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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, June 10, 2020, Vol. 21, No. 116

                           Headlines



B E L G I U M

SWISSPORT BELGIUM: To File for Bankruptcy After Rescue Efforts Fail


G E R M A N Y

TUI AG: S&P Cuts ICR to 'CCC+' on Mounting Debt & Tight Liquidity


I R E L A N D

AURIUM CLO IV: Moody's Confirms Class F Notes at B2
AVOCA CLO XVI: Fitch Maintains B- on Class F-R Debt on Watch Neg.
CAIRN CLO VI: Fitch Maintains B- on Class F-R Notes on Watch Neg.
CARLYLE GLOBAL 2015-2: Fitch Affirms B- Rating on Class E Debt
CONTEGO CLO II: Fitch Affirms Class F-R Debt at 'B-sf'

HALCYON LOAN 2017-2: Moody's Cuts Class D Secured Notes to Ba1
HARVEST CLO IX: Fitch Keeps B- on Class F-R Notes on Watch Neg.
MAN GLG IV: Moody's Confirms Class E Notes at 'Ba2'
[*] Moody's Reviews Tranches From 4 Irish RMBS Deals for Downgrade


I T A L Y

BRIGNOLE CQ 2019-1: Moody's Cuts Rating on Class E Notes to Ba3
ERNA SRL: DBRS Confirms BB(High) Rating on Class C Notes


K A Z A K H S T A N

KAZAKHSTAN ENGINEERING: Fitch Ups IDR to C, Then Withdraws Ratings
KAZAKHSTAN ZIRAAT: Fitch Assigns 'B+' LT IDRs, Outlook Negative


L U X E M B O U R G

4FINANCE HOLDING: S&P Affirms 'B+' LongTerm ICR, Outlook Neg.
AURIS LUXEMBOURG: S&P Lowers ICR to 'B-' on Delayed Deleveraging


N E T H E R L A N D S

BOELS TOPHOLDING: Fitch Assigns 'BB-' LT IDR, Outlook Negative
BOELS TOPHOLDING: Moody's Assigns B1 CFR, Outlook Negative
MADISON PARK VI: Fitch Keeps B- on Class F-R Notes on Watch Neg.
PRECISE MIDCO: S&P Alters Outlook to Stable & Affirms 'B' ICR
REPSOL INTERNATIONAL: S&P Rates New Hybrid Capital Securities 'BB+'

SIG COMBIBLOC: Moody's Rates EUR550MM Sec. Term Loan 'Ba2'


S P A I N

BBVA CONSUMER 2020-1: S&P Assigns Prelim B+ Rating on Cl. E Notes
CATALONIA: DBRS Confirms BB(High) LongTerm Issuer Rating


U N I T E D   K I N G D O M

GEORGE HOTEL: Goes Into Administration
HELIOS TOWERS: Moody's Rates $425MM Sr. Unsecured Notes 'B2'
RESTAURANT GROUP: Enters Into Crisis Talks with Landlords
SHEPHERD COX: Enters Administration Following Investor Concerns
SPIRIT ISSUER: Fitch Affirms BB on Class A5 Notes, Outlook Positive

TRAVELODGE: Invites Customers with Bookings to Vote on CVA

                           - - - - -


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B E L G I U M
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SWISSPORT BELGIUM: To File for Bankruptcy After Rescue Efforts Fail
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Michael Shields at Reuters reports that Swissport Belgium SA/NV, a
loss-making unit of Swissport International AG which provides
ground services at Brussels airport, will file for bankruptcy after
attempts to turn around the business failed.

Swissport said in a statement its Belgian cleaning business will
also file for bankruptcy, but the group's separate cargo business
in Brussels and Liege is unaffected, Reuters relates.

"Beyond the chronic challenges in Brussels, the current market
crisis is forcing Swissport International AG . . . to adopt a
stricter practice regarding the funding of any loss-making
subsidiaries, as to safeguard the group's financial health,"
Reuters quotes Swissport as saying.

The company said global revenue collapsed by 80% due to the
coronavirus pandemic and it is only gradually starting to recover,
Reuters notes.  It was "expecting a drawn-out market recovery, with
reduced demand for air travel well into 2021, according to Reuters.
There is little room for subsidizing local entities, which project
losses even after global demand recovers".

Swissport, as cited by Reuters, said the group was looking to raise
additional liquidity to compensate for the revenue impact of travel
bans imposed by governments around the world.

Swissport, owned by China's HNA Group, is the world's largest
provider of airport ground services and air cargo handling with
operations at 300 airports in 47 countries.




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G E R M A N Y
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TUI AG: S&P Cuts ICR to 'CCC+' on Mounting Debt & Tight Liquidity
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S&P Global Ratings lowered its ratings on TUI AG and the group's
debt to 'CCC+' from 'B-'.

S&P said, "We expect a steeper contraction in demand for
international tourism in 2020, and a slower recovery in 2021 than
previously anticipated.

"We have lowered our global economic forecasts for 2020 and 2021 to
reflect the initial extension of lockdowns in major European
economies, and a likely slower recovery. Even as many global
economies begin a staged reopening of businesses and leisure
activities, travel--particularly international--is still one of the
worst affected sectors. In our view, demand for leisure flights to
TUI's main destinations in Western and the Eastern Mediterranean
will significantly reduce during the peak summer season because
containment measures, including travel restrictions in destinations
outside the EU, government-mandated quarantine periods in the U.K.,
and less-confident consumer sentiment, will continue to constrain
travel demand in Europe, especially to destinations such as Turkey,
Egypt, or Morocco, in our view. We anticipate this will materially
affect TUI's customer bookings and that its revenue could decline
by up to 50% in 2020 from about EUR19 billion in 2019. Despite a
likely return to growth in 2021, we expect revenue could remain
20%-30% down in 2021 versus 2019.

"We believe TUI will receive the necessary liquidity support beyond
the EUR1.8 billion established in April.   The group's capital
structure includes an upsized EUR3.35 billion senior unsecured
revolving credit facility (RCF) as a main liquidity facility, after
it secured the additional EUR1.8 billion liquidity facility from
KfW, the German state-owned development bank. The amended agreement
provides for a covenant waiver on the financial maintenance
covenants included until September 2021, and therefore TUI will
benefit from the full availability of the facility next year. As of
May 10, 2020, TUI had about EUR2.1 billion in cash sources
available, including cash on balance sheet and funds available
through its RCF. However, given the disrupted operations and
expected decline in demand for summer holidays, we believe the
group will need further cash sources to cover fix costs and
outflows for customer refunds, interest, and minimum capital
expenditure (capex). We estimate total cash burn per month at about
EUR650 million at the current level of mostly suspended operations.
We also consider the material uncertainty around customer's
willingness and ability to travel internationally this year,
resulting in high uncertainty around TUI's business recovery path
following the end of lockdown this summer.

"We expect the gradual relaunch of the business from July 2020 will
reduce heavy monthly cash depletion.  While we believe that most EU
destinations and source markets will reopen for tourists from
mid-June 2020, we expect muted customer demand will only partly
fill capacity, resulting in price pressure and the risk that TUI's
fix costs will not be fully covered this summer. We also believe
holiday cancellations and refunds for customers already booked to
destinations outside the EU will likely continue, putting pressure
on cash generation. However, we also think refunds to customers
travelling to EU destinations, which form the largest part of TUI's
summer program, will likely stop from July. This, coupled with
reemerging customer bookings translating into cash inflows through
customer pre-payments, as well as the compensation from Boeing for
the ongoing grounding of TUI's 737 Max aircrafts will materially
lower TUI's monthly cash depletion. On balance, we believe that TUI
could still face somewhat negative free cash flow generation during
this year's summer holiday season, and that additional funding will
be required to sustain liquidity throughout the low season starting
from autumn, or even earlier if customer demand and new bookings
remain behind our expectation after lockdown ends this summer.

"The company's capital structure could become unsustainable due to
mounting debt, increasing risk of a debt restructuring.   Under our
base-case assumptions, TUI's cash burn during 2020 and potentially
beyond will pose significant risks to its capital structure. We
estimate the company will have EUR3.2 billion-EUR4.0 billion in
interest-bearing debt on the balance sheet (excluding all lease and
pension debt) by the end of fiscal 2020 (ending Sept. 30, 2020),
compared with only about EUR1.2 billion in fiscal 2019. This is
despite our expectation of successful execution of the Hapag-Lloyd
disposal, with expected net proceeds of about EUR650 million to be
received in summer 2020. Under our base case, we also estimate
TUI's earnings in fiscal 2021 will be materially below those in
2019, based on our estimated recovery path for TUI's business and
despite the announced fix cost reduction of up to 30%. As a
consequence, we believe that the company's capital structure could
become unsustainable and see a risk of restructuring in the medium
term, absent any material equity injection.

"Maturing notes in October 2021 heighten refinancing risk.  We also
note that KfW can terminate the new EUR1.8 billion liquidity early
if the EUR300 million senior unsecured notes are not refinanced
three months ahead of their maturity in October 2021. In light of
the current situation in the high-yield financial market and the
notes' trading levels, we see a new debt issue as unlikely in the
short term, thereby increasing refinancing risks."

Environmental, social, and governance (ESG) credit factors for this
credit rating change:  

-- Health and safety

S&P said, "The negative outlook reflects our view that TUI's
capital structure could become unsustainable, absent any material
equity injection. It also reflects the risk that the company could
deplete its liquidity in the low season in autumn, or even earlier
if customer demand falls below our expectation for this summer,
should it not obtain further liquidity lines."

S&P could lower the ratings further if it believes there is an
increased risk of default in the next 12 months. For example this
could occur if:

-- TUI is not successful in obtaining further liquidity lines over
the summer;

-- TUI is unable to improve its solvency, likely through some
equity injection, leading to increasing risk of interest
forbearance, or the launch of a broader debt restructuring; or

-- If TUI can't refinance the EUR300 million senior unsecured
notes over the next 12 months.

Ratings upside could build if, in S&P's view:

-- A stable macroeconomic and operating environment supports
better business performance and the attainment of financial metrics
as per S&P's base case;

-- The capital structure proves sustainable in the longer term,
demonstrated partly by a combination of reduced debt; material free
cash flows; and a manageable and refinance-able debt maturity
profile;

-- There is no liquidity pressure; and

-- There is no risk of default events occurring, including but not
limited to, a purchase of the group's debt below par, debt
restructuring, or interest forbearance.




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I R E L A N D
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AURIUM CLO IV: Moody's Confirms Class F Notes at B2
---------------------------------------------------
Moody's Investors Service has confirmed the ratings on the
following notes issued by Aurium CLO IV Designated Activity
Company:

EUR24,200,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2031, Confirmed at Baa2 (sf); previously on Apr 20, 2020 Baa2
(sf) Placed Under Review for Possible Downgrade

EUR20,300,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2031, Confirmed at Ba2 (sf); previously on Apr 20, 2020 Ba2
(sf) Placed Under Review for Possible Downgrade

EUR11,800,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2031, Confirmed at B2 (sf); previously on Apr 20, 2020 B2 (sf)
Placed Under Review for Possible Downgrade

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

EUR199,000,000 Class A-1 Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Apr 27, 2018 Definitive
Rating Assigned Aaa (sf)

EUR 30,000,000 Class A-2 Senior Secured Fixed Rate Notes due 2031,
Affirmed Aaa (sf); previously on Apr 27, 2018 Definitive Rating
Assigned Aaa (sf)

EUR 54,000,000 Class B Senior Secured Floating Rate Notes due 2031,
Affirmed Aa2 (sf); previously on Apr 27, 2018 Definitive Rating
Assigned Aa2 (sf)

EUR32,000,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2031, Affirmed A2 (sf); previously on Apr 27, 2018 Definitive
Rating Assigned A2 (sf)

Aurium CLO IV Designated Activity Company, issued in April 2018, is
a collateralised loan obligation backed by a portfolio of mostly
high-yield senior secured European loans. The portfolio is managed
by Spire Management Limited. The transaction's reinvestment period
will end in July 2022.

RATINGS RATIONALE

Its action concludes the rating review on the Class D, E and F
notes announced on April 20, 2020, "Moody's places ratings on 117
securities from 39 European CLOs on review for downgrade".

The credit quality has deteriorated as reflected in the increase in
the weighted average rating factor and an increase in the
proportion of securities from issuers with ratings of Caa1 or
lower. According to the trustee report dated April 2020 [1], the
WARF was 3266, compared with 2766 the April 2019 [2] report.
Securities with ratings of Caa1 or lower currently make up
approximately 6.23% of the underlying portfolio, versus 2.37% in
April 2019.

The over-collateralisation ratios of the rated notes have
deteriorated only marginally since April 2019. According to the
trustee report dated April 2020 [3], the Class A/B, Class C, Class
D and Class E OC ratios are reported at 141.33%, 126.97%, 117.91%
and 111.25% compared to April 2019 [4] levels of 141.46%, 127.09%,
118.02% and 111.35%, respectively. Moody's notes none of the OC
tests are in breach and the transaction remains in compliance with
the following collateral quality tests: Diversity Score, Weighted
Average Recovery Rate, Weighted Average Spread (WAS) and Weighted
Average Life.

Despite the credit quality deterioration stemming from the
coronavirus outbreak, Moody's concluded that the expected losses on
the notes continue to be consistent with the current ratings after
taking into account the CLO's latest portfolio, its relevant
structural features and its actual over-collateralisation levels.
Consequently, Moody's has confirmed the ratings on the Classes D, E
and F notes and affirmed the ratings on the Classes A-1, A-2, B and
C notes.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base case,
Moody's analysed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR 399.9 million,
a weighted average default probability of 27.9% (consistent with a
WARF of 3297 over a weighted average life of 6.24 years), a
weighted average recovery rate upon default of 44.18% for a Aaa
liability target rating, a diversity score of 50 and a weighted
average spread of 3.64%.

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

Its analysis has considered the effect of the coronavirus outbreak
on the global economy as well as the effects that the announced
government measures, put in place to contain the virus, will have
on the performance of corporate assets.

The contraction in economic activity in the second quarter will be
severe and the overall recovery in the second half of the year will
be gradual. However, there are significant downside risks to its
forecasts in the event that the pandemic is not contained and
lockdowns have to be reinstated. As a result, the degree of
uncertainty around its forecasts is unusually high. Moody's regards
the coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
March 2019.

Counterparty Exposure:

Its rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance" published in June 2020. Moody's concluded the
ratings of the notes are not constrained by these risks.

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

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
notes, in light of uncertainty about credit conditions in the
general economy. CLO notes' performance may also be impacted either
positively or negatively by: (1) the manager's investment strategy
and behaviour; and (2) divergence in the legal interpretation of
CDO documentation by different transactional parties because of
embedded ambiguities.

Additional uncertainty about performance is due to the following:

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

  - Other collateral quality metrics: Because the deal can
reinvest, the manager can erode the collateral quality metrics'
buffers against the covenant levels.

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


AVOCA CLO XVI: Fitch Maintains B- on Class F-R Debt on Watch Neg.
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Fitch Ratings has maintained two tranches of Avoca CLO XVI D.A.C.
on Rating Watch Negative and affirmed the others.

Avoca CLO XVI D.A.C.      

  - Class A-1R XS1858999003; LT AAAsf; Affirmed

  - Class A-2R XS1858999185; LT AAAsf; Affirmed

  - Class B-1R XS1858999698; LT AAsf; Affirmed

  - Class B-2R XS1859004365; LT AAsf; Affirmed

  - Class B-3R XS1858999771; LT AAsf; Affirmed

  - Class C-1R XS1859000371; LT Asf; Affirmed

  - Class C-2R XS1859000298; LT Asf; Affirmed

  - Class D-R XS1859394212; LT BBBsf; Affirmed

  - Class E-R XS1859000538; LT BBsf; Rating Watch Maintained

  - Class F-R XS1859000702; LT B-sf; Rating Watch Maintained

  - Class X XS1859394055; LT AAAsf; Affirmed

TRANSACTION SUMMARY

This is a cash flow CLO mostly comprising senior secured
obligations. The transaction is still within its reinvestment
period and is actively managed by the collateral manager

KEY RATING DRIVERS

Portfolio Performance Deteriorates:

The RWN on the two tranches reflect the deterioration of the
portfolio as a result of the negative rating migration of the
underlying assets in light of the coronavirus pandemic. The
transaction is above target par. Reflecting the worsened credit
quality of the portfolio he Fitch-calculated weighted average
rating factor of the portfolio increased to 34.97 at May 30, 2020
compared with the trustee-reported WARF of 34.18 dated April 30,
2020.

The 'CCCsf' or below category assets (including non-rated assets)
represent, according to Fitch's calculation, 8.2% (including
unrated names), which is above the 7.5% limit. The transaction is
passing all other tests, including the over-collateralisation and
interest coverage tests.

'B'/'B-' Portfolio Credit Quality:

Fitch places the average credit quality of obligors in the 'B'/'B-'
range.

High Recovery Expectations:

Senior secured obligations comprise at least 96% of the portfolio.
Fitch views the recovery prospects for these assets as more
favourable than for second-lien, unsecured and mezzanine assets.
The Fitch-calculated weighted average recovery rate of the current
portfolio is 67.11%.

Portfolio Composition:

The top-10 obligors' concentration is 16.68% and no obligor
represents more than 2.11% of the portfolio balance. The largest
industry is business services at 13.84% of the portfolio balance,
followed by healthcare at 12.9% and computer and electronics at
11.02%.

Cash Flow Analysis:

Fitch used a customised proprietary cash flow model to replicate
the principal and interest waterfalls and the various structural
features of the transaction, as well as to assess their
effectiveness, including the structural protection provided by
excess spread diverted through the par value and interest coverage
tests. The transaction was modelled using the current portfolio
based on both the stable and rising interest-rate scenarios and the
front-, mid- and back-loaded default timing scenarios as outlined
in Fitch's criteria. In addition, Fitch also tested the current
portfolio with a coronavirus sensitivity analysis to estimate the
resilience of the notes' ratings. The analysis for the portfolio
with a coronavirus sensitivity analysis was only based on the
stable interest-rate scenario including all default timing
scenarios.

The model-implied rating for the class F notes is one notch below
the current rating. The committee decided to deviate from the
model-implied rating on the above class as it was driven by the
back-loaded default timing scenario only. The ratings across the
capital structure are in line with the majority of Fitch-rated EMEA
CLOs. The RWN has been maintained as it shows shortfalls even at
the current rating and in the coronavirus sensitivity scenario as
described below.

When conducting cash flow analysis, Fitch's model first projects
the portfolio's scheduled amortisation proceeds and any prepayments
for each reporting period of the transaction life assuming no
defaults (and no voluntary terminations, when applicable). In each
rating stress scenario, such scheduled amortisation proceeds and
prepayments are then reduced by a scale factor equivalent to the
overall percentage of loans that are not assumed to default (or to
be voluntarily terminated, when applicable). This adjustment avoids
running out of performing collateral due to amortisation and
ensures all of the defaults projected to occur in each rating
stress are realised in a manner consistent with Fitch's published
default timing curve.

RATING SENSITIVITIES

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

At closing, Fitch used a standardised stress portfolio (Fitch's
Stress Portfolio) that is customised to the specific portfolio
limits for the transaction as specified in the transaction
documents. Even if the actual portfolio shows lower defaults and
smaller losses (at all rating levels) than Fitch's Stressed
Portfolio assumed at closing, an upgrade of the notes during the
reinvestment period is unlikely, given the portfolio's credit
quality may still deteriorate, not only by natural credit
migration, but also by reinvestments.

After the end of the reinvestment period, upgrades may occur in
case of a better-than-expected portfolio credit quality and deal
performance, leading to higher credit enhancement and excess spread
available to cover for losses on the remaining portfolio. For more
information on Fitch's Stressed portfolio and initial model-implied
rating sensitivities for the transaction, see the new issue
report.

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

Downgrades may occur if the build-up of credit enhancement
following amortisation does not compensate for a larger loss
expectation than initially assumed due to unexpectedly high levels
of default and portfolio deterioration. As the disruptions to
supply and demand due to COVID-19 become apparent for other
vulnerable sectors, loan ratings in those sectors would also come
under pressure. Fitch will update the sensitivity scenarios in line
with the view of its Leveraged Finance team.

Coronavirus Baseline Scenario Impact:

Fitch carried out a sensitivity analysis on the target portfolio to
determine the coronavirus baseline scenario. The agency notched
down the ratings for all assets with corporate issuers on Negative
Outlook regardless of sector. This scenario demonstrates the
resilience of the current ratings with cushions except for the
class E and F notes, which show sizeable shortfalls.

In addition to the baseline scenario, Fitch has defined a downside
scenario for the current crisis, whereby all ratings in the 'B'
category would be downgraded by one notch and recoveries would be
15% lower. For typical European CLOs, this scenario results in a
rating category change for all ratings.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

The majority of the underlying assets have ratings or credit
opinions from Fitch and/or other nationally recognised statistical
rating organisations and/or European Securities and Markets
Authority-registered rating agencies. Fitch has relied on the
practices of the relevant groups within Fitch and/or other rating
agencies to assess the asset portfolio information.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.


CAIRN CLO VI: Fitch Maintains B- on Class F-R Notes on Watch Neg.
-----------------------------------------------------------------
Fitch Ratings has affirmed all tranches of Cairn CLO VI B.V. except
for class E and F notes, which remain on Rating Watch Negative.

Cairn CLO VI B.V.      

  - Class A-R XS1850309466; LT AAAsf; Affirmed

  - Class B-R XS1850309896; LT AAsf; Affirmed

  - Class C-R XS1850310126; LT Asf; Affirmed

  - Class D-R XS1850310555; LT BBBsf; Affirmed

  - Class E-R XS1850310803; LT BBsf; Rating Watch Maintained

  - Class F-R XS1850310985; LT B-sf; Rating Watch Maintained

TRANSACTION SUMMARY

Cairn CLO VI B.V. is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine and second-lien loans. Note proceeds were used to fund a
portfolio with a target par of EUR350 million. The portfolio is
actively managed by Cairn Loan Investments LLP. The collateralised
loan obligation has a 4.5-year reinvestment period, which ends in
July 2020.

KEY RATING DRIVERS

Portfolio Performance Stabilises

The affirmation of all the ratings in the transaction reflects the
stabilisation of the portfolio's performance after negative rating
migration of the underlying assets due to the coronavirus pandemic.
The Fitch weighted average rating factor test and the 'CCC' limit
would both have been breached under Fitch's calculation based on
ratings as of 30 May 2020.

The WARF of the portfolio as of 30 May 2020 increased to 35.11
under Fitch's calculation, from a reported 34.44 as of 15 May 2020.
The 'CCC' category or below assets (including unrated assets at
1.5%) represented 8.21%, over the 7.5% limit, while assets with a
Fitch-derived rating on Outlook Negative were at 17.42% of the
portfolio balance. All Fitch collateral quality tests, portfolio
profile tests, overcollateralisation and interest coverage tests,
were passing except for the Fitch WARF.

'B'/'B-' Category Portfolio Credit Quality

Fitch assesses the average credit quality of obligors in the
'B'/'B-' category.

High Recovery Expectations

All of the assets are reported as senior secured obligations. Fitch
views the recovery prospects for these assets as more favourable
than for second-lien, unsecured and mezzanine assets. The Fitch
weighted average recovery rate of the current portfolio is 65.5%.

Portfolio Composition

The portfolios are well-diversified across obligors, countries and
industries. The top-10 obligors' exposure is 17.6% and no obligor
represents more than 2.5% of the portfolio balance. The largest
industry is business services at 14.85% of the portfolio balance,
followed by healthcare at 13.37% and chemicals at 12.08%.

The exposure to the eight sectors considered high-risk due to the
coronavirus pandemic is 12.66%. These sectors are automobiles,
aerospace and defence, gaming, leisure and entertainment, lodging
and restaurants, oil and gas, metal and mining, retail, and
transportation (airlines). The portfolio has no exposure to oil and
gas, or metal and mining.

Cash Flow Analysis

Fitch used a customised proprietary cash flow model to replicate
the principal and interest waterfalls and the various structural
features of the transaction, and to assess their effectiveness,
including the structural protection provided by excess spread
diverted through the par value and interest coverage tests. The
transaction was modelled using the current portfolio based on both
the stable and rising interest-rate scenarios and the front-, mid-
and back-loaded default timing scenarios as outlined in Fitch's
criteria.

Fitch also tests the current portfolio with a coronavirus
sensitivity analysis to estimate the resilience of the notes'
ratings. The analysis for the portfolio with the coronavirus
sensitivity analysis was only based on the stable interest-rate
scenario including all default timing scenarios.

The model-implied rating for the class E notes is one notch below
the current rating. The committee decided to deviate from the
model-implied ratings on the class E notesas the model-implied
rating was driven by the back-loaded default timing scenario, which
the committee considered unlikely.

The RWN for the class E and F notes is maintained, as they show
shortfalls even with the updated ratings and under the COVID-19
sensitivity scenario.

Fitch's cash flow analysis model first projects the portfolio's
scheduled amortisation proceeds and any prepayments for each
reporting period of the transaction life assuming no defaults (and
no voluntary terminations, when applicable). In each rating stress
scenario, such scheduled amortisation proceeds and prepayments are
then reduced by a scale factor equivalent to the overall percentage
of loans not assumed to default (or to be voluntarily terminated,
when applicable).

This adjustment avoids running out of performing collateral due to
amortisation and ensures all the defaults projected to occur in
each rating stress are realised in a manner consistent with Fitch's
published default timing curve.

RATING SENSITIVITIES

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

At closing, Fitch used a standardised stress portfolio (Fitch's
Stress Portfolio) customised to the specific portfolio limits for
the transaction as specified in its documents. Even if the actual
portfolio shows lower defaults and smaller losses (at all rating
levels) than Fitch's Stressed Portfolio assumed at closing, an
upgrade of the notes during the reinvestment period is unlikely as
the portfolio's credit quality may still deteriorate, not only
through natural credit migration, but also through reinvestments.

Upgrades may occur after the end of the reinvestment period if the
portfolio shows better-than-expected credit quality and
performance, leading to higher credit enhancement and excess spread
available to cover for losses on the remaining portfolio.

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

Downgrades may occur if the build-up of the notes' credit
enhancement following amortisation does not compensate for a larger
loss expectation than initially assumed due to unexpectedly high
default and portfolio deterioration. As the disruptions to supply
and demand due to COVID-19 for other vulnerable sectors become
apparent, loan ratings in those sectors will also come under
pressure. Fitch will update the sensitivity scenarios in line with
the view of its Leveraged Finance team.

Coronavirus Baseline Scenario Impact

Fitch carried out a sensitivity analysis on the target portfolio to
envisage the coronavirus baseline scenario. The agency notched down
the ratings for all assets with corporate issuers on Negative
Outlook regardless of sector. This scenario shows the resilience of
the current ratings with cushions except for the class E and F
notes. This supports the affirmation of all tranches except class E
and F notes, which remain on RWN.

In addition to the base scenario, Fitch has defined a downside
scenario for the current coronavirus crisis, whereby all ratings in
the 'B' category would be downgraded by one notch and recoveries
would be lowered by 15%. For typical European CLOs this scenario
results in a category rating change for all ratings.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to Fitch in relation to
this rating action.

DATA ADEQUACY

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognised Statistical Rating Organisations and/or European
Securities and Markets Authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information.

Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.


CARLYLE GLOBAL 2015-2: Fitch Affirms B- Rating on Class E Debt
--------------------------------------------------------------
Fitch Ratings has affirmed Carlyle Global Market Strategies Euro
CLO 2015-2 DAC.

Carlyle Global Market Strategies Euro CLO 2015-2 DAC

  - Class A-1A-R XS1665115421; LT AAAsf; Affirmed

  - Class A-1B-R XS1665115777; LT AAAsf; Affirmed

  - Class A-2A-R XS1665115934; LT AAsf; Affirmed

  - Class A-2B-R XS1665116155; LT AAsf; Affirmed

  - Class B-R XS1665116239; LT Asf; Affirmed

  - Class C-R XS1665116312; LT BBBsf; Affirmed

  - Class D-R XS1665116742; LT BBsf; Affirmed

  - Class E XS1257961331; LT B-sf; Affirmed

TRANSACTION SUMMARY

Carlyle Global Market Strategies Euro CLO 2015-2 DAC is a cash flow
collateralised loan obligation. Net proceeds from the notes were
used to purchase a EUR400 million portfolio of mainly
euro-denominated leveraged loans and bonds. The underlying
portfolio of assets is managed by CELF Advisors LLP.

KEY RATING DRIVERS

'B'/'B-' Category Portfolio Credit Quality

Fitch assesses the average credit quality of obligors in the
'B'/'B-' category. The Fitch weighted average rating factor of the
current portfolio is 38.52.

High Recovery Expectations

99% of the portfolio comprises senior secured obligations. Fitch
views the recovery prospects for these assets as more favourable
than for second-lien, unsecured and mezzanine assets. Fitch's
weighted average recovery rate of the current portfolio is 64.69%.

Portfolio Composition

The portfolio is well diversified across obligors, countries and
industries. Exposure to the top 10 obligors is 14.85% and no
obligor represents more than 1.69% of the portfolio balance. The
largest industry is business services at 15.54% of the portfolio
balance, followed by computer and electronics at 11.42% and
computer and chemicals at 9.50%.

Coronavirus Baseline Sensitivity Analysis

The agency has notched down the ratings for all underlying assets
with corporate issuers with a Negative Outlook regardless of the
sectors. The model-implied ratings for the affected tranches under
the coronavirus sensitivity test are below the current ratings. In
Fitch's view, tranches on Negative Outlook have slightly higher
resilience than tranches on Rating Watch Negative.

The affirmations of the investment-grade tranches reflect its
analysis that the respective ratings can withstand the coronavirus
baseline sensitivity analysis with cushion. This supports the
Stable Outlook on these ratings.

Cash Flow Analysis

Fitch used a customised proprietary cash flow model to replicate
the principal and interest waterfalls and the various structural
features of the transaction, as well as to assess their
effectiveness, including the structural protection provided by
excess spread diverted through the par value and interest coverage
tests. The transaction was modelled using the stress and current
portfolio based on both stable and rising interest-rate scenarios
and the front-, mid-, and back-loaded default timing scenarios, as
outlined in Fitch's criteria. Fitch also tested the stress and
current portfolio with a coronavirus sensitivity analysis to
estimate the resilience of the notes' ratings. The coronavirus
sensitivity analysis was only based on the stable interest-rate
scenario including all default timing scenarios.

When conducting cash flow analysis, Fitch's model first projects
the portfolio's scheduled amortisation proceeds and any prepayments
for each reporting period of the transaction life, assuming no
defaults (and no voluntary terminations, when applicable).

In each rating stress scenario, such scheduled amortisation
proceeds and prepayments are then reduced by a scale factor
equivalent to the overall percentage of loans not assumed to
default (or to be voluntarily terminated, when applicable). This
adjustment avoids running out of performing collateral due to
amortisation, and ensures all of the defaults projected to occur in
each rating stress are realised in a manner consistent with Fitch's
published default timing curve.

Deviation from Model-Implied Ratings

The model-implied ratings for the class A-1A-R, A-1B-R, A-4A-R,
A-2B-R, B-R and C-R notes are one notch above the current ratings.
Fitch has deviated from the model-implied ratings on these classes
as there are shortfalls when the coronavirus sensitivity is applied
to the stress portfolio.

RATING SENSITIVITIES

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

A reduction of the mean Rating Default Rate (RDR) at all rating
levels by 25% and an increase in the Rating Recovery Rate (RRR) by
25% at all rating levels would result in upgrades of no more than
five notches across the structure.

Upgrades, except for the class A-1A-R and A-2A-R notes, which are
already at the highest 'AAAsf' rating, may occur in case of a
better-than expected portfolio credit quality and deal performance,
leading to higher credit enhancement and excess spread available to
cover for losses on the remaining portfolio. If the assets
prepayment speed is higher than expected and outweighs the negative
pressure of the portfolio migration, this could increase credit
enhancement and add upgrade pressure to the 'AAsf' rated notes.
However, upgrades are not expected in the near term in light of the
pandemic.

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

An increase of the mean RDR at all rating levels by 25% and a
decrease of the RRR by 25% at all rating levels will result in
downgrades of one to five notches across the structure.

Downgrades may occur if the build-up of the notes' credit
enhancement following amortisation does not compensate for a larger
loss expectation than initially assumed due to an unexpectedly high
level of default and portfolio deterioration. As the disruptions to
supply and demand due to the coronavirus disruption become apparent
for other vulnerable sectors, loan ratings in those sectors would
also come under pressure. Fitch will update the sensitivity
scenarios in line with the views of its leveraged finance team.

Coronavirus Baseline Scenario Impact

Fitch carried out a sensitivity analysis on the target portfolio to
envisage the coronavirus baseline scenario. It notched down the
ratings for all assets with corporate issuers on Negative Outlook
regardless of sector. This scenario shows the resilience of the
current ratings with cushions. This supports the affirmation of
these tranches.

In addition to the baseline scenario, Fitch has defined a downside
scenario for the current coronavirus crisis, whereby all ratings in
the 'B' category would be downgraded by one notch and recoveries
would be lowered by 15%. For typical European CLOs this scenario
results in a rating category change for all ratings.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to Fitch in relation to
this rating action.

DATA ADEQUACY

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognised Statistical Rating Organisations and/or European
Securities and Markets Authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information.

Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.


CONTEGO CLO II: Fitch Affirms Class F-R Debt at 'B-sf'
------------------------------------------------------
Fitch Ratings has affirmed Contego CLO II B.V.

Contego CLO II B.V.      

  - Class A-R XS1646967072; LT AAAsf; Affirmed

  - Class B-R XS1646963246; LT AA+sf; Affirmed

  - Class C-R XS1646963758; LT Asf; Affirmed

  - Class D-R XS1646964210; LT BBBsf; Affirmed

  - Class E-R XS1646964996; LT BBsf; Affirmed

  - Class F-R XS1646965613; LT B-sf; Affirmed

TRANSACTION SUMMARY

Contego II CLO B.V. is a cash flow CLO mostly comprising senior
secured obligations. The transaction is out of its reinvestment
period and the portfolio is currently amortising. It is managed by
Five Arrows Managers LLP

KEY RATING DRIVERS

Transaction Deleveraging

The affirmation reflects the transaction's deleveraging since the
end of the reinvestment period in November 2018. The class A-1-R
notes have paid-down by EUR 1.79 million. The transaction is
currently below its reinvestment target par by 51bp. As a result,
overall credit enhancement has marginally reduced.

Portfolio Management

The affirmation also reflects the transaction's satisfactory
performance despite negative rating migration of the underlying
assets in light of the COVID-19 pandemic. As per the trustee report
dated 04 May 2020, the transaction is passing all coverage tests,
portfolio profile tests and collateral quality tests and there are
no defaulted assets in the portfolio.

The Fitch calculated weighted average rating factor as of May 30,
2020 is 34.88, slightly higher than the trustee reported Fitch WARF
34 and the Fitch calculated 'CCC' category or below assets
(including the non-rated names) represented 9.11% compared with
trustee reported 5.05% of the portfolio against the limit of
7.50%.

After the end of reinvestment period, the manager can reinvest the
sale proceeds of credit improved obligations, credit impaired
obligations and unscheduled principal proceeds subject to
satisfaction of the reinvestment criteria including the
satisfaction of the Fitch WARF test, 'CCC' limit test and the
weighted average life test at all times. As per the trustee report,
the WAL of the portfolio is 4.11 years against the covenant of 4.20
and the Fitch WARF is 34.0 against the covenant of 34.5, leaving
very small headroom for these tests to be passing. If the tests are
breached, the manager will not be allowed to reinvest further and
the portfolio can become static.

Asset Credit Quality

'B'/'B-' Category Portfolio Credit Quality: Fitch assesses the
average credit quality of obligors to be in the 'B'/'B-' category.
The Fitch weighted average rating factor of the current portfolio
is 34.88.

Asset Security

High Recovery Expectations: 97.3% of the portfolios comprise senior
secured obligations. Fitch views the recovery prospects for these
assets as more favourable than for second-lien, unsecured and
mezzanine assets. Fitch's weighted average recovery rate of the
current portfolio is 66.41%.

Portfolio More Concentrated

The portfolio is concentrated with only 99 assets from 90 obligors.
The top 10 obligors' exposure is 21.36% and the largest single
obligor represents 2.40% of the portfolio balance against the limit
of 3.00%. The Fitch-calculated largest industry represents 18.5%
(trustee reported: 11.9%) of the portfolio against a limit of 17.5%
and the top three industries represent 39.3% against the limit of
40.0%. These concentration levels could increase further as the
portfolio amortises. For reinvestment purposes, the portfolio
profile tests should be satisfied or if failing, maintained or
improved.

Cash Flow Analysis

Fitch used a customised proprietary cash flow model to replicate
the principal and interest waterfalls and the various structural
features of the transaction, as well as to assess their
effectiveness, including the structural protection provided by
excess spread diverted through the par value and interest coverage
tests. The transaction was modelled using the current portfolio
based on both the stable, decreasing and rising interest-rate
scenarios and the front-, mid- and back-loaded default timing
scenario as outlined in Fitch's criteria. In addition, Fitch also
tests the current portfolio with a coronavirus sensitivity analysis
to estimate the resilience of the notes' ratings. The analysis for
the portfolio with a coronavirus sensitivity analysis was only
based on the stable interest-rate scenario including all default
timing scenarios.

When conducting cash flow analysis, Fitch's model first projects
the portfolio scheduled amortisation proceeds and any prepayments
for each reporting period of the transaction life assuming no
defaults (and no voluntary terminations, when applicable). In each
rating stress scenario, such scheduled amortisation proceeds and
prepayments are then reduced by a scale factor equivalent to the
overall percentage of loans that are not assumed to default (or to
be voluntary terminated, when applicable). This adjustment avoids
running out of performing collateral due to amortisation and
ensures all of the defaults projected to occur in each rating
stress are realised in a manner consistent with Fitch's published
default timing curve.

Criteria Variation

At present 20.36% of the portfolio's assets have maturities close
legal final maturity of the notes. To address this risk Fitch
applied a haircut of 15% on the recovery rates to 20% of the
portfolio's assets. This proportion may increase further due to
reinvestments, but any reinvestment is subject to satisfaction of
the WAL test.

RATING SENSITIVITIES

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

A reduction of the default rate at all rating levels by 25% of the
mean RDR and an increase in the recovery rate by 25% at all rating
levels would result in an upgrade of up to five notches across the
structure.

  - Except for the class A-R notes, which are already at the
highest 'AAAsf' rating, upgrades may occur in case of better than
expected portfolio credit quality and deal performance, leading to
higher credit enhancement and excess spread available to cover for
losses on the remaining portfolio. If the asset prepayment speed is
faster than expected and outweighs the negative pressure of the
portfolio migration, this could increase credit enhancement and add
upgrade pressure on the 'AA+sf' rated notes. However, upgrades are
not expected in the near term in light of the coronavirus
pandemic.

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

  - An increase of the RDR at all rating levels by 25% of the mean
RDR and a decrease of the RRR by 25% at all rating levels will
result in downgrades of at least one notch but no more than four
notches across the structure.

  - Downgrades may occur if the build-up of credit enhancement
following amortisation does not compensate for a larger loss
expectation than initially assumed due to unexpectedly high level
of default and portfolio deterioration. As the disruptions to
supply and demand due to COVID-19 become apparent for other
vulnerable sectors, loan ratings in those sectors would also come
under pressure. Fitch will update the sensitivity scenarios in line
with the view of its Leveraged Finance team.

Coronavirus Baseline Scenario Impact

Fitch carried out a sensitivity analysis on the current portfolio
to envisage the coronavirus baseline scenario. The agency notched
down the ratings for all assets with corporate issuers on Negative
Outlook regardless of sector. They represent 24.4 % of the
portfolio balance. This scenario shows the resilience of the
current ratings of all classes of notes. This supports the
affirmation for all tranches.

Coronavirus Downside Scenario

In addition to the base scenario Fitch has defined a downside
scenario for the current crisis, where by all ratings in the 'Bsf'
category would be downgraded by one notch and recoveries would be
lower by a haircut factor of 15%. For typical European CLOs this
scenario results in a rating category change for all ratings.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to Fitch in relation to
this rating action.

DATA ADEQUACY

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognised Statistical Rating Organisations and/or European
Securities and Markets Authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information.

Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.


HALCYON LOAN 2017-2: Moody's Cuts Class D Secured Notes to Ba1
--------------------------------------------------------------
Moody's Investors Service has downgraded the ratings on the
following notes issued by Halcyon Loan Advisors European Funding
2017-2 Designated Activity Company:

EUR 22,250,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Downgraded to A3 (sf); previously on Dec 20, 2017
Definitive Rating Assigned A2 (sf)

EUR 19,100,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Downgraded to Ba1 (sf); previously on Apr 20, 2020
Baa2 (sf) Placed Under Review for Possible Downgrade

EUR 15,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Downgraded to Ba3 (sf); previously on Apr 20, 2020
Ba2 (sf) Placed Under Review for Possible Downgrade

EUR 10,100,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2031, Downgraded to B2 (sf); previously on Apr 20, 2020
B1 (sf) Placed Under Review for Possible Downgrade

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

EUR 193,000,000 Class A Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Dec 20, 2017 Definitive
Rating Assigned Aaa (sf)

EUR 29,000,000 Class B-1 Senior Secured Floating Rate Notes due
2031, Affirmed Aa2 (sf); previously on Dec 20, 2017 Definitive
Rating Assigned Aa2 (sf)

EUR 12,500,000 Class B-2 Senior Secured Fixed Rate Notes due 2031,
Affirmed Aa2 (sf); previously on Dec 20, 2017 Definitive Rating
Assigned Aa2 (sf)

Halcyon Loan Advisors European Funding 2017-2 Designated Activity
Company, issued in December 2017, is a collateralised loan
obligation backed by a portfolio of mostly high-yield senior
secured European loans. The portfolio is managed by Halcyon (now
Bardin Hill). The transaction's reinvestment period will end in
January 2022.

RATINGS RATIONALE

Its actions conclude the rating review on the Class D, E and F
notes announced on April 20, 2020 as a result of the deterioration
of the credit quality and/or the reduction of the par amount of the
portfolio following from the coronavirus outbreak.

Stemming from the coronavirus outbreak, the credit quality has
significantly deteriorated as reflected in the increase in Weighted
Average Rating Factor and of the proportion of securities from
issuers with ratings of Caa1 or lower. WARF worsened by about 22%
to 3657 from 2999 in January 2020 and is now significantly above
the reported covenant of 3008. Securities with default probability
ratings of Caa1 or lower have increased to 13.2% from 5.5% in
January 2020 triggering the application of an
over-collateralisation haircut to the computation of the OC tests.
Consequently, the OC levels have weakened across the capital
structure. According to the trustee report dated May 2020 the Class
A/B, Class C, Class D, Class E and Class F OC ratios are reported
at 134.4%, 122.7%, 114.2%, 108.1% and 104.5% compared to January
2020 138.5%, 126.5%, 117.7%, 111.4%, and 107.7% respectively. While
currently not in breach, the cushion on the E and F OC tests is
only about 1%.

Moody's also notes that the transaction reports negative cash
exposure of around EUR22m which could further erode key credit
quality and OC metrics given that assets would need to be sold in
current market conditions to close out this position. Also,
reported WARF and proportion of securities with default probability
ratings of Caa1 or lower have worsened by 708 points and 2.5 times
respectively compared to March 2020 data based on which Classes D,
E and F notes were placed on review for possible downgrade. As a
result of all of the foregoing, the credit quality of the Class C
notes, which were previously not placed on review, has also been
impacted.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base case,
Moody's analysed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR322.95m ,
defaulted par of EUR1.50m, a weighted average default probability
of 30.80 % (consistent with a WARF of 3729 over a weighted average
life of 5.9 years), a weighted average recovery rate upon default
of 44.47% for a Aaa liability target rating, a diversity score of
53 and a weighted average spread of 3.87%.

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

Its analysis has considered the effect of the coronavirus outbreak
on the global economy as well as the effects that the announced
government measures, put in place to contain the virus, will have
on the performance of corporate assets.

The contraction in economic activity in the second quarter will be
severe and the overall recovery in the second half of the year will
be gradual. However, there are significant downside risks to its
forecasts in the event that the pandemic is not contained and
lockdowns have to be reinstated. As a result, the degree of
uncertainty around its forecasts is unusually high. Moody's regards
the coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.

Principal Methodology:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
March 2019.

Counterparty Exposure:

Its rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance" published in June 2020. Moody's concluded the
ratings of the notes are not constrained by these risks.

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

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the note,
in light of uncertainty about credit conditions in the general
economy. In particular, the length and severity of the economic and
credit shock precipitated by the global coronavirus pandemic will
have a significant impact on the performance of the securities. CLO
notes' performance may also be impacted either positively or
negatively by 1) the manager's investment strategy and behaviour
and 2) divergence in the legal interpretation of CDO documentation
by different transactional parties because of embedded
ambiguities.

Additional uncertainty about performance is due to the following:

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

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

- Other collateral quality metrics: Because the deal can reinvest,
the manager can erode the collateral quality metrics' buffers
against the covenant levels.

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


HARVEST CLO IX: Fitch Keeps B- on Class F-R Notes on Watch Neg.
---------------------------------------------------------------
Fitch Ratings has affirmed five tranches of Harvest CLO IX DAC and
maintained two tranches on Rating Watch Negative.

Harvest CLO IX DAC      

  - Class A-R XS1653043734; LT AAAsf; Affirmed

  - Class B-1-R XS1653044039; LT AAsf; Affirmed

  - Class B-2-R XS1659810573; LT AAsf; Affirmed

  - Class C-R XS1653044385; LT Asf; Affirmed

  - Class D-R XS1653044625; LT BBBsf; Affirmed

  - Class E-R XS1653045192; LT BBsf; Rating Watch Maintained

  - Class F-R XS1653045432; LT B-sf; Rating Watch Maintained

TRANSACTION SUMMARY

Harvest CLO IX DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine and second-lien loans. The transaction is still within
its reinvestment period and is actively managed by the collateral
manager.

KEY RATING DRIVERS

Portfolio Performance Deterioration

The RWN on the two tranches reflects the deterioration of the
portfolio as a result of negative rating migration of the
underlying assets in light of the coronavirus pandemic. In
addition, the transaction is below par by 1.54%. However, it shows
good performance, passing all tests except for the Fitch weighted
average rating factor. By Fitch's calculation, the WARF of the
portfolio has increased to 34.53 from a trustee reported 32.99 as
of March 31, 2020. Assets with a Fitch-derived rating in the 'CCC'
category or below represent 7.17%, according to Fitch's
calculation, which is within the 7.5% limit.

The RWN on the class E and F notes reflects Fitch's view that these
sub-investment-grade tranches may be exposed to negative impacts of
the pandemic in the near term as they show some shortfalls under
the coronavirus baseline scenario sensitivity analysis.

Asset Credit Quality

'B'/'B-' Category Portfolio Credit Quality: Fitch assesses the
average credit quality of obligors to be in the 'B'/'B-' category.
The Fitch WARF of the current portfolio is 34.53.

Asset Security

High Recovery Expectations: Senior secured obligations comprise
98.25% of the portfolios. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch's weighted average recovery rate of the
current portfolio is 65.75%.

Portfolio Composition

The portfolios are well diversified across obligors, countries and
industries. The top 10 obligor's exposure is 14.21% and no obligor
represents more than 1.75% of the portfolio balance. The largest
industry is business services at 21.5% of the portfolio balance,
followed by healthcare at 10.71% and chemicals at 9.77%.

Cash Flow Analysis

Fitch used a customised proprietary cash flow model to replicate
the principal and interest waterfalls and the various structural
features of the transaction, as well as to assess their
effectiveness, including the structural protection provided by
excess spread diverted through the par value and interest coverage
tests. The transaction was modelled using the current portfolio
based on both the stable and rising interest rate scenario and the
front, mid- and back-loaded default timing scenario as outlined in
Fitch's criteria. In addition, Fitch tested the portfolio with a
coronavirus sensitivity analysis to estimate the resilience of the
notes' ratings. The analysis for the portfolio with a coronavirus
sensitivity analysis was only based on the stable interest rate
scenario including all default timing scenarios.

When conducting its cash flow analysis, Fitch's model first
projects the portfolio scheduled amortisation proceeds and any
prepayments for each reporting period of the transaction life
assuming no defaults (and no voluntary terminations, when
applicable). In each rating stress scenario, such scheduled
amortisation proceeds and prepayments are then reduced by a scale
factor equivalent to the overall percentage of loans that are not
assumed to default (or to be voluntary terminated, when
applicable). This adjustment avoids running out of performing
collateral due to amortisation and ensures all of the defaults
projected to occur in each rating stress are realised in a manner
consistent with Fitch's published default timing curve.

RATING SENSITIVITIES

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

The transactions feature a reinvestment period and the portfolio is
actively managed. At closing, Fitch uses a standardised stress
portfolio (Fitch's Stressed Portfolio) that is customised to the
specific portfolio limits for the transaction as specified in the
transaction documents. Even if the actual portfolio shows lower
defaults and smaller losses (at all rating levels) than Fitch's
Stressed Portfolio assumed at closing, an upgrade of the notes
during the reinvestment period is unlikely, given the portfolio
credit quality may still deteriorate, not only by natural credit
migration, but also by reinvestments. After the end of the
reinvestment period, upgrades may occur in case of a
better-than-initially expected portfolio credit quality and deal
performance, leading to higher credit enhancement for the notes and
excess spread available to cover for losses on the remaining
portfolio.

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

Downgrades may occur if the build-up of credit enhancement for the
notes following amortisation does not compensate for a
larger-than-initially assumed loss expectation due to an
unexpectedly high level of default and portfolio deterioration. As
the disruptions to supply and demand due to the coronavirus for
other sectors become apparent, loan ratings in such sectors would
also come under pressure. Fitch will resolve the RWN over the
coming months when it observes rating actions on the underlying
loans.

Coronavirus Baseline Scenario Impact:

Fitch carried out a sensitivity analysis on the target portfolio to
envisage the coronavirus baseline scenario. It notched down the
ratings for all assets with corporate issuers on Negative Outlook
regardless of sector. This scenario shows the resilience of the
current ratings with cushions, except for the class E and F notes,
which show sizeable shortfalls.

In addition to the base scenario, Fitch has defined a downside
scenario for the current coronavirus crisis, whereby all ratings in
the 'B' category would be downgraded by one notch and recoveries
would be lowered by 15%. For typical European CLOs this scenario
results in a rating category change for all ratings.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to Fitch in relation to
this rating action.

DATA ADEQUACY

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognised Statistical Rating Organisations and/or European
Securities and Markets Authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information.

Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.


MAN GLG IV: Moody's Confirms Class E Notes at 'Ba2'
---------------------------------------------------
Moody's Investors Service has taken a variety of rating actions on
the following notes issued by Man GLG Euro CLO IV D.A.C.:

EUR20,000,000 Class D Deferrable Mezzanine Floating Rate Notes due
2031, Downgraded to Baa3 (sf); previously on Apr 20, 2020 Baa2 (sf)
Placed Under Review for Possible Downgrade

EUR19,000,000 Class E Deferrable Junior Floating Rate Notes due
2031, Confirmed at Ba2 (sf); previously on Apr 20, 2020 Ba2 (sf)
Placed Under Review for Possible Downgrade

EUR9,500,000 Class F Deferrable Junior Floating Rate Notes due
2031, Confirmed at B1 (sf); previously on Apr 20, 2020 B1 (sf)
Placed Under Review for Possible Downgrade

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

EUR173,000,000 Class A-1 Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Mar 22, 2018 Definitive
Rating Assigned Aaa (sf)

EUR30,000,000 Class A-2 Senior Secured Fixed Rate Notes due 2031,
Affirmed Aaa (sf); previously on Mar 22, 2018 Definitive Rating
Assigned Aaa (sf)

EUR29,000,000 Class B-1 Senior Secured Floating Rate Notes due
2031, Affirmed Aa2 (sf); previously on Mar 22, 2018 Definitive
Rating Assigned Aa2 (sf)

EUR20,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2031,
Affirmed Aa2 (sf); previously on Mar 22, 2018 Definitive Rating
Assigned Aa2 (sf)

EUR23,500,000 Class C Deferrable Mezzanine Floating Rate Notes due
2031, Affirmed A2 (sf); previously on Mar 22, 2018 Definitive
Rating Assigned A2 (sf)

Man GLG Euro CLO IV D.A.C., issued in March 2018, is a
collateralised loan obligation backed by a portfolio of mostly
high-yield senior secured European loans. The portfolio is managed
by GLG Partners LP. The transaction's reinvestment period will end
in May 16, 2022.

RATINGS RATIONALE

Its action concludes the rating review on the Classes D, E and F
notes initiated on April 20, 2020 as a result of the deterioration
of the credit quality and/or the reduction of the par amount of the
portfolio following from the coronavirus outbreak.

Stemming from the coronavirus outbreak, the credit quality has
deteriorated as reflected in the increase in Weighted Average
Rating Factor, in the defaulted par amount in the portfolio and in
the proportion of obligations from issuers with ratings of Caa1 or
lower.

The trustee reported WARF worsened by about 11.2% to 3509 [1] from
3155 [2] in January 2020 and is now significantly above the
reported covenant of 3211 [1]. The trustee reported default amounts
increased to EUR 12.0 million [1] from EUR 3.0 million [2] in
January 2020.

The trustee reported securities with default probability ratings of
Caa1 or lower have increased to 6.7% [1] from 4.7% [2] in January
2020. An over-collateralisation (OC) haircut of EUR 1.3 million to
the computation of the OC tests is applied.

In addition, the over-collateralisation levels have weakened across
the capital structure. According to the trustee report dated April
2020 the Class A/B, Class C, Class D, Class E and Class F OC ratios
are reported at 135.1% [1], 123.6% [1], 115.2% [1], 108.3% [1],
105.1%[1] compared to January 2020 levels of 138.3%[2], 126.5%[2],
117.9%[2], 110.8%[2] and 107.5%[2] , respectively. While currently
not in breach, the cushion on the Class F test is only about 1.1%.

Moody's notes the transaction remains in compliance with the
following collateral quality tests: Diversity Score, Weighted
Average Recovery Rate, Weighted Average Spread and Weighted Average
Life.

As a result of this deterioration, the Class D notes were
downgraded. Moody's however concluded that the expected losses on
remaining rated notes remain consistent with their current ratings.
Consequently, Moody's has confirmed the ratings on the Class E and
F notes and affirmed the ratings on the Class A1, A2, B1, B2 and C
notes.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base case,
Moody's analysed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR 339.1 million,
a defaulted par of EUR 12.0 million, a weighted average default
probability of 29.5% (consistent with a WARF of 3586 over a
weighted average life of 5.8 years), a weighted average recovery
rate upon default of 45.0% for a Aaa liability target rating, a
diversity score of 55 and a weighted average spread of 3.74%.

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

Its analysis has considered the effect of the coronavirus outbreak
on the global economy as well as the effects that the announced
government measures, put in place to contain the virus, will have
on the performance of corporate assets.

The contraction in economic activity in the second quarter will be
severe and the overall recovery in the second half of the year will
be gradual. However, there are significant downside risks to its
forecasts in the event that the pandemic is not contained and
lockdowns have to be reinstated. As a result, the degree of
uncertainty around its forecasts is unusually high. Moody's regards
the coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
March 2019.

Counterparty Exposure:

Its rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank and swap providers,
using the methodology "Moody's Approach to Assessing Counterparty
Risks in Structured Finance" published in June 2020. Moody's
concluded the ratings of the notes are not constrained by these
risks.

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

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the note,
in light of uncertainty about credit conditions in the general
economy. In particular, the length and severity of the economic and
credit shock precipitated by the global coronavirus pandemic will
have a significant impact on the performance of the securities. CLO
notes' performance may also be impacted either positively or
negatively by: (1) the manager's investment strategy and behaviour;
(2) divergence in the legal interpretation of CDO documentation by
different transactional parties because of embedded ambiguities;
and (3) the additional expected loss associated with hedging
agreements in this transaction which may also impact the ratings
negatively.

Additional uncertainty about performance is due to the following:

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

  - Other collateral quality metrics: Because the deal can
reinvest, the manager can erode the collateral quality metrics'
buffers against the covenant levels.

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


[*] Moody's Reviews Tranches From 4 Irish RMBS Deals for Downgrade
------------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the
ratings of 9 notes in 4 Irish RMBS transactions.

The placement on review for downgrade reflects the increased
likelihood of deteriorating performance of mortgage loans in the
transactions due to the economic disruption following the
coronavirus outbreak. The review focuses on the transactions viewed
as more vulnerable to this expected performance deterioration.

Issuer: Dublin Bay Securities 2018-1 DAC

EUR6.5M Class D Notes, Baa2 (sf) Placed Under Review for Possible
Downgrade; previously on Sep 28, 2018 Definitive Rating Assigned
Baa2 (sf)

Issuer: Roundstone Securities No. 1 DAC

EUR108.108M Class C Notes, A3 (sf) Placed Under Review for Possible
Downgrade; previously on Sep 28, 2018 Assigned A3 (sf)

EUR64.864M Class D Notes, Baa3 (sf) Placed Under Review for
Possible Downgrade; previously on Sep 28, 2018 Assigned Baa3 (sf)

EUR108.107M Class E Notes, B2 (sf) Placed Under Review for Possible
Downgrade; previously on Sep 28, 2018 Assigned B2 (sf)

Issuer: Dilosk RMBS No.2 Designated Activity Company

EUR14.322M Class C Notes, A1 (sf) Placed Under Review for Possible
Downgrade; previously on Nov 19, 2018 Definitive Rating Assigned A1
(sf)

EUR17.186M Class D Notes, Baa3 (sf) Placed Under Review for
Possible Downgrade; previously on Nov 19, 2018 Definitive Rating
Assigned Baa3 (sf)

Issuer: European Residential Loan Securitisation 2019-PL1 DAC

EUR37.165M Class C Notes, A1 (sf) Placed Under Review for Possible
Downgrade; previously on Oct 16, 2019 Definitive Rating Assigned A1
(sf)

EUR32.097M Class D Notes, Baa2 (sf) Placed Under Review for
Possible Downgrade; previously on Oct 16, 2019 Definitive Rating
Assigned Baa2 (sf)

EUR32.773M Class E Notes, Ba1 (sf) Placed Under Review for Possible
Downgrade; previously on Oct 16, 2019 Definitive Rating Assigned
Ba1 (sf)

RATINGS RATIONALE

The rating action is prompted by the increased likelihood of
deteriorating performance of mortgage loans in the transactions due
to the economic disruption following the coronavirus outbreak.

Due to the current circumstances, Moody's has considered additional
stresses in its analysis, including a higher expected loss, and has
placed on review for downgrade the ratings of the notes that are
more vulnerable to a temporary increase in arrears and economic
disruption. This higher vulnerability could be driven by one or
more factors, including: (i) the composition of the loan portfolios
backing the notes, including exposure to restructured loans,
interest-only loans, and borrowers with negative equity; (ii) the
credit enhancement and other structural mitigants available in the
transactions; and (iii) the transactions' performance to date.

All four transactions are backed by pools of mortgage loans
originated almost exclusively before the financial crisis, with the
most-represented vintages being those originated around the peak of
the Irish house price bubble more than a decade ago.

A significant portion of these pools consists of loans that have
been restructured in the past, indicating a relatively weaker
borrower credit profile and pointing to a history of payment
distress. This is particularly true for European Residential Loan
Securitisation 2019-PL1 DAC (ERLS 2019-PL1), the pool of which
consisted of approximately 75% restructured loans as of closing,
and to a lesser degree of Dilosk RMBS No. 2 DAC (Dilosk 2), which
contained about 42% restructured loans at closing. Collateral pools
backing Dublin Bay Securities 2018-1 DAC (Dublin Bay 2018-1) and
Roundstone Securities No. 1 DAC (Roundstone 1) feature lower
concentrations of restructured loans, roughly 11% - 12% at
closing.

While the weighted average indexed loan-to-value ratios in these
pools are relatively moderate, ranging from 63% - 76% as of
closing, there is a degree of uncertainty around the property
valuations in these pools, given the long seasoning and high
historical volatility of house prices in Ireland. Moreover, pools
backing all four transactions feature significant concentrations of
interest-only loans.

Collateral performance of all four pools has been showing signs of
weakening, with delinquency levels having increased since closing.
This increase has been most pronounced for Dilosk 2, where the
portion of loans that have been in arrears for 90 days or more has
increased to 5.75% as of the latest payment date in March 2020,
from 1.40% one year ago. The arrears increase in Dublin Bay 2018-1
and Roundstone 1 experienced after closing were partially driven by
IO loans that had reached maturity but did not repay. A portion of
these loans has been restructured, which led to a subsequent
decrease in the overall arrear's levels but also an increase in the
portion of restructured loans.

Since all four transactions closed within less than two years, they
have only had limited time to build up additional credit
enhancement to offset the negative impact of the coronavirus
pandemic.

Its analysis has considered the effect of the coronavirus outbreak
on the Irish economy as well as the effects that the announced
government measures, put in place to contain the virus, will have
on the performance of consumer assets.

The contraction in economic activity in the second quarter will be
severe and the overall recovery in the second half of the year will
be gradual. However, there are significant downside risks to its
forecasts in the event that the pandemic is not contained and
lockdowns have to be reinstated. As a result, the degree of
uncertainty around its forecasts is unusually high. Moody's regards
the coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.

The rating reviews will be concluded following a detailed review
with updated performance data for each affected transaction.

The principal methodology used in rating Dublin Bay Securities
2018-1 DAC, Roundstone Securities No. 1 DAC and Dilosk RMBS No.2
Designated Activity Company was "Moody's Approach to Rating RMBS
Using the MILAN Framework" published in May 2020.

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

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

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




=========
I T A L Y
=========

BRIGNOLE CQ 2019-1: Moody's Cuts Rating on Class E Notes to Ba3
---------------------------------------------------------------
Moody's Investors Service has downgraded the rating of Class E
Notes, the most junior rated notes in Brignole CQ 2019-1 S.r.l. The
rating action was prompted by an update of "Moody's Approach to
Assessing Counterparty Risks in Structured Finance" published in
June 2020.

EUR1.7M Class E Notes, Downgraded to Ba3 (sf); previously on Oct 9,
2019 Definitive Rating Assigned Ba2 (sf)

RATINGS RATIONALE

The rating action was prompted by the update of "Moody's Approach
to Assessing Counterparty Risks in Structured Finance" published in
June 2020.

In accordance with the updated Appendix 1 B), section "Additional
alternative measure" of the updated methodology, when assessing
commingling risk for an unrated non-bank servicer, here CREDITIS
SERVIZI FINANZIARI SPA, Moody's assumes a credit quality
commensurate with Caa2 in its cash flow modelling.

Creditis collects all payments under the loans in this pool into a
collection account under its name held at Citibank N.A. (Milan
branch). As a partial mitigant, the servicer has undertaken to
transfer the collections received to the issuer's collection
account within two days from relevant reconciliation date thereby
limiting the amount of collections held by the servicer. Moody's
has considered the incremental loss from commingling risk in the
cash flow modelling for this transaction.

The principal methodology used in this rating was "Moody's Approach
to Rating Consumer Loan-Backed ABS" published in March 2019.

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

Factors or circumstances that could lead to an upgrade of the
rating include (1) performance of the underlying collateral that is
better than Moody's expected, (2) an increase in available credit
enhancement, (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
rating 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.


ERNA SRL: DBRS Confirms BB(High) Rating on Class C Notes
--------------------------------------------------------
DBRS Ratings GmbH confirmed its ratings of the following classes of
notes issued by ERNA S.r.l. (the Issuer):

-- Class A at A (high) (sf)
-- Class B at BBB (sf)
-- Class C at BB (high) (sf)

All trends are Stable.

The confirmations reflect minor variations in leverage of the
transaction since issuance. DBRS Morningstar does not expect the
transaction's performance to be significantly disrupted from the
Coronavirus Disease (COVID-19) pandemic as the two major tenants
under the securitized loan are leading Italian utility companies
(Telecom Italia and Enel), accounting for 58.9% and 35.1% of the
gross rental income (GRI), respectively, with long lease terms.

The Issuer is the securitization of four Italian senior commercial
real estate loans: the Ermete loan, the Raissa loan, the Excelsia
Nove/Nucleus loan, and the Aries loan. The loans were advanced by
ERNA S.r.l. The loans were granted as refinancing facilities to
four borrowers all ultimately owned and controlled by TPG Sixth
Street Partners (the Sponsor).

The properties securing the four loans had a lower market value
(MV) of EUR 714.5 million as of the April 2020 interest payment
date (IPD) compared with the EUR 741.5 million MV at issuance. The
EUR 27.0 million value drops is because of 30 property disposals,
which amounted to EUR 22.9 million MV based on the valuation at
issuance and the EUR 4.1 million like-for-like MV drop on the
remaining assets. The portfolio's gross rental income reduced to
EUR 52.5 million from EUR 53.1 million at issuance. However, the
like-for-like GRI increased by EUR 0.6 million when taking into
account the EUR 1.1 million GRI (based on issuance data) from
disposed assets.

The portfolio's debt yield (DY) has remained above 12.5% since
issuance. However, DBRS Morningstar notes that although the Telecom
Italia loan's DYs have increased since issuance, the Excelsia Nova
loan's DY decreased to 11.4% on April 2020 from 12.5% at the July
2019 IPD. This offsets the deleveraging effect from the property
disposals, which are subjected to 15.0% release price premiums. The
DY decrease is mostly attributed to the reduction of Enel Italia
S.P.A.'s rent to EUR 17.3 million from EUR 19.4 million. Based on
Enel's master lease, the next major lease break is in 2030, six
years after the loan maturity. In addition, as DBRS Morningstar
noted at issuance, Enel's lease is under corporate guarantee from
the Enel Group, and Enel is permitted to terminate up to EUR 2
million of gross rent payments in aggregate between 2021 and 2027.

DBRS Morningstar estimates that the overall impact of the
coronavirus on the transaction is limited because of the long lease
terms of the main tenants and the limited impact on the main
tenants' day-to-day business. The servicer's Q1 2020 investor
report included a study conducted by the Sponsor's advisor who
concluded that there was a limited impact on the portfolio as
consequence of the coronavirus pandemic. As such, DBRS Morningstar
removed the disposed assets from its underwriting analysis but did
not update its underwriting assumptions.

DBRS Morningstar updated its net cash flow (NCF) assumptions on the
Aries, Ermete, Nucleus, and Raissa loans to EUR 7.1 million, EUR
3.3 million, EUR 12.2 million, and EUR 7.7 million, respectively.
By applying the same cap rates (8% for the Aries, Ermete, and
Raissa loans and 8.5% for the Nucleus loan), the stressed value of
these four loans are EUR 89.2 million, EUR 41.1 million, EUR 143.1
million, and EUR 96.8 million, respectively and all below their
respective vacant possession values.

The Sponsor subscribed to the unrated and junior-ranking Class Z
notes. This retention note is fully subordinate within the
structure and will not receive any principal payments until the
Class A, B, and C notes are repaid in full.

At inception, DBRS Morningstar noted that there are potential
tax-related liabilities on the Ermete and Excelsia Nove loans.
However, DBRS Morningstar believes the tax liability risk to be
non-material to the credit quality of the bonds and largely covered
by the cash surplus generated by the portfolio.

COVID-19 CONSIDERATIONS

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an economic contraction, leading to sharp
increases in unemployment rates and income reductions for many
borrowers. DBRS Morningstar anticipates that delinquencies may
arise in the coming months for many CMBS transactions, some
meaningfully. The ratings are based on additional analysis to
expected performance as a result of the global efforts to contain
the spread of the coronavirus.

Notes: All figures are in Euros unless otherwise noted.




===================
K A Z A K H S T A N
===================

KAZAKHSTAN ENGINEERING: Fitch Ups IDR to C, Then Withdraws Ratings
------------------------------------------------------------------
Fitch Ratings has downgraded JSC National Company Kazakhstan
Engineering's Long-Term Issuer Default Rating to 'C' from 'BB+'.
Simultaneously Fitch has withdrawn the ratings.

KE is a wholly-owned subsidiary of the Republic of Kazakhstan and
is involved in the production and sale of products mainly for the
defence industry.

The downgrade is driven by non-payment of material borrowings, and
the company's worsening liquidity position. Fitch no longer takes
into account the strength of support from Kazakhstan as it has not
supported KE in meeting its financial obligations. As a result,
Fitch now views KE's Standalone Credit Profile (SCP) as the main
driver of the rating.

The ratings were withdrawn due to insufficient information
provided.

KEY RATING DRIVERS

Unfunded Liquidity: KE faces material liquidity pressures and a
significant portion of its financial obligations is currently
overdue. KE has negotiated for a temporary waiver and is planning
to refinance its outstanding debt via a KZT15 billion bond issue.

Very Weak SCP: Fitch has revised lower KE's SCP to 'c' from 'b-'
due to non-payment of material financial obligations. KE's
financial profile has historically been vulnerable with weak
underlying profitability, negative free cash flow generation,
volatile working capital swings and forecast high FFO-adjusted
gross leverage above 6.0x over the next four years. KE continues to
rely on equity injections from the state for its capex needs, as
FFO and FCF generation are minimal or negative.

Special Status: KE is the key operator of defence contracts on
behalf of the Kazakhstani state. The company operates under a small
defined margin but its special status indicates its importance to
the state. Fitch now views the linkage with the state as weak as
the government has not provided KE with support to redeem its bank
debt obligation.

ESG Influence: KE has an ESG Relevance Score of '5' for 'Financial
Transparency'. The release of audited financial statements and
supplementary information is continuously delayed. Data quality is
relevant to the rating. The company failed to inform Fitch on time
of its non-payment of financial obligation, which has a negative
impact on the credit profile, and is highly relevant to the rating,
thus resulting in its downgrade. It also has an ESG Relevance Score
of '5' for 'Governance Structure' due to weak corporate governance,
as reflected in diminishing liquidity and below-average disclosure
of material issues.

RATING SENSITIVITIES

Rating Sensitivities are not relevant since the ratings have been
withdrawn.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

De Facto Insolvent: Fitch had highlighted KE's worsening liquidity
position at end-May 2020 after the company was unable to refinance
a material part of its overdue debt to the amount of KZT18 billion.
The majority of the group's debt is held by JSC Halyk Bank (BB+ /
Negative). Improvement in its liquidity position and debt maturity
profile is reliant on the successful issue of its KZT15 billion
bond with a term of seven years.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

KE has ESG Relevance Scores of '5' for Financial Transparency and
Governance Structure.

Except for the matters discussed, the highest level of ESG credit
relevance, if present, is a score of 3. This means ESG issues are
credit-neutral or have only a minimal credit impact on the
entity(ies), either due to their nature or to the way in which they
are being managed by the entity(ies).

JSC National Company Kazakhstan Engineering

  - LT IDR C; Downgrade

  - LT IDR WD; Withdrawn

  - ST IDR C; Downgrade

  - ST IDR WD; Withdrawn

  - LC LT IDR C; Downgrade

  - LC LT IDR WD; Withdrawn

  - Natl LT C(kaz); Downgrade

  - Natl LT WD(kaz); Withdrawn

  - Natl ST C(kaz); Downgrade

  - Natl ST WD(kaz); Withdrawn

  - Senior unsecured; LT C; Downgrade

  - Senior unsecured; LT WD; Withdrawn

  - Senior unsecured; Natl LT C(kaz); Downgrade

  - Senior unsecured; Natl LT WD(kaz); Withdrawn


KAZAKHSTAN ZIRAAT: Fitch Assigns 'B+' LT IDRs, Outlook Negative
---------------------------------------------------------------
Fitch Ratings has assigned Kazakhstan - Ziraat International Bank
Joint Stock Company Long-Term Foreign- and Local-Currency Issuer
Default Ratings of 'B+' with Negative Outlooks.

KEY RATING DRIVERS

KZI's IDRs of 'B+' and Support Rating of '4' reflect Fitch's view
of a limited probability of support, if needed, from the bank's
parent, Turkiye Cumhuriyeti Ziraat Bankasi A.S. (ZB, B+/Negative).
The Negative Outlook on KZI mirrors that on the parent bank.

In Fitch's view, ZB will have a high propensity to support KZI,
given (i) majority ownership and common branding; (ii) the high
level of integration between the parent and the subsidiary; (iii)
high reputational risks for the parent in case of the subsidiary's
default, given ZB's broader international presence; and (iv) the
low cost of potential support considering the subsidiary's small
size relative to the parent (less than 0.2% of the group's
consolidated assets at end-2019). However, ZB's ability to provide
support to KZI is constrained, as reflected in its 'B+' rating.

The equalisation of the ratings of KZI and ZB reflect the very high
degree of integration between the parent and the subsidiary, such
that the subsidiary operates similarly to a branch. KZI is heavily
reliant on its parent for new business origination and management,
as the parent's representatives are heavily involved in all major
decision-making processes at the subsidiary level. For these
reasons, Fitch has not assigned a Viability Rating (VR) to KZI. The
equalisation of parent and subsidiary ratings also reflects their
low level. In accordance with its Bank Rating Criteria, Fitch is
more likely to assign the same ratings to parents and subsidiaries
at low rating levels due to rating compression.

KZI's National Rating reflects the bank's creditworthiness relative
to other credits in Kazakhstan.

KZI's intrinsic credit profile suffers from potentially vulnerable
loan quality, but benefits from reasonable performance, a stable
funding profile and high capital ratios.

At end-2019, KZI's impaired loans (Stage 3 loans under IFRS9)
equaled 24% of gross loans and were only 30% covered by total loan
loss allowances. Accordingly, net impaired loans equaled 30% of
Fitch Core Capital, and Stage 2 loans added a further 15% of FCC.
Additional loan quality risks stem from certain higher-risk stage 1
exposures and loans measured at fair value (combined, these were
equal to roughly a further 50% of FCC). These are higher-risk
construction and real estate exposures and may generate additional
impairment/negative revaluation costs due to ongoing deterioration
of the Kazakh economic environment driven by lower oil prices and
the spread of COVID-19 and its economic and financial-market
implications.

In Fitch's view, KZI's loss absorption capacity is strong. KZI's
pre-impairment profit is underpinned by wide interest margins and
equaled a high 8% of average gross loans in 2019. In addition,
KZI's capital buffer is solid, as expressed by a high 35% FCC ratio
at end-2019. Fitch estimates that KZI's capital buffer allows the
bank to fully cover the stage 3 and stage 2 loans with LLA and
still maintain a robust double-digit FCC ratio.

KZI is mainly deposit-funded (64% of end-2019 liabilities) and
Fitch views its deposit base as stable. At end-2019, about 45% of
customer funding was represented by on-demand interest-free current
accounts, contributing to a low 2.8% cost of funding and supporting
the bank's profitability. According to end-1Q20 regulatory
accounts, KZI's liquidity buffer covered a high 35% of
liabilities.

RATING SENSITIVITIES

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

KZI's ratings would likely be downgraded if ZB was downgraded.
KZI's IDRs could also be downgraded if there was a considerable
weakening in the propensity of the parent to support its
subsidiary.

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

Positive rating action on the parent could result in similar rating
action on the subsidiary.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

Kazakhstan - Ziraat International Bank Joint Stock Company

  - LT IDR B+; New Rating

  - ST IDR B; New Rating

  - LC LT IDR B+; New Rating

  - Natl LT BBB-(kaz); New Rating

  - Support 4; New Rating




===================
L U X E M B O U R G
===================

4FINANCE HOLDING: S&P Affirms 'B+' LongTerm ICR, Outlook Neg.
-------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' long-term issuer credit rating
on Luxembourg-based 4finance Holding S.A. The outlook is negative.
We also affirmed the 'B+' rating on the senior unsecured debt
issued by 4finance S.A. The recovery rating on this debt remains at
'4'(45%).

S&P said, "We see 4finance's proposal to extend the maturity on its
2021 bond as opportunistic rather than as a distressed offer, based
on our criteria.   Given the impact on funding prospects for the
company owing to the shift in the investor sentiment toward
high-yield borrowers, 4finance is considering asking investors for
a maturity extension on its EUR150 million bond maturing in May
2021. If successful, 4finance would have more time to refinance the
bond with a new issuance. 4finance's business model depends on
regular and timely access to funding markets, however, and it has
limited alternatives. Should debt markets remain closed, it might
ultimately need to reduce or stop new loan disbursements and
amortize its existing loan book. While this would be negative for
the business profile, we consider that it would likely prevent an
ordinary default scenario. The true payment capacity of 4finance's
borrowers in the context of the pandemic will also be clearer in
the coming months.

"In line with our criteria, we consider an exchange offer conducted
several quarters in advance of maturities, where investors are
asked to extend the tenor with compensation in the form of
amendment fees or increased interest rates, as proactive treasury
management.   For this reason, we do not consider this exchange
offer to be distressed in nature, because we think 4finance has
cash-generating capacity to prevent an ordinary default in May
2021. Moreover, in addition to the consent fee, the offer could
include other creditor-friendly amendments of the documentation
through the provision of an additional guarantee on the bond. We
also understand that the documentation of the outstanding bonds due
in 2021 and 2022 does not include any clauses that might lead to a
payment acceleration linked to an eventual change in the terms and
conditions for the bonds maturing in May 2022.

"Our ratings continue to reflect 4finance's high reliance on
wholesale debt and high refinancing risks in the long term, even
after the proposed extension.   The recession in the markets where
4finance operates will have a significant effect on its financial
performance over 2020. The magnitude of the impact will depend on
the depth of the recession and the strength of the recovery, and
could become more visible with the second-quarter results, which
will include the low point of economic activity. 4finance continues
to focus on the European unsecured consumer lending market with
weaker quality borrowers (mainly Spain, Poland, Bulgaria, and
Romania via subsidiary TBI bank). For now we forecast a drop in
revenue of 15%-20% over 2020, but we note significant additional
downside risk.

"For the assessment of our financial metrics, we deconsolidate TBI
Bank from 4finance's consolidated statements, to have a better view
on its stand-alone debt-servicing capacity.   We note that the
Bulgarian National Bank currently prevents domestic banks paying
dividend, such that this regulatory barrier prevents 4finance from
accesing these funds. Nevertheless, 4finance does enjoy some
tangible benefit from owning TBI Bank, in the form of funding
support, by selling some near-prime loans to the bank, barring
regulatory restrictions. We expect the total volume sold could well
be above EUR10 million in 2021.

"Liquidity continues to remain a neutral factor for our rating on
4finance. We expect 4finance's sources of liquidity will exceed
uses by more than 1.2x through the first quarter of 2021.
Nevertheless, the maturity extension can only buy time; it cannot
solve the refinancing need over coming quarters. Nevertheless, we
currently assume that 4finance will be able to refinance when
markets reopen."

Principal liquidity sources over the 12 months started April 1,
2020, include:

-- Funds from operations of about EUR25 million.
-- Current cash position of around EUR83 million.

Principal liquidity uses over the same period include:

-- Some marginal growth in short-term loans, including single
payment, installment, lines of credit, and other similar products.

-- No short-term debt maturities.

As of April 1, 2020, 4finance Group has the following debt
maturities:

-- EUR150 million due in May 2021; and
-- $325 million due in May 2022.

S&P notes that 4finance holds EUR10.2 million of the 2021 bonds and
$57.9 million of the 2022 bonds as of March 31, 2020.

S&P continues to see 4finance's cash-flow leverage as aggressive,
reflecting primarily its measure of the weighted debt-to-EBITA
ratio below 5x.

The negative outlook reflects the potential for a lower rating over
the next two quarters due to elevated refinancing risks,
particularly if the proposed maturity extension is unsuccesful.

S&P could lower the rating if:

-- The proposed maturity extension does not materialize, and the
group is exposed to heightened refinancing risks;

-- 4finance's financial performance prevents it from accessing the
funding market over the coming quarters, or S&P has increasing
doubts about its debt-servicing capacity.

S&P could also lower the ratings if it believes that debt to EBITDA
would deteriorate sustainably above 5x on a stand-alone basis for
4finance (excluding TBI Bank). This could stem from a scenario
wherein 4finance, absent any alternatives, would need to amortize
its loan book and stop new business to generate cash for its bond
repayment in May 2021.

S&P said, "We could revise our outlook to stable if we observe
clear progress on the refinancing of its 2021 and 2022 bonds. We
would also expect to see the risk of a sustained economic downturn
to have receded and that 4finance's debt to EBITDA had stabilized
comfortably below 5x on stand-alone basis, with EBITDA interest
coverage climbing above 2x."


AURIS LUXEMBOURG: S&P Lowers ICR to 'B-' on Delayed Deleveraging
----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
hearing aid manufacturer Auris Luxembourg II S.a.r.l. (WS
Audiology) to 'B-' from 'B'.

The combination of the COVID-19 pandemic and the ongoing merger
puts significant pressure on EBITDA generation in 2020 and further
delays deleveraging.  Despite operating in the relatively resilient
hearing aid industry, S&P believes WS Audiology will be negatively
affected by the COVID-19 pandemic. In March and April 2020, the
group reported strongly negatively affected revenue and EBITDA,
because most retail shops were closed and general activity levels
were severely affected by quarantine and self-isolation measures.

In addition, the group is still in the early stages of
restructuring following the Sivantos and Widex merger in 2019, and
is incurring significant costs related to the integration of the
two groups. It will also continue to accrue costs associated with
the launch and promotion of new products.

S&P said, "We believe the group's EBITDA in 2020 will be lower than
we anticipated, and coupled with the additional EUR100 million of
debt (and EUR50 million of equity) added to the group in June 2020,
S&P Global Ratings-adjusted leverage will be above 12x at year-end
2020 (September). In our updated base case, we anticipate that the
group will gradually recover and start deleveraging, although later
than originally forecast, with adjusted debt to EBITDA coming below
10x in 2022. We believe the dual impact of the pandemic and the
restructuring costs is shifting the deleveraging path by about two
years."

The solid fundamentals of the innovative hearing aid business have
not changed and will support gradual recovery over the medium term.
WS Audiology remains one of the leading hearing aid manufacturers
globally, and it benefits from strong innovation capabilities. At
the start of 2020, the group launched a new rechargeable hearing
aid offer, Widex Moment, in the U.S., thereby filling a gap in its
product portfolio and responding to consumers' demands.

The group is also adapting its offer to make it better suited to
customers' changing needs. For example, it is expanding its remote
and digital offers, which are seeing increasing demand--especially
amid COVID-19. In addition, the group offers "managed care"
solutions which should be more resilient.

The recent debt and equity injection will allow the group to
continue investing, despite external disruption from COVID-19.
However, S&P believes the recovery will be gradual.

The covenant waiver and equity and debt injection led to a
temporary improvement in the group's liquidity position, but
comfortable headroom post-2021 depends on significant EBITDA
growth.  In May/June 2020, the group negotiated a covenant
amendment with its revolving credit facility (RCF) lenders. The new
covenant will be a test of minimum liquidity of EUR50 million,
tested monthly. In addition, the group issued EUR100 million of
additional debt, and received EUR50 million of additional equity
from its shareholders (EQT and the founding family). S&P believes
the group will have sufficient headroom under its covenant in the
next 12 months.

WS Audiology's first debt maturity is in 2022, when the new EUR100
million senior debt will be due. The rest of the debt matures in
2026 and 2027, which gives the group a few years to grow its EBITDA
base and deleverage sufficiently before a potential refinancing.

Environmental, social, and governance (ESG) credit factors for this
credit rating change:

-- Health and safety

S&P said, "The stable outlook reflects our view that the group has
sufficient liquidity in the next 12 months to face its capital
expenditure (capex), working capital, and other liquidity needs.
Our base case assumes a potential return to positive free cash flow
generation in 2021, after negative free cash flow in 2020. This is
thanks to a solid recovery path expected from 2021, the positive
effect of synergies realization, and the successful introduction of
new products.

"We believe the group's recent debt and equity injection will also
allow it to continue investing in the development of new products,
and to process the ongoing merger in the context of the COVID-19
pandemic.

"We would consider lowering our ratings if the group did not grow
its EBITDA base in the next 12 months, thus preventing any
deleveraging. In addition, if the group continued to post
significant negative FOCF in 2021, we could consider lowering our
ratings. That would most likely mean the group is deviating from
our expected recovery path, or that its new product launches are
not as successful as previous launches." S&P's downside scenario
comprises the following triggers:

-- Adjusted debt to EBITDA significantly above 10x in 2021 and
beyond, posing questions on the sustainability of the capital
structure;

-- FOCF significantly negative in 2021 and beyond; and

-- Liquidity concerns such as risk of covenant breach in the next
12 months.

S&P would consider upgrading its ratings if the group posted higher
levels of EBITDA (including restructuring costs and excluding any
nonrealized synergies) in the next 12 months; for example, if its
deleveraging path accelerated beyond its current expectations. In
addition, the group would also have to post positive FOCF. S&P's
upside scenario comprises the following triggers:

-- Adjusted debt to EBITDA on a deleveraging path toward 7x-8x in
2021 and beyond; and

-- Positive FOCF generation.




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

BOELS TOPHOLDING: Fitch Assigns 'BB-' LT IDR, Outlook Negative
--------------------------------------------------------------
Fitch Ratings has assigned Boels Topholding B.V. a Long-Term Issuer
Default Rating of 'BB-' with a Negative Outlook. The agency has
also assigned Boels' senior secured debt a 'BB-' rating.

Boels is a Netherlands-headquartered equipment rental company
operating in multiple European countries. Earlier this year it
completed a debt-funded acquisition of Cramo plc, extending its
geographic footprint, particularly in Scandinavia.

KEY RATING DRIVERS

IDR AND SENIOR DEBT

The IDR reflects the elevated leverage of Boels following its
acquisition of Cramo and the need to balance cyclical customer
demand in its business with reinvesting sufficiently to maintain a
young and productive fleet. The rating of Boels also takes into
account its number two position in the European market following
the addition of Cramo's geographically complementary business to
its own well-established franchise, management's significant
experience in the equipment rental sector (including successfully
steering the business through the global economic crisis), and its
plans over the medium term to bring leverage back down towards
pre-Cramo levels.

The Negative Outlook on Boels' Long-Term IDR reflects the pressure
on business volumes during 1H20 resulting from COVID-19 and the
associated lockdown measures put in place to varying degrees across
most European countries. These have affected economic activity and
associated rental equipment demand in many sectors, notably
construction. In partial mitigation, of the three countries subject
to most stringent restrictions, Boels is not active in France or
Spain, and has only a limited presence in Italy. Lower levels of
restrictions have enabled revenues to hold up better in
Scandinavia, Germany and, to a lesser extent, Benelux, but across
all regions considerable uncertainty remains over the rate at which
business confidence will return.

In view of the cash flow-driven nature of Boels' business, Fitch
uses debt/EBITDA-based metrics in assessing leverage, and typically
deducts depreciation of rental equipment from EBITDA in arriving at
a more conservative 'adjusted EBITDA'. The acquisition of Cramo
raised gross debt/adjusted EBITDA to around 8.4x under pre-pandemic
forecasts for 2020 from around 4.7x in 2018. In the past Boels'
business has shown sound deleveraging potential, but any material
prolonged reduction in EBITDA would make this considerably harder
to achieve.

Boels' capex is to a degree discretionary, enabling the company to
reduce investment at the onset of a downturn and thereby conserve
liquidity at a time of reduced cash inflows. Over a longer period
capex is needed to maintain a productive fleet, but Boels entered
the downturn with a fairly young inventory, reducing that
requirement in the near term. In Fitch's opinion, the capex process
at Boels is well-managed to date. Boels can also dispose of
equipment in the second-hand market, and has a track record of
generating annual net gains on disposals, although in Fitch's view
asset resale values may be adversely impacted if utilisation rates
remain challenged by prolonged economic downturn.

As a result of the acquisition of Cramo, Boels has refinanced all
of both companies' debt via 6.5-to seven- year term loans,
supplemented by a 6.5-year EUR200 million revolving credit
facility. The tenor of the debt removes near-term refinancing
risks, subject to complying with a 6.5x net debt-to-EBITDA covenant
for all debt (tested quarterly from September 2020) and satisfying
1.25% quarterly amortisation of the term loan A tranche from
November 2020.

Prior to COVID-19 the equipment rental sector had been growing, as
an increasing proportion of end-users in many European markets
chose to rent equipment rather than own it. Fitch expects this
trend to continue, especially if businesses stretched by the
current economic environment have less funding available for their
own capital investment. Multi-site operators such as Boels also
enjoy advantages over independents in the depth of fleet they are
able to stock, as well as in brand recognition, and a wide
franchise brings increased purchasing power in procurement and
other scale benefits.

As a private company, Boels lacks the degree of governance scrutiny
typically applied to a public company, but Fitch views positively
the family interest in the long-term health of the business, with a
track record of reinvesting earnings rather than extracting them in
dividends, and the expressed intention of continuing this policy in
the medium term to assist in reducing leverage.

SENIOR SECURED DEBT

Boels' debt is classified as secured, but, in the absence of direct
security over operating assets, Fitch rates it in line with Boels'
Long-Term IDR (as it would an unsecured obligation), indicating
average recovery prospects.

ESG CONSIDERATIONS

The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).

RATING SENSITIVITIES

IDRS AND SENIOR DEBT

IDR

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

  - Reduced EBITDA which in Fitch's view signals a meaningful delay
in deleveraging over the short-to-medium term, for example if
Boels' gross debt-to-unadjusted EBITDA rises above 6x.

  - Unexpected challenges arising in relation to the integration of
Cramo.

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

  - In view of the present Negative Outlook on the IDR, an upgrade
is unlikely in the near term. However, demonstration of a clear
deleveraging path towards a level more consistent with Boels'
financial profile prior to the acquisition of Cramo could lead to
revision of the Outlook on the IDR to Stable.

  - Longer term, maintenance of gross debt-to-unadjusted EBITDA
below 3.5x on a sustained basis could lead to an upgrade.

SENIOR SECURED DEBT

The debt ratings are primarily sensitive to a change in Boels'
Long-Term IDR. Should Boels introduce any debt secured on operating
assets ranking above rated instruments (or a subordinated tranche
below them), Fitch could notch the debt ratings down (or up) from
the Long-Term IDR, on the basis of weaker (or stronger) recovery
prospects.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.


BOELS TOPHOLDING: Moody's Assigns B1 CFR, Outlook Negative
----------------------------------------------------------
Moody's Investors Service has assigned a corporate family rating of
B1 and a probability of default rating of B1-PD to Boels Topholding
B.V. Concurrently, Moody's has assigned a B1 rating to the EUR625
million senior secured Term Loan A due in August 2026, the EUR986
million senior secured Term Loan B due in February 2027 and the
EUR200 million senior secured revolving credit facility due in
August 2026, issued by Boels. The outlook on all ratings is
negative.

The proceeds from the loans will be used to fund the acquisition of
Cramo Plc, refinance the current financial debt at both Boels and
Cramo and pay transaction related fees and expenses.

RATINGS RATIONALE

Boels' B1 CFR is supported by its: (i) number two market position
in the European equipment rental market; (ii) good geographical
diversification with Benelux, its largest market, representing 28%
of total sales; (iii) strong barriers to entry due to its dense
branch network and broad selection of equipment; (iv) good growth
prospects due to industry growth driven by the continued increase
in rental penetration across Europe; (v) good mix of exposure to
end-markets and customers, which favor a high proportion of smaller
tool rentals (c. 50% of total) and, which can lead to greater
earnings resilience in a downturn; and (vi) relatively young fleet
with a weighted average age of 4.1 years, which provides some
flexibility to reduce capex in future years and ease any cash flow
pressures.

Conversely, the rating remains constrained by: (i) the company's
exposure to cyclical and seasonal construction and civil
engineering end markets, which can result in revenue volatility;
(ii) the capital intensive nature of the business and its impact on
cash flow generation, although Moody's expects the company to be
able to offset this risk by reducing capex during shorter
downturns; (iii) the integration of the large acquisition of Cramo,
which involves execution risk; (iv) the pro forma leverage of 4.0x
as of December 2019, which is somewhat high for the industry, and
only expected to gradually reduce over time through a combination
of EBITDA growth and debt repayment, which Moody's expects will be
modest.

The equipment rental sector is one of the sectors affected by the
coronavirus outbreak given restrictions on movement in some
European countries and the related temporary halt of construction
sites and other projects. In contrast with some peers that are more
highly exposed to southern Europe, Boels has benefited from less
restrictive lockdown measures put in place in its core markets.
Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety.

During the lockdown period, Moody's estimates that Boels will
maintain a relatively high level of revenues in the range of 85% to
95% compared to 2019, up from Moody's initial assumption of 70 to
80%, when the company released its April trading update. Moody's
expects that Moody's-adjusted gross debt/EBITDA will temporarily
spike to around 5.0x in 2020 under its base case, which assumes
that revenues will decrease by c.10% as a result of the
coronavirus, before returning below 4.5x in 2021. Under this
scenario, Moody's expects Boels' free cash flow to remain largely
positive in the range of EUR100-120 million in 2020.

ESG CONSIDERATIONS

Corporate Governance is a key rating consideration for Boels. The
company is owned by Pierre Boels who is also the Chief Executive
Officer, which Moody's considers could be a key man risk.

The debt-funded acquisition of Cramo signals a more aggressive
financial policy compared to the past. However, the company is
committed to delever to below 3.0x net debt/EBITDA (as defined by
the company) in the mid to long term and is not planning to pay
dividends until leverage has reduced to this level.

LIQUIDITY PROFILE

Moody's considers Boels' liquidity to be adequate and supported by:
(i) its expectation of largely positive free cash flow in the next
12-18 months; (ii) an expected EUR216 million of cash on balance
sheet at closing, though Moody's expects this will include EUR190
million of drawn RCF; (iii) a certain level of capex flexibility
and a history of ensuring that EBITDA exceeds capex through the
cycle; (iv) no meaningful debt amortization before 2026.

As part of the documentation, the Senior Facility Agreement
contains a maintenance finance covenant based on net leverage set
at 6.5x. At closing net leverage will be 3.8x and Moody's expects
that Boels will maintain ample headroom under this covenant.

STRUCTURAL CONSIDERATIONS

Using Moody's Loss Given Default for Speculative-Grade Companies
methodology, the PDR is B1-PD, in line with the CFR, reflecting
Moody's assumption of a 50% family recovery rate as is customary
for bank debt structures with loose financial covenants. The RCF,
Term Loan A and Term Loan B are pari passu and rated B1, in line
with the CFR.

RATING OUTLOOK

The negative outlook reflects the downside risk to credit metrics
and liquidity linked to uncertainties on (i) the length of the
crisis and its medium-term impact on the construction sector and
(ii) the future lockdown approach in the company's core markets.
The outlook assumes a decrease in capex spending to 15% of revenues
in 2021 and a conservative financial policy geared towards
deleveraging in the next 18-24 months.

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

A rating upgrade is unlikely in the near term, but could occur if
Moody's gross adjusted leverage improved towards 3.0x on a
sustainable basis and that the company was committed to maintaining
this leverage level. Moodys' would also expect Boels to maintain a
good liquidity profile and generate positive free cash flow.

Negative pressure on the rating could occur if (1) the company's
operational performance deteriorates, (2) Moody's adjusted leverage
is at or above 4.5x on a sustained basis, (3) its liquidity
deteriorates, or if (4) Boels fails to successfully integrate the
Cramo acquisition.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Equipment and
Transportation Rental Industry published in April 2017.

COMPANY PROFILE

Boels Topholding B.V., headquartered in Netherlands, is a leading
Benelux provider of rental equipment, and with the acquisition of
Cramo, will become the number two equipment rental company in
Europe. Pro forma the acquisition, Boels will materially improve
its scale. Revenues on a combined basis totaled approximately EUR
1.3 billion in 2019, a substantial increase from around EUR650
million that Boels generated on a standalone basis. Boels was
founded in 1977 by Pierre Boels Sr. His son Pierre Boels Jr. is its
CEO since 1996 and owns 100% of the company.


MADISON PARK VI: Fitch Keeps B- on Class F-R Notes on Watch Neg.
----------------------------------------------------------------
Fitch Ratings has maintained Madison Park Euro Funding VI B.V.
class E and F notes on Rating Watch Negative and affirmed the other
classes of notes.

Madison Park Euro Funding VI B.V      

  - Class A-R XS1655108956; LT AAAsf; Affirmed

  - Class B-1R XS1655109251; LT AAsf; Affirmed

  - Class B-2R XS1655107123; LT AAsf; Affirmed

  - Class C-R XS1655109848; LT Asf; Affirmed

  - Class D-R XS1655107800; LT BBBsf; Affirmed

  - Class E-R XS1655108105; LT BBsf; Rating Watch Maintained

  - Class F-R XS1655108360; LT B-sf; Rating Watch Maintained

TRANSACTION SUMMARY

The transaction is a cash-flow CLO mostly comprising senior secured
obligations. The transaction is still in its reinvestment period,
which is scheduled to end in October 2021, and is actively managed
by the collateral manager Credit Suisse Asset Management.

KEY RATING DRIVERS

Resilient Portfolio Performance

The affirmation reflects the resilience of the portfolio's
performance despite negative rating migration of the underlying
assets in light of the COVID-19 pandemic. The transaction is
currently slightly below par value (-0.45%) after taking into
account defaulted assets at their Fitch recovery rate. Fitch's
weighted average rating factor test as calculated by the agency
showed an increase to 36.3 as of June 2020, up from 34.78 in its 20
May 2020 trustee report and against a maximum of 34.

The 'CCC' category or below assets represented 10.5% (or 9.1% if
including unrated names that the agency conservatively assumes as
'CCC' but which the manager may classify as B- for up to 10% of the
portfolio) as of June 2, 2020, compared with its 7.5% limit. Assets
with a Fitch-derived rating on Negative Outlook represent 27.1% of
the portfolio balance. The portfolio has EUR6.2 million defaulted
assets per Fitch- updated calculation. All other tests, including
the overcollateralisation and interest coverage tests, were
reported as passing.

'B'/'B-' Category Portfolio Credit Quality

Fitch places the average credit quality of obligors in the 'B'/'B-'
category. The Fitch WARF of the current portfolio is 36.3.

High Recovery Expectations

Around 97% of the portfolio comprises senior secured obligations.
Fitch views the recovery prospects for these assets as more
favourable than for second-lien, unsecured and mezzanine assets.
Fitch's weighted average recovery rate of the current portfolio is
64%.

Portfolio Composition

The portfolio is well-diversified across obligors, countries and
industries. The top-10 obligor exposure is 14.9% and no obligor
represents more than 2% of the portfolio balance. The three largest
Fitch-defined industries concentration is 34.7% and the largest
Fitch-defined industry represents 13.6%, both below their
respective limit of 40% and 17.5%.

Cash Flow Analysis

Fitch used a customised proprietary cash flow model to replicate
the principal and interest waterfalls and the various structural
features of the transaction, as well as to assess their
effectiveness, including the structural protection provided by
excess spread diverted through the par value and interest coverage
tests. The transaction was modelled using the current portfolio
based on both the stable and rising interest-rate scenarios and the
front-, mid- and back-loaded default timing scenario as outlined in
Fitch's criteria. In addition, Fitch also tests the current
portfolio with a coronavirus sensitivity analysis to estimate the
resilience of the notes' ratings. The analysis for the portfolio
with a coronavirus sensitivity analysis was only based on the
stable interest-rate scenario including all default timing
scenarios.

The model-implied rating for the class F notes is one notch below
the current rating. Fitch has decided to deviate from the
model-implied rating on the class F notes as it was driven by the
back-loaded default timing scenario, which it considered unlikely.

The Rating Watch Negative was maintained for class E and class F
notes as they show shortfalls under the COVID-19 baseline scenario
as described below.

When conducting its cash flow analysis, Fitch's model first
projects the portfolio's scheduled amortisation proceeds and any
prepayments for each reporting period of the transaction life
assuming no defaults (and no voluntary terminations, when
applicable). In each rating stress scenario, such scheduled
amortisation proceeds and prepayments are then reduced by a scale
factor equivalent to the overall percentage of loans that are not
assumed to default (or to be voluntarily terminated, when
applicable). This adjustment avoids running out of performing
collateral due to amortisation and ensures all of the defaults
projected to occur in each rating stress are realised in a manner
consistent with Fitch's published default timing curve.

RATING SENSITIVITIES

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

At closing, Fitch used a standardised stress portfolio (Fitch's
stress portfolio) that is customised to the specific portfolio
limits for the transaction as specified in the transaction
documents. Even if the actual portfolio shows lower defaults and
smaller losses (at all rating levels) than Fitch's stress portfolio
assumed at closing, an upgrade of the notes during the reinvestment
period is unlikely, given the portfolio's credit quality may still
deteriorate, not only by natural credit migration, but also by
reinvestments. After the end of the reinvestment period, upgrades
may occur in case of a better-than-expected portfolio credit
quality and deal performance, leading to higher credit enhancement
(CE) and excess spread available to cover for losses on the
remaining portfolio.

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

Downgrades may occur if the build-up of the notes' CE following
amortisation does not compensate for a greater loss expectation
than initially assumed due to unexpectedly high levels of default
and portfolio deterioration. As the disruptions to supply and
demand due to COVID-19 become apparent for other vulnerable
sectors, loan ratings in those sectors would also come under
pressure. Fitch will update the sensitivity scenarios in line with
the view of its Leveraged Finance team.

Coronavirus Baseline Scenario Impact

Fitch carried out a sensitivity analysis on the current portfolio
to envisage the coronavirus baseline scenario. The agency has
downgraded the ratings for all assets with corporate issuers on
Negative Outlook regardless of sector. They represent 27.1% of the
portfolio balance. This scenario shows large shortfalls for the
class E and F notes under their current respective ratings, which
are on Rating Watch Negative.

Coronavirus Downside Scenario Impact

In addition to the baseline scenario, Fitch has defined a downside
scenario for the current crisis, whereby all ratings in the 'B'
rating category would be downgraded by one notch and recoveries
would be lowered by a haircut factor of 15%. For typical European
CLOs this scenario results in a category- rating change for all
ratings.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Most of the underlying assets or risk-presenting entities have
ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
Securities and Markets Authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information.

Overall, Fitch's assessment of the asset pool information relied on
for its rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.


PRECISE MIDCO: S&P Alters Outlook to Stable & Affirms 'B' ICR
-------------------------------------------------------------
S&P Global Ratings revised the outlook on Dutch ERP provider
Precise Midco B.V. (Exact) to stable from negative, and affirmed
its 'B' long-term issuer credit and senior secured debt ratings on
the company.

Exact overperformed S&P's expectations in 2019, underpinned by
strong EBITDA growth and leading to quicker deleveraging.

The company's S&P Global Ratings-adjusted EBITDA increased by more
than 20% in 2019 because of stronger-than-anticipated topline
growth and operating margin expansion despite much higher
acquisition related exceptional costs. As a result, Exact's
adjusted leverage declined below our 8x trigger for the rating in
2019, compared with our previous forecast of about 9x.

S&P said, "We anticipate the company's topline growth will slow in
2020 because of COVID-19, but also expect EBITDA to increase
significantly on high recurring revenue, low churn, mergers and
acquisitions (M&A), and cost reduction. We forecast Exact's revenue
growth will slow to 5%-7% in 2020 (3% on an organic basis) compared
with about 13.3% in 2019 and 16.7% in 2018, because we expect
customers will likely delay purchasing new licenses and related
professional services in the current economy. In addition, given
that the company's software solutions mainly cater to small and
midsize businesses (SMB), with about 46% of revenue from businesses
with less than 20 employees, we think a prolonged recession could
further stress Exact's customers and its earnings. Nevertheless, we
think the company's churn rate will remain low at about 6% or lower
because of government SMB support programs, and lower willingness
and ability to switch to competitors. In addition, we still expect
continued 15% revenue growth in Exact's small business and
accountancy (SB&A) segment, which should more than offset the
revenue decline in license and professional services. The limited
impact on the company's near-term revenue is supported by its high
recurring revenue base of about 88% and large and diversified
customer base, as well as limited exposure to COVID-19-affected
industries (at less than 10% of revenue). We anticipate Exact's
EBITDA will increase about 15% in 2020, underpinned by lower
exceptional costs, cost-cutting initiatives in response to
COVID-19, and bolt-on acquisitions. This should support further
deleveraging toward 7x in 2020, and increase in FOCF to debt to
about 7%."

Sound profitability, strong cash flow, and a better business risk
assessment support the ratings. Exact's profitability significantly
increased following the strategic exit of its loss-making
international business in 2018. S&P said, "We estimate the
company's adjusted EBITDA margin was about 34% in 2019, compared
with 32% in 2018, with potential to increase toward 38% by 2021.
This is higher than the peer average of 25%-30%, supporting our
view that Exact's business risk profile has improved. This also
reflects stronger growth prospects and increased recurring revenues
to nearly 90%. We think the company's strong profitability coupled
with limited working capital and capital expenditure (capex) needs
have built a sound foundation for sustained cash flow. We
anticipate that Exact's adjusted FOCF will be above EUR45 million
in 2020, compared with about EUR40 million in 2019."

S&P said, "The stable outlook reflects our expectation that Exact's
revenue will grow 5%-7% in 2020, supported by the company's high
recurring revenue base and bolt-on acquisition. In addition, we
expect EBITDA margin will expand by 200-300 basis points because of
lower exceptional costs.

"We could lower the rating one notch if weaker-than-forecast
operating performance, higher-than-anticipated cash outflows from
slower growth, adverse macroeconomic conditions, or higher costs
for strategic initiatives or restructuring measures result in FOCF
to debt falling to less than 5%, and adjusted debt to EBITDA
staying higher than 8x.

"We see limited upside at this stage because of the company's
highly leveraged capital structure, and our expectation that the
financial sponsor could pursue an aggressive debt funded M&A or
dividend distribution on the back of strong operational
performance. However, we could raise the rating one notch if
Exact's leverage declines to below 6x, and FOCF to debt increases
to above 10%, and the company demonstrates a strong commitment to
maintain the ratios."


REPSOL INTERNATIONAL: S&P Rates New Hybrid Capital Securities 'BB+'
-------------------------------------------------------------------
S&P Global Ratings said that it had assigned its 'BB+' long-term
issue rating to the proposed perpetual, optionally deferrable, and
subordinated hybrid capital securities to be issued by Repsol
International Finance B.V., a subsidiary of Repsol S.A.
(BBB+/Stable/A-2). The two hybrid instruments amount to EUR750
million each. The proceeds will be used to replace the existing
EUR1 billion hybrid issued in 2015, which has its first optional
redemption call date in August 2020, and for other general
purposes.

S&P considers the proposed securities will have intermediate equity
content until their first reset date because they meet its criteria
in terms of subordination, permanence, and deferability at the
company's discretion during this period.

Parallel with the issuance, Repsol will launch a tender offer on
the existing EUR1 billion hybrid issued in 2015. S&P understands
the group's financial policy is to at least maintain its current
amount of total outstanding hybrids--EUR2 billion.

S&P said, "If Repsol successfully issues the new securities and
completes the liability management transaction, we will assign
intermediate equity content to the new hybrid instruments until the
first reset date. We will also classify the nonrefinanced amount of
the EUR1 billion hybrid issued in April 2015 as having no equity
content while maintaining our intermediate equity content
assessment for any remaining amount that has been replaced as part
of this transaction. This is chiefly because we believe the new
hybrids will replace the existing hybrid instrument, subject to the
tender offer. This means that the company will increase its amount
of hybrid capital, and would therefore be committed to replacing
the instrument ahead of any future call or buyback."

S&P derive its 'BB+' issue rating on the proposed securities by
notching down from its 'bbb' stand-alone credit profile for Repsol
S.A. The two-notch differential reflects our notching methodology,
which calls for deducting:

-- One notch for subordination because our long-term issuer credit
rating on Repsol is investment-grade (that is, higher than 'BB+');
and

-- An additional notch for payment flexibility, to reflect that
the deferral of interest is optional.

The notching to rate the proposed securities reflects S&P views
that the issuer is relatively unlikely to defer interest. Should
S&P views change, it may increase the number of notches it deducts
to derive the issue rating.

In addition, to reflect S&P's view of the intermediate equity
content of the proposed securities, it allocates 50% of the related
payments on the securities as a fixed charge and 50% as equivalent
to a common dividend. The 50% treatment of principal and accrued
interest also applies to S&P's adjustment of debt.

KEY FACTORS IN S&P'S ASSESSMENT OF THE SECURITIES' PERMANENCE

Repsol can redeem the securities for cash at any time during the
three months before the first interest reset date and on any coupon
payment date thereafter. Although the proposed securities are
undated, they can be called at any time for tax, accounting,
capital event, or a substantial repurchase event. If any of these
events occur, Repsol intends, but is not obliged, to replace the
instruments. S&P said, "We understand that the interest to be paid
on the proposed securities will increase by 25 basis points (bps)
no earlier than 10 years after issuance, and by a further 75 bps 20
years after their first reset date. We consider the cumulative 100
bps as a material step-up, which is currently unmitigated by any
binding commitment to replace the instruments at that time. In our
view, the cumulative 100 bps step-up provides an incentive for the
issuer to redeem the instruments on their second step-up date."

S&P said, "Consequently, we will no longer recognize the
instruments as having intermediate equity content after their first
reset date, because the remaining period until their economic
maturity would, by then, be less than 20 years. However, we
classify the instruments' equity content as intermediate until
their first reset date, so long as we think that the loss of the
beneficial intermediate equity content treatment would not cause
the issuer to call the instruments at that point. Repsol's
willingness to maintain or replace the instruments in the event
that we reclassify them as having no equity content is underpinned
by its statement of intent."

KEY FACTORS IN S&P'S ASSESSMENT OF THE SECURITIES' DEFERABILITY

In S&P's view, Repsol's option to defer payment on the proposed
securities is discretionary. This means that the company may elect
not to pay accrued interest on an interest payment date because it
has no obligation to do so. However, any outstanding deferred
interest payment, plus interest accrued thereafter, will have to be
settled in cash if Repsol declares or pays an equity dividend or
interest on equally ranking securities, and it redeems or
repurchases shares or equally ranking securities. However, once
Repsol has settled the deferred amount, it can still choose to
defer on the next interest payment date.

KEY FACTORS IN S&P'S ASSESSMENT OF THE SECURITIES' SUBORDINATION

The proposed securities and coupons are intended to constitute the
issuer's direct, unsecured, and subordinated obligations, ranking
senior to its common shares.


SIG COMBIBLOC: Moody's Rates EUR550MM Sec. Term Loan 'Ba2'
----------------------------------------------------------
Moody's Investors Service has affirmed the corporate family rating
of SIG Combibloc Group AG at Ba2 and the probability of default
rating at Ba2-PD. Concurrently, Moody's assigned Ba2 senior secured
ratings to the proposed EUR550 million Term Loan borrowed at
subsidiaries SIG Combibloc PurchaseCo S.a r.l. and SIG Combibloc US
Acquisition II Inc., and the proposed EUR300 million revolving bank
credit facility borrowed at SIG Combibloc PurchaseCo S.a r.l. and
SIG Euro Holding GmbH. Further, Moody's assigned Ba2 senior
unsecured ratings to SIG's proposed EUR500 million notes due 2023
and proposed EUR500 million notes due 2025. The outlook remains
stable.

The Ba2 ratings on the senior secured Term Loan A and the senior
secured revolving bank credit facility, borrowed at subsidiaries
SIG Combibloc PurchaseCo S.a r.l., SIG Combibloc US Acquisition
Inc. and SIG Combibloc US Acquisition II Inc., and on the senior
secured Term Loan B borrowed at SIG Combibloc PurchaseCo S.a r.l.,
are unaffected. Moody's expects to withdraw these ratings once the
respective debt instruments are repaid as part of the proposed
refinancing.

RATINGS RATIONALE

Its rating action reflects SIG's leverage-neutral refinancing of
its existing debt with new debt instruments that will reduce its
financing cost and diversify its funding sources. The affirmation
also takes into consideration SIG's consistent performance through
multiple cycles and its recent strong earnings report for the first
quarter of 2020, as well as positive guidance for the year. The
company has consistently generated good levels of free cash flow
and maintained ample liquidity.

SIG benefits from the defensive nature of aseptic packaging which
successfully serves a growing number of consumer needs. In Europe
aseptic packaging has become increasingly in demand during the
coronavirus pandemic as at-home consumption increased although in
Asia Pacific demand has been affected by lower on-the-go
consumption. Revenue growth in the first quarter of 2020 has
remained resilient with 8.4% core revenue growth at constant
currency and 8.3% on a reported basis. The APAC and Americas
regions continued to grow revenue strongly at 6.2% (including the
acquisition of Visy Cartons) and 34.2% (compared to a weak Q1'19)
on a constant currency basis while EMEA grew slower at 3.1%.

Moody's expects that Moody's-adjusted debt/EBITDA will sustainably
fall below 4.0x in the coming 12 to 18 months and that further
gradual deleveraging will be supported by revenue growth and the
company's declared focus to deleverage towards 2.0x over the medium
term based on the company's definition. Moody's also expects steady
free cash flow generation after net capex, dividends and interest
payments.

SIG's corporate family rating continues to reflect the company's
meaningful scale as second largest operator globally and its
business model underpinned by long-term contracts. The CFR also
incorporates a large installed base of 1,233 filling machines at
end 2019; (ii) focus on less-discretionary and less cyclical food
and beverage end markets; and (iii) a global footprint. However,
these positives are counterbalanced by (i) the concentration of
revenue within one activity, aseptic carton packaging systems; (ii)
the risks from potential price volatility in certain raw materials
and the general pressure from cost inflation; (iii) a more
challenging growth environment in its core and more mature European
market.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Environmental and social considerations reflected in the rating
include the trend towards more sustainable packaging solutions
amongst customers, regulators and consumers that may influence the
demand for the company's products. Governance considerations
include the growing track record of the company as a Swiss-listed
business and related governance requirements following the 2018 IPO
and the increased free float, which now represents the majority of
the company's shares after Onex's share sales in September and
November 2019 and March 2020.

LIQUIDITY

SIG benefits from ample liquidity which the company carefully
maintains. At the end of the first quarter of 2020, SIG had EUR263
million of cash and an undrawn EUR300 million revolving credit
facility. The company paid a EUR115 million dividend in April 2020.
Following the proposed refinancing, SIG will have a new undrawn
EUR300 million revolver and no debt maturities until 2023. Still,
the company expects to continue paying dividends in line with its
target of 50%-60% of adjusted net income. Also, SIG will be subject
to a net leverage covenant which the company is expected to meet
comfortably.

STRUCTURAL CONSIDERATIONS

Upon completion of refinancing, SIG's debt instruments will include
a EUR300 million revolving credit facility, a EUR550 million term
loan and two series of EUR500 million notes. All instruments mature
in 2025 except for one series of the notes due in 2023 and all
instruments rank pari passu. Therefore, Moody's assigned all
instrument ratings at Ba2 in line with the CFR.

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

Further progress towards achieving the stated financial policy
target of company-defined net leverage moving towards 2.0x through
deleveraging and EBITDA growth, thereby also leading to a reduction
in Moody's-adjusted debt/EBITDA sustainably below 3.5x, would
create positive pressure. Moody's would also expect SIG to continue
to generate sustainable mid-single digit positive free cash flow to
debt (after interest, capex and dividends) for positive pressure.

Moody's-adjusted debt/EBITDA rising sustainably above 4.3x, a
weakening of the company's free cash flow profile or liquidity
would create negative pressure. More aggressive financial policies,
evidenced for example by debt-funded acquisitions, rising Moody's
adjusted debt or more shareholder-friendly actions, could also
pressure the rating.

The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass, and Plastic Containers published in
May 2018.

Headquartered in Switzerland, SIG Combibloc Group AG is the second
largest manufacturer of aseptic carton packaging systems, supplying
mostly the liquid dairy (e.g. milk, cream and soy milk products)
and non-carbonated soft drinks (e.g. juice, nectar and ice tea) end
markets. The company's aseptic cartons can also be used for liquid
food products, such as soups and broths, sauces, desserts and baby
food. The company is listed on the Swiss Stock Exchange since
September 2018 and had a market capitalisation of CHF 4.9 billion
as of 4 June 2020.




=========
S P A I N
=========

BBVA CONSUMER 2020-1: S&P Assigns Prelim B+ Rating on Cl. E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to BBVA
Consumer Auto 2020-1 Fondo de Titulizacion's (BBVA 2020-1) class A,
B (Dfrd), C (Dfrd), D (Dfrd), and E (Dfrd) notes. At closing, BBVA
2020-1 will also issue unrated class F (Dfrd) and Z notes.

The transaction will securitize a portfolio of Spanish auto loans
that Banco Bilbao Vizcaya Argentaria S.A. (BBVA) originated. The
issuer will use the class A to F (Dfrd) notes' issuance proceeds to
purchase the loans, and the class Z notes' issuance proceeds to
fund the reserve fund. Under the transaction documents, the issuer
can purchase further eligible receivables during the first 18
months of the revolving period, as long as no early amortization
events occur.

The assets pay a monthly fixed interest rate, and the notes pay
quarterly three-month Euro Interbank Offered Rate (EURIBOR) plus a
margin subject to a floor of zero. Consequently, the rated notes
will benefit from an interest rate swap.

BBVA is a leading Spanish bank and a well-established originator
with a good track record in the Spanish securitization market. In
addition to originating the loans, BBVA also services them. It is
also the paying agent and treasury, swap counterparty, and
principal account provider in this transaction.

S&P said, "Our preliminary ratings address timely payment of
interest and ultimate payment of principal on the class A notes and
ultimate payment of interest and principal on the class B (Dfrd), C
(Dfrd), D (Dfrd), and E (Dfrd) notes. Interest due on the class B
(Dfrd), C (Dfrd), D (Dfrd), and E (Dfrd) notes is deferrable if the
interest deferral conditions are breached. Furthermore, there is no
compensation mechanism that would accrue interest on deferred
interest, but we consider this a common feature in the Spanish
market. As soon as any mezzanine note becomes the most senior,
interest payments will be timely, and any accrued interest will be
paid in full on the first payment date. Under these circumstances,
when the class B (Dfrd), C (Dfrd), D (Dfrd), and E (Dfrd) notes are
the most-senior notes outstanding, our rating addresses timely
payment of interest and ultimate payment of principal.

"Our structured finance sovereign risk criteria do not currently
constrain our preliminary ratings on the class A and B (Dfrd)
notes. We expect the final documentation and the presented remedy
provisions at closing to adequately mitigate counterparty risk in
line with our counterparty criteria. We also expect that the final
documentation and legal opinions will adequately address any legal
and operational risk in line with our criteria.

"Our analysis indicates that the available credit enhancement for
the class A, B (Dfrd), C (Dfrd), D (Dfrd), and E (Dfrd) notes is
sufficient to withstand the credit and cash flow analysis stresses
that we apply at the assigned preliminary ratings."

  Ratings List

  Class      Prelim. rating*   Prelim. amount (mil. EUR)
  A          AA (sf)            TBD
  B (Dfrd)   A+ (sf)            TBD
  C (Dfrd)   A- (sf)            TBD
  D (Dfrd)   BB+ (sf)           TBD
  E (Dfrd)   B+ (sf)            TBD
  F (Dfrd)   NR                 TBD
  Z§         NR                 TBD

Note: This media release report is based on information as of June
1, 2020. The ratings shown are preliminary. Subsequent information
may result in the assignment of final ratings that differ from the
preliminary ratings. Accordingly, the preliminary ratings should
not be construed as evidence of final ratings. This report does not
constitute a recommendation to buy, hold, or sell securities.
*S&P's ratings address timely payment of interest and ultimate
payment of principal on the class A notes and ultimate payment of
interest and principal on class B (Dfrd), C (Dfrd), D (Dfrd), and E
(Dfrd) notes. §The reserve is funded through proceeds of the class
Z notes

Dfrd--Deferrable.
NR--Not rated.
TBD--To be determined.


CATALONIA: DBRS Confirms BB(High) LongTerm Issuer Rating
--------------------------------------------------------
DBRS Ratings GmbH confirmed the Long-Term Issuer Rating of the
Autonomous Community of Catalonia (Catalonia) at BB (high) and its
Short-Term Issuer Rating at R-4. Simultaneously, DBRS Morningstar
changed the trend on all ratings to Stable from Positive.

DEVIATION FROM DBRS MORNINGSTAR'S EU CALENDAR

This is a deviation from DBRS Morningstar's EU Sovereign,
Sub-Sovereign, and Supranational Calendar due to new information
becoming available on the creditworthiness of the issuer related to
the Coronavirus Disease (COVID-19). DBRS Morningstar believes that
this new information makes it inappropriate to wait until the next
scheduled review of the issuer on September 11, 2020. The credit
rating considerations and rationale are presented below.

KEY RATING CONSIDERATIONS

The trend change on the region's ratings reflects the trend change
to Stable from Positive on the Kingdom of Spain's Long-Term Foreign
and Local Currency – Issuer Rating of "A" on May 29, 2020.
Spain's ratings trend change reflected DBRS Morningstar's view that
the country's good economic performance and steady fiscal
consolidation will be halted, at least in the near term, by the
Coronavirus Disease (COVID-19) outbreak. Spain's output is now
expected to fall sharply in 2020 and to recover only partially in
2021.

DBRS Morningstar considers that the factors underpinning the trend
change of the sovereign ratings similarly affect its analysis of
Catalonia's creditworthiness and underpins the trend change to
Stable on the region's ratings. Catalonia's finances will be
affected by a combination of higher healthcare-related expenditure
and lower tax collection. Although DBRS Morningstar expects the
national government to mitigate the impact on the region's
financial performance in 2020, Catalonia's fiscal outcomes are
likely to remain under pressure in the next two-to-three years.

Catalonia's ratings remain underpinned by (1) the region's robust
economic indicators and its sound fiscal performance in recent
years; and (2) the financing support provided by the Kingdom of
Spain to the regional government. While the political situation in
the region remains a source of uncertainty, its impact on the
regional economy or more generally on fiscal and financial
management has remained limited.

Catalonia's Long-Term Issuer Rating currently remains at the BB
(high) level given the region's high debt metrics and a still
challenging political environment. Although DBRS Morningstar
expects the region's debt reduction to be a slow and lengthy
process and the political noise over independence to remain over
the long-term, it considers that the region's intrinsic performance
has improved in the last three years.

RATING DRIVERS

The ratings could be upgraded if: (1) the relationship between the
region and the national government remains stable after the
upcoming regional elections, with debt and fiscal management
staying insulated from any potential rise in political tensions;
(2) the region continues its fiscal consolidation towards a
balanced budget position and improves its debt sustainability
metrics further; or (3) the Kingdom of Spain's rating is upgraded.

The ratings could be downgraded if: (1) there is a material
escalation of the political tensions between the region and the
national government. Specifically, indications that the financing
support received by the region may be reduced would have negative
credit implications; or (2) there is a structural reversal in the
region's fiscal consolidation, leading fiscal deficits to widen
over time.

RATING RATIONALE

The COVID-19 Outbreak Negatively Affects the Regional Economy

The COVID-19 outbreak is taking its toll on the Spanish and
regional economy. Catalonia has been severely affected by the
pandemic. The region, in line with the rest of the country, has
been under one of the longest and strictest lockdowns in Europe.
This lockdown, aimed at slowing the transmission of the virus among
the population has borne fruits, with the number of recorded cases
recently dropping drastically. Nevertheless, the economic shock
derived from this unprecedented lockdown will be very significant.

DBRS Morningstar considers that the fiscal measures announced by
the central government to support the healthcare system –a
responsibility of the Spanish regions– and to mitigate the
long-term impact of the pandemic on the national economy should
help alleviate the adverse consequences of the COVID-19 outbreak.
However, a severe recession is now expected for 2020, with the
national government forecasting the country's real GDP to decline
by 9.2% before recovering partially with growth of 6.8% in 2021.
While DBRS Morningstar expects this shock to affect all Spanish
regions, its overall impact on the region of Catalonia will depend
in large part on how quickly economic activity normalizes. The
recent announcement of a large automotive plant closure in the
region is an early indication that the consequences of this crisis
might be far reaching and possibly long lasting.

The Political Environment Remains a Key Rating Consideration

On the political front, while the regional pro-independence party,
Esquerra Republicana de Catalunya (ERC), implicitly supported
through its abstention the formation of a coalition government led
by the Partido Socialista Obrero Español (PSOE) at the national
level in January 2020, political uncertainty in the region remains.
In particular, new regional elections, likely to be held by the end
of 2020, could potentially mean the resurgence of political
tensions, as the outcome of the vote might bring ERC to reconsider
its implicit support for Prime Minister Sanchez's government and
harden the pro-independence stance.

DBRS Morningstar believes that regional elections that would
confirm a softer strategy on the independence question, such as the
one currently followed by ERC, and reduce political tensions
between both government tiers, would benefit its assessment of the
region's political risk and subsequently support Catalonia's
ratings.

Catalonia's Fiscal Performance Will be Affected, but the National
Government Will Limit the Adverse Impact

On the fiscal front, Catalonia's fiscal performance largely
stabilized in 2019, with a deficit-to-gross domestic product (GDP)
at -0.56%. While the deficit slightly worsened compared to the
-0.44% recorded in 2018, it was affected by one-offs, and remained
in line with the -0.55% of regional peers. In 2020, further fiscal
consolidation appears challenging given the rapid deterioration in
economic indicators in the region and in Spain. DBRS Morningstar
currently expects strong pressure on Spanish regions' operating
expenditure, as regions directly manage healthcare related costs
which are expected to increase. In addition, the anticipated drop
in economic output in 2020 is likely to markedly affect regional
taxes collected by the region.

On the other hand, Catalonia and other Spanish regions under the
common regime are likely to benefit from the automatic stabilizer
built into the regional financing system. For example, while the
pandemic is likely to decrease substantially the level of taxes
collected by the central government and in particular shared taxes
such as value added tax and personal income tax, the regions should
remain insulated from this in 2020. The government has indeed not
revised down the level of transfers (entregas a cuenta) that it
will make to regions this year. Transfers for all regions from the
financing system will continue to increase in 2020; by 7.3%
year-on-year compared with 2019.

The negative effect of the lower tax collection in 2020 will
therefore be borne by the central government. While this will
support regions in 2020, the regional financing system will prompt
a negative settlement to be paid by regions in 2022, which is
likely to be very substantial. DBRS Morningstar considers however
likely that the national government will allow regions to repay
this settlement over the long-term, as it did regarding the 2008
and 2009 negative settlements which are currently being repaid over
20 years.

DBRS Morningstar also highlights that the national government
recently approved additional fiscal transfers to its regions (Fondo
No Reembolsable), totaling EUR 16 billion or 1.3% of national GDP
for 2020. These correspond to one-off measures aimed at supporting
regional finances on the face of the COVID-19 crisis. These funds
will be split between EUR 10 billion directed to healthcare
expenditure, EUR 5 billion to compensate for lower regional
revenues and EUR 1 billion for additional social costs borne by
regions. Overall, based on the Independent Authority for Fiscal
Responsibility (AIReF), the additional deficit for all Spanish
regions related to COVID-19 in 2020 is estimated between 1.2% and
1.7% of GDP. This additional deficit could therefore be in large
part compensated by the extraordinary transfer from the national
government of EUR 16 billion to the sector.

DBRS Morningstar therefore anticipates that Catalonia and other
Spanish regions' 2020 financial performance should be only
partially affected by the COVID-19 crisis, as the central
government finances take the hit. The situation is nevertheless
likely to deteriorate rapidly in 2021 and 2022, with lower revenues
from the regional financing system and still high expenditure
increasing pressure on regional finances. While the national
government is likely to continue supporting its regions, growing
regional deficits and debt levels are likely to materialize.

The National Government's Financing is Critical to the Region's
Creditworthiness

DBRS Morningstar expects Catalonia's financing needs to continue
being covered by the national government. Such financing remains
critical for the region's credit ratings. While Catalonia's debt is
very high at EUR 81.8 billion at the end of 2019, or 278% of its
operating revenues, DBRS Morningstar gains comfort on its
sustainability, given the support it receives from the national
government. The Spanish Treasury currently holds about 75% of the
regional debt stock and Catalonia has benefited from very low
funding rates in recent years. While the reduction in the region's
debt-to-operating revenues ratio is now being challenged by the
healthcare crisis, DBRS Morningstar continues to consider that
Catalonia will remain committed to strengthen its debt metrics over
the medium-term.

RATING COMMITTEE SUMMARY

The DBRS Morningstar European Sub-Sovereign Scorecard generates a
result in the BBB (high) - BBB (low) range. Additional
considerations factored into the Rating Committee decision included
the uncertainty related to the political environment in the region
and its potential impact on the region's relationship with the
national government as well as the region's economic and fiscal
prospects.

The main points discussed during the Rating Committee include: the
region's economic growth and the potential impact of the COVID-19
on its fiscal and debt trajectories. The relationship between the
national government and the Autonomous Community of Catalonia and
the political situation in the region and in the country.

Notes: All figures are in Euros (EUR) unless otherwise noted.




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

GEORGE HOTEL: Goes Into Administration
--------------------------------------
Alexa Fox at The Northern Echo reports that The George Hotel, a
Darlington hotel has reportedly gone into administration, sparking
some anger and concern on social media.

According to The Northern Echo, a statement published on the
facebook page of The George Hotel in Piercebrige says: "It is with
regret that I must confirm the hotel is now in administration and
currently no-one is available to respond to phone calls, emails, or
facebook messages."

The statement, which is addressed to the hotel's 'valued patrons',
goes on to say: "I am sure that someone from the administration
team will be in touch as soon as possible with regards to
accommodation, weddings and events that have been booked, but
unfortunately we do not have access to any details currently."

The George, which is located near the River Tees in the Darlington
village of Piercebridge, can trace its roots back to the 1500s.



HELIOS TOWERS: Moody's Rates $425MM Sr. Unsecured Notes 'B2'
------------------------------------------------------------
Moody's Investors Service has assigned a B2 rating to the proposed
$425 million guaranteed senior unsecured notes issued by HTA Group,
Ltd., a wholly owned subsidiary of Helios Towers plc. All other
ratings for HT, including the corporate family rating of B2 and the
rating on the existing $600 million senior unsecured notes due
March 2022 for HTA Group, are unchanged. The rating outlook is
stable.

The proposed notes will be used to partly refinance $325 million of
the existing $600 million bond and pay the $75 million drawn term
loan. HT has the option to increase the proposed notes' size to
$700 million which will enable the company to refinance all of the
existing notes.

"The early refinancing of the notes and repayment of the term loan
is credit positive because it strengthens HT's liquidity by
extending the debt maturity profile and provides HT with the
financial capacity to fund its tower expansion strategy", says Dion
Bate, a Moody's Vice President and local market analyst.

RATINGS RATIONALE

The B2 rating on the proposed $425 million notes is in line with
HT's B2 CFR and reflects their pari passu position with the
existing $600 million notes (which are being partially or fully
refinanced from the new notes offering), the proposed $70 million
revolving credit facility and the proposed $135 million 5 year term
loan raised at the same entity level, HTA Group. The senior notes,
RCF and term loan will benefit from guarantees from Helios Towers
plc and group subsidiaries representing 99.3% of revenue, 99.7% of
EBITDA and 96.6% of total assets.

HT's B2 CFR is supported by (1) the company's leading market
position in the telecom tower business in three of the five African
markets where it operates; (2) track record of strong tower and
co-location growth resulting in increasing Moody's adjusted EBITDA
margin to 53.4% for last 12 months to March 31, 2020 (LTM Mar
2020); and (3) annuity-like contracted cash flow stream underpinned
by long term contracts (average remaining contract life of 7.0
years representing $2.9 billion in future revenues) with leading
mobile network operators. HT has moderate leverage, as measured by
debt/EBITDA, which Moody's expects to be around 4.0x for 2020. The
impact of Coronavirus continues to create uncertainty across a
broad spectrum of industries. However, HT's operations are regarded
as an essential service in the countries where it operates and the
company has not suffered any operational disruption since the
spread of the coronavirus.

The rating is constrained by (1) the high risk sovereign
environments where the company operates, notably the Democratic
Republic of Congo (DRC — Caa1, stable), Tanzania (B1, negative),
Ghana (B3, negative) and the Republic of the Congo (ROC — Caa2,
stable), which make up 41%, 42%, 10% and 7% of 2019 revenues,
respectively; (2) mid-tier scale with a tower portfolio 6,991 sites
generating revenues of $396 million in LTM Mar 2020; (3) customer
concentration, given 82% of contracted revenues in the first
quarter of 2020 were derived from five MNOs; and (4) exposure to
currency risks stemming from the mismatch between the company's
dollar debt and multi-currency cash flow where around 35% of EBITDA
generation is in local currency, albeit with protections in the
form of periodic consumer price index and power price escalators
correlated to the US dollar.

HT benefits from a strong liquidity position supported by $146
million unrestricted cash balance as of March 31, 2020, which has
been boosted by primary proceeds from last year's initial public
offering, and of which around $117 million is held by Group
Treasury in offshore accounts. This is further strengthened by the
upsized $70 million revolving credit facility which Moody's expects
will remain undrawn for the next 18 months and the proposed $135
million undrawn term loan (accordion option to increase to $200
million) which is available for capital spending and potential
tower acquisitions.

RATIONALE FOR STABLE OUTLOOK

The stable rating outlook assumes that HT will continue to maintain
conservative financial policies and a strong liquidity profile
while pursuing its expansion strategy. The ratings further presume
supportive regulatory, political and economic environments and
unrestricted ability to repatriate funds from the countries of
operations.

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

A rating upgrade is unlikely at this point because of HT's
operational exposure to weak sovereign credit profiles as reflected
by their low ratings. In the absence of sovereign considerations,
upward rating pressure would develop if debt / EBITDA would remain
sustainably below 5x.

Moody's would consider a downgrade if one or more of the sovereign
ratings of the countries of operations were to be downgraded.
Downward pressure on the ratings could also emanate from (1)
debt/EBITDA sustainably above 6.0x; (2) adverse contractual,
regulatory, economic and/or political developments materially
reduce HT's ability to operate profitably; (3) sustainably weak
liquidity; and (4) deterioration in the credit standing of its
major tenants.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Communications
Infrastructure Industry published in September 2017.

The local market analyst for this rating is Dion Bate,
971-4-237-9504.

Headquartered in London, HT is the only independent tower company
providing services in the DRC, Tanzania and the ROC, with a number
two market position in Ghana. The company recently entered the
South African market through a partnership with Vulatel and
acquired a controlling interest in SA Towers.

HT has tower service contracts with the local mobile operating
entities of Vodafone Group Plc (Vodafone, Baa2 negative), Orange
(Baa1 stable), Bharti Airtel Ltd. (Airtel, Ba1 negative), MTN Group
Limited (MTN, Ba1 negative), and Millicom International Cellular
S.A. (Millicom, Ba1 stable).

For the last twelve months ending March 31, 2020, HT reported
revenues of $396 million and Moody's adjusted EBITDA of $211.5
million.


RESTAURANT GROUP: Enters Into Crisis Talks with Landlords
---------------------------------------------------------
Dominic Walsh at The Times reports that The Restaurant Group has
entered talks with its landlords over closing restaurants and
cutting rents through a company voluntary arrangement.

According to The Times, the company, which wants to refocus on its
Wagamama and Brunning & Price chains, confirmed on June 7 that it
was discussing "potential restructuring options for our leisure
estate".

The prospective CVA, an insolvency process typically used by
hospitality operators and retailers to dispose of loss-making
outlets and to reduce rents, comes after the news last week that
the company had decided not to reopen between 100 and 120
restaurants, affecting up to 3,000 employees, The Times notes.

The announcement is believed to relate to those 100 to 120
restaurants, The Times states.


SHEPHERD COX: Enters Administration Following Investor Concerns
---------------------------------------------------------------
TheBusinessDesk.com reports that Shepherd Cox Hotels (Chesterfield)
Limited, which trades as the Sandpiper Hotel, has, along with five
other venues in Hartlepool, Darlington, Manchester, Sedgefield and
Bicester, called in administrators from Quantuma earlier this month
after investors became concerned about their returns.

Each of the Shepherd Cox companies is a Special Purpose Vehicle
(SPV) that owns a hotel and sold hotel rooms to investors with the
promise of a guaranteed fixed return, TheBusinessDesk.com
discloses.  The SPVs were unable to meet these guaranteed payments
and were held by the High Court to all be insolvent,
TheBusinessDesk.com notes.

Law firm Crowell & Moring has been appointed to the case,
TheBusinessDesk.com relates.

According to TheBusinessDesk.com, Partner Paul Muscutt said: "The
ruling of the Insolvency and Companies Court is the right result
for the investors who can now begin to get answers in relation to
the management and running of their investments.  In the next
phase, our team will be advising the administrators in
investigating the affairs of the companies and the directors and
realizing assets to maximize returns to the creditors."


SPIRIT ISSUER: Fitch Affirms BB on Class A5 Notes, Outlook Positive
-------------------------------------------------------------------
Fitch Ratings has affirmed Spirit Issuer plc's class A5 notes and
assigned a Positive Outlook. The rating has been removed from
Rating Watch Positive.

Spirit Issuer plc

  - Spirit Issuer plc/Debt/1 LT; LT BB; Affirmed

RATING RATIONALE

The Positive Outlook considers the material improvement of
transaction metrics resulting from the recent debt prepayment,
combined with the ongoing UK government-enforced lockdown measures,
which limit the medium-term visibility of Spirit's cash flows, in
addition to limited visibility on the evolution of the capital
structure, both of which currently constrain the rating.

The affirmation reflects the strong projected free cash flow debt
service coverage under the revised Fitch rating case, which Fitch
expects to remain comfortably above indicative coverage thresholds
for the rating, in addition to the liquidity position, which is
comfortable throughout 2020. Spirit also has some financial
flexibility to partially offset short-term revenue shortfall. Fitch
currently assumes the 2020 shock will be progressively recovered by
2022 but if the severity and duration of the outbreak is longer
than expected, Fitch will revise the rating case accordingly.

KEY RATING DRIVERS

Coronavirus Affecting Demand

The coronavirus pandemic has resulted in an unprecedented and
ongoing impact on pub businesses as government lockdown measures
continue to be enforced that prevent people from visiting pubs.
Revenues may fall to zero while these measures remain in place. The
potential extent of the near-term stresses is unprecedented. During
early March, many pubs were experiencing significant declines in
revenues as people were starting to voluntarily limit their
movement. The impact on revenue increased during the month as the
UK government ordered all pubs to close and a full countrywide
lockdown.

Under its revised FRC, Fitch assumes yoy revenue declines of around
100% during 2Q20, reflective of ongoing lockdown measures, with the
government currently planning to start reopening pubs from July 4,
2020. If this timetable is maintained, this means pubs will have
been fully closed for around 3.5 months. Fitch then assumes gradual
recovery during the remainder of 2020 and 2021. This results in an
annual decline of around 60% in 2020. Revenue will then
progressively normalise and reach 2019 levels by 2022.

Defensive Measures

Spirit has some flexibility to partially offset the impact of the
expected significant revenue shortfall. In its revised FRC, for
managed pubs Fitch assumes a significant reduction in costs, to
reflect the period of full pub closure, during which Fitch
understands it has been possible to significantly reduce most
elements of opex. Fitch expects tenanted pubs to have some cost
flexibility at the pub level, and to potentially benefit from
financial support from the UK government, given the measures
adopted to support certain sectors. Fitch also assumes some
reduction in maintenance capex as it can be reduced to minimum
covenanted levels, and it may be possible to reduce capex further
as any shortfall versus covenant could be made up later in the year
as pubs start to re-open.

Credit Metrics - Recovery from 2021

Under the updated FRC, the class A metrics have deteriorated
slightly to 3.5x, versus 3.6x at the previous review, driven by the
negative short-term impact of reduced cash flow under the updated
FRC. The increase in coverage versus 2019 levels is driven by the
prepayment of the class A2 and A4 notes, which significantly
reduces debt service and outweighs the negative short-term impact
of reduced cash flow under the updated FRC. After the 2020 shock,
Spirit's projected cash flows progressively recover from the
impact, which indicates a temporary impairment of its credit
profile. This reflects its view that demand levels within the pub
sector will return to normal in the medium to long term. However,
Fitch is closely monitoring developments in the sector as Spirit's
operating environment has substantially worsened and Fitch will
revise the FRC if the severity and duration of the coronavirus
impact is longer than expected.

Solid Liquidity Position

Spirit has around GBP3.2 million of cash available as of end May
2020, down from around GBP18 million as of March 2020. It has
committed credit facilities of GBP15 million. Despite the reduction
in the cash balance since March, Fitch estimates that its liquidity
position still provides for over 18 months of debt service
coverage. Furthermore, it is also expected to benefit from a
subordinated loan facility, although this is yet to be finalised.

Sensitivity Case

Fitch has also run a more severe sensitivity case that builds on
the FRC, and assumes the crisis worsens materially from its current
levels with a longer demand shock versus the revised rating case,
resulting in significant revenue reductions of around 70% during
2020 and progressive recovery by 2025. Mitigation measures are
unchanged compared with the FRC. The sensitivity shows that under
this scenario projected FCF DSCRs for the class A notes fall to
2.0x. If the severity and duration of the coronavirus outbreak is
longer than expected, Fitch may revise the FRC to be closer to this
sensitivity case.

RATING SENSITIVITIES

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

  - A quicker than assumed recovery from the coronavirus shock,
confirming strong projected FCF DSCRs, in addition to greater
clarity on the evolution of the capital structure could allow us to
upgrade the ratings with a Stable Outlook.

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

  - A slower than assumed recovery from the coronavirus shock
resulting in a material weakening of the projected FCF DSCRs

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Public Finance issuers have a
best-case rating upgrade scenario (defined as the 99th percentile
of rating transitions, measured in a positive direction) of three
notches over a three-year rating horizon; and a worst-case rating
downgrade scenario (defined as the 99th percentile of rating
transitions, measured in a negative direction) of three notches
over three years. The complete span of best- and worst-case
scenario credit ratings for all rating categories ranges from 'AAA'
to 'D'. Best- and worst-case scenario credit ratings are based on
historical performance.

TRANSACTION SUMMARY

The transaction is a securitisation of both managed and tenanted
pubs operated by Greene King, comprising 357 managed pubs and 277
tenanted pubs as at October 2019.

Key Rating Drivers - Summary Assessments

Industry Profile - Midrange

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

Company Profile - Midrange

Sub-KRDs: Financial Performance - Midrange; Company Operations -
Midrange; Transparency - Midrange; Dependence on Operator -
Midrange; Asset Quality - Midrange

Debt Profile - KRD: Debt Structure - Midrange

Sub-KRDs: Debt Profile - Midrange; Security Package - Stronger;
Structural Features - Midrange

The outbreak of coronavirus and related government containment
measures worldwide create an uncertain global environment for the
UK pub sector. While Greene King performance data through most
recently available issuer data may not have indicated impairment,
material changes in revenue and cost profile are occurring across
the broader UK eating- and drinking-out sector and will continue to
evolve as economic activity and government restrictions respond to
developments. Fitch's ratings are forward-looking in nature, and
Fitch will monitor developments in the sector for the severity and
duration of the pandemic, and incorporate revised base- and
rating-case qualitative and quantitative inputs based on
expectations for future performance and assessment of key risks.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).


TRAVELODGE: Invites Customers with Bookings to Vote on CVA
----------------------------------------------------------
Katherine Price at The Caterer reports that Travelodge has invited
customers with bookings, and who are therefore creditors, to vote
on its Company Voluntary Arrangement (CVA).

According to The Caterer, The Times reported the news on June 7, to
which a spokesperson for Travelodge responded: "It is standard
procedure in any CVA that all unsecured creditors of a company
which includes customers that have a future booking can vote if
they so wish."

After months of negotiations with its landlords which saw some
threaten legal action or eviction, the budget hotel chain put
forward its CVA proposals to landlords last week, seeking a 38%
reduction in its total rent bill to the end of 2021, The Caterer
relates.

Full rent will be paid for 77 hotels, with 94% of leases being paid
at least half of rent due, The Caterer discloses.  However, no rent
will be paid in relation to 6% of properties that had already been
loss-making, although payments will cover fixed charges, The
Caterer notes.

Landlords will be offered the opportunity to offset losses through
lease extensions, and those that forego a portion of rent will also
receive additional cash payments equating to a 50% share of the
group's cumulative, adjusted earnings before interest, taxes,
depreciation, and amortization (EBITDA) generated in the next three
years in excess of GBP200 million, The Caterer relays.

No closures or permanent rent reductions are proposed, with
Travelodge saying the temporary action will secure the future of
its 10,000 employees, The Caterer states.

The CVA package will also see shareholders put forward a GBP240
million support package comprising the use of more than GBP100
million in reserves, taking on GBP100 million in extra debt and
putting in up to GBP40 million in new equity, The Caterer notes.

The CVA will require the approval of 75% of creditors, with a vote
planned for June 19, The Caterer says.



                           *********


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

Troubled Company Reporter-Europe is a daily newsletter co-
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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.

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