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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

          Wednesday, January 1, 2020, Vol. 21, No. 1

                           Headlines



C R O A T I A

VINOPLOD-VINARIJA: Badel Raises Share Capital to HRK4.7 Mil.


I R E L A N D

HELIOS 37: DBRS Puts Prov. BB(high) Rating to Class E Notes


I T A L Y

BCC NPLS 2018-2: DBRS Confirms CCC Rating on Class B Notes
BCC NPLS 2019: DBRS Assigns CCC Rating to EUR 53MM Class B Notes


N E T H E R L A N D S

MAGOI BV: DBRS Finalizes B Rating on Class F Notes


S P A I N

AUTONORIA SPAIN 2019: DBRS Finalizes C Rating on Class G Notes
IM BCC CAJAMAR 2: DBRS Assigns CCC Rating to Class B Notes
IM BCC CAPITAL 1: DBRS Confirms BB Rating on Class C Notes
IM SABADELL 11: DBRS Hikes Series B Notes Rating to CCC (high)


U N I T E D   K I N G D O M

ALBA 2015-1: DBRS Hikes Class E Notes Rating to BB (low)
BARDSLEY GROUP: Enters Administration, 200 Jobs Affected
ROCHESTER FINANCING 2: DBRS Hikes Class F Notes Rating to BB

                           - - - - -


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C R O A T I A
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VINOPLOD-VINARIJA: Badel Raises Share Capital to HRK4.7 Mil.
------------------------------------------------------------
SeeNews reports that Croatian alcoholic beverages producer Badel
1862 said it has raised the capital of local winery
Vinoplod-Vinarija (Vinoplod) by HRK4.5 million
(US$674,000/EUR604,000) to HRK4.723 million.

As part of the capital hike, Vinoplod issued 225,000 regular shares
of 20 kuna in par value each, which were acquired by Badel 1862,
the alcoholic beverages producer said in a statement with the
Zagreb bourse, SeeNews relates.

"Vinoplod's share capital has been raised by the mentioned amount
via a cash payment made by Badel 1862 as a strategic investor,"
Badel, as cited by SeeNews, said, without providing further details
on its stake in Vinoplod following the hike.

Local media reported in June that as part of its pre-bankruptcy
proceedings Sibenik-based Vinoplod had agreed to cut its equity
capital from HRK29 million to HRK222,900 in order to cover losses
for previous years, and to subsequently raise its capital again via
issuing new shares to Badel 1862, SeeNews recounts.




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HELIOS 37: DBRS Puts Prov. BB(high) Rating to Class E Notes
-----------------------------------------------------------
DBRS Ratings Limited assigned provisional ratings to the following
classes of commercial mortgage-backed floating-rate notes to be
issued by Helios European Loan Conduit No. 37 (the Issuer):

-- Class RFN at AAA (sf)
-- 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 (high) (sf)

All trends are Stable.

Helios (European Loan Conduit No. 37) DAC is the securitization of
a GBP 350 million senior loan advanced by Morgan Stanley Bank N.A.
to Titan Acquisition Limited (the borrower). The senior loan is
secured against a portfolio of 49 limited-service hotels located
across the United Kingdom. Loan proceeds will refinance existing
portfolio debt and permitted transactions of the reorganization,
including the acquisition of all the shares of the Exeter city
center asset; finance planned extension projects; and fund general
corporate purposes. The ultimate beneficial owner of the portfolio
is London & Regional Group (L&R), which acquired the hotels from
Lone Star Funds (the seller) in 2016. The hotels are managed by the
Atlas Hotels Group (Atlas), which was also acquired as part of the
transaction in 2016 and is now a wholly-owned operating company of
L&R.

Since 1997, the number of guestrooms in the portfolio has grown
through both hotel expansions and acquisitions. The majority of the
hotels are branded under Intercontinental Hotels Group's (IHG)
Holiday Inn Express while one hotel in Liverpool operates as a
Hampton by Hilton and another hotel in York as a Park Inn by
Radisson. Two of the hotels in the portfolio (i.e., the Park Inn in
York and Holiday Inn Express in Poole) are leased and not operated
by Atlas. Since L&R's acquisition, it has expanded the portfolio to
include 253 additional guestrooms at new hotels in Exeter and
Portsmouth Park and 43 new rooms through renovating existing
hotels.

The hotels are managed directly by Atlas and operate under separate
franchise agreements with IHG and Hilton Worldwide Holdings Inc. at
the Liverpool asset. Cushman & Wakefield estimated the portfolio's
total market value (MV) to be GBP 546.9 million (net of standard
asset sale purchaser's costs, which vary between English and
Scottish jurisdictions) or GBP 91,577 per room based on the
portfolio's 5,972 rooms. Inclusive of escrowed capital expenditure
(CAPEX) monies within lender control, the portfolio's valuation is
GBP 561.1 million. The portfolio's resulting senior loan-to-value
(LTV) is 62.4%.

The portfolio is located across England, Wales, and Scotland. Five
of the hotels are located within Greater London (25% of MV), six
hotels are located in Scotland (10% of MV), and two are in South
Wales (1% of MV). The remainder of the portfolio is primarily
located in city centers or near infrastructure hubs, such as
motorway junctions or airports, in England.

The borrower has both leasehold and freehold interests in the
portfolio assets: 25 properties are freehold, 22 are held on long
leasehold agreements, and two properties in York and Bath are part
freehold and part leasehold. Most of the ground leases have terms
that are longer than 100 years, with Bristol City Centre (ground
lease of 77 years), Holiday Inn Portsmouth (94 years), and Luton
Airport (82 years) as exceptions. DBRS Morningstar understands that
in conjunction with the refinancing, a simultaneous carve out of a
ground lease strip for 43 hotels in the portfolio (of which three
are deferred) will be granted in favor of an institutional investor
for 125 years with a GBP 1 buy-back option in year 65 for Atlas,
which will enter into separate leases for the respective
properties. The initial ground rent payable by Atlas under the
lease agreements (the leaseback lease) is GBP 7.0 million per year,
which is 15% of the adjusted net operating income (NOI) for the
2018 financial year. The lessor will review the rent annually and
increases will be linked to increases in the Retail Price Index
subject to a 0% floor and 5% cap. DBRS Morningstar made a
reflective adjustment to its net cash flow and value assumptions.

The portfolio is largely stabilized but DBRS Morningstar notes that
three properties—while still operational—are undergoing
renovations. The renovations are expected to be completed in early
2020 and will result in 157 additional rooms across three hotels
(i.e., Hammersmith, Cambridge, and Edinburgh Waterfront). To fund
the hotel expansions, on the utilization date, GBP 14.2 million of
the senior loan proceeds will be placed into a cash trap account
under the CAPEX ledger and remain under control of the lender. Upon
the sale of these assets, any remaining balance will be transferred
to the purchaser of the respective hotel. DBRS Morningstar
understands that GBP 4 million has been spent and qualifies to be
released from the CAPEX ledger. In its assessment, DBRS Morningstar
assumed that the delivery of additional guestrooms will occur in
early 2020, which was corroborated by its site visit to Hammersmith
and the valuation report. To account for the additional guestroom
supply, DBRS Morningstar applied further stresses to the occupancy
rates for these respective hotels. DBRS Morningstar's stressed net
cash flow (NCF) assumption for the portfolio, inclusive of the
ground lease payments, is GBP 40.6 million and the respective value
for the portfolio is GBP 448.72 million, implying a capitalization
rate of 9%, LTV of 77%, and a debt yield of 11.6% (the issuer debt
yield at the cutoff date was 13.4%).

As of the T-12 ending June 2019, the occupancy rate of the
portfolio was 82.9% and the ADR was GBP 69.63, resulting in a
RevPAR of GBP 57.64. In 2018, the highest ADR of GBP 106 and RevPAR
of GBP 87.51 were both achieved at the Hammersmith hotel. For the
T-12 ending June 2019, the portfolio generated GBP 131.7 million of
revenue, after deducting costs and expenses. The EBITDA for the
same period was GBP 53.8 million and the NOI was GBP 42.9 million
after management fees, FF&E, and a ground lease payment of GBP 7.1
million, which to DBRS Morningstar's understanding is yet to be
paid.

The IHG franchise agreements typically have 15- to 20-year terms
and give the hotels access to IHG's operating and revenue
management system, Holidex. In 2014, a Master Development Agreement
between IHG and the owner was introduced that set out to increase
the number of guestrooms in the portfolio; this was superseded by
the Portfolio Agreement in October 2017 between IHG and Atlas,
which extended the franchise agreement expiry dates by 15 years and
provided franchise cost savings on the condition that 400 rooms are
added to the portfolio by the end of 2020.

The senior loan bears interest at a floating rate equal to
three-month Libor (subject to zero floor) plus a margin of 3.25%
annually. The expected maturity date is December 16, 2024. The
notes are expected to have a final maturity date in May 2, 2030,
providing a tail period of five years.

The borrower is required to amortize the senior loan by GBP
[656,250] on each interest payment date or by GBP 2,625,000 per
year, which is 0.75% of the senior loan amount at issuance.
Scheduled amortization proceeds will be distributed pro-rata to the
noteholders unless a sequential payment trigger is continuing, in
which case, the proceeds will be distributed sequentially. Before a
sequential payment trigger event, equity funded voluntary
prepayments will be applied pro-rata to the notes and the VRR loan.
In the case of mandatory prepayments after property disposals, the
senior allocated loan amounts (ALA) and release premiums will also
be allocated pro-rata to the notes and the VRR loan. The senior
release price for the corresponding property is set between 15% and
25% above the ALA of the disposed of property. The borrower is
allowed to dispose of properties in the portfolio which
cumulatively must not exceed 10% of the principal balance of the
senior loan.

The senior loan has LTV and debt yield covenants for cash traps and
events of default. The LTV cash-trap covenant is set at 67.4% in
years 1-2, 64.9% in years 3-4 and 62.4% thereafter, while the
debt-yield cash-trap covenant is triggered if the debt yield is
below 10.0% in year 1, 10.3% in year 2, 11.3% in year 3, 11.5% in
year 4, and 11.8% thereafter. The LTV default covenants are set at
72.4% for years 1 through 3, 69.9% in year 4 and then 67.4%
thereafter. The senior obligors are required to ensure that the
senior debt yield is no less than 9.3% in year 1, 9.5% in year 2,
10.0% in year 3, 10.5% in year 4, and 10.5% thereafter.

The interest rate risk will be fully hedged over the first three
years of the senior loan's five-year term by way of a prepaid cap
provided by SMBC Nikko Capital Markets Limited. The hedge has an
initial term of three years; however, there is an obligation to
extend the hedge for an additional year, prior to the expiry of the
hedge and then again for another one year, prior to the expiry of
the extended hedge. If the hedge is not extended as described,
there will be a loan event of default and sequential payment
trigger event on the notes.

The transaction includes a Reserve Fund Note (RFN), which funds 95%
of the liquidity reserve (i.e., the note share part). After
issuance, the GBP 15.5 million RFN proceeds and the GBP 815,789.47
million vertical risk retention (VRR) loan contribution will be
deposited into the transaction's liquidity reserve. The liquidity
reserve will provide liquidity to pay property protection advances,
senior costs, and interest shortfalls (if any) in relation to the
corresponding VRR loan interest and the Class A, Class B, Class C,
and Class D notes. The RFN notes rank pari passu with the Class A
notes. According to DBRS Morningstar's analysis, the liquidity
reserve amount is equivalent to approximately [13]-months of
coverage on the covered notes, based on the interest rate cap
strike rate of 3.0% per year, and 12 month's coverage based on the
Libor cap after loan maturity or the occurrence of a loan-level cap
event of 5.0% annually.

The borrower has an option to add mezzanine debt provided that (1)
when aggregated with the senior loan, the mezzanine debt is limited
to 70% of the aggregate portfolio MV and (2) written confirmation
from each rating agency then rating the notes, that the mezzanine
financing would not result in a downgrade of each class of notes or
withdrawn; or the restoration of any original rating, having been
downgraded. To maintain compliance with applicable regulatory
requirements, the seller will retain an ongoing material economic
interest of no less than 5% of the securitization via a VRR loan
that the seller will advance to the Issuer at closing.

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



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I T A L Y
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BCC NPLS 2018-2: DBRS Confirms CCC Rating on Class B Notes
----------------------------------------------------------
DBRS Ratings Limited confirmed its BBB (low) and CCC (sf) ratings
of Class A and Class B notes, respectively, issued by BCC NPLs
2018-2 S.r.l. (the issuer).

The notes were backed by a EUR 2 million portfolio by gross book
value (GBV) consisting of unsecured and secured nonperforming loans
originated by a pool of 73 Italian banks.

The majority of loans in the portfolio defaulted between 2013 and
2018 and are in various stages of resolution. The receivables are
serviced by Italfondiario S.p.A. (Italfondiario, now doValue, or
the servicer). A backup servicer, Securitization Services S.p.A.,
was also appointed and will act as a service in case of termination
of the appointment of Italfondiario.

According to the most recent investor report issued in June 2019,
the principal amount outstanding of Class A, Class B, and Class J
notes was equal to EUR 464.6 million, EUR 60.1 million, and EUR
20.0 million, respectively.

The actual cumulative gross collections after closing were equal to
EUR 30.9 million, as of June 2019. The initial business plan
provided by the servicer assumed total gross collections for EUR
23.4 million during the same period, which is 24% lower than the
amount collected so far.

At issuance, DBRS Morningstar estimated gross disposition proceeds
for the same period of EUR 21.7 million in the BBB (low) scenario,
which is 30% lower than the actual cumulative gross collections.

As reported in the semiannual servicer report from June 2019, the
net present value cumulative profitability ratio and the cumulative
collection ratio are respectively 100% and 126%. A subordination
event would occur if one of the ratios drops below 80%.

The transaction benefits from a EUR 14.3 million amortizing cash
reserve, which was funded with a limited recourse loan. The cash
reserve has a target balance equal to 3% of the Class A Notes
outstanding balance. The cash reserve is available to cover senior
fees and expenses as well as interest due on the Class A Notes. As
per the latest investor report as of June 2019, the cash reserve
totaled EUR 14.3 million.

DBRS Morningstar based its ratings on an 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 July 2042.

Notes: All figures are in Euros unless otherwise noted.

BCC NPLS 2019: DBRS Assigns CCC Rating to EUR 53MM Class B Notes
----------------------------------------------------------------
DBRS Ratings Limited assigned a BBB (sf) rating to the EUR
355,000,000 Class A notes and a CCC (sf) rating to the EUR
53,000,000 Class B notes issued by BCC NPLs 2019 S.r.l.

As of the December 31, 2018 selection date, the notes were backed
by a EUR 1.32 billion portfolio by gross book value (GBV) of
Italian secured and unsecured nonperforming loans, originated by 68
Italian banks (the originators). The majority of loans in the
portfolio (approximately 86.8% by GBV) defaulted after 2011, in
particular between 2018 and 2019 (29.5% by GBV). The receivables
are serviced by doValue S.p.A. (doValue or the special servicer). A
backup servicer, Securitization Services S.p.A., was also appointed
and will act as a service if do values contract is terminated.

Approximately 80.8% of the pool by GBV is secured, of which
approximately 90.3% by GBV benefits at least from a first-ranking
lien mortgage. At the selection date, the secured collateral was
highly concentrated in Northern regions of Italy (42.8% of
first-lien real estate value) with Tuscany representing 20.0% of
first-lien real estate value.

The transaction benefits from EUR 10.2 million of collections
recovered between the selection date of 31 December 2018 and
transfer date of 2 December 2019, part of which will be used to pay
upfront costs while the remaining will be distributed in accordance
with the priority of payments on the first interest payment date.

The securitization includes the flexibility to implement a ReoCo
structure.

DBRS Morningstar based its ratings on an analysis of the projected
recoveries of the underlying collateral, the historical performance
and expertise of doValue, 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 24.4% to the
special servicer's initial business plan for the portfolio, while
DBRS Morningstar's CCC (sf) rating stress assumes 0% haircut to the
special servicer's business plan.

DBRS Morningstar analyzed the transaction structure using Intex
DealMaker.

Notes: All figures are in Euros unless otherwise noted.



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MAGOI BV: DBRS Finalizes B Rating on Class F Notes
--------------------------------------------------
DBRS Ratings Limited finalized its provisional ratings on Class A,
Class B, Class C, Class D, Class E, and Class F Notes
(collectively, the Rated Notes) issued by Magoi B.V. (the Issuer)
as follows:

-- AAA (sf) on the Class A Notes
-- AA (sf) on the Class B Notes
-- A (high) (sf) on the Class C Notes
-- A (low) (sf) on the Class D Notes
-- BBB (sf) on the Class E Notes
-- B (sf) on the Class F Notes

The Class G Notes are not rated by DBRS Morningstar.

The rating of the Class A Notes addresses the timely payment of
scheduled interest and ultimate repayment of principal by the legal
final maturity date. The other ratings address the ultimate payment
of scheduled interest while the class is subordinate and the timely
payment of scheduled interest as the most-senior class, and
ultimate repayment of principal by the legal final maturity date.

The notes are backed by a portfolio of fixed-rate unsecured
amortizing personal loans granted to individuals domiciled in the
Netherlands for general consumption and serviced by Findio B.V. and
InterBank N.V. (collectively, the originators), which are owned by
Credit Agricole Consumer Finance Nederland B.V. (CACF NL).

The transaction includes an eight-month revolving period. During
this period, the Issuer may purchase additional receivables
provided that the eligibility criteria and concentration limits set
out in the transaction documents are satisfied. The revolving
period may end earlier than scheduled if certain events occur, such
as the breach of performance triggers, the event of default, or
servicer bankruptcy.

During the amortization period, the transaction incorporates a
mixed sequential/pro-rata/potentially sequential amortization
mechanism. As all the notes (except for the Class G Notes) pay a
floating rate based on one-month Euribor, whereas the loans carry a
fixed-interest rate, the interest rate mismatch risk is largely
hedged through an interest rate swap provided by CACF NL as the
swap counterparty and Credit Agricole Corporate and Investment Bank
as the stand-by swap counterparty.

The transaction includes a liquidity reserve that is available to
the Issuer during the revolving period and the amortization period
in restricted scenarios where the interest and principal
collections are not sufficient to cover the shortfalls in senior
expenses, swap payments, and interest on the Class A Notes and the
Class B Notes. During the accelerated redemption period, the
liquidity reserve amount is not available to the Issuer and is
instead returned directly to the liquidity provider.

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 the
projected expected net losses under various stress scenarios.

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

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

-- DBRS Morningstar's operational risk review of CACF NL, which is
deemed 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 originators'
portfolio.

--DBRS Morningstar's sovereign rating of the Kingdom of the
Netherlands at AAA with a Stable trend.

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

DBRS Morningstar analyzed the transaction cash flow structure in
Intex DealMaker.

Notes: All figures are in Euros unless otherwise noted.



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AUTONORIA SPAIN 2019: DBRS Finalizes C Rating on Class G Notes
--------------------------------------------------------------
DBRS Ratings Limited finalized its provisional ratings on the Class
A Notes, Class B Notes, Class C Notes, Class D Notes, Class E
Notes, the Class F Notes, and the Class G Notes (the Rated Notes)
issued by Autonoria Spain 2019, FT, as follows:

-- Class A Notes rated AAA (sf)
-- Class B Notes rated AA (sf)
-- Class C Notes rated A (sf)
-- Class D Notes rated BBB (sf)
-- Class E Notes rated BB (sf)
-- Class F Notes rated B (low) (sf)
-- Class G Notes rated C (sf)

The rating of the Class A Notes addresses the 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 rated notes are backed by a portfolio of receivables related to
standard amortizing loans granted by Banco Cetelem S.A.U. (the
originator) to borrowers residing in the Kingdom of Spain. The
originator will also service the portfolio.

The transaction includes a 12-month revolving period; during this
time, the originator may offer additional receivables that the
Issuer can purchase provided that the eligibility criteria and
concentration limits set out in the transaction documents are
satisfied. The revolving period may end earlier than scheduled if
certain events occur, such as the breach of performance triggers,
seller default, or servicer termination.

The transaction features separate waterfalls for interest and
principal. The Class A Notes benefit from credit enhancement in the
form of subordination from Class B to Class G Notes (21.0%). The
Class B Notes benefit from credit enhancement in the form of
subordination from Class C to Class G Notes (18.0%). The Class C
Notes benefit from the credit enhancement in the form of
subordination from the Class D to G Notes (12.5%). The Class D
Notes benefit from the credit enhancement in the form of
subordination from the Class E to Class G Notes (7.0%). The Class E
Notes benefit from the credit enhancement in the form of
subordination from the Class F to Class G Notes (5.0%). The Class F
Notes benefit from the credit enhancement in the form of
subordination from the Class G Notes (2.5%).

At the end of the scheduled revolving period, the transaction
incorporates a mixed pro-rata/potentially sequential amortization
mechanism. Class A to Class F Notes pays a margin over a one-month
Euribor, whereas the portfolio pays a fixed interest rate. The
interest rate risk arising from the mismatch between the Issuer's
liabilities and the portfolio is hedged through an interest rate
swap provided by Banco Cetelem S.A.U., which in turn is guaranteed
by BNP Paribas Personal Finance. The structure benefits from a
liquidity reserve that will be funded at closing and be available
to cover interest deficiencies only if principal collections are
not sufficient to cover shortfalls.

DBRS Morningstar has rated several auto ABS transactions across
European jurisdictions where BNP Paribas Personal Finance has acted
as the originator or as the parent of the originator. Recent
examples include Autonoria 2019, domiciled in the Republic of
France and Florence SPV S.r.l., domiciled in the Republic of
Italy.

The ratings are based upon DBRS Morningstar's 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 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.

IM BCC CAJAMAR 2: DBRS Assigns CCC Rating to Class B Notes
----------------------------------------------------------
DBRS Ratings GmbH assigned ratings of AA (high) (sf) and CCC (sf)
to the Class A Notes and the Class B notes (collectively, the Rated
Notes), respectively, issued by IM BCC Cajamar 2 Fondo de
Titulizacion (Cajamar 2 or the Issuer), a securitization fund
incorporated under Spanish securitization law. The transaction is a
securitization of residential mortgage loans originated by Cajamar
Caja Rural (Cajamar).

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 December 2061. The rating on Class B notes
addresses the ultimate payment of interest and principal on or
before the final maturity date in December 2061.

The Rated Notes were issued at closing to finance the purchase of a
portfolio of first-lien and second-lien mortgages secured over
properties located in Spain. The transaction is managed by
Intermoney Titulizacion, S.G.F.T., S.A. (the management company or
Intermoney). Cajamar is the servicer of the portfolio.

The transaction benefits from a reserve fund that was funded to EUR
14,500,000 at closing and will be able to provide liquidity support
to the Class A notes. Once the Class A notes have been redeemed in
full, the reserve fund will also provide liquidity support for the
Class B notes.

The Class A notes will benefit from full sequential amortization,
whereas the principal on Class B will not be paid until the Class A
notes have been redeemed in full. Additionally, the Class A
principal will be paid senior to the Class B interest payments in
the priority of payments.

DBRS Morningstar was provided with data about the securitized
portfolio equal to EUR 739 million as of 21 November 2019, which
consisted of 7,875 loans extended to 7,403 borrowers. The portfolio
is characterized by loans with a high loan-to-value (LTV) ratio;
the weighted-average (WA) current LTV stands at 72.1% with 38.9%
having a current LTV greater than 80%. However, the WA indexed
current LTV is 71.8% with 36.5% of the loans having an indexed
current LTV greater than 80%. Regarding the geographical
distribution, the three largest Spanish autonomous regions by
outstanding portfolio balance based on the location of the property
are Andalusia (35.6%), Valencia (24.5%), and Murcia (15.4%). Of the
mortgage loans in the asset portfolio, 8.6% are classified as
second-home loans and 3.0% are second liens. Loans representing
7.8% of the portfolio were granted to non-Spanish nationals and
17.0% of loans were granted to self-employed borrowers. As of the
21 November 2019 cutoff date, 3.0% of the mortgage loans were no
more than 30 days in arrears and 0.4% were no more than 60 days in
arrears.

Cajamar is able to renegotiate the maturity, interest rate type,
and margin, as well as principal grace periods on the loans subject
to strict criteria. Pursuant to the provisions of the loan
servicing agreement, a borrower has the option to change the final
maturity date of a loan with a maximum final maturity date being 27
May 2058. When renegotiating the interest rate of the loans, the
new conditions have to reflect market interest rates, which are not
different from those Cajamar is then applying in the renegotiation
or the granting of its own fixed- or variable-rate mortgage loans.
The transaction documentation includes triggers for fixed-rate as
well as for floating-rate loans, which have to be met when
renegotiating the interest rate. Principal grace periods could be
renegotiated for a period of up to 12 months on the no defaulted
receivables with a limit of 2% of the total amount of the
outstanding balance on the day of incorporation. The total amount
of the outstanding balance of the receivables amended, including
the change of the maturity date, interest rate, margin, and grace
period, may not exceed 7.5% of the initial balance of the
receivables on the date of incorporation. DBRS Morningstar
reflected the renegotiations in its cash flow analysis by extending
7.5% of the portfolio to the maximum maturity date and compressing
the loan margins to the applicable margin in line with the
renegotiation criteria. As per the representations and warranties,
none of the loans included in the portfolio at the issue date had a
principal grace period that falls beyond November 2023.

Banco Santander, S.A. (Santander) is the account bank and paying
agent for the transaction and will hold the Issuer's transaction
account and reserve fund account. Santander will be replaced as an
account bank within 30 calendar days if it is downgraded below "A".
The DBRS Morningstar's long-term senior debt rating of Santander is
A (high) and the short-term debt rating is R-1 (middle) with a
Stable trend. The long-term COR of Santander is AA (low) as of the
date of this press release. The account bank applicable rating is
the higher of one notch below the Santander COR and Santander Long
Term Senior Debt rating.

Currently, 93.1% of the loans, including the fixed-to-floating
loans, pay a floating rate of interest primarily linked to 12-month
Euribor. In comparison, the notes pay an interest rate linked to
three-month Euribor. DBRS Morningstar considers there is limited
basis risk as the collateral mostly pays 12-month Euribor with
monthly payments (98.6%) and reset periods of 12 months while the
notes pay a fixed rate for the first five years and switch to
one-month Euribor in March 2025; additionally, the reserve fund is
available to cover interest payments to the Class A notes and to
the Class B notes once Class A has been fully redeemed. DBRS
Morningstar stressed the interest rates as detailed in its
"Interest Rate Stresses for European Structured Finance
Transactions" methodology.

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

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

-- The credit quality of the mortgage portfolio and the ability of
the servicer to perform collection and resolution activities. DBRS
Morningstar estimated stress-level probability of default (PD),
loss given default (LGD), and expected losses (EL) on the mortgage
portfolio. The PD, LGD, and EL are used as inputs into the cash
flow tool. The mortgage portfolio was analyzed in accordance with
DBRS Morningstar's "European RMBS Insight Methodology" and the
"European RMBS Insight: Spanish Addendum".

-- The transaction's ability to withstand stressed cash flow
assumptions and repay the Class A and Class B notes according to
the terms of the transaction documents. The transaction structure
was analyzed using the Intex DealMaker. DBRS Morningstar considered
additional sensitivity scenarios of 0% conditional repayment rate
(CPR) stress.

-- The DBRS Morningstar Spain sovereign ratings of "A" and R-1
(low) with Positive trends as of the date of this report.

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

Notes: All figures are in Euros unless otherwise noted.

IM BCC CAPITAL 1: DBRS Confirms BB Rating on Class C Notes
----------------------------------------------------------
DBRS Ratings GmbH confirmed its ratings on the Notes issued by IM
BCC Capital 1, FT (the Issuer) as follows:

-- Class A Notes at AA (sf)
-- Class B Notes at BBB (sf)
-- Class C Notes at BB (sf)

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

-- The overall portfolio performance as of the October 2019
payment date, particularly with regard to low levels of
delinquencies and defaults.

-- Base case probability of default (PD), recovery rate, and
expected loss assumptions on the remaining receivables.

-- The currently available credit enhancement to the Notes to
cover the expected losses assumed in line with their respective
rating levels.

The rating on the Class A Notes addresses the timely payment of
interest and the ultimate repayment of principal on or before the
legal maturity date in April 2037. The ratings on the Class B Notes
and Class C Notes address the ultimate payment of interest and
principal on or before the legal maturity date.

The transaction is a cash flow securitization collateralized by a
portfolio of term loans originated and serviced by Cajamar Caja
Rural, S.C.C. (Cajamar), granted to small and medium-sized
enterprises and self-employed individuals based in Spain.

In December 2018, the transaction was amended, including an
extension of the revolving period by 18 months until April 2020 and
change of certain concentration limits; an increase of Class A
Notes balance by EUR 11.2 million to their original EUR 700.0
million balance; and repurchase of all defaulted loans, as well as
loans in arrears by 31 days or more.

On 13 November 2019, DBRS Morningstar transferred the ongoing
coverage of the ratings assigned to the Issuer to DBRS Ratings GmbH
from DBRS Ratings Limited. The lead analyst responsibilities for
this transaction have been transferred to Alfonso Candelas.

Both DBRS Ratings Limited and DBRS Ratings GmbH are registered with
the European Securities and Markets Authority (ESMA) under
Regulation (EC) No. 1060/2009 on Credit Rating Agencies, as
amended, and are registered Nationally Recognized Statistical
Rating Organization (NRSRO) affiliates in the United States and
Designated Rating Organization (DRO) affiliates in Canada.

PORTFOLIO PERFORMANCE

As of 30 September 2019, the overall portfolio consisted of an
aggregate principal balance of EUR 746.2 million. The current
cumulative default ratio was at 0.17% while the 90+ delinquency
ratio stood at 0%.

PORTFOLIO ASSUMPTIONS

DBRS Morningstar conducted a loan-by-loan analysis on the
outstanding pool of receivables and updated its default rate
assumptions. The average portfolio base case PD assumption has been
maintained at 2.2%.

CREDIT ENHANCEMENT

Class A to E Notes amortizes pro-rata unless certain sequential
amortization events have occurred to date. As a result of the
pro-rata amortization, credit enhancement has just slightly
increased to 39.2%, 15.6%, and 8.8% from 38.8%, 15.0%, and 8.3% for
Class A, B, and C Notes, respectively. The credit enhancement for
the rated notes is provided by the subordination of the junior
notes and a reserve fund.

The reserve fund is currently funded at EUR 19.1 million. After the
first 12 months of the transaction, it is funded at a target level
of 2.0% of the aggregate balance of the Class A to Class D Notes,
subject to a floor of EUR 9.6 million, and is available to cover
shortfalls in the senior expenses and interest and principal of the
Class A to Class D Notes.

The structure also benefits from a commingling reserve account at
closing to mitigate any potential disruptions of the payment of
senior expenses and interest on the Class A Notes. This is
currently funded at EUR 0.7 million.

Banco Santander SA (Santander) acts as the account bank for the
transaction. Based on the DBRS Morningstar reference rating of
Santander of A (high), one notch below its DBRS Morningstar Long
Term Critical Obligations Rating of AA (low), 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
Notes, as described in DBRS Morningstar's "Legal Criteria for
European Structured Finance Transactions" methodology.

DBRS Morningstar analyzed the transaction structure in its
proprietary Excel-based cash flow engine.

Notes: All figures are in Euros unless otherwise noted.

IM SABADELL 11: DBRS Hikes Series B Notes Rating to CCC (high)
--------------------------------------------------------------
DBRS Ratings GmbH took the following rating actions on IM Sabadell
PYME 11, FT (the Issuer):

-- Series A Notes confirmed at A (high) (sf)
-- Series B Notes upgraded to CCC (high) (sf) from CCC (low) (sf)

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

-- The overall portfolio performance in terms of delinquencies and
defaults as of the September 2019 payment date.

-- Base case probability of default (PD), updated recovery rate,
and expected loss assumptions on the remaining receivables.

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

The Issuer is a cash flow securitization collateralized by a
portfolio of bank loans originated and serviced by Banco de
Sabadell, S.A. (Sabadell), to self-employed individuals and small
and medium-sized enterprises (SMEs) based in Spain.

PORTFOLIO PERFORMANCE

The portfolio is performing within DBRS Morningstar's expectations.
As of September 2019, the 90+ delinquency ratio was at 2.2% and the
cumulative default ratio was at 1.5%.

PORTFOLIO ASSUMPTIONS

DBRS Morningstar conducted a loan-by-loan analysis on the remaining
pool and updated its default rate and recovery assumptions. The
base case probability of default (PD) has been maintained at 2.0%
for normal loans and 10.1% for refinanced loans.

CREDIT ENHANCEMENT

The credit enhancement available to all rated notes continues to
increase as the transaction deleverages. As of the September 2019
payment date, the credit enhancement available to the Series A
Notes and Series B Notes was 46.8% and 10.2%, respectively, up from
30.3% and 6.6% one year ago.

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

DBRS Morningstar analyzed the transaction structure in its
proprietary Excel-based cash flow engine.

Notes: All figures are in Euros unless otherwise noted.



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

ALBA 2015-1: DBRS Hikes Class E Notes Rating to BB (low)
--------------------------------------------------------
DBRS Ratings Limited took the following rating actions on the notes
issued by Aggregator of Loans Backed by Assets 2015-1 Plc (ALBA
2015-1 or the Issuer):

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

The ratings on the notes address the timely payment of interest and
ultimate payment of principal on or before the legal final maturity
date in April 2049.

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 November 2019 payment date;

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

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

ALBA 2015-1 closed in April 2015 and is a securitization of UK
non-conforming residential mortgages originated by Edeus Mortgage
Creators Limited, GMAC-RFC Limited, Amber Homeloans Limited, and
Kensington Mortgage Company Limited. Pepper (UK) Limited is the
servicer of the mortgage portfolio.

PORTFOLIO PERFORMANCE

As of the November 2019 payment date, loans 60-90 days in arrears
represented 1.7% of the outstanding portfolio balance, up from 1.3%
in November 2018. Loans more than 90 days in arrears represented
3.2% of the outstanding portfolio balance, up from 2.7% in November
2018. Cumulative repossessions amounted to 4.6% of the initial
portfolio balance, with cumulative losses of 1.3%.

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 17.7% and 18.5%, respectively.

CREDIT ENHANCEMENT

The subordination of the respective junior obligations, the cash
reserve, and over-collateralization provide credit enhancement to
the rated notes. As of the November 2019 payment date, credit
enhancement to the Class A Notes increased to 56.6% from 51.8% 12
months ago; credit enhancement to the Class B Notes increased to
45.0% from 41.2%; credit enhancement to the Class C Notes increased
to 33.5% from 30.7%; credit enhancement to the Class D Notes
increased to 23.6% from 21.6%, and credit enhancement to the Class
E Notes increased to 12.1% from 11.0%.

The transaction benefits from a cash reserve, which provides
liquidity and credit support to the rated notes. The cash reserve
is available to cover senior expenses, interest payments on the
rated notes, and can cure principal deficiency ledger (PDL)
balances on the rated notes. The reserve is amortizing with a
target balance equal to the lower of 3.0% of the initial portfolio
balance and 6.0% of the current outstanding portfolio balance,
subject to a floor of GBP 2.6 million. As of the November 2019
payment date, the reserve was at its target balance of GBP 8.2
million.

Citibank N.A., London branch acts as the account bank for the
transaction. Based on the DBRS Morningstar private rating of
Citibank N.A., London branch, 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 notes, as described in DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology.

DBRS Morningstar analyzed the transaction structure in Intex
DealMaker.

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

BARDSLEY GROUP: Enters Administration, 200 Jobs Affected
--------------------------------------------------------
Tom Lowe and Dave Rogers at Building.co.uk report that Manchester
contractor Bardsley has become the latest regional contractor to
collapse.

According to Building.co.uk, all 200 staff were made redundant as
the firm, which has an GBP80 million turnover, went into
administration on Dec. 20.

Duff & Phelps has been appointed administrator of Bardsley Group,
Bardsley Construction Limited and Bardsley Construction Holdings,
Building.co.uk relates.

In its last set of results filed at Companies House, Bardsley
Group, which owns the other two businesses in administration, had a
turnover of GBP68.6 million and made a pre-tax profit of GBP340,000
in the year to December 2017, Building.co.uk discloses.  The firm
had nearly GBP9 million of cash in the bank, Building.co.uk
states.

Steven Muncaster and Stephen Clancy, the joint administrators at
Duff & Phelps, as cited by Building.co.uk, said the business had
run into a number of problems recently.  Among them were
"challenging market conditions including the timely delivery of a
number of recent projects, resource issues within the sector,
contractual disputes with private clients together with new work
opportunities being delayed as a result of the uncertainty in the
economic and political environment".

Mr. Muncaster added: "We were formally engaged in November 2019 to
advise the group on its current financial position and to
facilitate an accelerated merger and acquisition process or seek
immediate investment to tide the group over into 2020, when a
number of new orders are expected to come online.

"Despite a number of expressions of interest, no acceptable formal
offers have been made for the group, leaving the directors with no
option but to appoint administrators.

"The companies normally shut down over the Christmas period and, as
such, this timing will enable us to undertake a further review of
the financial position of the group while marketing the business
and assets for sale.  We will be working solidly over the holiday
period to facilitate this."


ROCHESTER FINANCING 2: DBRS Hikes Class F Notes Rating to BB
------------------------------------------------------------
DBRS Ratings Limited took the following rating actions on the notes
(the Rated Notes) issued by Rochester Financing No.2 Plc (the
Issuer):

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

The ratings of the Rated Notes address the timely 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, as of the September 2019 payment date.

-- 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 UK non-conforming residential
mortgages originated by DB UK Bank Limited (DB UK), Money Partners
Limited and Edeus Mortgage Creators Limited. Rochester Mortgages
Limited, wholly owned by OneSavings Bank (OSB) purchased the
mortgage portfolio from DB UK and Odin Mortgages Limited. OSB acts
as a master servicer. Day-to-day servicing is delegated to Target
Servicing Limited and Home Loan Management acts as the backup
servicer for the transaction.

PORTFOLIO PERFORMANCE

As of September 2019, two- to three-month arrears represented 3.4%
of the outstanding portfolio balance, up from 3.0% in September
2018. Loans more than three months in arrears represented 8.7% of
the outstanding portfolio balance, up from 6.4% in September 2018.
The cumulative loss ratio was 0.3%.

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 26.6% and 15.6%, respectively.

CREDIT ENHANCEMENT AND RESERVES

Credit enhancement is provided by the subordination of the junior
classes and a general reserve. As of the September 2019 payment
date, Class A credit enhancement was 48.2%, up from 32.0% at the
DBRS Morningstar initial rating. Class B credit enhancement was
35.7%, up from 23.3% at the DBRS Morningstar initial rating. Class
C credit enhancement was 28.6%, up from 18.3% at the DBRS
Morningstar initial rating. Class D credit enhancement was 22.5%,
up from 14.0% at the DBRS Morningstar initial rating. Class E
credit enhancement was 17.5%, up from 10.5% at the DBRS Morningstar
initial rating. Class F credit enhancement was 14.2%, up from 8.3%
at the DBRS Morningstar initial rating.

The general reserve covers shortfalls in senior fees, interest on
the Rated Notes, and principal via the Principal Deficiency Legers
(PDLs) on the Rated Notes. The target balance of the general
reserve is equal to 3.0% of the initial Rated Notes balance minus
the liquidity reserve target amount. As the liquidity reserve
amortizes, the size of the general reserve increases through the
available excess spread. At the September 2019 payment date, the
general reserve was at its target level of GBP 4.2 million.

The liquidity reserve is sized at 2.0% of the outstanding balance
of Class A to D notes. The liquidity reserve covers shortfalls in
senior fees and interest on Class A to D notes. Support to the
Class B, C and D notes is subject to the PDL for each class of
notes is less than 25.0% of the outstanding class balance. At the
September 2019 payment date, the liquidity reserve was at its
target level of GBP 6.2 million.

The Class E and F notes benefit from a junior liquidity reserve
equal to 0.5% of Class A to F notes. Support to the Class F notes
is subject to the PDL being less than 75.0% of the outstanding
class Balance. At the September 2019 payment date, the Junior
Liquidity Reserve was at its target level of GBP 1.6 million.

Elavon Financial Services DAC, U.K. Branch (Elavon) acts as the
account bank for the transaction. Based on the DBRS Morningstar
private rating of Elavon, 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 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 2020.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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