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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 24, 2020, Vol. 21, No. 192

                           Headlines



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

VITA-LIFE: Asset Auction Scheduled for October 26


F R A N C E

TEREOS SCA: Fitch Affirms BB- LongTerm IDR, Outlook Negative


G E R M A N Y

WIRECARD AG: Solarisbank Pulls Out of Bidding Race


I R E L A N D

AVOCA CLO XVI: Fitch Affirms B-sf Rating on Class F-R Notes
FAIR OAKS III: Moody's Gives (P)B3 Rating on EUR2.6MM Class F Notes


N E T H E R L A N D S

HEMA: S&P Affirms 'CC' Issuer Credit Rating, Outlook Negative
MAXEDA DIY: Moody's Raises CFR to B2, Outlook Stable


R U S S I A

LENTA LLC: Fitch Alters Outlook on 'BB' LT IDRs to Positive


S P A I N

AUTO ABS 2020-1: DBRS Assigns Prov. B(high) Rating on E Notes
GROUPE ECORE: Ftch Affirms B- LongTerm IDR, Outlook Stable


S W I T Z E R L A N D

GARRETT MOTION: Files Chapter 11 Petition to Facilitate Sale


U N I T E D   K I N G D O M

AMIGO LOANS: S&P Alters CreditWatch Implications to Negative
AVON FINANCE 2: DBRS Finalizes B(high) Rating on Class F Notes
DEBENHAMS PLC: Reliance Retail In Acquisition Talks with Advisers
EUROMASTR PLC 2007-1V: Fitch Affirms BB+sf Rating on Class E Notes
NMC HEALTH: Investigation Hampered by Destruction of Documents

PREMIER FOODS: Moody's Hikes CFR to B1, Outlook Stable
TURBO FINANCE 9: Moody's Gives (P)Ba3 Rating on Class X Notes
TURBO FINANCE 9: S&P Assigns Prelim. B- Rating on Class X Notes
VALARIS PLC: Egan-Jones Withdraws 'D' Senior Unsecured Ratings
WALSHAM CHALET: Director Banned for 14 Years Following Collapse

WM MORRISON: Egan-Jones Cuts Foreign Currency Unsec. Rating to BB+
[*] UK: 4,000+ Businesses Collapsed in Six Months Since Lockdown

                           - - - - -


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

VITA-LIFE: Asset Auction Scheduled for October 26
-------------------------------------------------
Stefan Radulovikj at SeeNews reports that Bosnia's bankrupt
producer of instant vitamin drinks, coffee and tea products
Vita-Life opened a tender for the sale of assets worth some BAM6
million (US$3.6 million/EUR3.1 million).

The company is offering real estate worth some BAM5 million and
movable property worth almost BAM870,000, SeeNews relays, citing
news portal eKapija.com.

According to SeeNews, the auction will take place on Oct. 26 at the
company's premises.

Vita-Life, founded in 2006 in Visoko, filed for bankruptcy in April
this year, SeeNews recounts.




===========
F R A N C E
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TEREOS SCA: Fitch Affirms BB- LongTerm IDR, Outlook Negative
------------------------------------------------------------
Fitch Ratings has affirmed Tereos SCA Long-Term Issuer Default
Rating at 'BB-' with Negative Outlook. The senior unsecured rating
of the EUR600 million bond issued by its subsidiary Tereos Finance
Groupe 1 (Finco) has also been affirmed at 'B+'.

The rating affirmation reflects Fitch's updated projections
following adverse movements of sugar prices and the effects of
COVID-19 and diseases on French beetroot crops. Despite its view of
weaker price and volume prospects, Fitch believes that the
company's strengthening operations, which include a more flexible
cost structure, should sufficiently mitigate market risks and allow
continued de-leveraging to levels consistent with the rating by
financial year to March 2023 at the latest.

Its Negative Outlook continues to reflect uncertainty around the
pace of both recovery and deleveraging.

KEY RATING DRIVERS

Mild Price Recovery: While international sugar prices remain close
to historical lows, Tereos' FY20 and 1QFY21 results show the
company has since September 2019 been able to lock in firmer
prices, which combined with cost-optimisation measures, allowed it
to achieve stronger EBITDA than the trough of FY19 (when it fell by
50%). However, Fitch sees global supply-and-demand dynamics only
supporting a mild price recovery above current levels. Despite
improving farming yields, shrinking demand for sugar in the
developed world is only going to be compensated by growth in
emerging markets. Fitch now expects sugar prices to average
12cts/lb, one cent below its previous forecasts.

High Sugar Stocks: Stock-to-use ratios remain high after years of
abundant crops. Fitch believes that the lower production connected
to the decline of French farming yields is only compensating the
contraction in sugar and ethanol demand earlier in 2020 during the
pandemic lockdown.

Uncertain Yield in France: The French authorities banned
neonicotinoid-based treatments in 2018, causing sugar beet
producers to stop using this product for the 2020/2021 crop. As a
result, jaundice has materially expanded over sugar beet farms,
affecting yields although the magnitude remains unknown. Its
forecasts include around a 10% reduction in French production for
the current crop. Fitch believes that existing inventories and
geographic sourcing diversification should partly offset this
impact, mitigating the effect on Tereos' sales volumes for FY20 and
FY21. The French government announced it intends to reallow
neonicotinoid until 2023, subject to a Parliament vote in October.
This would provide additional time for Tereos to finalise
alternatives.

FY19-FY21 Negative Cash Flow: Fitch expects free cash flow (FCF) to
remain negative at a cumulative post- dividend outflow of EUR170
million in FY21-FY22, as profitability remains low while steady
capex and working capital outflows weaken cash flow generation.
Tereos' business profile requires continued maintenance capex and
the company is making de-bottlenecking investments in its starch
and sweeteners plants. The impact on its net debt position should
be manageable due to around EUR200 million divestment proceeds in
FY20.

Lengthy Deleveraging: Due to its assumptions of lower sugar prices,
combined with yield reduction in France for the 2020/2021 crop,
Fitch expects readily marketable inventories (RMI)-adjusted funds
from operations (FFO) net leverage to remain above 5.0x in FY21,
which is high for the current rating. Fitch forecasts it to
gradually decrease towards 5.0x by FY22 and below from FY23, a
level that is consistent with the current rating - and for FFO to
return to around EUR400 million. Its Negative Outlook reflects
uncertainty around the impact of French yields, the pace of FFO
recovery and deleveraging.

Conservative Financial Policy: Tereos has historically been able to
keep shareholder distributions to a minimum and has refrained from
M&A in times of challenging operating conditions. Additionally, its
EUR200 million asset disposal in FY20 demonstrated management's
willingness to support financial flexibility. Fitch believes that
Tereos will continue to have good access to debt capital markets
and adequate liquidity to fund its operations. In July 2020 it
obtained a EUR230 million term loan that is 80%- guaranteed by the
French state, aiding financial flexibility.

Strong Business Profile: Tereos has a business profile that is
commensurate with the mid- to-high end of the 'BB' category through
the cycle. This reflects its large operational scope and strong
position in a commodity market with moderate long-term growth
prospects. Tereos is the second-largest sugar company in the world
with production in the EU and Brazil, and good product
diversification from starches to sweeteners, which its investment
programme should strengthen and allow it to reduce the reliance on
sugar operations. Tereos also has flexibility to alternate between
sugar- and ethanol-processing, depending on market prices, as well
as a flexible pricing mechanism for beetroot procurement agreed
with its member farmers.

Weak Bond Recovery Prospects: The 'B+' rating on the senior
unsecured notes issued by FinCo is derived from a consolidated
Tereos' IDR of 'BB-'. Prior-ranking debt at its operating entities
constitutes more than 2.5x consolidated EBITDA, which Fitch expects
to remain largely unchanged for the next four years. Under its
criteria this indicates a high likelihood of subordination and
lower recoveries for unsecured debt raised by FinCo, which Fitch
reflects by notching down the bond's rating once from Tereos's IDR.
In the event of an IDR downgrade to the 'B' category, weak
recoveries could lead to a differential between the IDR and the
senior unsecured rating by up to two notches.

Tereos has an ESG credit relevance score of '4' for Exposure to
Environmental Impacts as the volumes of its sugar production in
France could be affected by regulation that restrains the use of
nicotinoid-based insecticides in beetroot farming. This ESG score
has been changed from '3' previously to reflect the impact on 2020
crop. This has a negative impact on the credit profile and is
relevant to the rating in conjunction with other factors.

DERIVATION SUMMARY

Tereos's 'BB-' IDR is three notches below larger and significantly
more diversified commodity trader and processor Bunge Limited's
(BBB-/Stable). Tereos enjoys a stronger business profile than
Biosev S.A. (B/Negative) and Corporacion Azucarera del Peru S.A.
(B/Stable), whose ratings reflect higher geographic and product
concentration. Tereos also enjoys lower refinancing risk and
greater financial flexibility than both Biosev S.A. and Corporacion
Azucarera del Peru S.A., which is, however, partly offset by
Tereos' higher leverage.

Tereos has comparable scale to but a weaker financial profile than
similarly rated Kernel Holding S.A.'s (BB-/Stable). This is
balanced by Kernel's dependence on a single source of supply,
Ukraine, compared with Tereos's ability to source raw materials
from Europe and Brazil. In addition, although Kernel is gradually
diversifying away from sunflower oil by growing its grain trading,
renewable energy production and infrastructure operations, Fitch
views Tereos as more diversified due to its production and trading
of sweeteners, ethanol and starches aside from sugar.

KEY ASSUMPTIONS

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

  - USD/EUR at 1.1 over the next four years, USD/BRL at 5.2 in
FY21, improving towards 4.8x by FY24;

  - NY11 stabilising at around 12ct/lb, and European sugar price
around EUR400/ton for FY21-FY24;

  - Fitch-adjusted EBITDA margin improving towards 12% by FY23;

  - Capex of around EUR360 million-EUR370 million per annum up to
FY24;

  - Dividends paid to cooperative members at EUR25 million per
annum up to FY24; and

  - Credit lines used to finance operations are renewed.

RATING SENSITIVITIES

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

  - Strengthening of profitability (excluding price fluctuations),
as measured by RMI-adjusted EBITDAR/gross profit returning to above
30%, reflecting reasonable capacity utilisation in sugar beet and
overall increased efficiency.

  - At least neutral FCF while maintaining strict financial
discipline.

  - Consolidated FFO net leverage (RMI-adjusted) consistently below
4x, aided by debt repayments as opposed to cyclical profit
expansion.

Factors that could, individually or collectively, lead to an
Outlook revision to Stable

  - Consolidated FFO of at least EUR400 million by FY21-FY22.

  - FFO interest coverage (RMI-adjusted) above 2.5x on a sustained
basis, along with enhanced liquidity buffer and progress on
extending the debt maturity profile.

  - FFO net leverage (RMI-adjusted) of 5.0x-5-5x by FY21 and
expected to fall below 5.0x by FY22.

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

  - Reduced financial flexibility as reflected in FFO interest
coverage (RMI-adjusted) falling permanently below 2.5x or inability
to maintain adequate availability under committed medium-term
credit lines.

  - Inability to maintain cost savings derived from efficiency
programme or excessive idle capacity in different market segments,
leading to weak RMI-adjusted EBITDAR/gross profit on a sustained
basis.

  - Inability to return consolidated FFO to approximately EUR400
million

  - Consolidated FFO net leverage (RMI-adjusted) above 5.0x on a
sustained basis, reflecting higher refinancing risks.

LIQUIDITY AND DEBT STRUCTURE

Satisfactory, Albeit Reduced, Liquidity: Tereos had a fairly weak
internal liquidity score for the 'BB' rating category at 0.7x as of
FYE20 (defined as unrestricted cash plus RMI plus accounts
receivables divided by total current liabilities). In its view,
this is offset by prudent balance-sheet management, and access to
external funding in Europe and in Brazil. Tereos used its EUR225
million revolving credit facility (RCF) due July 2021 to refinance
half of its EUR500 million bond due in March 2020, constraining
financial flexibility. However, it enhanced its liquidity in July
2020 with a new EUR230 million state-guaranteed loan, with a
maturity of up to five years.

In its rating case, Fitch assumes that Tereos will be able to
extend its main RCF, of which EUR211 million was undrawn as of June
30, 2020.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch calculates Tereos's financial ratios by excluding the debt
and the interest costs used to finance those RMIs for which the
agency has reasonable assurance from management that they are
protected from price risk. In FY20 Fitch judged EUR343million of
Tereos' inventories as readily marketable, based on EUR536 million
of finished products and EUR89 million of raw materials. Therefore,
Fitch adjusted debt and gross cash interest down by EUR343 million
and EUR16 million, respectively. Cash interest costs are
reclassified as operating costs for the purpose of RMI-adjusted FFO
interest cover.

Fitch views Tereos' factoring programme as an alternative to
secured debt, and therefore adjusts FY20 total debt by the number
of receivables sold and de-recognised at end-FY20 (EUR222 million).
Fitch has also reduced working capital outflow (included in Fitch's
FCF calculation) by the year-on-year decrease in outstanding
factoring funding at closing, i.e. EUR31million. Cash flow from
financing (excluded from Fitch's FCF calculation) has been
decreased by the same amount.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

Exposure to Environmental Impacts: '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(ies),
either due to their nature or the way in which they are being
managed by the entity(ies).




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G E R M A N Y
=============

WIRECARD AG: Solarisbank Pulls Out of Bidding Race
--------------------------------------------------
Stephan Kahl, Steven Arons and Oliver Sachgau at Bloomberg News
report that Wirecard AG's administrator is facing declining
interest in the disgraced payment company's German assets after
another potential buyer followed Deutsche Bank AG's lead and pulled
out of the bidding.

According to Bloomberg, Solarisbank AG Chief Executive Officer
Roland Folz said in an interview on Sept. 22 the Berlin-based
startup decided not to make an offer after having a "close look" at
Wirecard.

"Ultimately, we came to the decision not to submit an offer -- not
even for parts of Wirecard," Bloomberg quotes Mr. Folz as saying.

Wirecard collapsed in June after revealing that almost EUR2 billion
(US$2.3 billion) it previously reported as cash didn't exist,
Bloomberg recounts.  The administrator, in a report issued in
August and seen by Bloomberg, put the estimated value of Wirecard's
global assets at about EUR428 million.  Some of those assets have
since been sold.  It owes banks and other creditors more than EUR3
billion, Bloomberg discloses.

Four companies are still involved in the sale process, Bloomberg
relays, citing people with knowledge of the matter.  They include
Banco Santander SA, Lycamobile and Italian payment firm SIA, said
the people, who asked not to be identified because the information
is private, Bloomberg notes.  The people, as cited by Bloomberg,
said another firm, Heidelpay, is still in the bidding, though its
interest is waning.




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

AVOCA CLO XVI: Fitch Affirms B-sf Rating on Class F-R Notes
-----------------------------------------------------------
Fitch Ratings has affirmed Avoca CLO XVI D.A.C and removed the
class E-R and F-R notes from Rating Watch Negative (RWN).

RATING ACTIONS

Avoca CLO XVI D.A.C.

Class A-1R XS1858999268; LT AAAsf Affirmed; previously at AAAsf

Class A-2R XS1858999342; LT AAAsf Affirmed; previously at AAAsf

Class B-1R XS1858999698; LT AAsf Affirmed; previously at AAsf

Class B-2R XS1858999938; LT AAsf Affirmed; previously at AAsf

Class B-3R XS1858999854; LT AAsf Affirmed; previously at AAsf

Class C-1R XS1859000025; LT Asf Affirmed; previously at Asf

Class C-2R XS1859000611; LT Asf Affirmed; previously at Asf

Class D-R XS1859000454; LT BBBsf Affirmed; previously at BBBsf

Class E-R XS1859000884; LT BBsf Affirmed; previously at BBsf

Class F-R XS1859394485; LT B-sf Affirmed; previously at 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

Pandemic Baseline Sensitivity Analysis

Fitch removed the class E and F notes from RWN and assigned them
Negative Outlooks as a result of a sensitivity analysis it ran in
light of the coronavirus pandemic. Fitch notched down the ratings
of all assets of corporate issuers with Negative Outlooks (30% of
the portfolio) regardless of sector. The class E and F notes show a
modest positive cushion under this stress. 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 Outlooks on the remaining tranches reflect
the fact that their ratings show resilience under the coronavirus
baseline sensitivity analysis with a large 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, while all portfolio profile tests, coverage tests and most
collateral quality tests were 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 6.29% excluding
non-rated assets and 7.39% including non-rated assets as of 12
September 2020.

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

Fitch assesses the average credit quality of obligors to be in the
'B'/'B-' category. The Fitch weighted average rating factor (WARF)
calculated by Fitch as of 12 September 2020 of the current
portfolio is 34.4 (assuming unrated assets are 'CCC') and the
trustee-reported WARF is 34.2, both below the maximum covenant of
34.4. Under the coronavirus baseline scenario, the Fitch WARF would
increase to 37.1.

High Recovery Expectations:

Senior secured obligations comprise 98.4% of the portfolio. Fitch
views the recovery prospects for these assets as more favorable
than for second-lien, unsecured and mezzanine assets. The
Fitch-calculated weighted average recovery rate (WARR) of the
current portfolio is 66.5%, above the minimum covenant of 64.3%

Portfolio Composition

The portfolio is well diversified across obligors, countries and
industries. The top 10 obligors' concentration is 16.1% and no
obligor represents more than 2.0% of the portfolio balance.
Semi-annual obligations constitute 43.0% 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.

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.

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 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:

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.


FAIR OAKS III: Moody's Gives (P)B3 Rating on EUR2.6MM Class F Notes
-------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to the notes to be issued by Fair
Oaks Loan Funding III DAC:

EUR2,000,000 Class X Senior Secured Floating Rate Notes due 2033,
Assigned (P)Aaa (sf)

EUR213,500,000 Class A Senior Secured Floating Rate Notes due 2033,
Assigned (P)Aaa (sf)

EUR28,000,000 Class B Senior Secured Floating Rate Notes due 2033,
Assigned (P)Aa2 (sf)

EUR21,000,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2033, Assigned (P)A2 (sf)

EUR23,600,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2033, Assigned (P)Baa3 (sf)

EUR25,400,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2033, Assigned (P)Ba3 (sf)

EUR2,600,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2033, Assigned (P)B3 (sf)

RATINGS RATIONALE

The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in its methodology.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be close to fully ramped as of the closing
date and to comprise of predominantly corporate loans to obligors
domiciled in Western Europe. The remainder of the portfolio will be
acquired during the 6-month ramp-up period in compliance with the
portfolio guidelines.

Fair Oaks Capital Ltd ("Fair Oaks" or the "Collateral Manager")
will manage the CLO. It will direct the selection, acquisition and
disposition of collateral on behalf of the Issuer and may engage in
trading activity, including discretionary trading, during the
transaction's 3-year reinvestment period. Thereafter, subject to
certain restrictions, purchases are permitted using principal
proceeds from unscheduled principal payments and proceeds from
sales of credit risk obligations or credit improved obligations.

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A Notes. The
Class X Notes amortise by 12.5% or EUR 250,000.00 over the first
eight payment dates starting from the first payment date.

In addition to the seven classes of notes rated by Moody's, the
Issuer will issue EUR 1,000,000 Class M Notes due 2033, EUR
2,000,000 Class Z Notes due 2033 and EUR 35,000,000 Subordinated
Notes due 2033 which are not rated. The Class Z Notes will accrue
interest in an amount equivalent to a certain proportion of the
subordinated management fees and its notes' payment will be junior
to the payment in respect of the Notes rated by Moody's. The Class
M Notes will not accrue interest but instead will receive residual
interest and principal proceeds, pari passu with distribution to
the subordinated noteholders.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

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 European 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.

Methodology underlying the rating action:

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

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

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in August 2020.

Moody's used the following base-case modeling assumptions:

Par Amount: EUR 350,000,000

Diversity Score: 45

Weighted Average Rating Factor (WARF): 3200

Weighted Average Spread (WAS): 3.40%

Weighted Average Coupon (WAC): 3.50%

Weighted Average Recovery Rate (WARR): 45%

Weighted Average Life (WAL): 7.5 years

Moody's has addressed the potential exposure to obligors domiciled
in countries with local currency ceiling (LCC) of A1 or below. As
per the portfolio constraints and eligibility criteria, exposures
to countries with LCC of A1 to A3 cannot exceed 10% and obligors
cannot be domiciled in countries with LCC below A3.




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

HEMA: S&P Affirms 'CC' Issuer Credit Rating, Outlook Negative
-------------------------------------------------------------
S&P Global Ratings affirmed its 'CC' rating on Dutch retailer Hema
and its outstanding debt instruments, while assigning preliminary
ratings to the debt: 'CCC+' to the amended EUR300 million senior
secured notes, 'B' to a new EUR42 million private placement notes,
and 'CCC-' to the new EUR120 million payment-in-kind (PIK) notes.

The negative outlook indicates that S&P will lower its ratings on
Hema and its debt to 'SD' (selective default) and 'D' (default)
respectively on completion of the restructuring transaction.

S&P expects the debt restructuring to conclude in early October
2020.

Upon completion of the debt restructuring transaction, S&P will
downgrade Hema to 'SD' and lower its ratings on its debt to 'D'.
The group has received all required approvals, including from the
court, and a high level of support from its senior secured lenders.
This enables the completion of the debt restructuring planned for
early October. The transaction comprises:

A debt-for-equity swap, whereby holders of the outstanding EUR600
million senior secured notes will become shareholders of the Hema
group; the instruments will be converted into EUR300 million senior
secured notes due in 2025 and EUR120 million of new PIK notes due
in 2026. The PIK notes will be stapled to the equity of the new
holding structure, owned by the current senior secured noteholders.
The PIK notes will be issued by Hema's new parent holding company
and not an obligation of Hema B.V.

Reinstatement and extension of the revolving credit facility (RCF)
with a total commitment of EUR80 million due in 2024.

The issuance of new private placement notes of EUR42 million due in
2025 to support Hema's liquidity.

S&P will view the exchange as tantamount to a default since lenders
are receiving less than originally promised. This is because the
amount of the senior secured notes will be half of the original
EUR600 million and the senior unsecured noteholders will not
receive any of the EUR150 million they invested.

S&P said, "Our preliminary ratings on the new capital structure
reflect our view on Hema's credit quality after the debt
restructuring and the relative ranking of debt instruments.  After
the restructuring is completed, the capital structure of the
restricted group will comprise the reinstated EUR80 million super
senior RCF due in 2024, as well as new EUR42 million private
placement notes (PPNs) and EUR300 million senior secured notes due
in 2025. Furthermore, Helix Holdco S.A., a new holding company,
will issue EUR120 million of PIK notes that will be outside the
restricted group and subordinated to the other debt. Our
preliminary ratings on the PPNs, senior secured notes, and PIK
notes reflect these instruments' relative ranking and our view of
Hema's credit quality after completion of the debt restructuring.
After the completed debt exchange, which corresponds to an 'SD'
issuer credit rating, we will most likely raise our issuer credit
rating on Hema to 'CCC+'."

The debt restructuring will result in lower cash interest payments,
but Hema's credit metrics and cash flow generation will remain
weak.   Hema B.V.'s debt will reduce materially to about EUR422
million (including the fully drawn RCF, new PPNs, and senior
secured notes) after the debt restructuring, from about EUR830
million in June 2020. The current, pretransaction capital structure
includes EUR600 million of senior secured notes, EUR150 million of
unsecured notes, and a fully drawn EUR80 million RCF. S&P said, "We
therefore expect the group's free operating cash flow (FOCF) will
benefit from lower cash interest payments in the longer term.
However, weaker operating performance due to COVID-19 disruptions,
still weak macroeconomic conditions, and challenging operating
conditions including continuing competitive pressure, will result
in a significant decline of earnings and cash flows in 2020, with a
gradual improvement from 2021. We expect reported FOCF (cash flow
from operations after capital expenditure and before any disposal
proceeds) after lease payments to stay negative in the next 12
months–18 months, with an anticipated outflow for fiscal year
ending Jan. 31, 2021 (FY2021) of EUR60 million-EUR90 million, and
EUR10 million-EUR20 million for FY2022. Additionally, despite the
reduction of gross financial debt, we expect adjusted leverage will
exceed 10x in 2021, due to the decline in earnings, and recover to
about 7x in 2022. We forecast the EBITDA plus rent ratio at below
1x in 2021 and slightly higher than 1.2x in 2022."

After the debt restructuring, liquidity headroom could improve
somewhat, depending on how FOCF develops.  S&P said, "We believe
the injection of EUR42 million from the PPNs and anticipated EUR48
million of proceeds in 2021 and 2022 related to store sales to
Jumbo will compensate for what we expect will be two consecutive
years of negative FOCF. This should enable the group to have
sufficient liquidity over the next 12 months. We also expect the
group will maintain adequate headroom under maintenance covenants
applicable to its RCF, including minimum EBITDA of EUR35 million by
the end of FY2020, and minimum liquidity sources of EUR30 million.
That said, the group's liquidity could be pressured if FOCF weakens
versus our current base case, due for example to a second wave of
COVID-19 that triggers tighter social distancing measures and
lockdowns, leading to closure of stores or a significant decline of
footfall in open stores. We therefore believe that Hema remains
dependent on favorable business, financial, and economic conditions
to meet its financial commitments over the next 12 months.
Positively, we understand that about EUR15 million of the group's
capital expenditure (capex) is discretionary and could be postponed
to support liquidity."

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."

Environmental, social, and governance (ESG) credit factors for this
credit rating change:

-- Health and safety

S&P said, "The negative outlook indicates that we will lower the
ratings on Hema and its debt to 'SD' (selective default) and 'D'
(default), respectively, upon implementation of the restructuring.
Subsequently, we will review the company's creditworthiness, taking
into account its new capital structure, financial plan, and
liquidity."


MAXEDA DIY: Moody's Raises CFR to B2, Outlook Stable
----------------------------------------------------
Moody's Investors Service upgraded the corporate family rating of
Maxeda DIY Holding B.V. to B2 from Caa1 and its probability of
default rating to B2-PD from Caa1-PD. The rating on the EUR475
million existing guaranteed senior secured notes issued by Maxeda
is also upgraded to B2 from Caa1, but these will be repaid from the
proceeds of Maxeda's new notes and Moody's will withdraw the rating
at this time. The B2 rating assigned to Maxeda's recently issued
EUR420 million guaranteed senior secured notes due 2026 is
unchanged. The outlook is stable.

This rating action concludes the review for upgrade initiated by
Moody's on September 14, 2020.

RATINGS RATIONALE

The upgrade of the CFR to B2 follows the successful refinancing
transaction that Maxeda completed recently. The upgrade reflects
Maxeda's improved credit metrics and liquidity position, following
the solid operating performance of the company in the current
fiscal year ending January 2021 (fiscal 2020) with consumers having
increased their spending on home improvement projects. Thr rating
action also considers the recent refinancing transaction, which
included the issuance of EUR420 million senior secured notes due
2026 and the extension to March 2026 of its existing super senior
revolving credit facility (RCF), which has also been upsized to
EUR65 million.

Recent trading has resulted in improved cash flow generation and an
increase in Maxeda's cash balance, which the company partly used
during Q2 of fiscal 2020 to reduce its gross debt and repay the
drawings under its RCF. While retail is one of the sectors most
sensitive to consumer demand and sentiment, Do It Yourself (DIY)
retailers have benefitted from the effects of social distancing
induced by the coronavirus outbreak. Maxeda experienced strong
financial performance during H1 of fiscal 2020, as consumers stayed
at home more and because they were unable to travel, increased
their DIY and home improvement products spending.

Moody's considers that the stronger cash flow generation so far in
fiscal 2020 reflects, at least to an extent, the anticipation of
home improvement projects and certain non-recurring elements (e.g.
tax deferrals) and expects a normalization of the company's trading
and working capital in the coming quarters. Still, Moody's expects
Maxeda's fiscal 2021 sales to be at least in line with and EBITDA
to be about 10% higher than fiscal 2019, as in fiscal 2020 the
company successfully concluded the transformation of Formido stores
into Praxis. Moody's also considers the risks on Maxeda's operating
performance related to the still-weak macroeconomic environment
expected in Europe in 2021.

Proceeds from the recent notes' issuance, along with some cash,
will be used to fully repay Maxeda's existing senior secured notes
due 2022 while the new notes also extend the company's debt
maturity profile. Post-refinancing, Maxeda's financial debt amounts
to EUR420 million, a lower amount than the around EUR490 million it
had at the end of fiscal 2019. Moody's projects the company's
leverage (i.e. Moody's-adjusted gross debt/ EBITDA) will be around
5x in fiscal 2021.

However, Moody's considers that Maxeda's rating is weakly
positioned in the B2 rating category due to a still-low EBITDA
margin of around 14% in fiscal 2021, interest cover (EBIT/interest)
of around 1.5x and the uncertainty around the future growth of the
DIY sector once the positive effects of the pandemic recede.

The B2-PD probability of default rating, in line with the CFR,
reflects Moody's assumption of a 50% family recovery rate, typical
for secured bond structures with a limited set of financial
covenants. More specifically, the documentation includes a net
senior secured leverage financial covenant to be tested quarterly
if the RCF is drawn more than 40%.

Maxeda's liquidity is adequate, supported by a cash balance that
Moody's projects will be around EUR30-50 million at the end of
fiscal 2020, full access to a EUR65 million RCF expiring in 2026
and positive annual free cash flow of around EUR15-20 million.
Maxeda can experience sizeable working capital swings during the
year, which Moody's expects the company to cover with its available
liquidity sources. Maxeda's RCF includes a springing net senior
secured leverage covenant. Under this covenant, which is tested on
a quarterly basis when drawings are equal or above 40% of the RCF's
total size, net senior secured leverage should be less than 5.5x.
Under the proposed documentation, a breach of the covenant would
lead to a draw stop and not to an event of default. Moody's expects
the company to maintain ample headroom on the covenant.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectations that, after the
normalization of its operating performance in fiscal 2021, Maxeda's
will maintain an adequate liquidity along with credit metrics
commensurate with a B2 rating. However, Moody's considers that
Maxeda's rating is weakly positioned in the B2 rating category due
to a still-low EBITDA margin of around 14% in fiscal 2021, interest
cover (EBIT/interest) of around 1.5x and the uncertainty around the
future growth of the DIY sector once the positive effects of the
pandemic recede.

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

Upward rating pressure could result from (1) a sustained
improvement in operating performance, with solid top-line growth
and improving margins; (2) sustained positive free cash flow; (3)
maintenance of an adequate liquidity and (4) Moody's-adjusted
(gross) leverage falling towards 4.5x on a sustained basis.

Downward rating pressure could be exerted on Maxeda's ratings if
(1) its market position and operating performance were to
deteriorate (for example, because of intense competition, negative
like-for-like sales or reduced margins); (2) its Moody's-adjusted
(gross) debt/EBITDA is above 5.5x on a sustained basis and its
EBIT/interest expense declines below 1.25x; (3) its FCF turns
negative on a sustained basis; and (4) its liquidity is no longer
adequate and becomes weak.

LIST OF AFFECTED RATINGS

Issuer: Maxeda DIY Holding B.V.

Upgrades, previously placed on review for upgrade:

Probability of Default Rating, Upgraded to B2-PD from Caa1-PD

Corporate Family Rating, Upgraded to B2 from Caa1

Backed Senior Secured Regular Bond/Debenture, Upgraded to B2 from
Caa1

Outlook Action:

Outlook, Changed to Stable from Ratings Under Review

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Maxeda, domiciled in Amsterdam, the Netherlands, is a DIY retailer
that operates in the Netherlands, Belgium and Luxembourg, via
various offline and online formats. Its offline network comprises
348 stores, of which 227 are its own stores. For fiscal 2019, the
company reported revenue of EUR1.4 billion.




===========
R U S S I A
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LENTA LLC: Fitch Alters Outlook on 'BB' LT IDRs to Positive
-----------------------------------------------------------
Fitch Ratings has revised the Outlook on Lenta LLC's Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDRs) to
Positive from Stable and affirmed the IDRs and senior unsecured
rating at 'BB'.

The Positive Outlook is driven by the significant deleveraging that
Lenta had achieved by June 2020, reflecting its expectation that
the company would maintain a much more conservative capital
structure in 2021-2023 in the absence of material (debt-funded) M&A
spending. The ratings trajectory will be clarified by the
anticipated update of the group's medium-term strategy and capital
policy in 1H21, following the change in shareholding structure in
2019.

Lenta's ratings remain supported by its good market position as the
fourth-largest food retailer in Russia and its expectation that the
company will continue growing it's like-for-like (LfL) sales over
the medium term by maintaining an attractive customer value
proposition, complemented by its conservative capital structure.

KEY RATING DRIVERS

Significant Deleveraging: Since December 2019, Lenta has reduced
its total debt from RUB154 billion to RUB98 billion by June 2020,
resulting in net debt to LTM June 2020 EBITDA declining to 1.9x
from 2.7x at end-2019. This corresponds to funds from operations
(FFO) gross leverage of about 3.2x, below Fitch's positive
sensitivity of 3.5x. This could lead to a positive rating action if
Lenta maintains a conservative financial policy in the medium term.
Lenta plans to provide a full strategic update to investors in
2021, which is likely to include updated capital policy.

Focus Remains on Efficiencies: Lenta has slowed down its revenue
growth to low-single digits from 2019 and projects only modest
organic expansion over 2020, after more than doubling its sales
over the previous four years. The company plans to prioritise
operating efficiencies over growth to ensure adequate investment
returns in an increasingly competitive market. Fitch believes that
this balanced approach to expansion, including any potential
bolt-on M&A, will be maintained over the next four years.

Should this strategy continue, it will result in lower capex levels
and sustainably positive free cash flow (FCF) generation, which
might also be used to remunerate shareholders once leverage reaches
the targeted levels.

Exceptionally Strong 2020 Results: Fitch expects Lenta to post 6%
revenue growth in 2020 (2019: +1%) and for the EBITDA margin to
improve to 8.4%, supported by strong consumer demand due to the
pandemic, lower breakages resulting from the company's efficiency
initiatives and reduced promotional activity. Fitch expects margins
to normalise from 2021 at 8.1% and to decline gradually to 7.8%,
driven by increased competition pressures and an increase in lease
expenses due to the forecasted increase in the share of leased
stores in the supermarket segment. These levels remain strong
compared with Russian and European food retail peers.

Growing Rating Headroom: In the absence of a material shift in the
group's strategy, Fitch expects Lenta to continue deleveraging over
the next two years supported by positive FCF generation despite
mildly declining profitability. Moreover, Fitch conservatively
assumes in its projections that Lenta will start dividends payments
at around 40% payout ratio from 2021, although the group has not
yet outlined its dividend policy. Should this scenario materialise,
Fitch estimates that Lenta's FFO adjusted gross leverage will be
trending toward 3x by 2022.

Moderate Scale; Favourable Market Position: Lenta is the
fourth-largest food retailer in Russia reflecting good market
position and scale as reflected in the ratings, leading to a
business risk profile comfortably in the 'BB' category. Lenta has a
stronger position within hypermarkets in Russia compared with its
local peers, with Lenta's smaller sized format delivering stronger
results compared with big-box peers. However, the ratings are
likely to be constrained within this rating category due to the
group's limited diversification outside of its core hypermarket
format (2019: 89% of sales), as well as its smaller scale compared
with 'BBB' rated international peers.

Subdued Consumer Confidence, Intense Competition: The rating
factors in that competition in Russian food retail remains intense
and Fitch does not expect it to ease over the next two to three
years. As new retail formats evolve and large food retailers keep
rolling out new stores, selling space growth in the sector is
likely to continue to outpace growth in consumption. The latter is
constrained by weak consumer purchasing power as real disposable
incomes in Russia continue to decline.

Fitch also notes that Lenta lags in the online retail segment
relative to close rated peers, but is well positioned to catch up
with them given the recently launched express delivery and click
and collect services.

Strong Fixed Charge Coverage: Among its peer group of large Russian
food retailers, Fitch expects Lenta to have the strongest FFO fixed
charge coverage of 2.5x to 3.0x over its rating horizon by 2023
versus 2,0x and below for closest peers. This is mainly due to
Lenta's highest proportion of owned stores as well as reduced
leverage, underpinning the company's financial flexibility for the
rating.

DERIVATION SUMMARY

Lenta is rated one notch lower than its closest Fitch-rated peer,
Russia's largest food retailer X5 Retail Group N.V. (BB+/Stable)
due to its smaller market position and scale and weaker
diversification, although it had a similar leverage profile before
2020. The rating gap could close if Lenta's leverage reduces on a
sustained basis to stronger levels compared with X5.

Comparing Lenta's rating with international retail chains, such as
Ahold Delhaize N.V. (BBB+/Stable), and Tesco PLC (BBB-/Stable),
Lenta has smaller business scale, and relative to Ahold, more
limited geographic diversification. Furthermore, Lenta's ratings
take into consideration the higher-than-average systemic risks
associated with the Russian business and jurisdictional
environment. These weaknesses are partly offset by structurally
higher profitability in the Russian food retail market.

No Country Ceiling constraint or parent/ subsidiary linkage aspects
were in effect for these ratings

KEY ASSUMPTIONS

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

  - Fitch expects a 6.1% revenue growth in 2020 reflecting
increased basket driven by the COVID-19 pandemic followed by a 0.3%
decline in 2021 as demand normalises partially offset by selling
space growth. Fitch projects 3.6%-3.4% revenue growth primarily
driven by selling space growth.

  - Fitch projects improved EBITDA margin of 8.4% in 2020 driven by
lower breakages and reduced promotions. Fitch expects margins to
normalise from 2021 at 8.1%, and to decline gradually to 7.8%
thereafter.

  - Capex between 2.7% and 3.2% of revenues.

  - No large-scale M&A.

  - Dividend payments from 2021 (Fitch's assumption).

RATING SENSITIVITIES

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

  - Healthy LfL sales growth relative to peers, resulting in steady
growing market share and EBITDAR size

  - Maintenance of strong FFO margin (2019: 6.0%) and improving FCF
margin (2019: -3.9%) towards neutral to positive territory,
indicating maturity of existing business

  - FFO-adjusted gross leverage below 3.5x (2019: 4.8x) on a
sustained basis, coupled with a conservative financial policy

  - FFO fixed-charge coverage around 2.5x (2019: 2x) on a sustained
basis

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

  - A contraction in LfL sales growth relative to close peers,
along with an inability to drive operating efficiencies, resulting
in FFO margin erosion to below 4.5%

  - FFO-adjusted gross leverage above 4.5x on a sustained basis

  - FFO fixed-charge coverage significantly below 2.5x

  - Material deterioration of FCF margin as a result of weakened
operating cash flow or introduction of aggressive dividend policy.

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: At end-June 2020, Lenta had RUB18.9 billion
of cash on hand, which together with positive projected FCF
generation during 2020, is sufficient to cover short-term debt.
Lenta's liquidity position is also supported by the company's good
access to capital markets as evidenced by the refinancing of
upcoming maturities during 1H20. In addition, Lenta has access to
RUB164.7 billion uncommitted credit facilities. Reliance on
uncommitted credit lines is standard practice for Russian
corporates.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

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



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

AUTO ABS 2020-1: DBRS Assigns Prov. B(high) Rating on E Notes
-------------------------------------------------------------
DBRS Ratings GmbH assigned provisional ratings to the following
series of notes to be issued by Auto ABS Spanish Loans 2020-1 FT
(the Issuer):

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

DBRS Morningstar does not rate the Series F notes expected to be
issued in this transaction.

The rating on the Series A Notes addresses the timely payment of
interest and the ultimate repayment of principal by the legal final
maturity date in December 2035. The ratings on the Series B Notes,
Series C Notes, Series D Notes, and Series E Notes address the
ultimate payment of interest and the ultimate repayment of
principal by the legal final maturity date.

DBRS Morningstar based its ratings on a review of the following
analytical considerations:

-- The transaction's capital structure, including form and
sufficiency of available credit enhancement.

-- Credit enhancement levels are sufficient to support DBRS
Morningstar's projected expected net losses under various stress
scenarios.

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay investors according to the terms of the
notes.

-- The seller's, originator's, and servicer's financial strength
and their capabilities with respect to originations, underwriting,
and servicing.

-- The other parties' financial strength with regard to their
respective roles.

-- DBRS Morningstar's operational risk review of PSA Financial
Services Spain, E.F.C., S.A., which it deemed to be an acceptable
servicer.

-- The credit quality, diversification of the collateral, and
historical and projected performance of the portfolio.

-- DBRS Morningstar's current sovereign rating of the Kingdom of
Spain at "A" with a Stable trend.

-- The consistency of the transaction's legal structure with DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology, and the presence of legal opinions that
address the true sale of the assets to the Issuer.

The transaction represents the issuance of Series A Notes, Series B
Notes, Series C Notes, Series D Notes, and Series E Notes backed by
a portfolio of approximately EUR 600 million of fixed-rate
receivables related to standard and balloon auto loans granted by
PSA Financial Services, (the originator) to private individuals
residing in Spain for the acquisition of new or used vehicles. The
originator will also service the portfolio. The Series F Notes will
be issued to fund the cash reserve.

The transaction includes an 13-month revolving period scheduled to
end in December 2021. During the revolving period, the originator
may offer additional receivables that the Issuer will purchase
provided that eligibility criteria and concentration limits set out
in the transaction documents are satisfied. The revolving period
may end earlier than scheduled if certain events occur, such as the
breach of performance triggers, insolvency of the originator, or
replacement of the servicer.

The transaction allocates payments on a combined interest and
principal priority of payments basis and benefits from an
amortizing EUR 5.1 million cash reserve funded through the
subscription proceeds of the Series F Notes. The cash reserve can
be used to cover senior costs and interest on the Series A Notes,
Series B Notes, Series C Notes, Series D Notes, and Series E Notes.
The cash reserve will be part of the available funds.

The repayment of the Series A to Series E Notes will start after
the end of the revolving period on the first principal payment date
in January 2022 on a pro rata basis unless certain events such as
breach of performance triggers, insolvency of the servicer, or
termination of the servicer occur (Subordination Events). Under
these circumstances, the principal repayment of the notes will
become fully sequential, and the switch is not reversible. The
Series F Notes will be repaid with available funds up to the its
target amortization amount as from the first payment date in
December 2020.

Interest and principal payments on the notes will be made monthly
on the 28th of every month. The Series A Notes, Series B Notes, and
Series C Notes pay interest indexed to one-month Euribor whereas
the total portfolio pays a fixed-interest rate. The interest rate
risk arising from the mismatch between the Issuer's liabilities and
the portfolio is hedged through a cap collateral agreement with an
eligible counterparty.

Banco Santander S.A. (Banco Santander) acts as the account bank for
the transaction. Based on the DBRS Morningstar rating of Banco
Santander, the downgrade provisions outlined in the transaction
documents, and structural mitigants inherent in the transaction
structure, DBRS Morningstar considers the risk arising from the
exposure to Banco Santander to be consistent with the rating
assigned to the Series A Notes, as described in DBRS Morningstar's
"Legal Criteria for European Structured Finance Transactions"
methodology.

DBRS Morningstar analyzed the transaction structure in Intex
DealMaker, considering the default rates at which the notes did not
return all specified cash flows.

The provisional ratings are based on information provided to DBRS
Morningstar by the Issuer and by its agents as of the date of this
press release. The ratings can be finalized upon review of final
information, data, legal opinions, and the executed version of the
governing transaction documents. To the extent that the information
or the documents provided to DBRS Morningstar as of this date
differ from the final information, DBRS Morningstar may assign
different final ratings to the notes.

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

Notes: All figures are in Euros unless otherwise noted.


GROUPE ECORE: Ftch Affirms B- LongTerm IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed Groupe Ecore Holdings S.A.S.'s (Ecore)
Long-Term Issuer Default Rating (IDR) at 'B-' and removed it from
Rating Watch Negative (RWN). The Outlook is Stable.

The affirmation reflects Ecore's disciplined approach to securing
minimum margins during the downturn linked to the coronavirus
pandemic, business activity returning to broadly normal levels
since September 2020 and improving scrap prices supported by strong
steel demand from southeast Asia. Fitch forecasts funds from
operations (FFO) gross leverage of 6.5x in FY20 (financial year end
September), with a reduction to around 6.0x in FY21. Free cash flow
(FCF) is expected to be negative in FY20 by around EUR10 million,
before turning positive at or above EUR10 million in subsequent
years.

Since its rating review in March 2020, Ecore has renewed its
factoring facility for a three-year tenor for EUR118 million and
risk of a breach of covenants included in its EUR40 million
committed revolving credit facility (RCF) has receded. Ecore has
also been granted a further EUR20 million of liquidity through a
government-guaranteed loan. With only small maturities in FY21 and
FY22 and business activity picking up, overall liquidity is
assessed at more than adequate, which is captured in the Stable
Outlook.

KEY RATING DRIVERS

Gross Margins Held Up: Ecore achieved higher gross margins per
tonne of EUR66.2 for 9MFY20, a period that included lockdowns in
France, versus EUR63.4 in 9MFY19. Its strategy of locking in its
margin (through coordinating sales and procurement activity) has
worked during the current economic downturn. Similar to previous
periods, gross margins for ferrous metals processed in Ecore's own
yards were flat (around 60% of total volumes), while ferrous
wholesale and non-ferrous materials gross margins exhibited some
variability (this time mostly upside).

Volumes Visibly Affected: 1QFY20 was negatively affected by
difficult steel market conditions in Europe and 2QFY20-3QFY20 were
hit by site closures for six to eight weeks during lockdown in
France. Total volumes for 9MFY20 were down 22.5%. Business activity
steadily recovered from April lows; by June 2020 volumes were back
to 89% of a year-ago levels and September was broadly in line with
the previous year.

Actions Taken During Pandemic: Ecore reorganised all its collection
and production processes to protect employees, suppliers and
customers, following guidance from the French and other European
governments to limit the spread of the virus. The company made use
of the furlough scheme that was available in France during
lockdown, terminated, did not renew non-essential contracts and
postponed some capex as well as leasing payments to preserve cash
within the business.

Scrap Market Recovery: Finished steel demand continues to
strengthen around the world, with a particularly strong rebound in
southeast Asia. In Europe, steel mills had reduced scrap
inventories over the summer and are now restocking. As a result, in
September scrap prices for delivery in France increased to EUR244
per tonne (April: EUR197 per tonne) and for delivery to Turkey to
above USD300 per tonne.

Financial Profile Expected to Stabilise: Fitch expects FCF to be
negative in FY20 by around EUR10 million (EUR8 million of net
insurance proceeds are reflected after FCF and increase in year-end
cash balance) before turning positive at or above EUR10 million for
subsequent years. Fitch estimates FFO gross leverage for FY20 at
6.5x on a pro-forma basis (or 8.7x based on reported EBITDA
reflecting the loss of earnings from COVID-19 disruptions) and for
FY21 at around 6.0x. Management has indicated no plans to pay
dividends before the outstanding notes are refinanced in 2023.

Ferrous Metal Recycling an Oligopoly Market: Ecore is the
second-largest ferrous metal recycling company in France, behind
Derichebourg. Other market participants include general waste
companies and many smaller metals recyclers, both with limited
processing capabilities. Ecore and Derichebourg benefit from
economies of scale, a wide geographic footprint with sites close to
customers, a full range of processing capabilities and close
relationships with key customers. The two companies follow similar
pricing strategies that are focused on margin and implement this
strategy with discipline.

Supportive Market Fundamentals: EU regulation is promoting the
circular economy with an increasing emphasis on recycling. As a
result, Fitch views Ecore's business model as robust. With
recycling rates increasing over time, higher capacity utilisation
of the company's assets will support some earnings growth over the
long term.

DERIVATION SUMMARY

Ecore has a dense network of collection sites and processing
facilities. Its range of services - collection, processing and sale
of scrap metals, and its ability to recycle all types of metal
waste material - serve as competitive advantages and allow for
healthy gross margins. Although primarily focused on France, Ecore
has access to a deep-sea port and can tap into export markets if
volumes exceed European demand for secondary raw materials. Ecore's
small scale, with EBITDA below EUR100 million, along with exposure
to the cyclical steel sector and high leverage are constraints on
the rating.

Fitch compares the business profile of Ecore with other entities in
the wider recycling and waste sector. Its business shares common
characteristics with Befesa S.A., a services company specialising
in the recycling of steel dust, salt slag and aluminium residues.
Befesa has a higher concentration of customers on sourcing of waste
materials for recycling but the metals waste in this case is
qualified as hazardous waste and there are fewer such companies in
the market with the expertise and licence to process the residues.
Befesa also benefits from wider geographical diversification and a
more conservative financial profile. While Befesa hedges a large
proportion of its annual zinc production, its earnings are highly
exposed to zinc prices over the long term.

Both companies reported for January to June 2020 a decline of
EBITDA by around 30%. For Ecore this was driven by lower volumes
linked to the closure of its sites in France during a
six-to-eight-week period, while margins were flat or slightly
higher. Befesa is more internationally diversified and was less
affected by lockdowns. Total volumes were broadly flat (while
production was more skewed towards steel dust and waelz oxide
compared with previous periods), but prices of recycled materials
were weaker, causing the earnings decline.

KEY ASSUMPTIONS

Total volumes of 2.8 million tonnes to be treated in FY20,
increasing to 3.4 million tonnes in FY21 and 3.5 million tonnes by
FY23

EBITDA/tonne dropping to around EUR16 in 2020 (pro-forma for
COVID-19 related disruptions estimate at EUR23), from around EUR20
in 2019. At EUR18-EUR20/tonne for the next three years, reflecting
increased capacity utilisation and limited operating-cost
inflation

Negative working capital in high single-digits for FY20, easing to
low single-digits over FY21-FY23

Capex of about EUR20 million a year in FY20; EUR25 million p.a. for
FY21- FY23

Bolt-on acquisitions of about EUR3 million a year up to FY23

No dividend payments up to FY23

Fitch's Key Assumptions for Purposes of Recovery Analysis:

The recovery analysis assumes that Ecore would be restructured as a
going concern rather than liquidated in a default.

Ecore's post-reorganisation, going-concern EBITDA is estimated at
around EUR49 million, based on the current asset base.

Fitch uses a distressed enterprise value (EV)/EBITDA multiple of
5.0x to calculate a going-concern EV. This multiple is aligned with
peers' and also reflects Ecore's market-leading position in France,
integrated position across the recycling value chain and a
well-invested asset base.

The principal waterfall assumes that EUR60 million factoring would
be drawn in a distressed scenario (EUR79.9 million was the maximum
drawing under the factoring facility within the last 12 months, but
in a distressed scenario the quantum of eligible receivables would
be lower, given lower level of overall receivables linked to lower
scrap prices and most likely also lower volumes) and be taken out
of the distributable value. The EUR40 million super senior RCF,
EUR20 million government-guaranteed loan and EUR4.5 million
one-year committed line at operating company level also rank ahead
of the senior secured notes.

After deducting 10% for administrative claims, its principal
waterfall analysis generated a ranked recovery in the 'RR4' band,
indicating a 'B-' senior secured note rating. The waterfall
analysis output percentage on current metrics and assumptions is
37%.

RATING SENSITIVITIES

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

FFO gross leverage below 5.5x on a sustained basis

FFO interest coverage above 3.0x on a sustained basis

Positive FCF of at least EUR10 million per annum

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

FFO gross leverage above 7.0x on a sustained basis

FFO interest coverage below 2.0x on a sustained basis

Negative FCF on a sustained basis leading to weakening liquidity
position

LIQUIDITY AND DEBT STRUCTURE

As of June 30, 2020, Ecore held EUR98.3 million of cash on its
balance sheet, having fully drawn its committed (super senior) RCF
of EUR40 million falling due in 2023 (six months ahead of bond
maturity), and its EUR8.5 million one-year committed bank facility
at subsidiary GDE level. Available commitments had all been drawn
down as a precautionary measure amid uncertainty around the length
and nature of disruptions due to the pandemic.

In 3QFY20, Ecore signed a three-year renewal for its factoring
facility with maturity on April 30, 2023. The new facility will
provide financing of up to EUR118 million, a reduced amount from
the previous EUR140 million, reflecting lower average scrap prices
and forecast volumes, while it will reduce financing costs by 25%.

In 4QFY20, Ecore's main French operating subsidiary GDE entered
into a EUR20 million unsecured French State-guaranteed (PGE)
amortising term loan to further support its liquidity profile. This
loan has an initial maturity of one year with an option to extend
up to five years at the company's discretion.

Business activity has been normalising in 4QFY20 and Fitch expects
Ecore to generate positive FCF of a minimum EUR10 million from
FY21. As a result, even if Ecore repays all extra liquidity drawn
during the economic downturn, remaining cash of EUR50 million-EUR60
million together with the factoring facility and positive forecast
FCF will be more than adequate to manage working capital and
day-to-day business needs.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

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



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

GARRETT MOTION: Files Chapter 11 Petition to Facilitate Sale
------------------------------------------------------------
Garrett Motion Inc. (NYSE: GTX) on Sept. 20 disclosed that it has
entered into an agreement with KPS Capital Partners, LP ("KPS")
with respect to a potential purchase of its business and commenced
voluntary Chapter 11 cases with the United States Bankruptcy Court
for the Southern District of New York in order to implement the
purchase.

In connection with its reorganization, the Company has entered into
a Restructuring Support Agreement with holders of approximately 61%
of the Company's outstanding senior secured debt as of the date of
the chapter 11 filing and is seeking Court approval of $250 million
of debtor-in-possession financing, arranged by Citigroup. The
proceeds of the new financing, which is subject to Court approval
and the satisfaction of other conditions precedent, will supplement
cash flow from ongoing operations and bolster the Company's
liquidity position during the Chapter 11 cases.

KPS is a leading global private equity firm with a demonstrated
track record of successfully investing in the automotive and
transportation industries and well known to global automotive OEMs.
KPS, with approximately $11.5 billion of assets under management,
works to advance the strategic position, competitiveness and
profitability of its investments to create world-class,
industry-leading companies. Garrett believes KPS will provide the
strategic and financial support to enable the Company to accelerate
the development of cutting-edge technologies and solutions in
highly engineered turbocharger, electric-boosting and connected
vehicle technologies critical to the automotive industry's future
vehicle development.

The KPS stalking horse transaction agreement is subject to higher
or better offers in the bankruptcy case. Closing of the transaction
is subject to customary regulatory approvals, as well as court
approval and other customary conditions.

Olivier Rabiller, President and Chief Executive Officer of Garrett,
said, "Although the fundamentals of our business are strong and we
have continued to try to develop our business strategy, the
financial strains of the heavy debt load and liabilities we
inherited in the spin-off from Honeywell -- all exacerbated by
COVID-19 - have created a significant long-term burden on our
business."

"This proposed transaction will provide a capital structure and
institutional support to ensure our long-term viability and set the
foundation for the next phase of Garrett's growth. Our goal is to
emerge from this process in early 2021 with a strengthened
financial position, new and supportive ownership, and renewed
energy and resources to continue to provide exceptional service to
our customers, be a strong and reliable partner to our suppliers
and other stakeholders, and act as a stable and desirable employer.
I look forward to continuing to work with Garrett's talented team
and serving our customers with our advanced technologies," Mr.
Rabiller said.

Throughout the process, Garrett expects to operate without
interruption, including providing customers with the same
high-quality products and services they expect and continued
partnerships with its valued suppliers in the ordinary course of
business.

Additional Information on the Proposed Transaction

The Company anticipates emerging from the Chapter 11 and completing
the sale process in early 2021. Upon the closing of the
transaction, Garrett will operate as a private company.

Morgan Stanley & Co. LLC and Perella Weinberg Partners are serving
as financial advisors, Sullivan & Cromwell LLP and Quinn Emanuel
Urquhart & Sullivan LLP are serving as legal advisors, and
AlixPartners are serving as restructuring advisor to Garrett
Motion. UBS Investment Bank and Credit Suisse are serving as
financial advisors and Davis Polk & Wardwell LLP is serving as
legal advisor to KPS.

Court filings and other documents related to the Chapter 11 process
are available at http://www.kccllc.net/garrettmotion or by
calling the Company's claims agent, KCC, at 866-812-2297 (U.S.
toll-free) or +800 3742 6170 (international toll-free) or sending
an email to Garrettinfo@kccllc.com.

                  About KPS Capital Partners, LP

KPS, through its affiliated management entities, is the manager of
the KPS Special Situations Funds, a family of investment funds with
over $11.5 billion of assets under management (as of June 30,
2020). For over two decades, the Partners of KPS have worked
exclusively to realize significant capital appreciation by making
controlling equity investments in manufacturing and industrial
companies across a diverse array of industries, including basic
materials, branded consumer, healthcare and luxury products,
automotive parts, capital equipment and general manufacturing. KPS
creates value for its investors by working constructively with
talented management teams to make businesses better, and generates
investment returns by structurally improving the strategic
position, competitiveness and profitability of its portfolio
companies, rather than primarily relying on financial leverage. The
KPS Funds' portfolio companies have aggregate annual revenues of
approximately $7.7 billion, operate 146 manufacturing facilities in
26 countries, and have approximately 26,000 employees, directly and
through joint ventures worldwide. The KPS investment strategy and
portfolio companies are described in detail at www.kpsfund.com.

                    About Garrett Motion Inc.

Garrett Motion -- http://www.garrettmotion.com-- is a
differentiated technology leader, serving customers worldwide for
more than 65 years with passenger vehicle, commercial vehicle,
aftermarket replacement and performance enhancement solutions.
Garrett's cutting-edge technology enables vehicles to become safer,
and more connected, efficient and environmentally friendly. Our
portfolio of turbocharging, electric boosting and automotive
software solutions empowers the transportation industry to redefine
and further advance motion.

As reported by the Troubled Company Reporter-Europe on Sept. 8,
2020, S&P Global Ratings lowered its issuer credit ratings and
secured debt ratings on Switzerland-based turbocharger maker
Garrett Motion Inc. to 'B' from 'BB-' and its unsecured debt
ratings to 'CCC+' from 'B'. At the same time, S&P placedd all
ratings on CreditWatch negative.

The announcement of a possible balance sheet restructuring is
unexpected after successful covenant renegotiation and slightly
better-than-expected second-quarter 2020 results. S&P said, "After
Garrett renegotiated a two-year relief period to accommodate spikes
in the tested leverage covenant ratio, suspended indemnity payments
to Honeywell, and posted an acceptable second-quarter performance
in terms of revenue and free operating cash flow (FOCF) loss, we
thought Garrett had so far weathered the unprecedented shock of
auto production standstill caused by the pandemic. This led us to
affirm the rating with a negative outlook in July 2020 despite the
company's high leverage and the uncertain recovery of FOCF, which
are largely volume dependent. The group's announcement of its
intentions to explore alternatives for balance sheet restructuring
was therefore unexpected. The recent share performance indicates a
rights issue as an unlikely scenario in our view, leaving options
on the table that could be detrimental to debtholders. This leads
us to downgrade all ratings by two notches and place them on
CreditWatch with negative implications, pending more clarity on the
group's intentions."




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

AMIGO LOANS: S&P Alters CreditWatch Implications to Negative
------------------------------------------------------------
S&P Global Ratings maintained the CreditWatch placement on its
'CCC+' long-term issuer credit and senior secured debt ratings on
U.K.-based guarantor lending company Amigo Loans Ltd. The
CreditWatch implications were revised to negative from developing.

The ongoing CreditWatch and revision to negative implications
reflect the uncertainties related to the upcoming shareholder
meeting, complaints provisions, and asset quality, which could
undermine Amigo's business prospects and liquidity.

Founder Mr. James Benamor announced a formal notice to requisition
a general meeting of the company's shareholders, with the aim to
return to the company as CEO and buy 29% of its shares for up to
20p. This event follows Mr. Benamor's previously unsuccessful
attempt to remove the entire Amigo board in June 2020, which
prompted him to step away from the business and sell his majority
stake through a broker. S&P said, "We believe that excessive
management turnover and the prolonged dispute between the board and
Mr. Benamor continues to undermine Amigo's business stability. As
such, we see Amigo's management and governance as an ongoing rating
constraint."

Amigo reported total provisions for complaints of GBP116.4 million
at June 30, 2020 (including an allowance for future claims and
estimated redress for known cases), though S&P understands that the
utilized amount during the three-month period was only GBP8.5
million. To appropriately deal with these issues, Amigo has
increased its staff in the complaints department, formed a
complaints committee, and established additional processes to deal
with volumes efficiently.

At the same time, the company has engaged in a Voluntary Agreement
with the FCA to work on its backlog of complaints with the aim of
reaching a position by October 2020 where it will be able to deal
with all complaints within an eight-week timeframe.

Owing to the impact of the coronavirus pandemic, Amigo paused new
lending and waived asset performance triggers on its securitization
facility until Dec. 18, 2020. S&P notes that it is undergoing a
strategic review, through which it aims to re-launch its guarantor
loan product by the end of the year with a revised risk appetite.

Based on the latest management communication, Amigo announced that
around 47,000 customers were granted a payment holiday in the first
three months of the financial year (FY) ending March 31, 2021. This
represents 29% of Amigo's gross loan book. Our base-case scenario
is that the U.K. economy will face a sharp GDP contraction due to
COVID-19 in 2020, and S&P believes that Amigo's collections
capacity will come under pressure once payment holidays are no
longer available at the end of October 2020. In addition, this date
corresponds to the end of the Government furlough scheme, which
could further strain Amigo's asset quality and pace of
collections.

Amigo reported GBP145 million in cash as of June 30, 2020, up from
GBP64 million at year-end March 31, 2020, in line with its strategy
to build liquidity buffers. Amigo's next semi-annual coupon payment
on its GBP234.1 million outstanding secured bond, which is due in
2024, is in January 2021. S&P does not believe that Amigo faces a
near-term credit or payment crisis, though it could be dependent on
favorable trends of future cash payments for customer redress and
cash collections. Amigo has stated that cash balances were
unchanged at the end of July 2020, despite paying the coupon on its
secured bond.

Environmental, social, and governance (ESG) factors relevant for
this credit rating:

-- Governance
-- Social

S&P believes that governance factors are negative for Amigo
following the excessive management turnover and prolonged dispute
between the board and founder James Benamor. Moreover, the increase
in complaints trends and the FCA's investigation into Amigo's
creditworthiness increases social risk, notwithstanding Amigo's
strategy to serve customers that mainstream banks exclude.

Liquidity

In S&P's base-case scenario, Amigo currently has adequate
liquidity. However, the potential for downside risk persists,
depending on favorable complaints trends and cash collections.

S&P expects that principal liquidity sources over the coming 12
months (from June 30, 2020) will be:

-- GBP145 million (S&P does not regard short-term investments as
cash);

-- Net working capital inflows (difference between cash receipts
and loan originations), with an assumption that Amigo will resume
lending in 2021.

-- S&P doesn't assume that Amigo will be able to draw on its
securitization facility further, as performance triggers are
suspended.

S&P expects that principal liquidity uses over the same period will
be:

-- Facility fees and coupon payment on the bond;
-- Cash outflow for complaints to increase;
-- No dividend payouts.

Debt maturities

-- 2024: GBP231 million
-- 2022: GBP250 million securitization facility (the facility will
go into early amortization if it is not restructured by Dec. 18,
2020)

The CreditWatch with negative implications indicates the
possibility that Amigo's business stability and liquidity could
come under further pressure over the next three months,
particularly if shareholders vote in favor of the resolution,
complaints payouts materially increase, and Amigo is unable to
resume lending. Moreover, regulatory and operational risks could
also weaken Amigo's business model and debt-servicing capacity.

S&P said, "We could lower the rating if we believed that regulatory
or operational issues would make Amigo's business model less viable
or that its liquidity was materially weakening. We could also
consider a downgrade if Amigo decides on a public bond repurchase
below par or goes into debt restructuring.

"We could remove the ratings from CreditWatch if Amigo demonstrates
that it is able to maintain solid liquidity and business and
management stability improves. At the same time, we will consider
whether customer complaints have levelled off, what its updated
strategy looks like, and whether Amigo is able to resume lending."


AVON FINANCE 2: DBRS Finalizes B(high) Rating on Class F Notes
--------------------------------------------------------------
DBRS Ratings GmbH finalized its provisional ratings on the
following classes of notes issued by Avon Finance No. 2 plc (Avon 2
or the Issuer):

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

The rating on the Class A Notes addresses the timely payment of
interest and the ultimate repayment of principal on or before the
legal final maturity date. The rating on the Class B Notes
addresses the timely payment of interest once most senior and the
ultimate repayment of principal on or before the legal final
maturity date. The ratings on the Class C, Class D, Class E, and
Class F notes address the ultimate payment of interest and
repayment of principal on or before the legal final maturity date.
DBRS Morningstar does not rate the Class Z notes, the Class S and
Class Y Certificates, or the VRR loan note.

Avon 2, a bankruptcy-remote special-purpose vehicle incorporated in
the United Kingdom, comprises seasoned owner-occupied and
buy-to-let (BTL) nonconforming loans from the Warwick Finance
Residential Mortgages Number One Plc securitization, which will be
called on September 21, 2020.

DBRS Morningstar was provided with information on the mortgage
portfolio as of August 31, 2020. The portfolio consists of 8,415
mortgage loans with an aggregate principal balance of GBP 855.4
million. Of the loans in the portfolio, 58.2% were originated by
Platform Funding Limited and the remaining 41.8% by GMAC-RFC (now
called Paratus AMC Limited). Western Mortgage Services Limited is
servicing the loans. At closing, there was no backup servicer in
place, but CSC Capital Markets UK Limited was appointed as the
backup servicer facilitator. Avon Seller Limited (the seller) has
sold the loans to the issuer at closing of the transaction.

A large portion of the portfolio (79.2%) was originated pre-crisis,
in the years 2006, 2007, and 2008. The portion of loans originated
in 2005 or before, where the origination criteria by subprime or
nonconforming UK lenders were known to be relatively tighter than
those in 2006, 2007, and 2008, is relatively low at 19.9%. DBRS
Morningstar has assessed the performance history of the loans,
which is limited and does not show a complete economic cycle
covering arrears history from August 2015 up to May 2020. Based on
this data, approximately 9.4% of the mortgage portfolio was in
cumulative three months-plus arrears status and 5.0% was in
cumulative six months-plus arrears status as of May 2020. The
transaction also includes 49.5% of loans that have been
restructured at some point in the past. Most of the restructurings
were implemented between 2009 and 2012, with the majority of these
loans being under a higher-than-normal monthly payment arrangement.
With regards to delinquencies, a decreasing trend was observed
starting from the end of 2016 until early 2020, which is expected
to have been mainly driven from the cure to the performing status
of the restructured loans. The first and second quarter of 2020
show increasing arrears trend.

Approximately one quarter of the pool (24.3%) are BTL loans, with
the remaining being owner-occupied loans (75.7%). However, as was
common before the financial crisis, most of the owner-occupied
loans (58.6% of the mortgage portfolio) are also on an
interest-only (IO) payment schedule. With respect to the
provisional portfolio, 81.5% of the loans are IO loans, with the
remaining being repayment amortizing loans. This poses a risk at
the maturity of the loan if the borrower does not have a repayment
strategy in place or is unable to refinance before the maturity
date. While the maturity profile is quite staggered, there is a
peak in concentration in 2031-2032 at 32.3% of the IO loans. Given
the long seasoning of the portfolio (almost 14 years), it is
natural to see a greater prevalence of IOs compared with repayment
loans. DBRS Morningstar assumed a higher probability of default
(PD) for 19.8% of the IO loans and included an additive default
amount of 5% of the risky IO loan balance at maturity to the
forecast default balance, in line with its "European RMBS Insight:
U.K. Addendum" methodology.

Of the IO loans, 1.3% has reached their maturity date and has not
been foreclosed yet. The portion of matured loans with an indexed
CLTV greater than or equal to 80% is 14.6% and the share of matured
loans currently in some form of arrears is 64.3%. In DBRS
Morningstar's opinion, such loans will have limited ability to
refinance or repay principal from other sources, hence DBRS
Morningstar assumes these loans as defaulted in its analysis.

In addition to the BTL loans that have by definition an investment
purpose, a further 17.9% of the portfolio was granted for a
re-mortgage and an additional 19.3% of the pool was issued to
release equity from the property through a re-mortgage. Moreover,
3.3% of the loans were granted under the Right to Buy scheme that
was active in those years and 0.5% of the loans were granted for
equity release. Consequently, 34.7% of the pool was granted for
purchase purposes.

With regards to the employment status of the first borrower, almost
half of the pool (48.5%) comprises borrowers that are
self-employed, with the remainder being full-time employees. Only
36.2% of the pool was originated after a full verification of the
income, with the remaining borrowers having self-certified their
income.

The weighted-average indexed CLTV of the mortgage portfolio is
59.3% (based on DBRS Morningstar's calculation) and is slightly
lower compared with other UK nonconforming RMBS transactions, which
is a reflection of house price appreciation in the UK
notwithstanding the high proportion of loans that repay on an IO
basis. The proportion of loans with an indexed CLTV equal to or
above 80% is 14.0%.

Credit enhancement to the Class A Notes is 18.0% at closing and is
provided by the subordination of the Class B to Class Z notes. The
Class A and the Class B notes benefit from further liquidity
support provided by an amortizing liquidity reserve fund (LRF),
which can support the payment of senior fees, interest on Class S
Certificates, and interest on the Class A and Class B notes. If
there is any Class B interest shortfall, the LRF can only be used
if Class B is the most senior outstanding note or if the Class B
PDL is less than 10% of the original balance of the Class B Notes.
The LRF has been funded at closing through the issuance of the
Class A to Class Z notes and the VRR loan note with an amount of
1.5% of the initial balance of the Class A and Class B notes, and
any subsequent use of the LRF will be replenished from revenue
receipts. Before and including the step-up date, the required
amount of the LRF will be the maximum of 1.5% of the outstanding
amount of Class A and Class B notes at each interest payment date
and 1.0% of the initial balance of the Class A and Class B notes at
closing. After the step-up date, the required amount will be 1.5%
of the outstanding balance of the Class A and Class B notes at each
interest payment date. Once the Class A and Class B notes have been
redeemed in full, the LRF will be zero. Any excess amounts of the
LRF before and including the step-up date will be part of the
revenue available funds whereas excess amounts after the step-up
date will flow to the principal available funds.

The notes pay interest linked to the Sterling Overnight Index
Average (Sonia) and, in comparison, the loans in the mortgage
portfolio pay interest linked to the Bank of England base rate
(51.6%) or linked to the three-month Libor rate (36.4%), with the
remainder paying interest linked to a standard variable rate. The
resulting basis risk is not hedged in the transaction. DBRS
Morningstar has applied additional stresses to simulate basis risk
between different interest rate indices' BBR, standard variable
rate, three-month Libor, and Sonia.

Available principal funds can be used to provide liquidity support
to the transaction. Following the application of the available
revenue funds and liquidity reserve, available principal funds can
be used to pay senior fees and interest shortfalls on the Class A
to Class F notes provided they are the most senior notes
outstanding and given that the available revenue funds and the LRF
have been applied first. Any use of principal funds will be
recorded as a debit in the principal deficiency ledger.

The coupon on the notes will step up on the interest payment date
falling in September 2023, which is also the first optional
redemption date. The notes can be redeemed in full, at the
outstanding balance plus accrued interest, on any subsequent
payment date. DBRS Morningstar has considered the increased
interest payable on the notes on the step-up date in its cash flow
analysis.

The issuer account bank is Citibank N.A., London Branch. Based on
the DBRS Morningstar private rating of the account bank, the
downgrade provisions outlined in the transaction documents, and
structural mitigants, DBRS Morningstar considers the risk arising
from the exposure to the account bank to be consistent with the
ratings assigned to the notes, as described in DBRS Morningstar's
"Legal Criteria for European Structured Finance Transactions"
methodology.

DBRS Morningstar based its ratings on a review of the following
analytical considerations:

-- The transaction capital structure and form and sufficiency of
available credit enhancement.

-- The credit quality of the mortgage portfolio and the ability of
the servicer to perform collection and resolution activities. DBRS
Morningstar calculated probability of default (PD), loss given
default (LGD), and expected loss (EL) outputs on the mortgage
portfolio, which are used as inputs into the cash flow tool. The
mortgage portfolio was analyzed in accordance with DBRS
Morningstar's "European RMBS Insight: U.K. Addendum" methodology.

-- The ability of the transaction to withstand stressed cash flow
assumptions and repays the Class A, Class B, Class C, Class D,
Class E, and Class F notes according to the terms of the
transaction documents. The transaction structure was analyzed using
Intex DealMaker.

-- The structural mitigants in place to avoid potential payment
disruptions caused by operational risk, such as a downgrade, and
replacement language in the transaction documents.

-- DBRS Morningstar's sovereign rating on the United Kingdom of
Great Britain and Northern Ireland at AAA with a Negative trend as
of the date of this press release.

-- The consistency of the transaction's legal structure with DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology and presence of legal opinions addressing
the assignment of the assets to the issuer.

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

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


DEBENHAMS PLC: Reliance Retail In Acquisition Talks with Advisers
-----------------------------------------------------------------
Mark Kleinman at Sky News reports that Mukesh Ambani, India's
richest man and the powerhouse behind one of the country's largest
conglomerates, has emerged as a shock contender to take control of
Debenhams, the struggling department store chain.

Sky News has learnt that Mr. Ambani's Reliance Retail empire, which
last year bought the world-famous British toy store Hamleys, is
among a small number of parties in discussions with advisers to
Debenhams about acquiring part or all of the 242-year-old
retailer.

Sources said on Sept. 23 there was no certainty that Reliance's
interest would develop into a formal bid for Debenhams, Sky News
notes.

According to Sky News, one insider said, however, that the Indian
group's interest appeared to be serious.

An auction of Debenhams, which has been in administration since
April, has been underway for several weeks, with investment bankers
at Lazard responsible for co-ordinating talks with potential
buyers, Sky News relates.


EUROMASTR PLC 2007-1V: Fitch Affirms BB+sf Rating on Class E Notes
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Fitch Ratings has affirmed EuroMASTR Series 2007-1V plc's notes and
revised the Outlook on the Class E notes to Negative from Stable.

RATING ACTIONS

EuroMASTR Series 2007-1V plc

Class A2 XS0305763061; LT AAAsf Affirmed; previously at AAAsf

Class B XS0305764036; LT AAAsf Affirmed; previously at AAAsf

Class C XS0305766080; LT AAsf Affirmed; previously at AAsf

Class D XS0305766320; LT BBBsf Affirmed; previously at BBBsf

Class E XS0305766676; LT BB+sf Affirmed; previously at BB+sf

TRANSACTION SUMMARY

This transaction is a securitisation of owner-occupied (OO) and
buy-to-let (BTL) mortgages originated in the UK by Victoria
Mortgage Funding and now serviced by Link Mortgage Servicing
Limited (RPS2-/RSS2-).

KEY RATING DRIVERS

Coronavirus-Related Alternative Assumptions

Fitch expects a generalised weakening in borrowers' ability to keep
up with their mortgage payments due to the economic impact of the
coronavirus pandemic and the related containment measures. As a
result, Fitch applies alternative coronavirus assumptions to the
mortgage portfolio.

The combined application of the revised 'Bsf' representative pool
weighted average foreclosure frequency (WAFF), revised rating
multiples and higher probability of loans in payment holiday
rolling to arrears for both the OO and the BTL sub-pools, resulted
in a multiple to the current WAFF assumptions of 1.15x at 'AAAsf'
and 1.41x at 'Bsf'. The alternative coronavirus assumptions are
more modest for higher rating levels as the corresponding rating
assumptions are already meant to withstand more severe shocks.

Fitch also applied a payment holiday stress for the first 12 months
of cash-flow projections, assuming up to 30% of interest
collections will be lost, and related principal receipts will be
delayed.

While the credit enhancement (CE) of the Class A2 to D notes was
deemed sufficient to withstand the additional stresses at current
rating levels, Class E notes remain more vulnerable to potential
downgrades in the event of higher defaults and lower recoveries
following sale of foreclosed properties. The latter is reflected in
the Negative Outlook assigned to Class E notes.

Sufficient Liquidity to Reduced Revenue

At end-August 2020, 11.4% of the loans in the portfolio were on
payment holidays. Fitch expects providing borrowers with a payment
holiday to have a temporary positive impact on loan performance.
However, the transaction may face some liquidity constraints if a
large number of borrowers opt for a payment holiday.

Fitch has tested the ability of the liquidity reserves to cover
senior fees and note interests, and found that payment interruption
risk is sufficiently mitigated.

CE and Pro-Rata Pay

As of the latest payment date, CE has increased gradually to 41.9%,
31.1%, 22.8%, 9.6% and to 6.2% from 41.5%, 31.1%, 22.8%, 9.6% and
6.2% in the previous review for the class A, B, C, D and E notes,
respectively, as the notes are amortising and the reserve fund is
at target.

The transaction is amortising on a pro-rata basis. Unless a
performance trigger is breached in the meantime, pro-rata
amortisation will continue until the notes fall below 10% of their
initial balance. Fitch has tested scenarios where the transaction
does not switch to sequential amortisation until the 10% switch
back and found this to be a constraining factor for the Class C
notes' rating.

IO Maturities

The transaction has a large portion of interest-only (IO) loans
(85.8%) with the highest maturity concentration in 2031 of 22.9%.
Additionally, 0.59%, of IO loans have missed their bullet
maturities. Of the OO pool 4.0% are IO loans with maturity dates
falling in or after 2035. Fitch has tested scenarios where loan
maturities are extended (given the proximity to bond legal final
maturity) and found this to be a constraining factor for Class D
and E notes' ratings.

RATING SENSITIVITIES

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

The broader global economy remains under stress due to the
coronavirus pandemic, with surging unemployment and pressure on
businesses stemming from social-distancing guidelines. Recent
government measures related to the coronavirus pandemic introduced
a suspension on tenant evictions for three months and mortgage
payment holidays, also for up to three months. Fitch acknowledges
the uncertainty of the path of coronavirus-related containment
measures and has therefore considered more severe economic
scenarios.

As outlined in "Fitch Ratings Coronavirus Scenarios: Baseline and
Downside Cases", Fitch considers 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 assumes a 15% increase in WAFF and
a 15% decrease in weighted average recovery rate (WARR). The
results indicate up to three notches adverse rating impact.

Ratings may be sensitive to the resolution of the Libor rate
exposure on both the mortgages and the notes. For example, if a
material basis risk is introduced or there is a material reduction
in the net asset yield then ratings may be negatively affected.

Ratings are sensitive to the OO IO loan maturity profile and, in
particular, the ability of borrowers to redeem such loans on a
timely basis, especially for the junior notes.

Ratings are sensitive to the amortisation profile of the notes. A
switch to sequential (prior to the 10% pool balance) may be
positive for Class C notes. However, the effect may be offset by
the negative factors that gave rise to the trigger breach.

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

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing CE levels and potential
upgrades. Fitch tested an additional rating sensitivity scenario by
applying a decrease in the FF of 15% and an increase in the RR of
15%. The ratings for the subordinated notes could be upgraded by up
to six notches.

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.

Fitch did not undertake a review of the information provided about
the underlying asset pool ahead of the transaction's initial
closing. The subsequent performance of the transaction over the
years is consistent with the agency's expectations given the
operating environment and Fitch is, therefore, satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

EuroMASTR Series 2007-1V plc: Customer Welfare - Fair Messaging,
Privacy & Data Security: '4', Human Rights, Community Relations,
Access & Affordability: '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(ies),
either due to their nature or the way in which they are being
managed by the entity(ies).


NMC HEALTH: Investigation Hampered by Destruction of Documents
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Michael Fahy at The National reports that the suspected fraud that
led to NMC Health being placed into administration allegedly took
place over at least eight years and the current management's
investigation into it has been hampered by the destruction of
documents, according to the company's acting chief executive,
Michael Davis.

Mr. Davis added that reconstructing what transpired has been made
difficult because thousands of documents have been destroyed by
unnamed employees, The National notes.

His comments were made in a witness statement the company prepared
to defend itself against a claim by Credit Europe Bank in the Dubai
International Financial Centre Courts, The National relays, citing
The Times newspaper.

The defense document is yet to appear on the DIFC Courts'
electronic registry and NMC Health's administrators Alvarez &
Marsal declined to comment when contacted by The National.

According to The National, Mr. Davis's witness statement says the
company's board "formed the view" that former chief executive
Prasanth Manghat was obstructing the Freeh Group from accessing
information before he was removed from his post in February,
according to The Times.

NMC Health was placed into administration in April this year after
several months of upheaval that began in December last year after
US-based activist investor Muddy Waters alleged the company had
inflated its cash balances and understated its debts, The Times
relates.  Investigations found that NMC Health's debts, at about
US$6.6 billion (AED24.2 billion), were materially higher than the
US$2.1 billion declared in its accounts, The Times notes.

NMC's administrators Alvarez and Marsal set out a three-year
turnaround plan with Mr. Davis last month, which involves putting
its UAE operations into administration through the Abu Dhabi Global
Markets Courts to fend off creditor claims and the raising of
US$300 million in additional funding from lenders to allow its UAE
and Oman operations to continue to operate, The National recounts.

A hearing to appoint administrators to UAE-based NMC Healthcare and
more than 30 associated companies is due on Sunday, Sept. 27, The
National discloses.


PREMIER FOODS: Moody's Hikes CFR to B1, Outlook Stable
------------------------------------------------------
Moody's Investors Service upgraded to B1 from B2 corporate family
rating and to B1-PD from B2-PD probability of default rating of
Premier Foods plc. Concurrently, Moody's has upgraded to B1 from B2
ratings on the GBP130 million outstanding senior secured floating
rate notes due in July 2022 and the GBP300 million senior secured
fixed-rate notes due in October 2023 at Premier Foods Finance plc.
The outlook on all ratings is stable.

RATINGS RATIONALE

Premier Foods has successfully strengthened its key credit ratios
over the last two years as a result of improving profitability and
decreasing debt despite its large and volatile pension deficit. The
company's EBIT margin (Moody's adjusted) improved to 12.1% in
fiscal year 2020, ended March 2020 from 10.3% in fiscal 2017.
During the same period the company's Moody's adjusted EBIT interest
cover improved to 1.5x from 1.1x. Premier Foods made a GBP80
million early bond repayment in Q1 fiscal 2021, confirming its
ongoing commitment to reduce leverage. Moody's gross adjusted debt
/ EBITDA reduced to below 5x in fiscal 2020 (pro-forma for the RCF
and notes repayment) compared to 6.7x in fiscal 2019, however, this
was partially due to the Premier Foods pension deficit going down
to GBP275 million in fiscal 2020 from GBP465 million in fiscal 2019
(the company's gross leverage before pension deficit for the same
period went down to 3.1x from 3.6x).

Moody's notes that the pension deficit is inherently volatile,
because it is largely driven by financial market dynamics and also
is very sensitive to even small changes in assumptions on discount
rate, inflation and other. Over the last seven years the pension
deficit was fluctuating between GBP420 and GBP490 million. Moody's
typically assesses pension deficit liabilities over the medium term
rather than at a single point in time, but also considers the
impact of the obligations on cash flow generation. Although the
company has been contributing GBP40-GBP50 million per annum over
the last three years to reduce the deficit, it has been at the same
time generating a meaningful free cash flow and partially using it
to reduce funded debt. Moody's also positively notes the recently
achieved pension agreement, which should result in lower admin cost
for managing the funds and also lower required contributions over
time.

Starting from March the company's sales saw a significant boost due
to stockpiling by the UK customers at the start of the pandemic.
The company's revenue in the first quarter of fiscal 2021 increased
by 22.5%, although Moody's expects this effect to somewhat
normalise later in the year. The rating agency expects consumption
growth in the grocery segment to accelerate by around 2-3% in the
next 12 months supported by some widening of the consumer base
during the pandemic and through product innovation. Premier Foods'
rating is further supported by its solid market positions in the UK
food market with a portfolio of well-established brands that
support relatively high margins.

Premier Foods together with other UK-based food manufacturers are
exposed to the uncertainty associated to the UK consumers' spending
in the context of an economic slowdown or the potential failure of
the UK and EU to agree a trade deal or extend the Brexit transition
arrangement beyond December 31, 2020. The rating is constrained by
the company's high geographical and customer concentration, its
exposure to volatility in raw material prices and forex risk.
Premier Foods has not been paying dividend in the last few years;
however, Moody's understands that the new pension agreement will
give the company more room for distributions. The rating agency
does not anticipate any material payments in the next 1-2 years and
positively notes that the company intends to reduce its leverage
further.

Moody's would like to draw attention to certain governance
considerations related to Premier Foods. The company is LSE listed
and subject to the UK Corporate Governance Code. The company's
Board includes eleven members, including nine non-executive
directors. The three largest shareholders (Nissin Foods, Oasis
Management and Paulson & Co), which own close to 39% of the shares
have one nominated non-executive director each. Moody's also notes
that there were recent changes in the management team, as Premier
Foods appointed a new CEO and CFO in the second half of 2019.

LIQUIDITY

Premier Foods' liquidity profile remains adequate. As of March
2020, and pro-forma for the subsequent GBP80 million notes
repayment, the company had access to around GBP186 million
liquidity in cash and partially undrawn revolving credit facility
maturing in December 2022, which is typically used to cover
seasonal working capital fluctuations. Moody's expects positive
free cash flow generation (after pension contributions) of around
GBP40 million for each of the next 2 years. Moody's also expects
the company to maintain sufficient capacity under the maintenance
covenants over the next 12-18 month, which include net debt/EBITDA
and EBITDA/interest coverage ratios which are tested biannually.

STRUCTURAL CONSIDERATIONS

Premier Foods' capital structure includes the GBP130 million
outstanding senior secured floating rate notes due in July 2022,
the GBP177 million revolving credit facility due in December 2022
and the GBP300 million senior secured fixed-rate notes due in
October 2023.

Applying Moody's Loss Given Default (LGD) methodology (assuming a
standard 50% recovery rate typical of debt structures including
both bonds and bank debt), the senior secured notes are rated B1
i.e. at the same level as the CFR because all the debt, including
the pension deficit, ranks pari passu.

The revolving credit facility, senior secured notes and pension
deficit (subject to caps) are secured by upstream guarantees from
operating subsidiaries which must hold a minimum of 85% of the
consolidated gross tangible assets, consolidated EBITDA and
turnover of the group.

RATING OUTLOOK

The stable outlook reflects Moody's expectations that Premier Foods
will maintain leverage well below 6.5x and EBIT interest coverage
of between 1.5x and 2x over the next 12 to 18 months. It does not
incorporate a change in financial policy or material debt-funded
acquisitions.

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

An upgrade will require the company's debt/EBITDA falls sustainably
below 5x (or below 3x, excluding the pension deficit) on a
sustained basis and the company maintains an EBIT margin above
12.5%, while generating positive free cash flow (after pension
contributions) and keeping a solid liquidity profile.

The rating could be downgraded if the company's (1) gross
debt/EBITDA remains above 6.5x on a sustained basis (or 3.5x
excluding the pension deficit), (2) EBIT margin falls materially
below 11%, or (3) liquidity profile deteriorates for instance as a
result of negative free cash flow (after pension contributions).
Moody's assessment of the leverage also takes into consideration
the volatility in the adjustment for the company's significant
pension deficit.

METHODOLOGY

The principal methodology used in these ratings was Consumer
Packaged Goods Methodology published in February 2020.

PROFILE

Headquartered in St Albans, UK and quoted on the London Stock
Exchange, Premier Foods plc is a branded ambient foods producer to
the UK retail market. For the fiscal year ended March 2020, Premier
Foods reported revenues of GBP847 million.


TURBO FINANCE 9: Moody's Gives (P)Ba3 Rating on Class X Notes
-------------------------------------------------------------
Moody's Investors Service assigned the following provisional
ratings to the Notes to be issued by Turbo Finance 9 plc:

GBP[ ]M Class A Notes due August 2028, Assigned (P)Aaa (sf)

GBP[ ]M Class B Notes due August2028, Assigned (P)Aa3 (sf)

GBP[ ]M Class C Notes due August 2028, Assigned (P)A3 (sf)

GBP[ ]M Class D Notes due August 2028, Assigned (P)Baa3 (sf)

GBP[ ]M Class E Notes due August 2028 Assigned (P)Ba2 (sf)

GBP[ ]M Class X Notes due August 2028, Assigned (P)Ba3 (sf)

Moody's has not assigned ratings to the subordinated GBP [ ]M Class
F Notes.

RATINGS RATIONALE

The transaction is a 9-month revolving cash securitisation of hire
purchase agreements ("HP") and personal contract purchase
agreements ("PCP") extended to obligors in the United Kingdom by
Motonovo Finance Limited ("MNF", NR). In May 2019, following the
acquisition by FirstRand Bank Limited (Ba1 Senior
Unsecured/Baa3(cr)/P-3(cr)) of Aldermore Group ("Aldermore", NR) a
year earlier, MNF were integrated with Aldermore Group and this
transaction consists of all loans that have been originated since
that integration was completed. MNF will also act as the servicer
of the portfolio during the life of the transaction.

The portfolio of receivables backing the Notes consists of HP and
PCP agreements with individual's resident in the United Kingdom
collateralised by mostly used vehicles. PCP agreements include a
final balloon payment and permit obligors to return their vehicle
at the end of the contract in lieu of the balloon payment. This
obligor right creates residual value risk for the securitisation.
Residual value cash flows are [12.0] % in the initial portfolio. As
of August 31, 2020, the provisional portfolio consists of [64,846]
contracts, with a weighted average seasoning of [0.65] years and a
weighted average remaining term of [45] months.

The transaction's main credit strengths are the granular portfolio,
strong eligibility and replenishment criteria, significant excess
spread and an independent cash manager at closing. Among these
strengths, obligors that have been granted payment holidays due to
the coronavirus outbreak are excluded from the initial portfolio
and will be excluded from purchased portfolios during the revolving
period. Furthermore, during the revolving period residual value
cash flows are limited to 12.5% of outstanding balance, and the
total portfolio is required to maintain a margin of at least 9.3%
above SONIA.

The reserve fund is fully funded at closing and will be available
to cover liquidity shortfalls on Class A and B Notes (subject to a
PDL condition) interest throughout the life of the transaction.
Initially sized at [1.0] % of Class A and Class B notes, the
reserve fund will amortise subject to a floor of [0.5] %. Upon
either outstanding principal balance of the Class F Notes is less
than the reserve fund required amount or the redemption of notes
A-F, the reserve fund will fully amortise through the principal
waterfall. Furthermore, the Notes benefit from credit enhancement
provided by 15.5% subordination for Class A, 11.0% subordination
for Class B, 6% subordination for Class C, 4% subordination for
Class D and 1.5% subordination for Class E. The transaction has a
weighted-average APR of [10.3] % at closing.

However, Moody's Notes some credit weaknesses such as residual
value risk from PCP contracts, voluntary termination risk, and the
limited availability of the cash reserve to Class C and E Notes. As
with all auto lease-type agreements to private individuals in the
UK, the portfolio is exposed to the risk of voluntary termination.
In case of voluntary termination, the obligor uses their option to
return the vehicle to the originator before lease contract maturity
without further payment obligations as long as the obligor made
payments equal to at least one half of the total amount payable
under the financing contract. Moody's took this into account in its
quantitative analysis.

Moody's analysis focused, among other factors, on (i) an evaluation
of the underlying portfolio; (ii) historical performance
information; (iii) the credit enhancement provided by
subordination, by the excess spread and the reserve fund; (iv) the
liquidity support available in the transaction, by way of principal
to pay interest and the reserve fund; (v) the independent cash
manager and (vi) the legal and structural integrity of the
transaction.

MAIN MODEL ASSUMPTIONS

Moody's determined the portfolio lifetime mean default of [5.0] %,
recoveries of [40] % and Aaa portfolio credit enhancement ("PCE")
of [16.0] % related to borrower receivables. The mean default rate
captures its expectations of performance considering the current
economic outlook, while the PCE captures the loss Moody's expects
the portfolio to suffer in the event of a severe recession
scenario. Mean default and PCE are parameters used by Moody's to
calibrate its lognormal portfolio loss distribution curve and to
associate a probability with each potential future loss scenario in
its ABSROM cash flow model to rate Auto ABS.

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
consumer assets from the current weak UK 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.

Portfolio expected defaults of [5.0] % are higher than the EMEA
Auto ABS average and are based on Moody's assessment of the
lifetime expectation for the pool taking into account (i) historic
performance of the loan book of the originator, (ii) benchmark
transactions, and (iii) other qualitative considerations.

PCE of [16.0] % is higher than the EMEA Auto ABS average and is
based on Moody's assessment of the pool which is mainly driven by
historical portfolio performance and benchmarking.

Residual value risk credit enhancement ("RV CE")

Moody's determined the Aaa (sf) RV CE of [3.9] % to account for the
residual value market risk. RV CE captures additional portfolio
losses which would arise on the securitised RV receivables
following a decline in the market prices of used cars in a severe
recession environment. PCP contracts permit lessees to return their
vehicle at the end of the lease in lieu of the final payment, which
is not a default and thus is not captured in the loss assumptions
for the lease receivables described in the previous section. The
sum of the RV CE and the credit enhancement for the lessee
receivables, as described above, determines the total credit
enhancement that is needed to be consistent with each Notes
rating.

In deriving the RV CE Moody's assumes a haircut to the portfolio's
residual value cash flows of 46.0% for the Aaa (sf) rated Notes
taking into account (i) limited experience in RV setting, (ii) no
track record of car sales, and (iii) high concentration of RV
maturities. The haircut is higher than the EMEA Auto ABS average
and is based on Moody's assessment of the pool which is mainly
driven by (i) the originator's limited experience to set residual
values, (ii) lack historical portfolio performance, and (iii)
portfolio composition.

Auto Sector Transformation

Technological obsolescence, shifts in demand patterns and changes
in government policy will result in some segments of the portfolio
experiencing greater volatility in certain asset performance
metrics compared to that seen historically. Combustion engines are
declining in popularity and will face carbon, air pollution and
emission regulations. Rising popularity of Alternative Fuel
Vehicles (AFVs) introduces uncertainty in the future price trends
of both legacy engine types and AFVs themselves due to evolutions
in technology, battery costs and government incentives. The
securitised portfolio is at medium risk due to the exposure to
[65.1] % diesel engines, however most of the vehicles ([70.0] %) in
the portfolio have a registration date after September 2011,
limiting the exposure to Euro 5 or earlier emission standards.

METHODOLOGY

The principal methodology used in these ratings was 'Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS' published in
July 2020.

Moody's issues provisional ratings in advance of the final sale of
securities and the above rating reflects Moody's preliminary credit
opinion regarding the transaction only. Upon a conclusive review of
the final documentation and the final Note structure, Moody's will
endeavour to assign a definitive rating to the Class A to E and the
Class X Notes. A definitive rating may differ from a provisional
rating.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:

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

Factors that may cause a downgrade of the ratings of the Notes
include a worsening in the overall performance of the pool, or a
meaningful deterioration of the credit profile of the servicer or
originator.


TURBO FINANCE 9: S&P Assigns Prelim. B- Rating on Class X Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to Turbo
Finance 9 PLC's asset-backed floating-rate class A, B, C (Dfrd), D
(Dfrd), E (Dfrd), and X (Dfrd) notes. At closing, the issuer will
also issue unrated fixed-rate subordinated class F (Dfrd) notes.
The proceeds from class X (Dfrd) notes will fund the initial cash
reserve.

The collateral backing the notes will comprise fixed-rate U.K. auto
loans originated by MotoNovo Finance (MotoNovo). MotoNovo, a
subsidiary of Aldermore Group PLC, is one of the largest
independent auto lenders in the U.K., with a focus on used car
financing.

The receivables arise under hire purchase (HP) agreements and
personal contract purchase (PCP) agreements granted to commercial
and private borrowers for the purchase of used and new vehicles
(including motorcycles, scooters, and light commercial vehicles).

There will a nine-month revolving period in the transaction. On
each payment date, the transaction will use a separate interest and
principal priority of payments, under which repayment of the notes
is fully sequential. The transaction also benefits from an
amortizing liquidity reserve, subject to a floor (minimum level).
The reserve will primarily provide liquidity support to mitigate
any temporary cash flow shortfalls to pay timely interest on the
class A and B notes, and ultimately provide credit enhancement.
Once the class A and B notes are redeemed, the reserve will be
utilized to cover senior costs, and on the legal final maturity
date, reserve proceeds will be applied to the principal waterfall.

A combination of note subordination, a cash reserve, and any
available excess spread will provide credit enhancement for the
rated notes.

MotoNovo will be the initial servicer of the portfolio. Similar to
the predecessor transaction, Turbo Finance 8 PLC, there will not be
a named back-up servicer at closing. Following a servicer
termination event, including insolvency of the servicer, a back-up
servicer would need to be appointed to assume servicing
responsibility for the portfolio.

The issuer will be exposed to counterparty risk through HSBC Bank
PLC, as bank account provider, and J.P. Morgan AG as the interest
rate swap provider.

S&P said, "We anticipate that the legal opinion at closing will
confirm that the sale of the assets would survive the seller's
insolvency. We also expect that tax opinions will address the
issuer's tax liabilities under the current tax legislation and
believe that the issuer's cash flows will be sufficient to meet all
the tax liabilities identified.

"Commingling risk is partially mitigated by a declaration of trust
over the servicer's collection account, and we believe the cash
reserve is sufficient to cover the liquidity stress that could
arise following the servicer's insolvency. However, we assumed a
one-week commingling loss and one month's collections delayed for
four months in our analysis as there is no minimum required rating
for the servicer's collection account provider.

"We believe that the transaction would not be exposed to setoff
risk, as the originator is not a deposit-taking institution, and
the eligibility criteria exclude the seller's employees from the
securitization's scope."

Interest due on the class C (Dfrd), D (Dfrd), E (Dfrd), and F
(Dfrd) notes is deferrable if available funds are insufficient to
pay timely interest. Interest payments on these notes are
subordinated to principal payment on the class A and B notes and
therefore rely on the presence of sufficient excess spread to be
paid in a timely manner. S&P said, "As a result, our preliminary
ratings on the class C (Dfrd), D (Dfrd), E (Dfrd), and X (Dfrd)
notes only address the ultimate payment of both interest and
principal. Our preliminary ratings on the class A and B notes
address the timely payment of interest and the ultimate payment of
principal."

The interest rate on the swap is not floored at zero. Therefore,
S&P has stressed negative interest rates in our cash flows.

S&P's ratings in this transaction are not constrained by the
application of our structured finance sovereign risk 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."

  Ratings Assigned

  Class     Prelim. rating    Amount (mil. GBP)
  A          AAA (sf)          TBD
  B          AA (sf)           TBD
  C (Dfrd)   A (sf)            TBD
  D (Dfrd)   A- (sf)           TBD
  E (Dfrd)   BB- (sf)          TBD
  F (Dfrd)   NR                TBD
  X (Dfrd)   B- (sf)           TBD

  TBD--To be determined.
  NR--Not rated.


VALARIS PLC: Egan-Jones Withdraws 'D' Senior Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company, on September 14, 2020, withdrew it's
'D' foreign currency and local currency senior unsecured ratings on
debt issued by Valaris PLC.

Headquartered in London, United Kingdom, Valaris PLC provides
offshore contract drilling services.


WALSHAM CHALET: Director Banned for 14 Years Following Collapse
---------------------------------------------------------------
Pat Sweet at Accountancy Daily reports that Simon Moir, the boss of
holiday parks firm Walsham Chalet Park Ltd., has been banned for 14
years after the Insolvency Service discovered investors were owed
more than GBP19 million in a failed investment scheme involving
luxury lodges.

Mr. Moir, from Harlow, was appointed as a director of Walsham
Chalet Park in 1998.  The company, trading as Dream Lodge Group,
operated eight holiday parks located across several sites in
England, offering luxury rentals including lodges with facilities
such as indoor swimming pools and spas.

It also ran an investment scheme whereby people could invest in a
part or an entire holiday chalet and would receive returns based on
the holiday rental income.

However, after a period of financial pressures the company began to
struggle, and in January 2019 Walsham Chalet Park entered into
administration before being placed into creditors voluntary
liquidation in the following September, owing just over GBP23
million to some 1,100 creditors, Accountancy Daily relates.

This included GBP340,000 to HMRC, GBP2 million to suppliers as well
as sums to people who had paid in advance to book holidays at their
parks and chalets, Accountancy Daily discloses.

Deloitte, who handled the administration, brought the holiday parks
company to the attention of the Insolvency Service, Accountancy
Daily recounts.

Investigations established that GBP19.4 million was owed to
investors after the company's insolvency, Accountancy Daily notes.
This included GBP14.2 million of investments owed to 161 people who
had paid Walsham Chalet Park to invest in holiday chalets that were
never built, Accountancy Daily states.

According to Accountancy Daily, the Insolvency Service said that
despite securing funds from investors, Mr. Moir should have been
aware that the lodges had not been built and that there was little
or no prospect of them being completed.

Further inquiries established that 30 investors had paid the
holiday park company GBP1.8 million to invest in chalets at
Coleford Park, Whitecliff, Gloucestershire, Accountancy Daily
relays.  Mr. Moir, however, should have been aware that the company
did not own this site, Accountancy Daily states.

In addition, Mr. Moir was found to have instructed Walsham Chalet
Park's employees to send false accounts to the company's bank in
order to secure the bank's continued support, Accountancy Daily
discloses.


WM MORRISON: Egan-Jones Cuts Foreign Currency Unsec. Rating to BB+
------------------------------------------------------------------
Egan-Jones Ratings Company, on September 16, 2020, downgraded the
foreign currency senior unsecured rating on debt issued by WM
Morrison Supermarkets PLC to BB+ from BBB.

Headquartered in Bradford, United Kingdom, WM Morrison Supermarkets
PLC retails groceries through a chain of supermarkets and an online
home delivery service in England.


[*] UK: 4,000+ Businesses Collapsed in Six Months Since Lockdown
----------------------------------------------------------------
Michael Lloyd at Peer2Peer Finance News reports that new research
has found over 4,000 businesses in the United Kingdom have
collapsed in the six months since the lockdown, leading to
GBP773.46 million in insolvent debt from outstanding invoices.

According to Peer2Peer Finance News, corporate distress data
analysts Red Flag Alert, which compiled the research, found that
these insolvent businesses tended to operate within the
hospitality, construction, retail, logistics and real estate
sectors.

Red Flag Alert said with an average individual debt of GBP28,501, a
further 227 firms in these industries are at very high risk of
failure, Peer2Peer Finance News relates.

Construction was found to be the sector with the most lockdown
business failures, with 1,884 firms collectively owing GBP364
million to suppliers, Peer2Peer Finance News states.  This was a
rise from GBP235 million of insolvent debt during the same period
last year, Peer2Peer Finance News notes.

A further 120 companies in the construction industry are at high
risk with around half of them predicted to cease trading within
seven days, Peer2Peer Finance News discloses.

Retail followed closely, leaving GBP316 million of insolvent debt
following failures within the sector, Peer2Peer Finance News says.



                           *********


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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