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

                          E U R O P E

          Thursday, August 13, 2020, Vol. 21, No. 162

                           Headlines



I R E L A N D

ST MONICA'S NURSING: High Court Appoints Provisional Liquidators


I T A L Y

4MORI SARDEGNA: DBRS Confirms B Rating on Class B Notes, Trend Neg.
ARAGORN NPL 2018: DBRS Lowers Class A Notes Rating to B (low)
AUTOFLORENCE 1: DBRS Confirms B (high) Rating on Class E Notes
BRISCA SECURITIZATION: DBRS Lowers Class B Notes Rating to CCC
IBLA SRL: DBRS Keeps 'CCC' Class B Note Rating Under Review



R U S S I A

INTERSTATE BANK: Fitch Affirms LT IDR at BB+, Outlook Stable


U N I T E D   K I N G D O M

BAIRD GROUP: Creditors Approve Company Voluntary Arrangement
CHESHIRE 2020-1: Moody's Gives (P)Caa3 Rating to Class F Notes
CHESHIRE 2020-1: S&P Assigns Prelim B(sf) Rating to F-Dfrd Notes
FINSBURY SQUARE 2019-2: DBRS Confirms BB (high) Rating on E Notes
INTU PROPERTIES: Trafford Centre to Be Put Up for Auction

NMC HEALTH: False Invoices, Documents at Center of New Probe
SHEPHERD COX: Allerton Court Hotel Put Up for Sale
TOWD POINT 2018-Auburn: DBRS Hikes Class E Notes Rating to BB
VEDANTA RESOURCES: S&P Places B- ICR on CreditWatch Developing
VIADUCT SHOWBAR: Goes Into Administration

[*] UK: Economy to Fall Into Recession for First Time Since 2008

                           - - - - -


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I R E L A N D
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ST MONICA'S NURSING: High Court Appoints Provisional Liquidators
----------------------------------------------------------------
Aodhan O'Faolain and Ray Managh at The Irish Times report that the
High Court has appointed joint provisional liquidators to St
Monica's Nursing Home Ltd.

St Monica's Nursing Home Ltd, which ran the elderly care facility
at Belvedere Place, Dublin had catered for 46 residents, and had
employed 65 full-time and part-time employees.

According to The Irish Times, the company, which is a registered
charity, is insolvent, unable to pay its debts as they fall due
arising out of a drop of income, and an inability to fund fire
safety improvements that it needed to carry out in order to retain
a license to operate a nursing home.

The firm sought the appointment of liquidators to ensure that the
business is wound up in an orderly fashion, The Irish Times
discloses.

Ms Justice Teresa Pilkington at the Aug. 11 vacation sitting of the
High Court said she was satisfied to appoint insolvency
practitioners Ian Barrett and Shane McCarthy of KPMG Ireland as
joint provisional liquidators to the company, The Irish Times
relates.

Seeking their appointment Stephen Brady BL for the company, as
cited by The Irish Times, said the company, whose members are the
Religious Sisters of Charity order, had decided some months ago to
cease trading.

This was because the nursing home did not have the estimated EUR1.3
million required to pay for fire safety improvements, The Irish
Times states.  Its sole source of funding came from the State's
Nursing Homes Support Scheme, The Irish Times notes.

The firm's inability to carry out these improvements meant its
operating license would have been withdrawn before the end of the
year, according to The Irish Times.




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I T A L Y
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4MORI SARDEGNA: DBRS Confirms B Rating on Class B Notes, Trend Neg.
-------------------------------------------------------------------
DBRS Ratings GmbH confirmed its ratings of the following classes of
notes issued by 4Mori Sardegna S.r.l. (the Issuer):

-- Class A at BBB (low) (sf)
-- Class B at B (sf)

The trend on all ratings remains Negative.

The transaction represents the issuance of Class A, Class B, and
Class J notes (collectively, the Notes). The rating on the Class A
notes addresses the timely payment of interest and ultimate payment
of principal. The rating on the Class B notes addresses ultimate
payment of interest and ultimate payment of principal. DBRS
Morningstar does not rate the Class J Notes.

As of the transfer date on June 7, 2018, the Notes were backed by a
EUR 1.03 billion portfolio by gross book value (GBV) consisting of
secured and unsecured Italian nonperforming loans (NPLs) originated
by Banco di Sardegna S.p.A. (the Originator). The receivables are
serviced by Prelios Credit Servicing S.p.A. (Prelios or the
Servicer). A backup master servicer, Securitization Services
S.p.A., was appointed and will act as a servicer in case of
termination of the appointment of Prelios.

The majority of loans in the portfolio defaulted between 2008 and
2017 and are in various stages of resolution. As of the transfer
date, approximately 53% of the pool by GBV was secured and 94.4% of
the secured loans by GBV benefitted from a first-ranking lien.
According to the latest information provided by the Servicer in
March 2020, the percentage of secured GBV of the portfolio remains
almost equal at 52%. At closing, the loan pool was mainly
represented by corporate borrowers (approximately 77% by GBV), and
continues to be almost equal at 76%.

RATING RATIONALE
The rating confirmations follow the second annual review of the
transaction and are based on the following analytical
considerations:

-- Transaction performance: assessment of portfolio recoveries as
of 30 June 2020, focusing on: (1) A comparison between actual gross
collections and the Servicer's initial business plan's forecast;
(2) The collection performance observed over the past six months,
including the period following the outbreak of the Coronavirus
Disease (COVID-19); and (3) A comparison between the current
performance and DBRS Morningstar's expectations.

-- Servicer's updated business plan: received in October 2019 and
compared with the Servicer's initial collection expectations.

-- Portfolio characteristics: loan pool composition as of March
31, 2020, and evolution of its core features since issuance.

-- Transaction liquidating structure: the order of priority
entails a fully sequential amortization of the notes – (i.e., the
Class B notes will begin to amortize following the full repayment
of the Class A notes and the Class J notes will amortize following
the repayment of the Class B notes). Additionally, interest
payments on the Class B notes become subordinated to principal
payments on the Class A notes if the Cumulative Net Collection
Ratio or Net Present Value Cumulative Profitability Ratio are lower
than 90%. These triggers were not breached on the June 2020
interest payment date, with the actual being 95.5% and 106.8%,
respectively.

-- Liquidity support: the transaction benefits from an amortizing
cash reserve providing liquidity to the structure covering against
potential interest shortfall on the Class A notes and senior fees.
The cash reserve target amount is equal to 4.9% of the sum of Class
A and Class B notes principal outstanding and is currently fully
funded.

According to the latest payment report of July 2020, the principal
amount outstanding of the Class A, Class B, and Class J notes was
equal to EUR 191.5 million, EUR 13.0 million, and EUR 8.0 million,
respectively. The balance of the Class A notes amortized by
approximately 17.4% since issuance. The current aggregated
transaction balance is EUR 212.5 million.

As of June 2020, the transaction was performing below the
Servicer's initial expectations. The actual cumulative gross
collections equal EUR 70.5 million, whereas the servicer's initial
business plan estimated cumulative gross collections of EUR 81.2
million for the same period.

At issuance, DBRS Morningstar estimated cumulative gross
collections for the same period of EUR 60.6 million at BBB (low)
(sf) stressed scenario and of EUR 67.9 million at B (sf) stressed
scenario. Therefore the transaction is performing above DBRS
Morningstar's stressed expectations as of June 30 2020. However,
DBRS Morningstar has maintained the Negative trends as it continues
to closely monitor the underperformance observed thus far compared
with the servicer's business plan, as well as the development of
the macroeconomic and real estate scenarios within the current
market environment.

In October 2019, Prelios provided DBRS Morningstar with a reviewed
business plan. The updated business plan is in line with the
Servicer's initial expectations. The total cumulative gross
collections from the updated business plan account for EUR 401.1
million, which is in line with the EUR 401.0 million expected in
the initial business plan.

Without including actual collections, the expected future
collections from June 2020 account for EUR 335.1 million (EUR 335.0
million in the initial business plan). DBRS Morningstar's BBB (low)
(sf) and B (sf) rating stresses assume a haircut of 23.4% and
15.1%, respectively, to the Servicer's updated business plan,
considering future expected collections.

The final maturity date of the transaction is January 31, 2037.

DBRS Morningstar analyzed the transaction structure using Intex
DealMaker.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an economic contraction, leading to sharp
economic contraction, increases in unemployment rates and reduced
investment activities. DBRS Morningstar anticipates that
collections in European NPL securitizations will be disrupted in
coming months and that the deteriorating macroeconomic conditions
could negatively affect recoveries from NPLs and the related real
estate collateral. The ratings are based on additional analysis and
adjustments to expected performance as a result of the global
efforts to contain the spread of the coronavirus. For this
transaction, DBRS Morningstar assumed reduced collections for the
next two quarters and incorporated its revised expectation of a
moderate medium-term decline in residential property prices, albeit
partial credit to house price increases from 2023 onwards is given
to noninvestment grade scenarios.

Notes: All figures are in Euros unless otherwise noted.


ARAGORN NPL 2018: DBRS Lowers Class A Notes Rating to B (low)
-------------------------------------------------------------
DBRS Ratings Limited downgraded its rating on the Class A Notes
issued by Aragorn NPL 2018 S.r.l. (the Issuer) to B (low) (sf) from
BBB (low) (sf) and its rating on the Class B Notes to CC (sf) from
CCC (sf). DBRS Morningstar concurrently assigned Stable trends to
the ratings.

The transaction included the issuance of Class A, Class B, and
Class J Notes (collectively, the Notes). The rating of the Class A
Notes addresses the timely payment of interest and ultimate payment
of principal on or before the final legal maturity date. The rating
of the Class B Notes addresses the ultimate payment of interest and
principal. The Class J notes are unrated.

The Notes are collateralized by an Italian nonperforming loan (NPL)
portfolio originated by Credito Valtellinese S.p.A. and Credito
Siciliano S.p.A. (collectively, the Sellers). The total gross book
value (GBV) of the portfolio as of December 31, 2017 cut-off date
was approximately EUR 1,671 million.

As at cut off, 90.2% of the total GBV was composed of corporate
borrowers, and 68% of the GBV comprised 364 borrowers (out of 4,161
total), each having GBV over EUR 1 million. The top 50 borrowers
made up 26.8% of the pool GBV at cut off.

RATING RATIONALE

The rating downgrades follow the second annual review of the
transaction and are based on the following analytical key
considerations:

-- The underperformance of the transaction since mid-2018 and
further deterioration observed over the last six months, despite
the profitability levels recorded as of the last interest payment
date (December 31, 2019) of 113.9%.

-- The amount of actual cumulative gross collections being 38.9%
lower than DBRS Morningstar's expectations at a CCC (sf) stressed
scenario as of June 30, 2020.

-- The 9.6% reduction in the amount of gross collection forecast
estimated in the updated portfolio business plan formulated by
Credito Fondiario S.p.A. (CF) and Cerved Credit Management S.p.A.
(CCM; and together with CCM, the Servicers), further
underperformance in the first semester of 2020, and further
anticipated effects of Coronavirus Disease (COVID-19), which were
not built into the servicer's updated business plan as of December
31, 2019.

-- The updated collections as per the servicer's updated business
plan are not sufficient to pay down the aggregate outstanding
balance of Class A and Class B notes.

-- The documentation mismatch caused (and may cause future)
leakage of funds that could have been used to further amortize the
Class A Notes due to a mismatch in the definitions of Net Present
Value (NPV) Profitability and Cumulative Collection ratios in the
servicing agreement and terms and conditions of the notes.

TRANSACTION AND PERFORMANCE

According to the latest investor report dated January 31, 2020, the
principal amount outstanding of Class A, Class B, and Class J Notes
was EUR 451.2 million, EUR 66.8 million, and EUR 10.0 million,
respectively. The balance of Class A Notes amortized by
approximately 11.45% since issuance.

At the cut-off date, the GBV distribution per year of default was
concentrated between 2011 and 2017, representing 95.4% of the
portfolio GBV distribution. The collections distribution per year
of default follows almost the same trend of the GBV distribution at
cut off, with more of the collections coming from the loans that
defaulted in the 2016-2017 period.

The transaction has been underperforming consistently since
inception. The service provided an updated business plan in March
2020 (at the December 2019 cut-off date), with cumulative gross
disposal proceeds (GDP) reduced by 9.6% from the executed business
plan (the executed business plan cumulative GDP of EUR 773 million
vs updated business plan cumulative GDP EUR 698 million).

The executed business plan estimated collections of EUR 99.1
million during the first semester of 2020. Such amount was reduced
to EUR 52.6 million in the updated business plan. The actual
collection during this semester was equal to EUR 25.7 million, in
part as a result of the effects of court closures due to the
coronavirus.

As of June 30, 2020, the actual collections are 46.7% behind the
executed business plan GDP, 18.2% behind the updated business plan
and 15.3% behind the BBB (low) (sf) stressed GDP.

At inception, DBRS Morningstar estimated a EUR 142.8 million
cumulative gross cash flow as of June 2020 at the BBB (low) (sf)
scenario and a gross cash flow of EUR 197.8 million at the CCC (sf)
scenario. While the actual cumulative gross collections for the
same period are 15.3% below DBRS Morningstar's initial estimation
under a BBB (low) (sf) scenario, the transaction is currently
performing below our expectations by 38.9% in a CCC (sf) scenario.

To date, 56.5% of the collections derived from discounted payoffs
(DPOs), 23.8% from judicial proceeds, 17.2% from note sales, and
2.5% from other sources. For closed or resolved cases, the note
sales resulted in the highest discount versus the executed business
plan at 30.8%, while DPO proceeds resulted in a smaller discount at
4.5%.

As of December 31, 2019, net collections anticipated in the
executed business plan prepared by CF and CCM were EUR 24.0 million
and EUR 69.0 million, respectively. The actual cumulative net
collections as of 31 December 2019 were EUR 41.5 million and EUR
39.8 million, respectively, with CF overperforming and CCM
underperforming. This difference between the actual and estimated
net proceeds increased to EUR 109 million (with EUR 92.4 million of
this underperformance deriving from CCM) as at 30 June 2020.

DBRS Morningstar further analyzed the changes in the updated
business plan (cut-off date of December 31, 2019) and collections
to date with a specific focus on:

-- Individual servicer performance to date based on closed and
resolved borrowers;

-- Expected overall individual servicer performance based on the
updated business plan;

-- Performance-based on GDP size, with a breakdown of borrowers
with expected GDP above EUR 1 million and borrowers with expected
GDP below EUR 1 million and respective collections and
weighted-average life (WAL) in the executed business plan versus
expectations in the updated business plan.

As per the executed business plan, 188 borrowers contribute over
EUR 1million GDP, while the remaining 3,973 contribute less than
EUR 1 million GDP each.

As per the updated business plan, the reduction in collections is
mostly due to a revised expectation in recoveries deriving from
borrowers where the initial expectation was to recover more than
EUR 1 million. DBRS Morningstar notes that while the GDP is
reduced, the WAL of collections also decreased. Out of the EUR 74
million difference between the executed business plan and the
updated business plan, EUR 67.3 million related to these 188
borrowers.

The EUR 67.3 million reductions is the net effect of EUR 8.1
million increase and EUR 75.4 million decreases in GDP
expectations. Of the EUR 75.4 million reductions, EUR 16.4 million
relate to collected and closed transactions (with a 30.4% downward
adjustment); EUR 8.6 million is written off and EUR 50.3 million
relates to a 19.7% reduction in future collection expectations. The
8.1 million relates to an increase in GDP expectations for certain
positions (the majority of which, EUR 7 million, is being serviced
by CF).

Based on the information provided, the majority of the downward
reduction in collections expectations derives from a revised
expectation of future collections from CF on borrowers for which
the initial business plan envisaged collections higher than EUR 1
million (37.2 million for CF and 30.0 million for CCM).

Of the EUR 95.2 million collected until December 31, 2019, EUR 57.2
million relates to positions collected and closed. The executed
business plan collection amount of these positions was EUR 74.4
million and as such, these were closed EUR 17.2 million below
budget (23.1% lower).

The cumulative net collection ratio and the NPV Profitability ratio
reported as of December 31, 2019 were 91.81% and 113.9%,
respectively, which are above the 90% subordination trigger set for
both ratios.

There is an ongoing discussion between the noteholders and other
parties of the securitization regarding the interpretation of the
definition of Cumulative Collection Ratio and the NPV Profitability
Ratio, which could lead to an amendment of the contractual
documentation.

The Cumulative Collection Ratio is defined as, in respect of a
payment date, the aggregate percentage ratio, as indicated in the
immediately preceding semi-annual servicing reports between: (1)
the cumulative aggregate net collections since the economic
effective date of transfer of the portfolio; and (2) the net
expected collections, excluding all collections arising from any
proceeds deriving from the disposal of individual claims, which are
not servicing disposal available proceeds.

The net collections (the numerator) is defined as GDP less recovery
expenses while net expected collections (the denominator) is
defined as GDP less recovery expenses and servicing fees, thereby
leading to an artificially high CCR ratio despite the poor
performance.

Using a consistent definition (excluding servicing fees figures for
both numerator and denominator) would lead to a cumulative
collection ratio of circa 81% instead of 91.81% as of 31 January
2020. This would have triggered a subordination event and the
payment of the Class B interest would have been subordinated,
together with a larger amount of the servicing fees. Due to this
mismatch between the numerator and denominator, EUR 7.4mm has been
paid out as Class B interest instead of amortizing Class A notes.

The same approach is confirmed in the calculation of the NPV
Profitability Ratio where the Target Prices (denominator) have been
calculated considering the present value of the net cash flow
(after servicing fees) while the numerator is the present value of
the net collections (before the servicing fees).

The final maturity date of the transaction is the July 31, 2038.

DBRS Morningstar analyzed the transaction structure using Intex
DealMaker.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an economic contraction, increases in
unemployment rates and reduced investment activities. DBRS
Morningstar anticipates that collections in European NPL
securitizations will be disrupted in coming months and that the
deteriorating macroeconomic conditions could negatively affect
recoveries from nonperforming loans and the related real estate
collateral. The ratings are based on additional analysis and
adjustments to expected performance as a result of the global
efforts to contain the spread of the coronavirus. For this
transaction, DBRS Morningstar incorporated its expectation of a
moderate medium-term decline in property prices but gave partial
credit to house price increases from 2023 onwards in
noninvestment-grade rating stress scenarios. DBRS Morningstar
updated its estimated gross cash flow at the B (low) (sf) scenario
to EUR 592.3 million (a discount of 15.3% from the updated servicer
business plan of EUR 699 million).

Notes: All figures are in Euros unless otherwise noted.


AUTOFLORENCE 1: DBRS Confirms B (high) Rating on Class E Notes
--------------------------------------------------------------
DBRS Ratings GmbH confirmed its ratings on the notes issued by
Autoflorence 1 S.r.l. (the Issuer) as follows:

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

The rating on the Class A Notes addresses the timely payment of
interest and the ultimate repayment of principal by the legal final
maturity date in December 2042. The ratings on Class B, Class C,
Class D, and Class E notes address the ultimate payment of interest
and the ultimate repayment of principal by the legal final maturity
date in December 2042.

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

-- Portfolio performance, in terms of delinquencies, defaults, and
losses as of the June 2020 payment date;

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

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

-- Current economic environment and an assessment of sustainable
performance, as a result of the Coronavirus Disease (COVID-19)
pandemic.

The Issuer is an Italian securitization of auto loan receivables
granted and serviced by Findomestic Banca S.p.A (Findomestic). The
transaction closed in August 2019 and has a 12-month revolving
period, which is scheduled to end in August 2020.

PORTFOLIO PERFORMANCE

As of the June 2020 payment date, loans that were one-to-two months
and two-to-three months delinquent represented 0.5% and 0.2% of the
principal outstanding balance of the portfolio, respectively, while
loans that were more than three months delinquent represented 0.2%.
Gross cumulative defaults amounted to 0.4% of the aggregate
original portfolio balance, with cumulative recoveries of 2.3% to
date.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and has updated its base case PD and LGD
assumptions to 4.9% and 81.0%, respectively.

CREDIT ENHANCEMENT

The subordination of the respective junior obligations provides
credit enhancement to the rated notes. As of the June 2020 payment
date, credit enhancements to the Class A, Class B, Class C, Class
D, and Class E Notes were 15.0%, 11.0%, 8.0%, 5.5%, and 3.5%,
respectively, unchanged since the DBRS Morningstar initial rating
because of the inclusion of the revolving period.

The transaction benefits from a liquidity reserve, available
during the revolving period and the amortization period until the
Class C Notes are fully repaid, to cover senior expenses, swap
payments, interest on the Class A Notes, and interest on the Class
B and Class C notes if not subordinated. It is available only if
principal collections are not sufficient to cover the interest
deficiency. The liquidity reserve was funded at closing with EUR
8.7 million and its required balance is equal to 1% of the
aggregate balance of Class A, Class B, and Class C notes balance,
subject to a EUR 3.1 million floor. The liquidity reserve is
currently at its target of EUR 8.7 million.

BNP Paribas Securities Services, Milan Branch (BNPP) acts as the
account bank for the transaction. Based on the DBRS Morningstar
private rating of BNPP, the downgrade provisions outlined in the
transaction documents, and other mitigating factors inherent in the
transaction structure, DBRS Morningstar considers the risk arising
from the exposure to the account bank to be consistent with the
rating assigned to the Class A Notes, as described in DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology.

Findomestic acts as the swap counterparty for the transaction. DBRS
Morningstar's private rating of Findomestic is consistent with the
First Rating Threshold as described in DBRS Morningstar's
"Derivative Criteria for European Structured Finance Transactions"
methodology.

DBRS Morningstar analyzed the transaction structure in Intex
DealMaker.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an economic contraction, leading to sharp
increases in unemployment rates and income reductions for many
borrowers. DBRS Morningstar anticipates that delinquencies may
arise in the coming months for many ABS transactions, some
meaningfully. The ratings are based on additional analysis and
adjustments to expected performance as a result of the global
efforts to contain the spread of the coronavirus. For this
transaction, DBRS Morningstar applied an additional haircut to its
base case recovery rate and conducted an additional sensitivity
analysis to determine that the transaction benefits from sufficient
liquidity support to withstand potentially high payment holiday
levels in the portfolio.

Notes: All figures are in Euros unless otherwise noted.


BRISCA SECURITIZATION: DBRS Lowers Class B Notes Rating to CCC
--------------------------------------------------------------
DBRS Ratings Limited downgraded its rating on the Class A Notes
issued by Brisca Securitization S.r.l. (the Issuer) to BBB (low)
(sf) from BBB (high) (sf) and downgraded its rating on the Class B
Notes to CCC (sf) from B (low) (sf). DBRS Morningstar assigned a
Negative trend to both ratings.

The transaction included the issuance of Class A, Class B, and
Class J Notes (the Notes). The rating of the Class A Notes
addresses timely payment of interest and ultimate payment of
principal on or before the final legal maturity date and the rating
of the Class B Notes addresses ultimate payment of principal and
interest. DBRS Morningstar does not rate the Class J Notes.

The Notes are collateralized by an Italian nonperforming loan
portfolio originated by Banca Carige S.p.A. (Carige), Banca Cesare
Ponti S.p.A. (BCP), and Banca del Monte di Lucca S.p.A. (BML),
together Gruppo Banca Carige (the Originator). As of closing (July
2017), the gross book value (GBV) of the loan pool was
approximately EUR 961 million.

RATING RATIONALE

The rating downgrade follows the third annual review of the
transaction and is based on the following analytical key
considerations:

-- Transaction performance: assessment of the portfolio recoveries
as of May 2020, with a focus on:
(1) Comparison of actual gross collections and the servicer's
initial business plan forecast;
(2) Collection performance observed over the past six months
including the period following the outbreak of the Coronavirus
Disease (COVID-19); and
(3) Comparison of current performance and DBRS Morningstar's
expectations.

-- Servicer's updated business plan: received in January 2020 and
compared with initial business plan displays a reduction of the
total gross collection forecast.

-- Portfolio characteristics: loan pool composition as of May 2020
and evolution of its core features since issuance.

-- Transaction liquidating structure: the order of priority
entails a fully sequential amortization of the notes – i.e. the
Class B Notes will begin to amortize following the full repayment
of the Class A Notes and the Class J Notes will amortize following
the repayment of the Class B Notes. Additionally, interest payments
on the Class B Notes become subordinated to principal payments on
the Class A Notes if the Cumulative Net Collection Ratio or NPV
Cumulative Profitability Ratio are lower than 90%. These triggers
were not breached on the June 2020 interest payment date.

-- Liquidity support: The transaction benefits from an amortizing
Cash Reserve providing liquidity to the structure covering against
potential interest shortfall on the Class A Notes and senior fees.
The Cash Reserve target amount is equal to 4.0% of the sum of Class
A and Class B Notes principal outstanding and is currently fully
funded.

TRANSACTION AND PERFORMANCE

According to the latest investor report dated June 30 2020, the
principal amount outstanding of the Class A, Class B, and Class J
Notes was equal to EUR 163.4 million, EUR 30.5 million and EUR 11.6
million, respectively. The balance of the Class A Notes amortized
by 38.9% since issuance.

As of May 2020, the transaction is performing somewhat below the
servicer's initial expectations. The actual cumulative gross
collections equal EUR 146.7 million, whereas the servicer's initial
business plan estimated cumulative gross collections of EUR 150.7
million for the same period. On the contrary, the Cumulative Net
Collection Ratio and the NPV Cumulative Profitability Ratio are
105.1% and 111.7% respectively, meaning that in net terms, the
transaction is currently still above the initial servicer's
expectations, reflecting lower than expected costs.

In January 2020, the servicer of the transaction, which is Prelios
Credit Servicing S.p.A. (Prelios), provided DBRS Morningstar with a
revised business plan. In this updated business plan, Prelios
assumed lower recoveries as a result of (1) auction prices clearing
at lower than expected levels and (2) judicial asset appraisal
values being lower than initially expected. The total cumulative
gross collections from the updated business plan (including action
recoveries received) account for EUR 367.3 million, which is 6.6%
lower than the EUR 393.0 million expected in the initial business
plan.

Without including actual collections, the expected future
collections from June 2020 are now EUR 215.2 million (EUR 242.3
million in the initial business plan). DBRS Morningstar's BBB (low)
(sf) rating stress assume a haircut of approximately 11.4% to the
servicer's updated business plan for future collections.

Although as of June 2020 the transaction was performing above DBRS
Morningstar's initial BBB (high) (sf) rating stress assumptions,
the decision to downgrade the ratings of the Class A and Class B
Notes and assign the Negative trend is based on the observed
performance trend of the transaction to date, on the analysis of
the updated business plan provided by the servicer in January 2020
as well as on DBRS Morningstar's expectations with regard to
Italy's economy and real estate markets amid the coronavirus
pandemic.

The final maturity date of the transaction is December 31 2037.

DBRS Morningstar analyzed the transaction structure using Intex
DealMaker.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an economic contraction, increases in
unemployment rates, and reduced investment activities. DBRS
Morningstar anticipates that collections in European nonperforming
loan securitizations will be disrupted in the coming months and
that the deteriorating macroeconomic conditions could negatively
affect recoveries from nonperforming loans and the related real
estate collateral. The ratings are based on additional analysis and
adjustments to expected performance as a result of the global
efforts to contain the spread of the coronavirus. For this
transaction, DBRS Morningstar incorporated its expectation of a
moderate medium-term decline in property prices but gave partial
credit to house price increases from 2023 onwards in noninvestment
grade rating stress scenarios.

Notes: All figures are in Euros unless otherwise noted.


IBLA SRL: DBRS Keeps 'CCC' Class B Note Rating Under Review
-----------------------------------------------------------
DBRS Ratings Limited and DBRS Ratings GmbH maintained the Under
Review with Negative Implications status on the following classes
of securities issued in the context of 11 European nonperforming
loan (NPL) transactions:

Popolare Bari NPLS 2016 S.r.l.

-- Class A rated BBB (high) (sf)
-- Class B rated B (high) (sf)

Popolare Bari NPLS 2017 S.r.l.

-- Class A rated BBB (low) (sf)
-- Class B rated B (low) (sf)

Siena NPL 2018 S.r.l.

-- Class A rated BBB (sf)

Maggese S.r.l.

-- Class A rated BBB (low) (sf)

Leviticus SPV S.r.l.

-- Class A rated BBB (sf)

Maior SPV S.r.l.

-- Class A rated BBB (low) (sf)

2Worlds S.r.l.

-- Class A rated BBB (low) (sf)
-- Class B rated B (low) (sf)

Ibla S.r.l.

-- Class A rated BBB (low) (sf)
-- Class B rated CCC (sf)

Belvedere SPV S.r.l

-- Class A rated BBB (low) (sf)

European Residential Loan Securitization 2018-1 DAC

-- Class A rated A (sf)
-- Class B rated BBB (sf)

BCC NPLs 2018-2 S.r.l.

-- Class A rated BBB (low) (sf)
-- Class B rated CCC (sf)

KEY RATING DRIVERS AND CONSIDERATIONS

On April 30, 2020, DBRS Morningstar published a commentary titled,
"European NPL Transactions' Risk Exposure to Coronavirus (COVID-19)
Effects"
(https://www.dbrsmorningstar.com/research/360393/european-npl-transactions-risk-exposure-to-coronavirus-covid-19-effects),
where it discussed the overall risk exposure of the European NPL
sector to the Coronavirus Disease (COVID-19) and provided a
framework for identifying the NPL transactions that are most at
risk and likely to be affected by the fallout of the pandemic on
the economy. The primary conclusion is that in the short term all
European NPL transactions are expected to be at minimum affected by
shortfalls resulting from delayed cash collections and impact in
terms of recovery values. However, DBRS Morningstar anticipates
that each NPL transaction will be affected differently based on
factors which are country-specific (i.e., local governments'
coronavirus measures, macroeconomic downturn impact on the real
estate market, and external disruptions) and on
transaction-specific factors, which determine a different level of
vulnerability to liquidity shocks, as further detailed below.

Considering the above framework, the Under Review with Negative
Implications status has been maintained based on the following
drivers and considerations:

-- Concerns about the liquidity pressure deriving from the
disruption to short- and medium- to long-term recoveries and delays
in the implementation of the servicer's strategy because of  the
measures local governments have undertaken in response to
coronavirus.

-- Potential decrease in sale prices and liquidation values of NPL
collateral in the medium to long term because of the effects of the
deteriorating macroeconomic conditions on the real estate market.

-- Analytical review of the following factors specific to each
European NPL transaction in order to determine its risk exposure to
the medium- to long-term effects of the crisis, and specifically:

(1) Concentration of receivables towards corporate and small and
medium-size enterprise (SME) borrowers.
(2) Real estate collateral features and weight of commercial real
estate assets (in particular retail and hospitality).
(3) Evolution of the loan pool composition since issuance and
whether any material change or a deterioration of its quality
occurred.
(4) Transaction performance to date, with a focus on the combined
assessment of net present value profitability ratio and the gross
cumulative collection ratio observed to date.
(5) Expected level of cash flow generation envisaged under the
updated business plan formulated by the special servicers and
comparison with the initial forecasts.
(6) Available forms of liquidity support to mitigate temporary
shortfalls on the payment of senior costs and interest on senior
notes.
(7) Robustness of the subordination trigger mechanisms and
deferral provisions envisaged in respect of the payment of
mezzanine/junior interest and servicing fees.
(8) Structure of the payments' order of priority and senior costs
composition.
(9) Special servicer exposure to operational risks and business
disruptions.

DBRS Morningstar will consider the reported performance of the
European NPL transactions in order to assess the medium- to
long-term effects of coronavirus. Additionally, DBRS Morningstar
will consider the macroeconomic developments relative to the
outbreak of the pandemic, including the duration and severity of
the crisis on the local economies with exposure to NPL
transactions.

DBRS Morningstar typically endeavors to resolve the status of
ratings Under Review with Negative Implications as soon as
appropriate. If continued heightened market uncertainty and
volatility persist, DBRS Morningstar may extend the Under Review
status for a longer period of time. Sensitivity analysis is not
applicable.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an economic contraction, leading to sharp
economic contraction, increases in unemployment rates and reduced
investment activities. DBRS Morningstar anticipates that
collections in European nonperforming loan securitizations will be
disrupted in the coming months and that the deteriorating
macroeconomic conditions could negatively affect recoveries from
nonperforming loans and the related real estate collateral. The
ratings are based on additional analysis and adjustments to
expected performance as a result of the global efforts to contain
the spread of the coronavirus. For this transaction, DBRS
Morningstar assumed reduced collections for the next two quarters
and incorporated its revised expectation of a moderate medium-term
decline in residential property prices, albeit partial credit to
house price increases from 2023 onwards is given on non-investment
grade scenarios.

Notes: All figures are in Euros unless otherwise noted.




===========
R U S S I A
===========

INTERSTATE BANK: Fitch Affirms LT IDR at BB+, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed Interstate Bank's Long-Term Issuer
Default Rating at 'BB+' with a Stable Outlook.

KEY RATING DRIVERS

Fitch rates IsB as a supranational administrative body, given its
unique business model as a multilateral settlement institution
operating in the Commonwealth of Independent States and Eurasian
Economic Union. IsB's ratings are support-driven and derived from
the rating of its key shareholder, Russia (BBB/Stable). Fitch
applies a two-notch downward adjustment from Russia's sovereign
rating to reflect its assessment of the propensity of the key
shareholder to provide support. The Stable Outlook mirrors that on
Russia's Long-Term IDR.

The two-notch negative adjustment from Russia's rating reflects
Fitch's assessment of the weak shareholder propensity to provide
support. This primarily reflects the ease with which shareholders
can leave the bank, as illustrated by the case of Uzbekistan in
2012. Ukraine, an inactive member of the bank for some years now,
formally requested to withdraw from the bank's membership in 2019.
The financial settlement resulting from Ukraine's eventual
departure should not materially affect the bank's capital base or
operations. The notching also factors in the limited size of the
bank (total assets were RUB13.4 billion at end-1H20) and operations
relative to the region's economy.

The bank's shareholders are nine CIS countries, represented by
their central banks: Armenia (BB-/Negative; which owns 1.8% of the
bank's capital), Belarus (B/Stable; 8.4%), Kazakhstan (BBB/Stable;
6.1%), Kyrgyz Republic (not rated; 1.5%), Moldova (not rated;
2.9%), Russia (50%), Tajikistan (not rated; 1.6%), Turkmenistan
(not rated; 1.5%), and Ukraine (B/Stable; 20.7%).

In Fitch's view, IsB's financial profile is resilient to negative
pressures stemming from the COVID-19 pandemic and oil price shock.
The bank provides cash and settlement services to its clients, both
in national currencies of CIS countries and in freely convertible
currencies. Settlement volumes for 1H20 were down 20% compared with
the same period last year, but this decrease will not materially
impact the bank's financial results. The majority of the bank's
income is derived from interbank placements and debt securities.

Treasury assets, comprised primarily of short-dated interbank
placements with prime Russian banks and debt securities issued by
the Russian sovereign or government-related entities, accounted for
99% of total assets as of end-1H20. The credit quality of treasury
assets ranges from 'BBB+' to 'B-', with a weighted average rating
of 'BBB-' as of end-1H20.

The bank's equity to assets ratio stood at 52% as of end-1H20,
slightly below the five-year average of 58%. Liabilities represent
deposits from banks and international organisations, which are used
to fund settlement operations and carry negligible rates.

IsB has no loans, it currently has not issued any guarantees, it
does not provide trade financing, does not take part in any
co-financing, and is not involved in concessional lending, project
finance or loans to SMEs. Moody's does not expect the bank's
business model to change.

In 2019, the bank's Council approved its strategy through 2023,
which envisages greater participation in integration projects and
collaboration with central banks. The bank's usage and promotion of
national currencies is increasingly relevant in the context of US
sanctions against some Russian financial institutions and
de-dollarisation efforts by shareholders.

The bank's risk management framework is prudent outside of its
inherent concentration of Russian exposures. Liquidity management
takes into account current and projected short-term cash outflows
by currencies and maturities to ensure fulfilment of the bank's
obligations, effect payments upon instructions, and funding for
asset-related transactions. Liquid investment securities serve as
an important buffer for the bank's demanding liquidity needs.
Furthermore, the bank faces minimal FX risk as it does not hold
open FX positions except for small cash balances. The bank
transacts in the FX spot market to effect settlements in non-rouble
currencies and passes along any cost incurred in the transaction to
the payer.

RATING SENSITIVITIES

The main factors that could, individually or collectively, lead to
positive rating action/upgrade are:

Shareholder Support (Capacity): An upgrade of the Russian sovereign
rating or a revision of its Outlook to Positive.

Shareholder Support (Propensity): A positive revision to its
assessment of Russia's propensity to support the bank, which may
arise from increased importance of the bank in the CIS/EAEU
economic framework.

The main factors that could, individually or collectively, lead to
negative rating action/downgrade are:

Shareholder Support (Capacity): A downgrade of the Russian
sovereign rating or revision of its Outlook to Negative.

Shareholder Support (Propensity): A negative revision to its
assessment of Russia's propensity to support the bank, potentially
stemming from additional departures by member states from the
bank.

BEST/WORST CASE RATING SCENARIO

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

KEY ASSUMPTIONS

  - Russia continues to own at least 50% of IsB's capital.

  - No significant deviation from IsB's current strategy.

  - Risk management policies remain prudent.

SOURCES OF INFORMATION

The source of information used to assess these ratings were IsB's
financial statements and other information provided by IsB.

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

BAIRD GROUP: Creditors Approve Company Voluntary Arrangement
------------------------------------------------------------
Business Sale reports that retailer and wholesaler Baird Group, the
license holder for brands including Suit Direct, Ben Sherman and
Jeff Banks, has received creditor approval to proceed with a
company voluntary arrangement (CVA).

According to Business Sale, around 94% of the company's creditors
voted to approve the CVA.

The CVA, originally proposed on July 23 2020, will see 18 stores,
one warehouse and one office close, with 264 job losses, Business
Sale discloses.  A total of 29 further stores will undergo a
reduction in and phased rebuild of their base rent.  Redundancies
will mainly impact the group's Debenhams men's tailoring
concessions, however, Baird says it is not exiting Debenhams,
Business Sale notes.

Baird Group has been working with KPMG's restructuring division to
review its options in response to the COVID-19 pandemic, Business
Sale states.  Baird CEO Mark Cotter had previously stated that the
review was prompted by the challenges of the pandemic and the
administration of Debenhams, Business Sale recounts.

The company will undertake a new three-year plan, refocusing on its
core retail outlets of Suit Direct and Ben Sherman, while
continuing to grow its wholesale business and expand its online
offering, according to Business Sale.


CHESHIRE 2020-1: Moody's Gives (P)Caa3 Rating to Class F Notes
--------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to notes to be issued by Cheshire 2020-1 plc:

GBP190.1M Class A Notes due August 2045, Assigned (P)Aaa (sf)

GBP10.6M Class B Notes due August 2045, Assigned (P)Aa3 (sf)

GBP5.9M Class C Notes due August 2045, Assigned (P)A3 (sf)

GBP5.9M Class D Notes due August 2045, Assigned (P)Baa3 (sf)

GBP8.2M Class E Notes due August 2045, Assigned (P)B1 (sf)

GBP8.2M Class F Notes due August 2045, Assigned (P)Caa3 (sf)

The GBP5.9M Class Z Notes due August 2045, the GBP12.4M VRR Loan
Note due August 2045, the Class S1 Certificate due 2045, the Class
S2 Certificate due 2045 and the Class Y Certificate due 2045 have
not been rated by Moody's.

The Notes are backed by a pool of UK non-conforming residential
mortgage loans primarily originated by Future Mortgages Limited
(NR). The pool will be acquired at closing from Dukinfield PLC
prior to its August 2020 Optional Redemption Date by Citibank N.A.,
London Branch (Aa3/P-1; Aa3(cr)). As of May 31, 2020, the
securitised portfolio consists of 2,440 mortgage loans with a
current balance of GBP252.5 million. The VRR Loan Note is a risk
retention Note which receives 5% of all available receipts, while
the remaining Notes and certificates receive 95% of the available
receipts.

RATINGS RATIONALE

The ratings of the Notes are based on an analysis of the
characteristics of the underlying mortgage pool, sector wide and
originator specific performance data, protection provided by credit
enhancement, the roles of external counterparties and the
structural features of the transaction.

Moody's determined the MILAN Credit Enhancement of 20% and the
portfolio expected loss of 5.5% as input parameters for Moody's
cash flow model, which is based on a probabilistic lognormal
distribution.

Portfolio expected loss of 5.5%: This is in line with UK
non-conforming sector average and is based on Moody's assessment of
the lifetime loss expectation for the pool taking into account: (i)
the collateral performance of Dukinfield PLC to date; (ii) 27.8% of
loans that were previously restructured and 12.6% of loans in
arrears in the portfolio; (iii) the current macroeconomic
environment in the UK and the potential impact of future interest
rate rises on the performance of the mortgage loans; and (iv)
benchmarking with comparable transactions in the UK market.

MILAN CE of 20%: This is in line with UK non-conforming sector
average and follows Moody's assessment of the loan-by-loan
information taking into account the following key drivers: (i) the
weighted average current loan-to-value of 77.76%, which is higher
than the average seen in the sector; (ii) 27.8% of loans that were
previously restructured and 12.6% of loans in arrears in the
portfolio; and (iii) the historical performance of the loans.

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 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.

The seller in this transaction, Cheshire Seller Ltd (NR), will not
be required to indemnify the issuer for breaches in R&W, given that
it is a Special Purpose Vehicle with no assets. In turn, any loss
incurred as a result of breach of R&W will first be cured by a
special reserve dedicated for this purpose, sized at 0.1% of the
pool at closing. Any such subsequent losses after this reserve fund
is depleted will increase the PDL and trap any available excess
spread. Moody's has taken this weakness into account in its
quantitative analysis. In mitigation to any uncertainty surrounding
enforceability of the mortgage loans, performance from Dukinfield
PLC shows a track record of successful property repossessions and
sales.

INTEREST RATE MISMATCH

The loans are primarily linked to three-month LIBOR, while the
notes are linked to SONIA, and there is no hedge to mitigate a
potential mismatch in the two floating rates. Therefore, its yield
assumption incorporated a portfolio yield haircut to account for
this risk, as well as an additional haircut to account for the risk
that higher-yielding loans will prepay faster.

OPERATIONAL RISK

Pepper (UK) Limited (not rated) acts as a servicer. To mitigate
servicing disruption risk, there is a servicer facilitator, CSC
Capital Markets UK Limited (not rated), and an independent cash
manager Citibank, N.A., London Branch (Aa3/P-1; Aa3(cr)/P-1(cr)).
To ensure payment continuity over the transaction's lifetime, the
transaction documents incorporate estimation language whereby the
cash manager can use the three most recent servicer reports to
determine the cash allocation in case no servicer report is
available. The transaction also benefits from principal to pay
interest for the Class A Notes and for Classes B to F Notes,
subject to certain conditions being met.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in May
2020.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

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

Factors that may cause an upgrade of the ratings of the Notes
include: significantly better than expected performance of the pool
together with an increase in credit enhancement of Notes.

Factors that would lead to a downgrade of the ratings include:
economic conditions being worse than forecast resulting in
worse-than-expected performance of the underlying collateral,
deterioration in the credit quality of the counterparties and
unforeseen legal or regulatory changes.

CHESHIRE 2020-1: S&P Assigns Prelim B(sf) Rating to F-Dfrd Notes
----------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Cheshire
2020-1 PLC's class A, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, and F-Dfrd
U.K. RMBS notes. At closing, Cheshire 2020-1 will also issue
unrated class Z notes, as well as class S1, S2, and Y certificates,
and VRR loan notes.

The transaction is a repack of the Dukinfield PLC transaction,
which closed in September 2015. It is a static RMBS transaction,
which securitizes a portfolio of GBP252 million first-lien mortgage
loans, both owner-occupied and buy-to-let (BTL), secured on
properties in the U.K.

The originators of the securitized portfolio (Amber Homeloans Ltd.,
CitiFinancial Europe PLC, Dukinfield Mortgages Ltd., Citibank
Europe PLC, Rooftop Mortgages Ltd., Citibank Trust Ltd., and
Southern Pacific Mortgage Ltd.) have ceased to lend.

The pool's legal title holder and servicer is Pepper (UK) Ltd.

S&P said, "We consider the collateral to be nonconforming based on
the prevalence of loans to self-certified borrowers and borrowers
with adverse credit history, such as prior county court judgments
(CCJs), an individual voluntary arrangement, or a bankruptcy order.


"Our preliminary rating on the class A notes addresses the timely
payment of interest and the ultimate payment of principal. Our
preliminary ratings on the class B-Dfrd to F-Dfrd notes reflect the
ultimate payment of interest and principal. Our rating definitions
are in line with the notes' terms and conditions.

"Our preliminary ratings reflect our assessment of the
transaction's payment structure, cash flow mechanics, and the
results of our cash flow analysis to assess whether the notes would
be repaid under stress test scenarios. Subordination, a general
reserve fund, a warranty reserve fund, and excess spread will
provide credit enhancement to the rated notes. We also factored in
sensitivity scenarios related to potential repercussions of the
coronavirus outbreak, namely an increase in payment holidays,
longer recovery timing, and an elevated default rate in
speculative-grade rating scenarios. Considering these factors, we
believe that the available credit enhancement for the class A to
F-Dfrd notes is commensurate with the preliminary ratings
assigned."

The timely payment of interest on the class A notes is supported by
the principal borrowing mechanism and the initial liquidity
reserve, which will be fully funded at closing to its required
level of 1.5% of the class A notes' balance.

There are no rating constraints in the transaction under S&P's
counterparty, operational risk, or structured finance sovereign
risk criteria. S&P considers the issuer to be bankruptcy remote.

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."

  Ratings Assigned

  Class        Prelim. rating*    Amount (GBP)
  A                AAA (sf)        TBD
  B-Dfrd           AA (sf)         TBD
  C-Dfrd           AA- (sf)        TBD
  D-Dfrd           A (sf)          TBD
  E-Dfrd           BBB (sf)        TBD
  F-Dfrd           B (sf)          TBD
  Z                NR              TBD
  S1 certificates  NR              N/A
  S2 certificates  NR              N/A
  Y certificates   NR              N/A
  VRR loan notes   NR              TBD

  NR--Not rated.
  TBD--To be determined.
  N/A--Not applicable.


FINSBURY SQUARE 2019-2: DBRS Confirms BB (high) Rating on E Notes
-----------------------------------------------------------------
DBRS Ratings Limited confirmed and upgraded the ratings on the
bonds issued by Finsbury Square 2019-2 plc as follows:

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

The rating on the Class A Notes addresses the timely payment of
interest and ultimate payment of principal on or before the legal
final maturity date. The ratings on Class B to E notes address the
timely payment of interest when the class of notes is the most
senior and ultimate payment of interest on or before the legal
final maturity date otherwise, and ultimate payment of principal on
or before the legal final maturity date. The rating on the Class X
Notes addresses the ultimate payment of interest and principal on
or before the legal final maturity date.

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


-- Portfolio performance, in terms of delinquencies, defaults and
losses, as of the June 2020 payment date.

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

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

-- Current economic environment and an assessment of sustainable
performance, as a result of the Coronavirus Disease (COVID-19)
pandemic.

The transaction is a securitization collateralized by a portfolio
of residential mortgage loans granted by Kensington Mortgage
Company Limited (KMC) in England, Wales, and Scotland. Notable
features of the portfolio are Help-to-Buy (HTB), Right-to-Buy (RTB)
mortgages, Buy-to-Let (BTL) properties, borrowers with adverse
borrower features including self-employed borrowers and borrowers
with prior county court judgments and the presence of arrears at
closing, albeit in limited proportions. The outstanding portfolio
balance increased to GBP 462,978,209 from GBP 323,877,550 between
closing and the first payment date falling in September 2019 as
additional loans were purchased during that period. The portfolio
has been amortizing since. The transaction legal final maturity is
on the payment date in September 2069, with a first call date on
the payment date in September 2022.

PORTFOLIO PERFORMANCE

As of the June 2020 payment date, two-to-three months arrears
represented 0.5% of the outstanding portfolio balance, up from 0.2%
at closing, the 90+ delinquency ratio was 0.6%, up from 0.5% at
closing, and total arrears were 1.8% of the outstanding portfolio
balance, up from 0.8% at closing. As of the June 2020 payment date,
cumulative net losses were immaterial. To date, no property has
been repossessed. As of the June 2020 payment date, 33.5% of the
outstanding portfolio balance has been granted principal payment
holidays. The principal payment holiday period varies between one
and three months.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and has decreased its base case PD assumptions
to 5.1% from 6.0% at closing and maintained its LGD assumptions at
19.6%. DBRS Morningstar's analysis factors the presence of HTB
mortgages (8.7% of the outstanding portfolio balance) and BTL
mortgages (24.8% of the outstanding portfolio balance) as well as a
high proportion of self-employed borrowers (43.4% of the
outstanding portfolio balance). DBRS Morningstar incorporated these
adverse features as well as adjustments resulting from the
coronavirus pandemic into its analysis.

CREDIT ENHANCEMENT

As of the June 2020 payment date, the credit enhancement (CE)
increased as follows since the DBRS Morningstar initial rating:

-- CE to the Class A Notes increased to 17.8%, up from 17.2%
-- CE to the Class B Notes increased to 13.1%, up from 12.7%
-- CE to the Class C Notes increased to 9.4%, up from 9.2%
-- CE to the Class D Notes increased to 6.6%, up from 6.4%
-- CE to the Class E Notes increased to 5.3%, up from 5.2%
-- CE to the Class X Notes remained at 0.0%

The CE for the Class A to E notes consists of the subordination of
the junior notes and a General Reserve Fund (GRF).

The GRF is non-amortizing and is available to cover senior fees,
senior swap payments, interest on Class A to E notes, and principal
losses via the principal deficiency ledgers (PDLs) on Class A to F
notes. The GRF was funded at GBP 9,997,500 at closing and reduced
to GBP 9,300,000 at the first payment date. As of the June 2020
payment date, the GRF was its target level of GBP 9,300,000, equal
to 2% of the initial Class A to F notes. Once the Class E Notes are
fully redeemed, the target balance of the GRF becomes zero. As of
the June 2020 payment date, all PDLs were clear.

A Liquidity Reserve Fund (LRF) provides additional liquidity
support to the transaction to cover senior fees, senior swap
payments, and interest on Class A and Class B notes. The LRF is
funded through available principal funds if the GRF balance falls
below 1.5% of the outstanding Class A to F notes. In this event,
the LRF is funded to 2% of the outstanding Class A and Class B
notes balances and is replenished at each payment date.

The transaction is exposed to interest rate risk as 91.1% of the
outstanding portfolio balance pays a fixed rate of interest on a
short-term and a floating rate of interest indexed to three-month
GBP Libor afterward, while the rated notes are indexed to Sonia. In
addition, loans can be subject to a variation in the length of the
fixed-rate period, the applicable interest rate, and maturity date
through a "Product Switch" up to 20% of Class A to F original
balance. As of the June 2020 payment date, there were no Product
Switch loans.

Citibank N.A./London Branch acts as the account bank for the
transaction. Based on the DBRS Morningstar private rating of
Citibank N.A./London Branch, the downgrade provisions outlined in
the transaction documents, and other mitigating factors inherent in
the transaction structure, DBRS Morningstar considers the risk
arising from the exposure to the account bank to be consistent with
the rating assigned to the Class A Notes, as described in DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology.

BNP Paribas London Branch acts as the swap counterparty for the
transaction. DBRS Morningstar's private rating of BNP Paribas
London Branch is above the First Rating Threshold as described in
DBRS Morningstar's "Derivative Criteria for European Structured
Finance Transactions" methodology.

DBRS Morningstar analyzed the transaction structure in Intex
DealMaker.

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

For this transaction, DBRS Morningstar increased the expected
default rate for self-employed borrowers, incorporated a moderate
reduction in residential property values, and considered reported
payment holidays as well as stressed payment holidays scenario in
its cash flow analysis.

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

INTU PROPERTIES: Trafford Centre to Be Put Up for Auction
---------------------------------------------------------
Rachel Pugh at Manchester Evening News reports that in June of this
year, news was announced that the Trafford Centre's owner Intu had
gone into administration, leaving the shopping centre's future
hanging in the balance.

There is now fresh hope for the shopping centre, as it is set to go
up for auction--following pressure from its biggest lender,
Manchester Evening News relays, citing Sky News.

According to Manchester Evening News, city sources say Investment
bank PJT Partners and property agent CBRE have been appointed to
market the site.

The Trafford Centre has continued to trade since it was plunged
into administration on June 26, Manchester Evening News notes.


NMC HEALTH: False Invoices, Documents at Center of New Probe
------------------------------------------------------------
Simeon Kerr and Cynthia O'Murchu at The Financial Times report that
false invoices and forged documents covering hundreds of millions
of dollars worth of purported medicine sales are at the centre of a
new investigation into fraudulent raising of debt at NMC Health.

NMC, the largest private healthcare provider in the UAE, was once a
rising star on the London Stock Exchange but it collapsed
spectacularly earlier this year as it disclosed billions of dollars
in unreported debt, the FT relates.  Creditors placed it into
administration in April, the FT recounts.

Now Neopharma, a pharmaceuticals company controlled by NMC founder
BR Shetty, is investigating whether false invoices relating to fake
medicine sales underpinned large-scale debt raising at NMC, the FT
discloses.

According to documents seen by the FT and people briefed on the
situation, the invoices were at the centre of a scheme that is
believed to have funnelled billions of UAE dirhams of loans to NMC
via Neopharma and one of its partners.

NMC, the FT says, allegedly used fake documents to simulate orders
for pharmaceutical supplies from Neopharma, and its joint-venture
Nexgen, to obtain credit from banks and factoring agents that
financed the fabricated sales.

The documents claim that thousands of irregular financing
transactions amounted to more than six times the value of
Neopharma's real sales, the FT notes.


SHEPHERD COX: Allerton Court Hotel Put Up for Sale
--------------------------------------------------
Joe Willis at Hambleton Today reports that the 44-bedroom Allerton
Court Hotel has been put up for sale after its owners went into
administration.

The hotel was formerly owned and operated by Shepherd Cox Hotels
(Northallerton) Ltd, which is part of the Shepherd Cox Group,
Hambleton Today notes.

A number of Shepherd Cox Group companies have been placed into
administration, including the company operating Allerton Court,
Hambleton Today discloses.

According to Hambleton Today, property consultancy and hotel sector
specialists Lambert Smith Hampton (LSH) has been appointed by the
administrators to sell the Northallerton hotel, as well as the New
Hobbit Country Inn, Sowerby Bridge near Halifax and Hallgarth Manor
Hotel near Durham.


TOWD POINT 2018-Auburn: DBRS Hikes Class E Notes Rating to BB
-------------------------------------------------------------
DBRS Ratings Limited took the following rating actions on the bonds
issued by Towd Point Mortgage Funding 2018-Auburn 12 Plc (the
Issuer):

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

The rating on the Class A notes addresses the timely payment of
interest and ultimate payment of principal on or before the legal
final maturity date in February 2045. The ratings on the Class B,
Class C, Class D, and Class E notes address the ultimate payment of
interest and principal on or before the legal final maturity date.

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

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

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

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

-- Current economic environment and an assessment of sustainable
performance, as a result of the Coronavirus Disease (COVID-19)
pandemic.

The Issuer is a bankruptcy-remote special-purpose vehicle
incorporated in the United Kingdom (UK). The issued notes have been
used to fund the purchase of UK buy-to-let and owner-occupied
residential mortgage loans originated by Capital Home Loans Limited
(CHL). The portfolio is serviced by CHL, with Homeloan Management
Limited in place as the backup servicer.

PORTFOLIO PERFORMANCE

As of May 2020, loans two to three months in arrears represented
0.2% of the outstanding portfolio balance, and the 90+ delinquency
ratio was 0.9%. As of May 2020, the cumulative default ratio was
1.5% and the cumulative loss ratio was 0.1%.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and has updated its base case PD and LGD
assumptions to 4.0% and 19.9%, respectively.

CREDIT ENHANCEMENT

As of the May 2020 payment date, the credit enhancement available
to the Class A, Class B, Class C, Class D, and Class E notes were
20.6%, 12.6%, 9.2%, 6.1%, and 3.2%, respectively, up from 18.2%,
11.1%, 8.0%, 5.3%, and 2.7%, 12 months prior, respectively. Credit
enhancement in each case is provided by subordination of junior
classes.

HSBC Bank plc acts as the account bank for the transaction. Based
on the DBRS Morningstar private rating of HSBC Bank plc, the
downgrade provisions outlined in the transaction documents, and
other mitigating factors inherent in the transaction structure,
DBRS Morningstar considers the risk arising from the exposure to
the account bank to be consistent with the rating assigned to the
Class A notes, as described in DBRS Morningstar's "Legal Criteria
for European Structured Finance Transactions" methodology.

DBRS Morningstar analyzed the transaction structure in Intex
DealMaker.

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

For this transaction, DBRS Morningstar increased the expected
default rate for self-employed borrowers, assessed a potential
reduction in portfolio prepayment rates, incorporated a moderate
reduction in residential property values and considered reported
payment holidays in its cash flow analysis.

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


VEDANTA RESOURCES: S&P Places B- ICR on CreditWatch Developing
--------------------------------------------------------------
On Aug. 11, 2020, S&P Global Ratings placed on CreditWatch with
developing implications its 'B-' long-term foreign currency issuer
credit rating on Vedanta Resources and the 'B-' long-term issue
rating on the various U.S. dollar-denominated senior unsecured
notes the India-focused commodities company issued or guaranteed.

S&P also assigned a preliminary 'B' rating to Vedanta Resources'
proposed senior secured notes, reflecting the company's
post-privatization issuer credit rating.

S&P placed its ratings on Vedanta Resources on CreditWatch with
developing implications to reflect the uncertainty around the
outcome of the privatization of Vedanta Ltd.

While Vedanta Resources is committed to the delisting, uncertainty
over the outcome arises from shareholder expectations on the
delisting price, to be determined by a book building process, and
the company's ability to fund the same.

The privatization of Vedanta Ltd. will address a key weakness in
Vedanta Resources' credit profile: its inefficient corporate
structure. It will improve Vedanta Resources' liquidity by
enhancing its access to cash flow at operating companies and by
increasing financial flexibility to refinance debt at the holding
company. S&P's downgrade of Vedanta Resources in March 2020 was
driven mainly by refinancing risks. Easing of these risks will
likely result in an upgrade to 'B'.

Vedanta Resources' leverage (ratio of adjusted debt to EBITDA)
would increase following the privatization. S&P said, "We assume
the company will raise around US$3 billion of privatization debt,
about 1x its estimated EBITDA for fiscal 2021 (year ending March
31, 2021). The relatively short-term nature of the privatization
funding will also add to near-term debt obligations. However, we
see this as manageable because of a combination of cash at
subsidiaries and increased funding flexibility post privatization
(liquidity at subsidiaries can be upstreamed more easily)."

S&P said, "We expect Vedanta Resources' leverage to gradually
improve after peaking at 6.5x-7.0x in fiscal 2021, compared with
our estimate of 5.0x-5.5x at the end of March 2020. By the end of
fiscal 2022, we expect leverage to decline to about 5.0x. We adjust
reported debt for customer advances and buyers' credit (aggregating
about US$2.4 billion) and debt (US$ 425 million) at Vedanta
Resources' holding company, Volcan Investments Ltd."

Vedanta Resources' credit profile will also benefit from its
improving business position, following notable improvements in the
cost of production of its aluminum business in fiscal 2020. As a
result, the company should have a more diversified earnings base
across commodities.

An unsuccessful privatization attempt will raise uncertainty over
Vedanta Resources' ability to meet near-term debt obligations,
notably a US$414 million loan in December 2020 and a US$670 million
bond in June 2021. Raising debt at Vedanta Resources could be
challenging, given the company's current bond yields, which could
rise further if the privatization does not proceed. While an
unsuccessful privatization may not automatically lead to a lower
rating, the absence of an alternate credible refinancing plan could
put immediate rating pressure.

Proposed issue rating

S&P assigned a preliminary 'B' long-term issue rating to the senior
secured notes that Vedanta Holdings Mauritius II Ltd. proposes to
issue. Vedanta Resources will guarantee the notes. Vedanta
Resources intends to use the proceeds to part fund the planned
privatization of Vedanta Ltd.

The rating is preliminary and will be confirmed if Vedanta Ltd. is
privatized. Since the notes will be effectively outstanding only if
Vedanta Ltd. is privatized, S&P equates the rating on the notes to
the expected issuer rating on Vedanta Resources post privatization.
The rating is also contingent on the cost of privatization not
being significantly higher than US$3 billion. Under the terms of
the notes, they will be mandatorily redeemed if Vedanta Ltd.'s
privatization does not proceed. Accordingly, the rating on the
notes will be withdrawn if the privatization fails.

S&P said, "We rate the notes the same as the issuer credit rating
because we do not distinguish relative post-default prospects of
various debt issues. That is because a majority of Vedanta
Resources' assets are in India, a jurisdiction where we believe the
priority of claims in a bankruptcy scenario is highly uncertain.

"For the same reason we do not assign a recovery rating to the
senior secured notes. The notes collateral includes a pledge of the
100% stakes in Vedanta Holdings Mauritius Ltd. and Vedanta Holdings
Mauritius II Ltd., the entities that would collectively own up to
49.9% of Vedanta Ltd. acquired from minority shareholders. A
similar debt issue in a jurisdiction with creditor friendly regimes
that provide predictable recoveries (such as the U.K.) could be
rated higher than the issuer credit rating.

"We aim to resolve the CreditWatch upon Vedanta Resources' decision
on the privatization of Vedanta Ltd. and completion of the book
building process."

The privatization will likely result in a one notch upgrade of
Vedanta Resources to 'B'. On the other hand, an unsuccessful
privatization could place immediate downward pressure on the 'B-'
issuer credit rating.

Vedanta Resources is a U.K. incorporated commodities producer with
assets primarily in India. It owns 50.1% of Vedanta Ltd., its
Indian subsidiary, which holds a large part of its assets. Vedanta
Resources derives a key part of its cash flow from its zinc
producing assets, followed by oil and aluminum. The company has a
small presence in steel, iron ore mining, and thermal power
generation. Vedanta Resources is ultimately fully owned by Volcan,
which is controlled by the Agarwal family.


VIADUCT SHOWBAR: Goes Into Administration
-----------------------------------------
Mellissa Dzinzi at LeedsLive reports that the future of Leeds'
nightlife is under threat as two longstanding clubs in the city's
Freedom Quarter have entered administration.

Milner Boardman and Partners confirmed on Aug. 11 that Viaduct
Showbar and Fibre, both located in on Lower Briggate in Leeds city
centre, went into administration on July 31, LeedsLive relates.

The firm that deals with insolvency was appointed as the venues'
new administrators, LeedsLive discloses.  The deal also includes
Club Mission, which went into administration on the same day
following claims coronavirus "crippled" the nightlife industry,
LeedsLive notes.

The three clubs are all owned by Leeds self-made businessman Terry
George, LeedsLive states.



[*] UK: Economy to Fall Into Recession for First Time Since 2008
----------------------------------------------------------------
Richard Partington at The Guardian reports that Britain's economy
will be officially declared in recession this week for the first
time since the 2008 financial crisis, as the coronavirus outbreak
plunges the country into the deepest slump on record.

According to The Guardian, figures from the Office for National
Statistics are expected to show that gross domestic product (GDP),
the broadest measure of economic prosperity, fell in the three
months to June by 21%.

After a decline of 2.2% in the first quarter, the latest snapshot
will confirm the UK economy's descent into recession after the
outbreak spread in March and the government imposed a nationwide
lockdown to contain it, The Guardian discloses.  Economists
consider two consecutive quarters of shrinking GDP as the technical
definition of a recession, The Guardian notes.

Confirmation of the Covid-19 recession this week will come as the
government tries to strike a balance between relaxing lockdown
restrictions to kickstart growth, while needing to prevent a severe
second wave in infections, The Guardian states.  After four month
of harsh controls, growing numbers of companies are coming under
severe financial stress, with job losses steadily beginning to
mount, The Guardian discloses.  Some localized restrictions are
also being launched as infections rise, The Guardian notes.

The slump in Britain is expected to be the biggest quarterly drop
of any G7 economy due to the later launch of lockdown controls and
the slower removal of harsh restrictions, according to The
Guardian.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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