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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

          Tuesday, September 1, 2020, Vol. 21, No. 175

                           Headlines



B O S N I A   A N D   H E R Z E G O V I N A

BOSNIA AND HERZEGOVINA: S&P Affirms 'B/B' Sovereign Credit Ratings


F I N L A N D

MEHILAINEN YHTYMA: Fitch Affirms LT IDR at B, Outlook Stable


G E O R G I A

GEORGIA: S&P Affirms BB/B Sovereign Credit Ratings, Outlook Stable


I R E L A N D

CVC CORDATUS III: Moody's Confirms B2 Rating on Class F Notes
CVC CORDATUS V: Moody's Downgrades Class F-R Notes to B3
GOLDENTREE LOAN 2: Fitch Affirms BB-sf Rating on Class E Debt
NEW LOOK: High Court Appoints Interim Examiner to Irish Unit
OAK HILL V: Fitch Downgrades Class E Notes to BB-sf

PARK AVENUE: To Shut for Good Following CVA
SEAPOINT PARK: Fitch Affirms B-sf Rating on Class E Debt
TORO EUROPEAN 3: Moody's Downgrades Class F Notes to B3


R U S S I A

MOSCOW MORTGAGE: Moody's Cuts Deposit Rating to B2, Outlook Stable


U N I T E D   K I N G D O M

ARCHANT: Rcapital Partners to Take Majority Stake
ASHLEY HOUSE: Piper Homes Merger to Proceed After CVA Okayed
DOWSON 2020-1: Moody's Affirms B3 Rating on Class E Notes
HOTTER SHOES: Owner to Inject GBP2MM Into Business as Part of CVA
MALLINCKRODT PLC: Egan-Jones Lowers Senior Unsecured Ratings to D

WAHACA: To Close 10 Sites Due to Coronavirus Pandemic

                           - - - - -


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B O S N I A   A N D   H E R Z E G O V I N A
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BOSNIA AND HERZEGOVINA: S&P Affirms 'B/B' Sovereign Credit Ratings
------------------------------------------------------------------
On Aug. 28, 2020, S&P Global Ratings affirmed its 'B/B' long- and
short-term foreign and local currency sovereign credit ratings on
Bosnia and Herzegovina (BiH). The outlook is stable.

Outlook

The stable outlook balances the risks associated with COVID-19's
effect on BiH's economy and fiscal and external metrics over the
next 12 months against upside potential from implementing
structural reforms and our expectation of stronger economic growth
beyond 2020.

Downside scenario

S&P could lower the ratings on BiH if the economic and budgetary
cost of the pandemic are materially higher than it currently
projects, putting the sustainability of the public debt burden at
risk, given the country's fixed exchange rate regime and limited
monetary policy flexibility. Ratings may come under pressure if the
stability of the domestic financial system weakens substantially in
a hypothetical scenario of prolonged deterioration in asset
quality, or persistent deposit conversion to foreign currency. S&P
could also lower the ratings if BiH implemented a debt payment
moratorium that affects the timely and full service of its
commercial debt, but this is not its baseline scenario.

Upside scenario

S&P said, "We could raise the ratings on BiH if domestic policy
settings improved, and we saw a move toward less-confrontational
and more consensus-based politics, oriented toward promoting
economic growth and structural reforms, possibly underpinned by a
full International Monetary Fund (IMF) program in addition to the
current Rapid Financing Instrument (RFI) arrangement already agreed
with the IMF. We could also raise the ratings if economic growth
strengthened beyond 2020."

Rationale

S&P said, "We expect that the pandemic will significantly impair
BiH's economic performance. Specifically, we project output will
contract by 6% in real terms in 2020, with all key components
exhibiting a weak dynamic including exports, investments, and
domestic consumption. Moreover, recovery prospects remain
uncertain, and we have slightly lowered our economic growth
forecast for 2021 to 3.5%.

"Beyond the immediate effect from coronavirus, our ratings on BiH
remain constrained by the country's modest income levels. GDP per
capita, forecast at $6,000 in 2020, remains comparatively low in a
global setting, and notably lower than that of most other European
countries. The ratings are also constrained by the country's
complex institutional arrangements and the confrontational nature
of domestic politics. We also note the absence of monetary
flexibility stemming from the currency board arrangement vis-à-vis
the euro."

The ratings on BiH continue to be supported by the favorable
structure of state debt. Even taking into account the impact of the
pandemic, net general government debt should remain about 30% of
GDP over the next four years. Almost all external debt (which
accounts for more than 70% of gross general government debt) is due
to official bilateral or multilateral lenders, and is characterized
by long maturities and favorable interest rates. In S&P's view,
this lower leverage awards BiH some fiscal space, partially
offsetting a lack of monetary flexibility, given the hard peg of
the konvertibilna marka to the euro.

Institutional and economic profile: A record economic contraction
due to the impact of the coronavirus pandemic

-- S&P expects BiH's economy will contract by 6.0% in 2020, and
recover only partially by 3.5% in 2021.

-- S&P's economic forecasts are subject to a large degree of
uncertainty, given that the country continues to record a large
number of new coronavirus cases.

-- Domestic institutional arrangements remain confrontational,
complicating a timely policy response to the pandemic.

S&P said, "In our view, COVID-19 is having a notable effect on BiH,
both directly (through the impact of restrictions implemented
earlier and the remaining social distancing measures) and
indirectly (via the foreign trade channel). We now expect world GDP
will contract by 3.8% this year. Moreover, we now project a 7.8%
recession in 2020 in the eurozone, where most of BiH's trade
partners are located.

"The number of new COVID-19 cases in Bosnia remains substantial,
and recently reached the highest level since the beginning of
March. We understand that the higher reported coronavirus incidence
might partially be attributed to more testing. Still, it appears
that cases started to spike as previous restrictions and social
distancing measures (which the authorities implemented promptly in
March) were gradually eased from May.

"Similar to other countries, high frequency indicators suggest that
the economy will go through a deep recession this year. We estimate
that the trough was recorded in the second quarter: industrial
production, for example, was almost 16% lower in year-on-year terms
in both April and May. Meanwhile, foreign tourist arrivals were
almost completely wiped out over the same period.

"Although we estimate that the economy has started to recuperate
since May, we consider that recovery prospects are highly
uncertain. Despite improvements, many indicators remained
substantially below their 2019 levels in June." Specifically, in
year-on-year terms:

-- Industrial production was 11% lower;
-- Tourist arrivals were still down almost 100%;
-- Retail trade turnover was 5% lower; and
-- The index of building permits issued was down by more than 6%.

S&P said, "We have consequently revised our 2020 growth forecast
for BiH down, and now expect a 6% output contraction versus the 5%
decline we forecast in April. In terms of an expenditure breakdown,
the contraction will be broad-based, with both exports and
investments shrinking by 14% and 10% respectively, while private
consumption will also fall. We have also revised our forecast for
2021 slightly downward to 3.5% growth from 4.0% previously. It will
take BiH until 2022 to recover the real output level of 2019. Our
current forecasts are subject to a very high degree of uncertainty,
and we believe that the country's medium-term recovery prospects
will largely correlate with performance of key trading partners."

The confrontational nature of BiH's institutional setup further
complicates dealing with the pandemic's fallout. The country's
political structures owe their existence to the Dayton Peace
Accords, which ended years of war (1992-1995). The country is de
facto composed of two entities with a large degree of autonomy--the
Federation of Bosnia and Herzegovina (FBiH) and the Republika
Srpska (RS)--in addition to the small self-governing Brcko
District. Each entity has its own parliament, government, and
banking regulator with extensive mandates. A high degree of
political volatility and the frequently confrontational
decision-making has been and remains a defining characteristic of
domestic politics.

S&P notes that it took 14 months to form a state-level BiH
government following the October 2018 general elections. Throughout
this period, the country operated without a state-level budget,
with expenditure allocated on a proportional basis from the prior
period. This has also been the case for over half of this year,
given that the 2020 budget was only adopted at the end of July.

Several political disagreements have once again surfaced in 2020.
BiH's constitutional court earlier ruled that farmlands previously
belonging to Yugoslavia are now legally property of the state,
rather than the entities, which contradicts a law passed earlier by
the RS parliament. Subsequently, in February 2020 the leader of the
largest RS party, the Alliance of Independent Social Democrats'
Milorad Dodik, called for secession from Bosnia and blocking his
party's representatives from participating in state-level
institutions. More recently, in April BiH reached an agreement with
the IMF on a EUR330 million RFI program to help deal with the
fallout from the pandemic. Although the IMF promptly disbursed the
aforementioned funding to the BiH central bank, it took about 1.5
months for the money to be distributed to the entities due to
disagreements over the proportional split of the funds between the
FBiH and the RS.

Positively, there are also areas where consensus is achievable,
even if difficult. An agreement on the new electoral law was
recently reached, which paves the way for local elections in the
ethnically divided city of Mostar. This is a significant
development given that local elections have not taken place in
Mostar since 2008 after the constitutional court ruled in 2010 that
the electoral law was not consistent with the constitution. There
also appears to be a common understanding of the benefits of a
larger funded IMF program, beyond the current RFI, although it
remains to be seen whether such a program could be agreed upon by
early 2021.

Flexibility and performance profile: Budgetary and external
deficits set to widen, but fiscal headroom remains

-- S&P projects that BiH's fiscal and balance-of-payments
performance will deteriorate in 2020.

-- However, the larger budgetary and external shortfalls will be
mostly covered by borrowings from international financial
institutions (IFIs) at low rates and long maturities.

-- S&P expects the currency board arrangement to the euro will
remain intact.

S&P forecasts that the pandemic will have fiscal implications for
BiH. On a consolidated general government level, the country has
historically run fiscal surpluses. In part, these reflect the
government's frequent difficulties in reaching consensus regarding
spending priorities, but they also demonstrate a degree of fiscal
discipline. Thus, at the individual entity level--the FBiH and the
RS--recurrent surpluses have also been recorded. As a result, BiH
has approached the current downturn with net general government
debt of under 30% of GDP, leaving some budgetary policy headroom.

S&P now forecasts that BiH will record a general government deficit
in 2020 of 4.5% of GDP. The deficit stems from the cost of direct
policy measures implemented on the expenditure side, combined with
revenue losses due to weaker economic performance. To date, BiH has
implemented a number of measures to support the ailing economy,
including deferring some tax payments, covering social security
contributions, and paying minimum wages for employees in companies
that have been affected by government public health measures. The
implemented measures have differed somewhat between the RS and the
FBiH.

The shortfall will be funded largely by borrowing from IFIs. The
government estimates that its financing shortfall will be close to
EUR900 million (5% of GDP), and has already secured a part of this
amount. Specifically, the IMF has disbursed about EUR330 million
under the RFI arrangement, and negotiations are ongoing with the EU
to provide a further EUR250 million. S&P said, "We anticipate that
the first tranche of EU support will be disbursed in the coming
weeks, although the rest of the arrangement might be more difficult
to secure given the additional reform conditionality. We expect the
remaining EUR300 million will be borrowed from a number of
multilateral institutions, including the European Bank for
Reconstruction and Development and the World Bank."

S&P said, "Consequently, we expect that net general government debt
will rise to 31% of GDP by the end of 2020, from 25% at the end of
2019. Thereafter, debt should stabilize at about 30% of GDP through
2023. Although we don't consider the new projected debt levels to
be high, some fiscal space will be eroded permanently, which is
particularly relevant for a country that has no independent
monetary policy, given that Bosnia runs a currency board to the
euro."

There have been some proposals to deploy the central bank's foreign
exchange reserves for fiscal needs and to implement an external
debt payment moratorium on official debt. S&P said, "We consider
those to be largely political statements, which will not be
implemented. We would generally not consider nonpayment of an
official debt obligation as a default because our ratings speak to
timely and full service of commercial debt. However, if an
implemented policy affected BiH's commercial debt obligations such
that the investors in question would be worse off as a result of
the policy, versus the original promise, we could classify that as
an event of default."

Largely mirroring our fiscal projections, S&P expects BiH's current
account deficit to widen to 5% of GDP in 2020 from 3.5% last year.
The deficit will predominantly be funded by borrowing from IFIs and
should moderate over the medium term.

S&P said, "In our view, risks to the stability of BiH's banking
system have increased. We anticipate an increase in the level of
nonperforming loans, as households and corporates are affected by
the pandemic. Positively, BiH's banking system entered this crisis
in a relatively strong position, with capital levels higher than
the regulatory limits and ample liquidity. The system is dominated
by subsidiaries of foreign banking groups, similar to other West
Balkan states. The banks are largely funded by domestic deposits,
and we estimate that they will remain in a net external creditor
position. As such, we do not think that the banks are exposed to
foreign debt rollover risks.

"So far, we have not observed any notable deposit flight or
conversion of domestic residents to foreign exchange. We expect
this will remain the case, and forecast that BiH's existing
currency board arrangement to the euro will remain intact."

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List
  
  Ratings Affirmed

  Bosnia and Herzegovina
   Sovereign Credit Rating                B/Stable/B
    Transfer & Convertibility Assessment  BB-




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F I N L A N D
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MEHILAINEN YHTYMA: Fitch Affirms LT IDR at B, Outlook Stable
------------------------------------------------------------
Fitch Ratings affirmed Mehilainen Yhtyma Oy's Long-Term Issuer
Default Rating at 'B' with Stable Outlook. Fitch has also affirmed
Mehilainen's senior secured debt at 'B+'/RR3 and second lien debt
at 'CCC+'/RR6.

Mehilainen's ratings reflect a balance of an aggressive financial
risk profile with defensive diversified operations and sustained
positive free cash flow (FCF). The Stable Outlook reflects its
expectations that the company will be able to demonstrate a stable
operating performance through an organic and acquisitive growth
strategy embedded in a steady regulatory framework resulting in
modest deleveraging.

KEY RATING DRIVERS

Defensive Diversified Operations: Mehiläinen's strong market
positions and national relevance for Finland's private healthcare
care and social care markets combined with the strong involvement
of private service providers in the Finnish public healthcare
sector translate into defensive operations with diversified revenue
streams, in Fitch's view.

Fitch regards the multi-sector exposure as supportive of the
rating, which compares favourably with other European private
providers of healthcare and social care services with more
concentrated product portfolios. Mehilainen's presence across
multiple service lines has helped soften the impact of the
pandemic.

Negative Impact of COVID-19 in 2020: Fitch expects a negative
impact from the pandemic on Mehilainen in FY20, given volume losses
in Private Healthcare as the number of physical visits to clinics
and dentists fell sharply in March and April. A small but
increasing contribution from digital clinics and COVID-19 testing
could not fully compensate for the decline of physical patient
volumes.

Fitch projects a 1% EBITDA margin contraction to 9.6% in FY20 due
to the pandemic from 10.7% in 2019 (Fitch-defined, including
acquisition-related costs, which Fitch treats as the cost of doing
business given Mehilainen's acquisitive strategy) followed by some
margin recovery toward 11% in FY21-22.

EBITDA Margins Under Structural Pressure: Fitch projects pressure
on operating profitability will increase and have revised its
medium-term EBITDA margin expectations to remain below 12% without
any margin improvement, below the levels achieved in the past.
Fitch also estimates that costs associated with the pandemic are
not reimbursable and will have to be accommodated beyond 2020.

Other factors supporting its reduced profitability expectations
include higher personnel costs introduced in 2019, the impact of
greenfield units in elderly care and the permanently dilutive
impact of acquisitions, particularly with the expected acquisition
of Pihlajalinna plc projected to take place in October 2020.

Positive FCF: Mehilalinen's cash-generative credit profile is among
the main rating supporting factors differentiating the company from
weaker Fitch-rated peers and mitigating its high financial
leverage. Fitch expects FCF will remain permanently positive, with
FCF margins sustained at 4%-5%, except in FY20, where Fitch expects
volume-induced EBITDA losses to lead to a temporary decrease in the
FCF margin to 1.6%.

Mehilainen's ability to adjust its opex and cash outlays around
trade working capital, capex and M&A during the pandemic materially
support its positive FCF expectation for FY20. Together with the
resilient diversified business model this supports the 'B' IDR.

Leverage Headroom Exhausted: Mehilainen has no leverage headroom
under the 'B' IDR. Following funds from operations (FFO)-adjusted
gross leverage of 8.4x in FY19, Fitch projects the company will
temporarily breach its negative sensitivity leverage threshold of
8.0x in FY20 due to the pandemic-related lower business volumes and
the acquisition of Pihlajalinna, with FFO adjusted leverage
estimated at 10.5x. From 2021, Fitch projects a restoration of
leverage metrics to below 8.0x. Inability to reduce the FFO
adjusted leverage to below 8.0x by FY21 would put pressure on the
ratings.

Acquisition of Pihlajalinna Rating Neutral: Fitch regards the
acquisition of Pihlajalinna as rating neutral, including potential
share price increases over the offer price that will have to be
funded with new equity, which will therefore contain pressure on
the rating. Strategically, Mehilainen will benefit from increased
exposure to the growing public outsourcing market, and consequently
additional business volumes with public clients, as municipalities
look to improve healthcare services and address budgetary deficits
against rising healthcare costs. However, Fitch does not anticipate
any margin improvement for the combined entity given the
structurally less profitable public outsourcing contracts.  

Meaningful Execution Risks: Fitch views execution risks as
meaningful. Mehilainen already faces elevated execution risks given
its ambitious business development strategy as market consolidator
in a fragmented Finnish healthcare and social care markets. The
acquisition of Pihlajalinna adds more execution complexity since
the target company has been implementing various operating
efficiency measures aimed at productivity improvements.

The integration of Pihlajalinna into Mehilainen's franchise will
necessitate additional rationalisation steps as well as lead to
integration-related cash outlays. Cost management is one of the key
operating risk factors in this sector, and has to be considered
particularly against the lower medium-term margin expectations for
Mehilalinen and Pihlajalinna's structurally lower margin business,
leaving no scope for operational miscalculations.

Adequate Financial Flexibility: Fitch projects Mehilainen's FFO
fixed charge cover will remain at or marginally above 1.5x in the
medium term, which is low but adequate for the rating. For similar
reasons as the excessive leverage metric projected for FY20, FFO
fixed charge cover will temporarily contract to 1.3x, improving to
1.7x by FY23 due to a lower share of leased assets as Pihlajalinna
operates mostly in municipality-owned premises.

Stable Operating Environment: Mehilainen's mono-geographic focus on
Finland with comparatively small addressable healthcare and social
care markets estimated at EUR6 billion is balanced by the stable
national healthcare system with positive long-term demand
fundamentals around demographics, access to quality service, focus
on productivity and trend towards outpatient care. Fitch also notes
the active role of private operators like Mehilainen in the Finnish
public pay sector increasing its addressable market.

DERIVATION SUMMARY

Unlike most Fitch-rated private healthcare service providers with a
narrow focus on either healthcare or social care services,
Mehilainen differentiates itself as an integrated service provider
with diversified operations across both markets. It has a
meaningful national presence in each type of service, making its
business model more resilient against weaknesses in individual
service lines. Mehilainen also benefits from a stable regulatory
framework, which contrasts especially with the UK, where private
operators have been exposed to margin pressures due to a reduction
in local authorities' fees.

Mehilalinen's weak financial metrics are balanced by adequate
operating profitability and sustainably positive cash flow
generation given its asset-light business model with low capital
intensity and structurally negative trade working capital.

Mehilainen's credit risk and operating and financial risk profiles
are similar to other social infrastructure assets such as the
provider of laboratory-testing services Synlab Unsecured Bondco PLC
(Synlab, B/Stable) or CAB Selas (CAB, B/Negative), which are also
pursuing a consolidation strategy in fragmented markets backed by
financial sponsors. As a result, leverage for both issuers is
comparatively aggressive, more commensurate with a high 'CCC'
category at 8.0x-9.0x. Similar to Mehilainen, Synlab's and CAB's
high leverage are counterbalanced by defensive operations, intact
organic growth and satisfactory FCF generation, supporting the
companies' 'B' ratings.

KEY ASSUMPTIONS

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

Revenue CAGR of 15.0% over FY20-23, driven by a combination of
internal and external growth, assuming the acquisition of
Pihlajalinna to complete by end October 2020;

EBITDA margin decline to 9.6% in FY20 due to the pandemic impact;
gradual margin improvement to 11.6% by 2023, supported by
implementation of synergies, improvement in operating leverage,
capacity utilisation rates and productivity initiatives;

Maintenance/sustainability capex around 2.0% of sales;

Bolt-on acquisition spending of around EUR10 million in FY20
besides Pihlajalinna acquisition followed by around EUR20 million a
year between 2021 and 2023;

No dividends.

RECOVERY ASSUMPTIONS:

The recovery analysis assumes that Mehilainen would be re-organised
as a going-concern in bankruptcy rather than liquidated.

Fitch maintains the estimated post-restructuring EBITDA at EUR132
million assuming the acquisition of Pihlajalinna, which Fitch views
as the minimum cash flow that would permit the company to remain a
going concern, particularly by being able to service its ongoing
debt obligations and sustain its asset base through adequate capex
and intra-year trade working capital funding.

Fitch has used a distressed enterprise value (EV)/EBITDA multiple
of 6.5x implying a premium of 0.5x over the sector median by taking
into account Mehilainen's stable regulatory regime for private
service providers in Finland, well-funded national healthcare
systems and the company's strong market position across diversified
business lines.

After deducting 10% for administrative claims, its waterfall
analysis generates an expected ranked recovery for the first lien
senior secured debt in the 'RR3' category, leading to a 'B+'
rating. The waterfall analysis output percentage on current metrics
and assumptions is 57% (unchanged).

The second-lien debt remains at 'RR6' with 0% expected recoveries.
The 'RR6' band indicates a 'CCC+' instrument rating, two notches
below the IDR.

RATING SENSITIVITIES

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

  - Successful execution of medium-term strategy leading to a
further increase in scale with EBITDA margins at or above 15% on a
sustained basis;

  - Continued supportive regulatory environment and Finnish
macro-economic factors;

  - FCF margins remaining at mid-single-digit levels; and

  - FFO-adjusted gross leverage improving towards 6.5x and FFO
fixed-charge cover trending towards 2.0x.

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

  - Pressure on profitability with EBITDA margin weakening towards
10% on a sustained basis as a result of weakening organic
performance, productivity losses with declining customer visits,
low occupancy rates, pressure on costs, or delayed acquisitions
integration;

  - Risk to the business model resulting from adverse regulatory
changes to public and private funding in the Finnish healthcare
system;

  - As a result of the adverse trends, declining FCF margins to low
single-digit levels; and

  - FFO-adjusted gross leverage remaining above 8.0x by FY21 and
(CFO-capex)/total debt falling to low single digits due to
operating underperformance and/or aggressively funded further M&A,
and FFO fixed-charge cover persistently below 1.5x.

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: Fitch views Mehilainen's liquidity as
satisfactory and sufficient to cover the company's ongoing capex
into existing estate as well as self-fund bolt-on M&A estimated at
approximately EUR20 million-EUR22 million a year. Its view is
supported by Mehilainen's decision to temporarily change interest
payments from quarterly to semi-annual in the early days of the
pandemic crisis. At the same time, Fitch notes the company's
ability to flex capex and M&A along with other cost-saving measures
to maintain adequate liquidity levels, which is embedded in the 'B'
IDR. Fitch further notes the committed revolving credit facility of
EUR125 million, of which the company had drawn EUR100 million in
April and repaid EUR80 million in June, leaving EUR20 million
currently on balance sheet. With the completion of the acquisition
of Pihlajalinna, Mehilainen will receive access to an additional
RCF of EUR100 million.

The current liquidity position is comfortable with around EUR100
million of cash on balance sheet. In January 2020, Mehilainen drew
EUR50 million of incremental term loan B (TLB). The remainder of
the TLB of EUR330 million will be utilised at the time of the
take-over of Pihlajalinna, which Fitch assumes will take place in
4Q20. Refinancing risk remains manageable given the long-dated TLB
and second-lien maturities are in 2025 and 2026, respectively

ESG CONSIDERATIONS

Mehilainen has an ESG Relevance Score of 4 for exposure to social
impact, due to the company's high dependence on public healthcare
and social care reimbursements schemes and access to the publicly
funded healthcare and social care markets, and may have a negative
impact on the credit profile, and is relevant to the rating in
conjunction with other factors.

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



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G E O R G I A
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GEORGIA: S&P Affirms BB/B Sovereign Credit Ratings, Outlook Stable
------------------------------------------------------------------
On Aug. 28, 2020, S&P Global Ratings affirmed its 'BB/B' long- and
short-term foreign and local currency sovereign credit ratings on
Georgia. The outlook is stable.

Outlook

The stable outlook reflects S&P's expectation that:

-- Concessional borrowing from abroad will offset lost FX earnings
and investment inflows in 2020 and prevent FX reserves from coming
under pressure;

-- The economy will recover to 2019 levels by 2022; and

-- The government will consolidate public finances and government
debt to GDP will decline from 2021.

S&P said, "We could lower the ratings over the next year if
financing for Georgia's external deficit became less secure,
putting reserves under pressure; if we believed economic growth
prospects would be materially weaker for longer, endangering
budgetary consolidation; or if institutional arrangements weakened
and led to less predictable policymaking, hurting business
confidence and growth prospects.

"We could raise the ratings if Georgia's growth rates beyond 2020
eventually translated into higher income levels while its export
profile diversified further, both in terms of product and
geography."

Rationale

The ratings on Georgia are constrained by low income levels, as
well as by balance-of-payments vulnerabilities, including its
import dependence and sizable external liabilities. A significant
portion of Georgia's general government debt is denominated in
foreign currency. Moreover, S&P considers monetary policy
flexibility is constrained to some extent by high levels of
dollarization.

The ratings are supported by Georgia's relatively strong
institutional arrangements when compared regionally; its floating
exchange rate regime; and the availability of timely, concessional
financing from IFIs under extenuating circumstances.

Institutional and economic profile: S&P projects that Georgia's
economy will only recover to 2019 levels in 2022.

-- The COVID-19 pandemic and associated restrictions on activity
will cause Georgia's economy to contract by 6% in 2020.

-- Concessional IFI loans will support the policy response and
stave off balance-of-payments pressures.

-- Changes to the electoral code, enacted in time for the October
polls, will allow for more seats to be allocated via proportional
votes and a lower threshold to enter parliament.

S&P expects the Georgian economy to contract by 6% in 2020 as
measures taken to limit the spread of the coronavirus weigh on
economic activity. Moreover, the pandemic has directly hit
Georgia's hospitality industry--an important employer, consumer of
domestic goods and services, and source of FX earnings.

Georgia's domestic tourist activity has resumed amid a broader
relaxation of restrictions. However, arrivals from abroad virtually
dried up from April to July. Azerbaijan, Turkey, Armenia, and
Russia account for the bulk of tourists entering the country. In
June, the EU reopened its borders with Georgia, including it on its
list of safe non-EU destinations. However, Georgia is only
accepting visitors from a few countries so far. Even as
international borders reopen and flights become operational, S&P
anticipates that the need to maintain social distancing will slow
the tourism sector's recovery. S&P projects that real GDP will only
return to 2019 levels in 2022.

The authorities have taken steps to limit the economic fallout from
the pandemic. The National Bank of Georgia (NBG) reduced the policy
rate by a cumulative 100 basis points in 2020 to 8%; implemented
measures to ease lending conditions; and increased banking sector
liquidity including via FX swap lines with commercial banks and
microfinance institutions. Moreover, the NBG and European Bank for
Reconstruction and Development (EBRD) have set up a $200 million FX
swap line to allow the EBRD to continue local currency lending to
Georgian firms, while supporting NBG reserve management.

Measures under the government's Anti-Crisis Economic Plan total
Georgian lari (GEL) 3.5 billion (7% of GDP) to support households,
small businesses, and sectors such as tourism, health care, and
agriculture. Of this, credit guarantee schemes, automatic VAT
refunds, and long-term funding for commercial banks amount to 3% of
GDP. Deficit-increasing measures total 4% of GDP and include:

-- Increased health care outlays (1.1% of GDP);

-- Unemployment benefits for formal and informal workers, and the
self-employed (1.1% of GDP); and

-- Job support schemes for companies (0.5% of GDP).

Concessional loans from IFIs will finance the larger budgetary gap
this year, prevent balance-of-payments pressures, and shore up
fiscal reserves. The already secured IFI financing amounts to about
10% of GDP, with backers including the Asian Development Bank, the
IMF, the World Bank, and the French Development Agency.

Georgia has maintained higher growth rates than regional peers over
the past few years, even in a challenging external environment. The
economy expanded by 4% on average over 2015-2019, weathering
periods of anemic external demand as trading partners were hit by
falling oil prices, currency devaluations, and in some cases
recession.

This resilience partly reflects the economy's success in attracting
funds from abroad to finance its investment needs and its external
deficits. Georgia's investment to GDP was 27% in 2019 and net
foreign direct investment (FDI) to GDP, 5.6%. As such, these ratios
are among the highest of all the 'BB' category sovereigns S&P
rates.

S&P expects the external environment to remain challenging in the
wake of the COVID-19 outbreak. Nevertheless, policymakers' efforts
to widen Georgia's economic base, diversify its export geography
and foreign investment, and develop its infrastructure are likely
to maintain strong economic growth while gradually reducing
external imbalances in the medium term. The authorities' reform
agenda could yield additional growth benefits, particularly in the
long term. Current initiatives include developing the country's
infrastructure, improving the business environment, and reforming
the education sector and state-owned enterprises. The pace and
strength of economic recovery will eventually dictate the
government's ability to begin sustainably decreasing its debt to
GDP.

In S&P's view, Georgia's long-established floating exchange rate
regime--with intermittent intervention from the NBG--remains
particularly important for its economic performance. Against a
weaker external environment, the exchange rate has previously
adjusted promptly, helping avoid any abrupt one-off swings. This
has contributed to preserving the stability of the financial system
and allowed Georgia to avoid the credit crunch that hit some other
countries in the region in recent years and aggravated other
economic problems.

Still, S&P expects Georgia's per capita income to remain modest at
below $6,000 until 2023. This largely reflects the low starting
base exemplified by the prevalence of exports of low-value-added
goods. In the agricultural sector, which employs a substantial part
of Georgia's population (close to 40% according to the IMF
estimate), productivity remains comparatively low, weighing on
average per capita GDP. This, in turn, continues to constrain the
sovereign ratings.

Following occasionally violent protests over the past year,
discussions between the ruling party and the opposition have
culminated in amendments to the electoral code. The changes will
come into effect for the October general election and would imply
more seats won via proportional votes, and a lower threshold to
enter parliament.

S&P said, "We continue to see challenges from regional geopolitical
developments. The status of the Tskhinvali region (South Ossetia)
and the autonomous republic of Abkhazia will likely remain a source
of dispute between Georgia and Russia. However, we do not expect a
material escalation and anticipate the conflict will remain largely
frozen over the medium term." Protests in Georgia in June 2019; the
subsequent flight ban by Russia; and a cyber attack on Georgian
government websites in October 2019, allegedly by Russian
intelligence, mark a reversal in otherwise improving bilateral
relations between the two countries in other areas in recent years.
Georgia, along with Ukraine, has also been stepping up calls to
deter Russia's rising influence in the Black Sea.

Flexibility and performance profile: Concessional debt secured from
IFIs will offset lost FX receipts via traditional sources in 2020.

-- The current account deficit will double to 10% of GDP in 2020.

-- General government debt will increase by nearly 11 percentage
points of GDP; however, the profile remains favorable, with a large
share of concessional loans and long maturities.

-- The NBG has eased monetary policy so far in 2020, but has
indicated its readiness to tighten should pressures on the lari
persist.

Lower receipts from tourism and goods exports, as well as a fall in
remittances from its diaspora abroad, will prompt Georgia's
external deficit to widen in 2020. S&P projects the current account
deficit will double to 10% of GDP this year. FDI inflows--the
traditional source of financing for the current account gap--are
also likely to be much lower than in past years. Instead, external
financing has been forthcoming via concessional loans from IFIs
that have committed $1.7 billion (10% of GDP) of funds, to be
disbursed largely in 2020. While some of these funds will support
the authorities' COVID-19 response, others are linked to specific
projects and reform implementation.

This timely assistance will prevent FX reserve depletion and
pressures building on Georgia's balance of payments, while allowing
the government to maintain its external debt profile as
predominantly concessional with long-dated maturities. The NBG's FX
reserves increased to $3.8 billion as of July 2020 from $3.5
billion in December 2019, despite intervention to stabilize the
lari.

Georgia's accumulated stock of inward FDI remains substantial, at
about 160% of generated current account receipts, exposing it to
risks if foreign investors decide to exit. However, S&P considers
that, overall, Georgia is less vulnerable to shifts in investor
sentiment toward emerging markets than several peers, given the
small proportion of market-based portfolio financing it receives
relative to FDI and IFI concessional debt.

Georgia has a floating FX regime that acts as an important anchor
for economic stability. The NBG intervenes intermittently in the FX
market to arrest excess volatility. So far in 2020, it has sold
$300 million to stabilize the lari.

The NBG's FX reserves have increased by nearly $250 million on
average every year since 2016, providing a buffer against
balance-of-payments risks. Part of this momentum stemmed from the
IMF program, in place since 2017, and higher reserve requirements
for commercial banks against FX liabilities. However, the NBG's FX
purchases--via both auctions and rule-based options--have also
boosted reserves.

Low fiscal deficits and moderate government debt have characterized
Georgia's public finances so far. Revenue losses from lower
economic activity and policy measures to support the economy will,
however, widen the budget deficit to 8.5% of GDP in 2020 from 2.9%
in 2019, and increase gross general government debt to 55% of GDP
from 43% in 2019. S&P said, "We project net general government debt
will remain lower on account of fiscal buffers of about 4% of GDP.
In line with our expectations on the pace of economic recovery,
government debt will peak in 2021 and thereafter decline relative
to GDP--albeit slowly." Ultimately, the pace of fiscal
consolidation will hinge on the economy's recovery. A prolonged
period of weak growth would challenge the government's ability to
narrow the deficit and reduce debt levels.

The preponderance of IFI debt has contributed to a favorable
government debt structure, with an average maturity of nearly eight
years and a weighted-average interest rate of just over 3%.
However, Georgia's government debt is very sensitive to exchange
rate movements, given the large share of foreign
currency-denominated debt (nearly 80%) in the overall stock. S&P
currently considers that the contingent fiscal liabilities stemming
from public enterprises and the domestic banking system are
limited.

S&P said, "In our view, the effectiveness of Georgia's monetary
policy compares favorably in a regional context. Despite occasional
volatility and a temporary increase in the first half of 2020,
inflation has remained consistently low, averaging less than 4%
over 2010-2019. Given the floating exchange rate regime, Georgia
has promptly adjusted to changing external conditions while
avoiding abrupt and damaging swings in the real effective exchange
rate in either direction. Moreover, the banking system has remained
relatively stable. According to the IMF's calculations,
nonperforming loans amounted to 2.4% in June 2020. That said, we
think some asset quality deterioration is highly likely as
supportive policy measures--such as holidays on debt service or
fiscal incentives--are withdrawn.

"In our view, high levels of dollarization continue to constrain
the effectiveness of Georgia's monetary policy despite declines in
recent years. Deposit dollarization, at 64%, is still significant,
although down from 70% in 2016. Positively, we note the
authorities' efforts to reduce the economy's dollarization." These
include through differentiating liquidity requirements for
domestic- and foreign-currency liabilities, implementing pension
reforms, developing the domestic debt capital market, and
introducing deposit insurance.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  Ratings Affirmed

  Georgia (Government of)
    Sovereign Credit Rating               BB/Stable/B
    Transfer & Convertibility Assessment  BBB-
    Senior Unsecured                      BB




=============
I R E L A N D
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CVC CORDATUS III: Moody's Confirms B2 Rating on Class F Notes
-------------------------------------------------------------
Moody's Investors Service confirmed the ratings on the following
notes issued by CVC Cordatus Loan Fund III Designated Activity
Company:

EUR28,000,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2032, Confirmed at Baa2 (sf); previously on Jun 3, 2020 Baa2
(sf) Placed Under Review for Possible Downgrade

EUR27,500,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2032, Confirmed at Ba2 (sf); previously on Jun 3, 2020 Ba2 (sf)
Placed Under Review for Possible Downgrade

EUR13,000,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2032, Confirmed at B2 (sf); previously on Jun 3, 2020 B2 (sf)
Placed Under Review for Possible Downgrade

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

EUR2,000,000 (currently outstanding EUR 250,000) Class X Senior
Secured Floating Rate Notes due 2032, Affirmed Aaa (sf); previously
on Jun 20, 2018 Definitive Rating Assigned Aaa (sf)

EUR250,500,000 Class A-1 Senior Secured Floating Rate Notes due
2032, Affirmed Aaa (sf); previously on Jun 20, 2018 Definitive
Rating Assigned Aaa (sf)

EUR20,000,000 Class A-2 Senior Secured Fixed Rate Notes due 2032,
Affirmed Aaa (sf); previously on Jun 20, 2018 Definitive Rating
Assigned Aaa (sf)

EUR19,000,000 Class B-1 Senior Secured Floating Rate Notes due
2032, Affirmed Aa2 (sf); previously on Jun 20, 2018 Definitive
Rating Assigned Aa2 (sf)

EUR16,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2032,
Affirmed Aa2 (sf); previously on Jun 20, 2018 Definitive Rating
Assigned Aa2 (sf)

EUR32,000,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2032, Affirmed A2 (sf); previously on Jun 20, 2018 Definitive
Rating Assigned A2 (sf)

CVC Cordatus Loan Fund III Designated Activity Company, issued in
May 2014 and refinanced in December 2016 and in June 2018, is a
collateralised loan obligation (CLO) 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 Ltd. ("CVC Credit Partners"). The transaction's
reinvestment period will end in November 2022.

RATINGS RATIONALE

The action concludes the rating review on the Class D, E and F
notes announced on June 03, 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.

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 (WARF) and in the
proportion of securities from issuers with ratings of Caa1 or
lower. According to the trustee reports dated August 2020 [1], the
WARF was 3151 compared to a value of 2986 as of February 2020 [2],
which is over the covenant level of 2982. Securities with ratings
of Caa1 or lower currently make up approximately 5.0% 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 11.6% of the
underlying portfolio. In addition, the over-collateralisation (OC)
levels have weakened across the capital structure. According to the
trustee report of August 2020 [1] the Class A/B, Class C, Class D,
Class E and Class F OC ratios are reported at 141.9%, 128.4%,
118.6%, 110.3% and 106.8% compared to February 2020 [2] levels of
142.6%, 129.0%, 119.2%, 110.8% and 107.3% 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
(WARR), Weighted Average Spread (WAS) and Weighted Average Life
(WAL).

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 X, A-1, A-2, 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 EUR 433.7 million,
a weighted average default probability of 26.3% (consistent with a
WARF of 3178 over a weighted average life of 5.9 years), a weighted
average recovery rate upon default of 44.9% for a Aaa liability
target rating, a diversity score of 50 and a weighted average
spread of 3.6%.

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, 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.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
August 2020.

Counterparty Exposure:

The 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.

CVC CORDATUS V: Moody's Downgrades Class F-R Notes to B3
--------------------------------------------------------
Moody's Investors Service downgraded the rating on the following
notes issued by CVC Cordatus Loan Fund V Designated Activity
Company:

EUR13,000,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2030, Downgraded to B3 (sf); previously on Oct 21, 2019
Affirmed B2 (sf)

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

EUR263,000,000 Class A Senior Secured Floating Rate Notes due 2030,
Affirmed Aaa (sf); previously on Oct 21, 2019 Definitive Rating
Assigned Aaa (sf)

EUR32,000,000 Class B-1-R Senior Secured Floating Rate Notes due
2030, Affirmed Aa2 (sf); previously on Oct 21, 2019 Affirmed Aa2
(sf)

EUR30,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2030,
Affirmed Aa2 (sf); previously on Oct 21, 2019 Definitive Rating
Assigned Aa2 (sf)

EUR30,000,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed A2 (sf); previously on Oct 21, 2019
Affirmed A2 (sf)

EUR23,000,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed Baa2 (sf); previously on Oct 21, 2019
Affirmed Baa2 (sf)

EUR28,000,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed Ba2 (sf); previously on Oct 21, 2019
Affirmed Ba2 (sf)

CVC Cordatus Loan Fund V Designated Activity Company, issued in May
2015 and refinanced in July 2017 and in October 2019, is a
collateralised loan obligation (CLO) 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 ("CVC Credit Partners"). The transaction's
reinvestment period will end in July 2021.

RATINGS RATIONALE

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 (WARF) and in the
proportion of securities from issuers with ratings of Caa1 or
lower. According to the trustee reports dated July 2020[1], the
WARF was 3152 compared to a value of 2950 as of January 2020[2],
which is over the covenant level of 2895. Securities with ratings
of Caa1 or lower currently make up approximately 6.6% 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 13.1% of the
underlying portfolio. In addition, the over-collateralisation (OC)
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 137.58%, 125.96%,
118.29%, 110.13% and 106.72% compared to January 2020 [2] levels of
137.99%, 126.33%, 118.64%, 110.46% and 107.03% 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
(WARR), Weighted Average Spread (WAS) and Weighted Average Life
(WAL).

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-R, B-2, C-R, D-R and E-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 EUR 447.1 million,
a weighted average default probability of 24.2% (consistent with a
WARF of 3182 over a weighted average life of 4.9 years), a weighted
average recovery rate upon default of 45.0% for a Aaa liability
target rating, a diversity score of 48 and a weighted average
spread of 3.5%.

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, 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.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
August 2020.

Counterparty Exposure:

The 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.

GOLDENTREE LOAN 2: Fitch Affirms BB-sf Rating on Class E Debt
-------------------------------------------------------------
Fitch Ratings has affirmed GoldenTree Loan Management EUR CLO 1 DAC
and GoldenTree Loan Management EUR CLO 2 DAC. Fitch has also
removed two tranches in each transaction from Rating Watch Negative
(RWN) and assigned them Negative Outlooks.

RATING ACTIONS

GoldenTree Loan Management EUR CLO 2 DAC

Class A XS1911601000; LT AAAsf Affirmed; previously AAAsf

Class B-1-A XS1911601349; LT AAsf Affirmed; previously AAsf

Class B-1-B XS1914357022; LT AAsf Affirmed; previously AAsf

Class B-2 XS1911601778; LT AAsf Affirmed; previously AAsf

Class C-1-A XS1911602073; LT Asf Affirmed; previously Asf

Class C-1-B XS1914370553; LT Asf Affirmed; previously Asf

Class D XS1911602313; LT BBB-sf Affirmed; previously BBB-sf

Class E XS1911602669; LT BB-sf Affirmed; previously BB-sf

Class F XS1911602743; LT B-sf Affirmed; previously B-sf

Class X XS1911601265; LT AAAsf Affirmed; previously AAAsf

GoldenTree Loan Management EUR CLO 1 DAC

Class A-1A XS1772820657; LT AAAsf Affirmed; previously AAAsf

Class A-1B XS1784284389; LT AAAsf Affirmed; previously AAAsf

Class A-2 XS1772820905; LT AAAsf Affirmed; previously AAAsf

Class B-1A XS1772821119; LT AAsf Affirmed; previously AAsf

Class B-1B XS1772821549; LT AAsf Affirmed; previously AAsf

Class C-1A XS1772821978; LT Asf Affirmed; previously Asf

Class C-1B XS1772822273; LT Asf Affirmed; previously Asf

Class D XS1772822513; LT BBB-sf Affirmed; previously BBB-sf

Class E XS1772822869; LT BB-sf Affirmed; previously BB-sf

Class F XS1772823248; LT B-sf Affirmed; previously B-sf

TRANSACTION SUMMARY

These are cash flow CLOs mostly comprising senior secured
obligations. The transactions are still within their reinvestment
periods and are actively managed by the collateral manager.

KEY RATING DRIVERS

Portfolio Performance Stabilisation

The affirmation of all tranches in both transactions reflects the
portfolios' performance stabilisation.

The portfolios of both CLOs are slightly below par and defaulted
assets calculated as a percentage of target par, are at 2.0% in
each transaction. As per the latest trustee reports, dated July 6,
2020, no collateral quality tests were in breach. Based on Fitch's
latest calculation the Fitch weighted average rating factor (WARF)
has since remained at 35.9 for GoldenTree Loan Management EUR CLO 1
DAC and at 35.4 for GoldenTree Loan Management EUR CLO 2 DAC.

Assets with a Fitch-derived rating (FDR) of 'CCC' category or below
are above the covenant of 7.5% in both transactions as they
represent 10.9% and 9.2%, respectively, while there are no unrated
assets. Assets with a FDR on Negative Outlook are at 21.8% in
GoldenTree Loan Management EUR CLO 1 DAC and 21.5% in GoldenTree
Loan Management EUR CLO 2 DAC. All other tests, including the
overcollateralisation and interest coverage tests, were reported as
passing in both transactions.

The model-implied ratings (MIRs) would be 'B+sf' and 'CCCsf' for
the class E and F notes, respectively, in both transactions. The
agency deviated from these MIRs, because in Fitch's view the credit
quality of these tranches in both transactions is more in line with
their current ratings at 'BB-sf' and 'B-sf', respectively, as these
tranches still show limited margin of safety due to their current
credit enhancement of 9.8% and 6.8% in GoldenTree Loan Management
EUR CLO 1 DAC and 10.2% and 7.7% in GoldenTree Loan Management EUR
CLO 2 DAC. In addition, the MIR of the class E notes in GoldenTree
Loan Management EUR CLO 1 DAC and the class F notes in GoldenTree
Loan Management EUR CLO 2 DAC are driven by a rising interest rate
scenario, which is not its immediate expectation.

Coronavirus Baseline Scenario Impact

Fitch carried out a sensitivity analysis on the current portfolio
to envisage the coronavirus baseline scenario. The agency notched
down the ratings for all assets with corporate issuers on Negative
Outlook regardless of sector. This scenario shows resilience with
cushions for the current ratings of the class A-1A, A-1B,A-2, B-1A,
B-1B, C-1A, C-1B, and D notes in GoldenTree Loan Management EUR CLO
1 DAC and the class X, A, B-1-A, B-1-B, B-2, C-1-A, and C-1-B notes
in GoldenTree Loan Management EUR CLO 2 DAC. This supports the
affirmation and Stable Outlook of these tranches. The Negative
Outlook on two tranches in GoldenTree Loan Management EUR CLO 1 DAC
and three tranches in GoldenTree Loan Management EUR CLO 2 DAC
reflects the shortfalls these tranches experiences in the
coronavirus sensitivity scenario describe. For the class E and F
notes in both transactions, the shortfalls are still sizable.
However, the agency views that the portfolios' negative rating
migration is likely to slow down and category-level downgrades on
these tranches are less likely in the short term. As a result,
Fitch has removed these tranches from RWN and assigned Negative
Outlooks. The Negative Outlook on these tranches and the class D
notes of GoldenTree Loan Management EUR CLO 2 DAC reflects the risk
of credit deterioration over the longer term due the economic
fallout from the pandemic.

Asset Credit Quality

'B'/'B-' Category Portfolio Credit Quality: Fitch assesses the
average credit quality of obligors to be in the 'B'/'B-' category.
The WARF of the current portfolio is 35.9 in GoldenTree Loan
Management EUR CLO 1 DAC and 35.4 in GoldenTree Loan Management EUR
CLO 2 DAC.

Asset Security

High Recovery Expectations

Senior secured obligations comprise 98.5% of GoldenTree Loan
Management EUR CLO 1 DAC's portfolio and 98.8% in GoldenTree Loan
Management EUR CLO 2 DAC. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch weighted average recovery rate of the
current portfolio is 63.2 in GoldenTree Loan Management EUR CLO 1
DAC and 63.8 in GoldenTree Loan Management EUR CLO 2 DAC.

Composition

The portfolios are well diversified across obligors, countries and
industries. The top 10 obligor exposure is 17.0% of the portfolio
balance in GoldenTree Loan Management EUR CLO 1 DAC and 15.8% in
GoldenTree Loan Management EUR CLO 2 DAC, and no obligor represents
more than 2% in either transaction. In both transactions, the
largest industry exposure is businesses and services, comprising
12.3% and 12.7%, respectively, while the second- and third-largest
industries are healthcare and broadcasting and media at 10.4% and
10.2% in GoldenTree Loan Management EUR CLO 1 DAC and 9.3% and 8.7%
in GoldenTree Loan Management EUR CLO 2 DAC. Semi-annual
obligations comprise 49.9% of GoldenTree Loan Management EUR CLO 1
DAC's portfolio balance and 49.4% in GoldenTree Loan Management EUR
CLO 2 DAC. Due to high interest coverage ratios in both CLOs, a
frequency switch event is currently not in effect in either
transaction.

Cash Flow Analysis

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

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade: At closing, Fitch uses a standardised stress
portfolio (Fitch's Stress Portfolio) customised to the specific
portfolio limits for the transaction as specified in the
transaction documents. Even if the actual portfolio shows lower
defaults and losses (at all rating levels) than Fitch's Stress
Portfolio assumed at closing, an upgrade of the notes during the
reinvestment period is unlikely. This is because portfolio credit
quality may still deteriorate, not only by natural credit
migration, but also because of reinvestment. After the end of the
reinvestment period, upgrades may occur in the event of
better-than-expected portfolio credit quality and deal performance,
leading to higher credit enhancement levels for the notes, and
excess spread being available to cover for losses on the remaining
portfolio. Factors that could, individually or collectively, lead
to negative rating action/downgrade: Downgrades may occur if the
build-up of the notes' CE following amortisation does not
compensate for a higher loss expectation than initially assumed due
to unexpected high level of default and portfolio deterioration. As
the disruptions to supply and demand due to the coronavirus-related
disruption become apparent for other vulnerable sectors, loan
ratings in those sectors would also come under pressure. Fitch will
update the sensitivity scenarios in line with the views of Fitch's
Leveraged Finance team. In addition to the base scenario, Fitch has
defined a downside scenario for the current crisis, whereby all
ratings in the 'B' category would be downgraded by one notch and
recoveries would be lower by a haircut factor of 15%. For typical
European CLOs this scenario results in a rating category change for
all ratings.

DATA ADEQUACY

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

NEW LOOK: High Court Appoints Interim Examiner to Irish Unit
------------------------------------------------------------
Aodhan O'Faolain and Ray Managh at Irish Examiner report that the
High Court has appointed an interim examiner to the Irish arm of
the fashion retailer chain New Look.

New Look Retailers (Ireland) Limited, which operates 27 stores and
employs 475 people, sought the protection of the courts due to
financial difficulties and losses caused by the fallout from the
Covid-19 pandemic, Irish Examiner relates.

At the High Court Mr. Justice Max Barrett said he was satisfied to
appoint experienced insolvency practitioner Ken Fennell of Deloitte
as interim examiner to the company, Irish Examiner notes.

According to Irish Examiner, noting the company's financial
difficulties, the judge said the contents of an independent
expert's report which stated that the company has a reasonable
prospect of survival as a going concern, if certain steps are
taken.

Those steps including the appointment of an examiner, who will
attempt put together an agreed scheme of arrangement with the
firm's creditors, Irish Examiner notes.

Like many other businesses the retailer had been badly hit by the
Covid-19 pandemic, Irish Examiner relays.  Its stores were closed
after the country went into lockdown in March, and have been
reopened on a phased basis since June, Irish Examiner recounts.

Seeking Mr. Fennell's appointment, Kelley Smith Bl for the company
said the business had suffered losses due to the closures and
reduced footfall in its stores and as things stand it expects to be
cash flow insolvent, and unable to pay its debts as they fall due
by October, Irish Examiner discloses.

The company's biggest creditors are Revenue and its landlords,
Irish Examiner states.  The court heard as part of the proposed
examinership process the company will be seeking reductions on it
leases, which may have to be repudiated, according to Irish
Examiner.


OAK HILL V: Fitch Downgrades Class E Notes to BB-sf
---------------------------------------------------
Fitch Ratings has downgraded one tranche of Oak Hill European
Credit Partners V DAC and affirmed the remaining tranches. The two
most junior notes have been removed from Rating Watch Negative
(RWN) and assigned Negative Outlooks.

RATING ACTIONS

Oak Hill European Credit Partners V DAC

Class A-1R XS2081560638; LT AAAsf Affirmed; previously AAAsf

Class A-2 XS1531383898; LT AAAsf Affirmed; previously AAAsf

Class B-1 XS1531384516; LT AAsf Affirmed; previously AAsf

Class B-2 XS1531384276; LT AAsf Affirmed; previously AAsf

Class C XS1531385083; LT Asf Affirmed; previously Asf

Class D XS1531385596; LT BBBsf Affirmed; previously BBBsf

Class E XS1531385919; LT BB-sf Downgrade; previously BBsf

Class F XS1531386131; LT B-sf Affirmed; previously B-sf

TRANSACTION SUMMARY

Oak Hill V DAC is a cash flow CLO mostly comprising senior secured
obligations. The transaction is within its reinvestment period and
is actively managed by its collateral manager.

KEY RATING DRIVERS

Portfolio Performance Deteriorates

The downgrade of the class E notes reflects the deterioration of
the portfolio resulting from the negative rating migration of the
underlying assets due to the coronavirus pandemic. In addition, as
per the trustee report dated August 10, 2020, the transaction is
2.23% below par with EUR8.7 million in defaulted assets. The Fitch
weighted average rating factor (WARF) test along with another
rating agency's WARF test and 'CCC' tests are failing. All other
portfolio profile tests, coverage tests and collateral quality
tests are passing. Exposure to assets with a Fitch- derived rating
of 'CCC+' and below is 7.64% excluding non-rated assets and 10.14%
including non-rated assets.

Coronavirus Baseline Sensitivity Analysis

The Negative Outlook on the class E and F notes reflects the
results of the sensitivity analysis Fitch ran in light of the
coronavirus pandemic. For the sensitivity analysis, the agency
notched down the ratings of all assets with a corporate issuer on
Negative Outlook (29.4% of the portfolio). Under this analysis, the
model-implied ratings for the affected tranches under the
coronavirus sensitivity test are below the current ratings.

Fitch has removed the class E and F notes from RWN and assigned
Negative Outlooks. For both classes, the shortfalls are still
sizeable. However, the agency believes the portfolio's negative
credit migration is likely to slow and category-level downgrades on
these tranches are less likely in the short term.

The Stable Outlooks on the remaining tranches reflect the fact that
the respective tranche's rating shows resilience under the
coronavirus baseline sensitivity analysis.

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

Fitch assesses the average credit quality of the obligors to be in
the 'B'/'B-' category. The Fitch WARF of the current portfolio is
35.56 (assuming unrated assets are 'CCC'), and the trustee-reported
Fitch WARF is 35.11, both above the maximum covenant of 34.0. After
applying the coronavirus stress, the Fitch WARF would increase by
4.25.

High Recovery Expectations

Senior secured obligations comprise 97.63% of the portfolio. Fitch
views the recovery prospects for these assets as more favourable
than for second-lien, unsecured and mezzanine assets. The
Fitch-calculated weighted average recovery rate of the current
portfolio is 64.19%.

Portfolio Composition

The portfolios are well diversified across obligors, countries and
industries. The top 10 obligor concentration is 15%, and no obligor
represent more than 2% of the portfolio balance. Semi-annual
obligations make up 50% of the portfolio but a frequency switch has
not occurred as the class A/B interest coverage test still has
significant headroom.

Deviation from Model-Implied Ratings

Fitch has downgraded the class E notes by one notch to the lowest
rating in the respective rating category. Nevertheless, the
model-implied rating for the class E is still one notch below the
downgraded rating. The deviation is due to the rating being driven
only by the back-loaded default timing scenario. The model-implied
rating for the class F notes is 'CCCsf' and is also driven by the
back-loaded default timing scenario only. Fitch decided to also
deviate from the model-implied rating in this case, after taking
into account the rating definitions, as 'B-sf' indicates a material
risk of default is present but with a limited margin of safety
while a 'CCCsf' rating indicates that default is a real
possibility. These ratings are in line with the majority of
Fitch-rated EMEA CLOs. Both classes have been assigned Negative
Outlooks due to shortfalls in the coronavirus sensitivity scenario
described.

Cash Flow Analysis

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

RATING SENSITIVITIES

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

At closing, Fitch used a standardised stress portfolio (Fitch's
Stressed Portfolio) that was customised to the portfolio limits as
specified in the transaction documents. Even if the actual
portfolio shows lower defaults and smaller losses (at all rating
levels) than Fitch's Stressed Portfolio assumed at closing, an
upgrade of the notes during the reinvestment period is unlikely as
the portfolio credit quality may still deteriorate, not only
through natural credit migration, but also through reinvestments.
An upgrade of the class E notes, although not expected in the near
term, could occur during the reinvestment period if the
transaction's performance improves materially for a sustainable
period. Upgrades may occur after the end of the reinvestment period
on better-than-expected portfolio credit quality and deal
performance, leading to higher credit enhancement and excess spread
available to cover for losses in the remaining portfolio.

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

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

Coronavirus Baseline Scenario Impact

Fitch carried out a sensitivity analysis on the target portfolio to
determine the coronavirus baseline scenario. The agency notched
down the ratings for all assets with corporate issuers on Negative
Outlook regardless of sector. This scenario demonstrates the
resilience of the current ratings on the class A-1R, A-2, B-1, B-2,
C and D notes, whereas credit enhancement for the class E and F
notes may be eroded quickly with a deterioration of the portfolio.

Coronavirus Downside Sensitivity

Fitch has added a sensitivity analysis that contemplates a more
severe and prolonged economic stress caused by a re-emergence of
infections in the major economies, before halting recovery begins
in 2Q21. The downside sensitivity incorporates the following
stresses: applying a notch downgrade to all Fitch-derived ratings
in the 'B' rating category and applying a 0.85 recovery rate
multiplier to all other assets in the portfolio. For typical
European CLOs this scenario results in a rating category change for
all ratings.

DATA ADEQUACY

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

Overall, Fitch's assessment of the asset pool information relied on
for its rating analysis according to its applicable rating.

PARK AVENUE: To Shut for Good Following CVA
-------------------------------------------
Gary McDonald at The Irish News reports that east Belfast's
long-established Park Avenue Hotel has closed its doors for good,
with most of its 45 staff set to be made redundant.

And as first revealed in the Irish News earlier this year, the
building is likely to be razed to the ground and the site
repurposed for housing.

According to The Irish News, current owners the Beannchor Group
confirmed that the once-popular 56-room four-star hotel is no
longer viable and will close.

Beannchor, which operates more than 40 outlets including the likes
of the Merchant and Bullitt hotels in Belfast, had stepped in last
August to acquire the financially-troubled Holywood Road hotel from
its family owners, The Irish News relates.

But the Park Avenue continued to experience financial difficulties,
exacerbated by the current Covid-19 pandemic, and at the end of
last month entered into a company voluntary arrangement (CVA)
process with advisers HNH, The Irish News discloses.


SEAPOINT PARK: Fitch Affirms B-sf Rating on Class E Debt
--------------------------------------------------------
Fitch Ratings has affirmed the ratings of the bottom three tranches
of Seapoint Park CLO DAC and either maintained the Negative Outlook
or resolved the Rating Watch Negative and assigned a Negative
Outlook. Fitch has affirmed the remaining tranches with a Stable
Outlook.

RATING ACTIONS

Seapoint Park CLO DAC

Class A1 XS2066776431; LT AAAsf Affirmed; previously AAAsf

Class A2A XS2066777082; LT AAsf Affirmed; previously AAsf

Class A2B XS2066777751; LT AAsf Affirmed; previously AAsf

Class B XS2066778486; LT Asf Affirmed; previously Asf

Class C XS2066779294; LT BBBsf Affirmed; previously BBBsf

Class D XS2066779880; LT BBsf Affirmed; previously BBsf

Class E XS2066780201; LT B-sf Affirmed; previously B-sf

Class X XS2066776357; LT AAAsf Affirmed; previously AAAsf

TRANSACTION SUMMARY

Seapoint Park CLO DAC is a cash flow CLO mostly comprising senior
secured obligations. The transaction is within its reinvestment
period and is actively managed by its collateral manager.

KEY RATING DRIVERS

Pandemic Baseline Sensitivity Analysis

Fitch placed the bottom three tranches on Negative Outlook as a
result of a sensitivity analysis it ran in light of the coronavirus
pandemic. Fitch notched down the ratings of all assets of corporate
issuers with Negative Outlooks (30% of the portfolio) regardless of
sector. The model-implied ratings for the affected tranches under
the pandemic sensitivity test are below the current ratings.

The bottom two tranches were on Rating Watch Negative (RWN) prior
to being placed on Negative Outlook. The shortfalls are still large
for both classes. However, Fitch believes the portfolio's negative
credit migration is likely to slow and category-level downgrades on
these tranches are less likely in the short term.

The Stable Outlook on the remaining tranches reflect the fact that
their ratings show resilience under the coronavirus baseline
sensitivity analysis with a cushion.

Portfolio Performance; Surveillance

The transaction is still in its reinvestment period and the
portfolio is actively managed by the collateral manager. As of the
latest investor report available, the transaction was 48bps above
par and, while all portfolio profile tests, coverage tests and most
collateral quality tests were passing, the Fitch weighted average
rating factor (WARF) test was not passing. As of the same report,
the transaction had no defaulted assets. Exposure to assets with a
Fitch-derived rating of 'CCC+' and below is 4.43% excluding
non-rated assets and 5.61% including non-rated assets.

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

Fitch assesses the average credit quality of the obligors to be in
the 'B'/'B-' category. The Fitch WARF of the current portfolio is
33.52 (assuming unrated assets are 'CCC'), and the trustee-reported
Fitch WARF was 33.17, both above the maximum covenant of 33.0. The
Fitch WARF would increase by 2.89 after applying the coronavirus
stress.

High Recovery Expectations

Senior secured obligations constitute 97.6% of the portfolio. Fitch
views the recovery prospects for these assets as more favourable
than for second-lien, unsecured and mezzanine assets. The
Fitch-calculated weighted average recover rate (WARR) of the
current portfolio is 65.99%.

Portfolio Composition

The portfolios are well-diversified across obligors, countries and
industries. The ten largest obligors represent 13.04% and no
obligor represent more than 1.64% of the portfolio balance.
Semi-annual obligations constitute 45% of the portfolio but a
frequency switch has not occurred due to high interest coverage
ratios.

Deviation from Model-Implied Ratings

The model-implied rating for the class E notes is 'CCCsf', one
notch below the current rating. It is driven solely by the
back-loaded default timing scenario. Fitch decided to deviate from
the model-implied rating after taking into account the rating
definitions because 'B-sf' indicates that a material risk of
default is present but with a limited margin of safety while a
'CCCsf' rating indicates that default is a real possibility. These
ratings are in line with the majority of Fitch-rated EMEA CLOs.

Cash Flow Analysis

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

In addition, Fitch tested the current portfolio with a coronavirus
sensitivity analysis to estimate the resilience of the notes'
ratings. The coronavirus sensitivity analysis was only based on the
stable interest rate scenario including all default timing
scenarios.

RATING SENSITIVITIES

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

At closing, Fitch used a standardised stress portfolio (Fitch's
Stressed Portfolio) that was customised to the portfolio limits as
specified in the transaction documents. Even if the actual
portfolio shows lower defaults and smaller losses (at all rating
levels) than Fitch's Stressed Portfolio assumed at closing, an
upgrade of the notes during the reinvestment period is unlikely as
the portfolio credit quality may still deteriorate through natural
credit migration and reinvestments. Upgrades may occur after the
end of the reinvestment period on better-than-expected portfolio
credit quality and deal performance, leading to higher credit
enhancement and excess spread available to cover losses in the
remaining portfolio.

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

Downgrades may occur if the build-up of credit enhancement
following amortisation does not compensate for a larger loss
expectation than initially assumed due to unexpectedly high levels
of default and portfolio deterioration. Loan ratings in affected
sectors would also come under pressure as pandemic-related
disruption to supply and demand becomes apparent. Fitch will update
the sensitivity scenarios in line with the view of its leveraged
finance team.

Coronavirus Baseline Scenario Impact

Fitch carried out a sensitivity analysis on the target portfolio to
determine the coronavirus baseline scenario. Fitch notched down the
ratings for all assets with corporate issuers on Negative Outlook
regardless of sector. This scenario demonstrates the resilience of
the current ratings on class A1, A2A, A2B, and B debt, whereas
credit enhancement for class C, D and E notes may quickly erode
with deterioration of the portfolio.

Coronavirus Downside Sensitivity

Fitch has added a sensitivity analysis that contemplates a more
severe and prolonged economic stress caused by a re-emergence of
infection in the major economies, before a halting recovery begins
in 2Q21. The downside sensitivity incorporates two stresses: the
application of a notch downgrade to all Fitch-derived ratings in
the 'B' rating category, and the application of a 0.85 recovery
rate multiplier to all other assets in the portfolio. For typical
European CLOs, this scenario results in a category rating change
for all ratings.

DATA ADEQUACY

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

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

TORO EUROPEAN 3: Moody's Downgrades Class F Notes to B3
-------------------------------------------------------
Moody's Investors Service has taken a variety of rating actions on
the following notes issued by Toro European CLO 3 Designated
Activity Company:

EUR17,500,000 Class D Secured Deferrable Floating Rate Notes due
2030, Confirmed at Baa2 (sf); previously on Jun 3, 2020 Baa2 (sf)
Placed Under Review for Possible Downgrade

EUR23,000,000 Class E Secured Deferrable Floating Rate Notes due
2030, Confirmed at Ba2 (sf); previously on Jun 3, 2020 Ba2 (sf)
Placed Under Review for Possible Downgrade

EUR9,750,000 Class F Secured Deferrable Floating Rate Notes due
2030, Downgraded to B3 (sf); previously on Jun 3, 2020 B2 (sf)
Placed Under Review for Possible Downgrade

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

EUR211,500,000 Class A-R Secured Floating Rate Notes due 2030,
Affirmed Aaa (sf); previously on Oct 30, 2019 Assigned Aaa (sf)

EUR24,500,000 Class B-1-R Secured Floating Rate Notes due 2030,
Affirmed Aa2 (sf); previously on Oct 30, 2019 Assigned Aa2 (sf)

EUR7,500,000 Class B-2 Secured Floating Rate Notes due 2030,
Affirmed Aa2 (sf); previously on Oct 30, 2019 Affirmed Aa2 (sf)

EUR12,500,000 Class B-3-R Secured Fixed Rate Notes due 2030,
Affirmed Aa2 (sf); previously on Oct 30, 2019 Assigned Aa2 (sf)

EUR13,750,000 Class C-1 Secured Deferrable Floating Rate Notes due
2030, Affirmed A2 (sf); previously on Oct 30, 2019 Affirmed A2
(sf)

EUR4,750,000 Class C-2 Secured Deferrable Floating Rate Notes due
2030, Affirmed A2 (sf); previously on Oct 30, 2019 Affirmed A2
(sf)

Toro European CLO 3 Designated Activity Company, issued in April
2017, is a collateralised loan obligation (CLO) backed by a
portfolio of predominantly European senior secured loan and senior
secured bonds. The portfolio is managed by Chenavari Credit
Partners LLP. The transaction's reinvestment period will end in
April 2021.

The action concludes the rating review on the Class D, E and F
notes initiated on June 3, 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.

RATINGS RATIONALE

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 (WARF) and of the proportion of securities from
issuers with ratings of Caa1 or lower. According to the trustee
report dated August 2020, the WARF was 3509[1], compared to the
value of 3102[1]. Securities with ratings of Caa1 or lower
currently make up approximately 8.68% [1] of the underlying
portfolio. In addition, the over-collateralisation (OC) levels have
weakened across the capital structure. According to the trustee
report of August 2020 the Class A/B, Class C, Class D , Class E and
Class F OC ratios are reported at 133.9%[1], 124,9%[1], 117.4%[1],
108.8%[1] and 105.5%[1] compared to February 2020 levels of
136.4%[2], 127.3%[2], 119.6%[2], 110.9%[2] and 107.6%[2]
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 (WARR), Weighted Average Spread (WAS) and
Weighted Average Life (WAL).

As a result of this deterioration, Moody's downgraded the Class F
notes. Moody's however concluded that the expected losses on
remaining rated notes remain consistent with their current ratings
as the structural features of the transaction mitigate the
collateral credit quality deterioration. Consequently, Moody's has
confirmed the ratings on the Class D and E notes and affirmed the
ratings on the Class A-R, B-1-R, B-2, B-3-R, C-1 and C-2 notes.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base case,
Moody's analysed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR 343,274,773,
defaulted par of EUR 4,750,000, a weighted average default
probability of 26.1% (consistent with a WARF of 3537 over the WAL
of 4.57 years), a weighted average recovery rate upon default of
44% for a Aaa liability target rating, a diversity score of 50 and
a weighted average spread of 3.85%.

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.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
August 2020.

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

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

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

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



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

MOSCOW MORTGAGE: Moody's Cuts Deposit Rating to B2, Outlook Stable
------------------------------------------------------------------
Moody's Investors Service downgraded the baseline credit assessment
(BCA) and adjusted BCA of Moscow Mortgage Agency (MMA) to b3 from
b1, its long-term deposit ratings to B2 from Ba3, its long-term
counterparty risk ratings (CRRs) to B1 from Ba2 and its long-term
Counterparty Risk Assesment (CR Assessment) to B1(cr) from Ba2(cr).
Concurrently, the rating agency affirmed the bank's short-term
deposit ratings of Not Prime, its short-term CRRs of Not Prime, and
its short-term CR Assessment of Not Prime(cr). The outlook on the
bank's long-term deposit ratings and the issuer outlook were
changed to stable from ratings under review. The actions conclude
the review for downgrade, initiated on June 26, 2020.

Following the downgrade, Moody's will withdraw all of the above
ratings. At the time of the withdrawal, the bank's long-term
deposit ratings carried a stable outlook. The withdrawal of the
ratings follows MMA's merger into Bank Solidarnost (Solidarnost;
not rated). The merger took place on August 28, 2020, whereupon MMA
ceased to exist as a separate legal entity.

RATINGS RATIONALE

The downgrade reflects the credit negative impact of MMA's merger
with Solidarnost. Moody's expects that the standalone credit
profile of the merged entity will be weaker than that of MMA, given
Solidarnost's poor financial metrics and its status of being under
state-led financial rehabilitation since 2013 until 2030.
Solidarnost's assets are approximately twice of those of the
pre-merger MMA, yet it has a low capital buffer, as measured by the
ratio of tangible common equity to statutory risk-weighted assets,
while MMA's capital cushion prior to the merger was solid. Unlike
MMA, whose profits were recently volatile but positive, Solidarnost
was loss-making both at the bottom-line and pre-provision in 2019.
The asset quality is similar at both banks, as they have high
problem loans, yet IFRS9 Stage 3 loans are fully covered by loan
loss reserves.

The negative impact on MMA's capital and profitability will be
partially offset by improvements in the merged bank's funding
profile, given Solidarnost's sizeable and granular customer deposit
base, consisting predominantly of retail customer funds. This is in
contrast to pre-merger MMA; whose deposit base was very highly
concentrated. The liquidity cushion of MMA pre-merger was higher
than that of Solidarnost, but it will remain solid for the merged
bank.

Governance considerations, specifically, the merged bank's
substantial related-party exposure and implementation risk with
respect to its strategy, were a key driver of this rating action.
Strategy-wise, the merged bank's strategic priorities and business
model will be different from that of MMA, which was a niche bank
focusing on cooperation with the Moscow government. The merged bank
plans to continue cooperating with the city on a number of its
programmes, but these will be of secondary importance to the merged
bank, while its key strategic priority is providing banking
services to facilitate international trade and a variety of
economic transactions between Russia and its trading partners in
Asia Pacific, Africa and CIS..

MODERATE GOVERNMENT SUPPORT

Moody's continues to factor in a moderate probability of government
support, given that (1) Solidarnost receives government support in
the form of a financial rehabilitation package funded by the
Deposit Insurance Agency (DIA) and the Central Bank of Russia
(CBR), and (2) the City of Moscow retains a significant indirect
ownership stake in the merged bank. In June 2020, Solidarnost's
controlling shareholder, LLC Zarubezhenergoproekt (LLC ZEP),
acquired 100% of MMA's shares from the Central Fuel Company (CFC),
while the latter acquired a 47.96% stake in LLC ZEP itself. As a
result, the city government's indirect stake was reduced from 100%
in MMA (via CFC) to 49.72% in the merged bank (via CFC and LLC ZEP)
[1].

LIST OF AFFECTED RATINGS

Downgrades, Previously Placed on Review for Downgrade:

Baseline Credit Assessment to b3 from b1

Adjusted Baseline Credit Assessment to b3 from b1

Long-term Bank Deposits to B2 from Ba3, Outlook Changed to Stable
from Ratings Under Review

Long-term Counterparty Risk Ratings to B1 from Ba2

Long-term Counterparty Risk Assessment to B1(cr) from Ba2(cr)

Affirmations:

Short-term Bank Deposits, Affirmed NP

Short-term Counterparty Risk Ratings, Affirmed NP

Short-term Counterparty Risk Assessment, Affirmed NP(cr)

Outlook Action:

Outlook, Changed to Stable from Ratings Under Review

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
Methodology published in November 2019.



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

ARCHANT: Rcapital Partners to Take Majority Stake
-------------------------------------------------
David Sharman at HoldtheFrontPage.co.uk reports that an investment
firm is set to take a majority stake in Archant in a move which the
regional publisher says will give it a "bright future".

According to HTFP, the company has reached an agreement with
London-based Rcapital Partners, which will take a 90% stake in the
business.

Two of Archant's holding companies--Archant Limited and Archant
Community Media Holdings Limited--will be placed into
administration as a result of the move, HTFP discloses.

In an announcement to staff, company executive chairman Simon Bax
said the business "will continue to operate as normal" as a result
of the move, HTFP relates.

However, Archant is also to put forward proposals to its creditors
for a Company Voluntary Arrangement, which would see its defined
benefit pension scheme move into the Pension Protection Fund, a
"lifeboat" scheme set up by the government to provide pension
benefits to members of schemes whose sponsoring employers have
become insolvent, HTFP states.

As a result, the PPF will take a 10% equity stake in the business,
HTFP notes.

In the announcement, Mr. Simon, as cited by HTFP, said the vast
majority of the company's creditors will not be adversely affected
by the CVA, while none of its employees will be adversely
affected.


ASHLEY HOUSE: Piper Homes Merger to Proceed After CVA Okayed
------------------------------------------------------------
Oliver Haill at Proactive Investors reports that Ashley House PLC
said it will proceed with a proposed merger with Midlands
housebuilder Piper Homes after creditors and shareholders approved
a company voluntary arrangement (CVA) over its assets.

The health and affordable housing property developer said the
combination with Piper would be via a reverse takeover or a similar
deal, Proactive Investors relates.

According to Proactive Investors, Piper paid GBP50,000 to Ashley
House to fund the initial costs of pursuing a takeover proposal and
promised a further GBP50,000 once the CVA is approved and the
28-day challenge period has passed.

Trading in the shares, which were suspended in March, will remain
suspended pending the reverse takeover, Proactive Investors notes.


DOWSON 2020-1: Moody's Affirms B3 Rating on Class E Notes
---------------------------------------------------------
Moody's Investors Service confirmed the ratings of two notes and
affirmed the ratings of four notes of Dowson 2020-1 plc that had
sufficient credit enhancement to maintain their current ratings.
The rating action concludes the review of these two ratings placed
on review for downgrade on June 12, 2020 due to the increased
likelihood of deteriorating performance of the auto leases backing
the notes due to the economic disruption following the coronavirus
outbreak. Moody's also affirmed the remaining four ratings of
senior and junior notes in the transaction because they had
sufficient credit enhancement to maintain the current ratings.

GBP147.4M Class A Notes, Affirmed Aaa (sf); previously on Mar 24,
2020 Definitive Rating Assigned Aaa (sf)

GBP41.8M Class B Notes, Affirmed A1 (sf); previously on Mar 24,
2020 Definitive Rating Assigned A1 (sf)

GBP12.1M Class C Notes, Confirmed at Baa3 (sf); previously on Jun
12, 2020 Baa3 (sf) Placed Under Review for Possible Downgrade

GBP9.9M Class D Notes, Confirmed at Ba2 (sf); previously on Jun 12,
2020 Ba2 (sf) Placed Under Review for Possible Downgrade

GBP8.8M Class E Notes, Affirmed B3 (sf); previously on Mar 24, 2020
Definitive Rating Assigned B3 (sf)

GBP19.8M Class X Notes, Affirmed Caa1 (sf); previously on Mar 24,
2020 Definitive Rating Assigned Caa1 (sf)

RATINGS RATIONALE

The rating confirmations and affirmations reflect sufficient credit
enhancement and liquidity to maintain the ratings of the affected
notes considering the reduced forbearance takeup rate related to
the coronavirus crisis. As of August 17, the forbearance take-up
rate is 5.9% as percentage of the current pool balance which
compares to 18.3% as of May 2020.

At the same time, collateral performance for Dowson 2020-1 plc has
been showing signs of weakening, with rising delinquency levels
since closing which is mainly driven by borrowers coming off
payment holidays. Approximately 20% of these borrowers have not
paid the first due instalment after the payment holiday period.
Moody's increased the portfolio cumulative default assumption for
Dowson 2020-1 plc as a result of recently observed deterioration in
collateral performance to 17.0% as a percentage of original pool
balance from 15.0%.

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

The transaction, which closed in March 2020, is a static cash
securitisation of hire purchase agreements entered into for the
purpose of financing vehicles to obligors in the United Kingdom by
Oodle Financial Services Limited (NR). The originator also acts as
the servicer of the portfolio during the life of the transaction.
The back-up servicer is Equiniti Credit Services (NR).

The portfolio of receivables backing the Notes consist of hire
purchase agreements granted to individuals' resident in the United
Kingdom without the option to hand the car back at maturity.
Therefore, there is no explicit residual value risk in the
transaction.

METHODOLOGY

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-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.

HOTTER SHOES: Owner to Inject GBP2MM Into Business as Part of CVA
-----------------------------------------------------------------
Huw Hughes at FashionUnited reports that Hotter Shoes owner Electra
Private Equity PLC has announced it will pump GBP2 million into the
British footwear retailer as part of its company voluntary
arrangement (CVA).

The retailer got the green light last month from creditors to go
ahead with its CVA which will see 46 of its stores permanently
closing, bringing its total number of stores from 61 to 15,
FashionUnited recounts.  The CVA proposal, approved by 99.5% of
voting creditors, was launched on July 9 in an effort to avoid the
possibility of an administration filing, FashionUnited discloses.

On announcing the creditor green-light last month, Hotter Shoes CEO
Ian Watson confirmed that the company would be focusing on its
digital channel moving forward, FashionUnited relates.


MALLINCKRODT PLC: Egan-Jones Lowers Senior Unsecured Ratings to D
-----------------------------------------------------------------
Egan-Jones Ratings Company, on August 21, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Mallinckrodt PLC to D from CCC. EJR also downgraded
the rating on commercial paper issued by the Company to D from C.

Headquartered in Staines-upon-Thames, Mallinckrodt PLC develops,
manufactures, and markets specialty pharmaceutical products and
diagnostic imaging agents.


WAHACA: To Close 10 Sites Due to Coronavirus Pandemic
-----------------------------------------------------
Russell Hope at Sky News reports that Mexican restaurant chain
Wahaca has become the latest food business to suffer due to the
coronavirus pandemic, with more than a third of its outlets in the
UK closing.

In an email to staff, the chain's founders said they will "try and
save jobs" wherever possible as 10 of the firm's 28 sites will
shut, Sky News relates.

According to Sky News, the group, which was founded by former
Masterchef winner Thomasina Miers and Mark Selby, said on Aug. 26
that four London branches, as well as outlets in Bristol, Liverpool
and Manchester, have been targeted for closure.

They said rent, as a percentage of sales, in its city centre
locations, had increased dramatically following a "significant" hit
to cash reserves over the past four months, most of which was
during the coronavirus lockdown, Sky News notes.

They added as a result, a number of those restaurants had become
"untenable", Sky News relays.

Wahaca, as cited by Sky News, said it is considering a Company
Voluntary Arrangement (CVA) restructuring deal in order to
facilitate its cost-saving plan.



                           *********


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

Troubled Company Reporter-Europe is a daily newsletter co-
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Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

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

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