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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 17, 2020, Vol. 21, No. 187

                           Headlines



F R A N C E

ALTICE FRANCE: Moody's Rates EUR900MM Senior Secured Notes 'B2'


I R E L A N D

AQUEDUCT EUROPEAN 3-2019: Fitch Affirms B-sf Rating on Cl. F Notes
BARDIN HILL 2019-1: Moody's Confirms B3 Rating on Class F Notes
CAIRN CLO IV: Fitch Affirms B-sf Rating on Class F-R Notes
CAIRN CLO VII: Fitch Affirms B-sf Rating on Class F Notes
CVC CORDATUS XIV: Fitch Affirms B-sf Rating on Class F Notes

TIKEHAU CLO: Fitch Affirms Bsf Rating on Class F-R Notes


L U X E M B O U R G

GLOBAL BLUE: Moody's Withdraws B3 CFR on Merger


S W I T Z E R L A N D

SWISSPORT INT'L: Reaches Debt-for-Equity Swap Deal


T U R K E Y

GLOBAL LIMAN: Moody's Cuts CFR to Caa1, Outlook Negative
[*] Moody's Cuts Ratings on Istanbul and Izmir to B2, Outlook Neg.
[*] TURKEY: Debt-Laden Cos. Seek More Time to Repay Bank Loans


U N I T E D   K I N G D O M

NEWDAY GROUP: Moody's Lowers CFR to B2, Outlook Negative
PCH MANUFACTURING: Karsal Manufacturing Rescues Business
PREMIER OIL: In Talks with Chrysaor Over Refinancing Alternative
SEADRILL LTD: Creditors Agree to Suspend Debt Payments This Month
[*] UNITED KINGDOM: Scottish Travel Agents Fighting for Survival


                           - - - - -


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F R A N C E
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ALTICE FRANCE: Moody's Rates EUR900MM Senior Secured Notes 'B2'
---------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to the proposed
EUR900 million euro equivalent guaranteed senior secured notes due
2028, to be issued by Altice France S.A., a subsidiary of Altice
France Holding S.A. The outlook is negative.

Proceeds from this debt issuance will be used to repay the EUR1,059
million debt facility maturing in 2023 sitting outside the
restricted group, at Altice Corporate Financing S.a.r.l., together
with EUR300 million of cash being upstreamed from Altice
International S.a.r.l. ("Altice International", B2 negative). The
remaining part of the proceeds will be used to repay EUR150 million
of drawings under Altice France's revolving credit facility (RCF).

"The debt push down is credit negative as it will add around 0.2x
of leverage to Altice France Holding's 5.6x leverage expected at
December 2020, and it will reduce by EUR300 million the amount of
available cash at Altice International," says Ernesto Bisagno, a
Moody's VP-Senior Credit Officer and lead analyst for Altice.

"The transaction follows the announcement of the delisting of
Altice Europe, which will be funded by an additional EUR2.5 billion
debt raised outside of the Altice France Holding and Altice
International restricted groups. This delisting is also credit
negative as governance could become less transparent, while the new
debt raised outside the restricted groups represents an overhang
for Altice France Holding and Altice International," added Mr.
Bisagno.

RATINGS RATIONALE

The combination of the EUR900 million debt issuance and the
announcement of the delisting of Altice Europe [1] have increased
downward pressure on the already weakly positioned ratings of
Altice France Holding and Altice International. However, as Altice
France Holding was currently servicing the debt at Altice Corporate
Financing S.a.r.l. through an upstream of dividends, there will be
some interest saving of around EUR30 million each year due to the
expected lower coupon.

While the new EUR2.5 billion debt to finance the delisting of
Altice Europe will be raised outside of these two restricted
groups, it represents an additional overhang for Altice France
Holding and Altice International, as it may require a sustained
dividend flow from these entities to service this debt, although
the company said this will be done only if consistent with the
deleveraging strategy. In addition, there is a risk that this debt
could be pushed down overtime once sufficient financial flexibility
develops at the two credit pools.

The delisting is also credit negative because while management has
indicated it remains committed to continue the deleveraging
efforts, by being delisted, the company might also have more
freedom to expand its balance sheet. In addition, Moody's expects
that governance and availability of financial information will
comparatively be less transparent than for a publicly listed
company.

Moody's expects Altice France Holdings' EBITDA to continue to grow
in the mid-single-digit percentages in 2020-21 driven by ARPU
improvements in mobile, a positive product mix with stronger
contributions from residential fixed-line subscribers and
additional business services revenue on the back of the
construction and maintenance fees paid by SFR FTTH, with a full
12-month contribution in 2020. Profits will also benefit from
additional cost savings, although weakened economic conditions
owing to the coronavirus outbreak may impact profitability.

Despite Moody's expectation of increased earnings, the rating
agency expects broadly flat operating cash flow because of the
higher interest cost as a result of the debt push down from Altice
Luxembourg in the first half of 2020, and the increased debt
following the EUR900 million bond issuance.

There will also be additional outflows for content payments
impacting working capital needs, although it is likely that part of
those payments would be reimbursed, given that due to the
coronavirus outbreak, the company has received very limited content
throughout this period. Assuming capital spending of around EUR2.8
billion (including IFRS 16) and dividends paid to minorities of
around EUR50 million - EUR100 million, Moody's expects negative
free cash flow (FCF) generation of around EUR250 million in 2020,
and broadly neutral in 2021.

Despite the increased downward pressure on the rating, the B2
rating recognizes the company's (1) position as one of the leading
convergent companies in the competitive French market; (2) scale
and ranking as the second-largest telecom operator in France; (3)
integrated business profile; (4) improved operating performance
after years of revenue decline; and (5) improved liquidity, with no
significant debt maturities until 2025.

The rating is constrained by (1) the company's highly leveraged
capital structure, with Moody's adjusted debt/EBITDA for Altice
France Holding expected to be at 5.8x in 2020; (2) its weak free
cash flow generation; (3) the complexity of the group structure;
(4) the competitive, although easing, nature of the French telecom
market; and (5) stretched management resources, given the scale of
the group.

LIQUIDITY

Liquidity is adequate, with no major debt maturities until 2025.
Pro-forma for the debt issuance, Altice France Holding has cash of
EUR625 million, EUR1,115 million of committed undrawn revolving
credit facilities (RCFs) at Altice France maturing in 2023 and a
EUR186 million committed RCF at the holding level maturing in
2021.

The RCF at Altice France is subject to a springing (any drawing)
net senior leverage covenant of maximum 4.5x; as a result of the
increased debt, there is currently limited buffer of 5% assuming a
pro forma net senior leverage of 4.3x (based on annualized last two
quarters "L2QA") but should improve marginally in the next quarters
as the first quarter is normally weaker.

The RCF at the holding level is subject to a springing (any
drawing) net leverage covenant of maximum 5.5x, with about 4%
buffer, based on pro forma net leverage of 5.3x (L2QA).

Moody's expects Altice France Holdings' FCF to be marginally
negative in 2020 and to improve in 2021. In addition, the company
will need to fund around EUR500 million for the acquisition of
Covage in the second half of 2020.

STRUCTURAL CONSIDERATIONS

The B2 rating of Altice France's proposed senior secured notes is
at the same level as Altice France Holding's B2 Corporate Family
Rating (CFR). This reflects the pari-passu ranking with Altice
France's pre-existing senior secured notes, and the bank credit
facilities (including the RCF).

RATIONALE FOR THE NEGATIVE OUTLOOK

As a result of the transaction, rating headroom has diminished
further. The negative outlook on the ratings of Altice France
Holding reflects (1) its high leverage; (2) the highly competitive
market conditions, with only a short track record of stabilisation
in operating performance; (3) the complex financial structure of
the group, which has disposed partial stakes in strategic assets
such as towers and fibre networks; and (4) its weak FCF
generation.

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

Upward pressure on the ratings is unlikely in the short term, but
may develop over time if Altice France Holding maintains strong
liquidity with no refinancing risk and demonstrates a sustained
improvement in its underlying revenue and key performance
indicators (KPIs, for example, churn and ARPU), with growing EBITDA
in main markets, leading to an improvement in credit metrics, such
as: (1) Moody's-adjusted leverage sustained below 5.0x; and a (2)
significant improvement in FCF on a consistent basis.

The ratings could be downgraded if the company's underlying
operating performance weakens, or debt increases further, leading
to a deterioration in the group's credit fundamentals, such as: (1)
Moody's-adjusted leverage not returning below 5.5x; and (2) FCF
generation remaining negative. In addition, any deviation from
management's commitment to deleverage or signs of deterioration in
liquidity will lead to pressure on the ratings.

LIST OF AFFECTED RATINGS

Issuer: Altice France S.A.

Assignments:

Backed Senior Secured Regular Bond/Debenture, Assigned B2

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was
Telecommunications Service Providers published in January 2017.

COMPANY PROFILE

Altice France Holding is a leading telecom operator in France. The
company reports its results under three segments: business to
consumer (B2C; 63% of revenue), business to business (B2B; 33%) and
media (4%). Altice France reported revenue and adjusted EBITDA (as
defined by the company and pro forma for the group reorganisation)
of EUR10.8 billion and EUR4.2 billion, respectively.




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I R E L A N D
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AQUEDUCT EUROPEAN 3-2019: Fitch Affirms B-sf Rating on Cl. F Notes
------------------------------------------------------------------
Fitch Ratings has affirmed Aqueduct European CLO 3-2019 DAC and
removed the class E and F notes from Rating Watch Negative (RWN).

RATING ACTIONS

Aqueduct European CLO 3-2019 DAC

Class A XS1951916466; LTAAAsf Affirmed; previously AAAsf

Class B XS1951917274; LTAAsf Affirmed; previously AAsf

Class C XS1951918595; LTAsf Affirmed; previously Asf

Class D XS1951919130; LTBBB-sf Affirmed; previously BBB-sf

Class E XS1951919569; LTBB-sf Affirmed; previously BB-sf

Class F XS1951919726; LTB-sf Affirmed; previously B-sf

Class X XS1951916037; LTAAAsf Affirmed; previously AAAsf

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

Coronavirus Baseline Scenario Impact

Fitch has assigned Negative Outlooks to the class D, E and F notes
as a result of a sensitivity analysis it ran in light of the
coronavirus pandemic. Fitch notched down the ratings of all assets
of corporate issuers with Negative Outlooks (32% of the portfolio)
regardless of sector. The model-implied ratings for the affected
tranches under the pandemic sensitivity test are below the current
ratings. The class E and F notes were on RWN prior to being
assigned a Negative Outlook. The shortfalls are still large for
both classes.

However, Fitch believes the portfolio's negative credit migration
is likely to slow and category-level downgrades on these tranches
are less likely in the short term. The Stable Outlook on the
remaining tranches reflect the fact that their ratings show
resilience under the coronavirus baseline sensitivity analysis with
a cushion.

Portfolio Performance; Surveillance

The transaction is still in its reinvestment period and the
portfolio is actively managed by the collateral manager. As of the
latest investor report available, the transaction was 9bp above par
and while all portfolio profile tests, coverage tests and most
collateral quality tests were passing, the Fitch weighted average
rating factor (WARF) and weighted average recovery rate (WARR)
tests were not passing. As of the same report, the transaction had
no defaulted assets.

Exposure to assets with a Fitch-derived rating of 'CCC+' and below
is 4.78% excluding non-rated assets and 5.25% including non-rated
assets.

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

Fitch assesses the average credit quality of obligors to be in the
'B'/'B-' category. The Fitch WARF calculated by Fitch as of
September 5, 2020 of the current portfolio is 34.7. Under the
coronavirus baseline scenario, the Fitch WARF would increase to
38.4.

High Recovery Expectations

Senior secured obligations constitute 97% of the portfolio. Fitch
views the recovery prospects for these assets as more favorable
than for second-lien, unsecured and mezzanine assets. The Fitch
recovery rate is 65.4%.

Portfolio Composition

The portfolio is well diversified across obligors, countries and
industries. The top 10 obligors' concentration is 15.0% and no
obligor represents more than 1.6% of the portfolio balance.
Semi-annual obligations constitute 49% of the portfolio but a
frequency switch has not occurred due to high interest coverage
ratios.

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.

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

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 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 Fitch-derived ratings 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
rating category change for all ratings.

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

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

DATA ADEQUACY

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

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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


BARDIN HILL 2019-1: Moody's Confirms B3 Rating on Class F Notes
---------------------------------------------------------------
Moody's Investors Service confirmed the ratings on the following
notes issued by Bardin Hill Loan Advisors European Funding 2019-1
Designated Activity Company:

EUR21,000,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2032, Confirmed at Baa2 (sf); previously on Jun 3, 2020 Baa2
(sf) Placed Under Review for Possible Downgrade

EUR22,500,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2032, Confirmed at Ba2 (sf); previously on Jun 3, 2020 Ba2 (sf)
Placed Under Review for Possible Downgrade

EUR8,000,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2032, Confirmed at B3 (sf); previously on Jun 3, 2020 B3 (sf)
Placed Under Review for Possible Downgrade

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

EUR1,500,000 (Current Outstanding balance EUR 750,000) Class X
Senior Secured Floating Rate Notes due 2032, Affirmed Aaa (sf);
previously on May 7, 2019 Definitive Rating Assigned Aaa (sf)

EUR214,000,000 Class A Senior Secured Floating Rate Notes due 2032,
Affirmed Aaa (sf); previously on May 7, 2019 Definitive Rating
Assigned Aaa (sf)

EUR20,000,000 Class B-1 Senior Secured Floating Rate Notes due
2032, Affirmed Aa2 (sf); previously on May 7, 2019 Definitive
Rating Assigned Aa2 (sf)

EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2032,
Affirmed Aa2 (sf); previously on May 7, 2019 Definitive Rating
Assigned Aa2 (sf)

EUR6,500,000 Class C-1 Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed A2 (sf); previously on May 7, 2019
Definitive Rating Assigned A2 (sf)

EUR15,000,000 Class C-2 Senior Secured Deferrable Fixed Rate Notes
due 2032, Affirmed A2 (sf); previously on May 7, 2019 Definitive
Rating Assigned A2 (sf)

Bardin Hill Loan Advisors European Funding 2019-1 Designated
Activity Company, issued in May 2019, is a collateralised loan
obligation (CLO) backed by a portfolio of mostly high-yield senior
secured European loans. The portfolio is managed by Bardin Hill
Loan Advisors (UK) LLP. The transaction's reinvestment period will
end in October 2023.

The action concludes the rating review on the Class D, E and F
notes initiated on June 03, 2020.

RATINGS RATIONALE

The rating action is primarily a result of consistent expected loss
despite the credit quality deterioration due to the coronavirus
outbreak.

Since the coronavirus outbreak widened in March, the decline in
corporate credit has resulted in a significant number of
downgrades, other negative rating actions, or defaults on the
assets collateralising the CLO. The deterioration in credit quality
of the portfolio is reflected in an increase in Weighted Average
Rating Factor (WARF) and of the proportion of securities from
issuers with ratings of Caa1 or lower. According to the trustee
report dated August 2020, the WARF was 3438[1], compared to a value
of 2852[2] in February 2020. Securities with ratings of Caa1 or
lower currently make up approximately 7.69% of the underlying
portfolio. In addition, the over-collateralisation (OC) levels have
weakened across the capital structure. According to the trustee
report of August 2020 the Class A/B, Class C, Class D, Class E and
Class F ratios are reported at 138.92%[1], 127.88%[1], 118.67%[1],
110.17%[1] and 107.43%[1] compared to February 2020 levels of
140.77%[2], 129.58%[2], 120.25%[2], 111.63%[2] and 108.86%[2]
respectively.

Moody's notes that none of the OC tests are currently in breach and
the transaction remains in compliance with the following collateral
quality tests: Diversity Score, Weighted Average Recovery Rate
(WARR), Weighted Average Spread (WAS) and Weighted Average Life
(WAL). However, the WARF test is not passing as per the August
trustee report [1]. Furthermore, the portfolio contains one
defaulted asset representing 0.3% of the aggregate principal
balance.

Despite the deterioration in credit quality of the portfolio,
Moody's concluded that the expected losses on all rated notes
remain consistent with their current ratings following analysis of
the latest portfolio and taking into account the recent trading
activities as well as the full set of structural features of the
transaction. Consequently, Moody's has confirmed the ratings on the
Classes D, E and F notes and affirmed the ratings on the Classes X,
A, B-1, B-2, C-1 and C-2 notes.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base case,
Moody's analysed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR 348.3 million,
defaults of EUR 1.0 million, a weighted average default probability
of 28.8% (consistent with a WARF of 3452), a weighted average
recovery rate upon default of 45.2% for a Aaa liability target
rating, a diversity score of 55 and a weighted average spread of
3.86%.

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

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

The coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to
disrupt economies and credit markets across sectors and regions.
Its analysis has considered the effect on the performance of
corporate assets from the current weak global economic activity and
a gradual recovery for the coming months. Although an economic
recovery is underway, it is tenuous and its continuation will be
closely tied to containment of the virus. As a result, the degree
of uncertainty around its forecasts is unusually high.

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

PRINCIPAL METHODOLOGY

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

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

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

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


CAIRN CLO IV: Fitch Affirms B-sf Rating on Class F-R Notes
----------------------------------------------------------
Fitch Ratings has affirmed Cairn CLO IV B.V., and removed the class
E and F notes from Rating Watch Negative (RWN).

RATING ACTIONS

Cairn CLO IV B.V.

Class A-RR XS1983353399; LTAAAsf Affirmed; previously AAAsf

Class B-RR XS1983353985; LTAAsf Affirmed; previously AAsf

Class C-RR XS1983354520; LTAsf Affirmed; previously Asf

Class D-RR XS1983355170; LTBBB-sf Affirmed; previously BBB-sf

Class E-R XS1983352821; LTBB-sf Affirmed; previously BB-sf

Class F-R XS1983353126; LTB-sf Affirmed; previously B-sf

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 removal of RWN reflects its view that the portfolio's negative
rating migration is likely to slow and a category-level downgrade
is less likely in the short term. The Negative Outlook on the class
E and F notes reflect the risk of credit deterioration over the
longer term, due to the economic fallout from the pandemic,
following a Fitch the sensitivity analysis of the coronavirus
pandemic.

In its sensitivity analysis of the pandemic Fitch notched down the
ratings for all assets of corporate issuers with a Negative Outlook
regardless of sector. The portfolio includes almost EUR75.2 million
of assets with a Fitch-derived rating (FDR) on Negative Outlook,
which amounts to 25.16% of the transaction's portfolio balance. The
Fitch weighted average rating factor (WARF) increases to 37.98
after the coronavirus baseline sensitivity analysis.

The Stable Outlook on the remaining tranches reflect the notes'
resilience to its base case for the pandemic.

'B'/'B-' Credit Quality

Fitch assesses the average credit quality of obligors in the
'B'/'B-' category. As of September 5, 2020, the Fitch-calculated
'CCC' and below category assets represented 3.15% of the portfolio
and including unrated assets, 5.17%. 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. The Fitch-calculated WARF of the current portfolio is
34.32.

High Recovery Expectations

The portfolio comprises all 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 63.31%.

Diversified Portfolio

The portfolio is well-diversified across obligors, countries and
industries. Exposure to the top-10 obligors is 15.6% of the
portfolio balance and no obligor represents more than 1.81% of the
portfolio balance. The largest industry is healthcare at 12.63% of
the portfolio balance, followed by computer and electronics at
11.98% and business services at 10.75%.

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 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 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 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.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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


CAIRN CLO VII: Fitch Affirms B-sf Rating on Class F Notes
---------------------------------------------------------
Fitch Ratings has affirmed Cairn CLO VII B.V., and removed the
class E and F notes from Rating Watch Negative (RWN).

RATING ACTIONS

Cairn CLO VII B.V.

Class A-1R XS2066880928; LTAAAsf Affirmed; previously AAAsf

Class A-2 XS1538266682; LTAAAsf Affirmed; previously AAAsf

Class B XS1538266849; LTAAsf Affirmed; previously AAsf

Class C-R XS2066883195; LTAsf Affirmed; previously Asf

Class D XS1538267490; LTBBBsf Affirmed; previously BBBsf

Class E XS1538267227; LTBBsf Affirmed; previously BBsf

Class F XS1538268381; LTB-sf Affirmed; previously B-sf

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 removal of the RWN reflects Fitch's view that the portfolio's
negative rating migration is likely to slow and a category-level
downgrade is less likely in the short term. However, the Negative
Outlook on the class E and F notes reflect the risk of credit
deterioration over the longer term, due to the economic fallout
from the pandemic, following the sensitivity analysis Fitch ran in
light of the coronavirus pandemic.

In the coronavirus sensitivity analysis Fitch notched down the
ratings for all assets with corporate issuers with a Negative
Outlook regardless of the sector. The portfolio includes almost
EUR106 million of assets with a Fitch-derived rating (FDR) on
Negative Outlook, which amount to 30.59% of the transaction's
portfolio balance. The Fitch weighted average rating factor (WARF)
increases to 38.66 after the coronavirus baseline sensitivity
analysis.

The Stable Outlook on the remaining tranches reflects their rating
resilience to Fitch's coronavirus baseline scenario.

'B'/'B-' Credit Quality

Fitch assesses the average credit quality of obligors in the
'B'/'B-' category. As of September 5, 2020, the Fitch-calculated
'CCC' and below category assets represented 5.39% of the portfolio
and including unrated assets 6.68%. 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. The Fitch-calculated WARF of the current portfolio is
34.37.

High Recovery Expectations

The portfolio comprises entirely of 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 64.16%.

Diversified Portfolio

The portfolio is well-diversified across obligors, countries and
industries. Exposure to the top-10 obligors is 15.6% of the
portfolio balance and no obligor represents more than 1.81% of the
portfolio balance. The largest industry is healthcare at 15.96% of
the portfolio balance, followed by business services at 13.43% and
chemicals at 10.31%.

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 but included 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 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 rating-category change for all ratings.

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

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

DATA ADEQUACY

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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


CVC CORDATUS XIV: Fitch Affirms B-sf Rating on Class F Notes
------------------------------------------------------------
Fitch Ratings has affirmed CVC Cordatus Loan Fund XIV Designated
Activity Company and removed the class E and F notes from Rating
Watch Negative (RWN).

RATING ACTIONS

CVC Cordatus Loan Fund XIV DAC

Class A-1 XS1964657156; LT AAAsf Affirmed; previously AAAsf

Class A-2 XS1964657586; LT AAAsf Affirmed; previously AAAsf

Class A-3 XS1964656778; LT AAAsf Affirmed; previously AAAsf

Class B-1 XS1964658121; LT AAsf Affirmed; previously AAsf

Class B-2 XS1964658808; LT AAsf Affirmed; previously AAsf

Class C-1 XS1964659442; LT Asf Affirmed; previously Asf

Class C-2 XS1965306068; LT Asf Affirmed; previously Asf

Class D-1 XS1964660291; LT BBB-sf Affirmed; previously BBB-sf

Class D-2 XS1965309245; LT BBB-sf Affirmed; previously BBB-sf

Class E XS1964661422; LT BB-sf Affirmed; previously BB-sf

Class F XS1964661851; LT B-sf Affirmed; previously B-sf

Class X XS1964658394; LT AAAsf Affirmed; previously AAAsf

TRANSACTION SUMMARY

CVC Cordatus Loan Fund XIV Designated Activity Company 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 CVC Credit Partners
European CLO Management LLP.

KEY RATING DRIVERS

Weakening Portfolio Performance

As per the trustee report dated August 12, 2020, the aggregate
collateral balance was below par by 70bp. The trustee-reported
Fitch weighted average rating factor (WARF) of 33.51 was in
compliance with its test. Assets with a Fitch-derived rating (FDR)
of 'CCC' category or below represented 5.8% of the portfolio (there
are no unrated assets), as per Fitch's calculation on September 5,
2020. Assets with an FDR on Negative Outlook represented 28.7% 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 X, A-1, A-2, A-3, B-1, B-2, C-1, C-2, D-1,
D-2 notes with cushions. While the class E and F notes still show
sizeable shortfalls, the agency believes 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 and
assigned a Negative Outlook. The Negative Outlooks reflect 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
33.73, as per Fitch's calculation, on September 5, 2020.

High Recovery Expectations

Approximately 99% of the portfolio comprises senior secured
obligations. Fitch views the recovery prospects for these assets as
more favourable than for second-lien, unsecured and mezzanine
assets. The Fitch weighted average recovery rate (WARR) of the
current portfolio was 65.54%, as per Fitch's calculation, on
September 5, 2020.

Diversified Portfolio

The portfolio is reasonably diversified across obligors, countries
and industries. Exposure to the top-10 obligors and the largest
obligor is 16.3% and 2.2%, respectively. The top three industry
exposures accounted for about 35.4%, as per Fitch's calculation. As
of August 12, 2020, no frequency switch event had occurred.

Deviation from Model-Implied Ratings

The model-implied rating for the class E notes is 'B+sf' and
'CCCsf' for the class F notes, 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 of 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 rating category
change for all ratings.

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

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

DATA ADEQUACY

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

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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


TIKEHAU CLO: Fitch Affirms Bsf Rating on Class F-R Notes
--------------------------------------------------------
Fitch Ratings has revised the Outlook on Tikehau CLO B.V. class D
to F notes to Negative from Stable while affirming all ratings.

RATING ACTIONS

Tikehau CLO B.V.

Class A-1R XS1719253558; LTAAAsf Affirmed; previously AAAsf

Class A-2 XS1247498329; LTAAAsf Affirmed; previously AAAsf

Class B-R XS1719254101; LTAA+sf Affirmed; previously AA+sf

Class C-R XS1719254879; LTA+sf Affirmed; previously A+sf

Class D-R XS1719255330; LTBBB+sf Affirmed; previously BBB+sf

Class E-R XS1719255926; LTBBsf Affirmed; previously BBsf

Class F-R XS1719256148; LTBsf Affirmed; previously Bsf

TRANSACTION SUMMARY

Tikehau CLO B.V. is a cash flow collateralised loan obligation
(CLO). Net proceeds from the issue were used to purchase a EUR340
million portfolio of mostly euro-denominated leveraged loans and
bonds. The transaction was refinanced in November 2017, and the
reinvestment period expired on August 2019. The portfolio is
actively managed by Tikehau Capital Europe Limited.

KEY RATING DRIVERS

Coronavirus Baseline Sensitivity Analysis

The Outlook revision to Negative is a result of a sensitivity
analysis Fitch ran in light of the coronavirus pandemic. For the
sensitivity analysis, Fitch notched down the ratings for all assets
with corporate issuers on Negative Outlook regardless of the
sectors. Under this scenario, the class D-R and E-R notes show
shortfalls, while the class F-R is only passing with a very small
cushion. The Negative Outlook reflects the risk of credit
deterioration over the long term due to the economic fallout from
the pandemic.

The Stable Outlooks on the remaining tranches reflect the
resilience of their ratings under the coronavirus baseline
sensitivity analysis.

Weakening Portfolio Performance

As of the latest investor report dated July 23, 2020 the
transaction was 4.21% below par and all portfolio profile tests,
coverage tests and most collateral quality tests were passing,
except for the Fitch weighted average rating factor (WARF) test. As
of the same report the transaction had EUR9.25 million in defaulted
assets. Exposure to assets with a Fitch-derived rating of 'CCC+'
and below was 6.88%. Assets with a Fitch-derived rating (FDR) on
Negative Outlook represented 22.88% of the portfolio balance.

'B'/'B-' Portfolio Credit Quality

Fitch assesses the average credit quality of the obligors e in the
'B'/'B-' category. The Fitch WARF of the current portfolio is 35.3
(assuming unrated assets are 'CCC'), and the trustee-reported Fitch
WARF was 34.95, both above the maximum covenant of 34.5. After
applying the coronavirus stress, the Fitch WARF would increase by
3.43.

High Recovery Expectations

Around 98% 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.

Diversified Portfolio

The portfolio is well-diversified across obligors, countries and
industries. The top-10 obligors represent 17.94% of the portfolio
balance with no obligor accounting for more than 2.03%. Nearly 41%
of the portfolio consists of semi-annual obligations but a
frequency switch has not occurred due to the transaction's high
interest coverage ratios.

Cash Flow Analysis

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

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

RATING SENSITIVITIES

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

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

Upgrades may occur in case of a better-than-expected portfolio
credit quality and deal performance, leading to higher credit
enhancement (CE) and excess spread available to cover for losses in
the remaining portfolio except for the class A-R notes, which are
already at the highest 'AAAsf' rating. If asset prepayment is
faster than expected and outweighs the negative pressure of the
portfolio migration, this may increase CE and potentially add
upgrade pressure on the rated notes.

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

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

Downgrades may occur if the build-up of CE following amortisation
does not compensate for a larger loss than initially assumed due to
unexpectedly high levels of defaults and portfolio deterioration.
As the disruptions to supply and demand due to the pandemic become
apparent, loan ratings in those vulnerable sectors will 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.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

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

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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




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

GLOBAL BLUE: Moody's Withdraws B3 CFR on Merger
-----------------------------------------------
Moody's Investors Service withdrawn the ratings of Global Blue
Finance S.a r.l., the indirect holding company of Global Blue
Acquisition B.V., including Global Blue's B3 corporate family
rating and the B3 senior secured instrument ratings issued at
Global Blue Acquisition B.V., as well as Global Blue's probability
of default rating (PDR) of B3-PD. The negative outlook has been
withdrawn.

RATINGS RATIONALE

This rating action reflects that the rated credit facilities are no
longer outstanding following the merger with Far Point Acquisition
Corporation (NYSE: FPAC) completed in August 2020 and simultaneous
refinancing of the rated credit facilities comprising a EUR80
million revolving credit facility and a EUR630 million term loan B.
In line with Moody's practice, the agency is withdrawing ratings
due to the rated obligation no longer being outstanding.

Global Blue Finance S.a r.l., which is domiciled in Luxembourg, is
a holding company of the Global Blue group. The group is a leading
provider of VAT and Goods and Service Tax (GST) refunds to
travelers, as well as added-value payment solutions, such as
currency conversion services. For FY2020 (ended March 31, 2020),
the company reported revenue and EBITDA (as adjusted by the
company) of approximately EUR420 million and EUR171 million,
respectively.




=====================
S W I T Z E R L A N D
=====================

SWISSPORT INT'L: Reaches Debt-for-Equity Swap Deal
--------------------------------------------------
Peg Brickley at the Wall Street Journal reports that airport ground
services and air-cargo handler Swissport International AG has
reached a deal on a balance-sheet restructuring that will preserve
its business under pressure from the Covid-19 pandemic.

According to the Journal, the debt-for-equity swap will lighten the
debt side of Swissport's balance sheet as it contends with  the
impact of reduced air travel on its revenues.

Ownership of the Zurich-based company will pass from China's HNA
Group Co. Ltd. to a group of mostly U.K-. and U.S.-based investment
funds once the restructuring is complete, the Journal discloses.

A major provider of cargo handling and ground services such as
refueling and aircraft cleaning, Swissport has operations at 300
airports in 47 countries.  Its revenues are dependent on air travel
and many of its airline customers are cutting costs due to health
fears and travel restrictions related to the coronavirus, the
Journal notes.

The lockup agreement with senior secured creditors including SVP
Global, Apollo Global Management Inc., and TowerBrook Capital
Partners "will enable us to confidently trade through the market
recovery," the Journal quotes Chief Executive Eric Born as saying
on Sept. 15.




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

GLOBAL LIMAN: Moody's Cuts CFR to Caa1, Outlook Negative
--------------------------------------------------------
Moody's Investors Service downgraded Global Liman Isletmeleri
A.S.'s (Global Liman) corporate family rating to Caa1 from B3 and
the probability of default rating to Caa1-PD from B3-PD.
Concurrently, Moody's downgraded to Caa2 from Caa1 the rating of
the company's USD250 million guaranteed senior unsecured bond due
2021. The outlook on the ratings remains negative.

RATINGS RATIONALE

The rating action reflects Moody's expectation of an increase in
Global Liman's leverage in 2020 and an uncertain pace of recovery,
which may lead to an unsustainable capital structure ahead of the
company's November 2021 debt maturity.

The rapid spread of the coronavirus outbreak, deteriorating global
economic outlook, low oil prices, and high asset price volatility
have caused an unprecedented credit shock across a range of
sectors, regions and markets. Moody's regards the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial implications for public health and safety. The action
reflects the impact on Global Liman of the breadth and severity of
the shock, and the broad deterioration in credit quality it has
triggered.

For Global Liman specifically, the coronavirus outbreak resulted in
a cancellation in cruise calls through the year and decrease in
marble exports to China and other container volumes. In the first
half of 2020, Global Liman's cruise passenger volumes were down 87%
and container volumes fell by almost 14%. While performance of the
general cargo volumes was stronger and Global Liman's performance
was supported by cost cutting measures, the company's EBITDA was
down 69% to USD11.3 million in the first half of 2020.

Moody's expects no meaningful recovery in cruise operations this
year, which will result in a continued cash burn for cruise ports
despite Global Liman's initiatives to reduce costs and cut or defer
investments. As a result, the commercial segment will be the sole
cash flow generator, with the port of Akdeniz-Antalya in Turkey
accounting for the bulk of earnings. In the first half of 2020, the
port of Akdeniz-Antalya contributed USD11.9 million to the
company's adjusted EBITDA.

Given the steep EBITDA decline, Moody's expects Global Liman's
adjusted leverage to increase to above 15x in 2020. This leverage
has to be considered in the context of the company's remaining
concession life. The port of Akdeniz-Antalya, which is currently
the main asset supporting Global Liman's cash flows, has a
concession that will expire in August 2028. The sustainability of
Global Liman's capital structure is therefore reliant on the
recovery in the cruise segment.

Global Liman's rating further considers the company's exposure to
the general economic and political environment in Turkey (B2,
negative). While the company holds a portfolio of international
assets, the reduction in cruise activity means that earnings are
primarily generated by the port of Akdeniz-Antalya, increasing
Global Liman's exposure to the evolving regulatory and legal
environment in Turkey.

Moody's notes that Global Liman's owner -- Global Ports Holding Plc
(GPH) -- started a sale process for its commercial port operations
in line with its strategic objective to focus on the cruise
segment. Any disposal would result in a material shift in the
group's business profile and its capital structure. While
management indicated that the sale could be agreed in the coming
weeks, there is uncertainty as to the final outcome and timing of
the completion of the process.

Overall, Global Liman's Caa1 CFR reflects (1) the uncertainty and
magnitude of the operational disruptions caused by the coronavirus
pandemic; (2) the company's weakening liquidity; (3) its high
financial leverage in the context of a decreasing concession life;
and (4) the high cash flow concentration derived from the port of
Akdeniz-Antalya in Turkey. The rating further considers Global
Liman's relatively small size and complex group structure, as well
as its linkages with the wider GPH group, which has a higher
financial leverage and exhibits significant negative free cash
flows, given investments in the newly acquired ports of Nassau and
Antigua, albeit these have been fully funded.

STRUCTURAL CONSIDERATIONS

The Caa1-PD PDR is in line with the CFR. This is based on a 50%
recovery rate, as typical for transactions with both bond and bank
debt. The Caa2 rating on the senior unsecured notes due 2021 is one
notch below the CFR, reflecting a significant amount of debt at the
operating subsidiaries that are not guarantors and are considered
senior to the notes with respect to the assets and cash flows of
the respective operating subsidiary.

LIQUIDITY

As of end-June 2020, Global Liman's liquidity was supported by
around USD26.5 million in unrestricted cash. The company does not
maintain any external committed facilities and is thus reliant on
internal cash flow generation for debt service, which includes
USD30 million in annual interest payments. While Moody's expects
Global Liman to have sufficient liquidity to support its operations
during a limited period of disruptions to the cruise operations,
the company is exposed to a refinancing risk. As of end-June 2020,
Global Liman had USD48.1 million in maturities of short-term loans
and borrowings. The company's USD250 million bond comes due in
November 2021.

RATING OUTLOOK

The negative outlook reflects the uncertainty around Global Liman's
capital structure ahead of the refinancing of its 2021 bond
maturity given weakness in the company's operating performance and
uncertainty around the pace of recovery in cruise volumes.

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

Given the negative outlook, a rating upgrade is currently unlikely.
However, the outlook could be stabilized if Global Liman
strengthens its liquidity and it appears likely that the company's
earnings start to recover. This will also take into account the
performance of the wider GPH group.

The ratings could be upgraded if the company addresses its capital
structure and debt maturities in a manner that leaves it with
adequate liquidity and more sustainable financial position.

Conversely, Moody's could downgrade the ratings if Global Liman's
liquidity profile is further weakened or if the company fails to
evidence recovery in the cruise segment, leading to a potentially
distressed capital structure.

The principal methodology used in these ratings was Privately
Managed Port Companies published in September 2016.

Global Liman Isletmeleri A.S. is a port operator domiciled in
Turkey. The company operates a mixed commercial and cruise port of
Akdeniz located on Turkey's Mediterranean coast and two cruise and
ferry ports (Bodrum and Ege) located on Turkey's Aegean coast. In
addition, Global Liman holds a controlling stake in the commercial
port of Bar (Montenegro, 64%), and a number of cruise ports
internationally, including in the port of Barcelona (Spain, 62%).
Global Liman is 100% owned by Global Ports Holding Plc, which is
listed on the London Stock Exchange.

LIST OF AFFECTED RATINGS

Issuer: Global Liman Isletmeleri A.S.

Downgrades:

LT Corporate Family Rating, Downgraded to Caa1 from B3

Probability of Default Rating, Downgraded to Caa1-PD from B3-PD

BACKED Senior Unsecured Regular Bond/Debenture, Downgraded to Caa2
from Caa1

Outlook Actions:

Issuer: Global Liman Isletmeleri A.S.

Outlook, Remains Negative


[*] Moody's Cuts Ratings on Istanbul and Izmir to B2, Outlook Neg.
------------------------------------------------------------------
Moody's Public Sector Europe downgraded to B2 from B1 the long-term
issuer ratings of the Metropolitan Municipalities of Istanbul and
Izmir. The National Scale Rating on Izmir has been downgraded to
Aa3.tr from Aaa.tr. The rating outlooks on both municipalities'
ratings remain negative.

The rating action follows the weakening of the Turkish government's
credit profile, as captured by Moody's recent decision to downgrade
Turkey's government bond ratings to B2 from B1 and to maintain the
negative outlook.

RATINGS RATIONALE

RATIONALE FOR THE RATING DOWNGRADES

Moody's assessment of both cities' baseline credit assessments
(BCAs) has been changed to b2 from b1, mainly reflecting the two
cities' exposure to increased systemic risk reflected in Turkish
sovereign rating.

Due to their close institutional, financial and operational
linkages with the Turkish government, metropolitan municipalities,
including Istanbul and Izmir, cannot act independently of the
sovereign and do not have enough financial flexibility to permit
their credit quality to be stronger than that of the sovereign.
Therefore, Istanbul and Izmir are rated on par with the Turkish
government bond rating of B2 negative.

Moody's expects a significant impact on financial results in 2020
and 2021 from weaker revenues but also additional cost related to
the coronavirus pandemic. Both cities have only limited cash
reserves and significant exposure to foreign currency debt, which
is exposing them to additional risk. Against this backdrop, Izmir
and Istanbul still display robust operating performance,
predictable shared taxes paid by the government and large and
diversified economic bases, which should help mitigate the
pressures on their budgets.

Istanbul's B2 rating reflects its large and diversified economy, a
still robust operating performance, although expected to weaken in
2020, a high self-funding capacity and valuable asset base, which
provides fiscal flexibility to accommodate budgetary pressure. On
the other hand, Istanbul's rating is constrained by its relatively
high burden, which will remain elevated during 2020-21, and the
upward pressure on debt servicing costs given the city's
significant exposure to foreign currency debt and the depreciation
of the Turkish lira.

Izmir's B2 rating reflects its very high and stable operating
balance, although it is expected to weaken this year, and its large
economic base in the country. At the same time, the rating is
constrained by the moderately high indirect debt of
municipal-related entities and the city's significant exposure to
foreign currency debt and the depreciation of the Turkish lira.

RATIONALE FOR MAINTAINING THE NEGATIVE OUTLOOKS

The negative outlook on both cities reflects their budgetary
challenges, the increasing exposures to FX debt and the reduction
in the debt affordability. It also mirrors the outlook of the
Government of Turkey.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

In Moody's assessment, both RLGs' exposure to environmental and
social risks are not material.

Governance considerations are material to Istanbul's and Izmir's
credit profile. Moody's considers overall governance risk as
moderate to high, mainly due to significant exposure to foreign
currency risk.

The specific economic indicators, as required by EU regulation, are
not available for the Metropolitan Municipality of Istanbul and
Metropolitan Municipality of Izmir. The following national economic
indicators are relevant to the sovereign rating, which was used as
an input to this credit rating action.

Sovereign Issuer: Turkey, Government of

GDP per capita (PPP basis, US$): 28,268 (2019 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 0.9% (2019 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 13.5% (2019 Actual)

Gen. Gov. Financial Balance/GDP: -4.5% (2019 Actual) (also known as
Fiscal Balance)

Current Account Balance/GDP: 1.2% (2019 Actual) (also known as
External Balance)

External debt/GDP: [not available]

Economic resiliency: ba2

Default history: At least one default event (on bonds and/or loans)
has been recorded since 1983.

SUMMARY OF MINUTES FROM RATING COMMITTEE

On September 10, 2020, a rating committee was called to discuss the
rating of the Istanbul, Metropolitan Municipality of; Izmir,
Metropolitan Municipality of. The main points raised during the
discussion were: The systemic risk in which the issuer operates has
materially increased.

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

A downgrade of Turkey's sovereign rating would lead to a downgrade
of the two cities' ratings. For both Istanbul and Izmir, a strained
liquidity situation, including concerns around access to funding
sources, could trigger a downgrade. Similarly, for both cities,
downward ratings pressure may also arise from a sustained growth in
debt and debt servicing costs.

An upgrade of the two cities' ratings is unlikely given the
negative outlook. An upgrade of Turkey's sovereign rating may exert
positive pressure, provided that both cities also display improved
financial metrics.

The sovereign action on Turkey published on Friday September 11,
2020 required the publication of these credit rating actions on a
date that deviates from the previously scheduled release date in
the sovereign release calendar.


[*] TURKEY: Debt-Laden Cos. Seek More Time to Repay Bank Loans
--------------------------------------------------------------
Ebru Tuncay and Birsen Altayli at Reuters report that debt-laden
Turkish companies are seeking more time to repay bank loans after
the coronavirus pandemic upended plans to sell assets, according to
four sources with direct knowledge of the matter.

According to Reuters, one of the sources said even before the virus
hit Turkey in March, firms were seeking lower rates from banks
after an aggressive monetary easing campaign and since then, large
and small companies are looking for further revisions to nearly all
of the restructurings agreed in the past two years.

Conglomerate Dogus was among the companies preparing for talks,
Reuters relays, citing the source, who requested anonymity.

In response to a query from Reuters, Dogus said: "Our regular and
usual negotiations with banks are, as always, underway within the
framework of good relations."

The source said other restructuring talks involving major companies
are already happening, Reuters notes.

Businesses in Turkey, like counterparts in other parts of the
world, have been hit hard by lockdowns to try and stop the spread
of the virus with the economy shrinking nearly 10% in the second
quarter, Reuters discloses.

But Turkish companies were already weakened by a 2018 currency
crisis and some, including Dogus, Yildiz and several energy firms
signed billions of dollars worth of restructuring deals, Reuters
relates.




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

NEWDAY GROUP: Moody's Lowers CFR to B2, Outlook Negative
--------------------------------------------------------
Moody's Investors Service downgraded NewDay Group (Jersey)
Limited's corporate family rating to B2 from B1 and also NewDay
BondCo plc's backed senior secured debt ratings to B2 from B1. The
outlooks have been changed to negative from ratings under review.

The rating action concludes the review that was opened on April 7,
2020.

RATINGS RATIONALE

The downgrade reflects Moody's view that NewDay will be unlikely to
achieve its previously stated profitability, asset quality and
capitalisation targets. The negative outlook signals further
negative pressure that could develop in the current operating
environment, given the ongoing coronavirus crisis in the UK, should
the company's profitability, cash flows and capitalisation not
strengthen the credit profile commensurate with the B2 rating
positioning.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. Consumer finance companies represent one of the sectors
affected by the outbreak, given its impact of the weakening economy
on consumers' demand as well as on households' ability to repay
their debts. The action reflects the impact on NewDay of the
breadth and severity of the shock, and the deterioration in credit
quality it has triggered, making restoration of its previously
stated profitability and cash flow targets more challenging.

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

An upgrade is unlikely given that NewDay's ratings are on a
negative outlook. The outlook could return to stable if the
operating environment improves, leading to an increase in consumer
spending, or if Moody's comes to believe that NewDay's
profitability and cash flows will improve as a result of the
initiatives the company is taking to improve its financial
performance and to reduce its business and credit risk.

NewDay's ratings could be downgraded if Moody's concludes that the
company will be unlikely to sufficiently improve its profitability,
capitalisation and cash flows to the levels consistent with the B2
rating positioning. The ratings could also be downgraded if the
company's liquidity and funding metrics materially deteriorate
relative to Moody's previous expectations.

LIST OF AFFECTED RATINGS

Issuer: NewDay Group (Jersey) Limited

Downgrades:

Long-term Corporate Family Rating, Downgraded to B2 from B1

Outlook Actions:

Outlook, Changed to Negative from Rating Under Review

Issuer: NewDay BondCo plc

Downgrades:

Backed Senior Secured Regular Bond/Debenture, Downgraded to B2 from
B1

Outlook Actions:

Outlook, Changed to Negative from Rating Under Review

PRINCIPAL METHODOLOGY

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


PCH MANUFACTURING: Karsal Manufacturing Rescues Business
--------------------------------------------------------
Business Sale reports that a Plymouth window manufacturing business
that formed part of the defunct PCH Manufacturing has been rescued
in a buy-out deal.

According to Business Sale, housing provider Plymouth Community
Homes (PCH) has agreed a deal to sell the warehouse, which formed
part of PCH Manufacturing, for an undisclosed amount to Karsal
Manufacturing Ltd.

PCH announced in May of this year that its manufacturing unit would
cease trading on August 31, 2020, putting 54 jobs at risk, Business
Sale recounts.  The company blamed the COVID-19 lockdown for it
being unable to complete some existing contracts, being unable to
secure new contracts and losing future contracts, Business Sale
discloses.

Some staff secured jobs within PCH itself, but there were some
redundancies, Business Sale states.  All existing staff at the
Prince Rock window factor will now transfer to Karsal following the
sale, Business Sale notes.

In its most recent accounts, made up to the year ending March 31,
2019, PCH Manufacturing had reported profit before tax of
GBP232,7085, up from GBP59,000 a year earlier, with turnover for
the year of close to GBP2.5 million across its joiners shop, sign
shop, metal fabrication shop and window factory and fitters,
Business Sale discloses.

Its current assets were valued at GBP1.3 million, with creditors
due a little over GBP1 million, Business Sale relays.  Net assets
were valued at GBP266,000, Business Sale says.


PREMIER OIL: In Talks with Chrysaor Over Refinancing Alternative
----------------------------------------------------------------
Tanishaa Nadkar, Clara Denina, Ron Bousso and Shadia Nasralla at
Reuters report that Premier Oil Plc said on Sept. 15 it was in
talks with private-equity backed oil producer Chrysaor and several
other parties on alternative deals to secure long-term debt
refinancing.

Premier said last month it was seeking US$530 million (GBP411
million) in fresh equity, of which existing creditors said they
would underwrite US$205 million in a potential debt-for-equity
swap, Reuters recounts.

According to Reuters, the company, with market capitalization of
around GBP162 million on Sept. 15 and net debt of just under US$2
billion, needs at least US$325 million in new equity for its
creditors to extend current maturities.

Premier said it was discussing alternative means of refinancing in
the best interests of its stakeholders, but that there was no
certainty of an agreement, Reuters relates.

The Chrysaor talks have not touched on the possibility of Chrysaor
acquiring Premier, Reuters relays, citing banking sources close to
the process.

The two sides have focused on a solution that would involved a
debt-for-equity swap aimed at reducing Premier's debt, the sources
said, without giving further details, Reuters notes.

According to Reuters, sources said Premier and its bond holders had
sought a new cornerstone investor or prepaid sales deal before the
August announcement, but sealed no agreement.


SEADRILL LTD: Creditors Agree to Suspend Debt Payments This Month
-----------------------------------------------------------------
Terje Solsvik at Reuters reports that a group of Seadrill's
creditors have agreed to let the offshore drilling rig operator
suspend interest payments this month as part of an ongoing effort
to restructure its US$7.3 billion debt, the Oslo-listed company
said on Sept. 9.

Seadrill, which has so far failed to convince its 43 bank lenders
to permanently adjust the terms of its loans, reiterated earlier
warnings that a debt restructuring could leave current shareholders
with minimal or no ownership at all, Reuters relates.

Demand for oil and gas exploration and drilling has fallen further
during the COVID-19 pandemic as energy firms seek to preserve cash,
idling more rigs and leading to additional overcapacity among
companies serving the industry, Reuters discloses.

The so-called forbearance agreement lasts until Sept. 29 but could
be extended, Reuters notes.

"The consenting creditors have agreed not to exercise any voting
rights to, or otherwise take actions, in respect of certain events
of default that may arise," Reuters quotes Seadrill as saying in a
statement.

Seadrill, as cited by Seadrill said, said the deal announced on
Sept. 9 covers senior and secured credit facilities, notes and
guarantees, but not yet the leasing agreements for three of its
rigs.

According to Reuters, the company said by postponing payments on
its bank debt, Seadrill is at risk of cross-defaulting on those
leasing deals.

A new debt restructuring could again involve a court-supervised
process, the company said, while adding that five legal, investment
banking and management consulting firms had been appointed as
advisors, Reuters relays.

                        About Seadrill Ltd.

Seadrill Limited is a deepwater drilling contractor providing
drilling services to the oil and gas industry. It is incorporated
in Bermuda and managed from London.  Seadrill and its affiliates
own or lease 51 drilling rigs, which represents more than 6% of the
world fleet.

On Sept. 12, 2017, Seadrill Limited and 85 affiliated debtors each
filed a voluntary petition for relief under Chapter 11 of the
United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
17-60079) after reaching terms of a reorganization plan that would
restructure $8 billion of funded debt.

Together with the chapter 11 proceedings, Seadrill, North Atlantic
Drilling Limited ("NADL") and Sevan Drilling Limited ("Sevan")
commenced liquidation proceedings in Bermuda to appoint joint
provisional liquidators and facilitate recognition and
implementation of the transactions contemplated by the RSA and
Investment Agreement.

On July 2, 2018, Seadrill emerged from U.S. Chapter 11 bankruptcy
protection.  Seadrill also commenced dissolution proceedings in
Bermuda in accordance with the confirmed Chapter 11 Plan.


[*] UNITED KINGDOM: Scottish Travel Agents Fighting for Survival
----------------------------------------------------------------
Alastair Dalton at The Scotsman reports that travel agents said
they faced collapse because they are owed up to millions of pounds
each by airlines and operators that has been paid out in refunds to
their customers.

The Scottish Passenger Agents Association (SPAA) said the industry
was "fighting for survival", The Scotsman relates.

According to The Scotsman, agents must refund customers on request
if their holidays are cancelled, but the SPAA said members had been
awaiting reimbursement in turn from airlines for more than four
months.

In a letter to the Scottish and UK governments, the SPAA, as cited
byThe Scotsman, said: "Travel agents operate on an exceptional
financial model.

"Many have had zero revenue in 2020 -- and indeed some have
negative revenue due to having to also refund credit card
commission charges.

The body has called for a New Zealand-style reimbursement scheme to
help both agents and their customers, The Scotsman discloses.

It has also sought an extended furlough scheme, and parity for
Scottish agents with a grant scheme available to those in the rest
of the UK, The Scotsman states.

The SPAA said that Scottish agents have received 25% less support,
The Scotsman notes.

The body has also called for mandatory coronavirus testing of
passengers arriving at airports, with follow-up tests six to eight
days later, The Scotsman says.

According to The Scotsman, the letter said: "We are calling on both
governments to act now before our whole economy is at its journey's
end.

"Without immediate and targeted intervention, Scotland may face
isolation from the rest of the world as the frequency of flights
lessens and entire routes disappear.

"Both scenarios are possible, indeed probable, and both would cause
irreversible long-term damage to our whole economy."



                           *********


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

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

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

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

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

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


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