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

                          E U R O P E

          Thursday, December 12, 2019, Vol. 20, No. 248

                           Headlines



D E N M A R K

WELLTEC A/S: Moody's Affirms B2 CFR; Alters Outlook to Stable


G E O R G I A

CARTU BANK: Fitch Downgrades LT IDR to B-, Outlook Stable


I R E L A N D

GLENBEIGH SEC 2018-1: DBRS Confirms BB (high) Rating on Cl. E Notes
PBR RESTAURANTS: Broken Up Following Examinership Exit


I T A L Y

FABRIC SPA: Moody's Reviews B1 CFR for Downgrade
MARATHON SPV: DBRS Assigns B (high) Rating to Class B Notes
POPOLARE BARI 2017: DBRS Confirms B (low) Rating on Class B Notes


L U X E M B O U R G

MALLINCKRODT INT'L: Moody's Downgrades CFR to Caa2, Outlook Neg.


N E T H E R L A N D S

ORANJE NO. 32: DBRS Confirms BB Rating on Class E Notes


S P A I N

AUTONORIA SPAIN 2019: DBRS Hikes Class E Notes Rating to BB
FONCAIXA FTGENCAT 4: Moody's Upgrades EUR6M Cl. D Notes to Ba1
PYMES SANTANDER 15: DBRS Puts Prov. C Rating to Series C Notes
SANTANDER CONSUMO 2: DBRS Confirms B Rating on Class E Notes
TDA SABADELL: DBRS Hikes Class B Notes Rating to BB (low)



S W I T Z E R L A N D

SUNRISE COMMUNICATIONS: Fitch Affirms BB+ LT IDR, Outlook Stable


U N I T E D   K I N G D O M

ANTIGUA BIDCO: Fitch Assigns B+ IDR, Outlook Stable
BURY FC: HMRC's Winding-Up Petition Hearing Adjourned Again
CHILANGO: Confirms Plan to Launch CVA Amid Cash-Flow Issues
DEBENHAMS PLC: Clive Bentley Departs Amid Store Closure Plan
MARKETPLACE 2019-1: DBRS Gives Prov. BB (high) Rating to F Notes


                           - - - - -


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D E N M A R K
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WELLTEC A/S: Moody's Affirms B2 CFR; Alters Outlook to Stable
-------------------------------------------------------------
Moody's Investors Service affirmed Welltec A/S B2 corporate family
rating and affirmed the probability of default rating at B2-PD. At
the same time the rating agency affirmed the B2 instrument rating
of the $340 million senior secured notes maturing in December 2022.
The outlook on all ratings has been changed to stable from
negative.

"Today's action reflects the solid recovery of Welltec's topline
and profitability during 2019, which Moody's expects to continue in
2020 as the agency observes some improvements in international oil
& gas offshore exploration and production spending, partially
offset by muted activity in US onshore.", says Janko Lukac, a AVP
-- Analyst and Moody's lead analyst for Welltec.

RATINGS RATIONALE

Moody's has affirmed Welltec's CFR at B2, as the company was able
to reduce its Moody's adjusted debt/EBITDA to 5.2x by LTM September
2019 from 5.7x at the end of 2018 driven by considerable revenue
growth in the low double digits. Furthermore, the rating agency
expects the company to increase its adjusted EBIT margin back
towards the mid-twenties by the end of 2019. This is driven by the
expectation of lower costs to adapt operations in a low oil price
environment at around $50-$60 per barrel Brent and by focusing on
more complex and value added jobs in an improving but still
challenging environment for oilfield service companies.

The outlook on all ratings was changed to stable from negative, as
the rating agency expects Welltec to continue to grow its topline
by at least high single digit on the back of moderately growing
activity in offshore exploration and to expand its margins
gradually. This is driven by a continued focus on more profitable
and technically complex jobs and better capacity utilization,
despite persistent price pressure from Oil & Gas companies.
Consequently, Moody's expects the company to reduce its leverage
towards 4.0x adj. debt / EBITDA and to generate meaningful free
cash flows by the end of 2020, which are predominantly burdened by
a very high interest expense related to the 9.5% coupon of its
outstanding bond.

Welltec's CFR primarily reflects: (1) the company's leading
technological advantage in robotics for well intervention resulting
in a leading market share in that segment; (2) strong geographical
diversification with revenues from both onshore and offshore
markets; (3) long lasting relationship with its customers who are
well spread between international oil companies, national oil
companies and independent E&Ps; and (4) high adjusted EBIT margin
for the sector of more than 20%, comparing favorably to most of its
peers.

The CFR is constrained by Welltec's: (1) limited scale with
expected sales of around $255 million for 2019, particularly when
compared to the competition from larger oilfield services
specialists; (2) exposure to still muted expenditure levels from
oil & gas companies, but positive developments in offshore spending
and onshore spending outside of the US; (3) limited visibility of a
recovery in pricing; (4) short lead times ranging from several
weeks to not maximum three months leading to potential revenue
volatility, and (5) a very high interest bill related to the 9.5%
coupon of its outstanding bond.

LIQUIDITY

Moody's views Welltec's liquidity as strong with $43 million cash
on balance by end of Q3 2019 and $16 million available under its
$40 million revolving credit facility maturing in November 2022.
For 2020 the rating agency expects Welltec's funds from operations
at around $52 million to cover comfortably cash outflows related to
a moderately increasing working capital investments and capex
investments of around $35 million. Not assuming any dividend
payments in 2020, the company is likely to generate positive free
cash flow (FCF) at around $5 million - $10 million. The rating
agency expects cash on balance sheet and FCF to be used to repay
the $15 million drawdown of the RCF over the coming months.

There are no significant debt maturities until end of November 2022
when its $340 million senior secured bond and $40 million super
senior RCF come due. Welltec's RCF has a quarterly tested EBITDA to
interest maintenance covenant with a test level of 1.7x in 2019
before increasing to 2.0x in 2020 and 2.2x in 2021. By end of Q3
2019 the company's tested interest cover stood at 2.4x, and Moody's
forecasts it to improve gradually towards above 2.7x by year end
2020.

RATING OUTLOOK

The stable outlook reflects Moody's expectations, that Welltec will
be able to continue to grow sales and profitability in 2020. This
expectation should be supported by good levels of activity in
international onshore / offshore exploration and production,
despite a more challenging environment in North America.

WHAT CAN CHANGE THE RATING UP / DOWN

An upgrade of Welltec's rating could be considered if (1) the
company's revenue and operating performance continue to grow at
high single digits; (2) Moody's adjusted debt to EBITDA falls below
4.0x; (3) Liquidity remains adequate and supported by sustained
positive free cash flow generation.

A downgrade, albeit currently unlikely given the positive momentum
in sales and profitability, could be considered if (1) Moody's
adjusted debt to EBITDA increases above 5.5x on a sustained basis;
(2) adjusted EBIT margins fall below 15% on a sustained basis (3)
the company's liquidity position weakens, notably with the company
generating negative free cash flows or tightening covenant headroom
under the company's RCF.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONCERNS

Environmental considerations for Welltec include the risk that
environmental concerns and regulation result in declining oil & gas
exploration and production investments over the longer term, when
global hydrocarbon demand is forecasted to decline. Moody's
monitors this closely and notes that Welltec's well intervention
products are more environmentally friendly than conventional
methods, including the usage of chemicals to clean wells.

Governance considerations for Welltec include the dominant position
and ability to frame the company's financial policy of Jorgen
Hallundbaek, the company's founder, CEO, member of the board of
directors and owner of about 50% of the share capital. At the same
time Moody's notes that the board of directors in addition consists
of 5 independent directors with substantial industry experience.
The company as such has a good track record of sound management and
has demonstrated effective cost & liquidity management through an
extraordinarily difficult period for the industry.

The principal methodology used in these ratings was Global Oilfield
Services Industry Rating Methodology published in May 2017.

Headquartered in Allerod, Denmark, Welltec is an oil and gas
services company specializing in well intervention using
proprietary equipment developed, tested and manufactured in-house.
The company's services improve well production performance and
increase the amount of recoverable oil and gas reserves in
reservoirs. At year-end 2018, Welltec reported revenues and adj.
EBITDA of approximately $224 million and $76 million respectively.



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G E O R G I A
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CARTU BANK: Fitch Downgrades LT IDR to B-, Outlook Stable
---------------------------------------------------------
Fitch Ratings downgraded Cartu Bank's Long-Term Issuer Default
Rating to 'B-' from 'B'. The Outlook is Stable. Fitch has also
downgraded Cartu's Viability Rating to 'ccc+' from 'b'.

KEY RATING DRIVERS

The downgrade of Cartu's VR reflects the further increase in the
bank's impaired loans ratio, and the resulting higher encumbrance
of capital by unreserved problem exposures. The VR also considers
Cartu's weak performance metrics, with pre-impairment profit
insufficient to strengthen capital and cover asset quality
problems, and the bank's limited franchise in the concentrated
Georgian banking sector.

The one-notch difference between Cartu's Long-Term IDR (which
captures default risk on senior obligations) and the VR (which
reflects failure risk) reflects the bank's sizable junior debt
buffer. In Fitch's view, conversion of this debt into equity may be
sufficient to protect senior creditors from losses in case of the
bank's failure, although the sufficiency of the buffer would depend
on limited further asset quality problems being identified in the
loan book.

Cartu's impaired loans (Stage 3 loans under IFRS 9, based on the
management accounts) were a high 49% of gross loans at end-1H19, up
from 39% at end-2018. These exposures were weakly covered (27%) by
loan loss allowances (LLAs), reflecting the bank's strong recovery
expectations from collateral. However, Fitch notes that
repossession and then sale of collateral could be difficult due to
its illiquid nature in some cases, which could potentially require
additional provisioning against loans. Cartu's regulatory impaired
loans were also high at 41% of end-1H19 gross loans (moderately
lower than under IFRS as one large problem exposure in the latter
accounts was not recognised locally) and are also modestly
provisioned by 40%.

Borrower concentrations in the loan book remain high, as the top 25
exposures constituted 63% of gross loans at end-1H19 (equal to 1.6x
Cartu's Fitch Core Capital, FCC). Credit growth was close to zero
on average in 2017-1H19, as management primarily focused on
recovering problem exposures. Foreign currency lending comprised a
high 66% of the book at end-1H19.

Cartu reported moderate profitability metrics in 1H19 and 2018 with
a good net interest margin at 7%-10% and ROAE around 8%. However,
Cartu's earnings were not sufficient to cover asset deterioration
and positive results reflect insufficient provisioning.
Pre-impairment profit was equal to 3.1% of average gross loans in
1H19 (not annualised) and 3.3% in 2018 but the share of problem
loans increased by 10pp and 3pp in the respective periods.

Cartu's FCC ratio was 23% at end-1H19, moderately down from 25% at
end-2018. The regulatory Tier 1 capital ratio was tighter at 15% at
end-3Q19 (compared with a 10.5% regulatory minimum, with buffers),
allowing the bank to create additional LLAs equal to a moderate 7%
of gross loans. Capitalisation should be viewed in light of the
bank's large unreserved problem exposures. Fitch estimates that
Stage 3 loans and other higher-risk loans identified by Fitch and
not reported as impaired, net of specific LLAs, were equal to 105%
of the bank's FCC at end-1H19.

The junior debt buffer comprises subordinated facilities raised
from companies affiliated with Cartu's shareholder and treated as
Tier 2 capital in regulatory accounts. At end-1H19, this was equal
to GEL197 million or 14% of regulatory RWAs or 59% problem
exposures (Stage 3 loans and other high-risk loans). Cartu
converted GEL20 million of this junior debt into additional Tier 1
capital in 1H19.

Customer accounts - Cartu's main funding source - comprised 74% of
total liabilities at end-1H19. Deposit concentrations are high, as
the 20 largest groups of depositors made up 78% of the total at the
same date. The liquidity buffer was sufficient to repay 22% of
total customer funding net of near-term non-deposit repayments at
end-1H19, which is viewed as reasonable by Fitch.

Cartu's Support Rating of '5' and Support Rating Floor of 'No
Floor' reflect the bank's limited systemic importance, and
consequently Fitch's view that state support cannot be relied
upon.

Potential support from the bank's shareholder, Cartu Group,
associated with the leading Georgian businessman and politician
Bidzina Ivanishvili, is also not factored into the ratings, as it
is not possible to reliably assess the ability of a private owner
to provide support. However, there is a track record of Cartu Group
providing capital to Cartu, including converting the junior debt
into equity.

RATING SENSITIVITIES

A significant erosion of Cartu's capital stemming from additional
provisioning requirements against the bank's loan book could result
in renewed pressure on the ratings. Cartu's VR could be downgraded
to 'f' if in Fitch's view the capital shortfall becomes
sufficiently material to render the bank non-viable without
conversion of subordinated debt or external support.

Cartu's IDR could be downgraded if Fitch believes that the bank's
junior debt buffer is less likely to be sufficient to cover a
potential capital shortfall and restore the bank's solvency in case
of stress.

Upside for the bank's VR and IDR would require material
improvements in the bank's asset quality and capitalisation
metrics.

ESG CONSIDERATIONS

Cartu has an ESG credit relevance score of 4 for Governance
Structure due to weaknesses in governance and controls leading to
risks of directed lending, which has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors.



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I R E L A N D
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GLENBEIGH SEC 2018-1: DBRS Confirms BB (high) Rating on Cl. E Notes
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DBRS Ratings Limited confirmed the following ratings of the notes
issued by Glenbeigh Securities 2018-1 DAC (the Issuer):

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

The rating of the Class A notes addresses the timely payment of
interest and ultimate payment of principal on or before the legal
final maturity date in November 2057. The rating on Class B notes
addresses the ultimate payment of interest and principal on or
before the legal final maturity date while junior, and the timely
payment of interest while the most-senior class outstanding. The
ratings on Class C, Class D, and Class E notes address the ultimate
payment of interest and ultimate payment of principal on or before
the legal final maturity date.

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

-- Portfolio performance, in terms of delinquencies, defaults and
losses.

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

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

Glenbeigh Securities 2018-1 DAC is a securitization of residential
mortgage loans originated in Ireland by Permanent TSB plc (PTSB).
The legal title of the loans has been transferred to Pepper Finance
Corporation (Ireland) DAC (Pepper Ireland), which also acts as the
servicer for the mortgage portfolio.

The loans in the portfolio have all been previously restructured in
order to help borrowers rehabilitate to a sustainable payment rate.
Approximately 65.8% of the portfolio comprises split loans, of
which 31.8% represents active loan-parts and 34.0% represents
warehoused loan-parts, while 30.9% of the portfolio comprises loans
that have been restructured to pay on a part-capital-and-interest
basis.

PORTFOLIO PERFORMANCE

As of August 2019, loans that were two- to three months in arrears
represented 0.6% of the outstanding portfolio balance, the 90+
delinquency ratio was 1.0%, and the cumulative loss ratio was
zero.

PORTFOLIO ASSUMPTIONS

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its base case PD and LGD
assumptions to 39.9% and 12.6%, respectively.

CREDIT ENHANCEMENT

Subordination of the junior classes provides credit enhancement to
the collateralized notes. As of the August 2019 payment date,
credit enhancement to the Class A, Class B, Class C, Class D and
Class E notes was 66.4%, 53.2%, 42.4%, 34.8% and 29.6%
respectively, up from 65.0%, 52.0%, 41.5%, 34.0% and 29.0% at the
DBRS Morningstar initial rating.

The transaction benefits from a EUR 38.1 million amortizing
liquidity reserve fund, available to cover senior fees and interest
on Class A, Class B, Class C, and Class D notes.

The Bank of New York Mellon, London Branch (BNY Mellon, London
Branch) acts as the account bank for the transaction. Based on the
DBRS Morningstar public rating of BNY Mellon, London Branch at AA
(high), the downgrade provisions outlined in the transaction
documents, and other mitigating factors inherent in the transaction
structure, DBRS Morningstar considers the risk arising from the
exposure to the account bank to be consistent with the rating
assigned to the Class A notes, as described in DBRS Morningstar's
"Legal Criteria for European Structured Finance Transactions"
methodology.

Notes: All figures are in Euros unless otherwise noted.

PBR RESTAURANTS: Broken Up Following Examinership Exit
------------------------------------------------------
Shawn Pogatchnik at Independent.ie reports that Dublin restaurant
firm PBR Restaurants will be split in three but all outlets will
continue to trade following its exit from a High Court-supervised
examinership.

PBR Restaurants included Kelly & Coopers in Blackrock, Ouzos bar
and grill in Dalkey and four outlets of the Fish Shack Cafe chain
when it sought protection from creditors in August, with debts
including EUR300,000 owed to Revenue, Independent.ie discloses.

According to Independent.ie, High Court-appointed examiner Neil
Hughes said three new external investors had agreed to buy separate
parts of the business in a deal that will see all six restaurants
exit examinership and 72 jobs retained.

The highest-ranked creditors, including Revenue, had been fully
repaid from new external investment, while unsecured creditors
received 17.5 cents in the euro under the High Court-sanctioned
settlement reached last week, Independent.ie relates.





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I T A L Y
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FABRIC SPA: Moody's Reviews B1 CFR for Downgrade
------------------------------------------------
Moody's Investors Service placed the ratings of Fabric S.p.A. under
review for downgrade including the B1 corporate family rating, the
company's probability of default rating of B1-PD and the B2 rating
of the EUR580 million senior secured notes. The outlook has changed
to rating under review from negative.

"This action follows the company's announcement to acquire Ritrama
for an undisclosed purchase price, but could potentially be fully
debt funded which could increase leverage to a level that exceeds
the downgrade trigger", says Dirk Steinicke, Moody's lead analyst
for Fedrigoni.

RATINGS RATIONALE

Fedrigoni's B1 CFR (review for downgrade) is primarily constrained
by the company's (1) moderate scale, with revenue of around EUR1.6
billion in the year ended December 31, 2018, including the full
year contribution of Ritrama; (2) exposure to volatile pulp prices
because it is not vertically integrated into pulp; (3) moderate,
although declining, exposure to the structurally declining and
margin-diluting coated woodfree (CWF) and uncoated woodfree (UWF)
paper segment, although mitigated by Fedrigoni's exposure to more
premium segments of such markets; and (4) fairly high leverage of
5.0x as of September 2019 as calculated by Moody's, with further
M&A risk that could delay deleveraging.

Fedrigoni's B1 CFR (review for downgrade) is primarily supported by
(1) the company's market-leading positions in a number of
structurally growing premium niche markets (such as specialty
graphic paper, art paper, and pressure sensitive labels, for
example, for the premium wine industry) with well-established
brands, allowing the company to operate with a profitability level
that compares well with the majority of other paper producers
(Moody's-adjusted EBITDA margin of 10.6% in 2018); (2) the
prospects of good positive free cash flow (FCF) generation, driven
by limited amount of maintenance capital spending needs; and (3)
good customer diversification, enabled by its proprietary
distribution network.

In November 2019, Fedrigoni announced the agreement to acquire
Ritrama, a global player in the self-adhesive market. Ritrama is
expected to bring in approximately EUR400 million in revenue.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Moody's could upgrade Fedrigoni if (1) it demonstrates the
existence of financial policies aimed to reduce its debt/EBITDA
ratio (as adjusted) sustainably below 5.0x, (2) its Moody's
adjusted EBITDA margin remains sustainably in low teens in % terms;
(3) it builds a further track record of material positive free cash
flow generation; or if (4) it strengthens its liquidity by building
sufficient cash balances.

Moody's could downgrade Fedrigoni's rating if its (1) Moody's
adjusted debt/EBITDA increases sustainably above 6.0x, (2) Moody's
adjusted EBITDA margin deteriorates sustainably below 10%; (3) free
cash flow generation turns negative; or if (4) liquidity
deteriorates.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Paper and
Forest Products Industry published in October 2018.

COMPANY PROFILE

Headquartered in Verona, Italy, Fabric S.p.A is a producer of
specialty and commodity papers, self-adhesive labels, as well as
security paper and features for bank notes and documents. With
around 3,000 employees and 16 manufacturing facilities in Italy,
Spain, Brazil, and the US, the group sells its products in 130
countries around the world. Fedrigoni was founded in 1888 and
currently operates through its three business segments: paper,
security and Pressure Sensitive Labels. In 2018 Fedrigoni reported
revenue of approximately EUR1.2 billion, including the full year
contribution of Gruppo Cordenons, which was acquired in May 2018.
The group was acquired by a private equity firm, Bain Capital, in
April 2018.

MARATHON SPV: DBRS Assigns B (high) Rating to Class B Notes
-----------------------------------------------------------
DBRS Ratings Limited assigned a BBB (sf) rating to the EUR
286,474,000 Class A notes and a B (high) (sf) rating to the EUR
33,703,000 Class B notes issued by Marathon SPV S.r.l.

As of the September 30, 2019 cutoff date, the notes were backed by
a EUR 5.03 billion portfolio by gross book value (GBV) of Italian
unsecured nonperforming loans. The loans were sold by Marte SPV
S.r.l. and Pinzolo SPV S.r.l., and as of the cutoff date, almost
20% of the loans by GBV were or had been linked to promissory notes
(cambiali). The majority of loans in the portfolio (approximately
70.6% by GBV) defaulted between 2011 and 2017. The receivables are
serviced by Hoist Italia S.r.l. (Special Servicer). Securitization
Services S.p.A. acts as a master servicer. A backup servicer,
Centotrenta Servicing S.p.A., was also appointed and will act as a
service in case of termination of Hoist Italia S.r.l.

The portfolio is unsecured and consists of portfolios acquired over
time by Hoist Finance AB (the Seller), the majority of which
(approximately 89.46% by GBV) were acquired between 2014 and 2018.
In terms of product type, the majority of the portfolio
(approximately 95.9% by GBV) comprises revolving credit cards,
various unsecured banking products, personal loans, finalized
loans, and auto loans. The securitized nonperforming portfolio was
originated by the following entities: Agos Ducato S.p.A., Banca
24/7, Banco Popolare, Barclays, BMW Bank, Cofidis, Consel S.p.A.,
Consum.IT, Credit Agricole Cariparma, Deutsche Bank S.p.A.,
Fiditalia, Findomestic, Ford Bank, Iccrea Banca Impresa S.p.A.,
Mercedes Benz Financement, Santander Consumer Bank AG, and UBI
Banca.
The transaction benefits from approximately EUR 31.9 million of
recoveries collected between March and October 2019, which will be
distributed in accordance with the priority of payments on the
first interest payment date.

The ratings are based on DBRS Morningstar's analysis of the
projected recoveries of the underlying collateral, the historical
performance and expertise of Hoist Italia S.r.l., the availability
of liquidity to fund interest shortfalls and special-purpose
vehicle expenses, and the transaction's legal and structural
features. DBRS Morningstar's BBB (sf) rating stress assumes a
haircut of approximately 36.0% to the Special Servicers' business
plan for the portfolio, while DBRS Morningstar's B (high) (sf)
rating stress assumes a haircut of approximately 27.0% to the
business plan.

Notes: All figures are in Euros unless otherwise noted.

POPOLARE BARI 2017: DBRS Confirms B (low) Rating on Class B Notes
-----------------------------------------------------------------
DBRS Ratings Limited confirmed its BBB (low) and B (low) (sf)
ratings of Class A and Class B notes, respectively, issued by
Popolare Bari NPLs 2017 S.r.l. (the issuer).

The notes were backed by a EUR 319.9 million portfolio by gross
book value (GBV) consisting of unsecured and secured nonperforming
loans originated by Banca Popolare di Bari s.c.p.a. (BPB), Cassa di
Risparmio di Orvieto S.p.A. (CRO), Banca Caripe S.p.A. (Banca
Caripe) and Banca Tercas S.p.A. (Banca Tercas).

All loans in the portfolio defaulted between 2000 and 2016 and are
in various stages of resolution. Prelios Credit Servicing S.p.A.
(Prelios) services the portfolio. A backup servicer, Securitization
Services S.p.A., has also been appointed and will act as the
servicer in case Prelios' appointment is terminated.

According to the most recent investor report issued in October
2019, the principal amount outstanding of Class A, Class B, and
Class C notes was equal to EUR 68.6 million, EUR 10.1 million, and
EUR 13.4 million, respectively.

The actual cumulative gross collections after closing were equal to
EUR 21.1 million, as of October 2019. The initial business plan
provided by the servicer assumed total gross collections for EUR
24.9 million during the same period, which is 18.1% higher than the
amount collected so far. The updated business plan as of 2019
assumed gross collections for EUR 21.6 million during the same
period, which is 2.4% higher than the amount collected so far.

At issuance, DBRS Morningstar estimated gross disposition proceeds
for the same period of EUR 18.2 million in the BBB (low) scenario
and EUR 18.3 million in the B (low) scenarios, which are 13.7% and
13.2% lower than the actual cumulative gross collections to date,
respectively.

DBRS Morningstar observes that as per the latest semiannual
collection period, the majority of the proceeds resulted from note
sales with a 13.1% discount compared with the target price set by
the servicer as per the most updated business plan.

As reported in the semiannual servicer report from September 2019,
the net present value cumulative profitability ratio reduced to
97%. A subordination event would occur if the ratio drops below
90%.

The transaction benefits from a EUR 3.2 million cash reserve that
was fully funded at closing through a limited recourse loan and a
EUR 100,000 recovery expense reserve funded with collections. As
per the investor report of October 2019, the target cash reserve
totaled EUR 2.78 million. The amount of the cash reserve has been
reduced in proportion with the transaction's collateral reduction
as the cash reserve target amount accounts for 4% of the Class A
notes' outstanding principal amount.

Although the gross amount of collections is above DBRS Morningstar
BBB (low) and B (low) scenarios, the transaction is significantly
underperforming compared with both the servicer's initial business
plan and the updated business plan. DBRS Morningstar will closely
monitor the transaction and reassess its assumptions based on the
next servicer business plan, which is expected at the end of March
2020.

The ratings are based on DBRS Morningstar's analysis of the
projected recoveries of the underlying collateral, the historical
performance, and expertise of the servicer as well as the
transaction's legal and structural features.

The transaction's final maturity date is in October 2037.

Notes: All figures are in Euros unless otherwise noted.



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L U X E M B O U R G
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MALLINCKRODT INT'L: Moody's Downgrades CFR to Caa2, Outlook Neg.
----------------------------------------------------------------
Moody's Investors Service downgraded Mallinckrodt International
Finance SA's Corporate Family Rating to Caa2 from Caa1. Moody's
also downgraded the senior secured revolver and term loans to Caa1
from B2, the guaranteed senior unsecured notes to Ca from Caa2, and
the unguaranteed senior unsecured notes to Ca from Caa3. Moody's
also affirmed the Probability of Default Rating at Caa1-PD and
appended it with an "/LD" designation. The Speculative Grade
Liquidity Rating is unchanged at SGL-4. The outlook remains
negative.

The actions follow the completion of Mallinckrodt's debt exchange
transaction that was initiated on November 5th, 2019. The results
indicate that approximately $700 million of principal of existing
unsecured notes (approximately 12% of existing total debt) will be
exchanged for new second-lien secured notes that carry a longer
dated maturity. The net debt reduction will be around $380 million.
Most notably, participation to exchange the upcoming April 2020
maturity was low, amounting to only a 10% reduction of principal.

The ratings downgrade reflects weak liquidity, highlighted by a
sizable debt maturity in April 2020; the risk of additional
distressed exchanges; and exposure to opioid litigation. In Moody's
view, risks stemming from Mallinckrodt's exposure to opioid
litigation are high, in both its branded and generics businesses,
posing a challenge to capital market access. Moody's lowered its
assumption for family recovery to 35% from 50% to reflect Moody's
view of weaker than average recovery prospects on the unsecured
debt in a liquidation scenario.

Moody's considers the debt exchange transaction to constitute a
distressed exchange, which is a default under the rating agency's
definition. As such, Moody's appended the PDR with an "/LD"
designation to indicate a limited default, which will be removed
after three business days.

Rating affirmed:

Mallinckrodt International Finance SA:

Probability of Default Rating at Caa1-PD/LD (LD appended)

Ratings downgraded:

Corporate Family Rating to Caa2 from Caa1

Senior unsecured notes to Ca (LGD6) from Caa3 (LGD6)

Mallinckrodt International Finance SA and co-borrower Mallinckrodt
CB LLC:

Senior secured term loan B due 2024 and 2025 to Caa1 (LGD3) from B2
(LGD2)

Senior secured revolver expiring 2022 to Caa1 (LGD3) from B2
(LGD2)

Guaranteed unsecured notes to Ca (LGD6) from Caa2 (LGD5)

Outlook Actions:

Outlook remains negative

RATINGS RATIONALE

Mallinckrodt's Caa2 CFR reflects its elevated financial leverage
and high earnings concentration in one drug, Acthar. It also
reflects corporate governance risks associated with management's
approach to capital structure and liability management in the face
of various business challenges. Mallinckrodt has high exposure to
opioid-related litigation, which while highly uncertain, has the
potential to result in large future cash outflows. Mallinckrodt
also faces challenges to its core business, including returning
Acthar to long term revenue growth due in part to significant
hurdles that patients face to get their insurance company to pay
for the drug. In addition, Mallinckrodt faces risk of lower
reimbursement from payors that will reduce revenue over time. At
the same time, Mallinckrodt faces potential generic competition on
several of its largest franchises. Mallinckrodt's ratings are
supported by its moderate scale in specialty branded
pharmaceuticals and its growing hospital-based business.

Mallinckrodt's liquidity will be weak over the next 12 months,
reflected in the SGL-4 Speculative Grade Liquidity Rating. This
reflects Moody's concern that Mallinckrodt will not have sufficient
cash and cash flow to meet several large potential calls on cash.
Mallinckrodt still faces a sizable notes maturity of approximately
$615 million in April 2020 (pro forma for the final debt exchange).
It may also be subject to an excess cash flow payment in March 2019
under its credit agreement of more than $150 million, subject to
finalized 2019 excess cash flow calculations. Lastly, there is
minimal cushion to absorb any litigation or other required
payments. For example, there is risk that Mallinckrodt would have
to make up to $600 million in retroactive payments to Medicaid
related to Acthar, the timing of which remains uncertain.
Mallinckrodt's $900 million revolver is fully drawn. As of November
5, Mallinckrodt had approximately $600 million of cash including
proceeds from the recent BioVectra asset sale. In Moody's view,
Mallinckrodt will generate $300 million of free cash flow prior to
the April 2020 maturity. The revolver has a springing 5x net
leverage covenant if more than 25% of the facility is drawn.
Moody's believes the covenant will be in effect through 2020 and
that Mallinckrodt will have sufficient cushion to comply.

The Ca rating on both the guaranteed and unguaranteed unsecured
notes is one notch lower than the outcome produced by the Loss
Given Default model, reflecting the potential for opioid related
liabilities which could weaken the recovery prospects for unsecured
debt in a bankruptcy scenario.

The outlook is negative, reflecting the risk of deteriorating
liquidity, particularly if Mallinckrodt is required to make a large
cash payment to Medicaid prior to repaying its April 2020 maturity.
The outlook also reflects high exposure to opioid-related
litigation, and the risk of large future cash outflows.

Moody's could downgrade Mallinckrodt's ratings if Mallinckrodt
proactively seeks bankruptcy protection or if there is a payment to
The Centers for Medicare and Medicaid Services that further
exacerbates Mallinckrodt's ability to meet its April 2020 maturity.
Although unlikely in the near term, a material improvement in
Mallinckrodt's liquidity position and reduced uncertainty related
to the impact of opioid-related legal matters would also be needed
to support an upgrade.

The principal methodology used in these ratings was Pharmaceutical
Industry published in June 2017.

Luxembourg-based Mallinckrodt International Finance SA is a
subsidiary of Staines-upon-Thames, UK-based Mallinckrodt plc.
Mallinckrodt is a specialty biopharmaceutical company with reported
revenues of approximately $3.2 billion.



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

ORANJE NO. 32: DBRS Confirms BB Rating on Class E Notes
-------------------------------------------------------
DBRS Ratings GmbH confirmed its ratings of the following classes of
notes due November 2028 issued by Oranje (European Loan Conduit No.
32) DAC (the Issuer):

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

All trends are Stable.

Oranje (European Loan Conduit No. 32) DAC is a securitization
totaling EUR 207.3 million at issuance, with a 60.3% loan-to-value
(LTV) ratio. The transaction comprised five floating-rate senior
commercial real estate loans advanced by Morgan Stanley & Co.
International plc. To maintain compliance with regulatory
requirements, the loan sellers hold approximately 5.0% of the
senior loan. The transaction is secured by 77 commercial real
estate assets (down from 78 at issuance), which are predominantly
office assets located throughout the Netherlands. Since closing,
the second-smallest loan, the Le Mirage loan (previously known as
the Desert loan), has been fully repaid following the sale of the
single asset in June 2019. The funds from the prepayment of the
loan paid down the notes on a pro-rata basis. The exit fee of 1.0%
and prepayment fees of 3.5% also were applied to the notes. The Le
Mirage loan had an LTV of 67.8%, which was the second-highest-LTV
of the five loans. DBRS Morningstar considers the prepayment of the
Le Mirage loan to be credit positive as it slightly deleveraged the
notes. As of the November 2019 interest payment date (IPD), the
outstanding aggregate whole loan balance reduced to EUR 173.1
million from the issuance aggregate balance of EUR 207.3 million,
as a result of the paydown of the Le Mirage loan.

The largest loan is the EUR 96.0 million Phoenix loan, representing
55.5% of the aggregate whole-loan balance of the remaining four
loans. Out of the four remaining loans, the Phoenix loan is the
least leveraged at 54.2% LTV. The Phoenix loan comprises 18 office
properties throughout the Netherlands. As of the August 2019 IPD,
rental income increased to EUR 15.0 million annually, from the
annual gross rental income reported at the closing of EUR 14.6
million. Net rental income is also stable in the portfolio, as it
is roughly unchanged since issuance and the DBRS Morningstar net
cash flow (NCF) still represent a 37.8% haircut to the net rental
income. The three smaller remaining loans (the Cheetah, Cygnet and
Legion loans) together represent 44.5% of the total balance and
have higher LTVs than the Phoenix loan. The three higher indebted
loans currently have a weighted-average LTV of 64.0%, which is
lower than the weighted-average LTV of the loans at issuance,
mainly as a result of the Cygnet loan's higher valuation as of the
May 2019 IPD. All three loans benefit from amortization throughout
their scheduled loan terms. Additionally, because of the lower
leverage of the largest loan, if it repays, the paydown will be
paid 30% sequentially to noteholders with the remaining 70%
pro-rata, in order to further protect the most-senior noteholders
from a scenario with the Phoenix loan repaying leaving the higher
leveraged and more risky loans as collateral for the notes.

The underlying collateral is performing in line with DBRS
Morningstar's expectations at issuance; however, an adjustment to
DBRS Morningstar's vacancy assumption for the Cygnet loan was made,
after occupancy for the portfolio has not increased in line with
the sponsor's business plan. Therefore, DBRS Morningstar increased
its underwriting vacancy assumption to 22% from 17%, which affected
the DBRS Morningstar internal NCF only slightly and did not cause
any rating changes to the notes.

Notes: All figures are in Euros unless otherwise noted.



=========
S P A I N
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AUTONORIA SPAIN 2019: DBRS Hikes Class E Notes Rating to BB
-----------------------------------------------------------
DBRS Ratings Limited took the following rating actions on the
provisional ratings of the notes expected to be issued by Autonoria
Spain 2019, FT (the Issuer):

-- Class A Notes confirmed at AAA (sf)
-- Class B Notes confirmed at AA (sf)
-- Class C Notes confirmed at A (sf)
-- Class D Notes confirmed at BBB (sf)
-- Class E Notes upgraded to BB (sf)
-- Class F Notes confirmed at B (low) (sf)
-- Class G Notes confirmed at C (sf)

The rating actions follow the final pricing of the coupons on the
notes and the three interest rate swaps, which resulted in an
overall reduction in costs to the transaction of approximately 0.4%
compared with the initial assumptions used within DBRS
Morningstar's cash flow analysis at the time of assigning the
initial provisional ratings.

The rating of the Class A Notes addresses timely payment of
scheduled interest and ultimate repayment of principal by the legal
final maturity date. The ratings for the Class B, Class C, Class D,
Class E, Class F, and Class G Notes address the ultimate payment
(then timely as a most-senior class) of interest and ultimate
repayment of principal by the legal final maturity date.

The provisional ratings are based on information provided to DBRS
Morningstar by the Issuer and its agents as of the date of this
press release. The ratings can be finalized upon review of final
information, data, legal opinions, and the executed version of the
governing transaction documents. To the extent that the information
or the documents provided to DBRS Morningstar as of this date
differ from the final information, DBRS Morningstar may assign
different final ratings to the rated notes.

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

-- The transaction capital structure, including form and
sufficiency of available credit enhancement.

-- Credit enhancement levels are sufficient to support DBRS
Morningstar's projected expected net losses under various stress
scenarios.

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay investors according to the terms of the rated
notes.

-- The seller, originator and servicer's capabilities with respect
to origination, underwriting, servicing, and financial strength.

-- DBRS Morningstar's operational risk review of Banco Cetelem
S.A.U., which deemed the bank to be an acceptable servicer.

-- The transaction parties' financial strength regarding their
respective roles.

-- The credit quality, diversification of the collateral and
historical and projected performance of the seller's portfolio.

-- DBRS Morningstar's sovereign rating of the Kingdom of Spain at
"A" with a positive trend.

-- The expected consistency of the transaction's legal structure
with DBRS Morningstar's "Legal Criteria for European Structured
Finance Transactions" methodology.

Notes: All figures are in Euros unless otherwise noted.

FONCAIXA FTGENCAT 4: Moody's Upgrades EUR6M Cl. D Notes to Ba1
--------------------------------------------------------------
Moody's Investors Service upgraded the ratings of three tranches
and affirmed the ratings of six tranches in two Spanish ABS-SME
deals. The rating action reflects the increased levels of credit
enhancement for the affected notes.

Issuer: FONCAIXA FTGENCAT 4, FTA

EUR326M (current outstanding amount EUR41.1M) Class A (G) Notes,
Affirmed Aa1 (sf); previously on March 11, 2019 Affirmed Aa1 (sf)

EUR9.6M (current outstanding amount EUR7.6M) Class B Notes,
Affirmed Aa1 (sf); previously on March 11, 2019 Affirmed Aa1 (sf)

EUR7.2M (current outstanding amount EUR5.7M) Class C Notes,
Upgraded to A1 (sf); previously on March 11, 2019 Upgraded to A2
(sf)

EUR6M (current outstanding amount EUR5.2M) Class D Notes, Upgraded
to Ba1 (sf); previously on March 11, 2019 Upgraded to Ba2 (sf)

EUR6M (current outstanding amount EUR5M) Class E Notes, Affirmed C
(sf); previously on March 11, 2019 Affirmed C (sf)

Issuer: FONCAIXA FTGENCAT 5, FTA

EUR449.4M (current outstanding amount EUR138.9M) Class A (G) Notes,
Affirmed Aa1 (sf); previously on March 11, 2019 Affirmed Aa1 (sf)

EUR21M Class B Notes, Affirmed Aa1 (sf); previously on March 11,
2019 Upgraded to Aa1 (sf)

EUR16.5M Class C Notes, Upgraded to Baa3 (sf); previously on March
11, 2019 Upgraded to Ba1 (sf)

EUR26.5M Class D Notes, Affirmed C (sf); previously on March 11,
2019 Affirmed C (sf)

Maximum achievable rating is Aa1 (sf) for structured finance
transactions in Spain, driven by the corresponding local currency
country ceiling of the country.

RATINGS RATIONALE

The rating action is prompted by an increase in credit enhancement
for the affected tranches due to portfolio amortization.

Increase in Available Credit Enhancement

Credit Enhancement levels for Class C and D in FONCAIXA FTGENCAT 4,
FTA have increased to 16.7% and 8% from 15% and 7.4% since the last
rating action in March 2019. For Class C in FONCAIXA FTGENCAT 5,
FTA, the CE levels increased to 12.8% from 11.5% since the last
rating action in March 2019.

Revision of Key Collateral Assumptions:

As part of the rating action, Moody's reassessed its default
probability and recovery rate assumptions for the portfolio
reflecting the collateral performance to date.

Moody's maintained its DP on current balance and recovery rate
assumptions as well as portfolio credit enhancement (PCE) due to
observed pool performance in line with expectations for both
FONCAIXA FTGENCAT 4, FTA and FONCAIXA FTGENCAT 5, FTA.

Moody's has incorporated the sensitivity of the ratings to borrower
concentrations into the quantitative analysis. In particular,
Moody's considered the credit enhancement coverage of large debtors
in the transactions as it shows significant exposure to top debtors
due to portfolio amortization. The results of this analysis limited
the potential upgrade of the ratings on some tranches.

Counterparty Exposure

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

Moody's considered how the liquidity available in the transactions
and other mitigants support continuity of note payments, in case of
servicer default, using the CR assessment as a reference point for
servicers. The rating of the notes are not constrained by
operational risk.

Moody's assessed the exposure to the swap counterparties. Moody's
analysis considered the risks of additional losses on the notes if
they were to become unhedged following a swap counterparty default
by using the CR assessment as reference point for swap
counterparties. Moody's concluded that the ratings of the notes are
not constrained by the swap agreement.

Moody's also assessed the default probability of the transactions's
account bank providers by referencing the bank's deposit rating.
The ratings of the notes are not constrained by the issuer account
bank exposure.

The principal methodology used in these ratings was "Moody's Global
Approach to Rating SME Balance Sheet Securitizations" published in
July 2019.

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

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

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

PYMES SANTANDER 15: DBRS Puts Prov. C Rating to Series C Notes
--------------------------------------------------------------
DBRS Ratings GmbH assigned provisional ratings to the following
notes to be issued by FT PYMES Santander 15 (the issuer):

-- Series A Notes rated A (high) (sf)
-- Series B Notes rated CCC (low) (sf)
-- Series C Notes rated C (sf)

The transaction is a cash flow securitization collateralized by a
portfolio of secured and unsecured term loans and credit lines
originated by Banco Santander, S.A. (Banco Santander or the
originator; rated A (high) with a Stable trend by DBRS Morningstar)
to corporate, small and medium-sized enterprises and self-employed
individuals based in Spain. As of November 14, 2019, the
transaction's provisional portfolio included 32,102 loans and
credit lines to 28,561 obligor groups, totaling EUR 3,676.5
million. At closing, the originator will select the final portfolio
of EUR 3.0 billion from the provisional pool.

The portfolio also contains loans and credit lines originated by
Banesto and Banif prior to their integration into Banco Santander,
which was completed in April 2014.

The transaction has a revolving period of two years, during which
time Banco Santander has the option to sell new loans or credit
lines at par to the issuer on a quarterly basis as long as the
additional purchases comply with eligibility criteria. However, the
revolving period will end prematurely if replenishment termination
events occur, such as the cumulative default rate reaching certain
limits.

The rating of the Series A Notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
legal maturity date in April 2051. The rating of the Series B Notes
and Series C Notes addresses the ultimate payment of interest and
principal on or before the legal maturity date.

Interest and principal payments on the notes will be made quarterly
on the 20th of January, April, July, and October, with the first
interest payment date on 20 April 2020, while the first principal
payment will only occur after the end of the revolving period. The
notes will pay an interest rate equal to three-month Euribor plus
0.30%, 0.50% and 0.65% for the Series A Notes, Series B Notes, and
Series C Notes, respectively.

The ratings will be finalized upon receipt of an executed version
of the governing transaction documents. To the extent that the
documents and information provided to DBRS Morningstar differ from
the executed version of the governing transaction documents, DBRS
Morningstar may assign different final ratings to the notes.

During the revolving period, the transaction will acquire new loans
and credit lines if they satisfy the eligibility criteria. To
account for changes in portfolio composition, DBRS Morningstar
considered the limitations established in the eligibility criteria
to create a worst-case portfolio that was used for the analysis.
The eligibility criteria fixed a relatively high limit regarding
the NACE Code industry concentration: the maximum concentration in
one industry will be 25.0% of the portfolio balance, and the top
three industries will represent a 60.0% maximum of the portfolio
balance.

The eligibility criteria also established a low minimum percentage
of secured loans at 10.0% with a weighted average loan-to-value of
70.0%.

The eligibility criteria set relatively low obligor concentration
limits. The exposure to the largest and top-ten largest borrower
groups cannot exceed 0.85% and 6.5% of the outstanding portfolio
balance, respectively.

The historical data provided by Banco Santander reflects the
portfolio composition, which includes secured and unsecured loans
as well as credit lines. Banco Santander also provides migration
matrices from internal rating models and according to eligibility
criteria, the maximum weighted-average internal probability of
default (PD) of the portfolio could be 1.50%. DBRS Morningstar
applied a PD of 2.25% for this transaction.

The Series A Notes benefit from 25.0% subordination of the Series B
Notes and the reserve fund. The Series B Notes benefit from a 5.0%
subordination of the reserve fund. The reserve fund will be funded
through the issuance of the Series C Notes and is available to
cover senior fees and interest and principal on the Series A and
Series B Notes, the reserve fund will be allowed to amortize after
the first two years if certain conditions related to the
performance of the portfolio and deleveraging of the transaction
are met. The reserve fund cannot amortize below EUR 75.0 million.

The transaction is exposed to some interest rate risk. Based on the
interest rate distribution of the portfolio, DBRS Morningstar
assumed a stressed basis of 65 basis points per year, reducing the
spread of floating loans from day one.

The ratings are based on DBRS Morningstar's "Rating CLOs Backed by
Loans to European SMEs" methodology and the following analytical
considerations:

-- The PD for the portfolio was determined using the historical
performance information supplied, including the transition matrices
and considering the eligibility criteria, which limits the maximum
weighted-average PD during the revolving period to 1.50% based on
Santander's internal PD models. Considering the eligibility
criteria is based on the originator's internal PD, DBRS Morningstar
determined the average annualized default rate, considering the
transition matrices and applying a factor of 1.5 times to the
maximum allowed weighted-average internal PD, resulting in a 2.25%
as annual base-case PD.

-- The assumed weighted-average life (WAL) of the portfolio is
4.09 years.

-- The PD and WAL were used in the DBRS Morningstar SME Diversity
Model to generate the hurdle rate for the respective ratings.

-- The recovery rate was determined by considering the market
value declines for Spain, the security level and the type of
collateral. For the Series A Notes, DBRS Morningstar applied a
48.9% recovery rate for secured loans and a 16.3% recovery rate for
unsecured loans. For the Series B Notes, DBRS Morningstar applied a
70.3% recovery rate for secured loans and a 21.5% recovery rate for
unsecured loans.

-- The break-even rates for the interest rate stresses and default
timings were determined using the DBRS Morningstar cash flow tool.

The rating of the Series C Notes is based upon DBRS Morningstar's
review of the following considerations:

-- The Series C Notes are in the first loss position and, as such,
are highly likely to default.

-- Given the characteristics of the Series C Notes as defined in
the transaction documents, the default most likely would only be
recognized at the maturity or early termination of the
transaction.

The transaction structure was analyzed in a proprietary excel tool,
considering the default rates at which the notes did not return all
specified cash flows.

Notes: All figures are in Euros unless otherwise noted.

SANTANDER CONSUMO 2: DBRS Confirms B Rating on Class E Notes
------------------------------------------------------------
DBRS Ratings GmbH took the following rating actions on the notes
issued by FT Santander Consumo 2 (the issuer):

-- Class A confirmed at AA (sf)
-- Class B upgraded to AA (sf) from A (sf)
-- Class C confirmed at BBB (sf)
-- Class D confirmed at BB (sf)
-- Class E confirmed at B (sf)

The ratings on Class A, Class B, Class C, Class D and Class E notes
(the notes) address the timely payment of interest and ultimate
payment of principal on or before the legal final maturity date in
April 2031.

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

-- Portfolio performance, in terms of delinquencies, defaults and
losses as of the October 2019 payment date;

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

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

The issuer is a consumer loan securitization that closed on
December 9, 2016. The notes are backed by receivables related to
consumer loan contracts granted by Banco Santander S.A. (Santander)
to individuals residing in Spain. Santander is also the servicer of
the transaction, which is managed by Santander de Titulización
S.G.F.T. S.A. The transaction also had a 28-month revolving period,
which ended on the April 2019 payment date (inclusive).

DBRS Morningstar has been informed that the transaction will be
unwound on the January 2020 payment date.

PORTFOLIO PERFORMANCE

The portfolio is performing within DBRS Morningstar's initial
expectations. As of October 2019, loans that were two to three
months in arrears represented 0.3% of the current outstanding
portfolio balance, unchanged from October 2018. The 90+ delinquency
ratio was 1.5%, up from 1.4% in October 2018. The cumulative
default ratio stood at 1.4% of the initial outstanding portfolio
balance.

PORTFOLIO ASSUMPTIONS

DBRS Morningstar conducted a loan-by-loan analysis of the
outstanding pool of receivables and has updated its base case PD
and LGD assumptions to 8.3% and 54.4%, respectively.

CREDIT ENHANCEMENT

The credit enhancement available to the rated notes is provided by
the over-collateralization of the outstanding portfolio, including
the reserve fund. As of the October 2019 payment date, credit
enhancement to the Class A, Class B, Class C, Class D and Class E
notes was 21.5%, 14.8%, 8.1%, 5.5% and 3.4%, respectively, up from
16.2%, 11.3%, 6.3%, 4.4% and 2.9%, respectively, as at the October
2018 payment date.

The reserve fund, which is currently not amortizing because of the
breach of the 90+ arrears reserve fund trigger, is at its target
level of EUR 15.0 million. The reserve is available to cover senior
fees, expenses, missed interest payments and principal shortfalls
on the notes.

Santander acts as the account bank for the transaction. Based on
the account bank reference rating of Santander at A (high), one
notch below the DBRS Morningstar Long-Term Critical Obligations
Rating of AA (low), the downgrade provisions outlined in the
transaction documents, and structural mitigants, DBRS Morningstar
considers the risk arising from the exposure to the account bank to
be consistent with the rating assigned to the notes, as described
in DBRS Morningstar's "Legal Criteria for European Structured
Finance Transactions" methodology.

Notes: All figures are in Euros unless otherwise noted.

TDA SABADELL: DBRS Hikes Class B Notes Rating to BB (low)
---------------------------------------------------------
DBRS Ratings GmbH took the following rating actions on the bonds
issued by TDA Sabadell RMBS 4, Fondo de Titulizacion (the Issuer):

-- Class A Notes confirmed at A (high) (sf)
-- Class B Notes upgraded to BB (low) (sf) from B (high) (sf)

The rating of the Class A Notes addresses the timely payment of
interest and ultimate payment of principal on or before the legal
final maturity date. The rating of the Class B Notes addresses the
ultimate payment of interest and principal on or before the legal
final maturity date.

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

-- Portfolio performance, in terms of delinquencies, defaults and
losses.

-- Portfolio default rate (PD), loss given default (LGD) and
expected loss assumptions on the remaining receivables.

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

The Issuer is a securitization of Spanish residential mortgage
loans originated and serviced by Banco de Sabadell S.A. (Banco
Sabadell) in Spain. The Issuer used the proceeds of Class A and
Class B Notes to fund the purchase of the mortgage portfolio from
Banco Sabadell. In addition, Banco Sabadell provided a separate
additional subordinated loan to fund both the initial expenses and
the reserve fund.

PORTFOLIO PERFORMANCE

As of August 2019, loans with two to three months in arrears
represented 0.3% of the outstanding portfolio balance, unchanged
since August 2018. The 90+ delinquency ratio was 0.3%, up from 0.2%
in the same period. The cumulative default ratio increased to 0.2%
since closing.

PORTFOLIO ASSUMPTIONS

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and has updated its base case PD and LGD
assumptions to 7.3% and 33.6%, respectively.

CREDIT ENHANCEMENT

As of the August 2019 payment date, credit enhancement to the Class
A Notes was 16.6%, up from 15.4% and credit enhancement to the
Class B Notes was 5.6%, up from 5.2%, compared with the numbers as
of the August 2018 payment date.

The Class A Notes benefit from EUR 570 million subordination of the
Class B Notes and from the reserve fund, currently at its target
level of EUR 294 million, which is available to cover senior
expenses as well as the interest and principal of the Class A Notes
until the notes are paid in full. The reserve fund amortizes in
line with the Class A and Class B Notes and will become available
to the Class B Notes once the Class A Notes has been fully
amortized. The reserve fund does not amortize if certain
performance triggers are breached. The Class A Notes' principal
payments are senior to the Class B Notes' interest payments in the
pre-enforcement priority of payments.

Banco Sabadell acts as the account bank for the transaction. Based
on the account bank's reference rating of "A", which is one notch
below the DBRS Morningstar Long-Term Critical Obligations Rating
(COR) of Banco Sabadell of A (high), the downgrade provisions
outlined in the transaction documents, and structural mitigants,
DBRS Morningstar considers the risk arising from the exposure to
Banco Sabadell to be consistent with the rating assigned to the
Class A Notes, as described in DBRS Morningstar's "Legal Criteria
for European Structured Finance Transactions" methodology.

An interest rate swap contract with Banco Sabadell mitigates the
interest rate risk in the transaction. The DBRS Morningstar
Long-Term COR of Banco Sabadell is above the First Rating Threshold
as described in DBRS Morningstar's "Derivative Criteria for
European Structured Finance Transactions" methodology, given the A
(high) (sf) rating of the Class A Notes.

Notes: All figures are in Euros unless otherwise noted.



=====================
S W I T Z E R L A N D
=====================

SUNRISE COMMUNICATIONS: Fitch Affirms BB+ LT IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings affirmed Sunrise Communications Holdings S.A.'s
Long-Term Issuer Default Rating of 'BB+'. Fitch has also affirmed
Sunrise's and Sunrise Communications AG's senior secured instrument
ratings at 'BBB-'. Fitch has removed the IDR and instrument ratings
removed from Rating Watch Negative; and it has assigned a Stable
Outlook to the IDR.

The removal from RWN, affirmation of the IDR, and assignation of a
Stable Outlook reflect the cancellation of the proposed acquisition
of Liberty Global plc's operations in Switzerland. That
transaction, albeit founded on a strong industrial logic from a
market and company perspective, was expected to put pressure on
Sunrise's leverage metric with the potential to push the ratio
above its downgrade threshold for an extended period.

With the transaction now cancelled, these forecast pressures no
longer exist, while the business continues to perform well in an
intensely competitive environment. Fitch now expects the business
to maintain a degree of ratings headroom. Its rating case forecasts
the company closing 2019 with funds from operations lease adjusted
net leverage of 3.5x compared with a downgrade threshold of 3.7x,
headroom that Fitch forecasts will improve moderately.

KEY RATING DRIVERS

Transaction Cancelled; Off RWN: Sunrise signaled the cancellation
of the acquisition of Liberty's cable assets in Switzerland on
November 13, along with its 3Q19 earnings. It appears that while
its management continues to believe in the industrial benefits of
the deal - which would have created a strong infrastructure-based
convergent operator in a highly competitive Swiss telecoms market -
it became clear that the company was unlikely to gain shareholder
support for the transaction valuation and funding structure. The
ratings reflect its view of Sunrise's standalone business and
financial risk profile, both of which support a rating of 'BB+'
with a Stable Outlook.

Transaction Return, Event Risk: Even though the transaction is
formally cancelled, Liberty's management has said it continues to
believe in the rationale for a deal, raising the possibility that
the transaction could return. Consolidation of the Swiss market
continues to make sense subject to an agreement on appropriate
valuation of the Swiss cable operations, in its view. Sunrise has
made no such comments and is publicly committed to the strategy
being successfully pursued prior to the acquisition announcement.
Fitch treats any possible future transaction as an event risk;
Fitch would view any implications for the ratings in the context of
the industrial and business logic against deal structure and
leverage implications.

Solid Business Performance: Fitch views Sunrise's business
performance as solid. Sunrise reported 9M19 service revenue growth
of 2.6% and adjusted EBITDA (excluding IFRS 16 effects) of 3.4%,
confirming the full-year 2019 guidance it announced at the start of
the year. Fitch views these results as solid, given the
well-invested mobile and fixed-line fiber market, consumer appetite
for high-quality convergent services, and strong price competition.
Key performance metrics continue to perform well - evident in
strong postpaid mobile increases, and TV and internet additions,
which rose 9.1% and 14.4% yoy, respectively.

Metrics In-Line with Rating: Sunrise has managed down reported
leverage (net debt/adjusted EBITDA) to around 2.0x (FY18: 1.99x;
FY17: 1.97x). With the transaction cancelled, Fitch now expects
leverage to remain consistent with historical trends - reported
leverage at 9M19 (excluding IFRS 16 effects) of 2.1x, which was
broadly stable yoy.

Fitch's rating case forecasts FFO net leverage at 3.5x at end-2019
compared with its downgrade threshold of 3.7x, and to decline
moderately thereafter. Fitch views the quality challenger business
strategy and financial policies pursued by the management to be
fully consistent with the ratings. (Fitch treats the
transaction-related cancellation charges announced by Sunrise below
FFO).

DERIVATION SUMMARY

Sunrise's ratings reflect its predominantly mobile-centric
operating profile that drives a majority of the company's profit
and its challenger position in a market that is dominated by
incumbent Swisscom. Sunrise has demonstrated stability in service
revenue market share and some flexibility in dividend policy, while
its improving leverage headroom within the rating supports the
company's strong 'BB+' rating.

Higher-rated peers in the sector, such as Telefonica Deutschland
Holdings AG (BBB/Stable), have stronger operating profiles as a
result of greater mobile-only in-market scale and lower adjusted
net leverage metrics. Others, such as Royal KPN N.V. (BBB/Stable),
have strong domestic positions both in mobile and fixed with the
ownership of local loop infrastructure. Operators such as DKT
Holdings ApS (B+/Stable) and VodafoneZiggo Group B.V. (B+/Stable)
have stronger domestic positions but higher leverage.

KEY ASSUMPTIONS

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

  - Revenue declining slightly in 2019 and increasing by 0.5%-1%
annually in 2020-2022

  - EBITDA margin of 33.6% in 2019 gradually increasing to 34.5% by
2022

  - Capex (excluding spectrum, IRUs and landline access)-to-revenue
of 15% in 2019-2022

  - Dividend payments of CHF189 million in 2019 growing by around
4%-5% a year in 2020-2022

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

  - Continued growth in mobile service revenue and improvement in
fixed-broadband market share

  - FFO lease-adjusted net leverage below 3.2x (2018: 3.4x)

  - FFO fixed-charge coverage above 3.7x on a sustained basis
(2018: 4.5x)

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  - Failure to reduce FFO lease-adjusted net leverage to 3.7x on a
sustained basis

  - FFO fixed-charge coverage below 3.2x on a sustained basis

  - Loss of service revenue market share or expectations of
sustained negative free cash flow (FCF) (excluding spectrum
payments)

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: As of end-September 2019, Sunrise had cash
and cash equivalent of CHF315 million and an undrawn revolving
credit facility (RCF) of CHF200 million due 2023. With strong
pre-dividend FCF generation each year and no significant debt
maturing before 2023, Fitch views that Sunrise has sufficient
liquidity via cash and its undrawn RCF to comfortably cover
operating expenses and finance leases for a number of years.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch has used a lease multiple of 9x given Sunrise's location in
Switzerland; operating lease assumptions (CHF116 million for 2019F)
reflect Fitch's view of underlying operating lease expense adjusted
to treat CHF350 million of mobile tower proceeds in 2017 as
leased-back assets/off-balance-sheet debt.

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 to the way in which they are being
managed by the entity.



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

ANTIGUA BIDCO: Fitch Assigns B+ IDR, Outlook Stable
---------------------------------------------------
Fitch Ratings assigned Antigua Bidco Limited a final Issuer Default
Rating of 'B+' with a Stable Outlook. The company is the top entity
in a restricted group that indirectly owns the UK-based
pharmaceutical company Atnahs Pharma UK Ltd.

Fitch also assigned a final instrument rating of 'B+'/'RR4' to a
EUR354 million seven-year senior secured term loan B (TLB) and a
EUR75 million 6.5-year revolving credit facility (RCF), both
borrowed by Antigua Bidco Limited.

The assignment of the final ratings follows a review of the loan
documentation being materially in line with the pre-syndication
terms.

The 'B+' IDR reflects Atnahs' strong operating profitability and
high free cash flow (FCF), with a financial profile that is
commensurate with mid-to-high 'B' levels. The rating is constrained
by the company's small business size and concentrated product
portfolio across a limited number of brands, albeit mitigated by
scalable asset-light operations with diversification across
products and geographic markets within each brand.

The Stable Outlook reflects its ability to sustain its business
model through a combination of organic product portfolio
development as well product extensions and additions translating
into continuously strong cash flow and healthy credit metrics.

KEY RATING DRIVERS

Solid Operating Profitability: Atnahs' business model focuses on
active brand management of off-patent drugs with asset-light
scalable operations and benefits from sustainably high EBITDA
margins of around 50%. Fitch considers its profitability high, not
only in comparison with other small to mid-cap sector peers, but
also in the context of the global pharmaceutical market. Operating
margin resilience is further reinforced by the company's
predominantly flexible cost base. Fitch projects margins will
remain high in the medium term, whereas legacy products with
inexorable value attrition will be compensated by earnings
contribution from drug extensions, in-house product developments
and new product additions.

Strong FCF: The combination of high and stable operating margins
with low maintenance capex translates into strong free cash flow
(FCF), estimated by Fitch at GBP30 million-GBP40 million a year,
and FCF margins around 30%. Fitch estimates that most FCF will be
reinvested into product additions and portfolio expansion as
shareholders pursue their asset development strategy, as opposed to
deploying funds towards debt prepayment. However, Fitch views
Atnahs' strong internal liquidity positively, allowing the company
to self-fund much of its future growth as well as maintain solid
financial flexibility for the rating.

Constrained by Scale and Concentration: Atnahs' rating will be
confined to the 'B' rating category until the business has
materially gained scale (for example with sales in excess of GBP1
billion). Consequently Fitch does not expect an upgrade over the
rating horizon to financial year to March 2023. Fitch also views
the company's narrow product portfolio as a rating constraint,
although Fitch expects this to ease over time, particularly if the
company undertakes a series of larger acquisitions. While Atnahs'
diversified contract manufacturers- and-distributors networks
address individual product concentration issues, Fitch nevertheless
regards smaller compact portfolios as being less capable of coping
with market challenges.

Product Additions to Sustain Operations: While the timing and
magnitude of future product additions are difficult to predict
accurately, Fitch estimates that reinvestment of Atnahs' internally
generated cash over the rating horizon would be sufficient to
maintain and enhance the company's earnings base. In its
projections, Fitch assumes around GBP30 million are invested in new
drug acquisitions per year, increasing operating cash flows, as
well as maintaining an adequate financial risk profile and
comfortable cash reserves. In case of a different, more
concentrated M&A pattern, albeit based on the same acquisition
policy, its fundamental impact on the business and credit profile
should remain similar by reinforcing sales, earnings and funds from
operations (FFO).

Leverage Aligned with IDR: The rating is supported by its
expectation of adequate financial leverage not exceeding 5.5x on
FFO-adjusted gross basis (5.0x net of readily available cash).
Fitch projects these leverage levels would be achieved either
through reinvestment of internal funds into portfolio expansion, or
through organic portfolio management supported by in-house product
extensions. Adequate leverage remains one of the key rating
drivers, and failure to maintain this financial risk profile will
likely put the ratings under pressure.

Disciplined Approach to M&A: Fitch expects the company will remain
committed to its established acquisition policies to ensure a
sustainably credit-accretive impact of new product additions.
Rigorous deal-screening and diligence process, disciplined approach
to acquisition economics, particularly in light of rising asset
prices, and product integration into Atnahs' manufacturing and
distribution networks, are essential to sustain the 'B+' IDR.

Supportive Market Fundamentals: Manufacturers of generic drugs
benefit from positive long-term market fundamentals as national
governments and regulators increase use of more affordable generic
products to contain rising costs of the national healthcare
systems. Fitch also notes ample supply of off-patent drugs to the
market as innovative pharma companies are looking to streamline
their product portfolios to concentrate on core therapies and
implement their capital-allocation strategies. Fitch regards niche
pharmaceutical companies such as Atnahs as well-positioned to
capitalise on these positive macro-economic and sector trends.

DERIVATION SUMMARY

Fitch considers Atnahs' 'B+' rating against other asset-light
scalable niche pharmaceutical companies such as Cheplapharm
Arzneimittel GmbH (B+/Stable) and IWH UK Finco Ltd (Theramex,
B/Stable). Lack of business scale and a concentrated brand
portfolio, albeit benefiting from product and wide geographic
diversification within each brand, will remain among the main
factors constraining the IDR to the 'B' rating category. Atnahs and
Cheplapharm have nearly equally high and stable operating and cash
flow margins, pointing to similarities in their business models and
approach to product selection and brand management. They are also
closely positioned in their financial risk profiles at 5.0x-5.5x on
a FFO-adjusted gross basis, translating into 'B+' IDRs.

By contrast, Atnahs has stronger operating profitability compared
with Theramex, whose business model is more marketing-intensive.
Fitch also notes Atnahs' more stable FCF along with lower FFO-
adjusted gross leverage at 5.0x-5.5x against Theramex's above 5.5x,
warranting the one-notch rating difference between the two
companies.

KEY ASSUMPTIONS

Fitch's Key Assumptions within its Rating Case for the Issuer:

  - Sales of the legacy product portfolio to decline by 5%-6% per
year up to fiscal year ending March 2023;

  - Sales of in-house developed products to increase to GBP20
million by FY23 from around GBP7 million in FY18/19, supported by
product extensions and launches in new markets;
  
  - Near-term M&A sales from recently completed drugs acquisitions
assumed to contribute around GBP5 million-GBP6 million a year;

  - Medium-term M&A spend estimated in total at GBP100 million
between FY21 and FY23 at average enterprise value (EV)/sales
acquisition multiple of 3.0x and 10% annual sales decline. M&A to
be financed entirely from internal cash flows;

  - EBITDA margin remaining around 52% up to FY23;

  - Trade working capital outflows estimated at average GBP10
million a year up to FY23, reflecting growing stock levels with
addition of new products and higher trading volumes; and

  - Maintenance capex estimated at 1%-3% of sales p.a., mainly to
support product technical transfers.

Key recovery assumptions:

Atnahs's recovery analysis is based on the going-concern approach.
This reflects the company's asset-light business model supporting
higher realisable values in a distressed scenario compared with
balance- sheet liquidation. For the going-concern analysis EV
calculation, Fitch has applied a 35% discount to Fitch-estimated
last 12 months EBITDA as of July 2019 of GBP64 million, which also
includes full-year contributions from most recent acquisitions.
This EBITDA is also in line with its full-year estimate for FY20
including the contributions from recent acquisitions.

Fitch has then applied a 5.0x distressed EV/EBITDA multiple in line
with Atnahs' estimated drug acquisition threshold, which would
appropriately reflect the company's minimum valuation multiple
before considering value added through brand management.

Based on the payment waterfall the EUR75 million RCF, which Fitch
assumes will be fully drawn prior to distress, ranks pari passu
with the EUR354 million TLB (after its re-denomination from the
original GBP325 million).

Therefore, after deducting 10% for administrative claims, its
waterfall analysis generates a ranked recovery for the senior
secured debt in the 'RR4' band, indicating a 'B+' instrument rating
for the TLB and RCF. The waterfall analysis output percentage on
current metrics and assumptions remains unchanged at 48%.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

  - An upgrade to the 'BB' rating category is not envisaged in the
medium term until a more sector-critical size with revenue in
excess of GBP1 billion has been reached combined with conservative
FFO adjusted gross leverage at around 4.0x and FCF remaining
strong.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  - Unsuccessful management of individual pharmaceutical IP rights
leading to material permanent loss of revenue and EBITDA, with
EBITDA margins declining below 45%;

  - Continuously weakening FCF;

  - FFO-adjusted gross leverage sustainably above 5.5x, or net
leverage above 5.0x, signaling a more aggressive financial policy,
departure from current acquisition principles or operational
challenges.

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: Given Atnahs' strong pre-acquisition FCF
estimated at GBP30 million-GBP40 million a year, Fitch projects
cash reserves to increase steadily, which would accommodate
cumulative M&A worth around GBP100 million-GBP120 million, while
still leaving sufficient liquidity to support organic portfolio
development. For the purposes of the liquidity analysis Fitch has
excluded restricted cash of GBP5 million from FY20 as minimum
operating cash requirement.

Fitch regards refinancing risk as limited given long-dated debt
maturities with the TLB not due before 2026.

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 to the way in which they are being
managed by the entity.

BURY FC: HMRC's Winding-Up Petition Hearing Adjourned Again
-----------------------------------------------------------
Seamus McDonnell at Bury Times reports that Bury FC's tenth return
date at London's High Court on Dec. 4 in winding up proceedings
brought against it by the tax man has resulted in yet another
adjournment.

Six weeks ago The Bury Football Club Company Ltd won another chance
to sort out its finances with HM Revenue & Customs to stop it being
wound up over unpaid debts, Bury Times recounts.  That adjournment
was granted after the company revealed it had overpaid the taxman
PAYE contributions, Bury Times notes.

Bury had been paying PAYE since February on salaries despite not
paying those wages, Bury Times relays.  The judge at that earlier
hearing gave the club time to sort out the mix up, Bury Times
states.

On Dec. 4, at the High Court's Insolvency and Companies Court,
senior insolvency Judge Catherine Addy QC was told by HMRC
barrister Raj Arumugam that the company had submitted returns and
he was seeking 14 days for those to be processed, Bury Times
discloses.

The limited company confirmed that was its position too, Bury Times
notes.

A barrister representing the supervisor in the creditors' voluntary
arrangement (CVA) was also present in court, Bury Times relays.  He
said he was present in case the company was wound up so he could
seek appointment, according to Bury Times.

The judge adjourned the hearing until Dec. 18 for the tax returns
to be processed, Bury Times says.


CHILANGO: Confirms Plan to Launch CVA Amid Cash-Flow Issues
-----------------------------------------------------------
Anna Menin at City A.M. reports that embattled Mexican chain
Chilango has confirmed plans to launch a company voluntary
arrangement (CVA) in a bid to secure its future.

City A.M. revealed on Dec. 8 that the chain was planning to launch
a CVA -- a controversial restructuring agreement that would allow
it to re-open rent negotiations with landlords -- as it battles
cash-flow issues.

According to City A.M., a Chilango spokesperson on Dec. 9 confirmed
that the company had "begun a process of engagement with its
stakeholders with a plan to secure the future of the business".

The spokesperson said Chilango is proposing to enter a CVA to exit
"non-trading leases" for dormant sites on which it had planned to
develop restaurants and "restructure the company's debt", City A.M.
relates.

Although the company did not confirm the number of leases it was
looking to exit, the figure is understood to be around three
dormant sites, City A.M. notes.

Chilango is in talks with restructuring firm RSM to shore up its
business, and is over two months late posting its accounts on
Companies House, City A.M. discloses.

The CVA proposals would require the backing of the company's
creditors, which includes around 1,500 small investors who bought
its mini-bonds, which Chilango dubbed burrito bonds, City A.M.
states.


DEBENHAMS PLC: Clive Bentley Departs Amid Store Closure Plan
------------------------------------------------------------
Sam Chambers at The Times reports that Debenhams has split with
property director Clive Bentley, as the department store chain
prepares to close 22 stores in the New Year.

Mr. Bentley was hired to oversee Debenhams' company voluntary
arrangement (CVA), which survived a legal challenge backed by
Sports Direct boss Mike Ashley, The Times discloses.  The
billionaire lost an estimated GBP150 million when Debenhams was
taken over by its lenders in a debt-for-equity swap in April, The
Times notes.

The CVA inserted break clauses across Debenhams' estate of 166 UK
stores, meaning more closures are likely to follow next year, The
Times states.

According to The Times, a Debenhams source said trading over Black
Friday had been "pretty good".


MARKETPLACE 2019-1: DBRS Gives Prov. BB (high) Rating to F Notes
----------------------------------------------------------------
DBRS Ratings Limited assigned provisional ratings to the following
classes of notes to be issued by Marketplace Originated Consumer
Assets 2019-1 PLC (the Issuer):

-- Class A1 at AAA (sf)
-- Class A2 at AAA (sf)
-- Class B at AA (sf)
-- Class C at A (high) (sf)
-- Class D at A (low) (sf)
-- Class E at BBB (sf)
-- Class F at BB (high) (sf)

DBRS Morningstar does not rate the Class Z1 or Class Z2 also
expected to be issued in this transaction.

The ratings of the Class A1 and A2 notes address the timely payment
of interest and the ultimate repayment of principal by the legal
maturity date in December 2028. The ratings on Class B, C, D, E,
and F notes address the ultimate payment of interest and repayment
of principal by the legal maturity date while junior to other
outstanding classes of notes, but the timely payment of interest
when they are the senior-most tranche.

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

-- The transaction capital structure, including the form and
sufficiency of available credit enhancement.

-- Credit enhancement levels are sufficient to support DBRS
Morningstar's projected expected net losses under various stress
scenarios.

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay investors according to the terms of the
notes.

-- London Bay Loans Warehouse 1 Limited's (the seller and
originator) and Zopa Limited's (the servicer) role and capabilities
with respect to origination, underwriting, servicing, and financial
strength.

-- DBRS Morningstar's operational risk review on Zopa Limited,
which is deemed to be an acceptable servicer.

-- The expected appointment upon closing of a backup servicer and
its capabilities with respect to servicing.

-- The transaction parties' financial strength with regard to
their respective roles.

-- The credit quality, diversification of the collateral, and
historical and projected performance of the seller's portfolio.

-- DBRS Morningstar's sovereign rating of United Kingdom of Great
Britain and Northern Ireland at AAA with Stable trend.

-- The consistency of the transaction's legal structure with DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology, the presence of legal opinions that
address the true sale of the assets to the Issuer, and
non-consolidation of the Issuer with the seller.

The transaction represents the issuance of notes backed by a
portfolio of approximately GBP 218 million receivables. The
portfolio could be topped up on the January or February 2020
payment date with the purchase of GBP 30 million additional
receivables. The purchase of the additional receivables is expected
to be prefunded on the issue date. The securitized fixed-rate
receivables are related to unsecured consumer loan contracts
granted by the originator to private individuals residing in the UK
through Zopa Limited. Zopa Limited will also service the
portfolio.

TRANSACTION STRUCTURE

The transaction allocates payments on separate interest and
principal priorities and benefits from an amortizing cash reserve
and an amortizing liquidity reserve funded on the issue date with
part of the proceeds of subscription of Class Z notes. The cash
reserve can be used to cover senior costs and interest on the rated
notes, and to offset defaulted receivables, thus providing credit
enhancement. The liquidity reserve can be used to cover senior
costs, interest on Class A and Class B where the cash reserve is
not enough but cannot be used to offset losses or interest
shortfalls under the other classes. Principal funds can also be
borrowed to cover senior expenses and interest under the rated
notes.

The repayment of the notes starts on the first payment date on a
pro-rata basis until the occurrence of certain events such as
breach of performance triggers, or amortization of the rated notes
below 50% of the initial amount. Under these circumstances, the
principal repayment of the notes becomes fully sequential and the
switch is non-reversible.

The Class A1 and Classes B through F notes pay interest indexed to
daily-compounded Sterling Overnight Index Average (Sonia) plus a
margin while the Class A2 Notes pay interest indexed to one-month
GBP Libor plus a margin whereas the portfolio pays fixed-interest
rate.

The interest rate risk arising from the mismatch between the
Issuer's liabilities in the portfolio is expected to be hedged
through interest rate swaps on Sonia and Libor and an interest rate
cap on Sonia and Libor with eligible counterparties, which are
expected to be consistent with DBRS Morningstar's criteria.

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


                           *********


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

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

Copyright 2019.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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