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

                          E U R O P E

          Thursday, September 3, 2020, Vol. 21, No. 177

                           Headlines



B E L A R U S

BELARUSBANK: Moody's Reviews Caa1 Bank Deposit Rating for Downgrade
BPS-SBERBANK: Moody's Reviews B2 LT Deposit Rating for Downgrade


F R A N C E

ALTRAN TECHNOLOGIES: Moody's Withdraws Ba2 CFR on Debt Repayment


G E R M A N Y

DIC ASSET: S&P Assigns Preliminary BB+ ICR, Outlook Stable
PROVIDE BLUE 2005-2: S&P Raises Class E Notes Rating to 'BB (sf)'
WIRECARD AG: BaFin Head Rejects Calls to Resign Over Scandal


I R E L A N D

CONTEGO CLO VIII: Fitch Gives B-sf Rating on Class F Debt
CONTEGO CLO VIII: S&P Assigns B-(sf) Rating to Class F Notes
EURO-GALAXY VII: Fitch Affirms B-sf Rating on Class F Notes
MADISON PARK XIII: Fitch Affirms B-sf Rating on Class F Notes


I T A L Y

ENEL SPA: Moody's Rates Hybrid Notes Ba1, Outlook Positive


L U X E M B O U R G

CABOT FINANCIAL: Fitch Assigns BB+(EXP) Rating to Sr. Sec. Notes
CABOT FINANCIAL: Moody's Reviews B1 Sec. Notes Rating for Upgrade


N E T H E R L A N D S

ACCUNIA EUROPEAN I: Fitch Affirms B-sf Rating on Class F Debt
DCDML 2016-1: Fitch Affirms B-sf Rating on Class E Notes
DRYDEN 73: Fitch Affirms B-sf Rating on Class F Debt
KETER GROUP: Moody's Affirms Caa1 CFR, Alters Outlook to Stable
KONINKLIJKE FRIESLANDCAMPINA: S&P Rates New Hybrid Securities BB+



T U R K E Y

ISTANBUL TAKAS: Fitch Affirms BB- LT IDRs, Alters Outlook to Neg.
VOLKSWAGEN DOGUS: Fitch Affirms BB- LT IDR, Alters Outlook to Neg.


U N I T E D   K I N G D O M

APPLEDORE: InfraStrata Buys Shipyard for GBP7 Million
DEBENHAMS PLC: Deadline for Bidders to Submit Offers Passes
NEW LOOK: Moody's Cuts CFR to 'C', Outlook Negative
VIRGIN ATLANTIC: UK High Court Approves Rescue Package
[*] UK: Atradius Says Insolvencies Set to Rise by 27% This Year


                           - - - - -


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B E L A R U S
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BELARUSBANK: Moody's Reviews Caa1 Bank Deposit Rating for Downgrade
-------------------------------------------------------------------
Moody's Investors Service placed all long-term ratings and
assessments of Belarusbank, Belagroprombank JSC (Belagroprombank)
and Belinvestbank on review for downgrade. The outlooks on the
long-term deposit ratings, as well as the issuer outlooks, were
changed to review down from stable. Concurrently, Moody's affirmed
two banks' short-term Counterparty Risk (CR) Assessments of Not
Prime(cr) and short-term Counterparty Risk Ratings (CRRs) of Not
Prime (NP), as well as three banks' short-term deposit ratings of
Not Prime (NP).

RATINGS RATIONALE

THE REVIEW FOR DOWNGRADE REFLECTS POTENTIAL FOR POLITICAL
INSTABILITY TO SPILL OVER INTO LIQUIDITY AND ASSET-QUALITY RISKS

The rating action was driven by social risk considerations, namely,
the risks for the banking sector's liquidity stemming from the
political instability. Since the country's presidential elections
on August 9, there has been widespread social unrest in Belarus (B3
stable). This heightened political instability is reflected in the
interbank market and the behaviour of some depositors which
increases pressure on bank liquidity. In addition, prolonged
political turmoil would be disruptive for economic activity,
already damaged by the coronavirus outbreak, and thus cause a more
significant than expected deterioration in asset quality in the
coming months.

The review for downgrade of the banks' ratings thus reflects the
potential for political instability to spill over into both
liquidity and asset-quality risks for banks.

On August 12, the country's central bank, the National Bank of the
Republic of Belarus (NBRB), said that banks' retail depositors
increased withdrawals and moved cash savings to foreign currencies
from the Belarusian ruble. The magnitude of the outflows is
currently moderate, but if intensified, such outflows could have a
material impact on banks' standalone creditworthiness, given the
importance of retail customer deposits as one of the banks' key
funding sources. These rising liquidity risks are partially
mitigated by the three banks' solid liquidity cushions and the fact
that a large portion of Belarus banks' retail deposits have longer
maturities and cannot be withdrawn on demand. The NBRB will
continue to provide liquidity to the system, and these three
state-owned banks are likely to benefit from extraordinary support
from the government of Belarus in case of need. However, this does
not fully mitigate the risk of currency and maturity mismatches,
because the banks' foreign-currency (FX) liquid assets do not fully
cover their FX short-term liabilities. Moreover, the NBRB and the
government are less able to support the banking system with FX
liquidity because the sovereign has only modest foreign-currency
reserves.

Moody's further expects the three banks' problem loans to increase
in the coming months, as the disruption to economic activity from
the political turmoil and strikes adds to the pressure resulting
from the coronavirus outbreak. In particular, the performance of
foreign-currency loans will likely deteriorate as the borrowers'
repayment capacity will be undermined by the near-30% depreciation
of the Belarusian ruble since the beginning of the year.

SPECIFIC ANALYTICAL FACTORS FOR THE AFFECTED BANKS

  -- BELARUSBANK

The review for downgrade of Belarusbank's long-term ratings and
assessments reflects the potential for political instability to
spill over into liquidity and asset-quality risks for the bank.
Belarusbank's liquidity cushion, while solid, is the lowest among
the three banks. Its asset-risk profile is closely linked to the
sovereign credit risk, given the bank's high direct and indirect
credit exposure to the sovereign via government bonds and loans to
state-owned companies.

Belarusbank's B3 long-term local currency deposit rating
incorporates its b3 (review down) Baseline Credit Assessment (BCA)
and Moody's assessment of a very high probability of government
support, which, however, results in no rating uplift. Belarusbank's
long-term foreign currency deposit rating of Caa1 is capped by
Belarus' foreign currency deposit ceiling of Caa1.

  -- BELAGROPROMBANK JSC

The review for downgrade of Belagroprombank's long-term ratings and
assessments reflects the potential for political instability to
spill over into liquidity and asset-quality risks for the bank.
Belagroprombank's liquidity cushion is only marginally higher than
that of Belarusbank, while its asset-quality is weaker, despite
similarly strong linkage to the sovereign credit risk.

Belagroprombank's B3 long-term local currency deposit rating
incorporates its caa1 (review down) BCA and Moody's assessment of a
very high probability of government support, which provides a
one-notch rating uplift to the local currency deposit rating from
the BCA. Belagroprombank's long-term foreign currency deposit
rating of Caa1 is capped by Belarus' foreign currency deposit
ceiling of Caa1.

  -- BELINVESTBANK

The review for downgrade of Belinvestbank's long-term ratings and
assessments reflects the potential for political instability to
spill over into liquidity and asset-quality risks for the bank.
Compared to its peers, the bank has a larger liquidity cushion,
lower problem loans and higher loan loss reserves coverage, but
weaker earnings generation. Its exposure to the sovereign and
state-owned enterprises has recently reduced, but remains
substantial.

Belinvestbank's B3 long-term local currency deposit rating
incorporates its caa1 (review down) BCA and Moody's assessment of a
high probability of government support, which provides a one-notch
rating uplift. Belinvestbank's long-term foreign currency deposit
rating of Caa1 is capped by Belarus' foreign currency deposit
ceiling of Caa1.

THE FOCUS OF THE REVIEW

The review for downgrade on the three banks' ratings will focus on
the stability of the country and its financial system, including
but not limited to the magnitude of deposit outflows, their impact
on the banks' liquidity positions and their ability to provide
customers with unrestricted access to their funds.

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

A positive rating action on the three banks' ratings is currently
unlikely, given the review for downgrade. However, the ratings may
be confirmed if there are no substantial deposit outflows, their
liquidity remains solid and credit losses do not result in a
material deterioration of the banks' capital positions.

A significant deterioration of the banks' liquidity or capital
positions would result in a downgrade of their BCAs. The banks'
long-term deposit ratings could be downgraded in case of severe
deterioration of their standalone credit profiles, restrictions on
payments to customers or a downgrade of the sovereign rating.

LIST OF AFFECTED RATINGS

Issuer: Belagroprombank JSC

On Review for Downgrade:

Adjusted Baseline Credit Assessment, Placed on Review for
Downgrade, currently caa1

Baseline Credit Assessment, Placed on Review for Downgrade,
currently caa1

Long-term Counterparty Risk Assessment, Placed on Review for
Downgrade, currently B3(cr)

Long-term Counterparty Risk Rating, Placed on Review for Downgrade,
currently B3

Long-term Bank Deposits (Local Currency), Placed on Review for
Downgrade, currently B3, Outlook Changed to Rating Under Review
from Stable

Long-term Bank Deposits (Foreign Currency), Placed on Review for
Downgrade, currently Caa1, Outlook Changed to Rating Under Review
from Stable

Affirmations:

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

Short-term Counterparty Risk Rating, Affirmed NP

Short-term Bank Deposits, Affirmed NP

Outlook Actions:

Outlook, Changed to Rating Under Review from Stable

Issuer: Belinvestbank

On Review for Downgrade:

Adjusted Baseline Credit Assessment, Placed on Review for
Downgrade, currently caa1

Baseline Credit Assessment, Placed on Review for Downgrade,
currently caa1

Long-term Counterparty Risk Assessment, Placed on Review for
Downgrade, currently B3(cr)

Long-term Counterparty Risk Rating, Placed on Review for Downgrade,
currently B3

Long-term Bank Deposits (Local Currency), Placed on Review for
Downgrade, currently B3, Outlook Changed to Rating Under Review
from Stable

Long-term Bank Deposits (Foreign Currency), Placed on Review for
Downgrade, currently Caa1, Outlook Changed to Rating Under Review
from Stable

Affirmations:

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

Short-term Counterparty Risk Rating, Affirmed NP

Short-term Bank Deposits, Affirmed NP

Outlook Actions:

Outlook, Changed to Rating Under Review from Stable

Issuer: Belarusbank

On Review for Downgrade:

Adjusted Baseline Credit Assessment, Placed on Review for
Downgrade, currently b3

Baseline Credit Assessment, Placed on Review for Downgrade,
currently b3

Long-term Bank Deposits (Local Currency), Placed on Review for
Downgrade, currently B3, Outlook Changed to Rating Under Review
from Stable

Long-term Bank Deposits (Foreign Currency), Placed on Review for
Downgrade, currently Caa1, Outlook Changed to Rating Under Review
from Stable

Affirmations:

Short-term Bank Deposits, Affirmed NP

Outlook Actions:

Outlook, Changed To Rating Under Review From Stable

PRINCIPAL METHODOLOGY

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

BPS-SBERBANK: Moody's Reviews B2 LT Deposit Rating for Downgrade
----------------------------------------------------------------
Moody's Investors Service placed on review for downgrade
BPS-Sberbank's B2 long-term local-currency deposit rating, its Caa1
long-term foreign-currency deposit rating, its Baseline Credit
Assessment (BCA) of b3 and Adjusted BCA of b2. The outlook on the
long-term deposit ratings, as well as the issuer outlook, was
changed to rating under review from stable. Concurrently, Moody's
affirmed the bank's short-term deposit ratings of Not Prime (NP).

RATINGS RATIONALE

THE REVIEW FOR DOWNGRADE REFLECTS POTENTIAL FOR POLITICAL
INSTABILITY TO SPILL OVER INTO LIQUIDITY AND ASSET-QUALITY RISKS

The rating action was driven by social risk considerations, namely,
the risks for the Belarusian banking sector's liquidity stemming
from the political instability. Since the country's presidential
elections on August 9, there has been widespread social unrest in
Belarus (B3 stable). This heightened political instability is
reflected in the interbank market and the behaviour of some
depositors which increases pressure on bank liquidity. In addition,
prolonged political turmoil would be disruptive for economic
activity, already damaged by the coronavirus outbreak, and thus
cause a more significant than expected deterioration in asset
quality in the coming months.

The review for downgrade of BPS-Sberbank's ratings thus reflects
the potential for political instability to spill over into both
liquidity and asset-quality risks for the banking system and the
bank.

On August 12, the country's central bank, the National Bank of the
Republic of Belarus (NBRB), said that banks' retail depositors
increased withdrawals and moved cash savings to foreign currencies
from the Belarusian ruble. The magnitude of the outflows at
BPS-Sberbank is currently moderate, but if intensified, such
outflows could have a material impact on the bank's standalone
creditworthiness, given the importance of retail customer deposits
as one of the bank's key funding sources. These rising liquidity
risks are partially mitigated by BPS-Sberbank's solid liquidity
cushion and the fact that a large portion of the bank's retail
deposits have longer maturities and cannot be withdrawn on demand.
However, this does not fully mitigate the risk of currency and
maturity mismatches, because the bank's foreign-currency (FX)
liquid assets do not fully cover its FX short-term liabilities. The
NBRB will continue to provide liquidity to the system, but it is
less able to provide FX liquidity because the sovereign has only
modest foreign-currency reserves.

Moody's further expects BPS-Sberbank's problem loans to increase in
the coming months, as they will for the rest of the banking sector,
because the disruption to economic activity from the political
turmoil and strikes adds to the pressure resulting from the
coronavirus outbreak. In particular, the performance of
foreign-currency loans will likely deteriorate as the borrowers'
repayment capacity will be undermined by the near-30% depreciation
of the Belarusian ruble since the beginning of the year

AFFILIATE SUPPORT

BPS-Sberbank's B2 long-term local currency deposit rating
incorporates our assessment of a very high probability of affiliate
support from Russia's Sberbank (Baa3 stable, ba1), driven by (1)
the parent's strategic commitment to and majority stake in
BPS-Sberbank; (2) the bank's strong strategic fit with the parent;
and (3) the high reputational links between the bank and its
parent. Importantly in the current circumstances, BPS-Sberbank
benefits from access to liquidity support from its parent bank in
case of need.

THE FOCUS OF THE REVIEW

The review for downgrade on BPS-Sberbank's ratings will focus on
the stability of the country and its financial system, including
but not limited to the magnitude of deposit outflows, their impact
on the bank's liquidity position and its ability to provide
customers with unrestricted access to their funds.

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

A positive rating action on BPS-Sberbank's ratings is currently
unlikely, given the review for downgrade. However, the ratings may
be confirmed if the bank's deposits stabilize, its liquidity
remains solid and credit losses do not result in a material
deterioration of the bank's capital position.

A significant deterioration of BPS-Sberbank's liquidity or capital
position would result in a downgrade of the bank's Baseline Credit
Assessment (BCA). The bank's long-term deposit ratings could be
downgraded in case of severe deterioration of its standalone credit
profile or restrictions on customers' payments.

LIST OF AFFECTED RATINGS

Issuer: BPS-Sberbank

On Review for Downgrade:

Adjusted Baseline Credit Assessment, currently b2, Placed on Review
for Downgrade

Baseline Credit Assessment, currently b3, Placed on Review for
Downgrade

Long-term Bank Deposits (Local Currency), currently B2, Placed on
Review for Downgrade, Outlook Changed to Rating Under Review from
Stable

Long-term Bank Deposits (Foreign Currency), currently Caa1, Placed
on Review for Downgrade, Outlook Changed to Rating Under Review
from Stable

Affirmations:

Short-term Bank Deposits, Affirmed NP

Outlook Actions:

Outlook, Changed to Rating Under Review from Stable

PRINCIPAL METHODOLOGY

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



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F R A N C E
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ALTRAN TECHNOLOGIES: Moody's Withdraws Ba2 CFR on Debt Repayment
----------------------------------------------------------------
Moody's Investors Service withdrawn the Ba2 corporate family rating
(CFR) and the Ba2-PD probability of default rating (PDR) of Altran
Technologies (Altran), a leading engineering and research &
development services provider. Concurrently, Moody's has withdrawn
the Ba2 ratings on the senior secured credit facilities including
the EUR250 million revolving credit facility and the EUR1,380
million term loan both issued by Altran, and the USD300 million
term loan issued by US-based subsidiary Octavia Holdco Inc.

The rating action follows the full repayment of the company's
senior secured facilities on June 26, 2020, which were Altran's
only outstanding facilities rated by Moody's.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings because Altran's debt
previously rated by Moody's has been fully repaid and the
obligation is no longer outstanding.

COMPANY PROFILE

Altran, headquartered in Neuilly-sur-Seine, France, is a leading
provider of engineering and research and development (ER&D)
services, with revenue of EUR3.2 billion in 2019 and above 50,000
employees. In early April 2020, Altran was acquired by Capgemini
(unrated), a global leader in consulting, technology services and
digital transformation. Altran was then delisted on April 15, 2020
from the Euronext Paris stock exchange.



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G E R M A N Y
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DIC ASSET: S&P Assigns Preliminary BB+ ICR, Outlook Stable
----------------------------------------------------------
S&P Global Ratings assigned its 'BB+' preliminary long-term issuer
credit rating to DIC Asset AG and a 'BBB-' preliminary issue rating
to its proposed senior unsecured bond. The preliminary recovery
rating on the bond is '2'(85%).

DIC has a relatively small portfolio of currently about EUR2
billion owned commercial properties.   As of June 30, 2020, the
portfolio comprises 96 assets, including recently signed
acquisitions in 2020. This is smaller than higher-rated peers, such
as Alstria Office REIT AG or Immofinanz AG. The portfolio consists
mainly of office properties (63% by market value), mixed use (17%),
retail (15%), and logistics and others (together about 5%). The
portfolio is well spread across Germany with the majority of assets
located in small and midsize cities (about 60% of annualized gross
income), as well as in Germany's seven main metropolitan areas
(around 40%), where the commercial real estate (CRE) market has
benefitted from strong demand thanks to limited new supply in the
past couple of years. Although some of DIC's properties are in
secondary locations, such as Mannheim or Ludwigshafen, whose CRE
markets are less dynamic than those in the larger metropolitan
areas, and it might require more time to find replacements if a
tenant moves out once the lease contract expires, the majority of
DIC's locations are in or close to metropolitan areas with good
infrastructure and positive macroeconomic fundamentals. We
understand that DIC's strategy toward its owned commercial property
portfolio is to grow it to about EUR2.5 billion in the
short-to-medium term. With about 800 tenants, DIC's portfolio is
well diversified. Pro forma the recently signed acquisitions and
new rental agreements effective after June 30, 2020, the largest
tenant is the German Stock Exchange, which contributes 5.3% of
total annual rental income, followed by the City of Hamburg (5%).
The top 10 tenants represent approximately 40% of total rental
income. S&P siad, "We view favorably DIC's exposure to public
sector tenants, representing 22% of total rental income, which
provide stable and predictable cash flows. We understand that the
majority (about 72% of all properties) of buildings are multitenant
properties and its largest asset accounts for approximately 6% of
total portfolio value."

S&P views DIC's portfolio quality in line with the German industry
standard.   The properties are rented below market level, with an
average monthly office rent per square meter at EUR10.36 as of June
30, 2020. Most of the lease contracts are double net leases and
linked to indexation, in line with the industry standard. DIC
spends about EUR25 million-EUR30 million annually for capital
expenditure (capex), mainly related to asset refurbishment and
repositioning. S&P views positively the company's weighted average
lease length of approximately six years, with the majority (about
74.4%) of leases expiring in 2024 or later. DIC benefits from a
strong operational track record and reducing European Public Real
Estate Association vacancy rate over the past few years to 7.5%
currently from 11.8% in 2016. Occupancy levels are in line with
other rated Germany-based office peers such as Astria Office-REIT
AG and Summit Properties, albeit still below the market average.
S&P views positively that the company is not involved in any direct
development activities.

DIC's overall rental income in 2020 will likely be constrained by
the German lockdown during the second quarter of 2020 in response
to COVID-19.  S&P said, "Although like-for-like rental income grew
by 2% in 2019, we expect a decline in like-for-like rents of about
4%-7% for DIC in 2020, mainly stemming from its retail assets
(currently about 15% of total annual rental income). We understand
that, excluding GALERIA Karstadt Kaufhof, half of the company's
retail assets are food-anchored or essential stores, which remained
open during the lockdown. That said, we believe a larger share of
affected rental income will stem from its seventh-largest tenant,
the department store chain GALERIA Karstadt Kaufhof (representing
about 3.1% of total pro-forma annual rental income, spread across
two properties). GALERIA Karstadt Kaufhof filed for a protective
administrative insolvency in April 2020, and we understand DIC in
July signed new contracts with extended lease terms for two
properties and terminated the lease for the third property.
Overall, in our view, longer-term trends will likely affect the
retail and office segments." The pandemic is accelerating the
penetration of e-commerce and remote working trends, thereby
sinking demand for physical space.

S&P said, "We view DIC's fee income business, which provides
products along the whole real estate chain to a varied investor
base, as an additional earnings source, though less stable than
traditional rental income streams.   In addition to its yielding
commercial real estate portfolio, DIC manages approximately EUR6.6
billion of assets for third parties (institutional business). Of
those assets, 89% are office properties (thereof 16% are public
sector tenants), 6% retail, 3% hotel, and 2% residential. The
majority of the assets are located in Germany's seven largest
cities. The company generates about 45% of its EBITDA from real
estate management fee income, as well as co-investment income, and
we expect this proportion to remain relatively stable in the near
future. We understand that DIC uses an integrated real estate
management platform for all of its AUM (approximately EUR8.6
billion commercial yielding portfolio and institutional business),
creating synergies of both operational lines. We consider about 50%
of the fee income as recurring, in particular fees generated from
asset management, property management, and development. We believe
the remaining share, which comes mainly from fee income from
transaction business or is performance linked, is more volatile and
highly market driven. In our view, under the current market
environment, transaction or performance-linked income streams are
likely to see a larger impact from the COVID-19 pandemic than cash
flows generated by rental income."

DIC's financial risk profile is underpinned by its moderate debt
leverage.   S&P said, "We forecast that S&P Global Ratings-adjusted
ratio of debt to EBITDA will be around 11x-12x for the next 12-24
months. We view positively management's commitment to maintaining
its target reported loan-to-value (LTV) ratio of around 45% and its
net debt-to-capital ratio below 50%. Pro-forma the anticipated bond
issuance, we forecast this ratio will remain at about 50% over the
near term. We therefore expect the company will use an adequate mix
of debt and equity to support any further portfolio growth. Given
that the value of DIC's investment properties is held at historical
book values in its financial accounts rather than current market
values, we add back to equity the market value uplift for the
company's investment properties and consider the ratio of debt to
debt plus equity (fair value) in our analysis of DIC's credit
metrics. The company also benefits from a solid EBITDA interest
coverage of about 3x. Its cost of debt stood at 2.1% on June 30,
2020, and we do not anticipate a major change to DIC's funding
costs in the next 12-24 months. Pro-forma the bond issuance and use
of proceeds, the company's average debt maturity should improve to
4.5 years from the current 3.9 years. Over 90% of DIC's interest
rate exposure is fixed or hedged. Our base-case takes into account
any refinancing activities closed in the first half of 2020,
including the company's equity increase with net proceeds of EUR107
million, as well as the proposed senior unsecured notes at
benchmark size (approximately EUR500 million). We forecast the
proceeds of the bond will be used to refinance secured and
unsecured debt (about 65% of proceeds) and the remainder for growth
opportunities (about 35%)."

S&P said, "The preliminary rating incorporates a one-notch upward
adjustment based on our comparable rating analysis.   Compared with
peers with the same business risk assessment, such as DEMIRE or
Summit Properties, we view DIC as better positioned, thanks to its
larger portfolio size and higher exposure to public tenants, which
generate more stable and predictable rental income. Although DIC's
institutional business is less stable than the rental business, we
believe that DIC gains synergies with the additional income stream
from institutional business. In addition, our rating assessment
takes into account the company's solid operational track record as
a long-term asset manager in the German commercial real estate
market.

"The stable outlook is based on our view that the company's income
from asset and property management, including rents, will generate
stable cash flows over the next 12 months. We expect the company
will withstand the negative impacts of the pandemic on the back of
its long lease terms, its exposure to public tenants, and
continuous growth in its commercial real estate investments located
in and around Germany's metropolitan cities, with stable market
fundamentals.

"In our base-case, EBITDA interest coverage will remain about 3x
and debt to debt plus equity will stay at around 50% over the next
12-24 months. For the same period, we assume the ratio of debt to
EBITDA will remain at 11x-12x."

Downside scenario

S&P could lower the rating if:

-- The company fails to keep its debt to debt plus equity below
55%, e.g., as a result of debt-financed acquisitions or a revision
of its financial policy;

-- Debt to EBITDA increase above 13x, e.g., the company would
suffer from a significant EBITDA drop due to an unexpected market
downturn; or

-- Its EBITDA interest coverage declines to below 2.4x.

In addition, S&P may change its rating approach if the company were
to increase its EBITDA contribution from its institutional business
significantly, which could impact the rating negatively.

Upside scenario

S&P could raise the rating if:

-- DIC enhanced the scale and scope of its yielding portfolio and
real estate segments and locations with solid market fundamentals,
similar to rated CRE peers in the lower investment-grade category,
while vacancy levels remain well below 10%, including any new
growth.

-- Debt to debt plus equity declines to below 45% while EBITDA
interest coverage remains at least 3x or more; and

-- Debt to EBITDA remains below 9.5x on a sustainable basis.


PROVIDE BLUE 2005-2: S&P Raises Class E Notes Rating to 'BB (sf)'
-----------------------------------------------------------------
S&P Global Ratings raised its credit rating on Provide Blue 2005-2
PLC's class E notes to 'BB (sf)' from 'B- (sf)'.

The upgrade follows its analysis of the transaction and the
application of our European residential loans criteria.

S&P has also considered its updated market outlooks and additional
COVID-19 stresses to account for the current macroeconomic
environment.

S&P said, "As the notes pay down fully sequentially, available
credit enhancement has increased for the class E notes in the
transaction since our previous review in 2019. Over the same time,
we have observed a further reduction in defaulted reference claims
(90+ day arrears and bankruptcies, which have been reported to the
trustee) in absolute terms to about EUR5.1 million from EUR6.9
million." In addition, cumulative net losses have remained almost
unchanged at EUR17.9 million, resulting in a stable size of the
first loss piece at EUR3.09 million.

S&P said, "We have raised our rating on the class E notes because
we consider the increased credit enhancement to be commensurate
with our 'BB (sf)' rating. We also considered our view of the
tail-end risk, given the transaction's small pool factor (the
outstanding collateral balance as a proportion of the original
collateral balance) and its sensitivity to recoveries."

S&P said, "We also consider credit stability in our analysis. To
reflect moderate stress conditions, we adjusted our
weighted-average foreclosure frequency assumptions by assuming
additional arrears of 8% for one- and three-year horizons. This did
not result in our rating deteriorating below the maximum projected
deterioration that we would associate with each relevant rating
level, as outlined in our credit stability criteria."

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

Provide Blue 2005-2 is a partially funded synthetic German RMBS
transaction using the Provide Platform provided by Kreditanstalt
fur Wiederaufbau.


WIRECARD AG: BaFin Head Rejects Calls to Resign Over Scandal
------------------------------------------------------------
Martin Arnold at The Financial Times reports that the head of
Germany's financial watchdog has rejected calls to resign over the
scandal at Wirecard, while saying that with hindsight he should
have called for prosecutors to open an investigation sooner.

Felix Hufeld said at a conference on Sept. 2 that he would not
resign "as long as my country and Europe have trust in me", the FT
relates.

According to the FT, the BaFin boss, whose position has been called
into question by some German MPs, conceded "we didn't see the wood
for the trees" and "for too long we relied on formal instruments".
He said the regulator was "too late" in finding the alleged
"criminal activity", the FT notes.

Wirecard collapsed into insolvency on June 25 after admitting that
about EUR1.9 billion in cash was missing from its accounts, the FT
recounts.  German prosecutors suspect the group was looted, with
US$1 billion funnelled to opaque partner companies even as the
payments group fought allegations of accounting fraud, the FT
discloses.

Germany's parliament on Sept. 1 opened a full inquiry into the
matter, the FT relays.

BaFin, the FT says, has been criticized for not investigating
allegations properly and for the disclosure that its staff were
trading Wirecard shares shortly before it declared insolvency,
raising questions about potential conflicts of interest.




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

CONTEGO CLO VIII: Fitch Gives B-sf Rating on Class F Debt
---------------------------------------------------------
Fitch Ratings has assigned Contego CLO VIII Designated Activity
Company final ratings.

RATING ACTIONS

CONTEGO CLO VIII DAC

Class A; LT AAAsf New Rating; previously AAA(EXP)sf

Class B-1; LT AAsf New Rating; previously AA(EXP)sf

Class B-2; LT AAsf New Rating; previously AA(EXP)sf

Class C; LT Asf New Rating; previously A(EXP)sf

Class D; LT BBB-sf New Rating; previously BBB-(EXP)sf

Class E; LT BB-sf New Rating; previously BB-(EXP)sf

Class F; LT B-sf New Rating; previously B-(EXP)sf

Subordinated; LT NRsf New Rating; previously NR(EXP)sf

TRANSACTION SUMMARY

Contego CLO VIII DAC is a cash flow collateralised loan obligation
(CLO). Net proceeds from the issuance of the notes are being used
to purchase a portfolio of EUR300 million of mostly European
leveraged loans and bonds. The portfolio is actively managed by
Five Arrows Managers LLP. The CLO envisages a 3.1-year reinvestment
period and a seven-year weighted average life (WAL).

KEY RATING DRIVERS

'B'/'B-' Portfolio Credit Quality: Fitch assesses the average
credit quality of obligors in the 'B'/'B-' category. The Fitch
weighted average rating factor (WARF) of the identified portfolio
is 34.07.

High Recovery Expectations: At least 90% of the portfolio will
comprise senior secured obligations. Fitch views the recovery
prospects for these assets as more favourable than for second-lien,
unsecured and mezzanine assets. The Fitch weighted average recovery
rate (WARR) of the identified portfolio is 65.77%

Diversified Asset Portfolio: The transaction has Fitch test
matrices corresponding to two top-10 obligors' concentration limits
of 17.5% and 26.5%. The manager can interpolate within and between
two matrices. The transaction also includes various concentration
limits, including the maximum exposure to the three-largest
Fitch-defined industries in the portfolio at 40%. These covenants
ensure the asset portfolio will not be exposed to excessive
concentration.

Portfolio Management: The transaction has a 3.1-year reinvestment
period and includes reinvestment criteria similar to those of other
European transactions. Fitch's analysis is based on a stressed-case
portfolio with the aim of testing the robustness of the transaction
structure against its covenants and portfolio guidelines.

Cash Flow Analysis: Fitch used a customised proprietary cash flow
model to replicate the principal and interest waterfalls and the
various structural features of the transaction, and to assess their
effectiveness, including the structural protection provided by
excess spread diverted through the par value and interest coverage
tests.

Deviation from Model-implied Ratings: The assigned ratings deviate
from the model-implied ratings under the new assumptions of the
updated CLOs and Corporate CDOs Rating Criteria, which was
published on August 17, 2020 and effective immediately for new
ratings. The new assumptions mostly affect recoveries and include
the revision of the WARR calculation, for names that are not rated
by Fitch, which is now derived from 'BB' assumptions rather than
'B' assumptions previously.

The transaction's documentation does not reflect the new criteria.
The final ratings are a notch higher than the model-implied ratings
since the impact on WARR in the magnitude of -1.5% was not deemed
material enough to assign lower ratings than the current ratings.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade: A decrease to the rating default rate (RDR)
rate across all rating levels by 25% of the portfolio's mean
default rate, and a 25% increase of the rating recovery rate (RRR)
at all rating levels, would lead to an upgrade of between two and
five notches across the structure except for the class A notes'
ratings, which are at the highest level on Fitch's scale and
therefore cannot be upgraded. The transaction features a
reinvestment period and the portfolio is actively managed. 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.
Factors that could, individually or collectively, lead to negative
rating action/downgrade: An increase of the RDR at all rating
levels by 25% of the portfolio's mean default rate and a 25%
decrease of the RRR at all rating levels will result in downgrades
of between two and five notches across the structure. -Downgrades
may occur if the build-up of credit enhancement following
amortisation does not compensate for a larger loss expectation than
initially assumed due to unexpectedly high levels of default and
portfolio deterioration. As the disruptions to supply and demand
due to COVID-19 become apparent for other vulnerable sectors, loan
ratings in those sectors would also come under pressure. Fitch will
update the sensitivity scenarios in line with the view of its
Leveraged Finance team. Coronavirus Baseline Scenario Impact: Fitch
carried out a sensitivity analysis on the target portfolio for its
coronavirus baseline scenario. The agency notched down the ratings
for all assets with corporate issuers on Negative Outlook
regardless of sector. This scenario shows the resilience of the
final ratings, with substantial cushion across all rating
scenarios. Fitch also considered the possibility that the stressed
portfolio would further deteriorate due to the impact of
coronavirus-mitigation measures. Fitch believes this circumstance
is adequately addressed by the inclusion of the downwards rating
adjustment by a single notch of all collateral obligations that are
on Negative Outlook for the purpose of determining compliance to
Fitch WARF at the effective date. Coronavirus Downside Scenario:
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 a halting recovery begins
in 2Q21. The downside sensitivity incorporates the stresses of
applying a notch downgrade to all Fitch-derived ratings in the 'B'
rating category and applying a 0.85 recovery rating multiplier to
all other assets in the portfolio. Such a scenario would lead to a
downgrade of up to five notches for the rated notes.

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

DATA ADEQUACY

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

CONTEGO CLO VIII: S&P Assigns B-(sf) Rating to Class F Notes
------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Contego CLO VIII
DAC's class A, B-1, B-2, C, D, E, and F notes. The issuer also
issued unrated subordinated notes.

This is a European cash flow CLO transaction, securitizing a pool
of primarily syndicated senior secured loans or bonds. The
portfolio's reinvestment period ends approximately three years
after closing, and the portfolio's maximum average maturity date is
seven years after closing. Under the transaction documents, the
rated notes pay quarterly interest unless there is a frequency
switch event. Following this, the notes will switch to semiannual
payment.

As of the closing date, the issuer will own approximately 92% of
the target effective date portfolio. S&P said, "We consider that
the portfolio on the effective date will be well-diversified,
primarily comprising broadly syndicated speculative-grade senior
secured term loans and senior secured bonds. Therefore, we have
conducted our credit and cash flow analysis by applying our
criteria for corporate cash flow collateralized debt obligations."

  Portfolio Benchmarks
                                                         Current
  S&P Global Ratings weighted-average rating factor      2932.24
  Default rate dispersion                                 509.91
  Weighted-average life (years)                             5.14
  Obligor diversity measure                                99.17
  Industry diversity measure                               18.42
  Regional diversity measure                                1.32

  Transaction Key Metrics
                                                         Current
  Total par amount (mil. EUR)                                300
  Defaulted assets (mil. EUR)                                  0
  Number of performing obligors                              109
  Portfolio weighted-average rating derived
    from S&P's CDO evaluator                                 'B'
  'CCC' category rated assets (%)                           2.67
  'AAA' weighted-average recovery (%)                      36.77
  Weighted-average spread net of floors (%)                 3.77

S&P said, "In our cash flow analysis, we have modeled the EUR300
million target par amount, a weighted-average spread of 3.60%, the
reference weighted-average coupon of 4.50%, and a weighted-average
recovery rates for the 'AAA' rated note of 36.25%. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.

"Following the application of our structured finance sovereign risk
criteria, we consider the transaction's exposure to country risk to
be limited at the assigned preliminary ratings, as the exposure to
individual sovereigns does not exceed the diversification
thresholds outlined in our criteria.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B to F notes is commensurate with
typically higher rating levels than those we have assigned.
However, as the CLO will have a reinvestment period, during which
the transaction's credit risk profile could deteriorate, we have
capped our assigned ratings on the notes."

Elavon Financial Services DAC will be the bank account provider and
custodian. Its documented downgrade remedies are in line with our
counterparty criteria.

The issuer can purchase up to 30.0% of non-euro assets, subject to
entering into asset-specific swaps. J.P. Morgan AG and Merrill
Lynch International will act as swap counterparty. Their downgrade
provisions are in line with S&P's counterparty criteria for
liabilities rated up to 'AAA'.

S&P considers that the transaction's legal structure is bankruptcy
remote, in line with our legal criteria.

The CLO will be managed by Five Arrows Managers LLP. S&P has two
CLOs managed by Five Arrows under surveillance currently, so can
support a maximum potential rating on the liabilities of 'AAA'
under our "Global Framework For Assessing Operational Risk In
Structured Finance Transactions," published on Oct. 9, 2014.

S&P said, "Following our analysis of the credit, cash flow,
counterparty, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for each class
of notes.

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A to E notes
to five of the 10 hypothetical scenarios we looked at in our recent
publication."

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

Contego CLO VIII is a European cash flow CLO securitization of a
revolving pool, comprising euro-denominated senior secured loans
and bonds issued mainly by sub-investment grade borrowers. Five
Arrows Managers LLP will manage the transaction.

  Ratings List

  Class   Rating    Amount    Subordination (%)   Interest rate*
                   (mil. EUR)
  A       AAA (sf)   175.50     41.50     Three/six-month EURIBOR
                                            plus 1.45%
  B-1     AA (sf)     17.00     31.50     Three/six-month EURIBOR
                                            plus 2.10%
  B-2     AA (sf)     13.00     31.50     2.45%
  C       A (sf)      21.50     24.33     Three/six-month EURIBOR

                                            plus 2.80%
  D       BBB (sf)    18.00     18.33     Three/six-month EURIBOR
                                            plus 3.80%
  E       BB- (sf)    15.50     13.17     Three/six-month EURIBOR
                                            plus 6.03%
  F       B- (sf)      7.50     10.67     Three/six-month EURIBOR
                                            plus 7.80%
  Sub     NR          29.35      N/A      N/A

*The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A—-Not applicable.


EURO-GALAXY VII: Fitch Affirms B-sf Rating on Class F Notes
-----------------------------------------------------------
Fitch Ratings has affirmed Euro-Galaxy VII CLO DAC, and removed the
class E and F notes from Rating Watch Negative (RWN).

RATING ACTIONS

Euro-Galaxy VII CLO DAC

Class A-1 XS1963039448; LT AAAsf Affirmed; previously AAAsf

Class A-2 XS1963039877; LT AAAsf Affirmed; previously AAAsf

Class B XS1963040297; LT AAsf Affirmed; previously AAsf

Class C XS1963040537; LT Asf Affirmed; previously Asf

Class D XS1963040966; LT BBB-sf Affirmed; previously BBB-sf

Class E XS1963041188; LT BB-sf Affirmed; previously BB-sf

Class F XS1963041428; LT B-sf Affirmed; previously B-sf

Class X XS1963039109; LT AAAsf Affirmed; previously AAAsf

TRANSACTION SUMMARY

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

KEY RATING DRIVERS

Coronavirus Baseline Sensitivity Analysis

The Negative Outlooks on the class D, E, and F notes reflect the
result of the sensitivity analysis Fitch ran in light of the
coronavirus pandemic. The agency notched down the ratings for all
assets with corporate issuers with a Negative Outlook regardless of
the sector. The model-implied ratings for the affected tranches
under the coronavirus sensitivity test are below the current
ratings. The portfolio includes almost EUR118.6 million of assets
with a Fitch-derived rating on Negative Outlook, which amount to
29.6% of the transaction's portfolio balance. The Fitch WARF
increases to 38.37 after the coronavirus baseline sensitivity
analysis.

Fitch's analysis shows the senior notes' rating resilience against
the coronavirus baseline. The class E and F notes have been removed
from RWN reflecting the lower likelihood of downgrade as leveraged
loan rating migration has stabilised.

'B'/'B-' Credit Quality

Fitch assesses the average credit quality of obligors in the
'B'/'B-' category. As of August 22, 2020, the Fitch-calculated
'CCC' and below category assets represented 5.88% of the portfolio
and 6.38% including unrated assets. The latter may be privately
rated by another rating agency and may be considered 'B-' by the
manager for the purpose of calculating the WARF, subject to certain
conditions.

High Recovery Expectations

98.9% of the portfolio comprises senior secured obligations. Fitch
views the recovery prospects for these assets as more favourable
than for second-lien, unsecured and mezzanine assets. The
Fitch-calculated weighted average recovery rate of the current
portfolio is 65.52%.

Diversified Portfolio

The portfolio is well-diversified across obligors, countries and
industries. No obligor represents more than 1.91% of the portfolio
balance. The largest industry is business services at 17.50% of the
portfolio balance, followed by healthcare at 13.82%. Fitch does not
currently consider material the marginal breach of the largest
three industries portfolio profile test, reported at 40.34% against
a limit of 40.00%.

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
current rating. The deviation is due to the implied rating being
driven only by the back-loaded default timing scenario.

The model-implied rating for the class E notes is 'B+sf'. However,
Fitch has deviated from the model-implied rating in this case due
to the implied rating being driven only by the back-loaded default
timing scenario. The rating is in line with the majority of
Fitch-rated EMEA CLOs. The notes have a Negative Outlook due to a
shortfall at the current rating and 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 scenarios and the
front-, mid-, and back-loaded default timing scenarios, as outlined
in Fitch's criteria.

Fitch also 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,
given the portfolio credit quality may still deteriorate, not only
by natural credit migration, but also by reinvestments.

After the end of the reinvestment period, upgrades may occur in
case of a better-than-initially expected portfolio credit quality
and deal performance, leading to higher credit enhancement for the
notes and excess spread available to cover for losses 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 for the
notes following amortisation does not compensate for a higher loss
expectation than initially assumed due to an unexpectedly high
level of default and portfolio deterioration. As the disruptions to
supply and demand due to coronavirus for other sectors become
apparent, loan ratings in such sectors would also come under
pressure.

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 single-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

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

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 Fitch groups and/or other rating agencies
to assess the asset portfolio information.

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

MADISON PARK XIII: Fitch Affirms B-sf Rating on Class F Notes
-------------------------------------------------------------
Fitch Ratings has affirmed Madison Park Euro Funding XIII DAC and
removed the class E and F notes from Rating Watch Negative (RWN).

RATING ACTIONS

Madison Park Euro Funding XIII DAC

Class A XS1943603479; LT AAAsf Affirmed; previously AAAsf

Class B XS1943604014; LT AAsf Affirmed; previously AAsf

Class C XS1943604790; LT Asf Affirmed; previously Asf

Class D XS1943605334; LT BBB-sf Affirmed; previously BBB-sf

Class E XS1943606068; LT BB-sf Affirmed; previously BB-sf

Class F XS1943606738; LT B-sf Affirmed; previously B-sf

TRANSACTION SUMMARY

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

KEY RATING DRIVERS

Stable Portfolio Performance

The rating actions reflect the stabilisation of the portfolio's
performance. The transaction is above target par. As at August 22,
2020, the Fitch-calculated weighted average rating factor (WARF) of
the portfolio was slightly weaker, at 35.25, than the
trustee-reported WARF of July 6, 2020 of 34.9, owing to rating
migration. The 'CCCsf' or below category assets represent,
according to Fitch's calculation, is 9.09% which is above the 7.50%
limit. As per the trustee report, the Fitch WARF and Fitch weighted
average recover rate (WARR) was failing marginally. However, all
other tests, including the overcollateralisation and interest
coverage tests, were passing. As per the trustee report, the
transaction has two defaulted assets, which represents 0.47% of the
portfolio notional.

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 ratings of the class A, B and C notes with
cushions. While the class D, E and F notes still show sizeable
shortfalls, the agency views that the portfolio's negative rating
migration is likely to slow and category-level downgrades on these
tranches are less likely in the short term. As a result, the class
E and F have been removed from RWN and affirmed. The Negative
Outlook on the class E and F notes reflects the risk of credit
deterioration over the longer term, due to the economic fallout
from the pandemic.

'B'/'B-' Portfolio Credit Quality

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

High Recovery Expectations

Senior secured obligations comprise 97.2% of the portfolio. Fitch
views the recovery prospects for these assets as more favourable
than for second-lien, unsecured and mezzanine assets. The Fitch
WARR of the current portfolio is 61.66%.

Portfolio Composition

The top 10 obligors' concentration is 13.92% and no obligor
represents more than 1.57% of the portfolio balance. As per Fitch's
calculation the largest industry is business services at 11.97% of
the portfolio balance and the three-largest industries represent
31.00%, against limits of 17.50% and 40.00%, respectively.

As of the last trustee report, the percentage of obligations paying
less frequently than quarterly is around 49.1%. However, no
frequency switch event has occurred as the class A/B interest
coverage test still has significant headroom.

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 stable and rising interest-rate scenarios and the
front-, mid- and back-loaded default timing scenarios as outlined
in Fitch's criteria. In addition, Fitch also tested the current
portfolio with a coronavirus sensitivity analysis to estimate the
resilience of the notes' ratings. The analysis for the portfolio
with a coronavirus sensitivity analysis was only based on the
stable interest-rate scenario including all default timing
scenarios.

RATING SENSITIVITIES

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

At closing, Fitch used a standardised stress portfolio (Fitch's
Stress Portfolio) that 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 Stress Portfolio assumed at closing, an
upgrade of the notes during the reinvestment period is unlikely.
This is because the 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 a better-than-expected portfolio credit
quality and deal performance, leading to higher credit enhancement
and excess spread available to cover for losses on the remaining
portfolio.

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 an unexpected high level
of default and portfolio deterioration. As the disruptions to
supply and demand due to COVID-19 become apparent for other
vulnerable sectors, loan ratings in those sectors would also come
under pressure. Fitch will update the sensitivity scenarios in line
with the view of its Leveraged Finance team.

Coronavirus Downside Scenario: 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

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.

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



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

ENEL SPA: Moody's Rates Hybrid Notes Ba1, Outlook Positive
----------------------------------------------------------
Moody's Investors Service assigned a Ba1 long-term rating to the
junior subordinated Capital Security to be issued by ENEL S.p.A.
The size and completion of the Hybrid are subject to market
conditions. The outlook is positive.

RATINGS RATIONALE

The Ba1 rating assigned to the Hybrid is two notches below Enel's
senior unsecured rating of Baa2, reflecting the features of the
Hybrid. It is very long-dated, deeply subordinated and Enel can opt
to defer coupons on a cumulative basis. The rating is in line with
those of the existing hybrid notes issued by the company.

In Moody's view, the Hybrid has equity-like features which allow it
to receive basket "C" treatment (i.e. 50% equity and 50% debt) for
financial leverage purposes.

As the Hybrid's rating is positioned relative to another rating of
Enel, a change in either (1) Moody's relative notching practice; or
(2) the senior unsecured rating of Enel could affect the Hybrid's
rating.

Enel's Baa2 rating is underpinned by (1) its large scale and
geographical diversification, which help dampen earnings
volatility; (2) stable earnings stemming from regulated networks
and contracted generation, which account for around 80% of group
EBITDA; and (3) a solid financial profile, with funds from
operations (FFO)/debt in excess of 20% for 2019.

The rating also considers (1) the company's exposure to Italy (Baa3
stable), where it generates a substantial proportion of its
earnings; (2) political and regulatory risks in some of the other
countries where it operates, including Spain (Baa1 stable) and the
lower-rated Brazil (Ba2 stable); (3) the group's large capital
spending programme of EUR28.7 billion for 2020-22, although it has
a track record of successful execution and is not exposed to, for
example, the risks associated with large offshore wind
developments; (4) a minimum dividend payout, which may somewhat
constrain its financial flexibility; and (5) the substantial
minority holdings in the group, which reduce retained cash flow
(RCF) and add to complexity.

RATIONALE FOR POSITIVE OUTLOOK

The positive outlook reflects Enel's progress in delivering against
its strategic priorities. In particular, it takes into account the
company's recent financial performance and the potential for
continued earnings growth, increasing international diversification
with a corresponding reduction in the proportion of earnings from
Italy and improving business-risk profile as a result of continuing
investments in networks and renewables.

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

Enel's ratings could be upgraded if (1) progress against its
strategic priorities were to result in a sustained strengthening of
the group's financial profile, reflected in its credit metrics,
including FFO/net debt above 20% and RCF/net debt in the low teens
in percentage terms; and (2) there is continued growth in its
international activities, such that the proportion of domestic
earnings and its exposure to economic and political risks in Italy
decreases.

The ratings could be downgraded if the group were unable to
maintain a financial profile consistent with the guidance for the
current rating, such that its FFO/net debt was below the mid-teens
and RCF/net debt was below the low single digits, both in
percentage terms; or the delivery of Enel's strategy of switching
its business-risk profile to lower-risk activities was challenged.
This could be because of, for example, worse-than-expected
regulatory settlements in Italy, Spain, Brazil, Chile or Mexico.

The methodologies used in this rating were Unregulated Utilities
and Unregulated Power Companies published in May 2017.

Enel is the principal electric utility in Italy and is owned 23.6%
by the Italian State. In 2019 it generated EBITDA of EUR17.9
billion.



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

CABOT FINANCIAL: Fitch Assigns BB+(EXP) Rating to Sr. Sec. Notes
----------------------------------------------------------------
Fitch Ratings has assigned Encore Capital Group, Inc. a Long-Term
Issuer Default Rating (IDR) of 'BB+' with a Stable Outlook. Fitch
has also assigned the senior secured notes issued by subsidiaries
Cabot Financial (Luxembourg) S.A. and Cabot Financial (Luxembourg)
II S.A. an expected rating of 'BB+(EXP)'.

The assignment of final ratings to the senior secured notes is
contingent on completion of a planned change to their terms in a
manner consistent with that outlined to Fitch by management, and on
the receipt of final documents conforming to information already
reviewed.

Based in San Diego, Encore purchases portfolios of defaulted
receivables from financial service providers including banks,
credit unions, consumer finance companies, and commercial
retailers. It also provides debt servicing and portfolio management
services to credit originators for non-performing loans. Encore is
listed on NASDAQ, and in 2018 became 100% owner of the UK-based
Cabot Credit Management Limited (Cabot), having been a 43%
shareholder since 2013.

The change to the senior secured notes' terms forms part of
Encore's implementation of a new global funding structure, under
which the presently legally separate funding structures of Encore's
two primary operating subsidiaries, Midland Credit Management, Inc.
in the US and Cabot in the UK, will be combined. Their guarantors
will subsequently comprise substantially all material Encore
subsidiaries. Cabot financing group covenants will on completion of
the planned changes apply to the new financing group. Certain other
debt, principally a revolving credit facility and a USD300 million
committed bank 'stretch facility' will rank super-senior to the
senior secured notes. The change of terms is subject to receipt of
majority consent from the senior secured noteholders.

KEY RATING DRIVERS

ENCORE - IDR

Encore's Long-Term IDR reflects its leading franchise in the debt
purchasing sector in its chosen markets, its strong recent
profitability and its low leverage by the standards of the sector.
The ratings also take into account the concentration of Encore's
activities within debt purchasing, the potential for a prolonged
COVID-19-driven economic downturn to pressure collections
performance and portfolio asset quality, and the need over the
longer term for debt purchasers to maintain adequate access to
funding with which to replenish their stocks.

The Stable Outlook reflects Fitch's view that medium-term risks
regarding changes in the estimated recoveries from asset portfolios
are adequately mitigated by the company's current profitability and
moderate leverage.

Encore has a leadership position in the debt purchasing sector,
with estimated remaining collections (ERC) on portfolios held at
end-1H20 of USD8.4 billion, 2.6x their balance sheet value. The
company has a 25-year track record and a highly experienced
management team, focusing principally on the structurally deep
credit markets of the US and the UK.

In 2Q20 Encore reported record pre-tax income of USD166 million,
boosted by stronger than expected collections performance. This
allowed for the partial reversal of a USD98.7 million charge for
changes in expected current and future recoveries, recorded in 1Q20
as the company remodelled its collection expectations more
conservatively against the backdrop of the onset of the pandemic.

The adverse impact of lockdown conditions was felt most by Encore
in Spain, but this accounts for only a small proportion of its
business in comparison with the US and the UK, where it experienced
much less disruption. However, in Fitch's view longer-term
repayment risk remains with respect to consumers whose incomes and
employment status have been adversely affected, or may yet become
so in the absence of further extension of government stimulus and
support measures.

For the six months to end-June 2020 in aggregate adjusted EBITDA
inclusive of collections applied to principal balance was USD674
million, giving a strong margin as a proportion of revenues (again
gross of collections applied to principal balance) of over 60%. An
extended period of recessionary conditions could pressure
consumers' ability to pay, in Fitch's view, and thereby Encore's
earnings and portfolio asset quality, notwithstanding the strong
2Q20 collections performance. However, near-term asset quality risk
is mitigated by the long-dated nature of portfolio investments,
which are typically collected over an extended period (allowing for
some absorption of collection delays within the asset-life cycle)
as well as the historically sound collection multiples reported for
these assets.

Fitch's primary leverage metric for debt purchasers is gross
debt-to-adjusted EBITDA (including adjustments for portfolio
amortisation), consistent with the business model's asset-based
cash-generation characteristics. Fitch calculates Encore's gross
debt-to-adjusted EBITDA ratio at end-2019 as 2.8x, reducing to 2.5x
at end-1H20 on the basis of annualised adjusted EBITDA from the
strong first half. This compares favourably with the typical
profile of European debt purchasers. Fitch also considers
debt-to-tangible equity as a complementary leverage metric. Until
2019 Encore's tangible equity position was negative on account of
the significant goodwill carried, but successive years'
profitability has been strengthening its capital base, as its
present policy is to retain all profits rather than distribute them
in dividends.

In addition to the senior secured notes and the super-senior debt,
Encore's funding structure includes unsecured convertible and
exchangeable notes issued in the US and an asset-backed facility
within Cabot, each of which will remain in place following the
change in the senior secured notes' structure. On completion of the
change Fitch expects Encore to have available liquidity of around
USD470 million, via cash and undrawn RCF headroom. While the debt
purchasing business, model dictates the need to replenish assets
over the longer term with fresh portfolio acquisitions, companies
have the option over shorter periods to moderate their rate of
investment to match cash flows from existing portfolios, and
therefore conserve liquidity.

Fitch has assigned Encore an ESG relevance score of '4' in relation
to 'Customer Welfare - Fair Messaging, Privacy & Data Security', in
view of the importance of fair collection practices and consumer
interactions and the regulatory focus on them. Fitch has also
assigned an ESG relevance score of '4' for 'Financial
Transparency', in view of the significance of internal modelling to
portfolio valuations and associated metrics such as ERC. These are
features of the debt purchasing sector as a whole, and not specific
to Encore.

CABOT FINANCIAL LUXEMBOURG) S.A. AND CABOT FINANCIAL LUXEMBOURG) II
S.A. - SENIOR SECURED DEBT

The expected senior secured debt rating is equalised with Encore's
Long-Term IDR rather than notched upwards, reflecting the prior
claim on available security of the higher ranking super-senior debt
level.

RATING SENSITIVITIES

ENCORE - IDR

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

Given the current economic backdrop, an upgrade is unlikely in the
short term.

Over the medium to long term, positive rating action would be
subject to:

  - Maintenance of gross debt/adjusted EBITDA leverage consistently
below 2.5x, while also developing a significant tangible equity
position via retention of profits; and

  - Demonstration of collections and earnings resilience throughout
the course of the current global economic dislocation.

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

  - A sustained fall in earnings generation, particularly if
leading to a weakening in key debt service ratios or other
financial efficiency metrics;

  - Failure to adhere to management's public leverage guidance of
maintaining a net debt to adjusted EBITDA ratio in the range of
2-3x;

  - A weakening in asset quality, as reflected in acquired debt
portfolios significantly underperforming anticipated returns or
requiring material write-downs in expected recoveries; or

  - An adverse operational event or significant disruption in
business activities (for example arising from regulatory
intervention in key markets adversely impacting collection
activities), thereby undermining franchise strength and business
model resilience.

CABOT FINANCIAL LUXEMBOURG) S.A. AND CABOT FINANCIAL LUXEMBOURG) II
S.A. - SENIOR SECURED DEBT

The expected rating of the senior secured notes is primarily
sensitive to changes in Encore's Long-Term IDR. However, a
downgrade of Encore's IDR would not automatically lead to negative
rating action on the senior secured debt, depending on Fitch's view
of the likely impact on recoveries of the circumstances giving rise
to the downgrade.

Changes to Fitch's assessment of relative recovery prospects for
senior secured debt in a default (e.g. as a result of a material
increase in the proportion of Encore's debt which is unsecured)
could also result in the senior secured debt rating being notched
above the IDR.

CABOT FINANCIAL: Moody's Reviews B1 Sec. Notes Rating for Upgrade
-----------------------------------------------------------------
Moody's Investors Service assigned a corporate family rating of Ba2
to Encore Capital Group, Inc. The outlook on Encore is stable.

In the same rating action, Moody's placed the B1 ratings assigned
to the senior secured notes issued by the funding entities of
Encore's operating subsidiaries Cabot Financial (Luxembourg) S.A
and Cabot Financial (Luxembourg) II S.A on review for upgrade. This
follows Encore's group reorganization announcement aiming to
combine the currently legally separate funding structures of its US
and EMEA operating subsidiaries under a new global funding
structure [1]. Upon consummation of the transaction, Moody's
expects to upgrade the Cabot senior secured notes by one notch and
to withdraw the CFR of B1 currently assigned to Cabot Financial
Ltd.

RATINGS RATIONALE

RATIONALE FOR ASSIGNING A Ba2 CORPORATE FAMILY RATING TO ENCORE

The CFR of Ba2 assigned to Encore reflects the company's: 1) solid
profitability and interest coverage; 2) moderate Debt/EBITDA
leverage; 3) relatively long track record, with more than 20 years
of operating performance; 4) large franchise, anchored in the US
and supplemented with a reasonable global diversification. At the
same time, the assigned CFR of Ba2 reflects: 5) potential weakening
in the company's profitability and increase in earnings volatility,
due to the ongoing coronavirus crisis; as well as 6) the current
operating environment for debt purchasers, reflecting high
regulatory risk inherent to the debt collection business,
particularly in the United States.

In line with Moody's general view for the debt purchasing sector,
Encore has a low exposure to environmental risks. In terms of
social considerations, Moody's views Encore as moderately exposed,
given that its collections and investment opportunities will likely
be impacted by the coronavirus crisis, which Moody's views as a
social risk under Moody's environmental, social and governance
(ESG) framework, due to its substantial implications for public
health and safety. Similar to other debt purchasers, customer
relations represent important social considerations to Encore,
given that institutions that sell both performing and
non-performing debt can be highly regulated (e.g. banks) and rely
on the companies' handling of customer data and privacy. Changes to
regulatory rules and legal practices within a market could also
affect the recovery processes and collection curves. Governance is
highly relevant for Encore, as it is to all participants in the
finance company sector. While Moody's does not have any particular
concern around Encore's corporate governance practices, corporate
governance remains a key credit consideration and requires ongoing
monitoring, as is the case for all financial institutions.

RATIONALE FOR STABLE OUTLOOK ON ENCORE

The outlook is stable, reflecting Moody's expectations that
Encore's financial performance in the next 12-18 months will remain
consistent with its historical performance.

RATIONALE FOR PLACING CABOT'S DEBT RATINGS ON REVIEW FOR UPGRADE

The senior secured debt ratings of B1 of Cabot's senior secured
notes were placed on review for upgrade, following Encore's
announcement to move the current parent entity of the Cabot group
to Encore, as part of its decision to combine the currently legally
separate funding structures of its US and EMEA operating
subsidiaries, in order to create a new global funding structure.
The transaction is contingent upon receiving majority consent from
Cabot noteholders.

The senior secured debt ratings of B1 assigned to Cabot's senior
secured notes reflect the application of Moody's Loss Given Default
for Speculative-Grade Companies methodology and the priorities of
claims and asset coverage in Cabot's liability structure prior to
the consummation of the transaction. The assigned debt ratings
reflect Moody's expectation that Cabot's creditors will benefit
from the ownership of Encore, reducing the expected loss given
default. The expected upgrade of the notes by one notch upon
completion of the transaction is reflective of the expected
priorities of claims in Encore's liability structure.

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

Encore's CFR could be upgraded if the company: 1) continues to
demonstrate strong financial performance, with consistently solid
profitability and cash flows; 2) reduces its leverage, on a
consistent basis, to less than 2.5x; 3) diversifies its
geographical mix, which would reduce its exposure to the regulatory
risk in a given region; and 4) if Moody's deems that the operating
environment for debt purchasers has improved.

Encore's CFR could be downgraded in case of: 1) meaningful and
sustained deterioration in the company's profitability and cash
flows; 2) increase in leverage, on a sustained basis, to above
3.5x, measured as Debt/EBITDA; 3) failure to maintain adequate
committed revolving borrowing availability, or if liquidity
otherwise materially weakens; or 4) regulatory developments in a
country to which the company has significant business exposure that
would have significant negative impact on the company's franchise.

Upon consummation of the transaction, Moody's expects to upgrade
the Cabot senior secured notes by one notch. The B1 rating on
Cabot' senior secured notes will be confirmed if majority consent
is not received.

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

DEBT LIST

Issuer: Encore Capital Group, Inc.

Assignment:

Corporate Family Rating, Assigned Ba2

Outlook Action:

Outlook, Assigned Stable

Issuer: Cabot Financial (Luxembourg) S.A

Review Action:

Backed Senior Secured Rating, B1, placed on Review for Upgrade

Outlook Action:

Outlook changed to Ratings under Review from Stable

Issuer: Cabot Financial (Luxembourg) II S.A

Review Action:

Backed Senior Secured Rating, B1, placed on Review for Upgrade

Outlook Action:

Outlook changed to Ratings under Review from Stable



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

ACCUNIA EUROPEAN I: Fitch Affirms B-sf Rating on Class F Debt
-------------------------------------------------------------
Fitch Ratings has taken multiple rating actions on Accunia European
CLO I B.V., including the revision of Outlook on one tranche to
Negative from Stable, removing two other tranches from Rating Watch
Negative (RWN) and affirming all ratings.

RATING ACTIONS

Accunia European CLO I B.V.

Class A XS1966590215; LT AAAsf Affirmed; previously AAAsf

Class B-1 XS1966592260; LT AAsf Affirmed; previously AAsf

Class B-2 XS1966594126; LT AAsf Affirmed; previously AAsf

Class C XS1966595958; LT Asf Affirmed; previously Asf

Class D XS1966597574; LT BBB-sf Affirmed; previously BBB-sf

Class E XS1966599190; LT BB-sf Affirmed; previously BB-sf

Class F XS1966599604; LT B-sf Affirmed; previously B-sf

TRANSACTION SUMMARY

Accunia European CLO I B.V. is a cash flow collateralised loan
obligation (CLO) of mostly European leveraged loans and bonds. The
transaction is in its reinvestment period and the portfolio is
actively managed by Accunia Fondsmaglerselskab A/S.

KEY RATING DRIVERS

Weakening Portfolio Performance

As per the trustee report dated July 31, 2020, the aggregate
collateral balance was below par by 136bp. The trustee-reported
Fitch weighted average rating factor (WARF) of 35.05 was in breach
of its test. Assets with a Fitch-derived rating (FDR) of 'CCC'
category or below represented 10.4% (including three unrated assets
representing approximately 3.3 % of the portfolio) of the
portfolio, as per Fitch calculation on August 22, 2020. Assets with
a FDR on Outlook Negative represented 31.3% of the portfolio
balance.

Coronavirus Baseline Scenario Impact

Fitch carried out a sensitivity analysis on the target portfolio
for its 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 ratings of the class A, B-1 and B-2 notes with cushions. The
class C notes show a small shortfall in such a scenario, resulting
in the Outlook revision to Negative. While the class D, E and F
notes still show sizeable shortfalls, the agency views that the
portfolio's negative rating migration is likely to slow and
category-level downgrades on these tranches are less likely in the
short term. As a result, the class E and F notes have been removed
from RWN, affirmed at their current ratings and assigned a Negative
Outlook. The Negative Outlook on all four classes reflects the risk
of credit deterioration over the longer term, due to the economic
fallout from the pandemic.

Portfolio Credit Quality

Fitch assesses the average credit quality of obligors in the
'B'/'B-' category. The Fitch WARF of the current portfolio was
35.61, as per Fitch's calculation, on August 22, 2020.

High Recovery Expectations

Approximately 96% of the portfolios comprise senior secured
obligations. Fitch views the recovery prospects for these assets as
more favourable than for second-lien, unsecured and mezzanine
assets. The Fitch weighted average recovery rate (WARR) of the
current portfolio was 62.68%, as per Fitch's calculation, on August
22, 2020.

Diversified Portfolio

The portfolio is reasonably diversified across obligors, countries
and industries. Exposure to the top-10 obligors and the largest
obligor is 17.3% and 2.1%, respectively. The top-three industry
exposures accounted for about 36.5%. As of July 31, 2020, no
frequency switch event has occurred.

Deviation from Model-Implied Ratings

The model-implied rating for the class E notes is 'B+sf' and the
class F notes is 'CCCsf', below the current ratings of 'BB-sf' and
'B-sf', respectively. Fitch decided to deviate from the
model-implied rating for both classes because the model-implied
ratings are driven by the back-loaded default timing scenario only.
In addition, for the class F notes, a 'B-sf' rating is deemed more
appropriate, which, based on its rating definitions, indicates a
material risk of default but with a limited margin of safety,
whereas 'CCCsf' indicates that default is a real possibility.

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.

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 unexpected high levels of
defaults and portfolio deterioration. As the disruptions to supply
and demand due to COVID-19 become apparent for other sectors, loan
ratings in those sectors would also come under pressure. Fitch will
update the sensitivity scenarios in line with the view of its
Leveraged Finance team.

Coronavirus 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 a single-notch
downgrade to all FDRs in the 'B' rating category and 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.

DCDML 2016-1: Fitch Affirms B-sf Rating on Class E Notes
--------------------------------------------------------
Fitch Ratings has downgraded DCDML 2016-1 B.V.'s class D notes and
affirmed the other classes.

RATING ACTIONS

DCDML 2016-1 B.V.

Class A XS1373216453; LT AAAsf Affirmed; previously AAAsf

Class B XS1373216610; LT AA+sf Affirmed; previously AA+sf

Class C XS1373216701; LT A+sf Affirmed; previously A+sf

Class D XS1373216966; LT BBBsf Downgrade; previously A+sf

Class E XS1373217006; LT B-sf Affirmed; previously B-sf

TRANSACTION SUMMARY

The transaction was the first securitisation of loans by Dynamic
Credit Woninghypotheken B.V. (DCW), a lender in operation since
June 2015. DCW has now been renamed Elan Woninghypotheken B.V.
Fitch rated additional transactions from this lender from 2017 to
2019.

KEY RATING DRIVERS

COVID-19 Additional Stress Assumptions

Fitch has identified additional stress scenarios to be applied in
conjunction with its European RMBS Rating Criteria in response to
the coronavirus outbreak (see: EMEA RMBS: Criteria Assumptions
Updated due to Impact of the Coronavirus Pandemic). The agency
considered these additional stresses for the rating analysis.

The application of a revised 'Bsf' representative pool weighted
average foreclosure frequency (WAFF) and revised multiples does not
result in changes in the model-implied ratings. Furthermore, the
arrears adjustment to the steady-state level would not negatively
affect the ratings.

Quion acts as the servicer. The actual number of payment holidays
granted by the servicer on its overall portfolio are low.
Therefore, Fitch has not adjusted its cash flow analysis for
payment holidays. This approach is in line with other Dutch RMBS
transactions.

Interest Deferral Permitted

The transaction documents allow for interest to be deferred on
junior notes, but require the accrued interest to be repaid on the
next interest payment date once these notes become the most senior
ones. Principal funds can be used to pay deferred interest on the
most senior notes. The repayment of the notes is highly dependent
on such funds when (i) the superior class is repaid in full; and
(ii) the first period that the respective class is most senior.

Fitch has supplemented its standard cash flow model with additional
analysis to assess the likelihood of timely payments when the
respective notes become most senior by looking at the ratio between
available funds in such periods and accumulated deferred interest.
While the class B and C notes show robust coverage, payments for
the class D and E notes depend on the scenario, eg the development
of interest rates, prepayments or credit losses until this point in
time, which could be as late as 2035. Based on this analysis, Fitch
has downgraded the class D notes to 'BBBsf'. The 'B-sf' rating of
the class E notes already reflects this structural weakness, which
is added to by payment interruption risk when the note becomes most
senior.

Stable Portfolio Characteristics

The key portfolio characteristics have remained comparable with
those at closing.

Transaction Performance

As of July 2020, three-month plus arrears remained low and below
0.1% of the outstanding balance of the portfolio. Similarly, no
repossessions or losses have occurred. Furthermore, credit
enhancement has been increasing for all rated notes. However, the
transaction performance figures can be distorted by repurchases. In
the first four years, around 7% of the initial balance was
repurchased. Consequently, Fitch has floored the performance
adjustment factor at 100%.

Reserves for Liquidity and Losses

The transaction features multiple reserve funds for the class A to
E notes. The reserve amounts form part of the available interest
funds and can be used to cover interest and principal deficiency
ledgers. The reserves are consequently not restricted to liquidity
support, particularly for the class B to E notes. Fitch has not
upgraded the class B notes to their model-implied rating as the
history of reserve fund coverage for liquidity purposes is
insufficient for now as per its criteria.

RATING SENSITIVITIES

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

  - Credit enhancement ratios increase as the transaction amortises
and are sufficient to compensate credit losses and further stresses
at higher rating levels.

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

  - Unanticipated increases in defaults or decreases in recovery
rates could produce larger losses than its current assumptions.

  - Resetting of the loans at substantially lower margins.

Coronavirus Downside Scenario Sensitivity:

As outlined in "Fitch Ratings Coronavirus Scenarios: Baseline and
Downside Cases", we consider a more severe downside coronavirus
scenario for sensitivity purposes whereby a more severe and
prolonged period of stress is assumed with a halting recovery from
2Q21. Under this scenario, Fitch's analysis uses a 15% WAFF
increase and a 15% decrease in the weighted average recovery rate.
This scenario would not lead to a downgrade of the notes.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. There were no findings that affected the
rating analysis.

Fitch has not reviewed the results of any third-party assessment of
the asset portfolio information or conducted a review of
origination files as part of its ongoing monitoring.

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

Prior to the transaction's closing, Fitch conducted a review of a
small targeted sample of Quion's origination files and found the
information contained in the reviewed files to be adequately
consistent with the originator's policies and practices and the
other information provided to the agency about the asset
portfolio.

ESG CONSIDERATIONS

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

DRYDEN 73: Fitch Affirms B-sf Rating on Class F Debt
----------------------------------------------------
Fitch Ratings has affirmed Dryden 73 Euro CLO 2018 B.V. and removed
three tranches from Rating Watch Negative (RWN).

RATING ACTIONS

Dryden 73 Euro CLO 2018 B.V.

Class A-1 XS2063331974; LT AAAsf Affirmed; previously AAAsf

Class A-2 XS2063332600; LT AAAsf Affirmed; previously AAAsf

Class B-1 XS2063333244; LT AAsf Affirmed; previously AAsf

Class B-2 XS2063333913; LT AAsf Affirmed; previously AAsf

Class C-1 XS2063334481; LT Asf Affirmed; previously Asf

Class C-2 XS2063335298; LT Asf Affirmed; previously Asf

Class D XS2063335702; LT BBB-sf Affirmed; previously BBB-sf

Class E XS2063336429; LT BB-sf Affirmed; previously BB-sf

Class F XS2063336346; LT B-sf Affirmed; previously B-sf

TRANSACTION SUMMARY

Dryden 73 Euro CLO 2018 B.V. is a cash flow collateralised loan
obligation (CLO) of mostly European leveraged loans and bonds. The
transaction is in its reinvestment period and the portfolio is
actively managed by PGIM Limited.

KEY RATING DRIVERS

Weakening Portfolio Performance

As per the trustee report dated July 31, 2020, the aggregate
collateral balance was below par by 17bp. The trustee-reported
Fitch weighted average rating factor (WARF) of 34.5 was in breach
of its test. Assets with a Fitch-derived rating (FDR) of 'CCC'
category or below represented 6.2% (including one unrated asset
representing approximately 0.3 % of the portfolio) of the
portfolio, as per Fitch calculation on August 22, 2020. Assets with
a FDR on Negative Outlook represented 45.1% of the portfolio
balance.

Coronavirus Baseline Scenario Impact

Fitch carried out a sensitivity analysis on the target portfolio
for its 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 ratings of the class A-1, A-2, B-1 and B-2 notes with cushions.
While the class C-1, C-2, D, E and F notes still show sizeable
shortfalls, the agency views that the portfolio's negative rating
migration is likely to slow and category-level downgrades on these
tranches are less likely in the short term. As a result, the class
D, E and F notes have been removed from RWN, affirmed at their
current ratings and assigned a Negative Outlook. The Negative
Outlook on all five classes reflects the risk of credit
deterioration over the longer term, due to the economic fallout
from the pandemic.

'B'/'B-' Portfolio Credit Quality

Fitch assesses the average credit quality of obligors in the
'B'/'B-' category. The Fitch WARF of the current portfolio was
34.79, as per Fitch's calculation, on August 22, 2020.

High Recovery Expectations

Approximately 90% of the portfolios comprise senior secured
obligations. Fitch views the recovery prospects for these assets as
more favourable than for second-lien, unsecured and mezzanine
assets. The Fitch weighted average recovery rate (WARR) of the
current portfolio was 61.37%, as per Fitch's calculation, on August
22, 2020.

Diversified Portfolio

The portfolio is reasonably diversified across obligors, countries
and industries. Exposure to the top-10 obligors and the largest
obligor is 21.7% and 2.9%, respectively. The top-three industry
exposures accounted for about 37.1%. As of July 31, 2020, no
frequency switch event has occurred.

Deviation from Model-Implied Ratings

The model-implied rating for the class E is 'B+sf' and for the
class F notes is 'CCCsf', below the current ratings of 'BB-sf' and
'B-sf', respectively. Fitch decided to deviate from the
model-implied rating for both classes because the model-implied
ratings are driven by the back-loaded default timing scenario only.
In addition, for the class F notes, a 'B-sf' rating is deemed more
appropriate, which, based on its rating definitions, indicates a
material risk of default but with a limited margin of safety,
whereas 'CCCsf' indicates that default is a real possibility.

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.

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 unexpected high levels of
defaults and portfolio deterioration. As the disruptions to supply
and demand due to COVID-19 become apparent for other sectors, loan
ratings in those sectors would also come under pressure. Fitch will
update the sensitivity scenarios in line with the view of its
Leveraged Finance team.

Coronavirus 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 a single-notch
downgrade to all FDRs in the 'B' rating category and 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

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

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

KETER GROUP: Moody's Affirms Caa1 CFR, Alters Outlook to Stable
---------------------------------------------------------------
Moody's Investors Service changed the outlook to stable from
negative and affirmed the Caa1 corporate family rating and Caa1-PD
probability of default rating (PDR) of Keter Group B.V. (Keter).
Concurrently, Moody's has affirmed the Caa1 senior secured term
loans B (TLB) and revolving credit facility (RCF).

The rating action reflects the significant improvement in operating
performance and liquidity profile in the first half of 2020 and
Moody's expectation that credit metrics will continue to improve. A
sustained improvement of credit metrics and positive free cash flow
(FCF) generation could support further positive rating pressure
over the next quarters.

RATINGS RATIONALE

The outlook change is driven by the significant improvement in
operating performance of Keter in the first half of 2020 despite
the disruption caused in March and April by the coronavirus
pandemic. EBITDA margin improved significantly supported by a
favorable shift in product mix, SKU rationalization, lower raw
material prices and operational and cost saving initiatives. The
company also benefited from a strong rebound in demand following
the gradual phase-out of lockdowns, which was contributed by the
limited traveling and out-of-home leisure options that consumers
faced. As a result, the company posted an EBITDA growth of over
100% during June and July which in turn allowed the company to
outperform its EBITDA budget as of July 2020 while YTD reported
EBITDA was up 28% versus the same period last year. While Moody's
believes that the consumer spending pattern will gradually return
to more normalized levels over the next 12-18 month, Moody's also
expects the company to continue to benefit from the recent trend,
albeit with moderating growth. As such Moody's adjusted leverage is
expected to decline to below 8.0x in 2020 and to below 7.5x in
2021. The improvement in profitability, coupled with tighter
working capital management and lower capital spending, has also
significantly improved the company's free cash flow generation
which Moody's expect to be around EUR50-60 million in 2020.

That said, the ratings remain constrained by the high leverage,
leaving the company more vulnerable to end market weaknesses or
operational challenges, especially in the current uncertain
environment. The historical margin volatility due to the
significant exposure to polypropylene prices also remains a key
risk to the business and could slow the deleveraging pace.
Nevertheless, Moody's recognizes the business turnaround since late
2019 and positive momentum in the first half of 2020. The
volatility in raw material prices is also in part mitigated by the
company's further usage of regrind as well as a number of recent
resin purchases at favourable prices. Therefore, a continued
improvement in credit metrics could lead to further positive rating
pressure in the coming quarters.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Governance considerations factored into the rating include the
company's aggressive financial strategy, characterized by the
highly levered capital structure and debt funded acquisitions back
in 2017 and 2018. At the same time Moody's recognizes the
supportive shareholder structure, evidenced by the equity injection
in 2017 and 2018. Moody's notes that historical differences in
management financial reporting from the audited accounts create a
certain level of risk when accessing interim financial metrics.
However, the company stated that going forward the reporting will
be more aligned with the reporting of the audited accounts.

STRUCTURAL CONSIDERATION

The secured credit facilities form the vast majority of Keter's
gross indebtedness and so the rating of both the TLB and RCF is
Caa1, in-line with the CFR. While Moody's notes the presence of a
PIK instrument outside of the restricted group (the immediate
parent of the highest-level company in the restricted group
capitalises its ownership of Keter via common equity), Moody's
treats this instrument as equity for the purposes of its debt and
leverage calculations.

LIQUIDITY

Moody's considers Keter's liquidity profile to be adequate
following a significant improvement in FCF generation supported by
the substantial reduction in inventory and increase in
profitability. As of July 2020, the company had around EUR65
million of cash on balance sheet and access to the fully available
EUR110 RCF. Additionally, the company had EUR26 million available
under its EUR31 million credit facility secured by trade
receivables and inventory, maturing in December 2021, and around
EUR50 million available under its non-recourse factoring lines.
Moody's notes that the company's FCF remains constrained by the
high interest costs, working capital seasonality and moderate
capital spending needs. Keter also has around EUR65 million of
uncommitted short-term loans with local banks that will continue to
constrain its liquidity profile. However, Moody's recognizes that
the improved cash position, if sustained, could reduce the
company's reliance on these bank lines. The springing covenant test
was renegotiated for June 2020 to March 2021 with a minimum EBITDA
(without proforma savings) of EUR80 million and minimum cash at the
end of each month of EUR20 million. Moody's expects the company to
be compliant under both tests during the period. Moody's notes that
the RCF and the TLB matures in 2022 and 2023 respectively.
Therefore, refinancing risks could increase if the performance
improvement is not sustained. Moody's expects the company to
proactively address upcoming maturities.

OUTLOOK

The stable outlook reflects Moody's expectation that credit metrics
will continue to improve over the next 12-18 months with Moody's
adjusted leverage expected to be below 7.5x by year-end 2021.
Moody's also expects the liquidity to remain adequate over the
period.

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

Positive rating pressure could arise in the next quarters if the
deleveraging pace towards 7.0x is faster than Moody's expectation;
FCF generation remains positive and the liquidity improvement is
sustained.

Negative rating pressure is unlikely in the near term, but could
arise if Moody's-adjusted gross debt/EBITDA starts to increase;
negative FCF generation for a sustained period with weakening
liquidity profile.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Consumer
Durables Industry published in April 2017.

COMPANY PROFILE

Keter Group B.V. (Keter) is a holding company, based in the
Netherlands, for a group of entities involved in the manufacturing
and distribution of a variety of resin-based consumer goods.
Keter's key products include garden furniture and home storage
solutions. Keter is majority owned by funds advised by Private
Equity firm -- BC Partners -- while minority shareholders include
funds advised by Private Equity firm PSP and the original founders,
the Sagol family. In 2019 Keter Group reported EUR 1.2 billion of
revenues.

KONINKLIJKE FRIESLANDCAMPINA: S&P Rates New Hybrid Securities BB+
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue rating to the proposed
EUR300 million perpetual subordinated securities to be issued by
Koninklijke FrieslandCampina N.V. (FrieslandCampina;
BBB/Negative/A-2).

S&P considers that the hybrid securities qualify for intermediate
equity content from the issuance date (September 2020) until the
first reset date (December 2025) because they meet its criteria in
terms of subordination, permanence, and deferability.

S&P arrives at a 'BB+' issue rating on the hybrid securities by
notching down two levels from its 'BBB' issuer credit rating on
FrieslandCampina, in line with its criteria:

-- One notch for the deep subordination of the instrument while
the issuer is rated 'BBB' (investment grade).

-- One notch because the issuer has the option to defer at will
the interest payment on the instrument. The notching also reflects
S&P's view that there is a low likelihood that the issuer will
defer interest. Should its view change, S&P may increase the
notching of the issue rating.

To reflect the intermediate equity content of the hybrid
securities, S&P allocates 50% of the related payments on the
instrument as a fixed charge and 50% as equivalent to a common
dividend. The 50% treatment of principal and accrued interest also
applies to our adjustment of debt.

KEY FACTORS IN S&P's ASSESSMENT OF THE SECURITY'S SUBORDINATION

S&P said, "We understand that FrieslandCampina's proposed
securities and interest payments are unsecured, subordinated to all
senior debt, and rank senior only to the ordinary shares of the
company and pari passu with the group's other subordinated debt
instruments. These include member bonds and cooperative loans,
which we treat as debt."

KEY FACTORS IN S&P's ASSESSMENT OF THE SECURITY'S DEFERABILITY

In S&P's view, FrieslandCampina's option to defer payment on the
proposed securities is fully discretionary. This means that the
issuer may elect not to pay accrued interest on an interest payment
date because it has no obligation to do so. Interest deferral does
not constitute an event of default and there are no cross defaults
with the senior debt instruments.

FrieslandCampina will have to settle in cash any outstanding
deferred interest payment if the company declares or pays a
discretionary dividend or interest on equally ranking obligations
and if it redeems or repurchases shares or equally ranking
obligations. Once the issuer has settled the deferred amount, it
can still choose to defer on the next interest payment date.

The ability to defer interest effectively is subject to the
issuer's willingness and ability to also defer interest on the
other parity obligations, which are the member bonds and
cooperative loans. S&P said, "Although this a weakness compared
with most hybrids we rate, we still think it's plausible that the
issuer will defer interest on three subordinated securities in a
situation of financial stress. This is because we believe holders
of the member bonds and cooperative loans are the farmers who own
and supply the issuer with their milk and, therefore, have a strong
incentive to help the group conserve cash and restore its financial
health. We also believe that the income received by farmers from
the member bonds and cooperative loans is rather small compared
with the income received for milk supplies to the cooperative. We
thus believe the priority for farmers is to receive stable income
for their milk."

KEY FACTORS IN S&P's ASSESSMENT OF THE SECURITY'S PERMANENCE

S&P said, "The proposed securities are perpetual and the first call
date is more than five years after the issuance date, in line with
our criteria. FrieslandCampina can redeem the proposed securities
for cash on any date in the three months prior to the first reset
date (which we understand will be no earlier than 5.25 years after
issuance), then on every interest payment date thereafter. Early
redemptions can also be triggered by change of control, tax,
gross-up, accounting, or rating methodology events. In our view,
early redemption risk is mitigated by FrieslandCampina's consistent
financial policy to contain debt leverage through commodity cycles
and acquisitions and its willingness to maintain the instrument or
replace it with an equivalent instrument in terms of equity credit,
as evidenced by its written statement of intent.

"The interest to be paid on the securities will increase by 25
basis points (bps) on the first reset date in December 2025, and by
a further 75 bps on the second step-up date 20 years after in
December 2045. We consider the cumulative 100 bps to be a material
step-up, unmitigated by any binding commitment to replace the
instrument at that time. In our view, this material step-up
provides a clear incentive for the issuer to redeem the instrument
in December 2045. Consequently, we will no longer recognize the
instrument as having intermediate equity content after its first
reset date (December 2025), because the remaining period until its
economic maturity will be less than 20 years.

"We will classify the instrument's equity content as intermediate
until its first reset date, so long as we think that the loss of
the beneficial intermediate equity content treatment will not cause
FrieslandCampina to call the instrument at that point."




===========
T U R K E Y
===========

ISTANBUL TAKAS: Fitch Affirms BB- LT IDRs, Alters Outlook to Neg.
-----------------------------------------------------------------
Fitch Ratings has revised the Outlook on Istanbul Takas ve Saklama
Bankasi A.S.'s (Takasbank) Long-Term Issuer Default Ratings (IDRs)
to Negative from Stable and affirmed the Long-Term IDRs at 'BB-'.

The rating action follows the revision of the Outlook on Turkey's
Long-Term IDR to Negative from Stable.

KEY RATING DRIVERS

The Outlook revision primarily reflects increased risks to the
sovereign's ability to support Takasbank. Takasbank's Support
Rating of '3' and Support Rating Floor of 'BB-' reflect its view of
a moderate probability of support from the Turkish sovereign in
case of need. In its opinion, Takasbank has exceptionally high
systemic importance for the Turkish financial sector and contagion
risk from its default would be considerable given its
inter-connectedness.

Takasbank is Turkey's only central counterparty clearing (CCP)
institution and is majority-owned by Borsa Istanbul, Turkey's main
stock exchange. Borsa Istanbul in turn is majority-owned by the
Turkish government (via the Turkey Wealth Fund). Takasbank operates
under a limited banking licence, and is regulated by three Turkish
regulatory bodies: The Central Bank of Turkey, the Banking
Regulation and Supervision Agency and the Capital Markets Board.

Takasbank's Viability Rating (VR) of 'b+' (which is at the same
level as the VRs of most large commercial Turkish banks) is
underpinned by its dominant franchise as the country's only
clearing house but also its short-term but sizeable credit exposure
to Turkey's large commercial banks. Takasbank's VR is unaffected by
the Outlook revision as the IDRs of its main counterparties are
mostly rated at the 'B+' level and is therefore already at a lower
level.

RATING SENSITIVITIES

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

Positive rating action on Turkey's sovereign rating would likely be
mirrored on Takasbank's IDRs.

Improvement in the credit profile of Takasbank's main commercial
bank counterparties could lead to an upgrade of Takasbank's VR.

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

Negative rating action on Turkey's sovereign rating would be
mirrored on Takasbank's IDRs.

Deterioration in the credit profile of Takasbank's main commercial
bank counterparties would pressure Takasbank's VR.

A material operational loss or a materially increased risk
appetite, for example, in the bank's treasury activities,
particularly to lower credit quality counterparties, would also
pressure Takasbank's VR.

ESG CONSIDERATIONS

Istanbul Takas ve Saklama Bankasi A.S. - Takasbank: Governance
Structure: 4

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.

VOLKSWAGEN DOGUS: Fitch Affirms BB- LT IDR, Alters Outlook to Neg.
------------------------------------------------------------------
Fitch Ratings revised the Outlook on Volkswagen Dogus Finansman
A.S.'s Long-Term Issuer Default Rating (IDR) to Negative from
Stable and affirmed IDR at 'BB-'.

The rating action follows the revision of the Outlook on Turkey's
Long-Term IDR to Negative from Stable.

KEY RATING DRIVERS

VDF's IDRs are driven by support from its controlling shareholder -
Volkswagen Financial Services AG (VWFS) and ultimately from
Volkswagen AG (VW, BBB+/Stable). Fitch considers VDF as
strategically important to VW and VWFS, given its important role in
supporting the group's car sales in Turkey. VDF's Long-Term IDR is
capped by Turkey's Country Ceiling of 'BB-'.

The Country Ceiling captures transfer and convertibility risks and
limits the extent to which support from VWFS or VW can be factored
into VDF's Long-Term Foreign-Currency IDR. VDF is 51%-owned by VW
and 49% by Dogus holding. Dogus is a large Turkish conglomerate and
the sole official importer of VW vehicles in Turkey.

RATING SENSITIVITIES

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

Positive rating action on Turkey's Country Ceiling would likely be
mirrored on VDF's Long-Term IDR.

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

Negative rating action on Turkey's Country Ceiling would be
mirrored on VDF's Long-Term IDR.

Diminished support from VW, for example, as a result of dilution of
ownership, a loss of operational control or diminishing of the
Turkish market's importance would trigger a downgrade.



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

APPLEDORE: InfraStrata Buys Shipyard for GBP7 Million
-----------------------------------------------------
Michael Pooler at The Financial Times reports that a historic
shipyard in north Devon is to reopen after being sold for GBP7
million to an investor which plans to expand into supplying
structures and barges for offshore wind farms.

The Appledore facility in Bideford shut its doors nearly 18 months
ago after failing to secure new orders, despite the Ministry of
Defence offering to bring forward GBP60 million of work, the FT
relates.

According to the FT, its new owner, the infrastructure group
InfraStrata, plans to broaden the yard's customer base by targeting
business in ferries, defence, commercial fabrication, oil and gas
and renewables.

Appledore is the second historic shipyard rescued by InfraStrata,
the FT notes.

The Appledore shipyard yard went into administration in 2003, with
all 550 jobs lost, the FT recounts.  It was reopened the following
year by DML, which was later taken over by Babcock International in
2007, the FT relays.

InfraStrata is buying the site from Langham Industries and will pay
the acquisition sum in four instalments, including GBP1.4 million
in shares, the FT discloses.

Established at the mouth of the River Torridge on the north Devon
coast in 1855, Appledore has built more than 350 vessels, including
naval ships, superyachts, ferries and dredgers.


DEBENHAMS PLC: Deadline for Bidders to Submit Offers Passes
-----------------------------------------------------------
Business Sale reports that the deadline for bidders to submit their
offers for department store chain Debenhams passed with the future
of the business remaining uncertain.

Investment bank Lazard, which is running the sale process, had set
a deadline of 5:00 p.m. on September 1, 2020 for bidders to make an
offer for the company, as it sought to gauge interest in the
business, Business Sale discloses.

According to Business Sale, administrators FRP Advisory said that a
deal for Debenhams can be reached by the end of September,
otherwise the retailer will explore other options.  FRP has
reportedly lined up Hilco Capital to oversee a liquidation of the
business if all other options fail, Business Sale states.  This
would involve all stores shutting, with all stock and assets sold,
Business Sale notes.

Debenhams' current owners, a private equity consortium of banks and
lenders known as Celine, are reportedly keen on a restructuring
that would allow them to remain in charge, Business Sale relays.

Debenhams employs around 12,000 staff and has already made some of
the biggest job cuts on the UK high street during the coronavirus
crisis, with 6,500 job cuts in total so far, Business Sale
discloses.  The company has also closed around 20 stores and has
reportedly not been paying rent, rates or suppliers as it struggles
with a debt pile thought to total around GBP600 million, Business
Sale says.

The retailer went into administration for the second time in a year
in April, as it looked to protect itself from creditors, before
launching a sales process at the end of July, Business Sale
recounts.

Prospective buyers have reportedly been issued with a pitch
outlining an "illustrative scenario" which would see have of
Debenhams' estate liquidated, leaving it with 60 stores, according
to Business Sale.  The document forecasts that this could result in
profits of GBP90 million for the year ending February 2022,
Business Sale notes.

Reported interested parties include Next, Mike Ashley's Frasers
Group and a Chinese consortium, Business Sale states.


NEW LOOK: Moody's Cuts CFR to 'C', Outlook Negative
---------------------------------------------------
Moody's Investors Service downgraded the corporate family rating
(CFR) of UK fashion retailer New Look Retail Holdings Limited (New
Look or the company) to C from Caa3. Concurrently, the rating
agency has downgraded to C from Ca the rating of the GBP440 million
equivalent senior secured notes (SSNs) maturing in 2024 issued by
New Look Financing plc, a subsidiary of the company. The company's
probability of default rating (PDR) has been downgraded to Ca-PD
from Caa3-PD. The outlook remains unchanged at negative.

RATINGS RATIONALE

Today's rating action follows the announcement earlier this month
that the company has reached an agreement with its financial
creditors to a proposed restructuring of its balance sheet. Moody's
considers the need for this latest restructuring, and its severity,
is directly linked to the Coronavirus crisis which has adversely
affected both the company's current year financial performance and
its prospects for future trading.

The terms of the intended recapitalisation include a debt for
equity swap in respect of the SSNs, under which the debt claim will
be converted into a GBP40 million subordinated shareholder loan due
2029 and a non-voting 20% interest in the company's equity. In
addition to new money of GBP40 million (net of fees and original
issue discount) to support the company's ability to meet
investments in capital spending and marketing under its updated
business plan, the restructuring also involves three-year maturity
extensions of New Look's GBP65 million operating facility and
GBP100 million super senior revolving credit facility (RCF) to 2023
and 2024 respectively.

The proposed restructuring is conditional upon a successful Company
Voluntary Arrangement (CVA) under which the company has proposed a
rebasing of rents on a turnover basis, which will, at least
initially, result in a reduction of its rent costs. New Look is
targeting completion of the restructuring by late October.

On the basis of the proposed near full equitisation of the SSN debt
and roll-forward of the operating facility and RCF, Moody's
calculates that the overall recovery prospects will be less than
35% of the company's current indebtedness. The rating agency
considers this to be commensurate with a C corporate family rating.
In contrast, as the default has not yet occurred (despite being
near certain in Moody's view) the company's probability of default
rating is a notch higher at Ca-PD.

RATING OUTLOOK

The negative outlook reflects Moody's expectation that a financial
restructuring is highly likely.

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

Upward pressure on the rating is unlikely in the short term but
could arise if a sustainable capital structure is put in place.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety.

From a governance perspective, Moody's previously noted that the
main risks were the highly leveraged capital structure and the
lower reporting requirements typical of private companies compared
with listed ones. At this juncture the rating agency recognises the
interaction over recent months between the company and holders of
the SSNs and their respective advisers with the intention of
putting in place a more sustainable capital structure. The
concurrent process to identify third-party interest in an
acquisition of the business should nevertheless ensure recovery
values for all stakeholders are maximised.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Retail Industry
published in May 2018.

VIRGIN ATLANTIC: UK High Court Approves Rescue Package
------------------------------------------------------
Philip Georgiadis at The Financial Times reports that the UK High
Court has backed Virgin Atlantic's rescue package, leaving the
airline on the brink of a full recapitalization after its finances
were devastated by the coronavirus pandemic.

The struggling airline has spent the summer trying to win approval
for the GBP1.2 billion private sector scheme, which was agreed in
July, after Virgin Atlantic failed to receive any government help
during the aviation sector's worst ever crisis, the FT relates.

According to the FT, in a High Court hearing on Sept. 2, Mr.
Justice Snowden approved the scheme, after hearing evidence that
the airline would run out of money within a few weeks without
support.

There is still one final hurdle in the months-long process, as the
airline must go through the US courts today, Sept. 3, to make sure
the restructuring is recognized on both sides of the Atlantic, the
FT notes.

Virgin Group, which owns a 51% stake in the airline, has committed
GBP200 million in funding as part of the rescue deal, while US
hedge fund Davidson Kempner Capital Management will provide GBP170
million in debt funding, the FT discloses.

The deal includes GBP400 million of fee deferrals from
shareholders, Virgin Group and Delta Air Lines, which owns 49%, the
FT states.  Creditors have also agreed to postpone payments worth a
further GBP450 million, according to the FT.


[*] UK: Atradius Says Insolvencies Set to Rise by 27% This Year
---------------------------------------------------------------
Insolvencies in the UK are forecast to jump by 27% this year,
slightly higher than the global average rise of 26%, reveals a new
economic research report by top trade credit insurer Atradius.

The latest Atradius Insolvency Report analyses the economic impact
of the Covid-19 pandemic and the knock-on effect on insolvencies.
Every major economy, except for China, is expected to enter
recession this year with global GDP forecast to contract by 4.5%,
making this recession more acute in magnitude than the Great
Recession of 2009.  The UK is expected to see the largest GDP
contraction in Northern Europe following a stringent lockdown and
high Brexit uncertainty.  Atradius economists report that the depth
and length of the global recession will be determined by the
ability of economies to manage health regulations and either
achieve exit from lockdown or find a way to thrive with social
distancing.

In response to global economic decline, every market is expected to
experience a rise in insolvencies in 2020, led by Turkey with a 41%
forecast increase, followed by the United States and Hong Kong with
a forecast rise of 39%.  Portugal, Russia, the Netherlands and
Spain are the next worse affected regions with insolvencies up
between 30% and 36%.  A 27% increase is forecast for both South
Africa and the UK, which has the ninth highest insolvency forecast
out of 31 global markets.  Meanwhile, insolvencies are forecast to
rise 19% in Ireland, 17% in Italy and 15% in France.  Germany is
expected to see the smallest increase at just 6% year on year.

Atradius economists highlight that Southern European economies such
as Spain, Italy, France, Portugal and Greece are experiencing a
larger coronavirus impact than Northern Europe as they typically
rely more heavily on tourism.  By comparison, Germany, Denmark,
Austria and the Netherlands are less dependent on tourism and have
fared better in containing new infections, with their economies
seeming to adapt better to social distancing regulations.  Across
the countries reported on, there is a wide range of insolvency
projections, depending on the severity of the economic contraction
and the insolvency elasticity -- the percent responsiveness of
insolvencies to one percent GDP change.

In the first half of the year, insolvency levels have not reflected
the economic decline experienced in many markets.  In fact,
Atradius' research demonstrates insolvencies fell, with UK
insolvencies down more than 20% year-on-year in H2 and similar
patterns replicated globally.  However, Atradius explains this
peculiarity by changes to the insolvency regime in most countries,
designed to protect companies from going bankrupt.  These include
temporary suspensions of insolvency applications, preventing
creditors from starting insolvency procedures or raising the debt
threshold for bankruptcy notice.  In addition, governments and
central banks have taken measures to counteract the economic impact
on businesses such as SME lending programmes, subsidies --
including furlough payments -- and tax suspensions.  As measures
and programmes begin to expire, Atradius forecasts that the brunt
of the recession will be more fully reflected with a rapid climb of
insolvency levels in the second half of the year.

Atradius Chief Economist John Lorie commented: "Government measures
have reduced the anticipated increase in bankruptcy filings in a
range of ways. They have either shifted the threshold for filing,
reduced debtor's ability to force bankruptcy, or provided
sufficient financial support to delay filings.  However as the
support programs begin to expire, the number of filings should
climb rapidly."

Looking forward, Atradius' Insolvency Report forecasts Spain to see
the greatest rise in bankruptcies in 2021 at 26% year on year,
followed by Australia at 22% and France at 5%.  Finland, Norway,
the Netherlands, Canada, Switzerland and Sweden are also forecast
to see a small rise in insolvencies of between 2% to 4% with most
regions expected to see a fall.  The UK's insolvency rate is
forecast to drop by 1% in 2021.  However, this is still a
cumulative growth of 25% between 2019 and 2021.  Over two years,
global insolvencies are forecast to have risen by an average of
21%.  The future outlook is predicated on a baseline scenario where
global lockdown measures are gradually eased, GDP recovers in all
countries in 2021.  It also assumes availability of a vaccine and
an environment where the effects of social distancing on economic
activities are largely overcome.  However, this is not guaranteed.

Simon Rockett, Senior Underwriting Manager for Atradius UK,
commented: "The coronavirus pandemic has been indiscriminate in its
spread across the globe, resulting in lockdowns and containment
measures which have had a tangible impact on economic markets.
This has included delays in production, a drop in business and
consumer demand and widespread business closures.  While many
countries have implemented fiscal stimulus measures to soften the
blow, these cannot last forever and worldwide economies are
starting to realise the true economic impact in the form of
recession and a bleak return to rising insolvency levels.

"Real-time monitoring of global markets and the impact on
individual businesses, together with agility in response are
critical factors in navigating today's uncertain climate.  The
continuation of trade is essential to rebuilding business growth
while a robust risk strategy to protect the bottom line is as
important today as it has ever been"

For the full report, visit the publication pages of the Atradius
website https://atradius.co.uk.  You can also follow @AtradiusUK on
Twitter and AtradiusUK on LinkedIn.

                          About Atradius

Atradius -- https://atradius.co.uk -- is a global provider of
credit insurance, surety and collection services, with a strategic
presence in over 50 countries.  The credit insurance, bond and
collection products offered by Atradius protect companies around
the world against the default risks associated with selling goods
and services on credit.  Atradius is a member of Grupo Catalana
Occidente (GCO.MC), one of the largest insurers in Spain and one of
the largest credit insurers in the world.



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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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