---

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

                          E U R O P E

          Friday, July 31, 2020, Vol. 21, No. 153

                           Headlines



G E O R G I A

GEORGIA GLOBAL: Fitch Assigns B+ Final LT IDR, Outlook Stable


I R E L A N D

CVC CORDATUS X: Moody's Confirms Class F Notes Rating at B2
ST. PAUL'S III-R: Moody's Confirms Class F-R Notes Rating at B2
ST. PAUL'S VIII: Moody's Confirms Class F Notes Rating at B2


I T A L Y

CAPITAL MORTGAGE: S&P Raises Class D Notes Rating to BB(sf)


L U X E M B O U R G

ADO PROPERTIES: S&P Assigns BB+ ICR to New Sr. Unsecured Notes


N E T H E R L A N D S

PANGAEA ABS 2007-1: S&P Lowers Class D Notes Rating to D(sf)


S P A I N

BBVA CONSUMO 10: S&P Affirms B (sf) Rating on Class C Notes
BBVA CONSUMO 8: Fitch Affirms Class B Notes Rating at CCCsf


U K R A I N E

UKRAINIAN RAILWAYS: S&P Upgrades ICR to B- on Debt Restructuring


U N I T E D   K I N G D O M

BEN SHERMAN: Proposes to Close 18 Stores Under CVA
BUZZ BINGO: Enters Into Restructuring Process
GKN HOLDINGS: Moody's Alters Outlook on Ba1 Bond Ratings to Neg.
HOTTER SHOES: Creditors Back CVA Proposal, 46 Stores to Close
HURRICANE BIDCO: Fitch Assigns B LT IDR, Outlook Stable

ONEWEB: Charlie Ergen to Invest US$50 Million
PIZZA HUT: CVA Likely, Thousands of Jobs at Risk
TAURUS 2019-2: Fitch Affirms Class E Notes Rating at BB-sf
TOWD POINT 2019-GRANITE 5: Moody's Confirms Class F Notes at Caa1


X X X X X X X X

[*] BOOK REVIEW: The Sorcerer's Apprentice - Medical Miracles

                           - - - - -


=============
G E O R G I A
=============

GEORGIA GLOBAL: Fitch Assigns B+ Final LT IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has assigned Georgia Global Utilities JSC a final
Long-Term Issuer Default Rating of 'B+'. The Outlook on the IDR is
Stable. Fitch also assigned GGUs' senior unsecured five-year USD250
million notes maturing in July 2025 a final rating of 'B+'.

The final IDR and final senior unsecured rating are in line with
the expected ratings assigned on July 1, 2020 and July 14, 2020
respectively. The proceeds are to be largely used for refinancing
existing debt and funding eligible green projects.

The IDR of GGU reflects the consolidated credit profile of its
regulated water utility business (Georgian Water and Power LLC,
GWP), and its fairly higher-risk renewable electricity business,
which is nevertheless supported by long-term power purchase
agreements. Overall size, asset quality, forex risk, operating and
regulatory environment remain key rating constraints.

KEY RATING DRIVERS

Holding Company and Rating Scope: GGU is a holding company and
consolidates GWP, Rustavi Water LLC, Mtskheta Water LLC, Gardabani
Sewage Treatment LLC, Saguramo Energy LLC, Georgian Engineering and
Management Company LLC, Qartli Wind Farm LLC (QWF, 21MW (megawatt))
wind power plant, Svaneti Hydro JSC (Svaneti, 50MW) hydro power
plant, Hydrolea LLC (21MW HPPs) and Georgian Energy Trading Company
LLC (GETC, electricity trading arm of the group).

Leverage Temporarily above Sensitivity: Fitch estimates
post-refinancing pro-forma funds from operations net leverage
(adjusted for connection fees) at 5.9x for 2020 and to average
about 4.3x for 2020-2023, compared with its negative rating
sensitivity of 4.5x. External debt is to be located at GGU level
with upstream guarantees by key subsidiaries.

Ring-Fenced Structure: The restricted group consists of five
entities, GWP, QWF, Svaneti, Hydrolea and GETC, and under the trust
deed for the new bond, each entity jointly and severally,
irrevocably and unconditionally guarantees the noteholder prompt
payment of principal and interest. Hydrolea is the holding company
of Geoenergy LLC, Hydro Georgia LLC, and Kasleti 2 LLC, also
included in the restricted group. The restricted group is expected
to comprise 85% or more of GGU's consolidated EBITDA. This,
together with the refinancing of debt at the restricted group,
results in no structural subordination for GGU creditors.

Covenants Provide Protection: Noteholders benefit from tests for
restricted payments (including dividend distribution) and debt
incurrence. The restricted group may make restricted payments in an
aggregate amount of up to 50% of consolidated net income, provided
the issuer is able to incur additional debt under the debt
incurrence test, and subject to certain other conditions. The
restricted group may also make unlimited restricted payments if
consolidated net leverage does not exceed 3.0x (after giving pro
forma effect to the relevant restricted payment). The restricted
group may incur indebtedness if consolidated net leverage is less
than (i) 5.0x in year 1-2, (ii) 4.5x in years 3-4 and (iii) 4.0x
thereafter.

GWP Significant for GGU: Fitch expects GWP to be the most
significant operating company for GGU at 72% of average revenue and
60% of average EBITDA per year for 2020-2024. GWP is a regulated
water utility, with a natural monopoly in Tbilsi, owns the water
infrastructure. The remaining business is electricity sales; it
operates hydro power plants with an installed capacity of 145MW
(linked to the water utility), with about 50% of electricity
generated for own consumption, with excess electricity sold
predominantly through bilateral agreements with direct customers.

Increasing Diversification, Lower Regulated Revenue: Fitch
estimates GGU's regulated water revenue at about 60% (adjusting for
connection income in the water segment) on average per year for
2020-2024. The remaining revenue is from power generation and sale,
which is exposed to volume and price risks in the merchant power
segment. This is offset by PPA-based power sales (estimated at
about 40% of the power segment per year until 2023) and
diversification supported by 96MW of installed renewable capacity.
While GGU is exposed to merchant activity, about 80% of revenue
generated through bilateral agreements is in August to April of
each year, when the electricity market is in deficit.

Price Visibility in PPAs: Fitch believes long-term cash-flow
visibility is enhanced by the price certainty within GGU's PPAs.
All electricity output from about 40% of its total installed
capacity is contracted with PPAs expiring between 2022 and 2034;
the weighted-average remaining life of the portfolio is around 11
years. The long-term PPAs provide some protection from price risk,
being based on fixed power tariff agreements, typically for eight
months of each year (QWF, 12-month PPA), from September to April.
Fitch views the PPAs with JSC Electricity System Commercial
Operator (ESCO, the market operator) as indirectly backed by the
Government of Georgia (BB/Negative).

Re-contracting Risk Present: The remaining electricity output is
exposed to market prices, albeit mitigated in the short-term
through 12-month, bilateral agreements, with large
industrial/commercial customers. GGU has a limited record of
re-contracting capacity, following the market liberalisation in May
2019.

Power Generation with Volume Risk: Production volume varies at both
the hydro and wind power plants, as it is based on resource
availability, which is affected by seasonal and climatic patterns.
If GGU cannot deliver volumes contracted in its short-term
bilateral agreements, the group's electricity trading arm, will
have to either buy the shortfall on the market, and re-sell at the
contracted price, or use electricity generated at Zhinvali (the
group's largest hydro power plant with an installed capacity of 130
MW, which has a water reservoir) to meet the shortfall.

Volume Risk Partly Mitigated: Volume risk is partly mitigated by
GGU's geographical diversification, with nine plants spread across
Georgia. The Qartli wind farm had an average capacity factor 47% at
end-2019. Volume risk is also not present in GGU's PPAs with ESCO,
as ESCO undertakes to purchase all electricity generated from the
relevant contracted capacity (which does not include Zhinvali),
irrespective of potential volume fluctuations.

Deregulation Improves Market Liquidity: The recent change in
electricity regulation calls for all large industrial/commercial
customers with monthly electricity consumption of 5GWh (gigawatt
hour), and above, to register as direct customers, as part of the
deregulation. Fitch expects this to increase liquidity in the
market as the deregulated market share of total electricity demand
increases notably.

Wholesale Market Price Offsets Lower Demand: The wholesale price
mainly consists of the weighted average of all imports and PPAs. In
2019, the weighted average price of PPAs averaged about 5.4
USc/kWh, while imports averaged about 4.8-5 USc/kWh. Assuming
demand decreases in 2020 due to the pandemic-driven economic shock,
the calculation of the market benchmark price will include a lower
share of imported price because all domestic generation comes
before imports in terms of merit order. This would increase the
weight of PPAs in the calculations, slightly increasing the market
prices. Fitch estimates market power prices to average 14.8
Tetri/kWh up to 2023.

COVID-19 Impact Manageable: 2020 results will be affected by the
coronavirus outbreak, via a sharp contraction of Georgia's economy
by an estimated 4.8% in 2020. Fitch expects GGU to breach its FFO
net leverage (excluding connection fees) negative sensitivity of
4.5x, before recovering to within the threshold by 2021.

Limited Currency Hedge, Refinancing Risk: GGU is expected to hold a
majority of its debt in foreign currency, resulting in exposure to
forex risk. However, this risk is partly mitigated by both PPA
sales and bilateral contracts being denominated in US dollars,
which is expected to be sufficient to cover coupon payment but not
principal. Fitch estimates GGU's EBITDA to average about 40% in US
dollars, with the remaining in Georgian lari.

KEY RECOVERY RATING ASSUMPTIONS

For issuers with IDRs of 'B+' and below, Fitch performs a recovery
analysis for each class of obligations of the issuer. The issue
rating is derived from the IDR and the relevant Recovery Rating
(RR) and notching, based on the going-concern enterprise value of
the company in a distressed scenario or its liquidation value.

The recovery analysis is based on liquidation value, as it is
higher than the going-concern value. Fitch has assumed a 10%
administrative claim.

Fitch's recovery analysis for GGU estimates a liquidation value of
about GEL475 million, and a going- concern value under a distressed
scenario of about GEL457 million based on a going-concern EBITDA of
about GEL114 million and a 4x multiple.

The liquidation value considers no value for cash due to the
assumption that cash is depleted during or before the bankruptcy.
Fitch applied a 75% discount to accounts receivable, and a 50%
discount to inventory and property, plant and equipment as a proxy
for the liquidation value of those assets.

The going-concern EBITDA estimate reflects Fitch's view of a
sustainable, post-reorganisation EBITDA level upon which it bases
the valuation of the company. The GEL114 million going-concern
EBITDA reflects a 10% discount from 2019 pro-forma EBITDA,
supported by the nature of its regulated and quasi-regulated
earning. The 4x multiple reflect the weakened business model and
high execution risks under challenging market conditions.

For the senior unsecured notes, GGU's debt waterfall results in a
55% recovery corresponding to a Recovery Rating of 'RR3'. However,
according to Fitch's 'Country-Specific Treatment of Recovery
Ratings Criteria', published in February 2020, the Recovery Rating
for Georgia corporate issuers is capped at 'RR4', constraining the
upward notching of issue ratings in countries with a less reliable
legal environment. Therefore, the Recovery Rating for GGU's senior
unsecured notes is 'RR4'.

DERIVATION SUMMARY

Fitch views JSC Energo-Pro Georgia (EPG, BB-/Stable) as GGU's
closest peer, sharing the operating and regulatory environment and
also engaged in hydro power generation. Both companies generate a
large portion of regulated and quasi-regulated income with EPG
being the largest distribution system operator in Georgia and GGU
holding the water monopoly in the capital city of Georgia. However,
EPG's rating is aligned with that of its larger and more
diversified parent ENERGO PRO a.s. (BB-/Stable).

GGU is comparable to European water utilities such as
Severomoravske vodovody a kanalizace Ostrava a.s. (BB+/Stable) or
Aquanet SA (BBB+/Stable). Bulgarian Energy Holding EAD (BB/Stable)
is significantly larger and more diversified with strong sovereign
support benefiting its rating.

KEY ASSUMPTIONS

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

  - Water tariff to increase about 60% for households in 2021 and
to remain flat in 2022-2023

  - Water losses dropping to below 35% of total water output in
2023 from around 40% in 2019

  - GEL/USD average exchange rate of 3.1 in 2020 and 3 for 2021

  - Average electricity volumes sold of about 480,000 MWh (megawatt
hour) per year for 2020-2023

  - Average annual dividends of about GEL21 million per year in
2020-2023

  - Capex to average about GEL80 million per year in 2020-2023

  - PPA price to average about Tetri18.3/kWh up to 2023

RATING SENSITIVITIES

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

  - Improved FFO net leverage (excluding connection fees) at below
3.5x on a sustained basis.

  - Improved business risk due to a longer record of supportive
regulation or material improvement in the tenure of bilateral
agreements to more than 12 months, reducing the contract renewal
risk, without an increase in counterparty risk.

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

  - A sustained increase in FFO net leverage (excluding connection
fees) above 4.5x.

  - Water tariff increase in regulatory period from 2021 to 2023
considerably below its current expectations.

  - A sustained reduction in profitability and cash flow generation
through a failure to reduce water losses, higher-than-expected
exposure to electricity price and volume risks or deterioration in
cash collection rates.

  - A more aggressive financial policy with increased dividends.

  - A material increase in exposure to foreign-currency
fluctuations.

ESG CONSIDERATIONS

GGU has an ESG Relevance Score of '4' for water and wastewater
management due to heavily worn-out water infrastructure and large
water losses.

Except for the matters discussed above, 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).

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

Adequate Liquidity: At end-2019, cash and cash equivalents stood
about GEL47 million insufficient to cover short-term debt of about
GEL89 million. However, the cash position in July 2020 has been
enhanced with the proceeds from the USD250 million bond issue.

SUMMARY OF FINANCIAL ADJUSTMENTS

Interest accrued was reclassified to cash interest paid from other
liabilities.

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.



=============
I R E L A N D
=============

CVC CORDATUS X: Moody's Confirms Class F Notes Rating at B2
-----------------------------------------------------------
Moody's Investors Service has confirmed the ratings on the
following notes issued by CVC Cordatus Loan Fund X Designated
Activity Company:

EUR21,600,000 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

EUR23,200,000 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

EUR12,000,000 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:

EUR206,000,000 Class A-1 Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Feb 01, 2018 Definitive
Rating Assigned Aaa (sf)

EUR30,000,000 Class A-2 Senior Secured Fixed Rate Notes due 2031,
Affirmed Aaa (sf); previously on Feb 01, 2018 Definitive Rating
Assigned Aaa (sf)

EUR45,600,000 Class B-1 Senior Secured Floating Rate Notes due
2031, Affirmed Aa2 (sf); previously on Feb 01, 2018 Definitive
Rating Assigned Aa2 (sf)

EUR10,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2031,
Affirmed Aa2 (sf); previously on Feb 01, 2018 Definitive Rating
Assigned Aa2 (sf)

EUR22,800,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2031, Affirmed A2 (sf); previously on Feb 01, 2018 Definitive
Rating Assigned A2 (sf)

CVC Cordatus Loan Fund X Designated Activity Company, issued in
January 2018, is a collateralised loan obligation backed by a
portfolio of predominantly European senior secured loan and senior
secured bonds. The portfolio is managed by CVC Credit Partners
European CLO Management LLP. The transaction's reinvestment period
will end in January 2022.

RATINGS RATIONALE

Its action concludes the rating review on the Classes 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, "Moody's places
ratings on 117 securities from 39 European CLOs on review for
downgrade".

Since the coronavirus outbreak widened in March, the decline in
corporate credit has resulted in a significant number of
downgrades, other negative rating actions, or defaults on the
assets collateralising the CLO.

The deterioration in credit quality of the portfolio is reflected
in an increase in Weighted Average Rating Factor and of the
proportion of securities from issuers with ratings of Caa1 or
lower. According to the trustee reports dated May 2020 [1], the
WARF was 3223 compared to value of 2923 as of February 2020 [2],
which is over the covenant level of 3028. Securities with ratings
of Caa1 or lower currently make up approximately 6.0% of the
underlying portfolio according to Trustee calculations [1], whereas
Moody's calculates that securities with default probability ratings
of Caa1 or lower currently make up approximately 12.7% of the
underlying portfolio.

In addition, the over-collateralisation levels have weakened across
the capital structure. According to the trustee report of May 2020
[1] the Class A/B, Class C, Class D and Class E OC ratios are
reported at 135.87%, 126.02%, 117.92% and 110.3% compared to
February 2020 [2] levels of 136.34%, 126.45%, 118.32% and 110.68%
respectively. Moody's notes that none of the OC tests are currently
in breach and the transaction remains in compliance with the
following collateral quality tests: Diversity Score, Weighted
Average Recovery Rate, Weighted Average Spread and Weighted Average
Life.

Moody's analysed the CLO's latest portfolio and took into account
the recent trading activities as well as the full set of structural
features of the transaction and concluded that the current ratings
on the Class A-1, A-2, B-1, B-2, C, D, E and F notes continue to
reflect the expected losses of the 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 EUR396.2 million,
a weighted average default probability of 26.7% (consistent with a
WARF of 3194 over a weighted average life of 6.0 years), a weighted
average recovery rate upon default of 45.39% for a Aaa liability
target rating, a diversity score of 46 and a weighted average
spread of 3.47%.

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.

In consideration of the current high uncertainties around the
global economy and the ultimate performance of the CLO portfolio,
Moody's conducted a number of additional sensitivity analyses
representing a range of outcomes that could diverge, both to the
downside and the upside, from its base case. Some of the additional
scenarios that Moody's considered in its analysis of the
transaction include, among others: additional near-term defaults of
companies facing liquidity pressure; additional OC par haircuts to
account for potential future downgrades and defaults resulting in
an increased likelihood of cash flow diversion to senior notes; and
some improvement in WARF as the global economy gradually recovers
in the second half of the year and future corporate credit
conditions generally stabilize.

The rapid spread of the coronavirus outbreak, the government
measures put in place to contain it and the deteriorating global
economic outlook, have created a severe and extensive credit shock
across sectors, regions and markets. Its analysis has considered
the effect on the performance of corporate assets from the collapse
in global economic activity in the second quarter and a gradual
recovery in the second half of the year. However, that outcome
depends on whether governments can reopen their economies while
also safeguarding public health and avoiding a further surge in
infections. 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
notes, 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: (i) the manager's investment strategy
and behaviour; and (ii) 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.

ST. PAUL'S III-R: Moody's Confirms Class F-R Notes Rating at B2
---------------------------------------------------------------
Moody's Investors Service has confirmed the ratings on the
following notes issued by St. Paul's CLO III-R Designated Activity
Company:

EUR27,500,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2032, Confirmed at Baa2 (sf); previously on Apr 20, 2020
Baa2 (sf) Placed Under Review for Possible Downgrade

EUR40,800,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2032, Confirmed at Ba2 (sf); previously on Apr 20, 2020
Ba2 (sf) Placed Under Review for Possible Downgrade

EUR16,200,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2032, 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:

EUR330,100,000 Class A-R Senior Secured Floating Rate Notes due
2032, Affirmed Aaa (sf); previously on Feb 9, 2018 Definitive
Rating Assigned Aaa (sf)

EUR48,800,000 Class B-1-R Senior Secured Floating Rate Notes due
2032, Affirmed Aa2 (sf); previously on Feb 9, 2018 Definitive
Rating Assigned Aa2 (sf)

EUR18,400,000 Class B-2-R Senior Secured Fixed Rate Notes due 2032,
Affirmed Aa2 (sf); previously on Feb 9, 2018 Definitive Rating
Assigned Aa2 (sf)

EUR30,800,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed A2 (sf); previously on Feb 9, 2018
Definitive Rating Assigned A2 (sf)

St. Paul's CLO III-R Designated Activity Company, issued in
February 2018, is a collateralised loan obligation backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Intermediate Capital Managers Limited. The
transaction's reinvestment period will end in January 2022.

RATINGS RATIONALE

Its action concludes 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, "Moody's places
ratings on 117 securities from 39 European CLOs on review for
downgrade".

Since the coronavirus outbreak widened in March, the decline in
corporate credit has resulted in a significant number of
downgrades, other negative rating actions, or defaults on the
assets collateralising the CLO.

The deterioration in credit quality of the portfolio is reflected
in an increase in Weighted Average Rating Factor and in the
proportion of securities from issuers with ratings of Caa1 or
lower. According to the trustee report dated July 2020 [1], the
WARF was 3447 compared to a value of 3259 as of March 2020 [2],
which is over the covenant level of 3388. Securities with ratings
of Caa1 or lower currently make up approximately 9.7% of the
underlying portfolio according to Trustee calculations [1], whereas
Moody's calculates that securities with default probability ratings
of Caa1 or lower currently make up approximately 19.3% of the
underlying portfolio.

In addition, the over-collateralisation levels have weakened across
the capital structure. According to the trustee report of July 2020
[1] the Class A/B, Class C, Class D and Class E OC ratios are
reported at 133.88%, 124.25%, 116.75%, and 107.15% compared to
March 2020 [2] levels of 136.27%, 126.47%, 118.84% and 109.07%
respectively. Moody's notes that none of the OC tests are currently
in breach and the transaction remains in compliance with the
following collateral quality tests: Diversity Score, Weighted
Average Recovery Rate, Weighted Average Spread and Weighted Average
Life.

Moody's analysed the CLO's latest portfolio and took into account
the recent trading activities as well as the full set of structural
features of the transaction and concluded that the current ratings
on the Class A-R, B-1-R, B-2-R, C-R, D-R, E-R and F-R notes
continue to reflect the expected losses of the notes.

The rapid spread of the coronavirus outbreak, the government
measures put in place to contain it and the deteriorating global
economic outlook, have created a severe and extensive credit shock
across sectors, regions and markets. Its analysis has considered
the effect on the performance of corporate assets from the collapse
in global economic activity in the second quarter and a gradual
recovery in the second half of the year. However, that outcome
depends on whether governments can reopen their economies while
also safeguarding public health and avoiding a further surge in
infections. 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 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 EUR527.78 million,
defaulted par of EUR25.4 million, a weighted average default
probability of 29.34% (consistent with a WARF of 3491 over a WAL of
6.07 years), a weighted average recovery rate upon default of
45.64% for a Aaa liability target rating, a diversity score of 54
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.

In consideration of the current high uncertainties around the
global economy and the ultimate performance of the CLO portfolio,
Moody's conducted a number of additional sensitivity analyses
representing a range of outcomes that could diverge, both to the
downside and the upside, from its base case. Some of the additional
scenarios that Moody's considered in its analysis of the
transaction include, among others: additional near-term defaults of
companies facing liquidity pressure; additional OC par haircuts to
account for potential future downgrades and defaults resulting in
an increased likelihood of cash flow diversion to senior notes; and
some improvement in WARF as the global economy gradually recovers
in the second half of the year and future corporate credit
conditions generally stabilize.

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 the 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. 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.

ST. PAUL'S VIII: Moody's Confirms Class F Notes Rating at B2
------------------------------------------------------------
Moody's Investors Service has confirmed the ratings on the
following notes issued by St. Paul's CLO VIII Designated Activity
Company:

EUR21,000,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2030, Confirmed at Baa2 (sf); previously on Apr 20, 2020 Baa2
(sf) Placed Under Review for Possible Downgrade

EUR25,000,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2030, Confirmed at Ba2 (sf); previously on Apr 20, 2020 Ba2
(sf) Placed Under Review for Possible Downgrade

EUR12,000,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2030, 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:

EUR244,000,000 Class A Senior Secured Floating Rate Notes due 2030,
Affirmed Aaa (sf); previously on Dec 20, 2017 Definitive Rating
Assigned Aaa (sf)

EUR27,000,000 Class B-1 Senior Secured Floating Rate Notes due
2030, Affirmed Aa2 (sf); previously on Dec 20, 2017 Definitive
Rating Assigned Aa2 (sf)

EUR20,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2030,
Affirmed Aa2 (sf); previously on Dec 20, 2017 Definitive Rating
Assigned Aa2 (sf)

EUR23,000,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2030, Affirmed A2 (sf); previously on Dec 20, 2017 Definitive
Rating Assigned A2 (sf)

St. Paul's CLO VIII 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 Intermediate Capital Managers Limited. The transaction's
reinvestment period will end in January 2022.

RATINGS RATIONALE

Its action concludes 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, "Moody's places
ratings on 117 securities from 39 European CLOs on review for
downgrade".

Since the coronavirus outbreak widened in March, the decline in
corporate credit has resulted in a significant number of
downgrades, other negative rating actions, or defaults on the
assets collateralising the CLO.

The deterioration in credit quality of the portfolio is reflected
in an increase in Weighted Average Rating Factor and in the
proportion of securities from issuers with ratings of Caa1 or
lower. According to the trustee report dated July 2020 [1], the
WARF was 3440 compared to a value of 3224 as of March 2020 [2],
which is over the covenant level of 3247. Securities with ratings
of Caa1 or lower currently make up approximately 11.0% of the
underlying portfolio according to Trustee calculations [1], whereas
Moody's calculates that securities with default probability ratings
of Caa1 or lower currently make up approximately 18.8% of the
underlying portfolio. In addition, the over-collateralisation
levels have weakened across the capital structure. According to the
trustee report of July 2020 [1] the Class A/B, Class C, Class D,
Class E and Class F OC ratios are reported at 133.46%, 123.68%,
115.93%, 107.88% and 104.40% compared to March 2020 [2] levels of
135.34%, 125.43%, 117.56%, 109.40% and 105.87% respectively.
Moody's notes that none of the OC tests are currently in breach and
the transaction remains in compliance with the following collateral
quality tests: Diversity Score, Weighted Average Recovery Rate,
Weighted Average Spread and Weighted Average Life.

Moody's analysed the CLO's latest portfolio and took into account
the recent trading activities as well as the full set of structural
features of the transaction and concluded that the current ratings
on the Class A, B-1, B-2, C, D, E and F notes continue to reflect
the expected losses of the notes.

The rapid spread of the coronavirus outbreak, the government
measures put in place to contain it and the deteriorating global
economic outlook, have created a severe and extensive credit shock
across sectors, regions and markets. Its analysis has considered
the effect on the performance of corporate assets from the collapse
in global economic activity in the second quarter and a gradual
recovery in the second half of the year. However, that outcome
depends on whether governments can reopen their economies while
also safeguarding public health and avoiding a further surge in
infections. 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 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 EUR389.6 million,
defaulted par of EUR12.1 million, a weighted average default
probability of 29.07% (consistent with a WARF of 3483 over a WAL of
5.96 years), a weighted average recovery rate upon default of
45.68% for a Aaa liability target rating, a diversity score of 47
and a weighted average spread of 3.69%.

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.

In consideration of the current high uncertainties around the
global economy and the ultimate performance of the CLO portfolio,
Moody's conducted a number of additional sensitivity analyses
representing a range of outcomes that could diverge, both to the
downside and the upside, from its base case. Some of the additional
scenarios that Moody's considered in its analysis of the
transaction include, among others: additional near-term defaults of
companies facing liquidity pressure; additional OC par haircuts to
account for potential future downgrades and defaults resulting in
an increased likelihood of cash flow diversion to senior notes; and
some improvement in WARF as the global economy gradually recovers
in the second half of the year and future corporate credit
conditions generally stabilize.

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 the 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.



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

CAPITAL MORTGAGE: S&P Raises Class D Notes Rating to BB(sf)
-----------------------------------------------------------
S&P Global Ratings raised to 'BB (sf)' from 'BB- (sf)' its credit
rating on Capital Mortgage S.r.l. BIPCA Cordusio RMBS's class D
notes, and affirmed its 'AA (sf)' ratings on the class A2, B, and C
notes, and its 'B- (sf)' rating on the class E notes.

The rating actions follow our credit and cash flow analysis of the
most recent transaction information that it has received for the
payment date occurring in March 2020.

  Credit Enhancement (%)

  Class   Current   Previous review (2019)  October 2017 review
   A2      45.24       38.81                  30.88
   B       19.49       16.61                  13.10
   C       13.54       11.47                   8.98
   D        6.04        5.00                   3.80
   E        3.75        3.03                   2.22

The transaction has cumulative default ratio-based triggers for the
class B (15%), C (10%), D (8%), and E (6%) notes. The transaction's
cumulative default ratio increased to 7.48% in June 2019 from 7.26%
in March 2019. The transaction is structured with a split waterfall
for interest and principal. However, principal funds are available
to pay interest shortfalls on the rated notes, unless the
cumulative default trigger is breached for each class of notes. In
that case, principal collections can no longer be used to pay
interest on the relevant class of notes, until the class is the
most senior outstanding.

The cumulative default trigger for the class E notes has been
breached since 2015. However, is continues to pay timely interest.

This transaction features a reserve fund of EUR9.51 million, which
provides credit enhancement and liquidity support for the notes.
The reserve fund is at its target amount and it is not allowed to
amortize as one of the amortization conditions has been breached.

S&P said, "Our cash flow analysis indicates that the available
credit enhancement for the class A2, B, D, and E notes is
commensurate with higher ratings than those currently assigned.
However, for the class A2, B, and C notes, our structured finance
sovereign risk criteria constrain our ratings on these classes of
notes at 'AA (sf)'. We have therefore affirmed our 'AA (sf)'
ratings on the class A2, B and C notes."

S&P's ratings on the class D and E notes also reflect their ability
to withstand the potential effects of the COVID-19 pandemic,
including:

-- Additional liquidity stresses (25% of collection as payment
holiday for twelve months with the recovery of them at the
weighted-average maturity, considering that these moratoria are
recovered via an extension of the amortization plan);

-- Higher defaults and longer foreclosure timing stresses of 12
months;

-- Their sensitivity to recoveries on outstanding defaulted
loans;

-- Their relative position in the capital structure; and

-- Potential increased exposure to tail-end risk.

S&P said, "For the class E notes, we have consequently applied our
'CCC' criteria to assess if either a 'B-' rating or a rating in the
'CCC' category would be appropriate. In line with our 'CCC'
criteria, we performed a qualitative assessment of the key
variables, together with an analysis of performance and market
data, taking into consideration the current macroeconomic
environment, and we consider repayment of the class E notes not to
be dependent upon favorable business, financial, and economic
conditions. We have therefore affirmed our 'B- (sf)' rating on the
class E notes."

S&P Global Ratings acknowledges a high degree of uncertainty about
the evolution of the coronavirus pandemic. The consensus among
health experts is that the pandemic may now be at, or near, its
peak in some regions but will remain a threat until a vaccine or
effective treatment is widely available, which may not occur until
the second half of 2021. S&P said, "We are using this assumption in
assessing the economic and credit implications associated with the
pandemic. As the situation evolves, we will update our assumptions
and estimates accordingly."

Capital Mortgage's BIPCA Cordusio RMBS is an Italian RMBS
transaction, which closed in December 2007. The transaction
securitizes a pool of first-ranking mortgage loans that Bipop
Carire SpA (now Unicredit SpA) originated. The mortgage loans are
mainly located in northern Italy (with over 50% in Lombardy) and
the transaction comprises loans granted to prime borrowers.



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

ADO PROPERTIES: S&P Assigns BB+ ICR to New Sr. Unsecured Notes
--------------------------------------------------------------
S&P Global Ratings said that it assigned its 'BB+' issue credit
rating to ADO Properties S.A.'s proposed five-year senior unsecured
notes.

S&P said, "We rate the notes one notch above our issuer credit
rating of 'BB' on ADO Properties S.A. The recovery rating on the
proposed senior unsecured notes is '2', based on its valuable asset
base of investment properties and the limited amount of
prior-ranking liabilities. In our view, lenders can expect high
recovery of principal in the event of payment default.

"We understand that the proceeds of the bond will be used to
refinance existing short-dated indebtedness. In our recovery
analysis, we assume that ADO's proposed bond issuance will be
benchmark size (roughly up to EUR500 million) and that this will be
used to repay the amounts drawn under the bridge facility. Our
recovery analysis on ADO was prepared on a stand-alone basis
because ADO's proposed unsecured bond will be structurally senior
to lenders at ADO's subsidiaries, which include Adler Real Estate
(BB/Stable/--) and Consus Real Estate AG (B-/Watch Positive/--)."

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- S&P said, "For asset-intensive companies, such as real estate
companies, we cap our recovery rating on senior unsecured debt at
'2'. We expect recoveries will be at least 85% and that the company
will use the proceeds from the bond issuance to refinance the
bridge facility."

-- In S&P's hypothetical default scenario, its envisage a severe
macroeconomic downturn in Germany will depress the market and
exacerbate competitive pressures.

-- S&P values the group as a going concern. Its stressed valuation
figure comprises the stressed value of the company's property
portfolio.

-- Recovery prospects for the senior unsecured notes are very
sensitive to a small change in the amount of senior secured debt or
any other priority debt outstanding at default. Since there is no
limitation on the incurrence of additional debt in the bond
documentation, recoveries could be much lower if the amount of
secured debt at default differs from our projections.

Simulated default assumptions

-- Year of default: 2025
-- Jurisdiction: Germany

Simplified waterfall

-- Gross enterprise value at emergence: EUR2,546 million

-- Net enterprise value (EV) at emergence after administrative
costs: EUR2,420 million

-- Estimated priority debt (mortgages and other secured debt):
EUR785 million

-- Net EV available to senior unsecured bondholders: EUR1635
million

-- Senior unsecured debt claims: EUR1,645 million

-- Recovery expectation: 70%-90% (rounded estimate: 85%)

*All debt amounts include six months of prepetition interest.




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

PANGAEA ABS 2007-1: S&P Lowers Class D Notes Rating to D(sf)
------------------------------------------------------------
S&P Global Ratings lowered to 'D (sf)' from 'CCC- (sf)' its credit
rating on PANGAEA ABS 2007-1 B.V.'s class D notes.

S&P said, "We have received notification that at the June 2020
payment date the class D notes failed to pay interest and an event
of default occurred. We have therefore lowered to 'D (sf)' from
'CCC- (sf)' our rating on the class D notes. We will withdraw our
rating on the class D notes after 30 days.

"On May 19, 2020, we affirmed our 'CCC- (sf)' rating on the the
class D notes after the remaining principal amount of the class C
notes was fully redeemed as of the March 2020 payment date, when
the class D notes became the most senior and non-deferrable class
in the transaction. According to the transaction documents, from
the next payment date, the failure to pay interest on the class D
notes would give rise to an event of default. The amount of missed
interest on the class D notes would not be capitalized and would no
longer be due."

S&P Global Ratings acknowledges a high degree of uncertainty about
the evolution of the coronavirus pandemic. The consensus among
health experts is that the pandemic may now be at, or near, its
peak in some regions but will remain a threat until a vaccine or
effective treatment is widely available, which may not occur until
the second half of 2021. S&P said, "We are using this assumption in
assessing the economic and credit implications associated with the
pandemic. As the situation evolves, we will update our assumptions
and estimates accordingly."

PANGAEA ABS 2007-1 is a cash flow CDO backed by mezzanine tranches
of European RMBS, CMBS, and structured credit transactions. The
transaction closed in March 2007 and is managed by Investec Bank
PLC.




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

BBVA CONSUMO 10: S&P Affirms B (sf) Rating on Class C Notes
-----------------------------------------------------------
S&P Global Ratings affirmed its 'AA (sf)', 'A- (sf)', and 'B (sf)'
credit ratings on BBVA Consumo 10's class A, B, and C notes,
respectively. At the same time, S&P removed from CreditWatch
negative its credit rating on the class C notes.

The rating actions follow its review of the transaction's
performance and the application of its relevant criteria, and
considers the transaction's current structural features.

S&P said, "We placed the rating on the class C notes on CreditWatch
negative following our update on the credit and cash flow
assumptions that we apply in our European auto and consumer ABS
analysis. The adjustments reflect the effects of COVID-19 and the
associated lockdown and social distancing measures introduced
across Europe by the respective governments since early March.

"In our analysis, we have increased our base-case default rate
assumption to 3.75% from 3.50% at closing driven by our
macroeconomic projections stemming from the spread of COVID-19. As
we do not currently believe that the expected level of
macroeconomic stress warrants an overarching revision to the
stressed default assumptions at the 'BBB' rating level or higher,
we left these assumptions unchanged. We have maintained the same
recovery assumptions as those at closing. We have also tested the
impact of forbearance measures, like the impact of the different
moratorium schemes (payment holidays), and disruptions in recovery
processes in this transaction."

The transaction has now seasoned for one year since closing. The
arrears levels, although low, have shown an increasing trend since
the initial months following COVID-19. In the investor report as of
June 2020, the level of 90+ day arrears was 1.05%, increasing from
0.68% in February. At the same time, the level of early
delinquencies stood at 0.44% and 0.18% for the 30-60 and 60-90
buckets, respectively, which compares with 0.37% and 0.16%,
respectively, in February. S&P said, "We assume in our analysis
that, in addition to our default base case, a portion of loans will
be in default when the transaction starts amortizing. Given the
current level of 90+ day arrears and its recent evolution, we have
assumed in our analysis that when the transaction starts
amortizing, 2% of the collateral will be in default, and we have
given credit to recoveries to such amounts."

S&P said, "We have performed our cash flow analysis to test the
effect of the amended credit assumptions. We have applied certain
liquidity stresses, such as a delay in cash receipts due to payment
holidays and extended recovery timing." For this transaction, loans
in legal (i.e. up to three months of interest and principal payment
holiday) and sector moratoria (i.e. up to six months of principal
payment holiday) due to the COVID-19 credit impact are within the
limits observed in the Spanish market.

BBVA Consumo 10 is still in its revolving phase (until December
2020), and consequently none of the rated notes benefit from an
increase in credit enhancement since closing.

S&P said, "However, our cash flow analysis indicates that the
available credit enhancement for the class A, B, and C notes is
still sufficient to withstand the credit and cash flow stresses
that we apply at the 'AA', 'A-', and 'B' rating levels,
respectively. Therefore, we have affirmed our ratings on the class
A, B, and C notes and removed the rating on class C from
CreditWatch negative.

"No changes in the documentation have been reported; therefore we
still consider that the transaction's documented replacement
mechanisms adequately mitigate its counterparty risk exposure to
BBVA up to a 'AA' rating level under our current counterparty
criteria.

"Our structured finance sovereign risk criteria do not constrain
our rating on the class A notes. However, given the unsolicited
long-term sovereign rating on Spain (A/Stable/A-1), our sovereign
risk criteria cap at 'A' our ratings on the class B and C notes."

S&P Global Ratings acknowledges a high degree of uncertainty about
the evolution of the coronavirus pandemic. The consensus among
health experts is that the pandemic may now be at, or near, its
peak in some regions, but will remain a threat until a vaccine or
effective treatment is widely available, which may not occur until
the second half of 2021. S&P said, "We are using this assumption in
assessing the economic and credit implications associated with the
pandemic. As the situation evolves, we will update our assumptions
and estimates accordingly."

BBVA Consumo 10 securitizes a portfolio of consumer loan
receivables, which BBVA granted to its Spanish clients.


BBVA CONSUMO 8: Fitch Affirms Class B Notes Rating at CCCsf
-----------------------------------------------------------
Fitch Ratings has affirmed BBVA Consumo 8, FT's notes, as follows:

BBVA Consumo 8, FT

  - Class A ES0305155006; LT A+sf; Affirmed

  - Class B ES0305155014; LT CCCsf; Affirmed

TRANSACTION SUMMARY

The transaction is a EUR700 million securitisation of unsecured
consumer loans in Spain for car acquisition purposes. All the loans
are originated and serviced by Banco Bilbao Vizcaya Argentaria,
S.A. (BBVA; BBB+/Stable/F2), which is also the SPV account bank
provider.

KEY RATING DRIVERS

Coronavirus-related Revision to Assumptions

Fitch expects defaults and delinquencies to increase beyond
recently observed levels as a result of the coronavirus crisis. The
severity of the shock is likely to be unprecedented, but the
duration should be shorter than the 2008 crisis. The scale of the
impact may also be offset by measures taken by the servicer and the
Spanish government, which are in stark contrast to the austerity
measures of 2010.

Nevertheless, Fitch expects a material deterioration in performance
and accordingly Fitch has recalibrated its assumptions, defining
the base case for new cars at 6.0% from 5.5% and to 7.0% from 6.0%
for used cars from previous review, which result in a
weighted-average remaining default base case of 6.4%.

The revised base cases incorporate a significant stress compared
with the performance of the more recent vintages. The
weighted-average 'A+sf' default multiple has been reduced to 3.2x
from 3.5x, to reflect that the base case incorporates a significant
stress. The base case recovery rate and 'A+sf' recovery haircut
have been maintained at 25% and 37%, respectively. This is because
of the already low base case due to the unsecured nature of the
assets.

Adequate Protection Against Credit Losses

Credit enhancement has continued to increase since the last review
as the transaction deleverages. CE stands at around 46.0% (from
33.5%) for the class A notes and 14.0% (from 10.0%) for the class B
notes. CE for the class A notes is provided by structural
subordination and the reserve fund, while for the class B notes CE
is entirely provided by the RF. The transaction benefits from
significant excess spread, as the assets will pay a weighted
average fixed rate of around 7.5% per year, while the class A and B
notes receive a coupon of 1.0% and 1.5%, respectively.

Payment Interruption Risk Mitigated up to 'A+sf'

Payment interruption risk is mitigated up to 'A+sf' given that
collections are transferred every two business days and BBVA as
servicer and collection account bank is a regulated bank in a
developed market. In addition, the highest rated note is rated
lessthan five notches above BBVA's rating.

Account Bank Triggers Cap Ratings

The class A notes' rating is capped at 'A+sf' under Fitch's
Structured Finance and Covered Bonds Counterparty Rating Criteria,
due to the account bank replacement trigger being set at 'BBB',
which is insufficient to support 'AAsf' or 'AAAsf' ratings.

Class B Market Value Risk

Fitch continues to cap the class B notes' rating at 'CCCsf' with no
Recovery Estimate assigned, because of the seller's ability to
exercise a clean-up call when the portfolio balance is less than
10% of its initial amount, even if available funds were
insufficient to fully amortise the class B notes. In this scenario,
the repayment of the class B notes would be exposed to the price at
which the SPV would sell the assets to the seller, among other
factors.

RATING SENSITIVITIES

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

For the class A notes, modified account bank minimum eligibility
rating thresholds compatible with higher rating categories 'AA+sf'
or 'AAAsf' as per Fitch's Structured Finance and Covered Bonds
Counterparty Rating Criteria.

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

  - A longer-than-expected coronavirus crisis that deteriorates
macroeconomic fundamentals and the credit markets in Spain beyond
Fitch's current base case.

  - A downgrade of BBVA below the account bank minimum eligibility
rating thresholds and not remedied as per Fitch's Structured
Finance and Covered Bonds Counterparty Rating Criteria.

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 Dilligence-15E was not provided to or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. There were no findings that affected the
rating analysis. Fitch has not reviewed the results of any
THIRD-PARTY assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

Prior to the transaction closing, Fitch reviewed the results of a
THIRD-PARTY assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis. Overall, Fitch's assessment of the information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.

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.



=============
U K R A I N E
=============

UKRAINIAN RAILWAYS: S&P Upgrades ICR to B- on Debt Restructuring
----------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Ukrainian Railways JSC (UR) and issue rating on its notes due 2021
to 'B-' from 'CCC'.

The upgrade reflects the removal of immediate liquidity pressure
thanks to UR's successful restructuring of its $200 million loan
facility from Sberbank.  Given the COVID-19 fallout on financial
markets and operations, UR opted to restructure the debt with an
extension of the amortization schedule for the next three years,
with the possibility of early repayment in 2021. S&P said, "We
understand that the bank receives the originally promised value,
and that the interest rate is the same as on the original loan. We
therefore concluded that the extension of the bank loan was
performed in the normal course of business, despite concerns
regarding the deal being closed just days before maturity."

The transaction released additional liquidity at UR and allowed it
to extend part of its $400 million debt previously due over the
next 12 months.  However, the company still faces sizable
maturities of about $300 million, including two $50 million
installments of outstanding notes due September 2020 and March
2021, and the payment of about $120 million to Sberbank in May
2021. The company indicated its plans to refinance most of these
maturities in the international capital markets or with a Ukrainian
bank, but the volatile market and business conditions created by
the pandemic could reduce the likelihood of the company addressing
its debt maturities well ahead of the maturity. Nevertheless, the
company currently has cash balances of about $150 million ($127
million as of July 1, 2020) and $135 million committed credit
facilities, and we expect $400 million of operating cash flows. S&P
believes these sources could largely cover upcoming maturities and
minimum capital expenditure (capex) needs over the next 12 months

COVID-19-related setbacks may continue to hamper UR's performance,
leading to significantly less cash flows.  S&P said, "We forecast
weak performance in 2020, with funds from operations (FFO) to debt
falling to about 20.0%-23.0%, from 35.7% in 2019, due to a lower
cargo transportation volumes and limitations on passenger traffic.
We forecast a 10%-15% drop in total revenue, including a 5%-7%
decline in freight segment and 30%-35% in the passenger one. The
company generates essentially all of its EBITDA in freight
transportation, while the passenger segment is largely loss-making.
As such, freight dynamics will likely shape the company's credit
metrics. A rebound in credit metrics will depend on the business
recovery as well as the company's ability to implement offsetting
measures, such as capex reduction or costs-cutting initiatives. We
expect FFO to debt will increase to 25%-27% in 2021, following
almost full recovery of cargo volumes in 2021 after an expected 10%
decline in 2020 versus 2019." Still, the actual performance will
hinge on the length and severity of the pandemic and the company's
mitigating measures to reduce capex and operating expenditure.

S&P said, "We currently do not incorporate a ratings uplift for any
ongoing and extraordinary financial support from the government,
UR's shareholder.  We believe the state has limited capacity to
provide support, and our base case does not include any direct
financial aids from the government. However, we continue to see UR
as a government-related entity (GRE), given its ownership by the
state and the company's role in the country. Also, we understand
that the government could prefer other forms of support, including
dividend reduction, tax flexibility, or participation in
negotiations with banks."

The negative outlook reflects uncertainties regarding recovery in
the wake of the pandemic and the company's ability to generate
sufficient funds in the currently volatile environment. S&P said,
"We see potential risk that international capital markets will
remain challenging for issuers in emerging markets such as UR, and
that the domestic financial system might come under pressure,
restricting the company's access to deposits and refinancing
sources. Our base-case assumption is that UR's management will
manage refinancing by end-2020 or will develop a credible
refinancing plan."

S&P's could downgrade UR if the company was unable to generate
sufficient funds for debt repayments over the next 12 months or
manage a refinancing of upcoming maturities, notably bulk payment
to Sberbank in May 2021. This may happen, for example, if operating
cash inflows do not pick up due to weak demand for cargo
transportation, or if additional stress on the country's financial
system makes domestic refinancing unfeasible.

Another debt restructuring that S&P considers to be distressed
would also trigger a downgrade.

S&P said, "To revise the outlook to stable, we would consider UR's
willingness and capacity to service its debt on a consistent basis.
Our assessment would include the analysis of forecast cash flows
and liquidity, as well as the management's approach to
refinancing."

The upgrade prospects are currently limited. S&P could consider an
upgrade if the company successfully refinances to eliminate the
risk of default or distressed exchange and spread out the bulk of
its near-term maturities.




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

BEN SHERMAN: Proposes to Close 18 Stores Under CVA
--------------------------------------------------
Don-Alvin Adegeest at Fashion United reports that menswear retailer
Ben Sherman is proposing to close 18 store--a third of its
portfolio--in order to ward of collapse.

Ben Sherman is licensed in the UK by Baird Group and owned by the
New York-based Marquee Brands.  The Baird Group also operates Jeff
Banks and Suit Direct in the UK and are thought to be involved with
the proposal to creditors, Fashion United notes.

A proposed company voluntary arrangement (CVA) will see the
troubled brand solve its debt problems over an agreed period of
time without having to cease operations, Fashion United states.  It
would include 262 redundancies, nearly one third of the Group's
total workforce, Fashion United relays.

According to Fashion United, the Retail Gazette said the CVA would
directly affect staff on the shop floors, mostly in Debenhams
concessions, and in distribution.  Incidentally, the Baird Group
also operate the tailoring concession at Debenhams stores, Fashion
United says.

A CVA can only be executed when 75% of the creditors approve a
proposal, Fashion United notes.  The vote is to take place on
August 10, Fashion United discloses.

According to Fashion United, the Retail Gazette wrote "Baird Group
was hit hard by the coronavirus crisis, especially through its 87
concessions with embattled department store chain Debenhams, which
underwent administration during lockdown and could now be put up
for sale".

All of the group's standalone stores were closed during the
lockdown, with 10 stores remaining shut since the reopening of
non-essential retailers, Fashion United relates.


BUZZ BINGO: Enters Into Restructuring Process
---------------------------------------------
Sandy Bhadare at ICLG.com reports that one of the United Kingdom's
most prominent multi-channel bingo businesses, Buzz Bingo, has
entered into a restructuring process to protect its long-term
future.

Buzz Bingo, made up of privately held companies Buzz Group and Buzz
Entertainment, and owned by FTSE 250 investment firm Caledonia
Investments, has engaged Macfarlanes for legal advice relating to a
company voluntary arrangement (CVA) and restructuring, ICLG.com
relates.

After temporarily closing many of its sites due to Covid-19
restrictions in the last few months, Buzz Bingo intends to reopen
its retail units from August onwards, however, due to the Covid-19
pandemic, its management team expects a fall in customer interest
when it does, ICLG.com discloses.  In turn, many of its clubs will
be deemed unable to operate profitably, ICLG.com notes.

According to ICLG.com, in an effort to enforce a financially backed
restructuring, Macfarlanes has helped Buzz Bingo to enter into a
CVA process, which, once approved, will allow it to close 26 of its
117 operating retail sites.  United States consulting firm with a
focus on corporate turnarounds, Alix Partners, is acting as the CVA
nominees, ICLG.com says.

London Stock Exchange-listed Caledonia Investments also intends to
play a role in the restructuring process, contributing GBP22
million in new equity, ICLG.com relays.  As well as advising on the
equity raise, Macfarlanes will act as legal counsel on the
restructuring of a debt facility to realise GBP10 million from the
existing senior lender, ICLG.com states.

Macfarlanes' advisory team was headed up by relationship partner
Stephen Drewitt, and insolvency and restructuring lead, Jat Bains,
with support from others, according to ICLG.com.


GKN HOLDINGS: Moody's Alters Outlook on Ba1 Bond Ratings to Neg.
----------------------------------------------------------------
Moody's Investors Service has changed the outlook of GKN Holdings
Limited to negative from ratings under review. GKN is a British
multinational automotive and aerospace components manufacturer,
which is owned by Melrose Industries PLC. Concurrently, Moody's has
confirmed the Ba1 instrument ratings on the outstanding bonds
issued by GKN Holdings Limited and guaranteed by Melrose. This
rating action concludes the review initiated on April 15, 2020.

RATINGS RATIONALE

The change of outlook to negative from ratings under review
reflects the severe pressure on Melrose's financial performance,
GKN's parent and guarantor of the bonds, primarily as a result of
the downturn in the automotive and aerospace end markets that
account for the vast majority of GKN and Melrose's operations.
Moody's expects a meaningful double-digit decline of revenue as
well as a substantial deterioration of profits for 2020 followed by
some recovery, although the weaker demand in the aerospace segment
is likely to persist well beyond 2020.

As a result, key financial metrics such as margin and leverage will
likely fall outside of the range for the Ba1 instrument ratings in
2020 and Moody's-adjusted debt/EBITDA appears unlikely to return to
levels commensurate with the Ba1 instrument ratings before 2022.
Accordingly, the bond ratings are now weakly positioned and the
ability to restore metrics is subject to execution risks as well as
further end market developments. However, the strong focus on cash
generation, outperformance of its target of achieving a cash
neutral position in the first half of 2020 and proactive management
of liquidity including covenants during 2020 also supports the
ratings.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The global
automotive and aerospace industries are among the sectors that are
most severely impacted by the outbreak through production
disruption and severe demand declines. Moody's regards the
coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.

GKN and the broader Melrose group faced meaningful disruptions to
its operations during the first half of 2020, including the
temporary closure of its automotive-related factories in Europe and
the US as well as reduced activity at its aerospace-related and
Nortek factories. While for now Moody's expects a gradual
improvement in GKN's automotive operations from the -36% revenue
drop in the second quarter of 2020, uncertainty regarding the pace
and risk of further disruptions remain. Moreover, aircraft
production rate cuts will have a severe impact on 2020 results,
with a likely -25 to -30% revenue drop for the full year 2020 in
the Aerospace segment. Moody's expects that activity in the
Aerospace segment will remain at lower levels well beyond 2020.

Overall Moody's expects a 2- to 3-year timeframe, to 2022 or 2023,
for Melrose to restore its margins and financial profile including
leverage. Melrose has a track record of improving businesses,
especially margins, with actions already well underway before the
coronavirus outbreak and Moody's expects Melrose to take necessary
actions to restore margins independent of revenue evolution.
Melrose has also previously indicated its interest to sell certain
assets, most notably Nortek, which could support deleveraging.
Moody's would generally expect Melrose to prioritize deleveraging
in the current environment as evidenced by the reduction in
dividends in 2020.

The ratings also remain additionally supported by GKN's breadth and
scale of operations as well as its strong global market positions
and opportunities from the growing adoption of alternative fuel
vehicles through GKN's investments in eDrive technologies. The
ratings remain additionally constrained by strong competition in
both of GKN's core markets and ongoing pricing pressure by the
original equipment manufacturers on their suppliers. As a global
but also UK-based company, Melrose and GKN also remain exposed to
Brexit- and trade-related barriers, although Melrose and the GKN
businesses largely produce and sell in the same countries and
regions and its international set-up should allow for flexibility
to relocate production at limited cost.

GKN is fully owned by Melrose. While Moody's does not have a
corporate rating on Melrose, the parental guarantee provided by
Melrose and its disclosure as a publicly listed company enable
Moody's to continue to rate the GKN notes. The rating of the notes
originally issued by GKN Holdings now reflects Melrose's credit
quality. In 2019, GKN represented 83% of Melrose's reported revenue
and 77% of its adjusted operating income (before central costs).

Moody's views the liquidity profile as sufficient. As of June 2020,
Melrose had over GBP300 million of cash and available committed
liquidity facilities of over GBP1.1 billion, which principally
includes the committed revolving credit facility comprising GBP1.1
billion, US$2.0 billion and EUR0.5 billion maturing in January
2023. The next larger maturity is the GBP450 million GKN bond due
in September 2022. The bank facilities carry two semi-annually
tested financial covenants, net leverage (3.5x) and interest cover
(4.0x), and a net leverage covenant waiver in relation to the June
and December 2020 testing periods was put in place earlier this
year. Melrose also has the ability to extend its ca. GBP0.9 billion
term loan due April 2021 to April 2024 at its option. During the
first half of 2020, Melrose also cut dividends and capital
expenditures in light of current macro developments.

As a result, Melrose's outperformed its target of being cash
neutral with net debt slightly reducing in the first half of 2020.
Some normalization in operations, working capital and
discontinuation of government support such as furlough schemes
could lead to some pressure on cash flows in the second half
depending on the pace of revenue recovery. However, Moody's does
not expect substantial cash outflows for 2020 or 2021 at this
stage.

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

Moody's could stabilize the outlook once credit metrics recover,
including leverage towards below 3.75x. Although unlikely given the
negative outlook, an upgrade to Baa3 would require an established
track record of Melrose as GKN's owners, the maintenance of a
strong liquidity profile, and further improvement in its credit
strength by maintaining its leverage at a level of below 2.5x
debt/EBITDA (Moody's adjusted) through the cycle (3.5x at December
2019) and EBITA margins (Moody's adjusted) consistently exceeding
9.0% (9.5% in 2019).

An upgrade would also require a financial policy, which supports an
investment-grade rating. Conversely, further downward rating
pressure would arise if Melrose is unable to substantially recover
EBITA margin above 7.0% and leverage below 3.75x. Sustained
negative free cash flow, aggressive shareholder distributions or a
weakening of liquidity could also trigger a negative rating
action.

LIST OF AFFECTED RATINGS

Confirmations:

Issuer: GKN Holdings Limited

BACKED Senior Unsecured Regular Bond/Debenture, Confirmed at Ba1

Outlook Actions:

Issuer: GKN Holdings Limited

Outlook, Changed To Negative From Rating Under Review

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Manufacturing
Methodology published in March 2020.

Headquartered in the UK, GKN is a global tier one supplier to the
automotive and aerospace industry with operations in more than 30
countries. The GKN group operates through three main divisions:
Automotive (46% of 2019 revenues), Aerospace (42%), and Powder
Metallurgy (12%). The Automotive driveline and Powder metallurgy
activities primarily address the automotive industry. Aerospace
supplies the commercial and military aircraft market. In 2019,
GKN's main activities, reported under Melrose's business divisions
Automotive, Aerospace and Powder Metallurgy, recorded revenues of
GBP9.1 billion. Since June 2018, GKN has been a fully-owned
subsidiary of Melrose Industries PLC and accounts for approximately
83% of Melrose's 2019 sales of GBP11.0 billion.

HOTTER SHOES: Creditors Back CVA Proposal, 46 Stores to Close
-------------------------------------------------------------
Huw Hughes at Fashion United reports that British footwear retailer
Hotter Shoes will move forward with plans to permanently close 46
of its stores after its company voluntary arrangement (CVA)
proposal received the green light from creditors.

The company's owner Electra Private Equity PLC launched the CVA
proposal on July 9 as a move to avoid the possibility of an
administration filing, Fashion United recounts.  Electra announced
on July 29 that the proposal was approved by 99.5% of voting
creditors, Fashion United relates.

A total of 46 Hotter Shoes stores will now close, bringing its
number of stores from 61 to 15, Fashion United discloses.



HURRICANE BIDCO: Fitch Assigns B LT IDR, Outlook Stable
-------------------------------------------------------
Fitch Ratings has assigned Hurricane Bidco Ltd a Long-Term Issuer
Default Rating of 'B' with a Stable Outlook. Fitch has also
assigned Hurricane Finance Plc's senior secured notes of GBP290
million an expected rating of 'B+(EXP)'/'RR3'/64%.

The ratings of Paymentsense are constrained by its small scale,
limited geographic and value chain diversification and high initial
leverage with funds from operations gross leverage, which Fitch
expects to peak at 7.1x by financial year to March 2021.

The ratings are supported by a strong growth profile in the UK
payments market, a recurring cash generative business model, a
diversified SME customer base and supportive industry dynamics with
the continuing shift by consumers from cash to card payments.

Even in a low growth scenario, Fitch expects FY22 revenue to be
around GBP140 million (including a GBP15 million increase in
terminal revenues) with almost a 40% EBITDA margin, providing
Paymentsense with deleveraging capacity to reduce FFO gross
leverage to below 6.0x by FYE22.

KEY RATING DRIVERS

Small Scale, Limited Diversification: Paymentsense's limited
geographic and value chain diversification is underlined by a focus
on the SME segment, and on the UK and Ireland (where the company is
the third-largest merchant service provider). Paymentsense has been
growing rapidly over the last several years, successfully gaining
market share but with a card turnover of around GBP13 billion its
FY20 EBITDA of GBP32 million is small.

Proven Ability to Gain Market Share: Paymentsense holds a number
three market position based on the number of customers. Its
customer base has been growing rapidly, supported by an SME bespoke
distribution strategy. Underpinned by independent payment
consultants, collaboration/integration with independent software
vendors and value-added resellers, the customer acquisition
strategy allows Paymentsense to economically win lifetime value
(LTV) customers with an attractive LTV/CAC (customer acquisition
cost) multiple. However, some execution risks remain in its
ambitions to rapidly increase its market share and profitability.

Beneficiary of Electronic Payments Shift: Paymentsense benefits
from the ongoing trend of cash-to-card migration. Cash payments in
the UK declined to under 30% of total payments in 2018 from around
60% in 2008, with card payments surpassing cash in 2017. Fitch
believes that the secular shift to card/electronic forms of payment
will continue to provide a revenue support for card payment
enablers and merchant acquirers such as Paymentsense, which provide
essential technology in the payment infrastructure.

COVID-19 Hit 1Q Sales: Paymentsense's operations are predominantly
in a face-to-face segment with cafe/restaurants/catering /pubs/bars
segment representing around 28% of FY20 revenue. In the quarter
ending June 2020, revenue declined 14% qoq due to the pandemic.
Fitch expects card turnover to recover to pre-lockdown levels in
the quarter ending September 2020, supporting an expected 11%
growth in FY21 versus the high double-digit growth in previous
years.

Pandemic Aids Payment Transition: The pandemic has accelerated the
cash-to-card shift with different sources reporting cash-to-card
displacement at between 9% and 30%. While not all of this
displacement may be sustained as the pandemic eases, Fitch expects
at least some increased adoption of card payments to persist.
Additionally, Fitch notes that the global financial crisis in
2008-2009 saw the number of SMEs increase in spite of economic
difficulties.

Limited Customer Concentration: Paymentsense has a portfolio of
around 82,000 small- to medium-sized businesses spread across the
UK and Ireland as of FYE20. The SME sector is generally more
susceptible to economic down-cycles. However, Paymentsense's
clients are well-diversified by sector with the company's top-100
clients accounting for only 4% of total revenues.

Cash Generative Business: More than 80% of Paymentsense's revenues
are recurring, which provides high cash flow visibility. Fitch
expects the company to generate positive free cash flow in FY22
even in its low-growth scenario, and low double-digit FCF margins
in FY23-FY25 in its medium-growth base case. Its strong FCF profile
is supported by moderate non-discretionary capex and low working
capital requirements.

High Initial Leverage: Post-refinancing, Fitch estimates FFO gross
leverage to peak at 7.1x. Fitch expects Paymentsense to maintain
good capacity for organic deleveraging with FFO gross leverage
decreasing to 5.1x by FYE22 in its base case. The deleveraging
capacity is supported by decreasing capex intensity and assumes no
dividend payments or PIK loan repayments.

Long-term Disintermediation Risk: New payment technologies employed
by other participants in the payment ecosystem are a long-term
threat to disintermediate the current payment infrastructure
dominated by Visa and Mastercard. However, the decision by tech
giants and mobile pay companies such as Google and Apple to
collaborate with payment networks and merchant acquirers rather
than try and develop a proprietary system mitigates this risk in
the next five years.

DERIVATION SUMMARY

Paymentsense has a weaker operating profile than its peers Nets
Topco Lux 3 Sarl (B+/Stable) and Nexi S.p.A. (BB-/Stable), which
both hold leading positions in their markets. Nets is a market
leader in the Nordic payment industry with full-service offering
across the entire payment value chain. Nexi is a leading merchant
acquirer and payment processer in the less mature Italian market.
Paymentsense's lower rating reflects the company's smaller scale,
limited geographic and value chain diversification compared with
these peers. This is partly mitigated by the company's strong
growth prospects, similar cash flow-generative business model and a
better deleveraging profile.

KEY ASSUMPTIONS

  - Customer growth at 5% in FY2021 constrained by the pandemic.
Customer growth at a high-single digit with CAGR of 9% during
FY22-FY25.

  - Card turnover to increase above customer growth for the next
four years, reflecting ongoing cash-to-card transition.

  - Processing charge on transactional revenue to improve as
customers on the core platform increase.

  - Excluding terminal revenues, underlying revenue to increase 9%
in FY21, constrained by the pandemic. Revenue to grow 22% in FY22,
supported by the economic recovery and a 15pp increase in the
proportion of transactions that are card-based relative to FY20

  - Terminal revenue to rise 31% in FY21 and 81% in FY22,
reflecting an agreement to bring a terminal portfolio in-house, and
ongoing customer growth.

  - EBITDA margin to improve to 45% by FY23 (FY20: 32%).

  - Change in working capital at 2.4% of revenue over the next four
years.

  - Capex to peak at 21.7% of revenues in FY21, reflecting
investment in the core platform. Thereafter between 13% and 18%
revenue in FY22-FY25.

  - No dividends in FY21-FY25.

Key Recovery Assumptions:

  - The recovery analysis assumes that Paymentsense would be
considered as a going concern in bankruptcy and that it would be
reorganised rather than liquidated. Fitch has assumed a 10%
administrative claim in the recovery analysis.

  - The analysis assumes a post-restructuring EBITDA of GBP40
million, which is 33% below FY22 EBITDA

  - For its recovery analysis, Fitch applies a post restructuring
enterprise value (EV)/EBITDA multiple of 6.0x.

  - This leads to an approximately 64% recovery of the senior
secured notes, based on total senior debt of GBP290 million and a
fully drawn GBP32 million-equivalent revolving credit facility
(RCF).

  - PIK loan of GBP90 million is treated as equity.

RATING SENSITIVITIES

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

  - Successful execution of the business plan with an increasing
market share leading to continued revenue growth, in a stable
competitive and regulatory environment.

  - FFO gross leverage sustainably below 5.5x.

  - A sizable sustainable increase in FCF with double-digit FCF
margins.

  - FFO interest coverage sustainably above 3x.

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

  - Loss of market share due to intensified competition, leading to
lower revenue growth and EBITDA margin and weakening FCF.

  - FFO gross leverage remaining above 7.0x.

  - FFO interest coverage sustainably below 2x.

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

Satisfactory Liquidity: Paymentsense had GBP13.4 million of cash
and cash equivalents at FYE20. Post-refinancing, it will have
access to a GBP32 million-equivalent RCF, which Fitch assumes to be
undrawn until FY25. Fitch expects Paymentsense to generate positive
FCF starting from FY22 on the back of improving revenue and
decreasing capex. It has no major maturities until 2025.

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).

ONEWEB: Charlie Ergen to Invest US$50 Million
---------------------------------------------
Jim Pickard and Peggy Hollinger at The Financial Times report that
billionaire space entrepreneur Charlie Ergen is to invest US$50
million in OneWeb, backing the UK's government's US$500 million bet
on the failed satellite broadband company bought out of bankruptcy
earlier this month.

The investment is being made by Hughes Network Systems, an original
investor in OneWeb and a subsidiary of EchoStar, the US satellite
operator controlled by Mr. Ergen, the FT discloses.  Hughes claims
to be North America's biggest satellite internet service, with more
than 1.3m subscribers, the FT notes.

The deal will dilute the UK government's 45 per cent stake in
OneWeb, as well as that of Bharti Global, which was also set at
45%, the FT  states.  The consortium acquired the group earlier
this month in a bidding process after OneWeb collapsed in March due
to lack of funds, the FT recounts.  However, the UK will still
retain a golden share that allows it to control who has access to
OneWeb's network and to veto key decisions, according to the FT.

The investment was small but "significant", the FT relays, citing
one person close to the transaction.

Meanwhile, the bid by the UK government-led consortium is facing a
challenge from unsecured creditors in the US, who have argued that
they should have a share in the rescued company, the FT relates.

SoftBank and other secured creditors will hold a roughly 10% stake
in OneWeb when the deal goes through, the FT says.  This is
expected in the autumn after US regulators examine the offer,
according to the FT.


PIZZA HUT: CVA Likely, Thousands of Jobs at Risk
------------------------------------------------
Daniel Smith at Nottingham Post reports that Pizza Hut branches and
thousands of jobs are at risk after the restaurant chain started
restructuring talks.

Pizza Hut Restaurants is reported to have hired advisors at Alvarez
& Marsal to explore the possibility of an insolvency agreement that
could entail significant job cuts, Nottingham Post relays, citing
Sky News.

Pizza Hut's 244 restaurants in the UK are all under threat of
closure--and while a final decision has yet to be taken by the
chain but, a Company Voluntary Arrangement (CVA) is "a distinct
possibility", Nottingham Post discloses.

According to Nottingham Post, in a statement, a spokesman said:
"Despite government support, and entering lockdown from a place of
strength, the cost of lockdown combined with reduced trading levels
has had a substantial impact on the whole restaurant sector.

"Along with many other businesses, we are looking at ways to
minimize that financial impact, while continuing to trade as
usual.

"Whether this will require financial restructuring in the form of a
CVA or otherwise is as yet undecided."

The spokesman added that Pizza Hut employed 5,700 people in the UK,
Nottingham Post relates.

Pizza Hut Restaurants is a separately owned entity to the brand's
UK delivery arm, Pizza Hut Delivery, which trades from a further
380 outlets.


TAURUS 2019-2: Fitch Affirms Class E Notes Rating at BB-sf
----------------------------------------------------------
Fitch Ratings has affirmed Taurus 2019-2 UK DAC's notes.

Taurus 2019-2 DAC

  - Class A XS2049066371; LT AAAsf; Affirmed

  - Class B XS2049075877; LT AA-sf; Affirmed

  - Class C XS2049076339; LT A-sf; Affirmed

  - Class D XS2049077147; LT BBB-sf; Affirmed

  - Class E XS2049081925; LT BB-sf; Affirmed

TRANSACTION SUMMARY

The transaction is a securitisation of 87.5% of a GBP418.1 million
commercial mortgage loan advanced by Bank of America Merrill Lynch
International Designated Activity Company to Blackstone Real Estate
Partners entities. It refinances a GBP622.7 million portfolio of UK
industrial assets. The collateral comprises 126 industrial
properties that are well-spread throughout the UK covering both
light industrial and last-mile logistics uses. It accommodates more
than 1,000 tenants (no tenant accounts for more than 1.6% of gross
rental income) on a weighted average lease term to expiry of around
2.5 years.

Second quarter rental collections for the portfolio were reported
at GBP7.3 million, representing around 66% of the gross charged
amount, with a small number of tenants granted rent relief
accounting for around 1% of income. However, with vacancy falling
to 8.2% in May from 11% in the previous quarter, Fitch considers
the impact from the coronavirus pandemic as balanced. Logistics is
fairly insulated in the short term. Longer term, Fitch would expect
light industrial and trade counter occupiers to be more vulnerable
to a slowdown in economic activity, while those in logistics may
benefit from growing demand for warehousing as back-up to
just-in-time supply chains and expanding online shopping.

With the risk of weak business cash flow causing an increase in SME
insolvencies, Fitch tested for collections being depressed in the
short term, by reducing 'Bsf' net operating income by 45% until
September 2021. As this test does not alter loan default timing,
Fitch considers the loan debt yield as offering resilience against
this risk over its term.

KEY RATING DRIVERS

Coronavirus Causing Economic Shock: Fitch has made assumptions
about the spread of the coronavirus and the economic impact of the
related containment measures. As a base-case scenario, Fitch
assumes a global recession in 2020 driven by sharp economic
contractions in major economies with a rapid increase in
unemployment, with eurozone GDP remaining below pre-coronavirus
(4Q19) levels through 2021. As a downside scenario (see the Rating
Sensitivities section), Fitch considers a more severe and prolonged
period of stress with a slow recovery beginning in 2Q21. In this
scenario, Fitch assumes all assets would suffer permanent falls in
estimated rental value of an additional 5%.

Short-term Impact from Pandemic: The pandemic suppression measures
across the UK have caused severe disruption to and uncertainty for
sectors such as retail, flexible offices and secondary industrial.
While logistics properties are fairly insulated, Fitch believes
light industrial occupiers are vulnerable to a slowdown in economic
activity. With collections underperformance likely to continue as
long as SME cash flow weakness persists and causing an increase in
SME insolvencies, Fitch tested for collections being depressed in
the short term.

Fitch finds that a reduction of 45% of 'Bsf' net operating income
does not alter the loan default timing, suggesting that the loan
debt yield offers resilience against this risk. Unlike in other
sectors, Fitch has otherwise not made any changes to industrial
property market rating assumptions solely as a result of the
pandemic. Besides the overall stability of operating conditions,
this explains the affirmation of the ratings.

RATING SENSITIVITIES

Current ratings: AAAsf / AA-sf / A-sf / BBB-sf / BB-sf

The change in model output that would apply with 0.8x cap rates is
as follows:

AAAsf / AA+sf / AAsf / Asf / BBBsf

The change in model output that would apply with 1.25x rental value
declines is as follows:

AA+sf / A+sf / A- sf / BB+sf / BB-sf

Coronavirus Downside Scenario Sensitivity

Fitch has added a coronavirus sensitivity analysis that
contemplates a more severe and prolonged economic stress caused by
a re-emergence of infections in the major economies, before a slow
recovery begins in 2Q21. Under this severe scenario, Fitch reduces
the estimated rental value of each asset by 5%, with the following
change in model output:

AA+sf / A+sf / BBB+sf / BB+sf / BB-sf

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

An improvement in market conditions and in the performance of the
portfolio could lead to a positive rating action

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

New pandemic containment measures could weaken transaction
performance principally by its effect on the UK economy, and result
in negative rating action.

KEY PROPERTY ASSUMPTIONS (all by market value)

'BBsf' weighted average cap rate: 7.2%

'BBsf' WA structural vacancy: 16.6%

'BBsf' WA rental value decline: 5.9%

'BBBsf' WA cap rate: 7.8%

'BBBsf' WA structural vacancy: 18.7%

'BBBsf' WA rental value decline: 9.9%

'Asf' WA cap rate: 8.5%

'Asf' WA structural vacancy: 20.7%

'Asf' WA rental value decline: 14.1%

'AAsf' WA cap rate: 9.3%

'AAsf' WA structural vacancy: 23.9%

'AAsf' WA rental value decline: 18.7%

'AAAsf' WA cap rate: 10.2%

'AAAsf' WA structural vacancy: 28.3%

'AAAsf' WA rental value decline: 23.3%

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

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. There were no findings that affected the
rating analysis. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

Prior to the transaction closing, Fitch reviewed the results of a
third-party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.

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

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).

TOWD POINT 2019-GRANITE 5: Moody's Confirms Class F Notes at Caa1
-----------------------------------------------------------------
Moody's Investors Service confirmed the ratings of the following
notes issued by Towd Point Mortgage Funding 2019-Granite 5 plc:

GBP6.0M Class D Notes, Confirmed at Baa2 (sf); previously on May 5,
2020 Baa2 (sf) Placed Under Review for Possible Downgrade

GBP6.7M Class E Notes, Confirmed at Ba3 (sf); previously on May 5,
2020 Ba3 (sf) Placed Under Review for Possible Downgrade

GBP5.2M Class F Notes, Confirmed at Caa1 (sf); previously on May 5,
2020 Caa1 (sf) Placed Under Review for Possible Downgrade

Its rating action concludes the review of three classes of notes
placed on review for downgrade on May 5, 2020.

Moody's also affirmed the ratings of three classes of notes that
were not placed on review for downgrade on May 5, 2020 and which
had sufficient credit enhancement to maintain the current rating on
the affected notes.

GBP65.7M (current outstanding amount GBP47.8M) Class A Notes,
Affirmed Aaa (sf); previously on Nov 18, 2019 Definitive Rating
Assigned Aaa (sf)

GBP4.5M Class B Notes, Affirmed Aa2 (sf); previously on Nov 18,
2019 Definitive Rating Assigned Aa2 (sf)

GBP9.7M Class C Notes, Affirmed A1 (sf); previously on Nov 18, 2019
Definitive Rating Assigned A1 (sf)

RATINGS RATIONALE

As a result of significant deleveraging since closing in November
2019, the increase in available credit enhancement to the three
classes of notes previously put on review for downgrade has offset
the deteriorating collateral performance driven by negative
economic effects of the coronavirus outbreak. It also offsets the
correction of an input error on the servicing fees modelled in the
cash flow model.

The rating affirmations announced in this press release reflect
sufficient credit enhancement to maintain the ratings of the
affected notes.

Moody's reassessed its key collateral assumptions, namely the
portfolio expected defaults and portfolio credit enhancement for
Towd Point Mortgage Funding 2019-Granite 5 plc.

Based on the analysis of the level of coronavirus-related payment
holidays and the performance, Moody's increased the portfolio
expected defaults as a percentage of current portfolio balance to
27.37% from 25.26%. The portfolio expected defaults as a percentage
of original portfolio balance remain unchanged at 25.26%. Moody's
PCE assumption was increased to 50% from 48%. The expected recovery
of 5% remains unchanged.

Moody's notes that the asset assumptions apply to the portfolio
excluding the 12.9% of the pool at closing that fell under the
default definition of the transaction specified as being 12 months
or more in arrears. The Class Z2 Notes were issued to fund the
purchase of these 12.9% pool already in default. There is a
corresponding 100% Class Z2 PDL set at closing.

The performance of Towd Point Mortgage Funding 2019-Granite 5 plc
has deteriorated since the start of the coronavirus outbreak.
Arrears of over 90 days past due as a percentage of current balance
have increased, and now stand at 16.45%. Moreover, loans in payment
holidays currently represent 30.2% as a proportion of the current
pool balance as of May 31, 2020.

The rapid spread of the coronavirus outbreak, the government
measures put in place to contain it and the deteriorating global
economic outlook, have created a severe and extensive credit shock
across sectors, regions and markets. Its analysis has considered
the effect on the performance of consumer assets from the collapse
in the UK economic activity in the second quarter and a gradual
recovery in the second half of the year. However, that outcome
depends on whether governments can reopen their economies while
also safeguarding public health and avoiding a further surge in
infections. 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.

Moody's has also corrected an input error in its stressed fees
assumption for this transaction. In prior rating actions, the
stressed fees were incorrectly assumed at 0.3% of the portfolio
outstanding balance, without taking into account the extra amount
paid to the servicer for servicing delinquent loans. Its rating
action reflects the appropriate stressed fees assumption of 0.7% of
the portfolio outstanding balance.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS "published in July
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.



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

[*] BOOK REVIEW: The Sorcerer's Apprentice - Medical Miracles
-------------------------------------------------------------
Author: Sallie Tisdale
Publisher: BeardBooks
Softcover: 270 pages
List Price: $34.95
Order your own personal copy at http://is.gd/9SAfJR

An earlier edition of "The Sorcerer's Apprentice" won an American
Health Book Award in 1986. The book has been recognized as an
outstanding book on popular science. Tisdale brings to her subject
of the wide and engrossing field of health and illness the
perspective, as well as the special sympathies and sensitivities,
of a registered nurse. She is an exceptionally skilled writer.

Again and again, her descriptions of ill individuals and images of
illnesses such as cancer and meningitis make a lasting impression.

Tisdale accomplishes the tricky business of bringing the reader to
an understanding of what persons experience when they are ill; and
in doing this, to understand more about the nature of illness as
well. Her style and aim as a writer are like that of a medical or
science journalist for leading major newspaper, say the "New York
Times" or "Los Angeles Times." To this informative, readable style
is added the probing interest and concern of the philosopher trying
to shed some light on one of the central and most unsettling
aspects of human existence. In this insightful, illuminating,
probing exploration of the mystery of illness, Tisdale also
outlines the limits of the effectiveness of treatments and cures,
even with modern medicine's store of technology and drugs. These
are often called "miracles" of modern medicine. But from this
author's perspective, with the most serious, life-threatening,
illnesses, doctors and other health-care professionals are like
sorcerer's trying to work magic on them. They hope to bring
improvement, but can never be sure what they do will bring it
about. Tisdale's intent is not to debunk modern medicine, belittle
its resources and ways, or suggest that the medical profession
holds out false hopes. Her intent is do report on the mystery of
serious illness as she has witnessed it and from this, imagined
what it is like in her varied work as a registered nurse. She also
writes from her own experiences in being chronically ill when she
was younger and the pain and surgery going with this. She writes,
"I want to get at the reasons for the strange state of amnesia we
in the health professions find ourselves in. I want to find clues
to my weird experiences, try to sense the nature of being sick."
The amnesia of health professionals is their state of mind from the
demands placed on them all the time by patients, employers, and
society, as well as themselves, to cure illness, to save lives, to
make sick people feel better. Doctors, surgeons, nurses, and other
health-care professionals become primarily technicians applying the
wonders of modern medicine. Because of the volume of patients, they
do not get to spend much time with any one or a few of them. It's
all they can do to apply the prescribed treatment, apply more of it
if it doesn't work the first time, and try something else if this
treatment doesn't seem to be effective.

Added to this is keeping up with the new medical studies and
treatments. But Tisdale stepped out of this problem-solving
outlook, can-do, perfectionist mentality by opting to spend most of
her time in nursing homes, where she would be among old persons she
would see regularly, away from the high-charged atmosphere of a
hospital with its "many medical students, technicians,
administrators, and insurance review artists." To stay on her
"medical toes," she balanced this with working occasional shifts in
a nearby hospital. In her hospital work, she worked in a neonatal
intensive care unit (NICU), intensive care unit (ICU), a burn
center, and in a surgery room. From this combination of work with
the infirm, ill, and the latest medical technology and procedures
among highly-skilled professionals, Tisdale learned that "being
sick is the strangest of states." This is not the lesson nearly all
other health-care workers come away with. For them, sick persons
are like something that has to be "fixed." They're focused on the
practical, physical matter of treating a malady. Unlike this
author, they're not focused consciously on the nature of pain and
what the patient is experiencing. The pragmatic, results-oriented
medical profession is focused on the effects of treatment. Tisdale
brings into the picture of health care and seriously-ill patients
all of what the medical profession in its amnesia, as she called
it, overlooks.

Simply in describing what she observes, Tisdale leads those in the
medical profession as well as other interested readers to see what
they normally overlook, what they normally do not see in the
business and pressures of their work. She describes the beginning
of a hip-replacement operation, the surgeon "takes the scalpel and
cuts--the top of the hip to a third of the way down the thigh --
and cuts again through the globular yellow fat, and deeper. The
resident follows with a cautery, holding tiny spraying blood
vessels and burning them shut with an electric current. One small,
throbbing arteriole escapes, and his glasses and cheek are
splattered." One learns more about what is actually going on in an
operation from this and following passages than from seeing one of
those glimpses of operations commonly shown on TV. The author
explains the illness of meningitis, "The brain becomes swollen with
blood and tissue fluid, its entire surface layered with pus . . .
The pressure in the skull increases until the winding convolutions
of the brain are flattened out . . . The spreading infection and
pressure from the growing turbulent ocean sitting on top of the
brain cause permanent weakness and paralysis, blindness, deafness .
. . . " This dramatic depiction of meningitis brings together
medical facts, symptoms, and effects on the patient. Tisdale does
this repeatedly to present illness and the persons whose lives
revolve around it from patients and relatives to doctors and nurses
in a light readers could never imagine, even those who are immersed
in this world.

Tisdale's main point is that the miracles of modern medicine do not
unquestionably end the miseries of illness, or even unquestionably
alleviate them. As much as they bring some relief to ill
individuals and sometimes cure illness, in many cases they bring on
other kinds of pains and sorrows. Tisdale reminds readers that the
mystery of illness does, and always will, elude the miracle of
medical technology, drugs, and practices. Part of the mystery of
the paradoxes of treatment and the elusiveness of restored health
for ill persons she focuses on is "simply the mystery of illness.
Erosion, obviously, is natural. Our bodies are essentially
entropic." This is what many persons, both among the public and
medical professionals, tend to forget. "The Sorcerer's Apprentice"
serves as a reminder that the faith and hope placed in modern
medicine need to be balanced with an awareness of the mystery of
illness which will always be a part of human life.



                           *********


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

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

Copyright 2020.  All rights reserved.  ISSN 1529-2754.

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

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

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


                * * * End of Transmission * * *