and Johnson, Berg &
Saxby, PLLP serve as its special legal counsel.


ECTOR COUNTY: Hearing on Exclusivity Bid Set for Nov. 16
--------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware is set to
hold a hearing on Nov. 16 to consider the motion filed by Ector
County Energy Center, LLC to extend the period during which the
company alone can file a Chapter 11 plan.

The motion seeks to extend the company's exclusivity period to file
a plan to Nov. 29 and solicit acceptances from creditors to Jan. 30
next year.

Ector, now known as ECEC Wind-Down, LLC, filed its proposed Chapter
11 liquidating plan on Aug. 9 to provide a mechanism for the
company's liquidated assets and net proceeds from the sale of its
operating assets to be distributed to creditors in accordance with
the structure of, and in compliance with, the plan support
agreement it entered into with the ad hoc group of pre-bankruptcy
secured lenders.

The hearing to consider approval of the disclosure statement
detailing the liquidating plan is scheduled for Nov. 16.

                 About Ector County Energy Center

Ector County Energy Center, LLC owns and operates a 330 MW natural
gas-fired power generating facility located in Ector County,
Texas.

Due to a large number of lawsuits following the 2021 winter storm,
Ector County Energy Center sought Chapter 11 bankruptcy protection
(Bankr. D. Del. Case No. 22-10320) on April 11, 2022.  In the
petition signed by CRO John D. Baumgartner, the Debtor estimated
assets between $50 million and $100 million and estimated
liabilities between $500 million and $1 billion.

Judge John T. Dorsey oversees the case.

The Debtor tapped Holland & Knight, LLP as lead bankruptcy counsel;
Polsinelli, PC as local counsel; Locke Lord, LLP and Crowell &
Moring, LLP as special counsels; Perella Weinberg Partners, LP and
Tudor, Pickering, Holt & Co. as investment bankers; and Grant
Thornton, LLP as restructuring advisor.  John Baumgartner, managing
director at Grant Thornton, serves as the Debtor's chief
restructuring officer. Donlin Recano & Company Inc. is the claims
agent.

                           *     *     *

The Debtor has closed the sale of its operating assets to Ector
County Generation, LLC, as purchaser, for consideration of
approximately $144,750,000 (less its break-up fee and expense
reimbursement), plus an additional $2.7 million in potential
"incentive consideration."  The Debtor was renamed to ECEC
Wind-Down LLC after closing of the sale.


EMERGENT BIOSOLUTIONS: S&P Downgrades ICR to 'B+', Outlook Neg.
---------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Emergent
BioSolutions Inc. to 'B+' from 'BB'. The outlook is negative. At
the same time, S&P lowered its issue-level rating on the unsecured
notes due 2028 to 'B' from 'BB-'.

The negative outlook reflects a confluence of risk factors,
including increased refinancing risk, ongoing quality issues at its
manufacturing facilities, and uncertainty in procurement under its
long-term contracts.

Quality issues persist at its manufacturing facilities, impairing
CDMO operating performance. On Aug. 11, the house committee
disclosed that further doses of the J&J COVID-19 vaccine had been
designated for destruction between August 2021 and February
2022--after Emergent had purportedly addressed earlier deficiencies
and resumed manufacturing. J&J terminated its agreement with
Emergent effective July 6. Emergent also received an FDA warning
letter at its Camden, N.J., facility, citing deficiencies in
cleaning and maintenance of equipment to prevent contamination of
drug products.

S&P said, "We believe the continued setbacks related to quality
concerns have marred Emergent's reputation in the CDMO space and
turned the segment from a growth driver to a near-term drain on
gross profit and cash flow generation.

"We expect the recently closed acquisition of the Tembexa
therapeutic to be accretive to earnings and cash flow generation,
though it constrains liquidity in the near term. Emergent acquired
smallpox therapeutic Tembexa from Chimerix in September 2022 for an
upfront price of $238 million (plus up to $124 million in potential
milestones tied to subsequent government orders). The deal was
contingent on the Biomedical Advanced Research and Development
Authority (BARDA) signing a contract to supply the Strategic
National Stockpile (SNS) with Tembexa, which it has, earmarking
$680 million in orders over 10 years. The first order of $115
million is expected to be fully realized before the end of 2022.
Smallpox therapeutics are currently being used to combat the
ongoing monkeypox pandemic, though none of these treatments are
specifically approved by the FDA for this indication. The Tembexa
contract provides another consistent, long-term source of revenue
for Emergent and reaffirms the company's relationship with BARDA
following last year's cancellation of the CIADM program. That said,
in our view, the acquisition also reduced the company's available
liquidity and financial flexibility.

"Remediation costs and order delays have contributed to
significantly weaker credit measures and higher volatility than we
had expected. Despite the anticipated inflow of revenue from
Tembexa in the fourth quarter, we expect adjusted EBITDA and free
operating cash flow generation in 2022 to be significantly weaker
than we had expected last year due in part to substantial
remediation costs at Emergent's manufacturing facilities. These
weak credit measures also reflect the uncertain timing of the U.S.
government's next order of ACAM2000, which prompted Emergent to
substantially lower its revenue guidance for 2022. We believe that
the long-term durability of this 10-year procurement contract
remains intact and expect that this option will eventually be
exercised within the next couple few months, in line with
historical deliveries of ACAM2000 and other products. That said,
there is a degree of uncertainty regarding how long it will take
for the U.S. government to resume its orders and the possibility,
while unlikely in our view, that the government changes its
strategy and chooses not to order more ACAM2000 from Emergent.
Under these assumptions we expect adjusted debt to EBITDA of
12x-15x in 2022, which then significantly reduces to 3x-4x in 2023
and 2024. Similarly, the negative $150 million annual adjusted free
operating cash flow (FOCF) generation we expect in 2022 should
reverse and be positive $120 million to $160 million in the
subsequent two years. Despite this improvement beyond 2022, the
magnitude of earnings and cash flow volatility of late lead us to
believe that there is more financial risk than we had previously
factored into the rating.

"Our negative outlook on Emergent reflects a confluence of risk
factors, including increased refinancing risk, ongoing quality
issues at its manufacturing facilities, and uncertainty in
procurement under its long-term contracts."

S&P could lower its rating on Emergent, potentially by multiple
notches within the next six months:

-- If Emergent does not address its October 2023 debt maturities;

-- If Emergent breaches a financial covenant under its credit
facility without obtaining a waiver; or

-- In the unlikely event that the government changes its
long-running strategy of supplying the SNS with ACAM2000, which
could call into question the stability of Emergent's business
model.

S&P could revise the outlook to stable if:

-- Emergent extend the maturity on its credit facility due October
2023; and

-- The U.S. government exercises the procurement option on
ACAM2000.

ESG credit indicators: E-2, S-3 G-3

S&P said, "We believe Emergent's exposure to social risk factors
and governance practices compare unfavorably with those of peers,
due to well-documented manufacturing concerns unearthed at its
Bayview facility in Baltimore. These issues resulted in a lengthy
FDA inspection, a congressional hearing, and the disposal of
hundreds of millions of COVID-19 vaccine doses during a time when
many countries were desperate for them. We do not expect there to
be substantial financial penalties levied against Emergent over
this quality-control failure, but the company did incur significant
remediation costs in 2022."



ENDO INTERNATIONAL: Pillsbury 2nd Update on Endo EC
---------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Pillsbury Winthrop Shaw Pittman LLP submitted an
amended verified statement to disclose an updated list of
Multi-State Endo Executive Committee that it is representing in the
Chapter 11 cases of Endo International PLC, et al.

The following state that has indicated its support for the
settlement between the Endo EC, the Debtors' first lien secured
lenders, and the Debtors:

Georgia
Office of the Attorney General Chris Carr
Georgia Department of Law
2 Martin Luther King, Jr. Dr., SE
Suite 356
Atlanta, Georgia 30334
Attn: Anne Infinger

* Unsecured; Unliquidated Claim; Police Power Actions

Pillsbury reserves the right to amend and/or supplement the
Statement in accordance with Bankruptcy Rule 2019.

Counsel to the Multi-State Endo Executive Committee can be reached
at:

          PILLSBURY WINTHROP SHAW PITTMAN LLP
          Andrew M. Troop, Esq.
          Hugh M. McDonald, Esq.
          Andrew V. Alfano, Esq.
          31 West 52nd Street
          New York, NY 10019
          Telephone: (212) 858-1000
          E-mail: andrew.troop@pillsburylaw.com
                  hugh.mcdonald@pillsburylaw.com
                  andrew.alfano@pillsburylaw.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3hHiG96

                    About Endo International

Endo International plc is a generics and branded pharmaceutical
company. It develops, manufactures, and sells branded and generic
products to customers in a wide range of medical fields, including
endocrinology, orthopedics, urology, oncology, neurology, and other
specialty areas.  On the Web: http://www.endo.com/          

On August 16, 2022, Endo International and certain of its
subsidiaries initiated voluntary prearranged Chapter 11 proceedings
(Bankr. S.D.N.Y. Lead Case No. 22-22549).  The Company's cases are
pending before the Honorable James L. Garrity, Jr.  The Company has
put up a Web site dedicated to its restructuring:
http://www.endotomorrow.com/          

The Debtors tapped Skadden, Arps, Slate, Meagher & Flom LLP as
legal counsel; PJT Partners LP as investment banker; and Alvarez &
Marsal as financial advisor. Kroll is the claims agent.

Roger Frankel, the legal representative for future claimants in
these Chapter 11 cases, tapped Frankel Wyron LLP and Young Conaway
Stargatt & Taylor, LLP as legal counsels, and Ducera Partners, LLC
as investment banker.

The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors on Sept. 2, 2022.  The committee tapped Kramer
Levin Naftalis & Frankel as legal counsel; Lazard Freres & Co. LLC
as investment banker; and Dundon Advisers, LLC and Berkeley
Research Group, LLC as financial advisors.


ENERPAC TOOL: Egan-Jones Retains BB+ Sr. Unsecured Debt Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on October 11, 2022, retained its 'BB+
foreign currency and local currency senior unsecured ratings on
debt issued by Enerpac Tool Group Corp.  

Headquartered in Menomonee Falls, Wisconsin, Enerpac Tool Group
Corp. operates as an industrial tools and services company.


ENVISION HEALTHCARE: US$2.2B Bank Debt Trades at 60% Discount
-------------------------------------------------------------
Participations in a syndicated loan under which Envision Healthcare
Corp is a borrower were trading in the secondary market around 40
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.

The US$2.20 billion facility is a term loan. The loan is scheduled
to mature on March 31, 2027. The amount is fully drawn and
outstanding.

Envision Healthcare Corporation provides health care services. The
Hospital offers surgery, pharmacy, medical imaging, emergency care,
and other related health care services.


EP ENERGY: Horrocks and Peterson Proof of Claim Disallowed
----------------------------------------------------------
Bankruptcy Judge Marvin Isgur sustains EP Energy's objections to
the proof of claims filed by the Remaining Claimants Bonnie
Horrocks, Thomas Peterson, and Richard Horrocks and the claims are
disallowed under the lease and Utah law.

This dispute centers around the legal impact of two events in the
history of an oil and gas lease. Sometime in 1962, Victor and
Bessie Horrocks signed an oil and gas lease with Hugh Ford. Under
the lease's terms, the Horrocks retained a 1/8 royalty interest as
lessors. Through a series of transactions between 1963 and 2002, EP
Energy acquired the working interest in the leases in Sections 19
and 20, including the working interest in the Horrocks lease. The
only producing well in Section 20 at the beginning of 1978 was the
Asay Well. A well fire in January 1978 caused the Asay Well to stop
producing, only restarting production in May 1979. However, a well
in Section 19 covered by the lease — the Powell Well —
continued production throughout the Asay Well's disruption.

In 1983, Coastal held the working interest in the Horrocks lease.
In anticipation of drilling a test well in Section 20, Coastal sent
Form Lease Ratifications to its lessors to confirm the validity of
its leases in that Section after the Asay Well fire. Certain
transfers of the interest in the lease had not been recorded with
Coastal as the lease required. Victor, Bessie, and Calvin Horrocks
signed the Ratifications only after altering the language of the
form to read "provided the royalty interest of the undersigned is
changed from 1/8 to 3/16 royalty interest." Coastal did not sign
the Ratifications and did record the Ratifications in the public
record. When Coastal noticed the additional language, it issued a
declaration repudiating the attempted amendment.

Coastal then obtained a division order opinion regarding the
working and royalty interests in Section 20 in 1984. The division
order opinion found that the Horrocks' royalty interest was 12.5%
(1/8) for oil and gas. The division order opinion further found
that the Horrocks amended the Ratification Agreements without
Coastal's knowledge or consent. Coastal (and later EP, as successor
to the working interest in the Horrocks lease) continued to pay the
1/8 royalty as opposed to a 3/16 royalty until EP filed for
bankruptcy.

After the death of Bessie Horrocks in 1992, Coastal sent division
orders to the successors to her royalty interest in the lease to
confirm their interests. EP sent out another round of division
orders in 2011. Bonnie Horrocks, Thomas Peterson, and Richard
Horrocks (or their predecessors in interest) signed both sets of
division orders, which reflected fractional interests in a 1/8
royalty.

On Oct. 3, 2019, EP Energy sought protection under chapter 11 of
the Bankruptcy Code. The Remaining Claimants filed proofs of claim
in December 2019. The proofs of claim specified no estimate of the
monetary value, but rather indicated that the claim was
"unliquidated." In addition, each of them indicated that the claim
was based on a lease but wrote "unliquidated" again in the space
where a lessor-creditor is meant to state the "amount necessary to
cure any default as of the date of the petition." Bonnie and
Richard Horrocks' proofs of claim attached supporting documents,
including a "mineral lease story" detailing the grounds for the
claim, the lease itself, the Ratifications, and other documents
pertaining to the Horrocks' claims. Thomas Peterson filed no
supporting documents with his proof of claim.

The Debtors' confirmed Plan provided that EP would assume the
Horrocks' oil and gas lease, and the cure amount for the lease was
$0.2. The Horrocks did not object or raise any issue regarding the
assumption of lease or the cure amount. Thereafter, EP asked the
Court to disallow claims it alleged had been satisfied under the
Plan, listing the Horrocks' claims among them. Jon Horrocks, as
representative of the Horrocks Claimants, objected to the assertion
that the Horrocks' Claims had been satisfied under the Plan.

In its December 23 Omnibus Objection, EP then objected to the
Horrocks' proofs of claim, this time arguing not that the claims
had been satisfied under the Plan but rather that they should be
disallowed as either (a) lacking prima facie validity because the
lease did not terminate in 1978, or (b) as a matter of law, under
the terms of the lease agreement and Utah law, because the 1983
attempt to increase the royalty rate provided in the lease was
ineffective.

The Remaining Claimants argue that because the Asay Well fire in
1978 resulted in a cessation of production in Section 20 for more
than 90 days, the lease terminated with respect to Section 20. They
use this as a basis to claim they are owed trespass damages since
Coastal (and later EP) continued to operate in Section 20.

The Court rules that the Remaining Claimants cannot base their
claim on an action for trespass because neither the 1978 well fire
nor Coastal's repudiation of the Amended Ratifications terminated
the Horrocks' lease. The Court points to the records showing that
there was production on the lease before the expiration of the
primary term, so the lease could potentially continue in perpetuity
until production terminated across the entirety of the tract
covered by the lease (including areas with which the lease has been
pooled or unitized) for the prescribed period of 90 days.
Therefore, production from the Powell Well in Section 19 held the
entire lease despite the more-than-90-day cessation of production
in Section 20.

The Court also disagrees with the contention of the Remaining
Claimants that Coastal's declarations repudiating the Amended
Ratifications effectively repudiated the entire lease, resulting in
a termination of the lease. The Court notes that Coastal expressly
limited its repudiation of the Amended Ratifications to the
Horrocks' attempt to alter the language in the Ratifications. The
Court explains that the purpose of the Ratifications sent by
Coastal to holders of royalty interests in the Horrocks' lease in
1983 was to confirm that the fire had not terminated the leases —
not to reinstate leases that had terminated because of the well
fire or alter any provision of the leases as signed in 1962. Thus,
the Court rules that Coastal's repudiation of the Amended
Ratifications had no effect on the terms or validity of the
underlying lease whatsoever, leaving the 1/8 royalty intact.

Accordingly, the Court determines that the claims should be
disallowed under Section 502(b)(1) on the grounds that they are
unenforceable under the plain terms of the lease and Utah state
law.

A full-text copy of the Memorandum Opinion dated Nov. 3, 2022, is
available at https://tinyurl.com/2p8puuep from Leagle.com.

                   About EP Energy Corporation

EP Energy Corporation and its direct and indirect subsidiaries(OTC
Pink: EPEG) -- http://www.epenergy.com/-- are a North American oil
and natural gas exploration and production company headquartered in
Houston, Texas. The Debtors operate through a diverse base of
producing assets and are focused on the development of drilling
inventory located in three areas: the Eagle Ford shale in South
Texas, the Permian Basin in West Texas, and Northeastern Utah.

EP Energy Corporation and its subsidiaries sought Chapter 11
protection on Oct. 3, 2019, after reaching a deal with Elliott
Management Corporation, Apollo Global Management, LLC, and certain
other noteholders on a bankruptcy exit plan that would reduce debt
by 3.3 billion.

The lead case is In re EP Energy Corporation (Bankr. S.D. Tex. Lead
Case No. 19-35654).

EP Energy was estimated to have $1 billion to $10 billion in assets
and liabilities as of the bankruptcy filing.

Judge Marvin Isgur oversees the case.

The Debtors tapped Weil, Gotshal & Manges LLP as legal counsel;
Evercore Group L.L.C. as investment banker; and FTI Consulting,
Inc. as financial advisor. Prime Clerk LLC is the claims agent.

On Jan. 13, 2020, Judge Marvin Isgur entered findings of fact,
conclusions of law, and an order confirming the Fourth Amended
Joint Chapter 11 Plan of EP Energy Corporation and its Affiliated
Debtors.



EQT CORP: Egan-Jones Keeps BB+ Senior Unsecured Ratings
-------------------------------------------------------
Egan-Jones Ratings Company, on September 26, 2022, retained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by EQT Corporation.

Headquartered in Pittsburgh, Pennsylvania, EQT Corporation is an
integrated energy company with emphasis on Appalachian area
natural-gas supply, transmission, and distribution.


FAST RADIUS: Nov. 15 Deadline Set for Panel Questionnaires
----------------------------------------------------------
The United States Trustee is soliciting members for committee of
unsecured creditors in the bankruptcy case of Fast Radius, Inc.

If a party wishes to be considered for membership on any official
committee that is appointed, it must complete a questionnaire
available at https://bit.ly/3hGnxrl and return by email it to
Timothy Fox -- Timothy.Fox@usdoj.gov -- at the Office of the United
States Trustee so that it is received no later than 4:00 p.m., on
Nov. 15, 2022.

If the U.S. Trustee receives sufficient creditor interest in the
solicitation, it may schedule a meeting or telephone conference for
the purpose of forming a committee.

                  About Fast Radius

Fast Radius, Inc. is a cloud manufacturing and digital supply chain
company. The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr.D. Del. Case No. 22-11051) on November 7,
2022. In the petition signed by Patrick McCusker, authorized
signatory, the Debtor disclosed $69.329 million in assets and
$55.212 in liabilities.

The Debtor tapped DLA Piper LLP (US) as legal counsel, Bayard, P.A.
as co-counsel, Lincoln Partners Advisors LLC as investment banker,
Alvarez & Marsal North, America, LLC as financial advisor, and
Stretto, Inc. as claims, administrative, solicitation, and
balloting agent.


FIDELITY NATIONAL: Egan-Jones Retains BB+ Unsec. Debt Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company, on October 13, 2022, retained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Fidelity National Information Services Inc.

Headquartered in Jacksonville, Florida, Fidelity National
Information Services, Inc. is a payment services provider.


FORMER CHARTER: Egan-Jones Keeps BB Sr. Unsecured Ratings
---------------------------------------------------------
Egan-Jones Ratings Company, on September 26, 2022, retained its
'BB' foreign currency and local currency senior unsecured ratings
on debt issued by Former Charter Communications Parent, Inc.

Headquartered in Stamford, Connecticut, Former Charter
Communications Parent, Inc. offers broadband Internet
communications services.


FTX TRADING: Commences Chapter 11 as CEO Bankman-Fried Resigns
--------------------------------------------------------------
FTX Trading Ltd. (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a. FTX US), Alameda Research Ltd. and approximately 130
additional affiliated companies, together comprising the FTX Group,
have commenced voluntary proceedings under Chapter 11 of the United
States Bankruptcy Code in the District of Delaware to begin an
orderly process to review and monetize assets for the benefit of
all global stakeholders.

FTX and more than 130 related companies sought court protection at
the end of last week without filing any of the usual court motions
or explanatory documents seen in a big US insolvency case.  Two
days later, the companies' main court docket contains only a
23-page bare-bones petition.

According to Reuters, Bankman-Fried shared a document with
investors on Nov. 10 showing FTX had $13.86 billion in liabilities
and $14.6 billion in assets. However, only $900 million of those
assets were liquid, leading to the cash crunch that ended with the
company filing for bankruptcy.  Reuters was able to review the
document.

Financial Times, which also saw the investment materials, reports
the largest portion of those liquid assets listed on a FTX
international balance sheet dated Nov. 10 was $470 million of
Robinhood shares owned by a vehicle not listed in the bankruptcy
filing.

"The immediate relief of Chapter 11 is appropriate to provide the
FTX Group the opportunity to assess its situation and develop a
process to maximize recoveries for stakeholders," said new CEO John
J. Ray III.  "The FTX Group has valuable assets that can only be
effectively administered in an organized, joint process.  I want to
ensure every employee, customer, creditor, contract party,
stockholder, investor, governmental authority and other stakeholder
that we are going to conduct this effort with diligence,
thoroughness and transparency.  Stakeholders should understand that
events have been fast-moving and the new team is engaged only
recently. Stakeholders should review the materials filed on the
docket of the proceedings over the coming days for more
information."

The week's turmoil hit already-struggling cryptocurrency markets,
sending bitcoin to two-year lows.  Bitcoin dropped after FTX's
announcement and was down 4.3% at $16,803 on Friday afternoon.

                          CEO's Exit

FTX also announced Sam Bankman-Fried has resigned his role as Chief
Executive Officer and will remain to assist in an orderly
transition.  

The Associated Press notes Mr. Bankman-Fried was recently estimated
to be worth $23 billion and has been a prominent political donor to
Democrats.  His net worth has all but evaporated, according to
Forbes and Bloomberg, which closely track the net worth of the
world's richest people.

"I'm piecing together all of the details, but I was shocked to see
things unravel the way they did earlier this week.  I will, soon,
write up a more complete post on the play by play, but I want to
make sure that I get it right when I do," Bankman-Fried tweeted
Friday.

Mr. Ray III has been appointed as the new CEO of the FTX Group.
According to the announcement, many employees of the FTX Group in
various countries are expected to continue with the FTX Group and
assist Mr. Ray and independent professionals in its operations
during the Chapter 11 proceedings.

Reuters notes Mr. Ray, 63, oversaw the liquidation of Enron after
its bankruptcy filing and served as the senior officer of what
became Enron Creditors Recovery Corp. He also led the bankruptcy
restructuring at Nortel Networks.

                        FTX Collapse

FTX's collapse follows the bankruptcy filings of Three Arrows
Capital, Voyager Digital, and Celsius Network, after the collapse
of major tokens terraUSD and luna in May 2022 created domino
effects throughout the crypto industry.  The total value, or market
cap, of the largest 100 cryptocurrencies was $2.7 trillion on
November 2021 but in early September 2022, the aggregate value of
the cryptocurrency market sank below $1 trillion for the first time
since 2020.

Just this September, FTX outbid digital asset investment firm Wave
Financial for the assets of Voyager Digital.  Voyager was set to
seek court approval this December of its Chapter 11 plan that's
backed by a $1.422 billion sale transaction with FTX US.  Voyager
account holders owed $1.76 billion were to recover 72 cents on the
dollar of their claims and were to be transitioned into the FTX
platform.  But Voyager has scrapped those plans following FTX's
collapse.

Reuters reports FTX had struggled to raise billions to stave off
collapse as traders rushed to withdraw $6 billion from the platform
in just 72 hours and rival exchange Binance abandoned a proposed
rescue deal.  According to The Wall Street Journal, Mr.
Bankman-Fried tweeted Thursday morning that FTX paused customer
withdrawals after it was hit with roughly $5 billion worth of
withdrawal requests on Sunday.

The crisis forced FTX to scramble for an emergency investment.  FTX
struck a deal to sell itself to its giant rival Binance on Tuesday,
but Binance walked away from the deal the next day.

"As a result of corporate due diligence, as well as the latest news
reports regarding mishandled customer funds and alleged US agency
investigations, we have decided that we will not pursue the
potential acquisition of http://FTX.com,"Binance tweeted Nov. 10.

FTX, Reuters recounts, raised $400 million from investors in
January, valuing the company at $32 billion.  It attracted money
from investors such as Singapore state investor Temasek and the
Ontario Teachers' Pension Plan as well as celebrities and sports
stars.

Financial Times' Antoine Gara, Kadhim Shubber and Joshua Oliver
report that the investment materials show FTX Trading have
liabilities of $8.9 billion, the biggest portion of which is $5.1
billion of US dollar balances. FT says the vast majority of FTX
Trading's recorded assets are either illiquid venture capital
investments or crypto tokens that are not widely traded.

Financial Times notes the platform's biggest asset as of Nov. 10
was $2.2 billion worth of a cryptocurrency called Serum. FT points
out Serum's total market value was $88 million on Nov. 12,
according to data provider CryptoCompare, suggesting FTX's holdings
would be worth far less if sold into the market. CryptoCompare’s
figures take into account the coin's liquidity, according to FT.

Financial Times also reports Bankman-Fried was looking to sell the
$472 million of Robinhood shares in privately negotiated deals he
was arranging on the messaging app Signal, according to a person
directly involved in the negotiations. That source said the
Robinhood shares were held by an Antigua and Barbuda entity called
Emergent Fidelity, which is personally controlled by Bankman-Fried,
according to US securities filings. Emergent Fidelity is not among
the entities that sought bankruptcy protection.

The source told FT Bankman-Fried was entertaining offers at an
about 20% discount to Robinhood’s volume-weighted average price,
or about $9 per share.  The investor ultimately declined to buy due
to perceived legal risks, FT says.

FT further reports the second-biggest liquid asset was $200 million
of cash held with Ledger Prime, a crypto investment firm owned by
Alameda.

                    About FTX Group

FTX is the world's second-largest cryptocurrency firm.  FTX is a
cryptocurrency exchange built by traders, for traders.  FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.

On Nov. 10, 2022, the Securities Commission of The Bahamas froze
assets of FTX Digital Markets Ltd. and related parties, suspended
their registration, and applied to the Supreme Court of The Bahamas
for the appointment of a provisional liquidator for FDM.  Mr. Brian
Simms, K.C. (Lennox Paton Counsel and Attorney-at Law) was
appointed as provisional liquidator.

On Nov. 10, 2022, FTX Trading Ltd (d/b/a FTX.com), West Realm
Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and
approximately 135 additional affiliated companies commenced
voluntary Chapter 11 bankruptcy proceedings (Bankr. D. Del. Lead
Case No. 22-11068).

FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year.

The Hon. John T. Dorsey is the case judge.

Adam G. Landis, Esq., at Landis Rath & Cobb LLP in Wilmington
serves as FTX Group's local bankruptcy counsel. 

Joshua A. Sussberg, Esq., at Kirkland represents Voyager, and a
trio of lawyers at Sullivan & Cromwell represent West Realm. 

John J. Ray III assumed the role as the company's CEO following Sam
Bankman-Fried's resignation.

Lawyers at Paul Weiss represent Mr. Bankman-Fried or the 135
debtors or both.



FTX TRADING: FDM Assets Frozen by Bahamas Regulators
----------------------------------------------------
The Securities Commission of The Bahamas announced Nov. 10, 2022,
that it took action to freeze assets of FTX Digital Markets and
related parties. The Commission also suspended the registration and
applied to the Supreme Court of The Bahamas for the appointment of
a provisional liquidator of FTX Digital Markets Ltd. (FDM).

Mr. Brian Simms, K.C. (Lennox Paton Counsel and Attorney-at Law)
was appointed as provisional liquidator.  Additionally, the powers
of the directors of FDM have been suspended and no assets of FDM,
client assets or trust assets held by FDM, can be transferred,
assigned or otherwise dealt with, without the written approval of
the provisional liquidator.

The Commission said it is aware of public statements suggesting
that clients' assets were mishandled, mismanaged and/or transferred
to Alameda Research.  Based on the Commission's information, any
such actions would have been contrary to normal governance, without
client consent and potentially unlawful.
Since the unfolding of events involving FDM, the Commission has
proactively dealt with the situation and continues to do so. The
Commission determined that the prudent course of action was to put
FDM into provisional liquidation to preserve assets and stabilize
the company.

The Commission is committed to working with the provisional
liquidator to endeavour to obtain the best possible outcome for the
customers and other stakeholders of FTX.

                    No Withdrawals Authorized

The Securities Commission of The Bahamas notes of the statement
made by FTX representatives which advised "Per Bahamian HQ's
regulation and regulators, we have begun to facilitate the
withdrawals of Bahamian funds. As such, you may have seen some
withdrawals processed by FTX recently as we complied with the
regulators".

The Commission clarified Nov. 12 it has not directed, authorized or
suggested to FTX Digital Markets Ltd. the prioritization of
withdrawals for Bahamian clients.  The Commission further notes
those transactions may be characterized as voidable preferences
under the insolvency regime and consequently result in clawing back
funds from Bahamian customers.  In any event, the Commission does
not condone the preferential treatment of any investor or client of
FTX Digital Markets Ltd. or otherwise.

The Securities Commission of The Bahamas is a statutory body
established in 1995 pursuant to the Securities Board Act, 1995.
The Commission is responsible for the administration of the SIA,
2011 and the Investment Funds Act, 2019 (IFA), which provides for
the supervision and regulation of the activities of the investment
funds, securities and capital markets.

                    About FTX Group

FTX is the world's second-largest cryptocurrency firm.  FTX is a
cryptocurrency exchange built by traders, for traders.  FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.

FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and approximately 135
additional affiliated companies commenced voluntary Chapter 11
bankruptcy proceedings (Bankr. D. Del. Lead Case No. 22-11068) on
Nov. 11, 2022.

FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year.  

According to Reuters, CEO Bankman-Fried shared a document with
investors on Nov. 10 showing FTX had $13.86 billion in liabilities
and $14.6 billion in assets. However, only $900 million of those
assets were liquid, leading to the cash crunch that ended with the
company filing for bankruptcy.  Reuters was able to review the
document.  Financial Times says the largest portion of those liquid
assets listed on a FTX international balance sheet dated Nov. 10
was $470 million of Robinhood shares owned by a vehicle not listed
in the bankruptcy filing.

The Hon. John T. Dorsey is the case judge.

Adam G. Landis, Esq., at Landis Rath & Cobb LLP in Wilmington
serves as FTX Group's local bankruptcy counsel. 

Joshua A. Sussberg, Esq., at Kirkland represents Voyager, and a
trio of lawyers at Sullivan & Cromwell represent West Realm. 

John J. Ray III assumed the role as the company's CEO following Sam
Bankman-Fried's resignation.

Lawyers at Paul Weiss represent Mr. Bankman-Fried or the 135
debtors or both.



FTX TRADING: Identifies Affiliates Not Part of Chapter 11 Filings
-----------------------------------------------------------------
FTX Trading ltd., doing business as FTX.com, one of the world's
largest cryptocurrency exchanges, has commenced voluntary Chapter
11 bankruptcy proceedings with 137 affiliates.

FTX first announced that certain subsidiaries were not included in
the Chapter 11 proceedings:

    * LedgerX LLC,
    * FTX Digital Markets Ltd.,
    * FTX Australia Pty Ltd., and
    * FTX Express Pay Ltd.

FTX later clarified that these entities were also not included in
the Chapter 11 proceedings:

    * FTX Capital Markets LLC,
    * Embed Financial Technologies Inc., and
    * Embed Clearing LLC.

Further, the FTX Group does not include companies that the FTX
Group does not own or control, including:

    * Bitvo Inc. and
    * BTC Africa S.A. and their respective subsidiaries.

                    About FTX Group

FTX is the world's second-largest cryptocurrency firm.  FTX is a
cryptocurrency exchange built by traders, for traders.  FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.

On Nov. 10, 2022, the Securities Commission of The Bahamas froze
assets of FTX Digital Markets Ltd. and related parties, suspended
their registration, and applied to the Supreme Court of The Bahamas
for the appointment of a provisional liquidator for FDM.  Mr. Brian
Simms, K.C. (Lennox Paton Counsel and Attorney-at Law) was
appointed as provisional liquidator.

On Nov. 10, 2022, FTX Trading Ltd (d/b/a FTX.com), West Realm
Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and
approximately 135 additional affiliated companies commenced
voluntary Chapter 11 bankruptcy proceedings (Bankr. D. Del. Lead
Case No. 22-11068).

FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year.  According to Reuters, CEO
Bankman-Fried shared a document with investors on Nov. 10 showing
FTX had $13.86 billion in liabilities and $14.6 billion in assets.
However, only $900 million of those assets were liquid, leading to
the cash crunch that ended with the company filing for bankruptcy.
Reuters was able to review the document.  Financial Times says the
largest portion of those liquid assets listed on a FTX
international balance sheet dated Nov. 10 was $470 million of
Robinhood shares owned by a vehicle not listed in the bankruptcy
filing.

The Hon. John T. Dorsey is the case judge.

Adam G. Landis, Esq., at Landis Rath & Cobb LLP in Wilmington
serves as FTX Group's local bankruptcy counsel. 

Joshua A. Sussberg, Esq., at Kirkland represents Voyager, and a
trio of lawyers at Sullivan & Cromwell represent West Realm. 

John J. Ray III assumed the role as the company's CEO following Sam
Bankman-Fried's resignation.

Lawyers at Paul Weiss represent Mr. Bankman-Fried or the 135
debtors or both.



FTX TRADING: Voluntary Chapter 11 Case Summary
----------------------------------------------
Lead Debtor: FTX Trading Ltd.
             10-11 Mandolin Place, Friars Hill Road
             St. John's AG-04

Business Description: FTX is a cryptocurrency exchange built by
                      traders, for traders.  FTX offers innovative
                      products including industry-first
                      derivatives, options, volatility products
                      and leveraged tokens.

Chapter 11 Petition Date: November 11, 2022

Court: United States Bankruptcy Court
       District of Delaware

One hundred thirty-four affiliates that concurrently filed
voluntary petitions for relief under Chapter 11 of the Bankruptcy
Code:

     Debtor                                            Case No.
     ------                                            --------
     FTX Trading Ltd. (Lead Case)                      22-11068
     Alameda Aus Pty Ltd                               22-11104
     Alameda Global Services Ltd.                      22-11134
     Alameda Research (Bahamas) Ltd                    22-11105
     Alameda Research Holdings Inc.                    22-11069
     Alameda Research KK                               22-11106
     Alameda Research LLC                              22-11066
     Alameda Research Ltd                              22-11067
     Alameda Research Pte Ltd                          22-11107
     Alameda Research Yankari Ltd                      22-11108
     Alameda TR Ltd                                    22-11078
     Alameda TR Systems S. de R. L.                    22-11109
     Allston Way Ltd                                   22-11079
     Altalix Ltd                                              -
     Analisya Pte Ltd                                  22-11080
     Atlantis Technology Ltd.                          22-11081
     B for Transfer Egypt                                     -
     B Payment Services Nigeria                               -
     B Transfer Services Ltd                                  -
     B Transfer Services Ltd. UAE                             -
     B Transfer Services Uganda                               -
     Bancroft Way Ltd                                  22-11082
     BitPesa Kenya Ltd.                                       -
     BitPesa RDC SARL                                         -
     BitPesa Senegal Ltd.                                     -
     BitPesa South Africa                                     -
     BitPesa Tanzania Ltd.                                    -
     BitPesa Uganda Ltd.                                      -
     Bitvo, Inc.                                              -
     Blockfolio Holdings, Inc.                                -
     Blockfolio, Inc.                                  22-11110
     Blue Ridge Ltd                                    22-11083
     BT Payment Services Ghana                                -
     BT Payment Services South Africa                         -
     BT Payments Uganda                                       -
     BT Pesa Nigeria Ltd.                                     -
     BTC Africa S.A.                                          -
     BTLS Limited Tanzania                                    -
     Cardinal Ventures Ltd                             22-11084
     Cedar Bay Ltd                                     22-11085
     Cedar Grove Technology Services, Ltd              22-11162
     Clifton Bay Investments LLC                       22-11070
     Clifton Bay Investments Ltd                       22-11111
     CM-Equity AG                                             -
     Corner Stone Staffing                                    -
     Cottonwood Grove Ltd                              22-11112
     Cottonwood Technologies Ltd.                      22-11136
     Crypto Bahamas LLC                                22-11113
     DAAG Trading, DMCC                                22-11163
     Deck Technologies Holdings LLC                    22-11138
     Deck Technologies Inc.                            22-11139
     Deep Creek Ltd                                    22-11114
     Digital Custody Inc.                              22-11115
     Euclid Way Ltd                                    22-11141
     Exchange 4 Free Seychellen                               -
     Exchange 4Free Australia Br.                             -
     Exchange 4Free Ltd.                                      -
     Exchange 4Free South Africa Br.                          -
     Exchange 4Free Swiss Branch                              -
     Finfax Company                                           -
     FTX (Gibraltar) Ltd                               22-11116
     FTX Canada Inc                                    22-11117
     FTX Certificates GmbH                             22-11164
     FTX Crypto Services Ltd.                          22-11165
     FTX Digital Assets LLC                            22-11143
     FTX Digital Holdings (Singapore) Pte Ltd          22-11118
     FTX EMEA Ltd.                                     22-11145
     FTX Equity Record Holdings Ltd                    22-11099
     FTX Europe AG                                            -
     FTX Exchange FZE                                  22-11100
     FTX Hong Kong Ltd                                 22-11101
     FTX Japan Holdings K.K.                                  -
     FTX Japan K.K.                                    22-11102
     FTX Japan Services KK                             22-11103
     FTX Lend Inc.                                     22-11167
     FTX Marketplace, Inc.                             22-11168
     FTX Products (Singapore) Pte Ltd                  22-11119
     FTX Property Holdings Ltd                                -
     FTX Services Solutions Ltd.                       22-11120
     FTX Structured Products AG                        22-11122
     FTX Switzerland GmbH                              22-11169
     FTX Trading GmbH                                  22-11123
     FTX TURKEY TEKNOLOJI VE TICARET ANONIM SIRKET     22-11170
     FTX US Derivatives LLC                                   -
     FTX US Services, Inc.                             22-11171
     FTX US Trading, Inc                               22-11149
     FTX Vault Trust Company                                  -
     FTX Ventures Ltd                                  22-11172
     FTX Ventures Partnership                                 -
     FTX Zuma Ltd                                      22-11124
     GG Trading Terminal Ltd                           22-11173
     Global Compass Dynamics Ltd.                      22-11125
     Good Luck Games, LLC                              22-11174
     Goodman Investments Ltd.                          22-11126
     Hannam Group Inc                                  22-11175
     Hawaii Digital Assets Inc.                        22-11127
     Hilltop Technology Services LLC                   22-11176
     Hive Empire Trading Pty Ltd                       22-11150
     Innovatia Ltd                                     22-11128
     Island Bay Ventures Inc                           22-11129
     K-DNA Financial Services Ltd                             -
     Killarney Lake Investments Ltd                    22-11131
     Ledger Holdings Inc.                                     -
     LedgerPrime Bitcoin Yield Enhancement Fund, LLC   22-11177
     LedgerPrime Bitcoin Yield Enhancement
     Master Fund LP                                    22-11155
     LedgerPrime Digital Asset
     Opportunities Fund, LLC                           22-11156
     LedgerPrime Digital Asset Opportunities
     Master Fund LP                                    22-11157
     Ledger Prime LLC                                  22-11158
     LedgerPrime Ventures, LP                          22-11159
     Liquid Financial USA Inc.                         22-11151
     LiquidEX LLC                                      22-11152
     Liquid Securities Singapore Pte Ltd               22-11086
     LT Baskets Ltd.                                   22-11077
     Maclaurin Investments Ltd.                        22-11087
     Mangrove Cay Ltd                                  22-11088
     North Dimension Inc                               22-11153
     North Dimension Ltd                               22-11160
     North Wireless Dimension Inc                      22-11154
     Paper Bird Inc                                    22-11089
     Pioneer Street Inc.                               22-11090
     Quoine India Pte Ltd                              22-11091
     Quoine Pte Ltd                                    22-11161
     Quoine Vietnam Co. Ltd                            22-11092
     SNG INVESTMENTS YATIRIM VE DANISMANLIK
     ANONIM SIRKETI                                    22-11093
     Strategy Ark Collective Ltd.                      22-11094
     Technology Services Bahamas Limited               22-11095
     Tigetwit Ltd                                             -
     TransferZero                                             -
     Verdant Canyon Capital LLC                        22-11096
     West Innovative Barista Ltd.                      22-11097
     West Realm Shires Financial Services Inc.                -
     West Realm Shires Services Inc.                   22-11071
     Western Concord Enterprises Ltd.                  22-11098
     Zubr Exchange Ltd                                 22-11132

Judge: Hon. John T. Dorsey

Debtors' Counsel: Adam G. Landis, Esq.
                  LANDIS RATH & COBB LP
                  919 North Market Street, Suite 1800
                  Wilmington, DE 19801
                  Tel: (302) 467-4400
                  Email: landis@lrclaw.com

Estimated Assets: $10 billion to $50 billion

Estimated Liabilities: $10 billion to $50 billion

The petitions were signed by John J. Ray III, chief executive
officer.

The Debtors did not file together with the petitions a list of
their 20 largest unsecured creditors.

A full-text copy of the Lead Debtor's petition is available for
free at PacerMonitor.com at:

https://www.pacermonitor.com/view/PX5Y2WA/FTX_Trading_Ltd__debke-22-11068__0001.0.pdf?mcid=tGE4TAMA


FUEL DOCTOR: Incurs $37K Net Loss in Third Quarter
--------------------------------------------------
Fuel Doctor Holdings, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $37,102 on zero revenue for the three months ended Sept. 30,
2022, compared to a net loss of $2,837 on zero revenue for the
three months ended Sept. 30, 2021.

For the nine months ended Sept. 30, 2022, the Company reported a
net loss of $62,593 on $0 of revenues compared to a net loss of
$9,208 on $0 of revenues for the same period during the prior
year.

As of Sept. 30, 2022, the Company had $108,950 in total assets,
$190,400 in total liabilities, and a total stockholders' deficit of
$81,450.

Fuel Doctor stated, "We have not attained profitable operations and
are dependent upon the continued financial support from our
shareholders, the ability to raise equity or debt financing, and
the attainment of profitable operations from our future business.
These factors raise substantial doubt regarding our ability to
continue as a going concern.

"Our ability to continue as a going concern is dependent upon our
ability to generate future profitable operations and/or to obtain
the necessary financing to meet our obligations and repay our
liabilities arising from normal business operations when they come
due.  Our ability to continue as a going concern is also dependent
on our ability to find a suitable target company and enter into a
possible reverse merger with such company.  Management's plan
includes obtaining additional funds by equity financing through a
reverse merger transaction and/or related party advances; however,
there is no assurance of additional funding being available."

A full-text copy of the Form 10-Q is available for free at:

https://www.sec.gov/ix?doc=/Archives/edgar/data/1459188/000101738622000485/fdoc_2022sept30-10q.htm

                         About Fuel Doctor

Tel Aviv, Israel-based Fuel Doctor Holdings, Inc., is currently
attempting to locate and negotiate with eligible portfolio
companies to acquire an interest in them.  In addition to acquiring
an interest in them, the Company intends to assist these portfolio
companies with raising capital and offer them substantial
managerial assistance needed to succeed.

Fuel Doctor reported a net loss of $17,537 on zero revenue for the
year ended Dec. 31, 2021, compared to net income of $5,764 on zero
revenue for the year ended Dec. 31, 2020.  As of June 30, 2022, the
Company had $73,176 in total assets, $117,524 in total liabilities,
and a total stockholders' deficit of $44,348.

Garden City, New York-based Liebman Goldberg & Hymowitz, LLP, the
Company's auditor since Feb. 8, 2022, issued a "going concern"
qualification in its report dated April 18, 2022, citing that the
Company anticipates that during 2022, it will not have sufficient
capital.  Furthermore, the Company's losses from operations and
working capital deficiency raises substantial doubt about its
ability to continue as a going concern.


GANNETT CO: Moody's Affirms 'B3' CFR & Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service affirmed Gannett Co., Inc's (Gannett) B3
corporate family rating and its B3-PD probability of default rating
and changed the outlook to negative. Moody's also assigned a
negative outlook to the company's subsidiary Gannett Holdings, LLC
and affirmed its senior secured term loan and notes ratings at B1.
Gannet's speculative grade liquidity (SGL) rating remains unchanged
at SGL-3.

The change of outlook to negative from stable reflect Gannett's
weak operating cash flow in a difficult macroeconomic environment
as well as the company's diminished ability to absorb unexpected
volatility in operating performance over the coming year. Gannett's
LTM Q3 2022 EBITDA (Moody's adjusted) declined 23% from fiscal 2021
driven by a weak digital advertising market, sharp rise in fuel and
newsprint pricing, price sensitivity in print circulation
subscribers and distribution labor shortages. Gannett has
previously lowered its free cash flow guidance to break-even to $20
million for the full year 2022, down from $160 to $180 million
anticipated at the start of the year. Free cash flow turned
negative in the second quarter and was weak at $18 million in the
third quarter. Gannett does not have a committed revolving credit
facility and has limited cushion to absorb weak or negative cash
flow. Gannett's liquidity is currently adequate but could
deteriorate absent a turn-around in operating performance.

The affirmation of credit ratings reflects Moody's expectation that
liquidity will remain adequate, and operating cash flow will begin
to show improvement in 2023 helped by cost cuts already actioned in
late 2022, which the company estimates would reduce annual costs by
$200 - $240 million. The company does not have near-term maturities
or financial maintenance covenants. Moody's expects that Gannett
will continue paying down debt from asset sale proceeds, and excess
cash flow sweep in addition to the mandatory loan amortization over
the next 12-18 months. This will enable leverage reduction to
around 3.4x by the end of 2023 from 4.1x as of LTM Q3 2022,
assuming Gannett continues to align its cost basis with reduced
revenues.

Affirmations:

Issuer: Gannett Co., Inc

Corporate Family Rating, Affirmed B3

Probability of Default Rating, Affirmed B3-PD

Issuer: Gannett Holdings, LLC

Senior Secured Term Loan, Affirmed B1 (LGD3)

Gtd Senior Secured Global Notes, Affirmed B1 (LGD3)

Outlook Actions:

Issuer: Gannett Co., Inc

Outlook, Changed To Negative From Stable

Issuer: Gannett Holdings, LLC

Outlook, Changed To Negative From No Outlook

RATINGS RATIONALE

Gannett's B3 CFR reflects the company's revenue pressure because of
the secular decline in its print advertising and print focused
activities and the company's high leverage. Moody's does not expect
the structural pressures on Gannett's print advertising and print
circulation to ease in the future as demographics evolve and
consumers' tastes continue to gravitate toward digital media. The
company is transforming its business model by diversifying revenue
sources with growth potential from digital properties to offset the
secular decline in traditional print advertising and circulation.
Gannett's credit profile benefits from the company's position as
the largest owner of daily newspapers in the US and community
newspapers in the UK and management's focus on repaying debt.
Gannett repaid $130 million of debt year-to-date November 9, 2022
and over $585 million since the acquisition of legacy Gannett in
November 2019. However, the company's Debt/EBITDA (Moody's
adjusted) remains high at 4.1x as of LTM Q3 2022 despite
substantial debt repayments. Moody's expects that Gannett will
refrain from share buybacks in the near term to preserve liquidity
and will prioritize cash for debt repayment.

The SGL-3 reflects Moody's expectation for adequate liquidity over
the next twelve months. The company's liquidity is constrained by
the lack of a revolving credit facility. Over the next 12 months
free cash flow will remain under pressure because of the reduced
earnings, yet positive and improving. Gannett's liquidity is also
supported by meaningful balance sheet cash ($125 million as of
September 30, 2022). Moody's expects profitability and cash flow to
begin to show improvement in 2023. The company also reported a
pipeline of real estate and other asset with targeted sales
proceeds   of roughly $90 million, which can help raise liquidity,
but the timing is uncertain and market-driven. Gannett's debt
maturity profile is long dated, with its nearest material maturity
being senior secured loan and notes in October and November 2026,
respectively. The term loan does not have financial maintenance
covenants. The 2027 notes Indenture requires that the company
maintain at least $30 million of qualified cash, as of the last day
of each fiscal quarter.

The B1 ratings on the $596 million senior secured term loan ($468
million outstanding as of September 30, 2022) and $400 million
notes due 2026 ($363 million outstanding as of September 30, 2022)
reflect the probability of default of the company as reflected in
B3-PD probability of default rating, an average expected family
recovery rate of 50% at default and the instruments' ranking in the
capital structure. The senior secured term loan and notes due 2026
are ranked ahead of two convertible notes ($500 million combined,
unrated). The $497 million senior secured convertible notes due
2027 are secured by a second priority lien on the same collateral
package that secures the term loan and the $3 million senior
convertible notes due April 2024 are unsecured.

The negative outlook reflects the risk that an increasingly
challenging operating environment will continue to pressure
earnings and cash flow.

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

The ratings could be downgraded if the company's operating
performance fails to show improvement over the next 12 months or
liquidity weakens for any reason, or Moody's expects Moody's
adjusted leverage to remain above 4x by the end of 2023.

Ratings could be upgraded if Gannet demonstrates consistent revenue
and EBITDA growth and sustains Moody's adjusted leverage below 2x.

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

Headquartered in McLean, Virginia, Gannett is the largest owner of
daily newspapers in the US and community newspapers in the UK.
Gannett is also the owner of national USA Today publication.
Gannett generated LTM September 2022 revenue of approximately $3
billion.


GAP INC: Egan-Jones Keeps B+ Senior Unsecured Ratings
-----------------------------------------------------
Egan-Jones Ratings Company, on September 30, 2022, retained its
'B+' foreign currency and local currency senior unsecured ratings
on debt issued by The Gap, Inc.

Headquartered in San Francisco, California, The Gap, Inc. operates
as a clothing retailer.


GATES GLOBAL: Moody's Rates New $575MM Sr. Secured Term Loan 'Ba3'
------------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to Gates Global
LLC's new $575 million senior secured term loan. Proceeds will be
used to refinance the company's $552.4 million euro term loan
facility. Moody's also said that the B1 corporate family rating and
B1-PD probability of default rating are unchanged. In addition, the
existing Ba3 senior secured term loan facilities ratings and B3
senior unsecured notes rating are unchanged. The outlook is
stable.

Assignment:

Issuer: Gates Global LLC

Senior Secured Term Loan, Assigned Ba3 (LGD3)

LGD Adjustment:

Issuer: Gates Global LLC

Senior Unsecured Global Notes, LGD adjusted to (LGD5) from (LGD6)

RATINGS RATIONALE

The ratings reflect Gates' relatively large scale with revenue of
$3.5 billion for the twelve months ended September 30, 2022 and a
strong competitive position with premium products across a number
of industrial end markets and geographic regions. Further, the
company's brand strength and sizeable aftermarket business (at
about two third of sales) underpin its strong 17% EBITDA margin and
good free cash flow, which Moody's expects to be at least $250
million in 2022. However, Gates is exposed to highly cyclical end
markets. Further, ongoing softness in automotive production and
foreign exchange headwinds are expected to stay challenging through
2023. Slowing growth in industrial activity and cost pressures
associated with wage inflation and rising commodity costs are also
expected to continue through next year. Lastly, given the company's
strong operating performance, Moody's anticipates that
debt-to-EBITDA (Moody's standard adjustments) will be below 4.0x
over the next 12 to 18 months, from 4.6x as of September 30, 2022.

The stable outlook reflects Moody's expectation of steady demand in
the company's base business. This should enable Gates to generate
positive free cash flow that can support debt repayment.

Moody's considers Gates' liquidity to be very good, as reflected in
the SGL-1 speculative grade liquidity rating. The company had a
sizeable cash balance of about $395 million at September 30, 2022.
In addition, the company has a $250 million ABL with about $180
million available and a $250 million revolving credit facility that
is fully available and due 2026. Moody's expects the ABL to be
fully repaid by the end of 2022, with cash from the balance sheet.
Additionally, Moody's expects free cash flow to remain strong in
2023, with free cash flow to debt (including Moody's standard
adjustments) of about 10%, which should be more than ample to help
offset seasonal working capital swings and fund small bolt-on
acquisitions.

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

The ratings could be upgraded with the maintenance of very good
liquidity and stronger credit metrics, such that debt-to-EBITDA is
expected to remain around 3.5x and retained cash flow-to-debt above
20%. This would be accompanied, with a maintenance of a
conservative financial policy and movement to an independent board
of directors.

A ratings downgrade would be driven by debt-to-EBITDA sustained
above 4.5x, or a material decline in EBITA margin and interest
coverage metrics. Debt funded acquisitions or shareholder
distributions that increase leverage or weaken liquidity could also
drive downward ratings pressure.

The principal methodology used in this rating was Manufacturing
published in September 2021.

Gates Global LLC, located in Denver, Colorado, is a leading global
manufacturer of power transmission belts, fluid power products and
critical components used in diverse industrial and automotive
applications. The company is a wholly-owned subsidiary of Gates
Industrial Corporation plc, which was formed at the time of its IPO
in January 2018. Revenue for the LTM period ended September 30,
2022, was $3.5 billion. Gates Global LLC became a portfolio company
of The Blackstone Group L.P in 2014 and Blackstone retains a
significant ownership interest at 63%.


GLOBALSTAR INC: Egan-Jones Keeps CC Senior Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company, on September 26, 2022, retained its
'CC' foreign currency and local currency senior unsecured ratings
on debt issued by Globalstar, Inc. EJR also retained its 'C' rating
on commercial paper issued by the Company.

Headquartered in Covington, Louisiana, Globalstar, Inc. provides
mobile voice and data communications services via satellite.


GROM SOCIAL: Incurs $2.1 Million Net Loss in Third Quarter
----------------------------------------------------------
Grom Social Enterprises, Inc. filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q disclosing a
net loss of $2.11 million on $1.48 million of sales for the three
months ended Sept. 30, 2022, compared to a net loss of $2.33
million on $1.51 million of sales for the three months ended Sept.
30, 2021.

For the nine months ended Sept. 30, 2022, the Company reported a
net loss of $8.76 million on $3.85 million of sales compared to a
net loss of $7.15 million on $4.78 million of sales for the nine
months ended Sept. 30, 2021.

As of Sept. 30, 2022, the Company had $33.10 million in total
assets, $9.11 million in total liabilities, and $23.99 million in
total stockholders' equity.

Grom Social said, "We believe that based on our current operating
levels that we will need to raise additional funds by selling
additional equity or incurring debt.  To date, we have funded our
operations primarily through sales of our common stock in public
markets and proceeds from the exercise of warrants to purchase
common stock and the sale of convertible notes.  We have a
substantial doubt about the our ability to continue as a going
concern for the twelve months from the date of this report.

"Our management intends to raise additional funds through the
issuance of equity securities or debt.  There can be no assurance
that, in the event that we require additional financing, such
financing will be available at terms acceptable to us, if at all.
Failure to generate sufficient cash flows from operations, raise
additional capital and reduce discretionary spending could have a
material adverse effect on our ability to achieve our intended
business objectives.  As a result, the substantial doubt about our
ability to continue as a going concern has not been alleviated."

A full-text copy of the Form 10-Q is available for free at:

https://www.sec.gov/ix?doc=/Archives/edgar/data/1662574/000168316822007355/grom_i10q-093022.htm

                          About Grom Social

Boca Raton, Florida-based Grom Social Enterprises, Inc. --
www.gromsocial.com -- is a media, technology and entertainment
company focused on delivering content to children under the age of
13 years in a safe secure Children's Online Privacy Protection Act
("COPPA") compliant platform that can be monitored by parents or
guardians.

Grom Social reported a net loss of $10.22 million for the year
ended Dec. 31, 2021, a net loss of $5.74 million for the year ended
Dec. 31, 2020, and a net loss of $4.59 million for the year ended
Dec. 31, 2019.  As of June 30, 2022, the Company had $35.31 million
in total assets, $10.44 million in total liabilities, and $24.86
million in total stockholders' equity.


GTT COMMUNICATIONS: US$1.77B Bank Debt Trades at 30% Discount
-------------------------------------------------------------
Participations in a syndicated loan under which GTT Communications
Inc is a borrower were trading in the secondary market around 69.9
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.

The US$1.77 billion facility is a term loan.  The loan is scheduled
to mature on May 31, 2025.  About US$866 million of the loan is
drawn and outstanding.

GTT Communications, Inc. offers telecommunications services.



GWG HOLDINGS: Nov. 14 Deadline to Oppose Exclusivity Extension Bid
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas set a
Nov. 14 deadline for creditors of GWG Holdings, Inc. and its
affiliates to file their objections to the companies' bid for more
time to keep exclusive control of their bankruptcy cases.

The companies on Nov. 6 had asked the court to extend the
exclusivity periods to file their Chapter 11 plan to Nov. 15 and to
solicit votes on the plan to Jan. 14 next year.

The companies and the bondholder committee have recently exchanged
draft proposals for a Chapter 11 plan, which are significantly more
aligned than in prior proposals, making the chances for a plan
supported by both parties a very real possibility, according to the
companies' attorney, Kristhy Peguero, Esq., at Jackson Walker,
LLP.

"This brief extension will allow the [companies] time to further
engage in discussions with stakeholders, including the bondholder
committee, build on the progress the parties have made to date, and
work towards a consensual Chapter 11 plan," Ms. Peguero said in
court papers.

The court previously granted the company a short extension of the
exclusive filing period, which expired on Nov. 7.

                        About GWG Holdings

Headquartered in Dallas Texas, GWG Holdings, Inc. (NASDAQ: GWGH)
conducts its life insurance secondary market business through a
wholly-owned subsidiary, GWG Life, LLC, and GWG Life's wholly-owned
subsidiaries.

GWG Holdings Inc. and affiliates sought Chapter 11 bankruptcy
protection (Bankr. S.D. Texas Lead Case No. 22-90032) on April 20,
2022. In the petition filed by Murray Holland, president and chief
executive officer, GWG Holdings disclosed between $1 billion and
$10 billion in both assets and liabilities.

Judge Marvin Isgur oversees the cases.

The Debtors tapped Mayer Brown, LLP and Jackson Walker, LLP as
bankruptcy counsels; Tran Singh, LLP as special conflicts counsel;
FTI Consulting, Inc. as financial advisor; and PJT Partners, LP as
investment banker. Donlin Recano & Company is the Debtors' notice
and claims agent.

National Founders LP, a debtor-in-possession (DIP) lender, is
represented by Michael Fishel, Esq., Matthew A. Clemente, Esq., and
William E. Curtin, Esq., at Sidley Austin, LLP.

On June 20, 2022, the Debtors appointed Jeffrey S. Stein and
Anthony R. Horton as their independent directors. The Debtors
tapped Katten Muchin Rosenman, LLP as legal counsel and Province,
LLC as financial advisor for the independent directors.

The U.S. Trustee for Region 7 appointed an official committee to
represent bondholders in the Debtors' cases. The committee tapped
Akin Gump Strauss Hauer & Feld, LLP and Porter Hedges, LLP as legal
counsels; Piper Sandler & Co. as investment banker; and
AlixPartners, LLP as financial advisor.


HARBOUR AIRCRAFT: S&P Affirms CCC (sf) Rating on Series C Loans
---------------------------------------------------------------
S&P Global Ratings affirmed its ratings on Harbour Aircraft
Investments Ltd.'s series A, B, and C loans.

The affirmations primarily reflect the portfolio's stable
performance and the loans' sufficient credit enhancement at their
respective rating levels.

Following the height of the COVID-19 pandemic, S&P has seen
improvements in air travel and the resurgence in values of some
aircraft types from the pandemic lows. However, the pandemic's
prolonged negative impact on global travel and the resulting stress
continue to constrain some airlines' liquidity and ability to make
timely lease payments.

Assumptions For The Review

Collateral value

S&P said, "We typically use the lower of the mean and median value
(LMM value) of the half-life base and market values from three
appraisers as the starting point in our analysis. Using this LMM
value, we applied our aircraft-specific depreciation assumptions
from the date of the appraisal to the first payment date."

Aircraft-on-ground (AOG) times

S&P made a criteria exception to extend the AOG downtime during the
first modeled recession and differentiated the re-lease time for
wide-bodies and narrow-bodies because we believe that wide-bodies
will be more vulnerable to lower demand.

  Table 1

  Aircraft-on-ground

  IN MONTHS

      BEFORE APPLICATION OF        AFTER APPLICATION OF
      CRITERIA EXCEPTION       CRITERIA EXCEPTION

  STRESS   ALL AOG  RECESSION  RECESSION    RECESSIONS             
       
                         1 NB AOG    1 NB AOG    2 AND 3 ALL AOG


  AA         11            13          16             11

  A          10            12          15             10

  BBB         9            11          14              9

  BB          8            10          13              8

  B           7             9          12              7

  AOG--Aircraft on ground.
  NB--Narrow-body.
  WB--Wide-body.


Default pattern

S&P applied defaults evenly over a four-year period during the
first recession and assumed defaults will occur in a
30%/40%/20%/10% pattern in the subsequent recessions.

Useful life

S&P assumed a 22-year useful life for all aircraft in the
portfolio. For aircraft where our useful life assumption would
result in a sale prior to the contracted end of lease, S&P extended
the useful life to the expiration of the lease.

Portfolio

As of the October 2022 payment date, the transaction was backed by
a portfolio of 15 aircraft, four engines, and one airframe. The LMM
value of the portfolio as of the November 2021 appraisal date was
$229.37 million. The depreciated value using S&P Global Ratings'
aircraft-specific depreciation rate was $215.62 million as of
October 2022. The aircraft have a weighted average age and
remaining lease term of approximately 17 years and four years,
respectively (based on the LMM value). Of the four engines in the
portfolio, two are on lease or expected to be on lease, while the
remaining two have been consigned for part-out along with the
airframe. In S&P's cash flows, it considered the contractual lease
payments from the engines but not the expected dispositions given
the lack of appraisal information and uncertainty over the timing
and economics of the disposition. All the aircraft in the portfolio
are either on lease or have signed leases. As of Sept. 30, 2022,
four of the lessees were more than one month late in the payment of
either basic or maintenance rent.

The credit profile of the portfolio has improved since S&P's prior
review, with all aircraft on lease or expected to start leases
soon, and fewer lessees being more than one month late in respect
of basic or maintenance rent. Further, the servicer has disposed
several assets either through part-out or sale of the aircraft,
thereby deleveraging the A and B loans.

Liabilities

The transaction is currently in rapid amortization, and hence the
loans do not receive any scheduled principal payments and are
instead paid on a turbo basis at the requisite step in the
waterfall.

  Table 2

  Liabilities
                                                     SERIES
                                                A       B       C

  Original balance (mil. $)                   445.2    68.3   66.3

  Balance as of October 2022 (mil. $)        176.89   29.84  46.04

  Balance as of April 2021 (mil. $)          228.38   35.04  40.85

  Paydowns since last review (mil. $)          51.5     5.2    0.0

  LTV (%)(i)                                  82.04   95.87 117.23

(i)Calculated as the note balance divided by the October 2022
depreciated LMM value of $215.62 million.
LTV--Loan-to-value.
LMM--Lower of the mean and median.

S&P said, "Since our last review in May 2021, the transaction has
benefitted from stable rent collections, disposition of several
assets, and end-of-lease compensations, which have helped
deleverage the series A and B loans. As a result, there has been
some improvement in the debt service coverage ratio (DSCR) even
though it continues to remain below the threshold, thereby
triggering a rapid amortization event."

  Table 3


  Debt service coverage ratio (x)

    Current           0.22

    Last review       0.08


The transaction structure includes a credit facility that may be
drawn upon to pay certain expenses and interest on the series A and
B loans. Interest on the series C loans is deferrable and, as of
the October 2022 payment date, the unpaid interest amount was
$0.305 million. The series C interest reserve account has already
been depleted. Non-payment of the series A and B principal and
series C interest and principal prior to the legal final maturity
date does not constitute an event of default.

Per the transaction documents, disposition proceeds are distributed
pro rata between the series A and series B loans prior to the
seventh anniversary from closing. As a result, the series B loans
have received some principal repayments since our last review.

A rapid amortization event can be triggered either when the DSCR is
below 1.15x or once the transaction passes its seventh anniversary,
among other factors. The deal is currently in rapid amortization
and, per the transaction documents, no scheduled principal amounts
are due on the loans in this phase and are instead repaid on a
turbo basis. However, the turbo payments can be made only once the
maintenance reserve is at its required amount. Since S&P's last
review, the transaction has diverted a significant portion of its
revenues to fund the maintenance reserve. Although these amounts
could be used to complete future aircraft shop visits, they are
delaying repayment of the loans, given its priority in the payment
waterfall. While the maintenance reserve is at its target amount as
of October 2022, there is some level of uncertainty on future
maintenance sizing given the age of the portfolio.

S&P said, "Our cash flow results pointed to a higher rating for the
series A loans while the series C loans did not pass even under our
'B-' stress level.

"While there have been some improvements in performance since our
last review, our analysis considered the portfolio's exposure to
lessees with historical and ongoing delays or delinquencies in
rental payments as well as the replenishment of the maintenance
reserve senior to the loans' turbo repayments, and therefore
affirmed the rating on the series A loans.

"The rating on the series C loans reflects the application of our
"Criteria For Assigning 'CCC+', 'CCC', 'CCC-', And 'CC' Ratings,"
published Oct. 1, 2012. Although interest is deferrable on the
series C loans, the calculated loan-to-value ratio is 117%. As a
result, we believe that although the series C loans are vulnerable,
a default is unlikely in the near term.

"We will continue to review whether the ratings assigned are
consistent with the credit enhancement available to support the
loans."

  Ratings Affirmed

  Harbour Aircraft Investments Ltd.

  Series A loans: BB- (sf)
  Series B loans: B (sf)
  Series C loans: CCC (sf)



HELMERICH & PAYNE: Egan-Jones Retains BB- Sr. Unsec. Debt Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on October 14, 2022, retained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by Helmerich & Payne Inc.  

Headquartered in Tulsa, Oklahoma, Helmerich & Payne, Inc. provides
contract drilling of oil and gas wells in the Gulf of Mexico and
South America.


HIGHPEAK ENERGY: Fitch Rates New Unsec. Notes Due 2024 'B'
----------------------------------------------------------
Fitch Ratings has assigned a 'B'/'RR3' rating to HighPeak Energy,
Inc.'s proposed senior unsecured notes due November 2024 and
affirmed the company's Long-Term Issuer Default Rating (IDR) at
'B-'. Fitch has affirmed HighPeak's senior secured reserve-based
lending facility at 'BB-/RR1' and its unsecured notes at 'B'/'RR3'.
The Rating Outlook is Stable. HighPeak intends to use the proceeds
from the proposed note offering to fund the repayment of the
outstanding RBL facility and for general corporate purposes.

HighPeak's rating reflects their Permian asset base with high
liquids exposure, solid drilling inventory of economic locations,
expected rapid increase in size and scale, and the leverage profile
forecast to remain below 1.5x through the cycle based on the Fitch
price deck. These factors are partially offset by the company's
current small production size and reserve replacement and by its
low 12-month hedge coverage, which leaves future cash flows
susceptible to market price fluctuations.

KEY RATING DRIVERS

Small but Growing Size: HighPeak's ratings reflect the company's
small but growing production size concentrated in the Northern
Midland basin. The company's asset base (approximately 97,000 net
acres) is in the Northern Midland basin in two large contiguous
blocks (approximately 47,000 and approximately 50,000 in Flat Top
and Signal Peak, respectively), with opportunity for 10,000+ foot
laterals. The assets are liquids-oriented with 22.0 Mboepd at 2Q22
production with approximately 95% liquids and approximately 86%
oil. Management has identified approximately 1,906 total locations
across seven benches at 2Q22, and estimates 29 MMboe total proved
developed reserves at FYE2021.

Minimal legacy development allows HighPeak to utilize industry
learning to optimize development patterning and completion across
their delineated formations. Much of the Midland basin is
well-developed, particularly the Lower Spraberry and Wolfcamp A and
B zones, which supports expected well results. Fitch believes
HighPeak Energy's acreage is less de-risked than other companies,
and well results could vary across the region.

Execution Risk Around Growth Strategy: Fitch believes there are
execution risks associated with HighPeak's growth strategy as the
rig count increases considerably from one rig in 2Q21 to six rigs
in 2022 and the company utilizes most of its available liquidity to
maintain elevated capex levels. Production in 2Q22 was 22.0 Mboepd,
and management expects to increase production significantly in the
near term through its six-rig drilling program. The capital program
will be funded with the company's new $225 million unsecured notes,
$85 million equity issuance, significant draw on the RBL and
through internally generated cash flows.

HighPeak operates in Flat Top, which is in Northeastern Howard
County, and Signal Peak, which is in Southeastern Howard County.
These areas are less developed than Western Howard County; however,
performance to date has been strong driven primarily by HighPeak's
high liquids mix (95% liquids, 86% oil), which has been higher than
other counties in the Midland basin. Fitch believes the current
growth plan is aggressive, and a weakened pricing environment could
force HighPeak to pull back on its capital spending and
significantly slow down production growth.

Near-Term Negative FCF: Fitch forecasts HighPeak to significantly
outspend cash flows through 2023 given the expected elevated capex
levels. Fitch expects the company will generate positive FCF in
2024 at Fitch's $62/bbl WTI price assumption, which should allow
for some repayment of the RBL borrowings that will help reduce
refinance risks on the unsecured notes. Given the short-term nature
of the company's rig contracts, management could scale back its rig
count to preserve liquidity in a weakened oil price environment.

Limited Near-Term Hedge Book: Fitch believes HighPeak's current
hedge coverage leaves the company susceptible to weakening
commodity prices in 2023, especially given the expected RBL
borrowings to fund the development program. HighPeak's 12-month
hedge program covers approximately 45% of oil production for the
remainder of 2022, which decreases to approximately 10% of oil
production hedged for 2023; the credit agreement requires the
company to hedge up to 50% of its oil production over the next 24
months based on the PDP reserves.

The notes require a minimum hedging for oil of 10mboepd for 2023
and for January-to-September 2024, of which 50% of the total is to
be hedged by Nov. 30, 2022; the remaining 2023 hedging to be
completed by Dec. 31, 2022; and the remaining 2024 hedging to be
completed by April 30, 2023. Given HighPeak's projected growth in
the coming years, the company hedge coverage will remain low in the
near term, but Fitch expects HighPeak's strategy to hedge cashflows
to pay down debt.

Sub-1.5x Leverage Profile: Fitch forecasts HighPeak's leverage to
be 1.2x at 2022, will decrease to 0.6x in 2024 before weakening to
approximately 1.0x thereafter. While the company is relatively new,
management has stated its priorities are balance sheet protection
and conservative financial policy, reinforced by equity
contributions to-date of approximately $760 million, which includes
the $85 million equity contribution in 3Q2022. Fitch expects
further deleveraging over time as the production profile grows but
will look to see management reduce outstanding borrowing under the
RBL in the near term.

DERIVATION SUMMARY

HighPeak Energy is a relatively small, growth-oriented operator
with average daily production of approximately 22.0 thousand
barrels of oil equivalent per day (mboepd) in 2Q2022, which is
smaller than its Permian peers at 2Q22, Matador Resources Company
(BB-/Stable; 110.2 Mboepd), Callon Petroleum Company (B/Stable;
approximately 100.7 Mboepd), Crownrock, L.P. (BB-/Stable; 135.6
Mboepd), SM Energy Company (BB-/Stable; 146.6 Mboepd) and
Earthstone Energy, Inc. (B+/Stable; approximately 77.1 Mboepd).

In terms of cost structure, HighPeak's Fitch-calculated unhedged
cash netback of $90.00 per barrel of oil equivalent (boe; 88%
margin) is stronger than its peers, Matador ($71.90/boe; 81%
margin), Callon Petroleum ($54.80/boe; 71% margin), SM Energy
($57.80/boe; 78% margin), CrownRock ($62.00/boe; 82% margin) and
Earthstone ($51.27/boe; 76% margin).

The company's forecast sub-1.5x leverage is slightly higher the
peer group in terms of leverage, with Fitch forecast gross leverage
of 1.2x at year end 2022. This is half a turn higher than Matador,
SM and Callon's expected leverage of about 0.7x.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

- WTI oil price of $95/bbl in 2022, $81/bbl in 2023, $62/bbl in
2024 and $50/bbl thereafter;

- Henry Hub natural gas price of $7/mcf in 2022, $5/mcf in 2023,
$4/mcf in 2024 and $3/mcf in 2025;

- Continued above average production through organic growth over
the forecast period;

- Completion of the $225 million senior unsecured note offering in
November 2022;

- Annual capex increasing during the forecast to facilitate for
inflation and production growth;

- Near-term negative FCF funded with the proposed senior unsecured
note issuance and RBL borrowings;

- Moderate opex efficiencies as production size increases, tempered
by increasing service cost environment from recent lows.

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that HighPeak Energy would be
reorganized as a going-concern in bankruptcy rather than
liquidated.

Fitch has assumed a 10% administrative claim.

Going-Concern (GC) Approach

- Fitch assumed a bankruptcy scenario exit EBITDA of $325 million.
This GC EBITDA reflects Fitch's projections under a stressed case
price deck with a prolonged commodity price downturn ($67/WTI and
$6.25/mcf gas in 2023, decreasing to $42/bbl WTI and $2.25/mcf gas
in 2025).

- The GC EBITDA estimate reflects Fitch's view of a sustainable,
post-reorganization EBITDA level upon which Fitch base the
enterprise valuation, which reflects the decline from current
pricing levels to stressed levels and then a partial recovery
coming out of a troughed pricing environment. Fitch believes that a
lower-for-longer price environment combined with continued
aggressive growth and consequent RBL-funded capital outspend and
liquidity erosion could pose a plausible bankruptcy scenario for
HighPeak.

- An EV multiple of 3.0x EBITDA is applied to the GC EBITDA to
calculate a post-reorganization enterprise value. The choice of
this multiple considered the following factors:

- The historical bankruptcy case study exit multiples for peer
companies ranged from 2.8x to 7.0x, with an average of 5.6x and a
median of 6.1x;

- The lower multiple takes into consideration HighPeak's
oil-weighted Midland Permian asset base, which has increased risk
since it is less developed.

Liquidation Approach

- The liquidation estimate reflects Fitch's view of the value of
balance sheet assets that can be realized in sale or liquidation
processes conducted during a bankruptcy or insolvency proceeding
and distributed to creditors.

- Fitch considers valuations such as SEC PV-10 and M&A transactions
for each basin including multiples for production per flowing
barrel, proved reserves valuation, value per acre and value per
drilling location. Fitch has assumed the lower Proved Reserve (1P)
based valuation estimate to be the most conservative.

- The RBL is assumed to be fully drawn upon default, given the
company's hedge position as well as Fitch's expectation that
production growth would likely offset the risk of price-linked
borrowing base reduction. The RBL is senior to the unsecured notes
in the waterfall.

- The allocation of value in the liability waterfall results in
recovery corresponding to 'RR1' for the senior secured RBL facility
($550 million) and 'RR3' for the two senior unsecured notes ($225
million), which is consistent with Fitch's Notching and Recovery
Rating Criteria.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

- Transition to positive FCF generation that allows for gross debt
reduction;

- Consistent track record of reserve replacement and total
production approaching 50 Mboepd;

- Proactive management of the capital structure and maturity
profile that reduces refinance risks;

- Mid-cycle Total debt with equity credit/Operating EBITDA
sustained below 2.5x.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

- Deterioration in liquidity or failure to refinance in a timely
manner;

- Material reduction and/or delay in transition to positive FCF
generation which limits the ability to repay gross debt;

- Failure to realize production growth resulting in production
sustained below 20 Mboepd;

- Mid-cycle Total debt with equity credit/operating EBITDA
sustained above 3.5x.

ESG CONSIDERATIONS

HighPeak has an ESG Relevance Score of '4' for energy management
that reflects the company's cost competitiveness and financial and
operational flexibility due to scale, business mix, and
diversification. These factors have a negative impact on the credit
profile and are relevant to the rating in conjunction with other
factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This 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.

   Entity/Debt                 Rating           Recovery   Prior
   -----------                 ------           --------   -----
HighPeak Energy Inc.    LT IDR B-   Affirmed                 B-

   senior unsecured     LT     B    New Rating     RR3

   USD 225 mln
   10.625%
   bond/note
   14-Oct-2024          LT     B    New Rating     RR3

   senior  
   unsecured            LT     B    Affirmed       RR3       B

   USD 225 mln
   10% bond/note                             
   15-Feb-2024
   43114QAB1            LT     B    Affirmed       RR3       B

   senior secured       LT     BB-  Affirmed       RR1       BB-

   USD 195 mln
   3.25% ABL –
   Reserve Base
   Loan 22-jun-2024*    LT     BB-  Affirmed       RR1       BB-


HOST HOTELS: S&P Alters Outlook to Positive, Affirms 'BB+' ICR
--------------------------------------------------------------
S&P Global Ratings revised its rating outlook to positive from
stable and affirmed all ratings, including the 'BB+' issuer credit
rating on U.S. hotel REIT Host Hotels & Resorts Inc.

S&P said, "We also affirmed our 'BBB-' issue-level rating (one
notch higher than the 'BB+' issuer credit rating) on Host's
unsecured debt because of substantial asset coverage in Host's
currently unencumbered high-quality hotel portfolio and restrictive
covenants common in REIT debt agreements that we assume would limit
incremental future secured and pari passu debt in Host's capital
structure in our recovery analysis.

"The positive outlook reflects the possibility we could raise the
issuer rating one notch once we believe that Host can sustain S&P
Global Ratings-adjusted net leverage around the low-3x area and
funds from operations (FFO) to debt in the high-20% area, on
average, including the impact of potential leveraging investment
policy choices regarding acquisitions, dividends, share
repurchases, and operating volatility.

"The positive outlook reflects our view that Host can sustain
enough cushion in our measure of lease-adjusted net leverage over
the next several quarters under our low-3x upgrade threshold to
incorporate possible cash flow volatility. This assessment
incorporates the rising risk of a U.S. recession, and the
potentially leveraging impact of opportunistic hotel acquisitions.

"We believe that strong revenue per available room (RevPAR) and
EBITDA performance in the third quarter of 2022 could continue in
the fourth quarter due to a good recovery in hotel occupancy in
urban markets and strong average daily rate (ADR). As a result,
Host Hotels will likely have a good cushion compared to our low-3x
net leverage upgrade threshold despite the announcement the company
used $315 million in cash to purchase the Four Seasons Resort and
Residences Jackson Hole, and the rising risk of a U.S. recession in
2023."

The combination of robust RevPAR and EBITDA growth driven by
continued strong post-summer leisure demand, the ongoing recovery
in business and group hotel demand and bookings in the second half
of 2022 and into 2023, strong ADR, good expense control, and the
EBITDA contribution from recently acquired hotels, will likely
result in S&P's measure of lease-adjusted net leverage in the
mid-2x area in 2022. The RevPAR recovery remains strong so far in
the fourth quarter and the first quarter of 2023 will likely be an
easy comparison to the first quarter of 2022 due to the negative
impact the Omicron variant had on travel and hotel demand. With
business and group travel improving, Host's upper-upscale
full-service urban hotels may finally get back to more normal
occupancy levels, significantly supporting the portfolio's RevPAR
recovery. In addition, Host has stated that it sees no signs of
weakness in booking or pricing trends, it believes the banking
system is in good shape, corporate leverage levels are reasonable,
and consumers still have savings, particularly in the company's
core high income demographic. Host has also stated that leisure
rates at its hotels remain strong in the fourth quarter, including
over Thanksgiving, the holiday season, and New Year's Eve.

S&P said, "However, our macroeconomists believe that recent
indicators show cracks in the foundation as the U.S. economy heads
into 2023, as rising prices and interest rates eat away at
household purchasing power. Our U.S. GDP growth forecast is 1.6%
for 2022 and 0.2% for 2023, as the economy falls into a shallow
recession in the first half of the year. In addition, while our
baseline now includes a shallow recession, we can't rule out
chances of an even harder landing. While it is likely the shift in
spending to experiences from products may continue for a while
longer, the surge in travel and leisure volumes and strong rate in
hotels during the summer and fall of 2022 may begin to moderate
after the first quarter of 2023 if consumers' willingness to spend
on travel and entertainment in 2023 is constrained by reduced
accumulated savings and continued high inflation. If this occurs,
U.S. RevPAR may be flat or possibly decline in 2023 if rate
declines more than occupancy rises. We believe this decline
scenario, if it materializes, would present modest risk to Host and
is incorporated in this positive outlook revision."

Furthermore, the positive outlook incorporates the possibility that
Host could make opportunistic hotel acquisitions over the next two
years. The company cited that maturities in the lodging CMBS market
over the next two years could be a catalyst for some hotel owners
to seek a buyer, and that Host has already received inbound calls
from hotel owners inquiring if Host would want to purchase hotels.
In addition, despite the significant incremental risks Host chose
to take on during the pandemic when it used a substantial amount of
cash for hotel acquisitions while it was still burning cash from
operations and before it sold hotels to finance the acquisitions,
it has become very clear that recent acquisitions are significantly
outperforming the company's underwriting assumptions and
contributing to strong EBITDA generation. S&P said, "We believe
this demonstrates that the company has been able to absorb the
incremental risk quickly. As a result, we believe that our current
forecast for lease-adjusted net leverage in the mid-2x area could
be a sufficient cushion to absorb operating volatility in 2023 and
potential acquisitions."

S&P said, "Our affirmation of our 'BBB-' issue-level rating on
Host's unsecured debt reflects the substantial asset coverage in
its high-quality unencumbered hotel portfolio and strong customary
REIT covenants in its debt agreements limiting additional debt
issuance over time.Even under a typical set of recovery analysis
assumptions for hotel net operating income (NOI) and a
capitalization rate that are distressed there is ample asset
coverage of well over 100% of Host's current unsecured debt. In
addition, Host's REIT covenants include limits on total debt to
assets to less than 65%, secured debt to total assets to a maximum
of 40%, and unencumbered assets of at least 150% of total debt.
Host's measures of these covenants as of September 2022 were
significantly better than the thresholds required, and we expect
them to remain so for the next few years. In addition, these
customary REIT covenants strengthen our assumption that Host will
not likely be able to incur enough future incremental debt in our
recovery analysis to materially weaken recovery prospects for its
unsecured lenders. As a result, we rate Host's unsecured debt
'BBB-', one notch above the 'BB+' issuer credit rating. Still,
despite our expectation for more than 100% coverage, given the
company's debt is currently unsecured, under our methodology we cap
our recovery rating at '2' (70%-90%), limiting the upward notching
to one notch above the issuer credit rating."

Host's quality hotel portfolio is positioned to continue to recover
and the financial flexibility of its unencumbered asset base
supports the current rating.Host has strong relationships with
successful hotel brands including those owned by Marriott, Hyatt,
and Accor, which typically reliably drive guests to the company's
hotels, resulting in high occupancy levels during a normal travel
economy. The company's focus on high-quality assets in highly
desirable city-center locations has enabled it to command premium
prices, which is reflected in its relatively higher ADR. This
appears to be strengthening as business and group travel recovers.
In addition, supply deceleration in its top 20 markets may be
greater than past cycles. Another strength is that the asset base
is currently unencumbered, which materially adds to the company's
financial flexibility.

The positive outlook reflects the possibility S&P could raise the
issuer rating one notch once we believe Host can sustain S&P Global
Ratings-adjusted net leverage around the low-3x area on average,
and funds from operations (FFO) to debt in the high-20% area,
including the impact of potential leveraging investment policy
choices regarding acquisitions, dividends, share repurchases, and
operating volatility.

S&P said, "We could revise the outlook to stable if hotel demand,
RevPAR, and EBITDA begin to deteriorate in 2023 more that we assume
in our base case, if the recovery in business and group travel
reverses, or if Host incurs more incremental debt and leverage than
we assume in our base case, in a manner that causes the company's
leverage to be sustained above the low-3x area and FFO to debt
below the high-20% area.

"Although unlikely, we could lower the rating if material
deterioration in the U.S. lodging sector causes the company to
sustain our measure of adjusted net debt to EBITDA above 4x. We
could also lower the rating if Host increases its leverage by
financing hotel acquisitions largely with cash on hand or
incremental debt without generating sufficient asset sale or equity
proceeds to make acquisitions at least leverage neutral on a net
debt basis."

ESG credit indicators: E-2, S-3, G-2

S&P said, "Health and safety factors are a moderately negative
consideration in our credit rating analysis of Host. Our social
credit indicator score is S-3 and incorporates the ongoing risks of
health and safety scares. Although the COVID-19 pandemic led to
unprecedented declines in RevPAR and occupancy, a material spike in
leverage and an extended cash burn, this was an extreme disruption
not likely to recur. However, risk remains around regional health
concerns and uncertainty about disruption to group and business
travel."



HOVNANIAN ENTERPRISES: Egan-Jones Hikes Sr. Unsec. Ratings to B-
----------------------------------------------------------------
Egan-Jones Ratings Company, on September 29, 2022, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Hovnanian Enterprises, Inc. to B- from CCC+. EJR
also retained its 'B' rating on commercial paper issued by the
Company.

Headquartered in Matawan, New Jersey, Hovnanian Enterprises, Inc.
designs, constructs, and markets single-family homes, townhomes,
and condominiums in planned residential communities.


HUNTER DOUGLAS: US$3.50B Bank Debt Trades at 13% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Hunter Douglas Inc
is a borrower were trading in the secondary market around 87
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.

The US$3.50 billion facility is a term loan.  The loan is scheduled
to mature on February 25, 2029.   The amount is fully drawn and
outstanding.

Hunter Douglas Inc. manufactures building products. The Company
provides different types of window fashions like shades, sheers,
honeycombs, blinds, and shutters.




INSPIREMD INC: Posts $4.5 Million Net Loss in Third Quarter
-----------------------------------------------------------
InspireMD, Inc. filed with the Securities and Exchange Commission
its Quarterly Report on Form 10-Q disclosing a net loss of $4.53
million on $1.43 million of revenues for the three months ended
Sept. 30, 2022, compared to a net loss of $4.07 million on $1.07
million of revenues for the three months ended Sept. 30, 2021.

For the nine months ended Sept. 30, 2022, the Company reported a
net loss of $13.65 million on $4.14 million of revenues compared to
a net loss of $10.82 million on $3.11 million of revenues for the
nine months ended Sept. 30, 2021.

As of Sept. 30, 2022, the Company had $28.06 million in total
assets, $6.19 million in total liabilities, and $21.87 million in
total equity.

Marvin Slosman, CEO of InspireMD, commented: "During the third
quarter, we continued to gain share in our key European markets,
contributing to nearly 40% CGuard revenue growth over the prior
year period.  We continue to work with our Notified Body to secure
our CE Mark certification under the MDR, which currently expires
November 12, while preparing our customers and distributors with
sufficient inventory to mitigate as best as possible any potential
delay in the recertification process.

"At the same time, our U.S. IDE trial now has 24 sites enrolling
patients.  We continue to anticipate having the trial fully
enrolled by approximately end of Q1 of next year, a critical step
forward in our goal to gain eventual marketing approval in the
U.S.

"We believe we have set the stage for a catalyst-rich 2023, driven
by continued share gains in our established markets, ongoing
progress with our U.S. IDE trial, conversion of existing
endovascular CAD procedures to CGuard from other stent systems, and
the introduction of two new delivery systems, our SwitchGuard Trans
Carotid (TCAR), and CGuard Prime Transfemoral (TFEM) platforms
which will allow us to continue to address the comprehensive needs
for all vascular specialist treating Carotid disease and stroke,
including vascular surgeons who continue to treat a significant
percentage of Carotid patients," Mr. Slosman concluded.

A full-text copy of the Form 10-Q is available for free at:

https://www.sec.gov/ix?doc=/Archives/edgar/data/1433607/000149315222030818/form10-q.htm

                         About InspireMD

Headquartered in Tel Aviv, Israel, InspireMD, Inc. --
http://www.inspiremd.com-- is a medical device company focusing on
the development and commercialization of its proprietary MicroNet
stent platform technology for the treatment of complex vascular
and
coronary disease.  A stent is an expandable "scaffold-like" device,
usually constructed of a metallic material, that is inserted into
an artery to expand the inside passage and improve blood flow. Its
MicroNet, a micron mesh sleeve, is wrapped over a stent to provide
embolic protection in stenting procedures.

InspireMD reported a net loss of $14.92 million for the year ended
Dec. 31, 2021, a net loss of $10.54 million for the year ended Dec.
31, 2020, a net loss of $10.04 million for the year ended Dec. 31,
2019, and a net loss of $7.24 million for the year ended Dec. 31,
2018.  As of June 30, 2022, the Company had $32.77 million in total
assets, $7.02 million in total liabilities, and $25.74 million in
total equity.


INSTANT BRANDS: US$450M Bank Debt Trades at 33% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Instant Brands
Holdings Inc is a borrower were trading in the secondary market
around 67 cents-on-the-dollar during the week ended Fri., Nov. 11,
2022, according to Bloomberg's Evaluated Pricing service data.

The US$450 million facility is a term loan. The loan is scheduled
to mature on April 12, 2028. About US$408 million of the loan is
drawn and outstanding.

Instant Brands Holdings Inc. designs, manufactures and markets
kitchen products. The Company offers bakeware, dinnerware, kitchen,
and household tools for storage and cutlery.


JACK IN THE BOX: Egan-Jones Keeps 'B-' Sr. Unsecured Debt Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on October 11, 2022, its 'B-' foreign
currency and local currency senior unsecured ratings on debt issued
by Jack in the Box Inc.

EJR also retained its 'B' foreign currency and local currency
ratings on commercial paper issued by the Company.  

Headquartered in San Diego, California, Jack in the Box Inc.
operates a chain of restaurants.


JETBLUE AIRWAYS: Egan-Jones Keeps B- Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company, on September 29, 2022, retained its
'B-' foreign currency and local currency senior unsecured ratings
on debt issued by JetBlue Airways Corporation. EJR also retained
its 'B' rating on commercial paper issued by the Company.

Headquartered in Long Island City, New York, JetBlue Airways
Corporation provides non-stop passenger flight services.


KIRBY CORP: Egan-Jones Retains 'BB' Sr. Unsec. Debt Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company, on October 13, 2022, retained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Kirby Corp.  

Headquartered in Houston, Texas, Kirby Corporation operates a fleet
of inland tank barges.


KNB HOLDINGS: S&P Downgrades ICR to 'CCC-', Outlook Negative
------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
KNB Holdings Corp.'s (d/b/a NBG Home) to 'CCC-' from 'CCC'.
Concurrently, S&P lowered its issue-level ratings on the company's
first-lien term loan to 'CCC-' from 'CCC'. The recovery rating
remains a '4', indicating its expectation of average (30%-50%;
rounded estimate: 35%) recovery in the event of a default.

The negative outlook indicates that a default appears unavoidable
given its capital structure is unsustainable and liquidity is
pressured.

S&P said, "The downgrade reflects our expectation for a debt
restructuring, distressed debt exchange, or bankruptcy filing
because of weak liquidity and sizable near-term maturities. We
believe the company's capital structure is unsustainable given its
minimal EBITDA and cash flow generation. Absent a debt
restructuring or capital raise, we expect the company to default.
We believe KNB Holdings' liquidity is weak because its liquidity
sources are insufficient to cover its cash needs over the next 12
months. As of Sept. 25, 2022, the company had just $15.1 million of
cash on hand. We estimate it had approximately $9 million of
availability under its $75 million asset-based lending (ABL)
working capital facility and about $33 million available on its $65
million accounts receivable factoring line. The company has sizable
cash needs over the next 12 months, including about $94 million of
supplier accounts payables, $58 million of ABL borrowings coming
due, roughly $30 million of interest expense, $7.4 million of
first-lien term loan amortization, and up to $15 million for
seasonal inventory buildup. Furthermore, the company's ABL revolver
and first-lien term loans will become current in early 2023, which
increases the likelihood of a near-term debt restructuring. The
company's first-lien term loan is currently trading at distressed
levels, below 50 cents on the dollar, which also creates an
incentive for a debt exchange."

KNB's operating performance continues to deteriorate amid a
weakening macroeconomic environment and consumer spending shifting
to other categories. The company's sales during the third quarter
of fiscal 2022 declined 36.7% year over year. Demand deteriorated
because of a sharp drop in retailers' inventory replenishment
orders due to overstocking and consumer spending shifting to other
categories. The company's profitability also suffered from a rise
in promotions, price reductions on certain inventory, and freight
costs. As a result, the company reported negative adjusted EBITDA
for the first nine months of fiscal 2022 compared to positive
adjusted EBITDA for the same prior year period. S&P does not expect
significant profitability and cash flow improvement during a
weakening macroeconomic environment, lower discretionary consumer
spending, and ongoing consumer spending shift to other categories.
In addition, the slowdown in U.S. housing market activity will
likely result in additional near-term pressure on demand for the
company's home products.

The negative outlook indicates that a default appears unavoidable
given its capital structure is unsustainable and liquidity is
pressured due to weaker demand for its products and rising costs.

S&P could lower the ratings on KNB if the company:

-- Announces a distressed debt exchange, debt restructuring, or
bankruptcy filing.

-- Is unable to meet its principal or interest payments.

S&P could raise its ratings if it believes:

-- The probability of a distressed exchange is low, most likely
due to a liquidity infusion from the company's financial sponsor or
proceeds from asset sales; or

-- Performance improves and the company addresses its capital
structure, including its near-term debt maturities.

ESG credit indicators: E-2, S-2, G-3



KOSMOS ENERGY: Posts $222.3 Million Net Income in Third Quarter
---------------------------------------------------------------
Kosmos Energy Ltd. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing net income
of $222.25 million on $456.10 million of total revenues and other
income for the three months ended Sept. 30, 2022, compared to a net
loss of $28.60 million on $200.54 million of total revenues and
other income for the three months ended Sept. 30, 2021.

For the nine months ended Sept. 30, 2022, the Company reported net
income of $340.83 million on $1.73 billion of total revenues and
other income compared to a net loss of $176.55 million on $761.23
million of total revenues and other income for the same period
during the prior year.

As of Sept. 30, 2022, the Company had $4.92 billion in total
assets, $592.44 million in total current liabilities, $3.43 billion
in total long-term liabilities, and $893.49 million in total
stockholders' equity.

Commenting on the Company's third quarter 2022 performance,
Chairman and Chief Executive Officer Andrew G. Inglis said: "Kosmos
posted another quarter of solid strategic and operational delivery,
with the company reaching its year-end leverage target ahead of
schedule.
"Importantly, we continue to make good progress on our three core
development projects -- Tortue Phase 1, Jubilee Southeast and
Winterfell -- which we expect will collectively grow production
approximately 50% by 2024.  We are also advancing several other gas
opportunities in West Africa, which we believe will drive growth
beyond 2024 and continue to increase the gas weighting of the
portfolio.

"Demand for energy is growing, particularly in Africa, and Kosmos
has the right strategy at the right time to help meet this growing
demand while creating value for all of our stakeholders.  Given the
quality of our asset base and the wealth of opportunities within
our differentiated portfolio, we believe Kosmos has an important
role to play in delivering affordable, secure and cleaner energy to
the world."

A full-text copy of the Form 10-Q is available for free at:

https://www.sec.gov/ix?doc=/Archives/edgar/data/1509991/000150999122000064/kos-20220930.htm

                        About Kosmos Energy

Kosmos Energy Ltd. is a full-cycle deepwater independent oil and
gas exploration and production company focused along the Atlantic
Margins.  The Company's key assets include production offshore
Ghana, Equatorial Guinea and the U.S. Gulf of Mexico, as well as a
world-class gas development offshore Mauritania and Senegal.  The C
ompany also maintains a sustainable proven basin exploration
program in Equatorial Guinea, Ghana and the U.S. Gulf of Mexico.
Kosmos is listed on the NYSE and LSE and is traded under the ticker
symbol KOS.

Kosmos reported a net loss of $77.84 million in 2021, a net loss of
$411.59 million in 2020, a net loss of $55.78 million in 2019, a
net loss of $93.99 million in 2018, and a net loss of $222.79
million in 2017.  As of June 30, 2022, the Company had $4.93
billion in total assets, $865.96 million in total current
liabilities, $3.40 billion in total long-term liabilities, and
$662.37 million in total stockholders' equity.


LUMEN TECHNOLOGIES: S&P Alters Outlook to Stable, Affirms BB- ICR
-----------------------------------------------------------------
S&P Global Ratings revised the outlook on U.S.-based
telecommunications provider Lumen Technologies Inc. to stable from
negative and affirmed the 'BB-' issuer-credit rating.

S&P said, "We also lowered the issue-level rating on Lumen's senior
unsecured debt one notch to 'B+' from 'BB-', one notch below the
issuer-credit rating, following the downgrade of the issuer-credit
on October 4, 2022 and completion of the recent tenders. We also
removed the rating from CreditWatch, where we placed it with
negative implications on March 1, 2022. The recovery rating remains
'5' and indicates our expectation of modest (10%-30%; rounded
estimate: 25%) recovery in the event of payment default.

"The stable outlook reflects our expectation that despite ongoing
revenue and EBITDA declines due to secular industry pressures and
aggressive competition, Lumen should generate sufficient free
operating cash flow (FOCF) and manage stock buyback activity such
that its S&P adjusted leverage is below 4.75x on a sustained
basis."

Lumen announced it will eliminate the company's approximate $1
billion annual common dividend but will also authorize a $1.5
billion share repurchase program over 24 months.

At the same time, Lumen announced an agreement to sell its EMEA
business for about $1.8 billion to Colt Technology Services Ltd.,
which is expected to close in late 2023 at the earliest.

S&P said, "We view the elimination of the common dividend
favorably, although the benefit from a credit perspective is partly
offset by the two-year share repurchase program. The $1.5 billion
share repurchase program, if allocated evenly, would amount to $750
million per year compared with $1 billion from the annual common
dividend, although the amount and timing is uncertain. However, the
stock buyback gives the company greater financial flexibility and
frees up some cash flow for investment and debt repayment. As a
result, we expect adjusted leverage to be around 4.2x-4.4x in 2023
and remain in the mid-4x area in 2024 and beyond, which supports
the 'BB-' issuer-credit rating and stable outlook. We also expect
the company will continue to use some of its excess cash flow for
stock buybacks longer-term, which is factored into our base case.
Our previous forecast assumed that leverage could approach our
4.75x downgrade threshold in 2024."

Lumen stated that it expects its reported leverage to be in the
3.5x-4.0x during the investment cycle but is maintaining its
longer-term net leverage target of 2.75x-3.25x. Lumen's management
team expects its reported net leverage to be in the 3.5x-4.0x
during the investment cycle, higher than its longer-term leverage
target of 2.75x-3.25x. S&P said, "We believe this leverage range is
realistic over the next couple of years given the ongoing revenue
and EBITDA declines and higher capital spending requirements to
support fiber-to-the-home (FTTH) deployments. We estimate that S&P
Global Ratings-adjusted leverage is about 0.3x higher than Lumen's
reported debt to EBITDA."

The proposed asset sale improves Lumen's overall business mix.
Lumen announced that it entered into an agreement to sell its EMEA
wireline assets for $1.8 billion, or around 11x EBITDA. S&P said,
"We expect the company will use proceeds to pay taxes, repay debt
to be leverage neutral and to support its other capital allocation
priorities, including investment, additional debt repayment and
share repurchases. We also believe the asset sale improves Lumen's
overall business prospects because the European assets have lower
margins than those of the U.S. and it will enable management to
better focus on its core U.S. operations."

Third-quarter results were weaker than expected and Lumen could
face incremental pressure in 2023. During the third quarter of
2022, pro forma revenue and EBITDA fell 5.5% and 11%, respectively,
year over year, and management indicated it likely be at the low
end of its 2022 EBITDA guidance, partly because of a $100 million
hit from inflationary pressures. Included in these results, pro
forma large enterprise revenue fell over 7% in the third quarter of
2022 due to weaker demand, slower information technology (IT)
decision making, and technology shifts.

S&P said, "Furthermore, we expect 2023 results will remain weak
across all segments, with total revenue projected to fall at least
5%. S&P Global economists believe the U.S. will likely enter a
recession in 2023 and we are currently only projecting 0.2% GDP
growth for the year. Unlike many other telecommunications
providers, Lumen derives about 80% of its pro forma revenue from
business customers, that will likely scale back their IT spending
and reduce headcount in the event of an economic downturn, which
could lead to a faster-than-expected decline in Lumen's revenue. In
the mass markets segment, the company is lagging its peers in FTTH
deployments due to supply chain and labor constraints that will
prevent it from reaching its target homes in 2022 and likely push
the cost per homes passed above $1,000. This delay will extend the
top-line degradation of this segment because the company continues
to lose copper-based broadband customers to cable. Furthermore,
Lumen's exposure to floating rate debt is around 36%, pro forma for
recent redemptions, which could lead to higher interest expense
that pressures FOCF in 2023.

"The stable outlook reflects our expectation that despite ongoing
revenue and EBITDA declines due to secular industry pressures and
aggressive competition, Lumen should manage stock buyback activity
such that its S&P Global Ratings-adjusted leverage is below 4.75x
on a sustained basis."

S&P could lower its rating on Lumen if:

-- The revenue declines in its enterprise segment remain
elevated;

-- The company experiences execution missteps in its FTTH
deployments such that it does not achieve sufficient penetration
levels to grow revenue and earnings; or

-- Elevated capital expenditures (capex), lower EBITDA, and
ongoing share repurchases cause it to generate
greater-than-expected discretionary cash flow (DCF) deficits such
that its leverage rises above 4.75x.

S&P said, "While we do not expect leverage to approach our 4.75x
downgrade threshold over the next year, we believe there are
longer-term risks that leverage could continue to rise (and
potentially reach our downgrade trigger) if the company is not able
to successfully execute on its strategy."

Although unlikely in the near-term S&P could raise the ratings if:

-- The company improves top-line performance in its mass markets
and enterprise segment, leading to modest earnings growth; and

-- It generates positive DCF (after stock buybacks), despite
elevated capex, such that leverage declines to below 4x on a
sustained basis.

ESG credit indicators: E-2, S-2, G-2



MAD ENGINE: Moody's Cuts CFR to B3, Outlook Stable
--------------------------------------------------
Moody's Investors Service downgraded Mad Engine Global, LLC's
ratings including its corporate family rating to B3 from B2 and
probability of default rating to B3-PD from B2-PD. Moody's also
downgraded its senior secured first lien term loan to B3 from B2.
The outlook remains stable.

The downgrade reflects the company's weakening credit metrics due
to higher debt levels, rising interest rates, higher inventories
and associated carrying costs, and the delayed realization of
acquisition synergies for the Fortune screenprint business. As a
result, Moody's adjusted debt/EBITDA is expected to rise above 6x
by the end of 2022. The company's performance has been impacted by
higher freight costs, cotton costs, global supply chain delays and
labor shortages. While the company's print-on-demand business has
continued its strong growth, inflationary pressures have impacted
demand in its wholesale business as its key customers worked on
right-sizing over-inventoried positions to respond to slowing
consumer demand. The company had been buying product early to
combat rising supply chain costs and shipping delays so the decline
in customer demand has led to high inventory balances. This has
resulted in increased warehouse utilization and labor costs as well
as a delay in shifting to its lower cost warehousing in Mexico. The
realization of planned synergies for its acquisitions have also
been delayed and is now likely to be realized in 2023.  

Downgrades:

Issuer: Mad Engine Global, LLC

Corporate Family Rating, Downgraded to B3 from B2

Probability of Default Rating, Downgraded to B3-PD from B2-PD

Senior Secured Bank Credit Facility, Downgraded to B3 (LGD4) from
B2 (LGD4)

Outlook Actions:

Issuer: Mad Engine Global, LLC

Outlook, Remains Stable

RATINGS RATIONALE

Mad Engine Global, LLC's B3 CFR reflects its small scale, high
leverage, private equity ownership, high customer concentration and
high licensor concentration. Performance has been impacted by the
global supply chain challenges, cost pressures, inflation, and
demand volatility. The B3 CFR is supported by the company's strong
market position and its licensing portfolio which has significantly
grown over the last decade. However, its niche product focus on
entertainment apparel also makes the company susceptible to demand
swings driven by their licensor's popularity and related
performance. Mad Engine's rating is also supported by its adequate
liquidity which includes $40-60 million of expected availability on
its asset-based revolving credit facility (ABL) and low balance
sheet cash over the next 12-18 months. Mad Engine also benefits
from low capital investment requirements. The Fifth Sun acquisition
has added print-on-demand (POD) capabilities which has been a
fast-growing segment and generates stronger margins than the core
wholesale business. The Fortune screen printing acquisition should
provide cost saving synergies in 2023.

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

A ratings upgrade would require successful integration of the
acquisitions and achievement of targeted synergies. An upgrade
would also require a consistent improvement in operating
performance and good liquidity evidenced by positive free cash flow
while maintaining conservative financial strategies.
Quantitatively, the ratings could be upgraded if debt/EBITDA is be
sustained below 5x and EBITA/interest sustained above 2x.

The ratings could be downgraded if the company loses a major
license partner or key customer. The ratings could also be
downgraded if the deterioration of the company's overall operating
performance or liquidity profile is worse than expected, including
sustained cash flow deficits, or if financial strategies become
more aggressive. Quantitatively, the ratings could be downgraded if
EBITA/interest falls below 1.25x or debt/EBITDA is sustained above
6x.

Headquartered in San Diego, California, Mad Engine is engaged in
the design, manufacture, and wholesale distribution of licensed and
branded apparel to retailers throughout the US. The company
generates most its revenue from products sold under licenses with
blue chip entertainment companies such as Disney and Marvel and
sells to large blue chip retailers such like Walmart and Target.
The company is majority owned by Platinum Equity LLC.

The principal methodology used in these ratings was Retail
published in November 2021.


MASTEC INC: Egan-Jones Cuts Sr. Unsec. Debt Ratings to 'BB'
-----------------------------------------------------------
Egan-Jones Ratings Company, on October 10, 2022, lowered the
foreign currency and local currency senior unsecured ratings on
debt issued by MasTec Inc to BB from BB+.  

Headquartered in Coral Gables, Florida, MasTec, Inc. is a specialty
contractor operating across a range of industries.


MBIA INC: Egan-Jones Lowers Sr. Unsecured Debt Ratings to 'CCC-'
----------------------------------------------------------------
Egan-Jones Ratings Company, on October 10, 2022, lowered the
foreign currency and local currency senior unsecured ratings on
debt issued by MBIA Inc to CCC- from CCC.  

EJR also retained its 'C' foreign currency and local currency
ratings on commercial paper issued by the Company.

Headquartered in Purchase, Harrison, New York, MBIA Inc. provides
financial guarantee insurance and other forms of credit protection.


MD HELICOPTERS: Exclusivity Period Extended to Jan. 24
------------------------------------------------------
MD Helicopters, Inc. and Monterrey Aerospace, LLC obtained a court
order extending their exclusive right to file a Chapter 11 plan to
Jan. 24, 2023, and solicit votes in favor of the plan to March 27,
2023.

The ruling by Judge Karen Owens of the U.S. Bankruptcy Court for
the District of Delaware allows the companies to pursue their own
plan without the threat of a rival plan from creditors.

The companies are optimistic that they will, in consultation with
the buyer of most of their assets (which serve as their funding
source), provide for an orderly wind-down of their Chapter 11 cases
and believe that the extension of the exclusivity periods will
allow them to facilitate such negotiations without the risk of a
competing plan.

                       About MD Helicopters

MD Helicopters Inc. and Monterrey Aerospace, LLC are global
manufacturers and suppliers of commercial and military helicopters,
spare parts, and related services with their sole manufacturing
facility located in Mesa, Ariz.

The Debtors sought Chapter 11 bankruptcy protection (Bankr. D. Del.
Lead Case No. 22-10263) on March 30, 2022. Barry Sullivan, chief
financial officer, signed the petitions.

The Debtors disclosed between $100 million and $500 million in both
assets and liabilities.

Judge Karen B. Owens oversees the cases.

The Debtors tapped Troutman Pepper Hamilton Sanders, LLP and Latham
& Watkins, LLP as bankruptcy counsels; AlixPartners, LLP as
financial advisor; and Moelis & Company LLC as investment banker.
Kroll Restructuring Administration LLC, formerly known as Prime
Clerk LLC, is the claims and noticing agent and administrative
advisor.


MEDICAL PROPERTIES: Moody's Alters Outlook on 'Ba1' CFR to Stable
-----------------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 Corporate Family
Rating of Medical Properties Trust, Inc. ("MPT") as well as the Ba1
senior unsecured debt rating of its main operating subsidiary, MPT
Operating Partnership, LP.  The speculative grade liquidity rating
remains unchanged at SGL-2. The rating affirmation reflects the
healthcare REIT's large size, global diversification, and stable
cash flows supported by long-term triple-net lease investments in
hospital real estate.  The outlook was revised to stable from
positive, reflecting Moody's expectation that it will be
challenging for MPT to reduce its large tenant concentration with
Steward Health Care (30% of 3Q22 revenues) as the capital markets
climate has made execution of accretive acquisitions more
challenging.  Additionally, Moody's notes that even as the REIT has
reduced debt levels, leverage is more consistent with its existing
rating category.

The following ratings were affirmed:

Issuer: Medical Properties Trust, Inc.

Corporate Family Rating, Affirmed Ba1

Issuer: MPT Operating Partnership, LP

Backed senior unsecured debt, Affirmed Ba1 (Co-Borrower MPT
Finance Corporation)

Outlook Actions:

Issuer: Medical Properties Trust, Inc.

Outlook, Changed to Stable from Positive

Issuer: MPT Operating Partnership, LP

Outlook, Changed to Stable from Positive

RATINGS RATIONALE

MPT's Ba1 Corporate Family Rating reflects the REIT's prudent
capital structure, unencumbered consolidated real estate portfolio
and history of stable operating performance which demonstrates
prudent underwriting of investments.  The rating also considers
MPT's large scale and geographic diversification, with 66% of 3Q22
adjusted revenues generated in the United States and 34% from other
countries across Europe, Australia, and South America.  MPT also
maintains some property type diversity with investments in general
acute care hospitals, inpatient rehab facilities, behavioral health
facilities, and, to a lesser extent, long-term acute care hospitals
and freestanding emergency rooms/urgent care facilities, which each
serve different patient populations and have different
reimbursement mechanisms.

MPT's tenants have experienced operating challenges over the past
few years, as the pandemic impacted patient volumes while they also
had to contend with sharp increases in labor costs.  These
pressures have abated in recent quarters and EBITDAR rent coverage
is solid across most of the REIT's large leases.  Furthermore,
Moody's notes that MPT has a strong operating track record of
underwriting the value of its hospital real estate, as evidenced by
its ability to effectively manage the limited instances in which it
has had to transition real estate from distressed operators.
Moody's expects MPT will continue to benefit from stable cash flows
derived from its portfolio of triple-net leases and, to a lesser
extent, mortgage investments.  Moreover, the REIT will realize a
4%-5% increase in cash flows from existing investments in 2023 due
to CPI-based escalators in most leases.

Key credit challenges include MPT's aggressive acquisition strategy
that sometimes causes temporary increases in leverage. But we
believe the REIT remains committed to maintaining a sound capital
structure and strong liquidity as it continues to execute its
growth objectives. MPT has reduced leverage via asset sales in
recent quarters, with Moody's Adjusted Net Debt/EBITDA of 6.4x for
3Q22 (current quarter annualized) and it has more asset sales/loan
repayments expected to close in 2023 that should reduce debt levels
further.  Moody's does not expect the REIT to be executing
substantial volumes of acquisitions in the upcoming year as its
capital costs have risen amidst volatile financial market
conditions.

MPT also maintains a large tenant concentration with Steward Health
Care (30% of 3Q22 adjusted revenues), which remains a key
constraint for the REIT's ratings. Steward has experienced
financial challenges over the past year, as the challenging
operating environment combined with its mandated repayment of
government advances impacted cash flows and prompted MPT to extend
the operator a $150 million corporate loan.  Positively, even as
the hospital operating environment remains challenging, labor and
volume trends have been gradually improving and Steward's sound
EBITDAR coverage (1.8x for TTM 2Q22) further supports the value of
MPT's real estate investment.  MPT's strategy is to reduce its
Steward exposure over time, but it will be difficult for the REIT
to profitably execute on this objective in the current capital
markets climate that is marked by volatility and higher costs.
Given the uncertainty with respect to how long these conditions
will persist, Moody's expects Steward will remain a large exposure
over the intermediate term.  MPT's large exposure to Prospect
Medical Holdings (11%) is also a concern, particularly given the
operator's weak rent coverage.

MPT's SGL-2 speculative grade liquidity rating reflects the REIT's
sound liquidity profile as Moody's consider its upcoming funding
needs. MPT had $1.7 billion of liquidity as of 3Q22 including
$300mm cash and $1.4 billion available on its unsecured facility
that matures in 2026.  The REIT also has $650mm of proceeds
expected in 2023 from asset sales and loan repayments.  Upcoming
maturities are manageable and include Sterling notes maturing in
2023 ($447mm as converted to US dollars at 3Q22) and Australian
term loan ($768 million) maturing in 2024.

The stable outlook reflects Moody's expectation that MPT will
generate steady cash flows from its lease and mortgage investments,
with rent coverage gradually improving over time.  The outlook also
expects that the REIT retains adequate liquidity in consideration
of upcoming maturities.

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

Upward rating action would likely reflect reduced tenant
concentration with the top tenant contributing less than 20% of
revenues. Maintenance of Net Debt/EBITDA below 6x, fixed charge
coverage above 3.0x, and stable tenant operating performance (as
reflected by EBITDARM coverage trends) would also support an
upgrade.

Downward ratings movement would likely reflect fixed charge
coverage below 2.5x, Net Debt/EBITDA above 7x, or one or more of
MPT's larger tenants experiencing a reduced capacity to meet their
rent obligations.

Medical Properties Trust, Inc. (NYSE: MPW), headquartered in
Birmingham, Alabama, is a REIT that invests in acute care
hospitals, inpatient rehab hospitals, long-term acute care
hospitals, and other medical and surgical facilities. MPT's gross
assets stood at $20 billion as of September 30, 2022.

The principal methodology used in these ratings was REITs and Other
Commercial Real Estate Firms published in September 2022.


MOBILESMITH INC: Bankruptcy Administrator Unable to Form Committee
------------------------------------------------------------------
The U.S. Bankruptcy Administrator for the Eastern District of North
Carolina disclosed in a filing that no official committee of
unsecured creditors has been appointed in the Chapter 11 case of
MobileSmith, Inc.

                       About MobileSmith Inc.

MobileSmith Inc. is a developer of software applications for the
healthcare industry. The company is based in Raleigh, N.C.

MobileSmith Inc. filed a petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. E.D.N.C. Case No. 22-02319) on Oct. 12,
2022. In the petition filed by its chief financial officer and
chief executive officer, Gleb Mikhailov, the Debtor reported assets
between $100 million and $500 million and liabilities between $1
million and $10 million.

Judge Joseph N. Callaway oversees the case.

The Debtor is represented by J.M. Cook of J.M. Cook, P.A.


MY ISLAND VISA: Exclusivity Period Extended to Jan. 31
------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of New York
extended the period during which only My Island Visa, Inc. can file
a Chapter 11 plan to Jan. 31, 2023.  

In the event My Island Visa is unable to confirm its plan on or
before Jan. 23, 2023, the company's Chapter 11 case will be
dismissed, the court ruled.

My Island Visa originally requested to extend the exclusivity
period to April 11, 2023.

                       About My Island Visa

My Island Visa Inc., a travel company in Copiague, N.Y., sought
Chapter 11 protection (Bankr. E.D.N.Y. Case No. 22-70707) on April
11, 2022, listing up to $1 million in assets and up to $500,000 in
liabilities. Michele Swan, president, signed the petition.

The case is assigned to Judge Alan S Trust.

The Law Office of Ronald D. Weiss, P.C. serves as the Debtor's
counsel.


NABORS INDUSTRIES: Egan-Jones Retains 'CCC-' Unsec. Debt Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on October 10, 2022, retained its
'CCC-' foreign currency and local currency senior unsecured ratings
issued by Nabors Industries Ltd.  

EJR also retained its 'C' foreign currency and local currency
ratings on commercial paper issued by the Company.

Nabors Industries Limited is an American global oil and gas
drilling contractor that has operated since 1972. Based in Houston,
Texas, Nabors owns the largest land drilling fleet in the world
with approximately 400 rigs in more than 20 countries.


NASSAU BREWING: Exclusivity Period Extended to Nov. 30
------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of New York
extended to Nov. 30 the period during which only Nassau Brewing
Company Landlord, LLC can file a Chapter 11 plan.  

The court ruling allows the company to remain in control of its
bankruptcy while it waits for final approval relating to the
eligibility for tax credits.

Nassau has negotiated a settlement in principle with Nassau Brewing
Company Master Tenant LLC, holder of a master lease, to preserve
tax credits in consideration for providing funding and financial
compensation to its estate.

The companies are awaiting final approval from the State Historic
Preservation Office and National Park Service of the
rehabilitation's eligibility for tax credits before finalizing the
settlement.

                     About Nassau Brewing Co.
   
Nassau Brewing Company Landlord, LLC is a New York limited
liability company organized in 2015 to acquire a property at 945
Bergen Ave., Brooklyn, N.Y.

Nassau Brewing Co. filed a petition for Chapter 11 protection
(Bankr. E.D.N.Y. Case No. 21-41852) on July 16, 2021, listing as
much as $50 million in both assets and liabilities. Sean Rucker,
manager, signed the petition.  

Judge Jil Mazer-Marino handles the case.  

Goldberg Weprin Finkel Goldstein, LLP, led by Kevin J. Nash, Esq.,
serves as the Debtor's legal counsel.


NATIONAL CINEMEDIA: Incurs $8.9 Million Net Loss in Third Quarter
-----------------------------------------------------------------
National Cinemedia, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
attributable to the company of $8.9 million on $54.5 million of
revenue for the three months ended Sept. 29, 2022, compared to a
net loss attributable to the company of $15.2 million on $31.7
million of revenue for the three months ended Sept. 30, 2021.

For the nine months ended Sept. 29, 2022, the Company reported a
net loss attributable to the company of $34.8 million on $157.5
million of revenue compared to a net loss attributable to the
company of $57.3 million on $51.1 million of revenue for the nine
months ended Sept. 30, 2021.

As of Sept. 29, 2022, the Company had $775.4 million in total
assets, $1.23 billion in total liabilities, and a total deficit of
$453.8 million.

Commenting on the Company's third quarter 2022 operating results
and future outlook, NCM CEO Tom Lesinski said, "We have just
completed a highly successful upfront sales campaign and are happy
to report the return of long time NCM clients across all key
categories.  This positive momentum is supported by a great slate
of movies scheduled in the upcoming holiday season and throughout
2023.  Along with our growing network attendance and encouraging
trends in our KPIs, NCM is well positioned for continued success
and growth."

For the fourth quarter of 2022, the Company expects to earn total
revenue of $85.0 million to $95.0 million, compared to total
revenue for the fourth quarter 2021 of $63.5 million and Adjusted
OIBDA in the range of $32.0 million to $42.0 million for the fourth
quarter of 2022 compared to Adjusted OIBDA for the fourth quarter
2021 of $18.4 million.

For the full year 2022, the Company expects to earn total revenue
of $242.5 million to $252.5 million, compared to total revenue for
the full year 2021 of $114.6 million and Adjusted OIBDA in the
range of $47.3 million to $57.3 million for the full year 2022
compared to Adjusted OIBDA for the full year 2021 of negative $24.7
million.

A full-text copy of the Form 10-Q is available for free at:

https://www.sec.gov/ix?doc=/Archives/edgar/data/0001377630/000137763022000159/ncminc-20220929.htm

                     About National CineMedia

National CineMedia Inc. (NCM) is a cinema advertising network in
the U.S., the Company unites brands with the power of movies and
engage movie fans anytime and anywhere.  NCM's Noovie pre-show is
presented exclusively in 50 leading national and regional theater
circuits including AMC Entertainment Inc. (NYSE:AMC), Cinemark
Holdings, Inc. (NYSE:CNK) and Regal Entertainment Group (a
subsidiary of Cineworld Group PLC, LON: CINE).  NCM's cinema
advertising network offers broad reach and audience engagement
with
over 20,700 screens in over 1,600 theaters in 195 Designated Market
Areas (all of the top 50).  NCM Digital and Digital-Out-Of-Home
(DOOH) go beyond the big screen, extending in-theater campaigns
into online, mobile, and place-based marketing programs to reach
entertainment audiences.  National CineMedia, Inc. (NASDAQ:NCMI)
owns a 48.3% interest in, and is the managing member of, National
CineMedia, LLC. On the Web: HTTP://www.ncm.com/ and
HTTP://www.noovie.com/

National Cinemedia reported a net loss attributable to the company
of $48.7 million in 2021, compared to a net loss attributable to
the company of $65.4 million for the year before.  For the six
months ended June 30, 2022, the Company reported a net loss
attributable to the company of $25.9 million on $103 million of
revenue compared to a net loss attributable to the company of $42.1
million on $19.4 million of revenue for the six months ended July
1, 2021.

As of June 30, 2022, the Company had $789.9 million in total
assets, $1.22 billion in total liabilities, and a total deficit of
$431.3 million.

                             *   *   *

As reported by the TCR on OCt. 5, 2022, S&P Global Ratings lowered
its issuer credit rating to 'CCC' from 'B-' on National Cinemedia
Inc. to reflect the increased risk of a default event due to
upcoming debt maturities and expected covenant breaches over the
next 12 months.


NATIONAL CINEMEDIA: US$270M Bank Debt Trades at 59% Discount
------------------------------------------------------------
Participations in a syndicated loan under which National CineMedia
LLC is a borrower were trading in the secondary market around 41
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.

The US$270 million facility is a term loan.  The loan is scheduled
to mature on June 20, 2025.   About US$259 million of the loan is
drawn and outstanding.

National CineMedia, LLC owns and operates movie theaters. The
Company offers entertainment content, advertising, and movie
screening services.




NATIONAL REALTY: Exclusivity Period Extended to Feb. 2
------------------------------------------------------
National Realty Investment Advisors, LLC and its affiliates
obtained a court order extending their exclusive right to file a
Chapter 11 plan to Feb. 2, 2023, and solicit acceptances from
creditors to April 3, 2023.

The ruling by Judge John Sherwood of the U.S. Bankruptcy Court for
the District of New Jersey allows the companies to pursue their own
plan without the threat of a rival plan from creditors.

                 About National Realty Investment

National Realty Investment Advisors, LLC is a luxury-homes
developer based in Secaucus, N.J.

National Realty Investment Advisors and 102 affiliates, including
NRIA Partners Portfolio Fund I, LLC, sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No.
22-14539) on June 7, 2022.  

In the petition filed by its independent manager, Brian Casey,
National Realty Investment Advisors listed up to $50,000 in both
assets and debt. NRI Partners Portfolio listed assets between $50
million and $100 million and liabilities between $500 million and
$1 billion.

Judge John K. Sherwood oversees the cases.

S. Jason Teele, Esq., at Sills Cummis & Gross P.C., is the Debtors'
counsel.  Omni Agent Solutions is the claims and noticing agent.

The U.S. Trustee for Regions 3 and 9 appointed an official
committee of unsecured creditors on June 30, 2022. The committee is
represented by Ice Miller, LLP.


NEPTUNE BIDCO: Moody's Assigns B3 CFR, Outlook Stable
-----------------------------------------------------
Moody's Investors Service has assigned to Neptune Bidco US Inc.
(d/b/a "Nielsen" or the "company") a B3 Corporate Family Rating and
B3-PD Probability of Default Rating. In connection with this rating
action, Moody's assigned a B2 rating to the proposed $1.96 billion
senior secured notes. The rating outlook is stable.

Net proceeds from the new senior secured notes will be used to
refinance the unrated $1.956 billion 6.5 year senior secured bridge
facility (the "Bridge Facility") that was committed by underwriting
banks to help finance the $16 billion take-private LBO (includes
the assumption of debt) of Nielsen Holdings Limited ("Nielsen
Holdings") on October 11, 2022 by a private equity consortium. The
consortium consists of Evergreen Coast Capital Corporation, an
affiliate of Elliott Investment Management L.P., and Brookfield
Business Partners L.P., together with several institutional
partners.

The Bridge Facility together with senior secured first-lien credit
facilities (unrated) consisting of a: (i) $650 million revolving
credit facility (RCF) due 2027 (undrawn at closing); (ii) $2.498
billion term loan A due 2028; (iii) $3.35 billion term loan B due
2029; and (iv) EUR510 Million ($502 million USD equivalent) term
loan B due 2029, plus $44 million of Nielsen Holdings' unrated
senior notes (now secured and pari passu with the new first-lien
debt obligations), a $2.15 billion senior secured second-lien term
loan due 2029 (unrated) and $5.814 billion of rollover and new cash
equity from the sponsors (includes $2.85 billion of convertible PIK
preferred equity) were issued to fund the acquisition and
capitalize Nielsen. The credit facilities and new notes benefit
from a downstream guarantee from Neptune Intermediate Jersey
Limited, a direct holding company parent of the issuer.

Following is a summary of the rating actions:

Assignments:

Issuer: Neptune BidCo US Inc.

Corporate Family Rating, Assigned B3

Probability of Default Rating, Assigned B3-PD

$1,960 Million Gtd Senior Secured First Lien Notes due 2029,
Assigned B2 (LGD3)

Outlook Actions:

Issuer: Neptune BidCo US Inc.

Outlook, Assigned Stable

The assigned ratings are subject to review of final documentation
and no material change to the size, terms and conditions of the
transaction as advised to Moody's.

RATINGS RATIONALE

Nielsen's B3 CFR reflects the company's governance risk linked to:
(i) high initial pro forma financial leverage, as measured by total
debt to EBITDA, in the 7.6x area (Moody's adjusted, applying total
company EBITDA) or 8.1x (Moody's adjusted, applying EBITDA
associated with the restricted group's US assets collateralizing
the senior secured debt instruments); (ii) negative free cash flow
(FCF) (Moody's adjusted) that Moody's projects over the next 12-18
months, chiefly due to the sizable interest expense burden
associated with the debt-heavy capital structure ($10.5 billion)
amid a rising interest rate environment; and (iii) Moody's
expectation for minimal deleveraging over the next two years due to
modest EBITDA growth, lack of positive FCF and a challenging
macro-environment, which includes the growing risk of recession. At
a time when interest rates are increasing and inflation will likely
remain high compared to historical levels, Moody's expects this
will lead to low-single digit domestic GDP growth and moderating
advertising and media client spend over the coming quarters.

The B3 CFR also considers Nielsen's high revenue exposure to lower
growth linear TV ad spend, which Moody's estimate at roughly 50% of
revenue, compared to around 27% for the industry, and low exposure
to faster growth digital ad spend, estimated at roughly 20% of
revenue (includes pure play digital and media companies' digital
segments) compared to around 61% for the industry. Moody's also
factors the company's geographically focused business with revenue
and profitability concentrated in the US (roughly 82% of revenue),
offset by high EBITDA margins and potential for mid-single digit
organic revenue growth longer-term. While cyclical and secular
spending pressures exist, Nielsen's sizable contractual revenue
provides some cushion against reduced client spend in short-cycle
products and verticals that are more vulnerable in a slowing
economy or mild recession. There is limited ability to raise prices
beyond contractual fixed price escalators. This combined with
comparatively low exposure to digital ad spend results in sub-par
organic growth relative to the industry. Potential delays in new
product launches coupled with the need to rebuild the company's
reputation arising from past TV audience measurement inaccuracies
and subsequent suspension of Media Rating Council (MRC)
accreditation for its national and local TV ratings are also rating
factors. As ad-supported video-on-demand (AVOD) platforms are
expected to be the fastest-growth sub-segment within VOD streaming,
and audience viewership continues to shift to digital platforms,
Nielsen must continue to expand beyond its traditional linear TV
advertising and ad-supported media client base by investing in new
measurement and analytic solutions relevant to AVOD, non-ad
supported and mobile/social media digital content streaming
services.

At the same time, the B3 CFR reflects Nielsen's: (i) leading
positions within its business segments, comprising Audience
Measurement (73% of revenue), Impact (20%) and Gracenote content
services (7%); (ii) incumbency within the US advertising and media
markets that have long-term secular growth tailwinds driven by fast
growth digital ad spend; (iii) relatively high entry barriers with
high client switching costs; (iv) long-standing customer
relationships of which roughly 80% of client revenue (85% of
measurement revenue) is contracted at the start of each year with
annual fixed price escalators; and (v) high EBITDA margins in the
40% range (Moody's adjusted). The company's ratings are the
foremost metrics used to determine the value of programming and
advertising in US television and streaming advertising markets, and
the industry's benchmark on which advertising is bought and sold.
Approximately 95% of linear TV spend transacts using the company's
metrics. Nielsen's market position is solidified by its importance
as an independent third-party measurement gold standard, or
currency, which is accepted by advertisers and media companies.
With US TV panel coverage of over 42,000 households comprising big
data coverage of roughly 101 million devices, Nielsen has access to
the largest viewership audience than any of its smaller
competitors.

The rating considers Nielsen's investments in new product offerings
that adapt to shifts in advertising spend and consumer viewing
habits beyond traditional platforms, however expected negative FCF
generation due to the heavy interest expense burden could restrain
the pace of future investments. Nielsen will continue to benefit
from favorable digital ad market trends as investments in new
products that address online viewership experience good customer
adoption, such as Nielsen ONE, the company's new cross-media
measurement platform expected to rollout in December 2022.

The stable outlook reflects Moody's view that Nielsen's operating
model will remain fairly resilient with good, albeit modest, EBITDA
growth, even if economic growth is sluggish (or the economy enters
recession) and inflation remains high over the coming quarters.
This is supported by highly visible and predictable contractual
revenue from leading advertising and media clients combined with
the company's leadership position as the industry's measurement
currency of choice. Moody's expects the company will continue to
effectively manage operating expenses, achieve up to $185 million
of cost synergies by year end 2024 and maintain positive organic
revenue growth, albeit potentially slowing over the rating horizon.
The outlook considers Moody's current macroeconomic forecast of
decelerating economic growth and persistently high inflation,
leading to moderating advertising demand in H2 2022 and 2023.
Though Nielsen has minimal exposure to Russia and Ukraine, Moody's
continues to expect some macroeconomic spillover from the military
conflict in that region. The magnitude of the effects will depend
on the length and severity of the crisis. Moody's currently
projects US GDP growth will decelerate to 1.9% in 2022 (2.5% in
Euro area) and 1.3% in 2023 (0.3% in Euro area), while US inflation
is forecast to remain high at 7.0% by year end 2022.

Over the next 12-18 months, Moody's expects Nielsen will maintain
good liquidity supported by cash balances of at least $130 - $150
million (balance sheet cash expected to be around $298 million pro
forma for the LBO transaction and pending notes offering) offset to
some degree by projected negative FCF in the range of -$100 million
to -$150 million (as calculated and adjusted by Moody's) over the
next year. External liquidity is supported by a $650 million RCF,
which was undrawn at closing, however Moody's expects may be used
over the next 12 months to support short-term liquidity needs and
investments. The RCF will have a springing maximum first-lien net
leverage covenant set at approximately 35% cushion to closing date
first-lien net leverage (estimated to be 6.5x as defined in the
credit agreement) that is triggered when more than 40% of the RCF
is drawn. The first-lien term loans are covenant-lite and have a
mandatory 1% amortization per annum (i.e., $63.5 million), which
Moody's expects Nielsen will pay via internal sources.

ESG CONSIDERATIONS

Nielsen's ESG Credit Impact Score is highly negative (CIS-4),
reflecting the company's neutral-to-low exposure to environmental
risks (E-2), moderately-negative social exposures (S-3) and
highly-negative governance profile (G-4). Environmental risks are
neutral-to-low across all categories. The nature of Nielsen's media
activities, with limited exposure to physical climate risk and very
low emissions of pollutants and carbon, results in low
environmental risk. Credit exposure to social risks is
moderately-negative related to past measurement inaccuracies and
loss of accreditation that could diminish the company's reputation
and negatively impact customer relations and retention. Nielsen
benefits from its low risk profile to demographic and societal
trends amid more pervasive digital media consumption requiring
ongoing investments in new product offerings that can accurately
measure viewership across emerging platforms. Additional mitigants
include Nielsen's good customer diversity and incumbent status as
the industry's foremost independent third-party measurement
benchmark in the US.

Governance risk is highly-negative due to Nielsen's elevated pro
forma financial leverage and projected negative free cash flow
generation. Management credibility & track record is
moderately-negative related to the shift in financial policy
characterized by increased financial leverage compared to the prior
deleveraging strategy following the Connect spin-off in 2021.
Mitigants include neutral-to-low exposure to organizational
structure (i.e., debt issuing entities will become less complex
following the LBO) and compliance & reporting risks. Heightened
governance risk also reflects that Nielsen will become a
privately-owned controlled company with significant majority
ownership held by its equity sponsors after the LBO transpires.
Most of the company's board members will be non-independent (as
defined by Moody's), a further governance weakness.

STRUCTURAL CONSIDERATIONS

The B2 rating assigned to the senior secured first-lien notes is
based on the Probability of Default (PDR) of the company, which is
B3-PD, as well as the Loss Given Default (LGD) of the debt
instruments (LGD3). The B2 rating is driven by the first-lien
notes' senior position in Nielsen's debt capital structure relative
to trade payables, operating lease obligations, and the second-lien
term loan (unrated). The first-lien notes are rated one notch above
the CFR, as it has a first-priority lien on substantially all of
the assets of the company and guarantors, and receives support from
the second-lien term loan. Notably, the first-lien notes and
first-lien credit facilities do not have express "blocker"
provisions, which prohibit the transfer of material intellectual
property to unrestricted subsidiaries; however the special
limitation on transfers of material IP to unrestricted subsidiaries
is provided in the second-lien term loan credit agreement.

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

A ratings upgrade is unlikely over the near-term given the
expectation for weak debt protection measures. Over time, an
upgrade could occur if Nielsen demonstrates: (i) further client
penetration into AVOD, non-ad supported and mobile/social media
digital content streaming services such that digital exposure
approaches a third of revenue; (ii) constant currency organic
revenue growth in the mid-single digit percentage range; and (iii)
increasing adjusted EBITDA margins approaching the 45% area
(Moody's adjusted). An upgrade would also be considered if
financial leverage as measured by restricted group total debt to
EBITDA is sustained below 6x (Moody's adjusted) and free cash flow
as a percentage of total debt is sustained in the 2%-4% range
(Moody's adjusted). The company would also need to maintain a good
liquidity profile and exhibit prudent financial policies to be
considered for upward ratings pressure.

Ratings could experience downward pressure if restricted group
total debt to EBITDA leverage is sustained above 8x (Moody's
adjusted), EBITDA less capex interest coverage decreases below 1x
(Moody's adjusted) or liquidity deteriorates such that free cash
flow remains negative. Ratings could also be downgraded as a result
of market share and/or customer losses, competitive pressures, lack
of organic revenue growth and new product rollout delays resulting
in sustained operating margin erosion. Aggressive financial
policies that include debt-financed acquisitions and/or shareholder
distributions that increase leverage could also lead to a
downgrade.

Neptune Bidco US Inc. (d/b/a "Nielsen") is a newly-formed entity
created to acquire the assets of Nielsen Holdings Limited ("Nielsen
Holdings") via a take-private LBO led by private equity sponsors
Evergreen Coast Capital Corporation and Brookfield Business
Partners L.P. With headquarters in Oxford, England and New York,
NY, and operations in more than 55 countries, Nielsen is a global
measurement and data analytics company providing Audience
Measurement, Impact and Gracenote content solutions. Revenue
totaled approximately $3.54 billion for the twelve months ended
September 30, 2022.

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


NID HOME SOLUTIONS: Gets More Time to File Bankruptcy Plan
----------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Georgia
extended the time NID Home Solutions, LLC can keep exclusive
control of its bankruptcy case, giving the company until March 29,
2023, to file a Chapter 11 plan and until May 30, 2023, to solicit
votes on that plan.

NID is presently working to refinance the primary source of its
indebtedness, the obligations encumbering its real property.
Further, the company is still working on completing its tax
returns. The facts and circumstances of the company's bankruptcy
case warrant the extension of the exclusivity periods.

                     About NID Home Solutions

NID Home Solutions, LLC filed its voluntary petition for relief
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case
No. 22-55915) on Aug. 1, 2022, with as much as $1 million in both
assets and liabilities. Craig Dixon, manager, signed the petition.

Judge Barbara Ellis-Monro oversees the case.

Rountree Leitman Klein & Geer, LLC and Abundant Tax Returns serve
as the Debtor's legal counsel and accountant, respectively.


NIELSEN N.V: Egan-Jones Lowers Senior Unsecured Ratings to BB-
--------------------------------------------------------------
Egan-Jones Ratings Company, on September 27, 2022, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Nielsen N.V. to BB- from B+.

Headquartered in New York, Nielsen N.V. is a global information and
measurement company.


NINE ENERGY: Posts $14.3 Million Net Income in Third Quarter
------------------------------------------------------------
Nine Energy Service, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing net income
of $14.28 million on $167.43 million of revenues for the three
months ended Sept. 30, 2022, compared to a net loss of $16.05
million on $92.87 million of revenues for the three months ended
Sept. 30, 2021.

For the nine months ended Sept. 30, 2022, the Company reported net
income of $6.41 million on $426.71 million of revenues compared to
a net loss of $48.83 million on $244.33 million of revenues for the
same period in 2021.

As of Sept. 30, 2022, the Company had $407.47 million in total
assets, $439.56 million in total liabilities, and a total
stockholders' deficit of $32.08 million.

"Q3 was a very strong quarter for Nine," said Ann Fox, president
and chief executive officer, Nine Energy Service, "driven mostly by
price increases across our service lines, as well as increased
volumes within completion tools, which enabled us to drive strong
incremental margins again this quarter."

"De-levering the balance sheet continues to be a top priority for
Nine.  During Q3, we repurchased $13.0 million par value of bonds
for $10.1 million of cash or 77.7% of par, leaving $307.3 million
outstanding.  I am extremely happy with our team's ability to take
over $90 million of debt off the balance sheet, while also
maintaining strong liquidity throughout one of the most volatile
environments we have faced.  The Company is poised to generate free
cash flow going forward and we plan to continue to reduce our
financial leverage.  Going forward, we believe that Nine can
de-lever through a combination of growth in profitability, as well
as reduction in net debt."

"All of our service lines performed well this quarter and cementing
continues to outperform the market, increasing sequential revenue
by approximately 16%, versus the average U.S. rig count, which
increased by approximately 7%.  We continue to grow our completion
tool business through both new technology and market share gains.
In Q3, we increased the total number of dissolvable plugs sold by
approximately 34% quarter over quarter, despite EIA reported
completions remaining flat.  Today, we believe we have a leading
market share position within the U.S. dissolvable plug market.
Along with the U.S. market, the international markets could provide
growth opportunities for Nine.  Our R&D team in Norway recently
completed and received API-Q1 certification for our multi-cycle
barrier valve for a large Middle Eastern national oil company
("NOC").  We have received approximately $10 million in purchase
orders pursuant to an NOC bid process, with opportunities to obtain
additional purchase orders moving forward. I am extremely proud of
Nine's R&D capabilities, which have provided new opportunities in
the international markets."

"The overall market has been volatile; however, we remain positive
about Nine's outlook into 2023 and beyond.  There are and will
continue to be numerous factors that will influence global supply
and demand, but we believe North American shale production will be
critical for global supply.  We do think capital discipline for
both operators and oilfield service providers will continue into
2023 keeping the market tight; however, we believe the constraints
on oilfield service equipment will continue, and incremental rig
activity moving forward should put upward pressure on pricing and
drive net margin."

"We do expect to see some seasonality impacts into Q4, especially
as our customers remain focused on staying within capital budgets.
With what we know today, we anticipate revenue to be relatively
flat sequentially for Q4, with growth returning as we enter Q1 of
2023."
"We have proven Nine's ability to generate strong growth and
earnings within the current rig environment.  As we have
strategically shifted more of our top line exposure to both
completion tools and cementing, we are starting to see the positive
impacts this will have on our free cash flow generation, which we
expect to continue into 2023.  While we do anticipate activity
increases into 2023, we do not believe we need significant activity
increases in 2023 to continue to grow both our revenue and expand
our margin."

"Nine's geographic and service line diversity positions us well for
this next cycle.  We believe we have differentiation in the service
lines in which we operate with a strategy towards more
profitability even within a more moderated growth environment in
2023."

A full-text copy of the Form 10-Q is available for free at:

https://www.sec.gov/ix?doc=/Archives/edgar/data/1532286/000153228622000019/nine-20220930.htm

                     About Nine Energy Service

Nine Energy Service, Inc. is an oilfield services company that
offers completion solutions within North America and abroad. The
Company brings years of experience with a deep commitment to
serving clients with smarter, customized solutions and resources
that drive efficiencies.  Nine Energy is headquartered in Houston,
Texas with operating facilities in the Permian, Eagle Ford,
SCOOP/STACK, Niobrara, Barnett, Bakken, Marcellus, Utica and
throughout Canada.

Nine Energy reported a net loss of $64.58 million for the year
ended Dec. 31, 2021, compared to a net loss of $378.95 million for
the year ended Dec. 31, 2020.  As of June 30, 2022, the Company had
$395.75 million in total assets, $442.06 million in total
liabilities, and a total stockholders' deficit of $46.32 million.

                          *    *    *

In May 2021, Moody's Investors Service retained Nine Energy's
ratings, including its Caa3 Corporate Family Rating (CFR).  Nine's
Caa3 CFR and negative outlook reflect Moody's view that the company
has an  untenable capital structure given the still high debt
burden despite bond repurchases.  As reported by the TCR on Nov.
23, 2020, S&P Global Ratings raised its issuer credit rating on
Nine Energy to 'CCC' from 'SD', reflecting its assessment of the
company's credit risk following debt repurchases.


NINE ENERGY: S&P Affirms 'CCC' ICR as Debt Maturities Approach
--------------------------------------------------------------
S&P Global Ratings affirmed its 'CCC' issuer credit rating on
U.S.-based oil field services provider Nine Energy Service Inc.,
reflecting elevated restructuring risk given its upcoming debt
maturities in 2023.

Despite improving business trends, S&P believes refinancing the
debt will be challenging due to volatility in the broader financial
markets.

S&P said, "We raised the issue-level rating on the 2023 unsecured
notes to 'CCC' from 'D' because we believe the likelihood of
significant debt repurchases has lessened given the need for Nine
to conserve cash. We revised the recovery rating to '3' from '4'
based on lower absolute debt and proximity to a potential payment
default and reflects our expectation of meaningful (50%-70%;
rounded estimate: 50%) recovery.

"The negative outlook reflects our view that there is an elevated
probability of restructuring in the next 12 months due to Nine's
upcoming debt maturities amid capital market uncertainty."

Refinancing risk remains a key concern for ratings.

The ratings on Nine reflect its rapidly approaching debt maturities
at a time of turbulent financial market conditions, which could
make it difficult to refinance and may leave Nine prone to
restructuring risk over the next 6-12 months. The company's
remaining $307 million 8.75% unsecured notes are due in November
2023, and its ABL facility ($27 million drawn at quarter end) is
subject to a springing maturity on April 28, 2023, as long as the
notes remain outstanding. S&P raised the rating on the unsecured
notes to 'CCC', as it believes significant sub-par debt repurchases
are less likely going forward as the company seeks to address its
capital structure in the coming months.

Oil field services sector conditions are expected to remain strong
in 2023, but capital markets remain challenging.

S&P said, "We expect ongoing constraints for oil field services
equipment and labor will drive revenue and margins higher heading
into 2023. Thus, we anticipate Nine's leverage will improve to
2x-3x next year with meaningful positive free cash flow driven by
better pricing across its service lines along with continued growth
in the completion tools business." However, due to rising interest
rates and tight capital markets, it may be challenging for Nine to
refinance its debt in a sustainable way. The company also issued a
going-concern warning the past few quarters and its notes are
trading well below par despite significantly improved year-to-date
performance and a strong third quarter in which Nine reported more
than $32 million of adjusted EBITDA, compared with just under $19
million in the prior quarter.

S&P said, "The negative outlook reflects our view that there is an
elevated probability of restructuring in the next 12 months due to
Nine's upcoming debt maturities amid capital market uncertainty.

"We could lower the ratings if we believe there is an increased
likelihood of conventional default or a transaction we would view
as distressed within a shorter time frame.

"We could consider an upgrade if the company successfully
refinances its debt. We believe this would require sustained strong
operational performance along with more favorable capital market
conditions."

ESG credit indicators: E-4, S-2, G-2

S&P said, "Environmental factors are a negative consideration in
our credit rating analysis of Nine Energy Service Inc. due to our
expectation that the energy transition will result in lower demand
for oil field services and equipment, including completion tools
and other completion-related offerings as accelerating adoption of
renewable energy sources lowers demand for fossil fuels."
Additionally, the industry faces an increasingly challenging
regulatory environment, both domestically and internationally, that
could further affect Nine's operations. To address some of these
concerns, Nine has developed dissolvable frac plugs that result in
a significantly reduced carbon footprint compared with traditional
composite plugs.



NOV INC: Egan-Jones Keeps B+ Senior Unsecured Ratings
-----------------------------------------------------
Egan-Jones Ratings Company, on September 30, 2022, retained its
'B+' foreign currency and local currency senior unsecured ratings
on debt issued by NOV Inc.

Headquartered in Houston, Texas, NOV Inc offers equipment and
components used in oil and gas drilling and production operations,
oilfield services, and supply chain integration services to the
upstream oil and gas industry.


OCULAR THERAPEUTIX: Incurs $24.2 Million Net Loss in Third Quarter
------------------------------------------------------------------
Ocular Therapeutix, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $24.19 million on $11.96 million of net total revenue for the
three months ended Sept. 30, 2022, compared to net income of $2.66
million on $12.15 million of net total revenue for the three months
ended Sept. 30, 2021.

For the nine months ended Sept. 30, 2022, the Company reported a
net loss of $55.50 million on $37.42 million of net total revenue
compared to a net loss of $2.70 million on $31.21 million of net
total revenue for the same period in 2021.

As of Sept. 30, 2022, the Company had $158.58 million in total
assets, $112.35 million in total liabilities, and $46.23 million in
total stockholders' equity.

"We presented arguably the most important clinical data in the
Company's history at this year's AAO meeting," commented Antony
Mattessich, president and CEO.  "In the 7-month data from our
U.S.-based Phase 1 clinical trial of a 600 ug, single implant
OTX-TKI for the treatment of controlled wet AMD, 80% and 73% of
subjects were rescue-free up to 6 and 7 months, respectively.  In
addition to our goal of moving OTX-TKI into a Phase 2/3 trial for
the treatment of wet AMD in Q3 of 2023, we also plan to initiate a
Phase 1 trial for the treatment of diabetic retinopathy (DR) in Q1
of 2023.  Pending good results, and subject to a follow-up meeting
with the FDA, we believe we could be in position to initiate our
first Phase 3 trial of OTX-TKI for the treatment of DR in Q1 of
2024.  On the commercial front, DEXTENZA achieved net revenue of
$11.9 million for the quarter despite the continued staffing
challenges that we have observed at our ASC and HOPD customers that
hindered their ability to operate at full capacity.  We believe
these challenges are transient in nature and that recent staffing
of our sales force at targeted levels and bringing new sales
territories online should have a near and long term positive impact
on DEXTENZA sales."

A full-text copy of the Form 10-Q is available for free at:

https://www.sec.gov/ix?doc=/Archives/edgar/data/0001393434/000155837022016610/ocul-20220930x10q.htm

                     About Ocular Therapeutix

Headquartered in Bedford, MA, Ocular Therapeutix, Inc. --
http://www.ocutx.com-- is a biopharmaceutical company focused on
the formulation, development, and commercialization of innovative
therapies for diseases and conditions of the eye using its
proprietary bioresorbable hydrogel-based formulation technology.
Ocular Therapeutix's first commercial drug product, DEXTENZA, is
FDA-approved for the treatment of ocular inflammation and pain
following ophthalmic surgery.

Ocular Therapeutix reported a net loss and comprehensive loss of
$6.55 million for the year ended Dec. 31, 2021, a net loss and
comprehensive loss of $155.64 million for the year ended Dec. 31,
2020, and a net loss and comprehensive loss of $86.37 million for
the year ended Dec. 31, 2019.  As of June 30, 2022, the Company had
$173.07 million in total assets, $107.27 million in total
liabilities, and $65.80 million in total stockholders' equity.


OCWEN FINANCIAL: Egan-Jones Hikes Senior Unsecured Ratings to B
---------------------------------------------------------------
Egan-Jones Ratings Company, on September 27, 2022, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Ocwen Financial Corporation to B from B-. EJR also
retained its 'C' rating on commercial paper issued by the Company.

Headquartered in West Palm Beach, Florida, Ocwen Financial
Corporation is diversified financial services holding company.


ONE CALL CORP: US$700M Bank Debt Trades at 25% Discount
-------------------------------------------------------
Participations in a syndicated loan under which One Call Corp is a
borrower were trading in the secondary market around 75.3
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.

The US$700 million facility is a term loan.  The loan is scheduled
to mature on April 22, 2027. The loan is fully drawn and
outstanding.

One Call is a healthcare network management company and a provider
of specialized solutions to the workers' compensation industry.


OPEN TEXT: Fitch Assigns 'BB+' LongTerm IDR, Outlook Negative
-------------------------------------------------------------
Fitch Ratings has assigned Open Text Corporation, and its
subsidiaries, Open Text Holdings, Inc. and Open Text ULC. a
first-time Long-Term Issuer Default Rating (IDR) of 'BB+'. The
subsidiaries and Open Text Corporation are co-borrowers on the
secured revolver, and collectively all three entities are referred
to as "Open Text".

In addition, Fitch has assigned a 'BBB-'/'RR1' rating to the senior
secured debt and a 'BB+'/'RR4' rating on the senior unsecured debt
of Open Text Corporation, and a 'BB+'/'RR4' rating on Open Text
Holdings, Inc.'s senior unsecured debt. Fitch has also assigned a
'BBB-'/'RR1' rating to the secured term loan of Open Text
Corporation.

Proceeds from the term loan, along with additional debt and cash
will be used to fund the pending $6 billion acquisition of Micro
Focus International plc (MFGP; 'BB-'/Rating Watch Positive). The
acquisition is expected to close in the first quarter of calendar
2023, subject to the satisfaction of regulatory approvals and
customary closing conditions.

The Rating Outlook is Negative, which reflects Fitch's concern for
increased leverage (Fitch defined as total debt with equity credit
to operating EBITDA) as a result of the pending acquisition of
Micro Focus, which is largely debt funded. Fitch expects the
combined company to be a significant generator of cash and that
leverage should decline over the next several quarters.

KEY RATING DRIVERS

Acquisition Elevates Leverage: With the planned issuance of debt,
Fitch calculates leverage at the end of FY 2023 (FY ends June 30)
may be well over 4.0x. As the combined entity generates cash and
focuses on reducing debt, Fitch expects leverage to fall in the
range of 3.4x to 3.8x by the end of FY 2024 and below 3.5x by the
end of FY 2025. Open Text has publicly stated that it intends to
reduce net leverage (as defined by Open Text) to below 3.0x within
eight quarters of closing on the Micro Focus transaction. Should
Fitch expect leverage to exceed 3.5x by the end of FY 2025, Fitch
may downgrade the rating by one notch.

Planned Focus on Margin Expansion: Historically, Open Text has had
stronger EBITDA margins and topline growth versus Micro Focus. Open
Text will have to successfully execute on improving the operational
profile at Micro Focus, which has experienced revenue declines and
margin contraction over the last few years. Open Text plans to
bring Micro Focus' revenues back to an organic growth trajectory
while improving its EBITDA margins and cashflows. Plans to enhance
maintenance renewal rates, accelerate cloud growth and update its
R&D are some of Open Text's key strategies.

Micro Focus Revenue Decline: Micro Focus' portfolio addresses
mature software assets that have been in secular decline. Micro
Focus has experienced continued revenue declines over the last four
years. Following Micro Focus' acquisition of software assets from
Hewlett Packard Enterprises in 2017, the company continued to
underperform growth expectations. While Micro Focus expects flat
revenues in FY 2023, macro-economic pressures and further
operational execution risks could delay revenue stabilization.

Integration Risk: The Micro Focus acquisition is Open Text's
largest acquisition to date. The company is estimating $400 million
in synergies consisting of $300 million of Micro Focus' previously
announced cost savings program and $100 million in additional
synergies. Open Text aspires to have Adjusted EBITDA margins in the
37%-39% range in FY 2025. The Micro Focus acquisition will more
than double Open Text's debt outstanding from $4.3 billion. The
increase in leverage may be temporary; however, the need to enhance
Micro Focus' operating profile and potential integration risks
could lead to a weaker credit profile.

Significantly Increased Scale: With the pending acquisition of
Micro Focus, the combined company will have an annualized total
revenue of over $6.0 billion, delivering on the company's 2021
publicly stated goal of doubling revenues over the next five to
seven years. Historically, Open Text has maintained strong
recurring revenues consisting of cloud services and subscriptions
and customer support (82% recurring revenues in FY 2022). The
company targets pre-dividend free cash flows of $1.1 billion in FY
2025 on a pre-acquisition basis and Micro Focus additive. Fitch
expects the acquisition to drive organic growth in the cloud
segments as Open Text transitions Micro Focus' customers to Open
Text's cloud infrastructure.

DERIVATION SUMMARY

Open Text's 'BB+' rating reflects its size and scale, which will
double with the Micro Focus acquisition. The company's rating is
the same as NortonLifeLock (NLOK; 'BB+'/Negative Outlook), which
has much stronger EBITDA margins of around 50%. Fitch estimates
Open Text has EBITDA margins in the low to mid 30's. NLOK differs
from Open Text significantly in its strong focus in the consumer
market.

From a leverage perspective, there are similarities since both have
leverage over 3.5x, which is high for the 'BB+' rating, and they
both share a Negative Outlook for that reason. Both are expected to
generate significant FCF and reduce leverage. Fitch expects Open
Text to have leverage in the 3.4x to 3.8x range by the end of FY
2024 (FY ends June 30), and if it executes on reducing leverage, it
could be below 3.5x by the end of FY 2025. For NLOK, Fitch
forecasts leverage in the 3.5x to 4.0x range by the end of FY 2024
(FY ends April 1). Should it focus on debt reduction, NLOK could
also have leverage under 3.5x by the end of FY 2025.

Fitch rates Open Text Corporation and its subsidiaries, Open Text
Holdings, Inc., and Open Text ULC on a consolidated basis, using
the strong parent/weak subsidiary approach based on the entities
operating as a single enterprise with strong legal and operational
ties.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within the Rating Case for the Issuer:

- Fitch assumes the transaction closes in the first quarter of
calendar 2023;

- Revenues for Open Text will almost double in FY 2023, as Fitch
forecasts the acquisition and growth to be in the very low single
digits in the forecast horizon, as Open Text has largely relied on
revenue growth through acquisitions;

- Fitch assumes that margins compress in FY 2023 following the
acquisition of Micro Focus, which has lower margins. Fitch assumes
there is some margin expansion after that and EBITDA margins are in
the low to mid 30's over the forecast;

- Dividend growth continues around 10%;

- No assumptions are made for acquisitions or share repurchases.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to a Stable
Outlook:

- Should Fitch anticipate Open Text's leverage falling below 3.5x,
the Outlook could be revised to Stable from Negative.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

- Fitch's expectation of leverage (defined as total debt with
equity credit/operating EBITDA) below 2.5x on a sustained basis;

- CFO less capex to total debt above 17.5% on a sustained basis.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

- Fitch's expectation of leverage (defined as total debt with
equity credit/operating EBITDA) above 3.5x on a sustained basis;

- CFO less capex to total debt below 10% on a sustained basis;

- Evidence of negative organic revenue growth;

- Significant debt-financed acquisitions or share repurchases that
significantly weaken the company's credit profile for a prolonged
period of time.

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: As of June 30, 2022, Open Text had total
liquidity of $2.4 billion consisting of almost $1.7 billion of cash
on the balance sheet and a fully undrawn $750 million revolving
credit facility expiring in 2024. This along with Fitch's
expectation for significant FCF also supports Open Text's
liquidity.

ISSUER PROFILE

Open Text Corporation (NASDAQ: OTEX) is a public company that
offers its customers information management through cloud-based
solutions. It also offers licenses, customer support and
professional services such as consulting. In FY 2022, it had 63% of
its revenues from the Americas, 29% from EMEA and 8% from Asia
Pacific.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This 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.

   Entity/Debt                Rating           Recovery   
   -----------                ------           --------   
Open Text Holdings,
Inc.                   LT IDR BB+  New Rating

   senior unsecured    LT     BB+  New Rating     RR4

   senior unsecured    LT     BB+  New Rating     RR4

   senior secured      LT     BBB- New Rating     RR1

Open Text Corporation  LT IDR BB+  New Rating

   senior unsecured    LT     BB+  New Rating     RR4

   senior secured      LT     BBB- New Rating     RR1

   senior unsecured    LT     BB+  New Rating     RR4

   senior secured      LT     BBB- New Rating     RR1

Open Text ULC          LT IDR BB+  New Rating

   senior secured      LT     BBB- New Rating     RR1


OPEN TEXT: Moody's Assigns Ba1 Rating to New Sr. Secured Term Loan
------------------------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to Open Text
Corp.'s proposed senior secured term loan being issued in
conjunction with the company's pending acquisition of Micro Focus
International plc. Open Text's existing credit ratings, including
its Ba1 Corporate Family Rating and the Baa2 and Ba2 ratings for
its senior secured credit facilities and senior unsecured notes,
respectively, remain on review for downgrade. Open Text's SGL-1
Speculative Grade Liquidity rating is unaffected by the rating
action.  

Assignments:

Issuer: Open Text Corp.

Sr Sec 1st Lien Delayed Draw Term Loan, Assigned Ba1 (LGD3)

RATINGS RATIONALE

Open Text plans to finance the acquisition of Micro Focus with $4.6
billion in new debt, borrowings under its existing revolving credit
facility, and $1.3 billion of cash on hand. The $4.6 billion of new
debt includes funds from the proposed term loan facility and access
to funds under a $2 billion of bridge loan commitment. The company
intends to reduce commitments or the borrowings under the bridge
loan by accessing debt capital markets, subject to market
conditions. The Ba1 rating for Open Text's proposed term loans
incorporates Moody's assumption that the company's entire $4.6
billion of new debt will consist of 1st lien secured debt, thereby
substantially increasing the proportion of 1st lien debt in the
final capital structure.

Open Text's ratings remain under review to reflect the company's
elevated execution risk and its weaker financial profile as a
result of the substantial increase in debt after the acquisition of
Micro Focus. Moody's estimates that pro forma for the acquisition,
Open Text's total debt to EBTIDA (Moody's adjusted) will increase
to mid 4x, from 3.6x at fiscal year ended June 2022, before the
remaining cost savings under Micro Focus's standalone cost savings
program and the $100 million of incremental cost savings from the
combination that Open Text has targeted, are included. Cash and
marketable securities, relative to total adjusted debt, will
decline from 37% to 10%. Moody's expects deleveraging after the
acquisition will primarily come from debt reduction. Based on
Moody's assumption that Open Text will build-up its cash balances
to $1.7 billion – its average year-end levels over the past three
years – Open Text's Moody's adjusted total debt to EBITDA will
remain above mid 3x at least through fiscal year ending June 2024.

The execution risk will be elevated as both companies generate a
large share of their revenues from declining and mature products
and the challenges are compounded by the highly competitive
software segments they operate in that are increasingly adopting
cloud software solutions. Organic growth at both companies has
significantly lagged the growth of the enterprise software
industry. While Moody's expects stand-alone Open Text's organic
growth of about 2% over the next 12 to 24 months driven by growth
in its cloud portfolio, Micro Focus' revenues declined by 7% on a
constant currency and continuing operations basis in its fiscal
first half ended April 2022, and Moody's expects revenue declines
to persist over the next 2 to 3 years. Micro Focus' revenues and
profitability have underperformed Moody's expectations since the
company acquired HP Enterprises' software businesses in 2017.

Open Text's credit profile will benefit from its larger scale and
prospective free cash flow levels after the acquisition. The
company has a good track record of integrating numerous
acquisitions, and improving profitability and deleveraging after
larger acquisitions. It has good product and geographic revenue
diversity, and approximately 75% of the revenue for the combined
companies will come from recurring software maintenance and
subscription services. Even before cnsidering the targeted cost
savings, Open Text will have strong profitability. The high revenue
to free cash flow conversion rates in the software business further
supports Open Text's credit profile and provides capacity to reduce
debt.

However, Open Text's low organic growth prospects and reliance on
debt-financed acquisitions to drive cash flow growth, limits
potential upside to credit metrics, despite its strong free cash
flow.

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

Moody's expects that a downgrade of the CFR to Ba2 is likely if the
acquisition closes based on the proposed terms. To the extent that
the remaining debt to finance the acquisition comprises all or a
meaningful share of senior unsecured debt, the ratings for Open
Text's 1st lien debt could be notched higher relative to the CFR
than Moody's has currently assumed. Given the expected degradation
of credit metrics upon the close of the acquisition of Micro Focus,
a ratings upgrade is unlikely in the intermediate term.

Open Text is a leading provider of Information Management software
and services.

The principal methodology used in this rating was Software
published in June 2022.


PARETEUM CORP: Executives Can't Draw on D&O Policies, Says Trustee
------------------------------------------------------------------
The trustee overseeing the liquidation of Pareteum Corp. asked a
New York bankruptcy judge on Thursday, November 3, 2022, to reject
a request by executives for insurance coverage for a shareholder
settlement, saying the policies are the property of the Chapter 11
estate.

Anthony M. Saccullo, in his capacity as the Liquidating Trustee for
the TEUM Liquidating Trust objects to the motion of non-debtors
Robert H. Turner, Edward O'Donnell, Denis McCarthy, Victor Bozzo,
Robert Mumby, and Yves Van Sante (collectively, "Movants") for
entry of an order, pursuant to sections 105(a) and 362(d)(1) of
title 11 of the United States Code determining that proceeds under
certain directors and officers insurance policies are not property
of the estate and not subject to the automatic stay.

The Trustee claims that Movants have filed a procedurally defective
motion seeking a declaratory judgment that what remains of $20
million in insurance coverage is not property of the Debtors'
estate.

"Clearly, the Policies, which provide coverage to and benefit the
Debtors, are property of the estate.  As such, Movants are required
to proceed by way of an adversary proceeding if they seek a
determination that the proceeds of those policies are not property
of the estate.  A request for a declaration to determine an
“interest in property," which is what Movants seek here, must be
made in a complaint initiated by an adversary proceeding pursuant
to Bankruptcy Rule 7001(2) and (9). The Motion should be denied on
this basis alone," the Trustee said in court filings.

"Of course, Movants did not proceed by way of an adversary
proceeding because they hoped to obtain an expedited ruling from
this Court on motion before the Liquidating Trust, which was only
formed on October 21, 2022, could reasonably be expected to act.
Movants request for "stay relief" would, if successful, also
exhaust insurance coverage that would otherwise be available to
address the claims against Movants preserved for, and assigned to,
the Liquidating Trust for the benefit of general unsecured
creditors pursuant to the confirmed Plan."

The Trustee notes that if the Court grants the procedurally
defective Motion, then general unsecured creditors' primary source
of recovery -- the Liquidating Trust's claims against the Movants
for their prepetition misconduct and the Policies' coverage for
those claims -- will be lost simply because those shareholder
plaintiffs enjoyed a head start over the Litigation Trust.  That
result is not only inconsistent with a fundamental tenet of
bankruptcy law -- the orderly and fair distribution of assets to
similar creditors that avoids the proverbial "race to the
courthouse" -- but it also undermines a crucial element of the
confirmed Plan that was accepted by voting creditors.

Attorneys for Anthony M. Saccullo, in his capacity as Liquidating
Trustee, for the TEUM Liquidating Trust:

         COLE SCHOTZ P.C.
         Seth Van Aalten, Esq.
         Cameron Welch, Esq.
         Michael Trentin, Esq.
         1325 Avenue of the Americas – 19th Floor
         New York, New York 10019
         Tel: (212) 752-8000
         Fax: (212) 752-8393

                   About Pareteum Corporation

Pareteum Corporation is a cloud software communications platform
company which provides communications platform-as-a-service (CPaaS)
solutions offering mobility, messaging, and connectivity and
security services and applications. It has operations in North
America, Latin America, Europe, Middle East, Africa, and the
Asia-Pacific region.

Pareteum Corporation and its affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No.
22-10615) on May 15, 2022.  In the petition signed by Laura W.
Thomas, interim chief financial officer, Pareteum Corporation
disclosed $52,043,000 in assets and $10,486,000 in liabilities.

Judge Lisa G. Beckerman oversees the cases.

The Debtors tapped Togut, Segal & Segal, LLP as bankruptcy counsel;
King & Spalding, LLP as special counsel; FTI Capital Advisors, LLC
as investment banker; FTI Consulting, Inc. as financial advisor;
and Saccullo Business Consulting, LLC as provider of wind-down
officer and additional personnel. Kurtzman Carson Consultants, LLC
is the claims, noticing, and balloting agent.

The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors in the Debtors' cases on May 24, 2022. Sidley
Austin, LLP and AlixPartners, LLP serve as the committee's legal
counsel and financial advisor, respectively.


PARK-OHIO INDUSTRIES: Moody's Cuts CFR to B3 & Unsec. Notes to Caa2
-------------------------------------------------------------------
Moody's Investors Service downgraded the ratings of Park-Ohio
Industries Incorporated, including the corporate family rating to
B3 from B2, the probability of default rating to B3-PD from B2-PD,
and the senior unsecured rating to Caa2 from Caa1. The outlook was
revised to stable from negative. The speculative grade liquidity
rating remains unchanged at SGL-3.

The downgrade reflects Moody's view that Park-Ohio's debt/EBITDA
will remain high at near 6x. Further, free cash flow will only be
modestly positive in 2023 as recovery in the company's very weak
credit metrics will be gradual. Moody's had previously expected
Park-Ohio to reduce leverage and generate positive free cash flow
in 2022. However, ongoing cost inflation, restructuring actions and
an elevated inventory position will result in free cash flow being
materially negative for the year and debt/EBITDA will be near 7x at
the end of 2022.

Moody's believes some of Park-Ohio's end-markets, especially within
its Engineered Products segment, have favorable demand trends
heading into 2023. Higher volumes in this segment coupled with
recent restructuring initiatives in its Assembly Components segment
should improve EBITA margins to at least 4% in 2023 compared to
below 3% the last two years. However, Moody's believes that a
majority of Park-Ohio's business remains exposed to a potential
broader economic slowdown in 2023. Therefore, Moody's believes the
company will be unable to regain the level of EBITA margin,
leverage and cash flow seen prior to the pandemic.

Downgrades:

Issuer: Park-Ohio Industries Incorporated

Corporate Family Rating, Downgraded to B3 from B2

Probability of Default Rating, Downgraded to B3-PD from B2-PD

Senior Unsecured Regular Bond/Debenture, Downgraded to Caa2 (LGD5)
from Caa1 (LGD5)

Outlook Actions:

Issuer: Park-Ohio Industries Incorporated

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

Park-Ohio's ratings reflect the company's exposure to several
volatile end markets such as automotive, energy and industrial,
weak EBITA margin and high financial leverage. Park-Ohio maintains
a high degree of diversification in its end markets and customer
base compared to peers, with revenue expected to be about $1.7
billion at the end of 2022. However, the scale of the company's
three separate business segments is moderate relative to other
industrial suppliers.

Despite favorable top line growth in 2022, Park-Ohio's earnings and
cash flow have failed to recover compared to Moody's initial
expectations. The company's Assembly Components segment has been
severely impacted by higher raw material costs and volatile
automotive production schedules. Park-Ohio has undertaken
restructuring efforts and enacted price increases within this
segment. Nonetheless, Moody's expects the operating margin in
Park-Ohio's Assembly Components segment to remain much weaker than
historical levels.

Demand in Park-Ohio's other segments, Supply Technologies and
Engineered Products, has remained strong in 2022. Higher volumes in
Engineered Products and completed facilities consolidation will
help improve the company's fixed cost absorption. The company also
has a favorable backlog tied to aerospace, rail and oil and gas end
markets. This will contribute to continued growth in 2023 in this
segment. However, demand in Supply Technologies is likely to soften
in 2023 as macroeconomic conditions remain challenging.

The stable outlook reflects Moody's view that Park-Ohio will
maintain adequate liquidity and moderately improve its operating
leverage over the next twelve months.

Park-Ohio's SGL-3 liquidity rating reflects Moody's expectations
for Park-Ohio to maintain adequate liquidity through 2023. During
2022, liquidity has become tighter as Park-Ohio has increased its
reliance on its $405 million asset-based lending facility (expiring
November 2024) to support higher working capital investments,
restructuring actions and acquisitions. Moody's expects Park-Ohio
to maintain total liquidity of at least $150 million between cash
on hand and ABL availability, which is below prior expectations of
at least $200 million. Free cash flow is expected to be modestly
positive in 2023 at approximately $10 million as earnings improve
and Park-Ohio works to unwind the elevated inventory position
within its Supply Technologies segment.

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

The ratings could be upgraded if Park-Ohio is able to improve its
operating performance and cost management to maintain an EBITA
margin above 5.5% and debt/EBITDA below 5.5x. An expectation for
consistently positive free cash flow and materially less reliance
on the ABL will also support a higher rating.

The ratings could be downgraded if Park-Ohio's liquidity does not
improve due to persistently negative free cash flow or diminished
availability under its ABL. Further, EBITA margin remaining below
4% or debt/EBITDA expected to be sustained above 6.5x could also
result in a rating downgrade.

The principal methodology used in these ratings was Automotive
Suppliers published in May 2021.

Headquartered in Cleveland, Ohio, Park-Ohio Industries Incorporated
is a publicly traded industrial supply chain logistics and
diversified manufacturing company with three primary business
segments: Supply Technologies; Assembly Components; and Engineered
Products. Park-Ohio Industries Incorporated is a subsidiary of Park
Ohio Holdings Corp., who is the holder of public equity. Revenue
for the twelve months ended September 2022 was approximately $1.7
billion.


PEBBLEBROOK HOTEL: Egan-Jones Keeps BB- Senior Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on September 26, 2022, retained its
'BB-' foreign currency and local currency senior unsecured ratings
on debt issued by Pebblebrook Hotel Trust.

Headquartered in Maryland, Pebblebrook Hotel Trust is an internally
managed hotel investment company that acquires and invests in hotel
properties located in large United States cities, with an emphasis
on major coastal markets.


PENNSYLVANIA REAL: Egan-Jones Hikes Senior Unsecured Ratings to C
-----------------------------------------------------------------
Egan-Jones Ratings Company, on September 28, 2022, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Pennsylvania Real Estate Investment Trust to CCC
from CCC-. EJR also upgraded the rating on commercial paper issued
by the Company to C from D.

Headquartered in Philadelphia, Pennsylvania, Pennsylvania Real
Estate Investment Trust is a self-administered real estate
investment trust involved in acquiring, managing, and holding real
estate interests for current yield and long-term appreciation.


PITNEY BOWES: S&P Alters Outlook to Negative, Affirms 'BB' ICR
--------------------------------------------------------------
S&P Global Ratings revised its outlook on Pitney Bowes Inc. to
negative from stable. At the same time, S&P affirmed its ratings on
the company, including the 'BB' issuer credit rating.

Relatively more stable performance at the company's Sending
Technology and Presort segments have enabled Pitney Bowes to keep
leverage under 4.0x so far and underpin our current affirmation of
the rating.

The negative outlook is based on our expectation that a weakening
consumer spending backdrop will increase the risk that the company
will not be able to reverse recent weak performance at Global
Ecommerce (GEC).

S&P said, "The path to sustainable growth and EBITDA generation
from the GEC segment--critical in our view to the long-term health
of Pitney Bowes--remains muddled and once again delayed.Pitney's
Global Ecommerce business saw accelerating revenue declines and
further profitability deterioration in the September quarter, as a
strong dollar hurt outbound volumes at cross-border solutions
customers. We now think that GEC will not be able to generate
positive EBITDA for 2022, and will be challenged to show much
improvement into 2023 absent a major reversion in currency markets
that changes the economics of outbound shipping. Although Pitney
Bowes does not break out margins by subsegment in the GEC business,
the substantial hit to EBITDA in the third quarter indicates to us
that cross-border is likely the most profitable part of this
segment, and achieving positive EBITDA off domestic parcel
expansion will be challenging. The company has announced the launch
of inbound services from the U.K. and Canada, an initiative that
may reduce the firm's exposure to currency volatility over time,
but the impact of this launch will be muted in the near term.

"Recent customer additions and an uptick in parcel volume in
October are somewhat encouraging for December-quarter performance,
but we see pitfalls ahead from consumer holiday spending amid
growing macroeconomic uncertainty, a weakening housing market, and
ongoing interest rate raises. At this point, we expect broadly flat
sales for Ecommerce in 2023 and have little confidence in
forecasting the timeframe over which this segment will be able to
consistently generate EBITDA. Our uncertainty is reinforced by the
fact that GEC has been operating for some time at volumes in excess
of prior volume targets that management had keyed to profitability,
while still losing money. Furthermore, we view the company's
increasing interest in opportunities in more general domestic
package logistics as risky. We believe that Pitney is more likely
to successfully and profitably compete against incumbent industry
giants like FedEx and UPS in parcel logistics if it focuses on
differentiated niche areas like return processing that haven't been
well served by the legacy players.

"All these factors paint an increasingly muddled picture for the
future of GEC, which drives our negative outlook. Pitney Bowes
needs a viable growth business to complement its legacy franchises
in order to sustain our current 'BB' rating, and unless the company
can convincingly demonstrate that this segment is on a clear
trajectory to consistent EBITDA generation, we would likely
downgrade the firm even if leverage remains within the previously
stated 3x-4x band.

"Although Legacy Sending Technology and Presort businesses have
held up better than we had expected, we do not think they will be
immune to macroeconomic challenges in 2023.Pitney Bowes has
successfully slowed the rate of revenue declines in SendTech
through increasing shipping-related services, a bright spot for a
business that has been declining for years on slowing mail volumes.
The stabilization of financing receivables since around 2020 also
speaks to the resilience of this business and Pitney Bowes' ability
to provide ongoing value to this longstanding customer base.
Presort has also been a reliable contributor of about $100 million
of EBITDA annually--a crucial source of stability during Pitney's
ongoing transformation. Nevertheless, we see some risks to these
segments in 2023 as SendTech's small-business customers may face
outsize impact from a recession, and bulk mailing volumes may
decline for Presort as we depart the 2022 election year.

"Cash flow has weakened this year and may turn negative on working
capital outflows, but should recover in 2023 on lower capital
expenditures. Free cash flow turned negative in the third quarter
of 2022, the first time since the first quarter of 2020 (we
calculate free cash flow excluding changes in customer deposits,
which differs from management's definition.) Although this decline
was primarily related to significant swings in payables in the
quarter rather than a decline in core profitability, we note that
earnings have declined sufficiently that a quarter of challenging
working capital dynamics can push cash flow into negative
territory, and expect that cash generation may be more volatile
going forward without improvement in both GEC segment and
consolidated profitability. Lower capital expenditure in 2023
should provide a tailwind to cash generation and support cash flow
growth over 2022 levels, but a generally higher interest rate
environment may consume most of this increase in cash flow over
time as the company replaces maturing debt with higher-coupon
instruments.

"Leverage has increased to about 3.9x as of the September quarter,
near our prior downgrade threshold, but should decline moderately
in the fourth quarter unless something goes completely wrong.Weaker
operating performance in 2022 so far has pushed leverage up to
about 3.9x for the past two quarters, up from about 3.5x at the end
of 2021. We expect a moderate decline in leverage at year-end if
the company can avoid a repeat of the holiday season losses from
overstaffing that it saw last year. A cash balance of over $600
million provides adequate liquidity such that the company can
readily address its $238 million 2024 note maturity.

"Our negative outlook is based on our expectation that a weakening
consumer spending backdrop will increase the risk that the company
will not be able to reverse recent weak performance at GEC over the
next year and report positive EBITDA for the 2023. Although Pitney
Bowes has sufficient liquidity to weather near-term headwinds on
its business, we believe that the continually longer-than-expected
path to profitability in Ecommerce raises the risk of higher
leverage and weaker cash generation through a period of
macroeconomic weakness.

"We would likely downgrade Pitney Bowes if weakening macroeconomic
conditions, inflationary pressures, or operational missteps impede
significant profitability improvement in its Global Ecommerce
business such that we think this business is unlikely to report
meaningful EBITDA over the next year.

"We would also consider a downgrade if we expect leverage is likely
to remain over 4.0x. An acceleration in revenue declines in the
SendTech business or substantial restructuring expense overruns
could also serve as paths to higher financial leverage.

"We would consider revising the outlook to stable if Pitney Bowes
is able to return GEC to revenue growth while improving
profitability such that we expect consistent segment EBITDA
generation going forward. We would also look to see ongoing
stability in legacy SendTech and Presort segments while the company
maintains leverage in the mid-3x area to support a stable
outlook."

ESG credit indicators: E-2, S-2, G-2



POLAR US: US$1.48B Bank Debt Trades at 17% Discount
---------------------------------------------------
Participations in a syndicated loan under which Polar US Borrower
LLC is a borrower were trading in the secondary market around 83
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.

The US$1.48 billion facility is a term loan.  The loan is scheduled
to mature on October 15, 2025. About US$1.36 billion of the loan is
drawn and outstanding.

Polar US Borrower, LLC is a subsidiary of SK Blue Holdings, LP,
which was formed by SK Capital Partners to facilitate its
acquisition of SI Group, Inc. SI Group is a global developer and
manufacturer of performance additives and intermediates. The
Company operates manufacturing facilities on five continents.



PROJECT CASTLE: US$1.47B Bank Debt Trades at 19% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Project Castle Inc
is a borrower were trading in the secondary market around 82
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.

The US$1.47 billion facility is a term loan.  The loan is scheduled
to mature on November 1, 2029.   The amount is fully drawn and
outstanding.



PROVENIR LLC: Unsecureds Will Get 5.6% of Claims in 60 Months
-------------------------------------------------------------
Provenir, LLC, submitted a Second Amended Plan of Reorganization
for a Small Business under Subchapter V dated November 7, 2022.

The Debtor's financial projections show that the Debtor will have
projected disposable income of $54,181.13.

Note Regarding Employee Benefit Plan Claims: The Debtor established
a 401(k) Plan for its employees in April, 2012. The 401(k) Plan is
administered by the Loren D. Stark Company. The Debtor has also
made all required deposits into the 401(k) Plan. However, in April,
2012, the Debtor entered into an agreement to make an additional
bonus payment of 3% of each employees' yearly wages into the 401(k)
Plan which is known as a "Safe Harbor" payment. This payment has
been paid out of the Debtor's profits and has nothing to do with
employee contributions.

The law provides that for certain claims for contributions to an
employee benefit plan by an employer, the claims must be paid in
full if the claims arise from services rendered within 180 days
before the date of the filing of the bankruptcy case. Therefore, if
a current or former employee of the Debtor rendered services for
the Debtor on or after November 21, 2021, then the Debtor will
contribute 100% of the "Safe Harbor" payments that are due on those
employees' wages pursuant to this Plan. However, if the Debtor owes
"Safe Harbor" payments to the 401(k) Plan on account of services
that were rendered for the Debtor prior to November 21, 2021, then
the law requires that the Debtor pay such contributions on behalf
of such employees as general unsecured claim in this case.

General unsecured creditors are treated under Class 6 of this Plan.
It is estimated at the present time that general unsecured
creditors will receive only approximately 5.6% of the amount they
are owed (i.e., 5.6% of their Allowed Unsecured Claim). This "Safe
Harbor" contribution has nothing to do with funds contributed to
the Debtor's 401(k) Plan by its current and former employees. All
of those sums are protected and will continue to be held in the
Debtor's 401(k) Plan and administered by the Loren D. Stark Company
regardless of the terms of this Plan. The newly added "Safe Harbor"
creditors consist of $56,428.73 in priority debt and $90,289.86 in
non-priority unsecured debt, the latter of which is included in the
estimate of total unsecured debt.

This Plan of Reorganization proposes to pay creditors of the Debtor
from the cash flow generated from the operations of the company and
its future income.

Class 1 consists of the Allowed Priority Claims under 507(a)(4) and
507(a)(5) – Wage Claims and Priority Employee Benefit Plan
Claims. Each Holder of a claim allowed under 507(a)(4) or 507(a)(5)
shall be paid the full amount of his/her Allowed Priority Claim as
provided by 11 U.S.C. §1129(a)(9)(B). Thus, Allowed Priority
Claims under 507(a)(4) shall be paid in full upon the later of the
effective date of this Plan, or the date on which such claims are
allowed by a final non-appealable order. Allowed Priority Claims
under 507(a)(5) shall be funded by payments to the Debtor's 401(k)
plan: (A) within 30 days of the Effective Date for sums which were
due on September 15, 2022; and (B) for sums due on September 15,
2023, such sums will be paid on or before such date. Class 1 is
unimpaired by this Plan.

Class 6 consists of Allowed Unsecured Claims (including
undersecured claims) and NonPriority Employee Benefit Plan Claims.
The Debtor shall set aside the cumulative amounts identified as
"Running Disposable Income" during the period of time which is 60
months from the Effective Date of the Plan, which shall be known as
the "General Unsecured Creditor Fund". All Creditors holding
Allowed Unsecured Claims, including Non-Priority Employee Benefit
Plan Claims shall be paid a Pro Rata share of the funds deposited
in the General Unsecured Creditor Fund on an annual basis, with
each payment being due on the yearly anniversary of the Effective
Date. Based upon current projections, Debtor believes the payments
to unsecured creditors would be approximately 5.6% of the Allowed
amount of each claim.

This Plan is based upon the distributions to Creditors by the
Debtor, at its option, by means of one or more of the following:
(a) cash presently held by the Debtor and cash to be acquired
through the operation of its business including cash generated from
the contracts the Debtor is currently under and those contracts
that the Debtor may enter into at a later date; and (b) collection
of accounts receivable.

A full-text copy of the Second Amended Plan dated November 7, 2022,
is available at https://bit.ly/3UPNEKO from PacerMonitor.com at no
charge.

Attorney for Provenir:

      H. Anthony Hervol
      Law Office of H. Anthony Hervol
      4414 Centerview Drive, Suite 207
      San Antonio, Texas 78228
      Fax: (210) 522-0205
      Email: hervol@sbcglobal.net

                       About Provenir, LLC

Provenir, LLC, provides employment services specializing in
healthcare recruitment. Provenir sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 22 50514) on
May 15, 2022. In the petition filed by Brigitta M. Glick, managing
member, the Debtor disclosed $463,311 in assets and $1,258,237 in
liabilities.

Judge Michael M. Parker oversees the case.

H. Anthony Hervol, Esq., at the Law Office of H. Anthony Hervol is
the Debtor's counsel.


RED VENTURES: Moody's Rates New $940MM 1st Lien Revolver 'B1'
-------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to Red Ventures,
LLC's ("Red Ventures", "RV" or the "company") new $940 million
senior secured first-lien revolving credit facility (RCF) maturing
November 2027. RV's B1 Corporate Family Rating and stable outlook
remain unchanged.

The new RCF replaces the existing $754 million RCF maturing in
November 2023 (the "2023 RCF") and will have a springing maturity
91 days before Red Ventures' term loan maturity of November 8,
2024, if the term loan is not refinanced before then. The new RCF,
which will be priced off of SOFR rather than LIBOR, will be issued
by the same borrower/co-borrower entities, secured by the same
collateral package, guaranteed by the same guarantors and contain
the same terms and conditions as the 2023 RCF. With this
transaction, RV has enlarged the size of its lender group and
expects to increase the facility to approximately $1 billion in
early Q1 2023 with the addition of a new lender.

Following is a summary of the rating action:

Assignments:

Issuer: Red Ventures, LLC  (Co-Borrower: New Imagitas, Inc.)

Senior Secured 1st Lien Revolving Credit Facility, Assigned B1
(LGD3)

The assigned rating is subject to review of final documentation and
no material change in the size, terms and conditions of the
transaction as advised to Moody's. Upon transaction closing,
Moody's will withdraw the B1 rating on the 2023 RCF.

RATINGS RATIONALE

Moody's views the refinancing as credit neutral since there is no
change to the company's leverage and cash flow metrics. However,
the RCF's maturity extension and upsize enhances Red Ventures'
financial flexibility during a period of macroeconomic
uncertainty.

Red Ventures, LLC's B1 CFR is supported by the company's online
customer acquisition platform designed around a performance-based
revenue model and a proprietary analytics platform that has
consistently delivered comparatively higher customer traffic and
sales conversions than its clients' in-house marketing programs.
The company maintains high adjusted EBITDA margins and high organic
revenue growth, though likely to moderate as the economy and
advertising spend slow over the coming quarters and risk of
recession rises. Red Ventures will continue to benefit from the
long-term secular shift of brand marketing spend and consumer
purchase activity from traditional channels to online platforms.
The "asset-lite" operating model facilitates good conversion of
EBITDA to positive free cash flow (FCF), supporting good liquidity
and the ability to de-lever within the appropriate credit
protection ranges for the rating. Following the June 2022
deconsolidation of RV Health and subsequent significant debt
repayment, Moody's expects leverage will remain in the 4.5x–5x
area (as calculated and adjusted by Moody's) over the next 12-18
months, notwithstanding the challenging macroeconomic environment.

The rating also considers Red Ventures': (i) moderately high pro
forma financial leverage; (ii) aggressive M&A posture that can lead
to volatile credit metrics as well as integration challenges; (iii)
exposure to economically sensitive client spend leading to cyclical
advertising and volatile transaction revenue; and (iv) increased
customer, end market and geographic concentrations following the
deconsolidation of RV Health. There is also exposure to governance
risks related to private equity ownership, albeit somewhat
mitigated given the sponsors' minority voting control and history
of contributing equity to partially fund M&A.

The stable outlook reflects Moody's view that Red Ventures'
integrated end-to-end digital marketing platform, online customer
acquisition and sales center operating model will remain fairly
resilient and generate solid free cash flow (FCF) even if the
economy slows over the coming quarters and/or enters into a
recession. Moody's expects that Red Ventures will continue to
experience favorable digital ad market trends and achieve share
gains longer-term as clients adopt its data-driven approach to
marketing.

Over the next 12-18 months, Moody's expects Red Ventures will
maintain good liquidity supported by positive FCF (i.e., CFO less
capex less dividends) projected in the range of $175-$225
million/annum, cash balances of at least $100 million (cash
balances at September 30, 2022 totaled roughly $191 million) and
access to the new RCF.

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

Ratings could be upgraded if Red Ventures demonstrates revenue
growth and EBITDA margin expansion leading to consistent and
increasing positive free cash flow generation and sustained
reduction in total debt to GAAP EBITDA leverage below 4x (as
calculated and adjusted by Moody's) and free cash flow to adjusted
debt of at least 6%. The company would also need to increase scale,
maintain at least a good liquidity profile and exhibit prudent
financial policies.

Ratings could be downgraded if financial leverage is sustained
above 5x total debt to GAAP EBITDA (as calculated and adjusted by
Moody's) or EBITDA growth is insufficient to maintain free cash
flow to adjusted debt of at least 2%. Market share erosion,
significant client losses, sub-par organic revenue growth, weakened
liquidity or if the company engages in leveraging acquisitions or
sizable shareholder distributions could also result in ratings
pressure.

Headquartered in Fort Mill, South Carolina, Red Ventures, LLC is a
wholly-owned operating subsidiary of Red Ventures Holdco, LP, which
owns a portfolio of growing digital businesses that bring consumers
and brands together through integrated e-commerce, strategic
partnerships, and proprietary brands across the Financial Services,
Travel, Home, Media & Commerce, Education and Health end markets.
Private equity firms Silver Lake Partners, General Atlantic and
ICONIQ are major investors in the company. In June 2022, Red
Ventures completed the formation of a new joint venture called RVO
Health (JV) with UnitedHealth Group Incorporated (UHG) in which RV
contributed its healthcare assets (RV Health) and UHG contributed a
portion of its Optum Health assets. Pro forma for the
deconsolidation of RV Health, revenue for the twelve months ended
September 30, 2022 totaled approximately $1.5 billion.

The principal methodology used in this rating was Business and
Consumer Services published in November 2021.


REILLY-BENTON: Move to File Appeal of Interlocutory Order Denied
----------------------------------------------------------------
In the appealed case IN RE REILLY-BENTON COMPANY, INC. SECTION M
(5), Civil Action No. 22-3731, (E.D. La.), District Judge Barry W.
Ashe denies Roussel & Clement Creditors' motion for leave to file
an appeal of an interlocutory order of the bankruptcy court
overseeing the chapter 7 bankruptcy case of Reilly-Benton Company,
Inc.

In July 2020, the Chapter 7 Trustee for Reilly-Benton filed a
motion for an order approving a settlement agreement between the
Trustee and the Louisiana Insurance Guaranty Association ("LIGA
motion"), which the Creditors opposed. Also, in July 2020, the
Trustee filed a motion for an order (1) approving a settlement
agreement and policy release between the trustee and the Century
Parties, (2) approving the sale of insurance policies to the
Century Parties free and clear of all interests, and (3) entering
an injunction to enforce the free-and-clear aspect of the sale of
the Century policies ("Century motion"). The Creditors opposed this
motion as well.

In April 2022, it was determined that an evidentiary hearing would
be necessary to resolve both the LIGA and Century motions, and a
scheduling order was entered setting the hearing to begin on Nov.
3, 2022, and conclude on Nov. 10, 2022. To prepare for this
evidentiary hearing, the Creditors repeatedly sought to take the
corporate deposition of Reilly-Benton before the Sept. 6, 2022
discovery deadline imposed by the scheduling order.

The Creditors seek to inquire into the circumstances facing
Reilly-Benton at the time it filed its chapter 7 bankruptcy
petition, so as to test the company's assertion that it faced
18,645 claims at the time of filing, and to substantiate their
argument "that the Reilly-Benton bankruptcy is being advanced by
its insurance carriers for the purpose of facilitating agreements
to cap liability when no such cap exists." Notably, the Creditors
concede that they have deposed Reilly-Benton's designated corporate
representative, Warren Watters, in the past.

Citing the ill health of its corporate representative,
Reilly-Benton failed to provide dates for the deposition, prompting
the Creditors to file a motion to compel. The bankruptcy court
granted the motion but limited the deposition to 30 minutes and
four specific questions, which were articulated by the court. The
Creditors suggest that the bankruptcy court "was evidently
attempting to safeguard the health of Warren Watters" in imposing
the limitations.

Following the bankruptcy court's denial of their request to
reconsider its order limiting the deposition, the Creditors filed
the instant motion for leave to appeal the bankruptcy court's
order. In the meanwhile, the bankruptcy court continued the
evidentiary hearing on the LIGA and Century motions from Nov. 3,
2022 until Feb. 6, 2023.

In their pending motion, the Creditors argue that (1) a controlling
issue of law exists because the limitations placed on the
deposition preclude their ability to conduct an effective
examination of a corporate entity; (2) substantial ground for
difference of opinion on the issue exists, because other courts
have managed the functional unavailability of a corporate
representative differently; and (3) a reversal of the bankruptcy
court's order imposing the limitations would materially advance the
ultimate termination of the bankruptcy case because it "will
clarify the scope of discovery regarding the Debtor in this matter,
and will avoid the need to depose multiple corporate
representatives."

The Court finds that the bankruptcy court's order imposing
limitations on the corporate deposition of Reilly-Benton does not
involve a controlling issue of law justifying interlocutory review.
The Court maintains that appellate review of the Creditors' request
"would require the Court to delve into the factual Bankruptcy
record," meaning that such review "does not involve, as required,
'pure' or 'abstract' issues of law suitable for determination by an
appellate court without a trial record." Moreover, the Court finds
that the Creditors fail to address how another deposition of
Watters — a corporate representative with apparent memory
limitations — will have any effect on subsequent proceedings in
the bankruptcy.

The Court also finds the Creditors have not demonstrated that there
exists substantial ground for difference of opinion as to the
bankruptcy court's order limiting the scope of the Reilly-Benton
corporate deposition — a substantial ground for difference of
opinion exists: (1) when a lower court rules in a way that appears
to conflict with the rulings of all appellate courts that have
decided the issue, (2) when the circuits are in dispute and the
Court of Appeals of the relevant circuit has not decided the issue,
(3) when complicated issues of foreign law arise, or (4) when the
case presents difficult questions of first impression.

Finally, the Court finds that interlocutory review of the
bankruptcy court's discovery order at this juncture will not
materially advance the termination of the litigation; instead, such
review will simply delay its ultimate resolution. Although the
Creditors represent that the corporate deposition has not been
scheduled and so the appeal would not disrupt the bankruptcy case,
the Court notes that the Creditors fail to explain how the recently
reset and rapidly approaching discovery deadline of Dec. 15, 2022,
can be reconciled with the deadlines for appellate briefing under
Rule 8018(a) that would apply if the appeal were allowed.

A full-text copy of the Order & Reasons dated Nov. 3, 2022, is
available at https://tinyurl.com/4exe99eh from Leagle.com.



REWALK ROBOTICS: Posts $5.5 Million Net Loss in Third Quarter
-------------------------------------------------------------
ReWalk Robotics Ltd. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $5.46 million on $886,000 of revenues for the three months ended
Sept. 30, 2022, compared to a net loss of $2.67 million on $1.97
million of revenues for the three months ended Sept. 30, 2021.

For the nine months ended Sept. 30, 2022, the Company reported a
net loss of $14.26 million on $3.33 million of revenues compared to
a net loss of $8.88 million on $4.72 million of revenues for the
nine months ended Sept. 30, 2021.

As of Sept. 30, 2022, the Company had $80.77 million in total
assets, $5.18 million in total liabilities, and $75.59 million in
total shareholders' equity.

"With the submission of the first Medicare case based on the
guidance of the Centers for Medicare and Medicaid Services (CMS),
ReWalk has taken an important step in advancing its mission to
expand the access to its exoskeleton devices for the spinal cord
injury (SCI) community," stated Larry Jasinski, chief executive
officer of ReWalk.  "We look forward to continuing our work with
CMS as we take the next step in the process toward establishing a
coverage mechanism for Medicare beneficiaries.  ReWalk remains
committed to our mission of helping individuals with SCI to achieve
the benefits of functional ambulation.  We believe these important
steps will ultimately lead to exoskeletal walking as a routine part
of everyday life for Medicare beneficiaries."

Sources of Liquidity and Outlook

ReWalk stated, "Since inception, we have funded our operations
primarily through the sale of certain of our equity securities and
convertible notes to investors in private placements, the sale of
our ordinary shares in public offerings and the incurrence of bank
debt.

"During the nine months ended September 30, 2022, we incurred a
consolidated net loss of $14.3 million and as of September 30,
2022, we had an accumulated deficit of $208.4 million.  Our cash
and cash equivalents as of September 30, 2022, were $74.0 million
and our negative operating cash flow for the nine months ended
September 30, 2022, was $14.0 million.  We believe we have
sufficient funds to support our operations for more than 12 months
following the issuance date of our condensed consolidated unaudited
financial statements for the three and nine months ended September
30, 2022.

"We expect to incur future net losses and our transition to
profitability is dependent upon, among other things, the successful
development and commercialization of our products and product
candidates, the achievement of a level of revenues adequate to
support our cost structure.  Until we achieve profitability or
generate positive cash flows, we will continue to need to raise
additional cash from time to time.

"We intend to fund future operations through cash on hand,
additional private and/or public offerings of debt or equity
securities, cash exercises of outstanding warrants or a combination
of the foregoing.  In addition, we may seek additional capital
through arrangements with strategic partners or from other sources
and we will continue to address our cost structure.  
Notwithstanding, there can be no assurance that we will be able to
raise additional funds or achieve or sustain profitability or
positive cash flows from operations.

"Our anticipated primary uses of cash are (i) sales, marketing and
reimbursement expenses related to market development activities of
our ReStore and Personal 6.0 devices, broadening third-party payor
and CMS coverage for our ReWalk Personal device and commercializing
our new product lines added through distribution agreements; (ii)
research and development of our lightweight exo-suit technology for
potential home personal health utilization for multiple indications
and future generation designs for our spinal cord injury device;
(iii) routine product updates; (iv) general corporate purposes,
including working capital needs; and (v) potential acquisitions of
business.  Our future cash requirements will depend on many
factors, including our rate of revenue growth, the expansion of our
sales and marketing activities, the timing and extent of our
spending on research and development efforts and international
expansion.  If our current estimates of revenue, expenses or
capital or liquidity requirements change or are inaccurate, we may
seek to sell additional equity or debt securities, arrange for
additional bank debt financing, or refinance our indebtedness.
There can be no assurance that we will be able to raise such funds
at all or on acceptable terms.

"Further, on October 10, 2022, we received a deficiency letter from
the Nasdaq Stock Market LLC ("Nasdaq") notifying us that because
the closing bid price of our ordinary shares had been below the
minimum $1.00 per share for 30 consecutive business days, we are
out of compliance with the requirements for continued listing on
Nasdaq, and are subject to potential delisting.  If we are unable
to re-achieve compliance with the Nasdaq listing requirements
within 180 days, or April 10, 2023, after receipt of a delisting
notice, and if we are unable to obtain an extension therefore, we
would be subject to delisting, which likely would further impair
the liquidity and value of our ordinary shares."

A full-text copy of the Form 10-Q is available for free at:

https://www.sec.gov/ix?doc=/Archives/edgar/data/1607962/000117891322003847/zk2228642.htm

                        About ReWalk Robotics

ReWalk Robotics Ltd. -- http://www.rewalk.com-- develops,
manufactures, and markets wearable robotic exoskeletons for
individuals with lower limb disabilities as a result of spinal cord
injury or stroke.  ReWalk's mission is to fundamentally change the
quality of life for individuals with lower limb disability through
the creation and development of market leading robotic
technologies. Founded in 2001, ReWalk has headquarters in the U.S.,
Israel and Germany.

ReWalk Robotics reported a net loss of $12.74 million for the year
ended Dec. 31, 2021, a net loss of $12.98 million for the year
ended Dec. 31, 2020, a net loss of $15.55 million for the year
ended Dec. 31, 2019, a net loss of $21.67 million for the year
ended Dec. 31, 2018, and a net loss of $24.72 million for the year
ended Dec. 31, 2017.  As of June 30, 2022, the Company had $85.80
million in total assets, $4.88 million in total liabilities, and
$80.91 million in total shareholders' equity.


RIDER HOTEL: Exclusivity Period Extended to Jan. 5
--------------------------------------------------
Rider Hotel, LLC obtained a court order extending its exclusive
right to file a Chapter 11 plan to Jan. 5, 2023, and solicit
acceptances from creditors to March 6, 2023.

The ruling by Judge John Dorsey of the U.S. Bankruptcy Court for
the District of Delaware allows the company to pursue its own plan
without the threat of a competing plan from creditors.

Rider Hotel will use the extension to focus on financing
discussions and then present a consensual plan. The company is
currently using its limited managerial resources to target its
focus on the operations of the hotel while at the same time seeking
to reduce costs and increase revenue.

                         About Rider Hotel

Rider Hotel, LLC owns The Iron Horse Hotel located at 500 W.
Florida St., in Milwaukee, Wis. The hotel, which opened in 2008,
has about 100 rooms, two banquet facilities and two restaurants;
and features a motorcycle theme and decor building off the nearby
Harley-Davidson Museum.

Rider Hotel sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Del. Case No. 22-10522) on June 9, 2022, listing
between $10 million and $50 million in both assets and liabilities.
Timothy J. Dixon, president of Rider Hotel, signed the petition.

Judge John T. Dorsey oversees the case.

The Debtor tapped Carlson Dash, LLC and Saul Ewing Arnstein & Lehr,
LLP as legal counsels; and GlassRatner Advisory & Capital Group,
LLC, doing business as B. Riley Advisory Services, as financial
advisor. Stretto is the claims, noticing and administrative agent.


RIOT BLOCKCHAIN: Incurs $36.6 Million Net Loss in Third Quarter
---------------------------------------------------------------
Riot Blockchain, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $36.57 million on $46.29 million of total revenue for the three
months ended Sept. 30, 2022, compared to a net loss of $15.34
million on $64.81 million of total revenue for the three months
ended Sept. 30, 2021.

For the nine months ended Sept. 30, 2022, the Company reported a
net loss of $353.77 million on $199.02 million of total revenue
compared to net income of $11.52 million on $122.35 million of
total revenue for the nine months ended Sept. 30, 2021.

As of Sept. 30, 2022, the Company had $1.45 billion in total
assets, $154.25 million in total liabilities, and $1.30 billion in
total stockholders' equity.

At Sept. 30, 2022, the Company had approximate balances of cash and
cash equivalents of $255.0 million, working capital of $369.8
million, total stockholders' equity of $1.3 billion and an
accumulated deficit of $591.6 million.  To date, the Company has,
in large part, relied on equity financings to fund its operations.
During the nine months ended Sept. 30, 2022, the Company sold 1,925
Bitcoin for proceeds of approximately $52.5 million.  The Company
monitors its balance sheet on an ongoing basis, evaluating the
level of Bitcoin retained from monthly production in consideration
of operational and expansion cash requirements.  The Company
continues to have a positive long-term view on its Bitcoin holdings
and believes it is in the best interest of its stockholders to have
Bitcoin on its balance sheet.  The Company believes its current
cash and Bitcoin on hand is sufficient to meet its operating and
capital requirements for at least one year from the date these
unaudited condensed consolidated financial statements are issued."

During the nine months ended Sept. 30, 2022, the Company paid
approximately $194.9 million as deposits primarily for miners and
reclassified $288.1 million of deposits to property and equipment
in connection with the deployment of miners at the Rockdale
Facility. As of Sept. 30, 2022, all 55,728 of the Company's miners
were located at the Rockdale Facility.

A full-text copy of the Form 10-Q is available for free at:

https://www.sec.gov/ix?doc=/Archives/edgar/data/1167419/000107997322001403/riot-20220930.htm

                        About Riot Blockchain

Headquartered in Castle Rock, Colorado, Riot Blockchain, Inc. --
http://www.RiotBlockchain.com-- specializes in cryptocurrency
mining with a focus on bitcoin.  The Company is expanding and
upgrading its mining operations by securing the most energy
efficient miners currently available. Riot is headquartered in
Castle Rock, Colorado, and the Company's mining facility operates
out of upstate New York, under a co-location hosting agreement with
Coinmint.

Riot Blockchain reported a net loss of $7.93 million for the year
ended Dec. 31, 2021, a net loss of $12.67 million for the year
ended Dec. 31, 2020, a net loss of $20.30 million for the year
ended Dec. 31, 2019, and a net loss of $60.21 million for the year
ended Dec. 31, 2018.  As of June 30, 2022, the Company had $1.44
billion in total assets, $147.66 million in total liabilities, and
$1.29 billion in total stockholders' equity.


RITCHIE BROS: Moody's Puts 'Ba2' CFR on Review for Downgrade
------------------------------------------------------------
Moody's Investors Service has placed the ratings of Ritchie Bros.
Auctioneers Incorporated 's ("RBA") on review for downgrade,
including its Ba2 corporate family rating, Ba2-PD probability of
default rating, its senior secured Ba1 instrument rating and its
Ba3 senior unsecured instrument rating. The SGL-1 speculative grade
liquidity rating remains unchanged.

The rating action follows the announcement on 7 November 2022 of an
agreement to acquire IAA Inc. ("IAA", Ba3 stable) in a stock and
cash transaction valued at $7.3 billion including the assumption of
IAA's debt.  RBA intends to fund the cash consideration of the
transaction through a combination of cash on hand and new debt.
The transaction is expected to close in the first half of 2023
subject to approval by Ritchie Bros. and IAA stockholders, the
issuance of Ritchie Bros. stock in connection with the transaction
and, receipt of regulatory approvals and other customary closing
conditions.

On Review for Downgrade:

Issuer: Ritchie Bros. Auctioneers Incorporated

Corporate Family Rating, Placed on Review for Downgrade, currently
Ba2

Probability of Default Rating, Placed on Review for Downgrade,
currently Ba2-PD

Senior Secured Bank Credit Facility, Placed on Review for
Downgrade, currently Ba1 (LGD3)

Senior Unsecured Regular Bond/Debenture, Placed on Review for
Downgrade, currently Ba3 (LGD5)

Outlook Actions:

Issuer: Ritchie Bros. Auctioneers Incorporated

Outlook, Changed To Rating Under Review From Stable

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

The review for downgrade reflects higher financial leverage
resulting from the acquisition. Moody's adjusted debt to EBITDA on
a proforma basis is expected exceed 3.5x, and the company has
stated that at the closing of the transaction, the combined company
is expected to have a pro forma leverage ratio of approximately 3x
net debt to adjusted EBITDA (by its calculations), which would
remain within Moody's expectations of the current Ba2 CFR rating.

While the transaction will increase financial leverage, the
acquisition of IAA will provide diversification benefits with entry
into the adjacent vehicle market and is expected to improve RBA's
margin profile as the existing IAA business generates a higher
margin than RBA.  In addition, RBA has indicated it expects to
achieve between $100 to $120+ million in annual run-rate cost
synergies by the end of 2025, driven primarily through
consolidating back office, finance and technology, general and
administrative, and operations.

Governance risk is a key driver of the rating action as the
proposed acquisition of IAA will materially increase RBA's
financial leverage at close.

The review will focus on the pace of the RBA's deleveraging
following the acquisition as well as the company's plans to replace
the committed bridge financing it has put in place for the
transaction.  Moody's will also review the benefits of the
transaction, including a strengthened business position and as well
as the potential for cost synergies.

RBA has strong liquidity (SGL-1) through to the end of 2023 (not
including the financing of the proposed acquisition), with sources
of liquidity of around $1.4 billion compared to uses of around $60
million. Sources include a cash balance of $438 million at
September 30, 2022 (excluding restricted cash), $681 million
available under its revolving credit facilities totaling $750
million (maturing in September 2026) and Moody's expectation that
RBA will generate around $250 million of free cash flow through to
the end of 2023. Uses of liquidity include about $60 million of
lease payments.  The company has some seasonality (with Q1
generally having the strongest cash flow), but historically this
has not resulted in the revolver being drawn for working capital
needs. Moody's expect the company will have ample cushion under the
financial covenants of its credit facilities.

Ritchie Bros. Auctioneers Incorporated, headquartered in Vancouver,
Canada, sells industrial equipment and other durable assets through
its unreserved auctions, online marketplaces, listing services and
private brokerage services. In 2021, the company's gross
transaction value (GTV) was $5.5 billion and the company generated
total revenue of $1.4 billion.

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


RYMAN HOSPITALITY: Moody's Alters Outlook on 'Ba3' CFR to Stable
----------------------------------------------------------------
Moody's Investors Service revised the outlook of Ryman Hospitality
Properties, Inc. (RHP) to stable from negative. At the same time,
Moody's affirmed Ryman Hospitality Properties, Inc.'s Ba3 corporate
family rating and RHP Hotel Properties, LP's B1 senior unsecured
rating. Ryman's speculative grade liquidity rating changed to
SGL-2, from SGL-3.

The ratings affirmation and outlook revision to stable reflect
Ryman's recovery to ADR, RevPAR and EBITDA, due in large part to
the improvement and resiliency of leisure transient and longer-term
group demand, and have enabled the REIT to improve leverage and key
metrics closer to pre-pandemic levels. The stable outlook also
reflects the strength of Ryman's long-term group contracts which
provide a buffer to profitability and a higher level of visibility
into future revenues from on-the-books, in contract form bookings
relative to other lodging peers.

Upgrades:

Issuer: Ryman Hospitality Properties, Inc

Speculative Grade Liquidity Rating, Upgraded to SGL-2 from SGL-3

Affirmations:

Issuer: Ryman Hospitality Properties, Inc

Corporate Family Rating, Affirmed Ba3

Issuer: RHP Hotel Properties, LP

Gtd Senior Secured Term Loan B, Affirmed Ba3

Gtd Senior Secured Revolving Credit Facility, Affirmed Ba3

Grd Senior Unsecured Global Notes, Affirmed B1

Outlook Actions:

Issuer: RHP Hotel Properties, LP

Outlook, Changed To Stable From Negative

Issuer: Ryman Hospitality Properties, Inc

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

Ryman's Ba3 corporate family rating reflects its high-quality
portfolio comprised primarily of five large, group-oriented hotels
with resort-style amenities and longer booking windows that provide
greater visibility and stickiness to earnings and occupancy.
Ryman's credit profile is supported by solid financial metrics for
the rating category, which have improved closer to pre-pandemic
levels due to stronger than expected operating performance in 2022.
Moody's forecasts that Ryman's leverage will normalize closer to
its pre-pandemic target range of at or below 5.0x in the near-term,
through a combination of improving operating income and
EBITDA-enhancing investment opportunities. Moody's note however,
that the inherent cyclicality and volatility of the lodging sector,
driven by its sensitivity to consumer demand and sentiment, could
weigh on the future performance of Ryman and the lodging sector in
a potential economic downturn.

Ryman's SGL-2 speculative grade liquidity rating reflects Moody's
view over the next twelve months that the REIT will maintain a
sufficient liquidity profile considering near-term funding needs.
As of September 30, 2022, liquidity is supported by approximately
$225 million of unrestricted cash, full revolver availability of
approximately $765 million, and minimal growth related capital
projects or projected commitments in the near-term. The company has
$800 million of non-recourse term loan debt related to the Gaylord
Rockies property due in 2023, which has three one-year, unilateral
extension options – Moody's expect the company to maintain ample
cushion on the required covenant thresholds in order to exercise
its extension options on the term loan.

The stable rating outlook incorporates Moody's expectation that
Ryman Hospitality will continue to improve operating and cash flow
performance, such that leverage normalizes at or below its
pre-pandemic target range over the near-term.

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

A ratings upgrade is unlikely in the medium-term and would require
improving operating performance over several quarters, increasing
the size of its unencumbered asset pool, and significant asset
diversification.

A ratings downgrade could occur should occupancy, RevPAR and
earnings deteriorate from current levels, and/or Net Debt/EBITDA
remain above 5.0x over the longer-term. Significant operating
challenges or failure to maintain adequate liquidity could also
lead to downward ratings pressure.

The principal methodology used in these ratings was REITs and Other
Commercial Real Estate Firms published in September 2022.

Ryman Hospitality Properties, Inc. is a REIT specializing in
group-oriented, destination hotel assets in urban and resort
markets. The Company's owed assets include a network of five
upscale, meetings-focused resorts and suites that are managed by
lodging operator Marriot International, Inc. under the Gaylord
Hotels brand.


SANIBEL REALTY: Case Summary & Two Unsecured Creditors
------------------------------------------------------
Debtor: Sanibel Realty Trust LLC
        11460 SW 156 Ave.
        Miami, FL 33196

Chapter 11 Petition Date: November 11, 2022

Court: United States Bankruptcy Court
       Southern District of Florida

Case No.: 22-18729

Judge: Hon. Robert A. Mark

Debtor's Counsel: Nathan G. Mancuso, Esq.
                  MANCUSO LAW, P.A.
                  7777 Glades Rd., Suite 100
                  Boca Raton, FL 33434
                  Tel: 561-245-4705
                  Email: ngm@mancuso-law.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Javier Perez as manager.

A full-text copy of the petition containing, among other items, a
list of the Debtor's two unsecured creditors is available for free
at PacerMonitor.com at:

https://www.pacermonitor.com/view/EUVHONA/Sanibel_Realty_Trust_LLC__flsbke-22-18729__0001.0.pdf?mcid=tGE4TAMA


SANMINA CORP: Moody's Affirms 'Ba1' CFR, Outlook Stable
-------------------------------------------------------
Moody's Investors Service affirmed Sanmina Corporation's (Sanmina)
ratings, including the Ba1 Corporate Family Rating, Ba1-PD
Probability of Default Rating and Ba1 senior secured bank credit
facility rating. Sanmina's Speculative Grade Liquidity (SGL) rating
remains unchanged at SGL-1. The outlook is stable.

Affirmations:

Issuer: Sanmina Corporation

Corporate Family Rating, Affirmed Ba1

Probability of Default Rating, Affirmed Ba1-PD

Senior Secured 1st Lien Bank Credit Facility, Affirmed Ba1 (LGD4)

Outlook Actions:

Issuer: Sanmina Corporation

Outlook, Remains Stable

RATINGS RATIONALE

Sanmina's Ba1 CFR reflects the company's position as a Tier-1
electronics manufacturing services (EMS) provider of supply chain
solutions to global OEMs. The company benefits from its
industry-leading operating margins generated from customer
contracts requiring complex engineering and manufacturing
capability, while encompassing a broad range of
vertically-integrated solutions. Sanmina continues to diversify
away from its historic dependence on communications and computing
customers by building a stronger presence in the industrial,
medical, clean tech, cloud solutions, automotive, and defense
sectors. However, the company remains vulnerable to delays,
cancellations, component shortages, and the need to invest in new
programs.

The ratings incorporate Sanmina's smaller scale within the
industry, which positions the company as the number three market
position among Western EMS firms behind the much larger Flex Ltd.
and Jabil Inc. The credit profile is tempered by the relatively
high customer concentration that is characteristic of the EMS
industry (with Sanmina's ten largest customers representing roughly
50% of revenues). Still, Moody's believes that Sanmina's future
growth will be accomplished organically with acquisition activity
limited to augmenting its production and design capabilities
resulting in a low risk of a large debt-financed acquisition in the
near term.

Sanmina's revenue for fiscal 2022 (ending October 1, 2022)
increased 17% reflecting strong demand in each of its end markets,
and despite the ongoing supply chain related constraints. The
company is well positioned to generate solid growth in the
long-term driven by expanding secular verticals such as electric
vehicles, 5G and clean tech. Moody's expects that Sanmina will
maintain its operating margins (around 4.7% in fiscal 2022, Moody's
adjusted) in the mid-4% range reflecting its tight operating
expense management and expected stabilization of supply chain
shortages that should improve operating efficiencies. Sanmina has
historically carried lower levels of funded debt balances relative
to its peers which provides some flexibility to manage potential
operating challenges. The company's adjusted leverage is low, at
1.3x debt/EBITDA with an expectation for leverage to remain below
1.5x in the next 12-18 months.

Sanmina's SGL-1 rating reflects very good liquidity with $530
million of cash as of fiscal year end 2022 and Moody's expectation
for good free cash flow over the next year. Sanmina has over 98%
availability under its $800 million revolver plus full availability
under a $70 million of short-term foreign revolver facilities.

The stable outlook reflects Moody's view that Sanmina will continue
to grow revenue over the next year while maintaining improved
operating margins and very good liquidity. The outlook also
incorporates Sanmina's funding share buybacks from a portion of
adjusted free cash flow as excess liquidity builds.

The Ba1 instrument rating for the 1st lien revolver and term loan
(both due September 2027) is in line with Sanmina's CFR as this
credit facility represents the preponderance of funded debt. The
debt rating also reflects the company's Ba1-PD overall probability
of default rating and Moody's expectation for an average family
recovery in a default scenario. The revolver and the term loan are
pari passu and secured on a first lien basis by assets, other than
real estate.

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

The ratings could be upgraded if Sanmina delivers consistently
solid operating performance while demonstrating a long term
commitment to conservative financial policies, and Moody's believes
the revenue base is sufficiently diversified to absorb demand
volatility from one or more sectors including traditional EMS
businesses. In addition, an upgrade could be considered if adjusted
debt/EBITDA remains below 2.5x with core operating margins expected
to remain comfortably above 3.5% (Moody's adjusted).

The ratings could be downgraded if Sanmina experiences material
customer/program losses without offsetting increases in new
customer wins/program ramps, reports a sustained decline in core
operating margins to less than 3% (Moody's adjusted), or
debt/EBITDA is sustained above 3.5x (Moody's adjusted).

Based in San Jose, CA, Sanmina Corporation is a large electronics
manufacturing services (EMS) company providing a full spectrum of
integrated, value-added solutions to original equipment
manufacturers (OEMs). The company has a global network of
manufacturing facilities in 20 countries with lower cost
manufacturing capabilities in Asia, Latin America, and Eastern
Europe.            

The principal methodology used in these ratings was Distribution &
Supply Chain Services Industry published in June 2018.


SEACOR HOLDINGS: Egan-Jones Withdraws 'C' Commercial Paper Rating
-----------------------------------------------------------------
Egan-Jones Ratings Company, on October 17, 2022, withdrew the 'C'
foreign currency and local currency ratings on commercial paper
issued by SEACOR Holdings Inc.  

EJR also withdrew the 'CCC-' foreign currency and local currency
senior unsecured ratings on debt issued by the Company.

Headquartered in Fort Lauderdale, Florida, SEACOR Holdings Inc. is
a global provider of marine transportation equipment and logistics
services primarily servicing the U.S. and international energy and
agricultural markets.


SEALED AIR: Egan-Jones Retains 'BB-' Sr. Unsec. Debt Ratings
------------------------------------------------------------
Egan-Jones Ratings Company, on October 11, 2022, retained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by Sealed Air Corp.  

Headquartered in Charlotte, North Carolina, Sealed Air Corporation
manufactures packaging and performance-based materials and
equipment systems that serve food, industrial, medical, and
consumer applications.


SHENANDOAH TELECOMMUNICATIONS: Egan-Jones Ups Unsec. Ratings to BB+
-------------------------------------------------------------------
Egan-Jones Ratings Company, on October 12, 2022, raised the foreign
currency and local currency senior unsecured ratings on debt issued
by Shenandoah Telecommunications Co to BB+ from BB.  

Headquartered in Edinburg, Virginia, Shenandoah Telecommunications
Company provides telecommunications services through its
subsidiaries.


SHO-ME NUTRICEUTICALS: Future Income to Fund Plan
-------------------------------------------------
Sho-Me Nutriceuticals Acquisition Company filed with the U.S.
Bankruptcy Court for the Middle District of Florida a Plan of
Reorganization dated November 7, 2022.

The Debtor is a holding company occupying certain commercial real
estate in Brooksville, Florida.

This Plan provides for 1 class of secured claims and 1 class of
general unsecured claims. Unsecured creditors holding allowed
claims will receive a pro rata distribution of the Debtor's
projected net disposable income payable over 5 years. This Plan
also provides for the payment of administrative and priority claims
under the terms to the extent permitted by the Code or by agreement
between the Debtor and the claimant.

Class 1 consists of the Secured claim of Centennial Bank. This
would include Claim No. 2 in the amount of $2,218,989, of which
$1,700,000 shall be paid within 30 days of Plan Confirmation, and
the balance will be treated as unsecured claim. This Class is
unimpaired.

Class 2 consists of General allowable unsecured claims. This would
include the Internal Revenue Service Claim No. 1 in the amount of
$14,640 filed as a general unsecured non-priority claim, as well as
the unsecured claim to be allowed in favor of Centennial Bank in
the amount of $100,000. This Class is impaired.

Class 3 consists of Equity Security Holders of the Debtor. The
Debtor will retain his equity in the property of the bankruptcy
estate postconfirmation.

The Debtor's Plan will be funded by the current and future income
of the Debtor's affiliate business entity, Dynamic Pharmaceuticals,
Inc. The Debtor's affiliate business is solvent and long-standing
in the industry. The Debtor proposes a reasonable Plan which is
proposed in good faith and not by any means forbidden by law.

A full-text copy of the Plan of Reorganization dated November 7,
2022, is available at https://bit.ly/3ErKd7y from PacerMonitor.com
at no charge.

Attorneys for Debtor:

     Samantha L. Dammer, Esq.
     Bleakley Bavol Denman & Grace
     15316 N. Florida Avenue
     Tampa, FL 33613
     Phone: (813) 221-3759
     Fax: (813) 221-3198
     Email: sdarnmerbbdglaw. corn

                    About Sho-Me Nutriceuticals

Sho-Me Nutriceuticals Acquisition Co., a company in Brooksville,
Fla., filed its voluntary petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-03215) on Aug. 9,
2022, listing up to $50,000 in assets and up to $10 million in
liabilities. Christopher Reckner, the authorized representative,
signed the petition.

Samantha L. Dammer, Esq., at Bleakley Bavol Denman & Grace is the
Debtor's legal counsel.


SHUTTERFLY LLC: US$1.11B Bank Debt Trades at 39% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Shutterfly LLC is a
borrower were trading in the secondary market around 60.9
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.

The US$1.11 billion facility is a term loan.  The loan is scheduled
to mature on September 25, 2026. The loan is fully drawn and
outstanding.

Shutterfly, LLC. is an American photography, photography products,
and image sharing company, headquartered in Redwood City,
California.



SINCLAIR BROADCAST: Egan-Jones Retains 'CCC' Unsec. Debt Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on October 12, 2022, retained its 'CCC'
foreign currency senior unsecured ratings on debt issued by
Sinclair Broadcast Group Inc.  

EJR also retained its 'C' foreign currency and local currency
ratings on commercial paper issued by the Company.

Headquartered in Hunt Valley, Cockeysville, Maryland, Sinclair
Broadcast Group, Inc. operates as a television broadcasting
company.


SIX FLAGS: S&P Alters Outlook to Stable, Affirms 'B+' ICR
---------------------------------------------------------
S&P Global Ratings affirmed the 'B+' issuer credit rating and its
'BB' issue level rating on Six Flags Entertainment Corp.'s senior
secured debt.

S&P said, "We also raised our issue level rating on the company's
unsecured debt to 'B' from 'B-' and revised the recovery rating to
'5' from '6'. Six Flags reduced the commitment under its revolving
credit facility (which we assume is 85% drawn in our simulated
default scenario) to $350 million from $481 million, resulting in
lower secured debt outstanding at default and greater value
available for unsecured lenders in a default scenario.

"We revised the outlook to stable from positive to reflect our
expectation that it could take longer than previously forecast for
Six Flags to restore credit metrics to a level in line with a
higher rating. Through the first nine months of 2022, Six Flags
reported attendance that significantly trailed that of its regional
theme park peers. Attendance through the third quarter was 39%
below 2019 levels, which compares to low- to mid-single-digit
percentage declines at Cedar Fair and SeaWorld. We believe that the
underperformance is at least in part driven by the strategy Six
Flags implemented this year, which prioritizes higher per-capita
spending rather than attendance recovery. As part of this strategy,
the company eliminated discounted tickets (which accounted for
approximately 10% of prepandemic attendance), raised admission
prices, and emphasized higher-priced food and beverage options.
While higher prices have resulted in record per-capita spending
(approximately 50% above 2019 levels), it has not been enough to
offset the related decline in attendance. Six Flags has stated that
these actions have improved guests' park experience as intended and
that customer satisfaction scores are up significantly from 2019.
In addition, the company believes the optimum level of attendance
at which the guest experience is sufficiently good to warrant a
higher cost of entry is approximately 20%-25% below 2019 levels.
Under our updated forecast, it could take until 2024 or longer for
attendance to reach that level. We believe that the company's
operating performance in 2023 will be pressured by heightened
macroeconomic risks and declining consumer discretionary spending
as inflation erodes confidence and everyday expenditures take up a
greater percentage of consumers' wallets. However, we believe
attendance could be moderately more resilient than peers', as the
company has shifted the demographic profile of its customer over
the past few quarters.

"Under our updated base-case forecast, we expect Six Flags to
reduce lease-adjusted leverage to about 4.8x by the end of 2022.
However, this level of leverage does not provide the company enough
cushion relative to our 5x upgrade threshold to absorb the impact
of a softening economy in 2023 and remain below 5x.

"We expect a shallow U.S. recession will be a drag on Six Flags'
operating metrics in 2023.In September, S&P Global economists
revised their base-case forecast for U.S. GDP and consumer
discretionary spending downward for 2022 and 2023. They now
forecast that the U.S. economy will fall into a shallow recession
beginning in the first half of 2023. As rising prices and interest
rates eat away at household purchasing power, recent indicators now
show cracks in the foundation as the U.S. economy heads into 2023.
We believe the outlook for regional theme parks has weakened, and
as such, we currently forecast a modest pullback in visitation and
per-capita spending next year. Six Flags' strategy has driven
materially higher per-capita spending. For example, the company has
shifted toward premium food and beverage items and implemented
cashless transactions, both of which drive up the average price and
order size. Nevertheless, we base our assumption for a decline in
per-capita spending on our expectation that consumers will opt for
fewer purchases throughout their visit to the park. We believe Six
Flags will be able to maintain elevated pricing for admission;
however, we expect fewer purchases will be a drag on park spending
by about 2%-5%. In addition, we expect margins will compress by
approximately 150 basis points (bps)-200 bps in 2023. As a result,
we expect adjusted net leverage will increase to the low-5x area
next year from our forecast for leverage of approximately 4.8x in
2022."

Increased shareholder returns could further delay a recovery in
credit metrics. Six Flags repurchased approximately $97 million of
stock through September 2022. In addition, the company has yet to
reinstitute a dividend that was a significant part of the company's
capital-allocation strategy prior to the pandemic. S&P said, "We
have assumed the company reinstates its dividend later in 2023 and
at a lower rate than in 2019, resulting in modest forecasted
dividend payments in our base case of approximately $50 million.
However, if the company repurchases stock at a greater rate (we
forecast no share repurchases in 2023), or if the company
reinstates a dividend earlier and to a greater extent, we expect
cash flow and net leverage could be weaker than we forecast for the
next few years."

S&P said, "The stable outlook reflects our expectation for Six
Flag's leverage to increase to about 5x or above in 2023 because
our assumed shallow recession leads to a modest decline in demand
at its theme parks and slightly weaker per-capita spending.

"We believe a downgrade is unlikely over the next 12 months given
the expected cushion relative to our downgrade threshold. That
said, we could lower the rating if we expect that the company will
sustain leverage of greater than 6x. This would likely stem from a
more severe recession and a steeper decline in consumer
discretionary spending than we currently forecast. It could also
result from capital-allocation decisions made over the next 12
months, such as a reimplementation of the company's dividend or
increased share repurchases that are prioritized ahead of a
reduction in leverage toward Six Flags' stated financial policy
range of 3x-4x.

"We could raise the rating if we believe that Six Flags will
sustain leverage below 5x, incorporating volatility over the
economic cycle, normalized capital investment, and some shareholder
returns. To consider an upgrade, we would need to be confident that
Six Flags could grow revenue and EBITDA through either an improved
attendance recovery or sustained elevated per-capita spending, in
line with or better than current levels. Under these scenarios, we
expect Six Flags would generate revenue well in excess of 2019 and
benefit from incremental margin driven by higher per capita
spending."

ESG credit indicators: E-2, S-3, G-2

S&P said, "Social factors are a moderately negative consideration
in our credit rating analysis of Six Flags, reflected in the
pandemic's unprecedented effect on the company's attendance in 2020
and early 2021. Once restrictions and COVID-19-related safety
concerns lessened, consumers eagerly re-entered some out-of-home
entertainment spaces including theme parks, which significantly
elevated in-park spending in 2021 and thus far in 2022 compared
with 2019. The COVID-19 pandemic was an extreme disruption, and
although it is unlikely to recur at the same magnitude, safety and
health scares are an ongoing risk factor in our analysis of Six
Flags."



SKILLZ INC: Incurs $78.5 Million Net Loss in Third Quarter
----------------------------------------------------------
Skillz Inc. filed with the Securities and Exchange Commission its
Quarterly Report on Form 10-Q disclosing a net loss of $78.55
million on $60.25 million of revenue for the three months ended
Sept. 30, 2022, compared to net income of $50.78 million on $102.07
million of revenue for the three months ended Sept. 30, 2021.

For the nine months ended Sept. 30, 2022, the Company reported a
net loss of $287.27 million on $227.03 million of revenue compared
to a net loss of $82.41 million on $275.24 million of revenue for
the same period in 2021.

As of Sept. 30, 2022, the Company had $772.41 million in total
assets, $340.11 million in total liabilities, and $432.30 million
in total stockholders' equity.

Skillz said, "Our existing liquidity resources are sufficient to
continue operating activities for at least one year past the
issuance date of the condensed consolidated financial statements.
Our future cash requirements will depend on many factors, including
the level of cash necessary to fund our operations, including our
sales and marketing activities.  We also may require sources of
liquidity to invest in or acquire complementary businesses,
applications or technologies."

A full-text copy of the Form 10-Q is available for free at:

https://www.sec.gov/ix?doc=/Archives/edgar/data/1801661/000180166122000009/sklz-20220930.htm

                           About Skillz Inc.

Skillz Inc. -- www.skillz.com -- is a mobile games platform that
connects players in fair, fun, and meaningful competition.  The
Skillz platform helps developers build multi-million dollar
franchises by enabling social competition in their games.
Leveraging its patented technology, Skillz hosts billions of casual
esports tournaments for millions of mobile players worldwide, and
distributes millions in prizes each month.

Skillz reported a net loss of $181.38 million in 2021, a net loss
of $145.51 million in 2020, and a net loss of $23.60 million in
2019.  As of March 31, 2022, the Company had $932.54 million in
total assets, $380.90 million in total liabilities, and $551.64
million in total stockholders' equity.

                             *   *   *

As reported by the TCR on March 31, 2022, S&P Global Ratings
lowered its issuer credit rating on San Francisco-based mobile
gaming platform operator Skillz Inc. to 'CCC+' from 'B-'.  Also in
March 2022, Moody's Investors Service downgraded the
Corporate Family Rating of Skillz Inc. to Caa1 from B3 following
the company's recent guidance for greater cash flow losses over the
next year, reflecting higher governance risk.


SOUND INPATIENT: US$200M Bank Debt Trades at 18% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Sound Inpatient
Physicians Holdings LLC is a borrower were trading in the secondary
market around 82 cents-on-the-dollar during the week ended Fri.,
Nov. 11, 2022, according to Bloomberg's Evaluated Pricing service
data.

The US$200 million facility is a term loan. The loan is scheduled
to mature on June 28, 2025. About US$190 million of the loan is
drawn and outstanding.

Sound Inpatient Physicians Holdings, LLC operates as a holding
company. The Company, through its subsidiaries, provides healthcare
services.


SOUND INPATIENT: US$610M Bank Debt Trades at 17% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Sound Inpatient
Physicians Holdings LLC is a borrower were trading in the secondary
market around 83 cents-on-the-dollar during the week ended Fri.,
Nov. 11, 2022, according to Bloomberg's Evaluated Pricing service
data.

The US$610 million facility is a term loan. The loan is scheduled
to mature on June 28, 2025. About US$598 million of the loan is
drawn and outstanding.

Sound Inpatient Physicians Holdings, LLC operates as a holding
company. The Company, through its subsidiaries, provides healthcare
services.



SPIRIT AEROSYSTEMS: Moody's Rates New 1st Lien Secured Notes 'Ba2'
------------------------------------------------------------------
Moody's Investors Service assigned Ba2 ratings to Spirit
Aerosystems, Inc. new first lien senior secured notes due 2029.
Proceeds from the notes will be used to refinance existing
indebtedness. Moody's also assigned Ba2 ratings to Spirit's amended
and extended first lien senior secured term loan, which now matures
in January 2027. Concurrently, Moody's affirmed the company's B2
Corporate Family Rating and B2-PD Probability of Default rating.
Moody's affirmed the Ba2 rating on the first lien senior secured
notes due 2025 and 2026 and the Caa1 rating on the senior unsecured
notes due 2023 and 2028. Moody's also downgraded the second lien
senior secured notes due 2025 to B3 from B2. Spirit's SGL-3
speculative grade liquidity rating is unchanged. The ratings
outlook is stable.

The downgrade of the second lien senior secured notes reflects the
incremental first lien senior secured debt that comes from the
refinancing and the resultant reduction in unsecured debt cushion
supporting the second lien notes. The downgrade also reflects the
large and growing amount of first lien obligations and the
likelihood that, if and when, Spirit enters into a revolving credit
facility, that facility would be senior to the second lien notes.

The following is a summary of the rating actions:

Issuer: Spirit Aerosystems, Inc.

Assignments:

Gtd Senior Secured 1st Lien Regular Bond/Debenture,
  Assigned Ba2 (LGD2)

Gtd Senior Secured 1st Lien Term Loan, Assigned Ba2 (LGD2)

Downgrades:

Senior Secured 2nd Lien Regular Bond/Debenture,
Downgraded to B3 (LGD4) from B2 (LGD4)

Affirmations:

Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Senior Secured 1st Lien Regular Bond/Debenture,
Affirmed Ba2 (LGD2)

Senior Unsecured Regular Bond/Debenture,
Affirmed Caa1 (LGD5)

Outlook Actions:

Outlook, Remains Stable

RATINGS RATIONALE

The B2 corporate family rating reflects Spirit's considerable scale
as a strategically important supplier in the aerostructures market.
The company maintains a sustainable competitive position
underpinned by its life-of-program production agreements and
long-term requirements contracts on key Boeing and Airbus
platforms. The rating also considers Spirit's position as the
largest independent supplier of aerostructures to Boeing, and the
company's role as the sole provider of the Boeing 737 fuselage and
critical parts for other aircraft programs. Tempering
considerations include high platform (737 MAX) and customer
concentration with Boeing accounting for 56% of 2021 sales, weak
credit metrics, and the cyclical nature of the commercial aerospace
industry.

Several years of meaningfully lower production rates on key
narrow-body and wide-body platforms caused a large cumulative cash
burn (around $1.5 billion between 2020 to 2022) and a weak set of
credit metrics, with September 2022 debt-to-EBITDA well in excess
of 10x. More recently, the on-going recovery in commercial
aerospace and the associated increase in build rates on narrow-body
aircraft has been hampered by supply chain constraints and labor
shortages. These impediments will persist over the near-term,
although Moody's expects them to gradually dissipate over the next
12 to 24 months. Thereafter, Moody's anticipates a marked
improvement in cash flow and earnings such that credit metrics will
be restored to 2019 levels in 2025.  

The SGL-3 speculative grade liquidity rating denotes Moody's
expectations of adequate liquidity over the next 12 months. Moody's
expects Spirit to maintain cash balances of around $500 to $600
million during 2023. The majority of Spirit's debt (83%) is
fixed-rate and floating-rate represents a modest portion (17%), so
interest rate risk is limited. Moody's expects Spirit to have
negative free cash flow approaching $500 million in 2022. Moody's
anticipates limited free cash generation during 2023 with
FCF-to-debt in the low single-digits, most of which will be driven
by a one-time cash benefit from the termination of Spirit's US
pension plan. Spirit does not have a revolving credit facility at
this time.

The stable outlook reflects Moody's expectations of steady and
gradually improving operating performance over the next 12 to 24
months as build rates on narrow-body and wide-body aircraft move
upwards.

The Ba2 rating on Spirit's first lien senior secured debt is three
notches above the B2 CFR. This reflects their seniority and first
lien security interest in substantially all of the company's
assets. The B3 rating for the senior secured second lien notes
reflects their second priority claim in substantially all assets of
the company. The Caa1 rating for the company's unsecured notes
reflects the first loss position and their lack of security.

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

Factors that could lead to a ratings upgrade include the continued
ramp in production of the 737 MAX, improving liquidity, and
expectations of sustained earnings growth.

Factors that could lead to a ratings downgrade include delays in
the ramp up of narrow-body aircraft production rates (particularly
the 737MAX) or a slower than expected ramp up in wide-body
production rates. Expectations of weakening liquidity or a further
weakening of earnings could also result in downward rating
pressure.

Headquartered in Wichita, Kansas, Spirit Aerosystems, Inc. is a
subsidiary of publicly traded Spirit Aerosystems Holdings, Inc.
(NYSE: SPR). The company designs and manufactures aerostructures
for commercial aircraft. Components include fuselages, pylons,
struts, nacelles, thrust reversers and wing assemblies, principally
for Boeing but also for Airbus and others. Revenues for the twelve
months ended September 2022 were approximately $4.8 billion.

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


SPIRIT AIRLINES: Egan-Jones Keeps CCC+ Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on September 28, 2022, retained its
'CCC+' foreign currency and local currency senior unsecured ratings
on debt issued by Spirit Airlines, Inc. EJR also retained its 'B'
rating on commercial paper issued by the Company.

Headquartered in Miramar, Florida, Spirit Airlines, Inc. owns and
operates airlines.


SPIRIT AIRLINES: Moody's Affirms B1 CFR & Alters Outlook to Neg.
----------------------------------------------------------------
Moody's Investors Service affirmed its B1 corporate family rating
and B1-PD probability of default ratings of Spirit Airlines, Inc.
("Spirit"). Moody's also affirmed the Ba2 senior secured rating
assigned to Spirit IP Cayman Ltd.'s 8% senior notes, which are
secured by the company's loyalty program ("Notes") and assigned a
Ba2 rating to the announced issuance of additional notes under this
financing's indenture. Spirit IP Cayman Ltd. will use a portion of
the proceeds for any required funding of the Notes Reserve Account.
The remainder will be loaned to Spirit on an intercompany basis.
Spirit will use the proceeds for general corporate purposes,
including the retirement at the respective maturities of the Class
Cs of its two outstanding equipment trust certificate financings
("EETCs"). There was $155 million outstanding on these two
obligations at September 30, 2022. The first maturity is on
February 15, 2023 and the second on April 1, 2023. Moody's changed
the ratings outlook to negative from stable.

"Tapping the indenture of the existing notes will increase
financial leverage for an extended period compared to Moody's prior
expectations," said Moody's Lead Analyst, Jonathan Root. "While the
additional cash will enhance liquidity, the decision to issue
additional notes may indicate the potential for operating
challenges which could result in additional cash burn," continued
Root. Spirit had cash on hand of $1.061 billion on September 30,
2022. Spirit's recovery has somewhat lagged peers as it has been
particularly impacted by continuing constraints in the aviation
eco-system. For example, a shortage of air traffic controllers in
the US Federal Aviation Administration's Jacksonville Florida Air
Route Control Center has limited the company's capacity growth.
About 35% of Spirit's daily flights pass through the Jacksonville
control center. Additionally, Spirit's capacity growth plans will
be slowed by delays in scheduled deliveries from Airbus. These
system constraints will cause the company's operations to remain
sub-optimal, pressuring profit margins until the constraints are
relieved.

The negative outlook reflects the potential of these operational
challenges to delay the expected recovery of earnings and higher
financial leverage for longer through 2024. Further, although
Moody's expects demand for air travel will remain strong over the
next 12-18 months, there is risk that a recession would reduce
passenger demand or make it difficult to cover higher costs through
higher ticket prices.

The affirmation of the B1 corporate family rating reflects the
company's good liquidity, which will be strengthened from the
issuance of the additional notes. The affirmation also reflects
Moody's forecasts that Spirit's credit metrics will be solidly
positioned at the B1 rating by the end of 2024, absent any further
operating setbacks.

Affirmations:

Issuer: Spirit Airlines, Inc.

Corporate Family Rating, Affirmed B1

Probability of Default Rating, Affirmed B1-PD

Issuer: Spirit IP Cayman Ltd.

Senior Secured Regular Bond/Debenture, Affirmed Ba2 (LGD2)

Assignments:

Issuer: Spirit IP Cayman Ltd.

Senior Secured Regular Bond/Debenture, Assigned Ba2 (LGD2)

Outlook Actions:

Issuer: Spirit Airlines, Inc.

Outlook, Changed To Negative From Stable

Issuer: Spirit IP Cayman Ltd.

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

The B1 corporate family rating reflects Spirit's solid market
position as a leading low-cost provider of passenger air
transportation in the US domestic market and its good liquidity.
The rating also reflects the expectation that the company will
maintain its historically conservative financial policy, with no
dividends or share repurchases. Additionally, reducing financial
leverage will remain a priority, albeit this will be delayed given
the issuance of additional notes. Moody's expects debt/EBITDA near
the mid-six times by the end of 2023, declining towards 5.0x by the
end of 2024. The B1 rating is constrained by the company's
aggressive expansion plans, with a significant number of new
aircraft on order. These will be either leased or debt-funded,
which will keep leverage elevated. Additionally, there is the
potential for pressure on margins and operating cash flow, if fares
do not sufficiently cover expected increases in jet fuel, labor and
other costs.

The ratings are based on Spirit Airlines as a stand-alone company.
The ratings do not consider any impacts of merging with JetBlue.
The agreed merger remains subject to US Department of Justice (Q4
2023 or later) approval. Merging with JetBlue would be a credit
positive for Spirit and strengthen its credit profile relative to
it remaining a standalone company.

The Ba2 rating on the Notes reflects the strategic importance of
the Spirit brand and related intellectual property ("IP") to the
company and the benefits of the loyalty program to Spirit's
day-to-day operations and cash flows. These positives are balanced
by an expected relatively low recovery if the collateral ever
needed to be monetized to pay off the Notes. The Ba2 Notes rating
results from a one-notch positive override to the LGD model
reflecting Moody's opinion that the importance of the collateral to
the company's daily operations lowers the probability of default of
the notes relative to that of the company's other secured debt.

Liquidity will remain good, as signified by the Speculative Grade
Liquidity Rating of SGL-2. Moody's expects cash to remain above
$1.1 billion with the additional notes issuance. The company also
has a $240 million revolver due in March 2024. This facility has
been undrawn since the middle of 2021.

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

The ratings could be downgraded if liquidity weakens, with cash and
short-term investments being sustained below $750 million, or if
Moody's expects debt-to-EBITDA will be sustained above 5.5x or
funds from operations + interest-to-interest to be below 3.0x
through 2024. The ratings could be upgraded if Moody's expects
debt-to-EBITDA to fall below 4.0x and funds from operations +
interest-to-interest to be above 4.5x. Maintaining very good
liquidity, with cash and short-term investments remaining above
$1.25 billion accompanied by a strong earnings recovery could also
support a ratings upgrade.

The principal methodology used in these ratings was Passenger
Airlines published in August 2021.

Spirit Airlines, Inc., headquartered in Miramar, Florida, is a
leading low-cost US airline providing service to destinations
throughout the US, Latin America and the Caribbean. The company's
fleet numbered 184 aircraft on September 30, 2022. Moody's projects
revenue of $5.0 billion in 2022, up from $3.8 billion in 2019.


SUMMIT MIDSTREAM: Egan-Jones Retains B+ Sr. Unsec. Debt Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on October 10, 2022, retained the 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by Summit Midstream Partners LP.  

Headquartered in Houston, Texas, Summit Midstream Partners LP is
focused on owning and operating midstream energy infrastructure
that is strategically located in the core producing areas of
unconventional resource basins, primarily shale formations, in
North America.


SUN BORICUA: Seeks to Hire Joshuan Feliciano Cosme as Accountant
----------------------------------------------------------------
Sun Boricua Pa'l Mundo Inc., doing business as Sun Boricua, seeks
approval from the U.S. Bankruptcy Court for the District of Puerto
Rico to employ Joshuan Feliciano Cosme, an accountant practicing in
Arecibo, Puerto Rico.

Mr. Cosme will render these services:

     (a) assist the Debtor in preparing the monthly reports of
operation;

     (b) prepare the necessary financial statements;

     (c) assist the Debtor in preparing the cash flow projections
and or any other projection needed for cash collateral purposes;

     (d) assist the Debtor in financial and accounting pertaining
to, or in connection with the administration of the estate;

     (e) assist the Debtor in the preparation and filing of
federal, state and municipal tax returns; and

     (f) assist the Debtor in any other assignment that might be
properly delegated by management.

The accountant will be billed at an hourly rate of $75.

Mr. Cosme disclosed in a court filing that he is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

The accountant can be reached at:

     Joshuan R. Feliciano Cosme
     HC01 Box 2505
     Bajadero, PR 00616
     Telephone: (787) 298-3285
     Email: jfeliciano.contador@gmail.com

                   About Sun Boricua Pa'l Mundo

Sun Boricua Pa'l Mundo, Inc. sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 22-02809)
on Sept. 27, 2022, with up to $50,000 in assets and up to $500,000
in liabilities. Hector Javier Rullan Nieves, president, signed the
petition.

Judge Maria de los Angeles Gonzalez oversees the case.

The Debtor tapped Homel A. Mercado-Justiniano, Esq., as counsel and
Joshuan R. Feliciano Cosme as accountant.


SUPERIOR INDUSTRIES: S&P Downgrades ICR to 'B-', Outlook Negative
-----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Superior
Industries International Inc. to 'B-' from 'B'.

At the same time, S&P lowered its issue-level rating on Superior's
senior secured debt to 'B-' from 'B' and its issue-level rating on
its senior unsecured debt to 'CCC+' from 'B-'.

S&P said, "The negative outlook reflects our expectation that the
company's free operating cash flow (FOCF) will weaken and pressure
its ability to address its upcoming debt maturities in a timely
fashion. Specifically, we believe Superior's performance could
decline due to sustained disruptions in automotive original
equipment manufacturer (OEM) production or a sharp increase in
energy costs."

Superior faces heightened refinancing risk because most of its debt
will mature in the next two-years. S&P believes that the company's
refinancing risk will increase as its debt maturities draw closer.
This risk is compounded by the dislocations across the high yield
credit markets that have led to higher borrowing costs amid ongoing
Federal Reserve rate hikes, persistently high inflation, and rising
macroeconomic uncertainty.

Continued volatility in the rate of automotive OEM production or
macroeconomic shocks could reduce Superior's sales volumes, EBITDA,
and cash flow. Specifically, S&P envisions that the macroeconomic
environment could weaken further due to ongoing supply chain
shortages, difficulties in passing through further cost increases,
or disruptions that affect the availability of energy in North
America and Europe. These factors could complicate the company's
ability to refinance its $349 million term loan due May 2024 and
EUR250 million senior unsecured notes due June 2025 in a timely
manner. In addition, Superior will need to address its European and
U.S. revolving facilities, which mature on May 23, 2023, and Oct.
31, 2023, respectively.

S&P said, "Based on these factors, we expect that the company's
EBITDA margins will be in the 10%-11% range in 2022 and 2023. Our
new base case projections are lower compared with our previous
forecast of 11.5%-12.0%, because we expect that higher energy and
labor costs could prove more difficult to pass through to its
customers. We anticipate Superior's reduced EBITDA margins could
cause its leverage to remain in the mid-5x range during 2022 and
2023 as its discretionary cash flow (DCF) to debt trends below 2%
over the same period."

Intense margin compression could pressure Superior's FOCF and
reduce its liquidity. S&P said, "We continue to assess the
company's liquidity as adequate, given our projection that its
sources will exceed its uses over the next 12 months. However, once
its $349 million term loan becomes current in May 2023, we will
reevaluate its liquidity because we would treat this maturity as a
use of cash in our analysis." Superior's liquidity sources will
primarily reflect its $121.8 million of balance sheet cash because
we no longer consider the availability under its U.S. and European
revolving credit facilities given that they expire in less than 12
months.

S&P said, "The negative outlook on Superior reflects our
expectation that Superior's FOCF will weaken and pressure its
ability to address its upcoming debt maturities in a timely
fashion. Specifically, we believe Superior's performance could
decline due to sustained disruptions in automotive OEM production
or a sharp increase in energy costs.

"We could lower our rating on Superior if its debt commitments
appear unsustainable or its FOCF weakens and causes its liquidity
to deteriorate. We believe the company's FOCF could decline if its
EBITDA margins shrink due to difficulties in recovering costs from
its OEM customers or because continued production volatility leads
to operational inefficiencies at its plants."

S&P could revise its outlook on Superior to stable if:

-- The company addresses the upcoming debt maturities across its
capital structure in a manner that results in creditors receiving
nothing less than the value promised when the debt was issued; and

-- Its sales volumes and EBITDA margins normalize and support
sustainable FOCF generation and DCF to debt consistently above 2%.

ESG credit indicators: E-2, S-2, G-2



T & J TRUCKING: Seeks to Hire Frances Hoit Hollinger as Counsel
---------------------------------------------------------------
T & J Trucking Co. Inc. seeks approval from the U.S. Bankruptcy
Court for the Southern District of Alabama to employ Frances Hoit
Hollinger, Esq., an attorney practicing in Ala., to handle its
Chapter 11 case.

Mr. Hollinger will render these services:

     (a) take appropriate action with respect to secured and
priority creditors;

     (b) take appropriate action with respect to possible voidable
preferences and transfers;

     (c) prepare legal papers;

     (d) investigate the accounts of the Debtor and the financial
transactions related thereto; and

     (e) perform all other legal services which may be deemed
necessary.

Mr. Hollinger has agreed to represent the Debtor at an hourly rate
of $250, plus expenses.

The attorney disclosed in a court filing that he is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

The attorney can be reached at:

     Frances Hoit Hollinger, Esq.
     Frances Hoit Hollinger, LLC
     P.O. Box 2028
     Mobile, AL 36652
     Telephone: (251) 432-8878
     Facsimile: (251) 410-6159

                       About T & J Trucking

T & J Trucking Co. Inc. filed a petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. S.D. Ala. Case No. 22-12257) on
Oct. 31, 2022, with as much as $1 million in both assets and
liabilities. Judge Jerry C. Oldshue oversees the case.

Frances Hoit Hollinger, LLC serves as the Debtor's counsel.


TAQUITO TAQUITO: Seeks to Hire BransonLaw PLLC as Legal Counsel
---------------------------------------------------------------
Taquito Taquito, LLC seeks approval from the U.S. Bankruptcy Court
for the Middle District of Florida to employ BransonLaw, PLLC as
counsel.

BransonLaw will render these services:

     (a) prosecute and defend any cause of action on behalf of the
Debtor;

     (b) assist in the formulation of a plan of reorganization;
and

     (c) provide all other legal services.

The hourly rates of BransonLaw's attorneys and paralegals range
from $495 to $200.

Prior to the petition date, the Debtor paid the firm an advance fee
of $9,973.50 for post-petition services and expenses.

Jeffrey Ainsworth, Esq., an attorney at BransonLaw, disclosed in a
court filing that the firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Jeffrey S. Ainsworth, Esq.
     BransonLaw, PLLC
     1501 E. Concord St.
     Orlando, FL 32803
     Telephone: (407) 894-6834
     Facsimile: (407) 894-8559
     Email: jeff@bransonlaw.com

                      About Taquito Taquito

Taquito Taquito, LLC filed a petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-03850) on Oct.
26, 2022, with as much as $1 million in both assets and
liabilities. Rafael Santos Aponte, managing member, signed the
petition.

Jeffrey S. Ainsworth, Esq., at BransonLaw, PLLC serves as the
Debtor's counsel.


TD SYNNEX: Egan-Jones Keeps BB+ Senior Unsecured Ratings
--------------------------------------------------------
Egan-Jones Ratings Company, on September 29, 2022, retained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by TD SYNNEX Corp.

Headquartered in Fremont, California, TD SYNNEX Corp provides
information technology supply chain services.


TECOSTAR HOLDINGS: Moody's Lowers CFR to Caa3, Outlook Stable
-------------------------------------------------------------
Moody's Investors Service downgraded TecoStar Holdings, Inc.'s
Corporate Family Rating to Caa3 from Caa1 and its Probability of
Default Rating to Caa3-PD from Caa1-PD. Moody's also downgraded the
company's secured first lien term loan rating to Caa2 from B3. The
outlook is stable.

The ratings downgrade reflects Moody's view that the company's
leverage will remain elevated and that liquidity will be weak. The
company's leverage has remained persistently high, at over 13x debt
to EBITDA on Moody's adjusted basis as of June 30, 2022. While
TecoStar's operating performance is improving, Moody's expects the
company to continue to face operating cost headwinds that will
materially constrain its earnings recovery. Cost pressures
including labor cost inflation (with elevated employee turnover),
as well as higher commodity and logistics costs continue to impact
the company's profitability levels. Despite the company's efforts
to exert pricing power on medical device OEMs to offset inflation,
profitability and overall EBITDA generation remains meaningfully
lower than levels achieved prior to the covid-19 pandemic (i.e.
prior to FY2020).

TecoStar's liquidity is weak and Moody's expects it will worsen in
the coming quarters. TecoStar previously carried an interest rate
swap on a material portion of its 1st lien debt; this swap expired
as of June 30, 2022. With cash interest expense projected to rise
materially, Moody's believes that the company will burn cash at a
meaningful rate in each subsequent quarter to meet its fixed charge
obligations. Moody's believes that the company's cash balance will
be exhausted over the next 12-18 months, and the company will need
to draw on its ABL facility thereafter to fund operations. In
addition, the company's 1st lien term loan will become current in
approximately 6 months (May 2023). To that end, Moody's believes
the TecoStar's capital structure may be unsustainable, thus
elevating the risk that the company will pursue a transaction that
Moody's considers to be a distressed exchange and hence a default
under Moody's definition.

In its stable outlook, Moody's expects the company's earnings will
remain stressed and liquidity will remain weak, increasing the risk
of a default.

Downgrades:

Issuer: TecoStar Holdings, Inc.

Corporate Family Rating, Downgraded to Caa3 from Caa1

Probability of Default Rating, Downgraded to Caa3-PD from Caa1-PD

Senior Secured 1st Lien Term Loan, Downgraded to Caa2 (LGD3) from
B3 (LGD3)

Outlook Actions:

Issuer: TecoStar Holdings, Inc.

Outlook, Remains Stable

RATINGS RATIONALE

TecoStar's Caa3 CFR reflects the company's very high financial
leverage, high customer concentration and general business risks
associated with contract manufacturing. Key business risks include
potential fluctuations in medical device customer demand and
inventory levels, less favorable payment terms offered by large
medical device customers and industry-wide pricing pressure. As of
June 30, 2022, debt to EBITDA is above 13x on Moody's adjusted
basis. Moody's estimates that the company's debt/EBITDA will remain
very high - above 11x - over the next 12-18 months. The pace of
deleveraging depends on multiple factors including the trajectory
of business volumes, the impact of inflationary headwinds and
offsetting pricing actions, and uncertainty related to customers'
inventory management. TecoStar's top five customers represent
approximately 65% of sales. TecoStar's ratings also reflect the
company's weak liquidity, including Moody's expectation that the
company will be unable to generate any positive free cash flow over
the next 12-18 months.

The company has $40 million of cash as of June 30, 2022, but
Moody's expects ongoing cash burn in each quarter going forward.
The company previously had an interest rate swap to hedge a
material portion of its debt, which expired as of June 30, 2022.
Moody's expects cash interest expense to rise meaningfully to above
$90 million annually following the expiration of the swap. Over the
next 12-18 months, Moody's projects that the company will be unable
to fund its fixed charges, which include interest expense,
maintenance capital expenditures and mandatory term loan
amortization. As a result, Moody's expects that the company will
utilize all of its available cash over the next 12-18 months, and
will need to rely on the ABL thereafter to fund operations. In
addition, the company's 1st lien term loan will become current in
approximately 6 months (May 2023), ahead a May 1, 2024 maturity.

TecoStar benefits from its competitive scale in the highly
fragmented medical device contract manufacturing industry.
TecoStar's expertise in providing contract manufacturing services
to the aerospace and defense industry - a small but growing
business for the company - also provides diversification benefits.
The company's rating also benefits from regulatory constraints
which make switching costs for its customers high.

The Caa2 rating on the first lien secured term loan is one notch
higher than the company's Caa3 CFR. The one-notch uplift reflects
benefits from loss absorption provided by the $225 million second
lien secured term loan, as well as Moody's internal view on
recovery prospects for the first lien term loan.

TecoStar's ESG credit impact score is very highly negative (CIS-5).
The score reflects very highly negative exposure to governance
risks, driven by the company's very aggressive financial policies
under private equity ownership. The score also reflects highly
negative exposure to social risks, primarily due to potential
regulatory actions, product recalls or litigation as a manufacturer
of orthopedic medical products inserted into the body, and neutral
to low exposure to environmental risks.

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

Ratings could be downgraded if liquidity further erodes, operating
performance declines materially or the probability of default,
including by way of a transaction that Moody's would deem a
distressed exchange, were to rise. In addition, ratings could be
downgraded if Moody's view on recovery prospects declines, such
that expected loss rises.

Ratings could be upgraded if liquidity improves, including a
successful refinancing of the company's full debt capital
structure. In addition, an improvement in the company's operating
performance, including a material improvement to margins, would
also support an upgrade.

The principal methodology used in these ratings was Medical
Products and Devices published in October 2021.

Headquartered in Wilmington, Massachusetts, TecoStar Holdings, Inc.
performs contract manufacturing services, primarily for companies
within the medical device industry. Charlesbank Capital Partners
LLC is the majority shareholder in TecoStar. The company's revenues
for the last twelve months were approximately $489 million.        


THORNHILL BROTHERS: Approval of Compromise Affirmed on Appeal
-------------------------------------------------------------
In the appealed case ANYTIME FITNESS LLC, Appellant, v. THORNHILL
BROTHERS FITNESS LLC ET AL, Debtor-Appellee, Case No.
3:22-CV-02074, On Appeal from No. 3:22 BK 30301, (W.D. La.),
Magistrate Judge Kayla D. McClusky affirms the Memorandum Ruling
and Order entered on July 8, 2022 by the US Bankruptcy Court for
the Western District of Louisiana.

Thornhill Brothers Fitness, LLC sought chapter 11 bankruptcy
protection as a result of a personal injury suit filed in state
court by William and Billie Flynn. William Flynn had allegedly
received personal injuries as a result of an accident that occurred
while using an inversion machine at a facility owned by Thornhill,
resulting in over $600,000 of medical expenses. Anytime Fitness,
LLC was also made a defendant in the state proceeding but was
dismissed with prejudice on March 9, 2022, pursuant to a motion for
summary judgment. The Flynns were listed as creditors in
Thornhill's bankruptcy proceeding. The Flynns' claim was described
as a personal injury claim that exceeded Thornhill's $1 million
insurance limit.

Thornhill's bankruptcy proceeding resulted in a flurry of activity.
Ultimately, on March 18, 2022, an agreement was reached by the
Flynns, Thornhill and Markel Insurance Company (Thornhill's
liability insurance carrier), to resolve the Flynn's claim against
Thornhill and Markel. Subsequently, Judge Hodge signed an agreed
upon (between the Flynns, Thornhill, and Markel) Order, which
lifted the stay to allow the Flynns, Thornhill, and Markel to enter
into a stipulation. On the day the jury trial was scheduled to
begin, attorneys for the Flynns, Thornhill, and Markel appeared
before the State Court Judge with a Stipulation, which resulted in
a resolution of the case against Markel and a partial resolution
against Thornhill.

On appeal, Anytime Fitness argues that the bankruptcy court erred
in approving the compromise because the compromise was obtained by
fraud and collusion, the settlement unfairly prejudiced Anytime
Fitness, the assignment of contract right violated the Bankruptcy
Code, and that the best interest factors were not met.

The bankruptcy court found that "Thornhill was facing an excess
judgment potentially exceeding Markel's $1million policy. Flynn
injured his neck while using an inversion machine. Flynn incurred
over $600,000 in medical expenses and spent months in various
hospitals. Flynn sustained a cervical fracture, which resulted in
several surgeries. Thornhill's chances of success in the state
court litigation as 'bleak at best'." The Court also found that if
permitted to proceed, the state court action would result in costly
and significant delays, which would likely deplete the assets of
the estate.

Anytime Fitness argues further that the compromise was a result of
fraud and unduly prejudiced its interests because Thornhill entered
into a consent judgment of $7 million and assigned all legal rights
Thornhill had against Anytime Fitness. The Court agrees with Judge
Hodge findings that there has been no prejudice shown to Anytime
Fitness because it had been dismissed from the suit with prejudice
pursuant to its Motion for Summary Judgment. Because Anytime
Fitness is no longer a party to the lawsuit, the Court finds that a
consent judgment against Thornhill will not prejudice Anytime
Fitness.

The Court finds Anytime Fitness' appeal is replete with references
to fraud conducted by the Flynns and Thornhill against it. However,
Judge Hodge did not find any fraud — there is no evidence that
the settlement actually prejudiced Anytime Fitness. Further, Judge
Hodge found there was no violation of the provisions of Section 365
of the Bankruptcy Code (which governs the rejection of executory
contracts) because the parties were unable to identify any
contract, much less an executory contract, that would be affected
by the settlement.

The Court finds the bankruptcy court did not err in approving the
compromise because the settlement was found to be in the best
interests of the estate, and there is sufficient evidence to
support that finding. Without the settlement, Thornhill was likely
facing an excess judgment and a great deal of litigation.

Lastly, Anytime Fitness argues Judge Hodge improperly relied on
affidavits that were hearsay. But there is nothing to show that
Judge Hodge relied on those exhibits. Even if he did, all of the
exhibits were admitted without objection.

Anytime Fitness maintains the bankruptcy court erred in
retroactively annulling the automatic stay to allow the compromise.
But the bankruptcy court found (a) that Thornhill acted in good
faith, (b) that the property (inchoate rights assigned) are rights
not necessary for Thornhill's reorganization, (c) that the failure
to grant retroactive relief would cause unnecessary expense to
Thornhill, and (d)that the grounds for relief existed and would
have been granted and that creditor (the Flynns) had detrimentally
changed its position in agreeing to cancel a jury trial to obtain
the settlement. Accordingly, the Court sees no reason to disturb
Judge Hodge's sound reasoning. The bankruptcy court did not err in
retroactive application of the automatic stay.

A full-text copy of the Reasons for Decision dated Nov. 7, 2022, is
available at https://tinyurl.com/3azm8hfu from Leagle.com.

                 About Thornhill Brothers Fitness

Thornhill Brothers Fitness, LLC, filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. W.D. La. Case No.
22-30301) on March 16, 2022, disclosing as much as $1 million in
both assets and liabilities.  

Judge John S. Hodge oversees the case.

Thomas R. Willson has been appointed as Subchapter V trustee.

The Debtor is represented by Gold Weems Bruser Sues & Rundell,
APLC.



TRAVEL + LEISURE: Egan-Jones Keeps B LC Senior Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on September 28, 2022, retained its 'B'
local currency senior unsecured ratings on debt issued by Travel +
Leisure Co.

Headquartered in Orlando, Florida, Travel + Leisure Co. operates as
a hospitality company.


TRONOX INC: Egan-Jones Keeps B+ Senior Unsecured Ratings
--------------------------------------------------------
Egan-Jones Ratings Company, on September 29, 2022, retained its
'B+' foreign currency and local currency senior unsecured ratings
on debt issued by Tronox Inc.

Headquartered in Stamford, Connecticut, Tronox Inc. manufactures
specialty chemical products.


TTF HOLDINGS: Moody's Raises CFR to B1, Outlook Stable
------------------------------------------------------
Moody's Investors Service upgraded TTF Holdings, LLC's (dba
"Soliant") corporate family rating to B1 from B2, and probability
of default rating to B1-PD from B2-PD. Moody's also upgraded
Soliant's senior secured first-lien instrument ratings to B1,
including a $30 million revolving credit facility and a $500
million term loan. The outlook is stable.

Upgrades:

Issuer: TTF Holdings, LLC

Corporate Family Rating, Upgraded to B1 from B2

Probability of Default Rating, Upgraded to B1-PD from B2-PD

Senior Secured 1st Lien Bank Credit Facility, Upgraded to B1
(LGD3) from B2 (LGD3)

Outlook Actions:

Issuer: TTF Holdings, LLC

Outlook, Remains Stable

RATINGS RATIONALE

The ratings upgrade reflects Soliant's increased size, improved
profitability and cash flow generation capacity. The company has
more than doubled its scale since its 2019 separation from Adecco
Group AG (Baa1 stable), with $920 million in revenue as of the 12
months ending September 2022, reflecting a strong competitive
position. Soliant is a leader within the niche special education
and healthcare markets it serves. Improved EBITDA margins around
20% (Moody's adjusted) and Moody's expectation for sustained growth
and governance policies that keep financial leverage below 4.5x
also support the ratings upgrade. Soliant's ability to identify and
invest in staffing segments that command high margins is credit
positive.

Despite the prevailing wage inflation and shortages in the labor
market, the company has been able to expand its profitability by
passing on rising costs to clients. Soliant's strategy targets low
and mid population density locations with favorable market dynamics
that limit competition and support profitability. Established
customer relationships and an extensive database of candidates
create barriers to entry. Despite the inherently cyclical and
short-term nature of the staffing industry, Soliant's focus on
highly specialized (less volatile) segments supports revenue
stability. A mostly variable cost structure also mitigates cyclical
concerns. Strong margins with minimal capex requirements result in
healthy cash flow generation.

The ratings are constrained by governance considerations, namely
Moody's expectation that the private equity owner will employ
opportunistic financial policies that increase debt/EBITDA towards
levels around 4.5x from the current 2.3x (Moody's adjusted) when
financing conditions improve. Soliant is a strong player in the
niche markets it serves, but growth and profitability could be
pressured if larger staffing companies with deep pockets entered
these markets. The company is exposed to economic cycles,
particularly in the healthcare segment, which generated 51% of LTM
revenue as of September 2022. Soliant has substantially exceeded
recent financial forecasts, a credit positive, but the
overperformance also highlights the potential volatility of the
business.

Soliant's very good liquidity position reflects Moody's expectation
for healthy cash flow, with FCF/debt above 14% over the next 12-18
months, along with its $30 million revolving facility (undrawn) and
modest cash on hand. Moody's expects run-rate operating cash flow
generation over $75 million annually, well in excess of the annual
1% term loan amortization requirement and capex needs. The
first-lien revolver includes a 6.5x springing covenant when the
drawn amount exceeds 35%. Moody's expects Soliant will maintain an
ample cushion against the covenant test. The $30 million revolver
will cover any seasonal cash flow needs stemming from the
nine-month education calendar and associated volatility in working
capital.

The stable outlook reflects Moody's expectation for revenue growth
rates in the high single-digit range over the next 12-18 months,
after exceptional double-digit growth during the last two years as
Soliant benefitted from acute labor shortages across its target
markets. Moody's expect healthcare bill rates will normalize from
peak levels in early 2022, but remain above pre-covid amounts.
Declining healthcare bill rates will be offset by growth in the
education segment, which will benefit from more stable rates, new
client wins and additional positions across existing school
clients. Profitability is likely to contract from historically high
levels as healthcare bill rates normalize, partially offset by a
larger contribution from the higher margin education segment and
strong growth in virtual and outsourcing solutions. Moody's expects
EBITDA margins in the 19% - 20% range and debt/EBITDA sustained
around 2.3x over the next 12-18 months, in the absence of
leveraging transactions (all metrics Moody's adjusted). Moody's
anticipates healthy free cash flow with FCF/debt above 14% (Moody's
adjusted, net of dividend distributions), as strong growth offsets
the negative impact of rising interest rates. Results could weaken
in the event of a prolonged macroeconomic recession, but Moody's
expects Soliant will sustain appropriate credit metrics for the
current rating levels.

The B1 ratings on Soliant's first-lien senior secured credit
facilities, including a $30 million revolver and a $500 million
term loan, reflect both the probability of default rating of B1-PD
and the Loss Given Default assessment of LGD3. The senior secured
first-lien credit facilities benefit from secured guarantees from
all existing and subsequently acquired wholly-owned domestic
subsidiaries. Given the lack of other meaningful debt in the
capital structure, the facilities are rated in line with the B1
CFR.

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

The ratings could be upgraded if scale increases, enhancing
Soliant's competitive position and further diversifying its revenue
profile, and the company improves its governance characteristics,
including demonstrating a track record of more moderate financial
policies. A ratings upgrade would require Moody's to expect that
debt-to-EBITDA will remain under 3.5x, and that the company will
sustain good liquidity with FCF/debt above 15% (all metrics Moody's
adjusted).

The ratings could be downgraded if revenue growth or profitability
diminish materially compared to historical levels, due to increased
competition, saturation in the niche segments Soliant serves, or
other factors impacting the business model. The ratings could also
be downgraded if the company pursues more aggressive financial
policies, such that Moody's expects debt-to-EBITDA will be
sustained above 4.5x. Diminished liquidity, including FCF/debt
below 8%, could also lead to a ratings downgrade (all metrics
Moody's adjusted).

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

Soliant, based in Atlanta, GA, is a specialized staffing and
outsourcing services provider. The company sources and deploys
skilled contractors to public schools, hospitals and life sciences
companies. Soliant operates solely in the US and is owned by
private equity sponsor Olympus Partners, which purchased the
company following the separation from global staffing provider
Adecco Group AG in 2019. Revenue for the twelve months ending
September 2022 was $920 million.


TTM TECHNOLOGIES: Egan-Jones Keeps 'B+' Sr. Unsecured Debt Ratings
------------------------------------------------------------------
Egan-Jones Ratings Company, on October 13, 2022, retained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by TTM Technologies Inc.

Headquartered in Costa Mesa, California, TTM Technologies, Inc. is
an independent provider of time-critical, one-stop manufacturing
services for printed circuit boards.


UNDER ARMOUR: Egan-Jones Retains 'BB' Sr. Unsecured Debt Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on October 14, 2022, retained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Under Armour Inc.  

Headquartered in Baltimore, Maryland, Under Armour, Inc. develops,
markets, and distributes branded performance products for men,
women, and youth.


US RENAL CARE: US$225M Bank Debt Trades at 39% Discount
-------------------------------------------------------
Participations in a syndicated loan under which US Renal Care Inc
is a borrower were trading in the secondary market around 61.4
cents-on-the-dollar during the week ended Fri., Nov. 11, 2022,
according to Bloomberg's Evaluated Pricing service data.

The US$225 million facility is a term loan.  The loan is scheduled
to mature on July 26, 2026.   About US$222 million of the loan is
drawn and outstanding.

U.S. Renal Care is a dialysis provider available for people living
with chronic and acute renal disease.



US SILICA: Egan-Jones Retains 'CCC' Sr. Unsecured Debt Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company, on October 14, 2022, retained its 'CCC'
foreign currency and local currency senior unsecured ratings on
debt issued by US Silica Holdings Inc.  

EJR also retained its 'C' foreign currency and local currency
ratings on commercial paper issued by the Company.

Headquartered in Katy, Texas, U.S. Silica Holdings, Inc. operates
as a producer of industrial silica and sand proppants.


VESTA HOLDINGS: Wins Cash Collateral Access, $6.6MM of DIP Loans
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
Vesta Holdings, LLC and its debtor-affiliates to use cash
collateral on an interim basis and obtain postpetition financing.

Vesta Holdings sought to obtain a $37.875 million in principal
amount (exclusive of capitalized DIP Fees) of senior secured
superpriority debtor-in-possession term loan facility consisting
of:

     a. a $12.625 million "new money" multi-draw term loan
facility, of which (A) an initial amount of $6.312 million will be
made available upon entry of the Interim Order and satisfaction of
the other applicable conditions to any Interim DIP Loan and (B) an
additional amount of $6.312 million will be made available upon
entry of the Final Order, to the extent provided therein, and
satisfaction of the other applicable conditions to any Delayed Draw
DIP loans; plus

     b. a roll-up of (A) upon entry of the Interim Order, up to
$12.625 million of Prepetition Term Loans held by Prepetition
Lenders as of the date of such roll-up in connection with the
Interim DIP Amount, and (B) upon entry of the Final Order, up to
$12.625 million of Prepetition Term Loans held by Prepetition
Lenders as of the date of such roll-up in connection with the
Delayed Draw DIP Amount, on a cashless basis into DIP Loans, and
which prepetition Term Loans will be deemed converted into and
exchanged for such Roll-Up Loans on the terms and conditions set
forth in the DIP Term Sheet; to be made available to the Debtors
immediately upon entry of the Interim Order and be funded by,

Colbeck Strategic Lending Offshore Mini-Master AIV, L.P. and
Colbeck Strategic Lending II Master, L.P., and CION Investment
Corporation and 34th Street Funding, LLC, in their capacities as
postpetition financing lenders pursuant to the terms and conditions
set forth in the DIP Term Sheet and all agreements, documents, and
instruments delivered or executed in connection with the DIP Term
Sheet to the Debtors, Alter Domus (US) LLC, as prepetition
administrative and collateral agent, and at least 50% of the DIP
Lenders, in their sole discretion.

Pursuant to the Financing Agreement, dated September 1, 2020, as
amended by the First Amendment to Financing Agreement, dated
February 25, 2021 and the Second Amendment to Financing Agreement,
dated September 13, 2022, among Vesta Holdings, LLC;, Burtonvic
Capital, LLC;, the other Debtors party thereto, the financial
institutions party thereto from time to time as lenders, Alter
Domus (US) LLC;, as administrative agent and collateral agent and
CB Agent Services LLC (Origination Agent), the Prepetition Lenders
provided multi-draw secured term loans to the Debtors.

As of Petition Date, the Debtors were indebted to the Prepetition
Secured Parties in the aggregate amount of not less than $125.645
million of principal and accrued interest.

The Debtors require the use of cash collateral to, among other
things: (a) pay ongoing costs of operations; (b) pay the costs of
administration of the Chapter 11 Cases; (c) make adequate
protection payments; and (d) satisfy other working capital and
general corporate purposes of the Debtors until the closing of any
sales pursuant to the Sale Order and wind-down of the chapter 11
cases.

The Debtors are permitted to borrow up to an aggregate principal
amount of $6.6 million of DIP Loans -- including the $2.2 million
of New Money Loans and $4.4 million of Roll-Up Loans plus interest,
fees indemnities and other expenses and other amounts provided for
in the DIP Term Sheet -- subject to any limitations on availability
or borrowing under the DIP Term Sheet and the DIP Facility
Documents.

The Debtors are also authorized to convert up to $4.4 million of
Prepetition Term Loans into Roll-Up Loans under the DIP Credit
Facility each DIP Lender's ratable share of the Interim Roll-Up
Amount, and to guaranty the DIP Obligations with respect to the
Roll-Up Loans, subject to the DIP Term Sheet.

As adequate protection for the Debtor's use of cash collateral, the
Prepetition Secured Parties are granted additional and replacement
valid, binding, enforceable, non-avoidable, effective and
automatically perfected additional and replacement liens on, and
security interest in the DIP Collateral, without the necessity of
the execution by the Debtors (or recordation or other filing) of
security agreements, control agreements, pledge agreements,
financing statements, mortgages, or other similar documents.

As further adequate protection, and to the extent provided by
Bankruptcy Code sections 503(b) and 507(b), an allowed
Administrative Expense Claim in the Chapter 11 Cases of each of the
Debtors to the extent of any postpetition Diminution in Value.

If the DIP Obligations have not been indefeasibly paid in full in
cash or satisfied, the DIP Obligations will accelerate and become
due and payable in full and the DIP Commitments and use of cash
collateral will terminate, in each case, without further notice or
action by the Court following the earliest to occur of any of:

     i. The occurrence and continuation of any Event of Default,
which Events of Default are explicitly incorporated by reference
into the Interim Order;

    ii. The Debtors' failure to comply with any provision of the
Interim Order, provided that with respect to a failure to comply
with any provision other than a failure to make any payments as and
when due under the Interim Order, the Debtors will be entitled to
two business days' written notice and an opportunity to cure,
(provided that the failure is not the result of any action or
inaction of the DIP Lenders);

   iii. The occurrence of the Maturity Date;

    iv. The entry of an order authorizing the use of cash
collateral of the DIP Lenders on a non-consensual basis or
financing under Bankruptcy Code section 364 that is pari passu or
senior to the DIP Loans or the Prepetition Term Loans or the filing
by the Debtors of a motion seeking such authority;

     v. Except as contemplated by the 363 Sale, the Stalking Horse
Agreement, or the Sale Order, unless otherwise agreed to in writing
by the Required DIP Lenders in their sole discretion, the
consummation of a sale or disposition of any material assets of the
Debtors other than a sale or disposition in the ordinary course of
business;

    vi. The termination of the Stalking Horse Agreement (other than
as a result of Section 1 l.l(c)(vi) or Sections 11.1 (d)(i)-(ii))
or the Debtor's material breach of, or failure to perform, any of
their agreements, covenants, representations or warranties
contained in the Sale Order, without the prior written consent of
the Required DIP Lenders in their sole discretion; and

   vii. The entry of an order reversing, amending, staying,
vacating, terminating or otherwise modifying in any manner the Sale
Order, without the prior written consent of the Required DIP
Lenders in their sole discretion.

The final hearing is set for December 6 at 10 a.m.

A copy of the order is available at https://bit.ly/3hqxHfz from
PacerMonitor.com.

                     About Vesta Holdings, LLC

Historically, Vesta Holdings, LLC and each of its affiliates
provided wealth advisory, risk management services, and insurance
brokerage services to individual and corporate clients across the
United States. In recent years, they have focused on growing their
insurance brokerage services business, which is primarily operated
under Summit Risk Advisors LLC. Summit primarily concentrates on
property and casualty insurance offerings.

The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 22-11019) on October 30,
2022. In the petition signed by Michael Hines, their chief
financial officer, the Debtor disclosed up to $500 million in both
assets and liabilities.

The Debtors tapped Ropes and Grapy LLP as general bankruptcy
counsel, Potter Anderson & Corroon LLP as co-bankruptcy counsel,
Province LLC as financial advisor, and Omni Agent Solutions as
notice, claims, solicitation, and balloting agent.

Colbeck Strategic Lending Offshore Mini-Master AIV, L.P. and
Colbeck Strategic Lending II Master, L.P., and CION Investment
Corporation and 34th Street Funding, LLC, as DIP Lenders, are
represented by Akin Gump Strauss Hauer and Feld LLP and Blank Rome
LLP.



VIBRANTZ TECHNOLOGIES: US$2.45B Bank Debt Trades at 19% Discount
----------------------------------------------------------------
Participations in a syndicated loan under which Vibrantz
Technologies Inc is a borrower were trading in the secondary market
around 81 cents-on-the-dollar during the week ended Fri., Nov. 11,
2022, according to Bloomberg's Evaluated Pricing service data.

The US$2.45 billion facility is a term loan.  The loan is scheduled
to mature on April 21, 2029.   The amount is fully drawn and
outstanding.

Vibrantz Technologies INC is a global technology leader in color
solutions, functional coatings and specialty minerals whose purpose
is to bring color, performance and vibrancy to life in countless
products across a broad array of end markets.



VISION DEMOLITION: Seeks to Hire KC Cohen, Lawyer as Counsel
------------------------------------------------------------
Vision Demolition and Excavating, LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of Indiana to employ KC
Cohen, Lawyer, PC as its counsel.

The firm will render these services:

     (a) advise the Debtor with respect to its duties, powers and
responsibilities in this Chapter 11 case;

     (b) investigate and pursue any actions on behalf of the estate
to recover assets for or best enable this estate to reorganize
fairly;

     (c) represent the Debtor in these proceedings in an effort to
maximize the value of its assets, and pursue confirmation of a plan
of reorganization; and

     (d) perform such other legal services as may be required and
in the interest of the estate.

The hourly rates of the firm's counsel and staff are as follows:

     Christopher J. McElwee, Esq.    $275
     Nicholas J. Wildeman, Esq.      $200
     Bobby H. Macias, Paralegal      $100

The firm received payment of $6,738 from the Debtor.

KC Cohen, Esq., an attorney at KC Cohen, Lawyer, disclosed in a
court filing that the firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     KC Cohen, Esq.
     KC Cohen, Lawyer, PC
     151 N. Delaware St., Ste. 1106
     Indianapolis, IN 46204
     Telephone: (317) 715-1845
     Facsimile: (317) 636-8686
     Email: kc@smallbusiness11.com

               About Vision Demolition and Excavating

Vision Demolition and Excavating, LLC is an excavating contractor
in Zionsville, Ind., which specializes in both residential and
commercial projects.

Vision Demolition and Excavating sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 22-04156) on
Oct. 17, 2022. In the petition signed by Stacy Payne Miller,
president, the Debtor disclosed $818,300 in assets and $1,060,830
in liabilities.

Judge Jeffrey J. Graham oversees the case.

KC Cohen, Esq., at KC Cohen, Lawyer, PC is the Debtor's legal
counsel.


VOYAGER DIGITAL: Reopens Bidding After FTX Collapse
---------------------------------------------------
Voyager Digital Ltd. OTC Pink: VYGVQ) (FRA: UCD2) and the Voyager
Official Committee of Unsecured Creditors (UCC), which represents
the interests of the general unsecured creditors, announced Nov.
11, 2022, that the company is evaluating strategic options as a
result of the Chapter 11 filing by FTX Group. The no-shop
provisions of the Asset Purchase Agreement between Voyager and FTX
US are no longer binding.

For this reason, Voyager has reopened the bidding process for the
company, and is in active discussions with alternative bidders.
Voyager and the UCC are moving with all due care and deliberate
speed to identify an alternative plan of reorganization consistent
with the core objective throughout this process: maximizing the
value returned to customers and other creditors.

Voyager has not transferred any assets to FTX US in connection with
the previously proposed transaction. FTX US previously submitted a
$5 million "good faith" deposit as part of the auction process,
which is held in escrow.

Voyager successfully recalled loans from Alameda Research for 6,500
BTC and 50,000 ETH. At this time, Voyager has no loans outstanding
with any borrower.

At the time of FTX Group's Chapter 11 filing, Voyager maintained a
balance of approximately $3 million at FTX, substantially comprised
of locked LUNA2 and locked SRM that it was unable to withdraw
because they remain locked and subject to vesting schedules.

                   About Voyager Digital Holdings

Based in Toronto, Canada, Voyager Digital Holdings Inc. --
https://www.investvoyager.com/ -- runs a cryptocurrency platform.
Voyager claims to offer a secure way to trade over 100 different
crypto assets using its easy-to-use mobile application.  Through
its subsidiary Coinify ApS, Voyager provides crypto payment
solutions for both consumers and merchants around the globe.

Voyager Digital Holdings Inc. and two affiliates sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead
Case No. 22-10943) on July 5, 2022.  In the petition filed by
Stephen Ehrlich, chief executive officer, the Debtors estimated
assets and liabilities between $1 billion and $10 billion.

The Hon. Michael E. Wiles oversees the cases.

The Debtors tapped Kirkland & Ellis, LLP, as general bankruptcy
counsel; Berkeley Research Group, LLC, as financial advisor; Moelis
& Company as investment banker; and Consello Group as strategic
financial advisor. Stretto, Inc., is the claims agent.

On July 19, 2022, the U.S. Trustee for the Southern District of New
York appointed an official committee of unsecured creditors.  The
Committee tapped McDermott Will & Emery as counsel, and FTI
Consulting as financial advisor.  Epiq Corporate Restructuring,
LLC, is the Commitee's noticing and information agent.


WALL VENTURES: Seeks to Hire KC Cohen as Legal Counsel
------------------------------------------------------
Wall Ventures, Inc. seeks approval from the U.S. Bankruptcy Court
for the Southern District of Indiana to employ KC Cohen, Lawyer, PC
to serve as legal counsel in its Chapter 11 case.

The firm's services include:

   (a) providing the Debtor with legal advice regarding its duties,
powers and responsibilities in its bankruptcy case;

   (b) investigating and pursuing any actions in order to recover
assets for or best enable the Debtor's estate to reorganize
fairly;

   (c) representing the Debtor in the bankruptcy proceeding in an
effort to maximize the value of the assets available, and pursuing
confirmation of a plan of reorganization; and

   (d) performing other necessary legal services for the Debtor.

The firm will be paid at these rates:

     Christopher J. McElwee      $275 per hour
     Nicholas J. Wildeman        $200 per hour
     Bobby H Macias, Paralegal   $100 per hour

KC Cohen, Esq., an attorney at KC Cohen, Lawyer, disclosed in a
court filing that the firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     KC Cohen, Esq.
     KC Cohen, Lawyer, PC
     151 N. Delaware St., Ste. 1106
     Indianapolis, IN 46204-2573
     Telephone: (317) 715-1845
     Facsimile: (317) 636-8686
     Email: kc@smallbusiness11.com

                      About Wall Ventures Inc.

Wall Ventures, Inc. filed a Chapter 11 bankruptcy petition (Bankr.
S.D. Ind. Case No. 22-03961) on Oct. 4, 2022, with as much as $1
million in both assets and liabilities. Judge James M. Carr
oversees the case. The Debtor is represented by KC Cohen, Lawyer,
PC.


WILLIAMS LAND: Bankruptcy Administrator Unable to Form Committee
----------------------------------------------------------------
The U.S. Bankruptcy Administrator for the Eastern District of North
Carolina disclosed in a filing that no official committee of
unsecured creditors has been appointed in the Chapter 11 case of
Williams Land Clearing Grading and Timber Logger, LLC.

               About Williams Land Clearing, Grading,
                         and Timber Logger

Williams Land Clearing, Grading and Timber Logger, LLC is an
excavating contractor in Raleigh, N.C.

Williams Land sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.C. Case No. 22-02094) on Sept. 16,
2022, with between $10 million and $50 million in assets and
between $1 million and $10 million in liabilities. Lamonte
Williams, manager, signed the petition.

Judge Pamela W. Mcafee oversees the case.

The Debtor tapped William P, Janvier, Esq., at Stevens Martin
Vaughn & Tadych, PLLC as bankruptcy counsel; Burns, Day & Presnell,
P.A. as special counsel; and Country Boys Auction & Realty Company,
Inc. as valuation consultant.


WP CITYMD: Moody's Puts 'B1' CFR on Review for Upgrade
------------------------------------------------------
Moody's Investors Service placed the ratings of WP CityMD Bidco LLC
(aka Summit Health) on review for upgrade. Ratings on review
include the B1 Corporate Family Rating, B1-PD Probability of
Default Rating, and the B1 ratings on the first lien senior secured
credit facilities. The outlook is revised to ratings under review
from stable.

On November 7, 2022, VillageMD announced that it has entered a
definitive agreement to acquire Summit Health-CityMD, a leading
provider of primary, specialty and urgent care. The transaction is
valued at approximately $8.9 billion with investments from
Walgreens Boots Alliance, Inc. (Nasdaq: WBA) and an affiliate of
Evernorth, a subsidiary of Cigna Corporation (NYSE:CI). Walgreens
will invest $3.5 billion through a mix of debt and equity to
support the acquisition and will remain the largest and
consolidating shareholder of VillageMD with approximately 53
percent ownership. The acquisition is expected to close in the
first quarter of 2023. The transaction is still subject to
shareholders and regulatory approvals.

The rating under review reflects Moody's expectation that if the
acquisition is completed, Summit Health will be owned by a larger,
more diversified public company. The review for upgrade also
reflects Summit Health's strong stand-alone performance and the
favorable fundamental outlook for the business. The transaction
will expand VillageMD's footprint across primary, specialty and
urgent care, and synergies appear achievable. Lastly, Moody's will
assess Walgreen's treatment of Summit Health's debt and the level
of support, if any, that Walgreens provides. If all of Summit
Health's debt is repaid, Moody's will withdraw all ratings of WP
CityMD Bidco LLC at the transaction's close.

On Review for Upgrade:

Issuer: WP CityMD Bidco LLC

Corporate Family Rating, Placed on Review for Upgrade, currently
B1

Probability of Default Rating, Placed on Review for Upgrade,
currently B1-PD

Senior Secured Term Loan, Placed on Review for Upgrade, currently
B1 (LGD3)

Senior Secured Revolving Credit Facility, Placed on Review for
Upgrade, currently B1 (LGD3)

Outlook Actions:

Issuer: WP CityMD Bidco LLC

Outlook, Changed To Rating Under Review From Stable

RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR

DOWNGRADE OF THE RATINGS

Excluding the ratings review, WP CityMD Bidco LLC (aka Summit
Health) credit profile reflects its scale as one of the largest
independent multispecialty, outpatient focused physician group in
the US. Summit Health benefits from its focus on urgent care
services, which have relatively stable demand, and its well-known
brands for both CityMD and Summit in the New York and New Jersey
areas. A key risk in this sector is market saturation, as Summit
Health and other providers open more clinics. With substantial
geographic concentration in New York and New Jersey, a significant
local economic downturn, change in demographics or the competitive
environment would have a significant impact on the company. That
said, Summit relies on its density for referrals among its urgent
care facilities and physician practices. Additionally, Summit's
acquisitions of Westmed and New Jersey Urology in 2021 have
improved scale and diversity, adding the new urology specialty and
presence in Connecticut and Pennsylvania.

Moody's expects Summit Health to maintain very good liquidity,
which is supported by the company's $175 million of cash and an
undrawn $275 million revolving credit facility as of June 30, 2022.
Moody's anticipate that the company will generate over $50 million
of annual free cash flow after capital expenditures in 2022. The
revolver has a springing maximum 8.5x first lien net leverage
covenant when usage exceeds the greater of $110 million or 40% of
revolving credit facility commitments. Moody's does not anticipate
the test will be triggered and expect that the company will have
ample cushion even if tested. The company's alternative sources of
liquidity are limited as substantially all assets will be pledged
to the first lien lenders.

ESG considerations are material to WP CityMD Bidco LLC 's (aka
Summit Health)'s credit profile, reflected in the credit impact
score of CIS-4, highly negative. The CIS-4 is influenced by Summit
Health's highly negative exposure to social risks as a healthcare
service provider which include access, quality, and affordability
of care. Summit Health is mostly reliant on commercial insurance,
but still has exposure to government payors. Any changes to
reimbursement rates of Medicare or Medicaid directly impact revenue
and profitability. Summit Health is also exposed to labor pressures
and human capital constraints as the company relies on highly
specialized labor to provide its services.

Exposure to governance risk considerations is highly negative
reflecting the company's rapid expansion strategy as it grows,
through a combination of new clinic openings and acquisitions.
Further, Summit Health is owned by Warburg Pincus, making it more
at risk to partake in shareholder friendly policies that can
include debt funded dividends. Physicians employed by Summit Health
have an estimated 40% ownership stake in the company, and the
compensation model includes a path to ownership for new
physicians.

The review for upgrade will primarily focus on Summit Health's
change in ownership, as well as the treatment of Summit Health's
debt by the acquirer along with the updated capital structure.

Summit Health is the largest outpatient, multi-specialty physician
group in the New York/ New Jersey area, which includes urgent care
facilities, offering an extensive number of services that include
x-rays, laboratory testing and screening, pediatric care, and
physical exams. Summit Health serves patients in the States of New
York and New Jersey with more than 150 urgent care locations and
about 1,700 multispecialty providers. Summit Health is owned by
Warburg Pincus and had approximately $2.6 billion of revenue for
the LTM ended June 30, 2022.

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


YELLOW CORP: Egan-Jones Retains 'C' LC Rating on Commercial Paper
-----------------------------------------------------------------
Egan-Jones Ratings Company, on October 14, 2022, retained its 'C'
local currency rating on commercial paper issued by Yellow Corp.  

EJR also retained its 'CC' local currency senior unsecured rating
on debt issued by the Company.

Yellow Corporation is an American transportation holding company
headquartered in Overland Park, Kansas. Its subsidiaries include
national less than truckload carrier YRC Freight, regional LTL
carriers New Penn, Holland and Reddaway and freight brokerage HNRY
Logistics.


YUM BRANDS: Egan-Jones Keeps BB- Senior Unsecured Ratings
---------------------------------------------------------
Egan-Jones Ratings Company, on September 30, 2022, retained its
'BB-' foreign currency and local currency senior unsecured ratings
on debt issued by YUM! Brands, Inc.

Headquartered in Louisville, Kentucky, YUM! Brands, Inc. owns and
franchises quick-service restaurants.


[^] BOND PRICING: For the Week from November 7 to 11, 2022
----------------------------------------------------------

  Company                 Ticker  Coupon Bid Price      Maturity
  -------                 ------  ------ ---------      --------
AMC Entertainment
  Holdings Inc            AMC     10.000    37.537    15/06/2026
AMC Entertainment
  Holdings Inc            AMC      5.750    37.467    15/06/2025
AMC Entertainment
  Holdings Inc            AMC      6.125    23.270    15/05/2027
AMC Entertainment
  Holdings Inc            AMC      5.875    24.029    15/11/2026
AMC Entertainment
  Holdings Inc            AMC     10.000    36.524    15/06/2026
AMC Entertainment
  Holdings Inc            AMC     10.000    36.468    15/06/2026
Ahern Rentals Inc         AHEREN   7.375    70.221    15/05/2023
Ahern Rentals Inc         AHEREN   7.375    71.185    15/05/2023
Air Methods Corp          AIRM     8.000    49.811    15/05/2025
Air Methods Corp          AIRM     8.000    49.643    15/05/2025
Allegiance Bank/Texas     ABTX     5.250    96.740    15/12/2027
Allen Media LLC /
  Allen Media
  Co-Issuer Inc           ALNMED  10.500    38.176    15/02/2028
Allen Media LLC /
  Allen Media
  Co-Issuer Inc           ALNMED  10.500    38.031    15/02/2028
Allen Media LLC /
  Allen Media
  Co-Issuer Inc           ALNMED  10.500    38.298    15/02/2028
American Honda
  Finance Corp            HNDA     2.600    99.890    16/11/2022
Amyris Inc                AMRS     1.500    30.971    15/11/2026
Aon Corp                  AON      2.200    99.983    15/11/2022
Applied
  Optoelectronics Inc     AAOI     5.000    66.603    15/03/2024
Audacy Capital Corp       CBSR     6.500    26.529    01/05/2027
Avaya Holdings Corp       AVYA     2.250    20.000    15/06/2023
BPZ Resources Inc         BPZR     6.500     3.017    01/03/2049
Bank of America Corp      BAC      2.936    94.474    10/12/2058
Bed Bath & Beyond Inc     BBBY     4.915     9.651    01/08/2034
Bed Bath & Beyond Inc     BBBY     5.165    10.084    01/08/2044
Bed Bath & Beyond Inc     BBBY     3.749    23.276    01/08/2024
Buckeye Partners LP       BPL      6.375    80.412    22/01/2078
Carvana Co                CVNA     5.625    47.977    01/10/2025
Carvana Co                CVNA     5.625    46.939    01/10/2025
Cielo USA Inc             CIELBZ   3.750    99.850    16/11/2022
Cielo USA Inc             CIELBZ   3.750    99.906    16/11/2022
Citadel LP                CITADL   5.375    99.399    17/01/2023
Citadel LP                CITADL   5.375    99.638    17/01/2023
Citigroup Global
  Markets Holdings
  Inc/United States       C        7.500    77.570    26/04/2032
Clovis Oncology Inc       CLVS     4.500    58.251    01/08/2024
Diamond Sports Group
  LLC / Diamond
  Sports Finance Co       DSPORT   5.375    17.453    15/08/2026
Diamond Sports Group
  LLC / Diamond
  Sports Finance Co       DSPORT   6.625     4.243    15/08/2027
Diamond Sports Group
  LLC / Diamond
  Sports Finance Co       DSPORT   5.375     7.500    15/08/2026
Diamond Sports Group
  LLC / Diamond
  Sports Finance Co       DSPORT   5.375    18.303    15/08/2026
Diamond Sports Group
  LLC / Diamond
  Sports Finance Co       DSPORT   6.625     4.155    15/08/2027
Diamond Sports Group
  LLC / Diamond
  Sports Finance Co       DSPORT   5.375     6.256    15/08/2026
Diamond Sports Group
  LLC / Diamond
  Sports Finance Co       DSPORT   5.375    18.196    15/08/2026
Diebold Nixdorf Inc       DBD      8.500    48.679    15/04/2024
DuPont de Nemours Inc     DD       4.205    99.326    15/11/2023
EI du Pont de
  Nemours and Co          CTVA     4.286   100.000    15/02/2038
Edison International      EIX      3.125    99.972    15/11/2022
EnLink Midstream
  Partners LP             ENLK     6.000    82.500          N/A
Energy Conversion
  Devices Inc             ENER     3.000     7.875    15/06/2013
Energy Transfer LP        ET       6.250    84.040          N/A
Envision Healthcare Corp  EVHC     8.750    30.490    15/10/2026
Envision Healthcare Corp  EVHC     8.750    30.130    15/10/2026
Exela Intermediate
  LLC / Exela
  Finance Inc             EXLINT  11.500    27.301    15/07/2026
Exela Intermediate
  LLC / Exela
  Finance Inc             EXLINT  10.000    65.767    15/07/2023
Exela Intermediate
  LLC / Exela
  Finance Inc             EXLINT  11.500    27.574    15/07/2026
Exela Intermediate
  LLC / Exela
  Finance Inc             EXLINT  10.000    65.767    15/07/2023
Federal Farm Credit
  Banks Funding Corp      FFCB     0.090    99.433    18/11/2022
Federal Farm Credit
  Banks Funding Corp      FFCB     0.270    99.860    15/11/2022
Ford Motor Credit Co LLC  F        2.800    99.451    20/11/2022
GNC Holdings Inc          GNC      1.500     0.834    15/08/2020
GTT Communications Inc    GTTN     7.875     6.828    31/12/2024
GTT Communications Inc    GTTN     7.875     6.750    31/12/2024
General Dynamics Corp     GD       2.250    99.946    15/11/2022
General Electric Co       GE       4.200    78.790          N/A
Graphic Packaging
  International LLC       GPK      4.875    99.873    15/11/2022
ION Geophysical Corp      IO       8.000    11.000    15/12/2025
Invacare Corp             IVC      5.000    30.309    15/11/2024
Lannett Co Inc            LCI      7.750    26.855    15/04/2026
Lannett Co Inc            LCI      4.500    30.360    01/10/2026
Lannett Co Inc            LCI      7.750    27.624    15/04/2026
Lightning eMotors Inc     ZEV      7.500    64.000    15/05/2024
MAI Holdings Inc          MAIHLD   9.500    29.875    01/06/2023
MAI Holdings Inc          MAIHLD   9.500    29.875    01/06/2023
MAI Holdings Inc          MAIHLD   9.500    29.875    01/06/2023
MBIA Insurance Corp       MBI     15.339    10.419    15/01/2033
MBIA Insurance Corp       MBI     15.910    10.419    15/01/2033
Macquarie
  Infrastructure
  Holdings LLC            MIC      2.000    94.063    01/10/2023
Microsoft Corp            MSFT     2.125    99.994    15/11/2022
Morgan Stanley            MS       1.800    69.113    27/08/2036
National CineMedia LLC    NATCIN   5.750    11.086    15/08/2026
OMX Timber Finance
  Investments II LLC      OMX      5.540     0.850    29/01/2020
Occidental
  Petroleum Corp          OXY      8.000   105.890    15/07/2025
Pacific Gas and
  Electric Co             PCG      3.887    99.607    14/11/2022
Party City Holdings Inc   PRTY     8.750    41.709    15/02/2026
Party City Holdings Inc   PRTY     8.061    61.037    15/07/2025
Party City Holdings Inc   PRTY     6.125    41.250    15/08/2023
Party City Holdings Inc   PRTY     6.625    30.915    01/08/2026
Party City Holdings Inc   PRTY     8.750    43.032    15/02/2026
Party City Holdings Inc   PRTY     6.125    38.999    15/08/2023
Party City Holdings Inc   PRTY     6.625    30.915    01/08/2026
Party City Holdings Inc   PRTY     8.061    61.037    15/07/2025
Pepsi-Cola Metropolitan
  Bottling Co Inc         PEP      7.000   109.322    01/03/2029
Pepsi-Cola Metropolitan
  Bottling Co Inc         PEP      5.500    97.590    15/05/2035
Plains All American
  Pipeline LP             PAA      6.125    86.970          N/A
Private Export
  Funding Corp            PEFCO    2.050    99.820    15/11/2022
Quotient Technology Inc   QUOT     1.750    95.113    01/12/2022
Renco Metals Inc          RENCO   11.500    24.875    01/07/2003
RumbleON Inc              RMBL     6.750    34.373    01/01/2025
Sears Holdings Corp       SHLD     8.000     1.050    15/12/2019
Sears Holdings Corp       SHLD     6.625     6.500    15/10/2018
Sears Holdings Corp       SHLD     6.625     5.948    15/10/2018
Sears Roebuck
  Acceptance Corp         SHLD     7.500     1.500    15/10/2027
Sears Roebuck
  Acceptance Corp         SHLD     6.500     2.000    01/12/2028
Sears Roebuck
  Acceptance Corp         SHLD     6.750     1.712    15/01/2028
Sears Roebuck
  Acceptance Corp         SHLD     7.000     2.613    01/06/2032
Shift Technologies Inc    SFT      4.750    20.350    15/05/2026
Southwest Airlines Co     LUV      2.750    99.992    16/11/2022
TPC Group Inc             TPCG    10.500    54.964    01/08/2024
TPC Group Inc             TPCG    10.500    54.964    01/08/2024
Talen Energy Supply LLC   TLN      6.500    56.342    15/09/2024
Talen Energy Supply LLC   TLN      6.500    56.342    15/09/2024
TerraVia Holdings Inc     TVIA     5.000     4.644    01/10/2019
Tricida Inc               TCDA     3.500     8.375    15/05/2027
US Renal Care Inc         USRENA  10.625    38.798    15/07/2027
US Renal Care Inc         USRENA  10.625    41.178    15/07/2027
UpHealth Inc              UPH      6.250    30.642    15/06/2026
Vroom Inc                 VRM      0.750    21.500    01/07/2026
Wesco Aircraft Holdings   WAIR    13.125    26.348    15/11/2027
Wesco Aircraft Holdings   WAIR     8.500    51.309    15/11/2024
Wesco Aircraft Holdings   WAIR    13.125    26.348    15/11/2027
Wesco Aircraft Holdings   WAIR     8.500    51.723    15/11/2024
Wilton Re Finance LLC     WILTON   5.875    78.152    30/03/2033
Wilton Re Finance LLC     WILTON   5.875    78.152    30/03/2033
Wilton Re Finance LLC     WILTON   5.875    78.152    30/03/2033



                            *********

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