/raid1/www/Hosts/bankrupt/TCREUR_Public/201014.mbx        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

          Wednesday, October 14, 2020, Vol. 21, No. 206

                           Headlines



F R A N C E

BURGER KING FRANCE: S&P Affirms 'B-' ICR, Off CreditWatch Negative
CMA CGM: Moody's Affirms B2 CFR & Alters Outlook to Positive
TEREOS SCA: S&P Assigns 'B+' Rating on New Senior Secured Notes


G E R M A N Y

WIRECARD AG: EY May Face Backlash After Whistleblower Revelation
WIRECARD AG: Shutdown of Services Disrupts Singapore Businesses


I R E L A N D

ARES EUROPEAN XIV: Moody's Rates EUR6.9MM Class F Notes (P)B3
ARES EUROPEAN XIV: S&P Gives Prelim. B- Rating on Class F Notes
AURIUM CLO II: Moody's Confirms B2 Rating on EUR10.5MM Cl. F Notes


I T A L Y

BRIGNOLE CQ 2019-1: DBRS Confirms BB(low) Rating on Class E Notes


N E T H E R L A N D S

ASSURANCES CONTINENTALES: S&P Lowers ICR to 'BB+', Off Watch Neg.


N O R W A Y

NANNA MIDCO II: Moody's Alters Outlook of Caa1 CFR to Stable


P O L A N D

CANPACK SA: Moody's Assigns Ba2 CFR, Outlook Stable
CANPACK SA: S&P Assigned Preliminary 'BB' ICR, Outlook Stable


R U S S I A

NATIONAL BANK OF UZBEKISTAN: S&P Rates New Sr. Unsec. Notes 'BB-'
ROSCOMSNABBANK PJSC: Declared Bankrupt by Bashkortostan Court
TEMBR-BANK JSC: Bank of Russia Revokes Banking License


S P A I N

IM BCC CAPITAL 1: DBRS Lowers Class C Notes Rating to BB(low)


U N I T E D   K I N G D O M

CEVA LOGISTICS: Moody's Upgrades CFR to B3, Outlook Stable
NEWDAY PARTNERSHIP 2020-1: DBRS Finalizes B Rating on 2 Tranches
PRESSURE TEST: STH Acquires Business Out of Administration
SAGE AR 1: DBRS Assigns Provisional B Rating on Class F Notes
SMALL BUSINESS 2018-1: DBRS Confirms BB(low) Rating on Cl. D Notes

UNIVERSAL RECYCLING: Bought Out of Administration by Remet

                           - - - - -


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F R A N C E
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BURGER KING FRANCE: S&P Affirms 'B-' ICR, Off CreditWatch Negative
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating on BURGER
KING France SAS (BKF), as well as all of its others ratings on the
company. At the same time, S&P removed these ratings from
CreditWatch with negative implications, where they had been placed
on April 7, 2020.

The negative outlook indicates that the trading environment remains
difficult and restaurants could face more-restrictive sanitary
measures, which would translate into weaker credit ratios and free
operating cash flow (FOCF) generation than S&P currently foresee.

S&P Global Ratings removed its rating on BKF and affirmed it at
'B-' because of the rapid recovery in the company's activity and
its stronger liquidity.

The company closed its restaurants in response to the lockdown
associated with the COVID-19 pandemic, resulting in no activity
whatsoever for the month of April 2020. In May and June, systemwide
sales were 55% and 15% below their 2019 levels respectively. S&P
said, "We anticipate that sales will have continued to normalize
and that they will be broadly at their pre-pandemic level during
the following quarter. This rapid improvement should mitigate the
cash flow burn that occurred as a result of the strict lockdown
period. We estimate this cash burn to be about EUR30 million. As
further mitigation, BKF secured and drew on an EUR80 million
state-backed loan. This gave it a comfortable cash cushion of
EUR167 million as of June 2020, including EUR20 million still drawn
from its RCF. Consequently, we consider that the company has
sufficient cash to withstand any potential slowdown of its activity
in the next 12 months. Therefore, the liquidity risk that we
identified when we placed the rating on CreditWatch negative in
April is now less pronounced."

The difficult trading environment and potential tightening of
sanitary measures could weigh on BKF's ability to reduce its
leverage in the next 12 months.

The number of COVID-19 cases has seen a resurgence in France,
prompting the government and local authorities to resort to
stricter sanitary measures for bars and restaurants in some
localized parts of the country. At this stage, these measures have
had only a marginal impact on BKF. S&P said, "In our view, the
group benefits from diversified channels of consumption,
particularly drive-thru and take-away channels--these help mitigate
the impact of reduced traffic in restaurants. However, if these
measures are tightened further, they could target BKF's operations
more directly, or affect consumer confidence and thus dampen the
company's activity in the short term. Given the lockdown and the
uncertainty regarding further restrictions in the second half of
the year, we forecast BKF's sales will decline by up to 25% and its
S&P Global Ratings-adjusted EBITDA will be about EUR110 million in
2020, compared with EUR147 million in 2019." This suggests that
adjusted debt to EBITDA will increase slightly to above 10x.

In S&P's view, the business still benefits from strong fundamentals
that support the sustainability of the capital structure.

S&P said, "Although we have limited visibility regarding the length
of the pandemic, and its effect on the overall restaurant industry,
we still consider that BKF is well-positioned within that segment.
The fast food industry typically shows resilience during
recessions, given its low price point offering. Therefore, we
believe that BKF could sustain its growth, even if there is a
recession or consumer confidence remains downbeat in 2021."

Since its inception, the group has demonstrated its ability to
generate strong growth and gain market share.

Its systemwide sales rose by close to 40% between 2016 and 2019, to
EUR1,361 million from EUR982 million. S&P expects this trend to
continue as the company continues to expand its network. Its
objective is to double its size in the next four to five years, and
it could benefit from a somewhat less-intense competitive landscape
as the crisis eases. In addition, the development of BKF's
multichannel offering has demonstrated its ability to mitigate the
impacts of the restrictions imposed on restaurants, allowing the
company to quickly return to a positive growth momentum.

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

-- Health and safety.

The negative outlook indicates that the trading environment remains
difficult and restaurants could face more-restrictive sanitary
measures. This could cause adjusted leverage to weaken to more than
the 10x S&P currently anticipates for 2020 and FOCF generation to
be materially less than the EUR10 million-EUR20 million it
currently expect.

S&P said, "We could revise the outlook to stable if BKF sustains
its rapid recovery in activity, which would limit the risk that its
adjusted leverage would exceed 10x in 2020 and support a reduction
in leverage toward 8x in 2021. We would also look to see positive
FOCF generation and earnings before interest, taxes, depreciation,
amortization, and rent (EBITDAR) trending back toward 1.2x."

S&P could lower the ratings if the group experienced more
meaningful setbacks than anticipated, resulting in:

-- A failure to improve the company's credit metrics back to
pre-pandemic levels, bringing into question the sustainability of
the capital structure; and

-- Liquidity weakening faster-than-expected over the next 12
months.

S&P could also lower the rating if the company were to repurchase
debt below par, which it would see as tantamount to a distressed
debt exchange.


CMA CGM: Moody's Affirms B2 CFR & Alters Outlook to Positive
------------------------------------------------------------
Moody's Investors Service affirmed the B2 corporate family rating
and the B2-PD probability of default rating (PDR) of CMA CGM S.A.,
as well as the Caa1 senior unsecured rating. The outlook on all
ratings changed to positive from negative.

Moody's also assigned a Caa1 rating on the proposed new EUR525
million senior unsecured bonds that will be used to refinance the
senior unsecured bonds maturing in January 2021.

The rating action reflects a strong operating performance and an
improvement in credit metrics as well as an improvement of CMA's
liquidity profile with a reduction of refinancing risks. The
container shipping market has performed very strongly amidst the
pandemic, where all carriers have exhibited discipline in terms of
adjusting capacity to decreased demand during the first half of
2020. Moody's understands volumes during the third quarter have
been strong, sending up freight rates higher than at the start of
the year. Coupled with low bunker prices, carriers have recorded
double digit growth rates in EBITDA during this time period
compared to the first half of 2019. Further positive rating
pressure requires sustained performance of CMA as well as its key
subsidiary CEVA Logistics AG ("CEVA"), and leverage improvements as
well as the preservation of a sufficient liquidity profile.

RATINGS RATIONALE

During the first half of 2020, CMA has strengthened its liquidity
profile significantly with the help of good market fundamentals
translating into very high profitability and positive free cash
flow generation. Furthermore, the liquidity profile benefitted from
raising debt guaranteed by the French state, which clearly shows
its support to the company. As of June 30, this year, available
liquidity on a group level stood at $2.6 billion, which is around
$1.0 billion higher than what was available as of December 31,
2019. Thus, the short-term liquidity risk that was one of the main
drivers of the previously assigned negative outlook, has now
abated.

In light of how the industry has behaved during the first half of
the year, coupled with continued low bunker prices and relatively
high freight rates and strong volumes during Q3, Moody's believes
the second half will be even better in terms of operating
performance. Adding a high likelihood that 2021 will at least be a
stable year for container shipping, Moody's foresee an intact or
even improving liquidity profile for CMA going forward, supported
by continued positive free cash flow generation. That being said,
downside risks remain present, such as a larger second wave of
virus outbreaks or increased tension between US and China on
international trade.

CMA's credit profile is still constrained by the operating
performance of CEVA and the need of support by CMA. Since Q4 2019,
CMA has injected a total of USD730 million in equity into CEVA, of
which $521 has been in the form of cash; cash that instead could
have been used to improve its own liquidity further. Nevertheless,
Moody's expects CEVA's performance to slowly improve its operations
and ultimately be free cash flow positive.

RATIONALE FOR THE POSITIVE OUTLOOK

The positive outlook balances the risk of a global second wave in
COVID-19 infections, jeopardizing the anticipated recovery of the
global economy, with CMA's significantly improved liquidity profile
as well as its expectations of continued capacity discipline by the
large container carriers. Incorporating its projections of CEVA
Logistics, Moody's now expects RCF / Net debt in the 20% area and a
debt / EBITDA level of 3.5x -- 4.0x within the next 12-18 months.

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

A prerequisite for positive ratings pressure would first and
foremost a sustained or improved liquidity profile. Furthermore,
this would have to be accompanied by sustaining a debt / EBITDA
ratio below 5x as well as FFO Interest Coverage above 3.0x.

Negative ratings pressure could arise if the company's debt/EBITDA
ratio increased above 5.5 and FFO interest coverage decreased below
2.0x and stayed at such levels for a prolonged period.
Additionally, sustained negative free cash flow and a weakened
liquidity profile would cause negative pressure on ratings.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Shipping
Industry published in December 2017.

COMPANY PROFILE

CMA CGM is the fourth-largest provider of global container shipping
services. The company operates primarily in the international
containerized maritime transportation of goods, but its activities
also include container terminal operations, intermodal, inland
transport and logistics. For the last twelve months ending June
2020, the company reported revenue of $29.3 billion and EBITDA of
$4.2 billion.

LIST OF AFFECTED RATINGS

Assignments:

Issuer: CMA CGM S.A.

Senior Unsecured Regular Bond/Debenture, Assigned Caa1

Affirmations:

Issuer: CMA CGM S.A.

Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Senior Unsecured Regular Bond/Debenture, Affirmed Caa1

Outlook Actions:

Issuer: CMA CGM S.A.

Outlook, Changed To Positive From Negative


TEREOS SCA: S&P Assigns 'B+' Rating on New Senior Secured Notes
---------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue ratings to the proposed
senior unsecured notes to be issued by French sugar producer Tereos
Finance Group I SA and guaranteed by Tereos SCA, the group's top
holding company.

S&P said, "We are also assigning our '4' recovery rating to the
notes, indicating expectation of recovery prospects of 30%-50%
(rounded estimate: 40%). We understand the new notes will
contractually rank pari passu with all senior unsecured debt in the
group. Our ratings also factor some structural subordination, given
the large amount debt at operating subsidiaries in Europe and
Brazil.

"We understand Tereos will use proceeds to repay existing debt,
notably drawn amounts under a revolving credit facility due in 2021
and a term loan due in 2022. Both bank lines had repaid EUR500
million of senior notes due in 2020.

"Our existing 'B+' issue and '4' recovery ratings on Tereos' EUR600
million senior unsecured are unchanged, indicating expectation of
recovery prospects of 30%-50% (rounded estimate: 40%)."

The French sugar cooperative Tereos SCA (B+/Stable/--) has recently
strengthened its liquidity position with a EUR230 million bank loan
guaranteed by the French state and $105 million export financing
bank loan. S&P understands that, as part of the refinancing
exercise, the company will benefit from a EUR200 million revolving
credit facility due 2024 should the new notes be issued.

Tereos' operating performance has improved in recent months thanks
to the rising profitability in its European sugar operations. This
has notably been supported by sustained deficit despite decreasing
consumer consumption. S&P said, "We also view positively the strong
earnings from ethanol in Europe and the flexibility and
competitiveness of sugar exports from Brazil. For fiscal 2021, we
continue to expect that Tereos should generate S&P Global
Ratings-adjusted EBITDA of EUR550 million, with adjusted leverage
therefore decreasing to about 5.5x by March 2021."

Issue Ratings--Recovery Analysis

Key analytical factors

-- The senior unsecured notes have an issue rating of 'B+' and
recovery rating of '4' on them.

-- The recovery rating indicates S&P's expectation of average
(30%-50%; rounded estimate: 40%) recovery in a hypothetical default
scenario.

-- The ratings reflect S&P's view that the notes are structurally
subordinated to the large amount of senior bank debt held by
various subsidiaries, and by the unsecured nature of the debt
instruments.

-- In S&P's hypothetical default scenario, it assumes persistent
weak sugar cane and sugar beet harvests due to adverse weather
conditions, an accelerated decline in demand for sugar in Europe, a
sharp decline in ethanol prices due to new lockdowns or higher
imports, and sharp increase in raw materials for starch and
sweeteners activities.

Simulated default assumptions

-- Simulated year of default: 2024
-- EBITDA at emergence: EUR412 million
-- EBITDA multiple: 5x
-- Jurisdiction: France

Simplified waterfall

-- Net enterprise value (after assumed administrative expenses):
EUR1.95 billion
-- Priority debt and first-lien debt: EUR850 million
-- Total value available to unsecured claims: EUR1.1 billion
-- Senior unsecured debt claims: EUR2.4 billion
    --Recovery expectations: 30%-50% (rounded estimate: 40%)

All debt amounts include six months' prepetition interest.




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G E R M A N Y
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WIRECARD AG: EY May Face Backlash After Whistleblower Revelation
----------------------------------------------------------------
Olaf Storbeck at The Financial Times reports that EY faced a
mounting backlash from investors and German politicians across the
political spectrum after it emerged that one of the accountancy
firm's own employees flagged potential fraud at Wirecard four years
before the company collapsed.

"It has just become significantly more likely that we are going to
sue EY," a former top-five investor in Wirecard said on Sept. 30,
as cited by the FT, calling the auditor's handling of the
whistleblower's allegations "just unbelievable".

According to the FT, Danyal Bayaz, a Green MP, said allegations
against EY were "grave" and they would be closely investigated in a
parliamentary inquiry.

Wirecard, a once high-flying German payments group, crashed into
insolvency this summer after admitting that EUR1.9 billion in cash
was missing and that large parts of the business had been
misrepresented, the FT recounts.

EY had signed off the company's financial accounts without
reservations for more than a decade, the FT notes.

The FT revealed that, in 2016, an internal whistleblower at EY had
flagged potential fraud at Wirecard as well as an attempt to bribe
an EY employee in India, the FT relays.

The details were included in an unpublished "info addendum" to a
special audit into Wirecard by KPMG, seen by the FT.  In the
report, KPMG said that the 2016 allegations were not properly
investigated by EY, the FT recounts.

According to the FT, Marc Liebscher, a Berlin-based lawyer who has
filed hundreds of lawsuits against EY at a court in Stuttgart,
said: "Wirecard investors who suffered losses now have an even
better reason to sue EY for damages."

Hansrudi Lenz, an accounting professor at Würzburg University,
said the KPMG report suggested that EY's audit opinions on
Wirecard's results in 2017 and 2018 may be flawed, the FT
discloses.

In these reports, EY mentioned there had been an allegation but did
not disclose that the whistleblower was one of its own employees
and omitted that it was the target of an attempted bribe, the FT
states.


WIRECARD AG: Shutdown of Services Disrupts Singapore Businesses
---------------------------------------------------------------
Stefania Palma at The Financial Times reports that businesses
across Singapore have been left scrambling to process payments for
everything from hotel stays to telephone bills after the
city-state's regulator shut down the payment services of fraudulent
German group Wirecard.

Cafes, restaurants, hotels and mobile network providers were left
with no payment processing systems after the Monetary Authority of
Singapore, the de facto central bank, late last month ordered
Wirecard to cease payment services in the city-state, the FT
relates.

Some banks in Singapore had advised their clients to consider
switching payment processors after the disgraced German fintech
filed for insolvency in June, the FT discloses.

But many businesses were caught off guard and now, almost two weeks
later, are asking customers to make payments via bank transfers,
cash or external digital platforms, the FT states.

Wirecard services were widely used in the city-state, with
thousands of merchants across the island operating the German
group's payment terminals, the FT notes.

Once the darling of Germany's fintech sector, Wirecard collapsed
after admitting that about EUR1.9 billion in cash was missing from
its accounts, the FT recounts.  The FT last year reported
allegations of fraud at Wirecard's Asia headquarters in Singapore,
prompting a police raid at the company's offices and the launch of
a criminal investigation.




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I R E L A N D
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ARES EUROPEAN XIV: Moody's Rates EUR6.9MM Class F Notes (P)B3
-------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Ares
European CLO XIV DAC:

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

EUR185,100,000 Class A Senior Secured Floating Rate Notes due 2033,
Assigned (P)Aaa (sf)

EUR23,100,000 Class B Senior Secured Floating Rate Notes due 2033,
Assigned (P)Aa2 (sf)

EUR19,500,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2033, Assigned (P)A2 (sf)

EUR21,300,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2033, Assigned (P)Baa3 (sf)

EUR18,300,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2033, Assigned (P)Ba3 (sf)

EUR6,900,000 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 our methodology. The Issuer is a managed cash flow
CLO. At least 95% of the portfolio must consist of senior secured
obligations and up to 5% of the portfolio may consist of senior
unsecured obligations, second-lien loans, mezzanine obligations and
high yield bonds. The portfolio is expected to be 96% 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 5-month ramp-up period in
compliance with the portfolio guidelines.

Ares European Loan Management LLP ("Ares") 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
three-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 over the first 8
payment dates starting on the second payment date.

In addition to the seven classes of notes rated by Moody's, the
Issuer will issue EUR 30,500,000 Subordinated Notes due 2033 which
are not rated. 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.
Our 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 our forecasts is unusually high.

Moody's regards the coronavirus outbreak as a social risk under our
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 300m

Diversity Score: 46*

Weighted Average Rating Factor (WARF): 3200

Weighted Average Spread (WAS): 3.80%

Weighted Average Coupon (WAC): 3.90%

Weighted Average Recovery Rate (WARR): 43.5%

Weighted Average Life (WAL): 7 years

*The covenanted base case diversity score is 47, however Moody's
has assumed a diversity score of 46 as the deal documentation
allows for the diversity score to be rounded up to the nearest
whole number whereas usual convention is to round down to the
nearest whole number.

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.


ARES EUROPEAN XIV: S&P Gives Prelim. B- Rating on Class F Notes
---------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Ares
European CLO XIV DAC's class X to F European cash flow CLO notes.
At closing, the issuer will issue unrated subordinated notes.

The preliminary ratings reflect S&P's assessment of:

-- The diversified collateral pool, which consists primarily of
broadly syndicated speculative-grade senior-secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

-- The transaction's legal structure, which S&P expects to be
bankruptcy remote.

-- The transaction's counterparty risks, which S&P expects to be
in line with its counterparty rating framework.

  Portfolio Benchmarks
                                                Current
  S&P weighted-average rating factor           2,803.80
  Default rate dispersion                        434.52
  Weighted-average life (years)                    4.99
  Obligor diversity measure                       98.19
  Industry diversity measure                      19.65
  Regional diversity measure                       1.29

  Transaction Key Metrics
                                                Current
  Portfolio weighted-average rating
    derived from S&P's CDO evaluator                'B'
  'CCC' category rated assets (%)                   0.0
  Covenanted 'AAA' weighted-average recovery (%)  36.51
  Covenanted weighted-average spread (%)           3.80
  Covenanted weighted-average coupon (%)           3.90

One notable feature in this transaction is the introduction of loss
mitigation loans. Loss mitigation loans allow the issuer to
participate in potential new financing initiatives by the borrower
in default. This feature aims to mitigate the risk of other market
participants taking advantage of CLO restrictions, which typically
do not allow the CLO to participate in a defaulted entity new
financing request, and hence increase the chance of increased
recovery for the CLO. While the objective is positive, it can also
lead to par erosion, as additional funds will be placed with an
entity that is under distress or in default. S&P sai, "This may
cause greater volatility in our ratings if these loans' positive
effect does not materialize. In our view, the restrictions on the
use of proceeds and the presence of a bucket for such loss
mitigation loans helps to mitigate the risk."

Loss mitigation loan mechanics

Under the transaction documents, the issuer can purchase loss
mitigation loans, which are assets of an existing collateral
obligation held by the issuer, offered in connection with
bankruptcy, workout, or restructuring of the obligation, to improve
the recovery value of the related collateral obligation.

The purchase of loss mitigation loans is not subject to the
reinvestment criteria or the eligibility criteria. It receives no
credit in the principal balance definition, although where the loss
mitigation loan meets the eligibility criteria with certain
exclusions, it is accorded defaulted treatment in the par coverage
tests. The cumulative exposure to loss mitigation loans is limited
to 10% of target par.

The issuer may purchase loss mitigation loans using either interest
proceeds, principal proceeds, or amounts standing to the credit of
the supplemental reserve account. The use of interest proceeds to
purchase loss mitigation loans are subject to all the interest and
par coverage tests passing following the purchase, and the manager
determining there are sufficient interest proceeds to pay interest
on all the rated notes on the upcoming payment date. The usage of
principal proceeds is subject to passing par coverage tests and the
manager having built sufficient excess par in the transaction so
that the principal collateral amount is equal to or exceeding the
portfolio's target par balance after the reinvestment.

To protect the transaction from par erosion, any distributions
received from loss mitigation loans that are either purchased with
the use of principal, or purchased with interest or amounts in the
supplemental account, but that have been afforded credit in the
coverage test, will irrevocably form part of the issuer's principal
account proceeds and cannot be recharacterized as interest.

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments. The portfolio's
reinvestment period will end approximately three years after
closing.

S&P said, "We understand that at closing the portfolio will be
well-diversified, primarily comprising broadly syndicated
speculative-grade senior-secured term loans and senior-secured
bonds. Therefore, we have conducted our credit and cash flow
analysis by applying our criteria for corporate cash flow CDOs.

"In our cash flow analysis, we used the EUR300 million target par
amount, the covenanted weighted-average spread (3.80%), the
reference weighted-average coupon (3.90%), and the target minimum
weighted-average recovery rate as indicated by the collateral
manager. We applied various cash flow stress scenarios, using four
different default patterns, in conjunction with different interest
rate stress scenarios for each liability rating category.

"Under our structured finance sovereign risk criteria, we consider
that the transaction's exposure to country risk is sufficiently
mitigated at the assigned preliminary ratings.

"Until the end of the reinvestment period on Oct. 21, 2023, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained.

"At closing, we expect that the transaction's documented
counterparty replacement and remedy mechanisms will adequately
mitigate its exposure to counterparty risk under our current
counterparty criteria.

"We expect the transaction's legal structure and framework to be
bankruptcy remote, in line with our legal criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our preliminary ratings
are commensurate with the available credit enhancement for the
class X to F notes. Our credit and cash flow analysis indicates
that the available credit enhancement could withstand stresses
commensurate with the same or higher rating levels than those we
have assigned. However, as the CLO will be in its reinvestment
phase starting from closing, during which the transaction's credit
risk profile could deteriorate, we have capped our preliminary
ratings assigned to the notes.

"Taking the above factors into account and following our analysis
of the credit, cash flow, counterparty, operational, and legal
risks, we believe that our preliminary ratings are commensurate
with the available credit enhancement for all of the rated classes
of notes.

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

"With regards the class F notes, as our ratings analysis makes
additional considerations before assigning ratings in the 'CCC'
category we would assign a 'B-' rating if the criteria for
assigning a 'CCC' category rating are not met."

S&P Global Ratings acknowledges a high degree of uncertainty about
the evolution of the coronavirus pandemic. The current consensus
among health experts is that COVID-19 will remain a threat until a
vaccine or effective treatment becomes widely available, which
could be around mid-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."

The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds, and will be managed by Ares European
Management LLP.

  Ratings List

  Class   Prelim.   Prelim. amount Interest Credit
          Rating     (mil. EUR)      rate (%)   enhancement (%)
  X       AAA (sf)       2.00      3mE + 0.70     N/A
  A       AAA (sf)     185.10      3mE + 1.15   38.30
  B       AA (sf)       23.10      3mE + 1.75   30.60
  C       A (sf)        19.50      3mE + 2.80   24.10
  D       BBB (sf)      21.30      3mE + 4.25   17.00
  E       BB- (sf)      18.30      3mE + 6.82     10.90
  F       B- (sf)        6.90      3mE + 8.49      8.60
  Sub     NR            30.50      N/A              N/A

  NR--Not rated.
  N/A--Not applicable.
  3mE--Three-month Euro Interbank Offered Rate.


AURIUM CLO II: Moody's Confirms B2 Rating on EUR10.5MM Cl. F Notes
------------------------------------------------------------------
Moody's Investors Service has confirmed the ratings on the
following notes issued by Aurium CLO II Designated Activity
Company:

EUR18,000,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2029, Confirmed at Baa2 (sf); previously on Jun 3, 2020 Baa2
(sf) Placed Under Review for Possible Downgrade

EUR17,500,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2029, Confirmed at Ba2 (sf); previously on Jun 3, 2020 Ba2 (sf)
Placed Under Review for Possible Downgrade

EUR10,500,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2029, Confirmed at B2 (sf); previously on Jun 3, 2020 B2 (sf)
Placed Under Review for Possible Downgrade

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

EUR210,000,000 Class A Senior Secured Floating Rate Notes due 2029,
Affirmed Aaa (sf); previously on Jul 13, 2018 Definitive Rating
Assigned Aaa (sf)

EUR45,500,000 Class B Senior Secured Floating Rate Notes due 2029,
Affirmed Aa2 (sf); previously on Jul 13, 2018 Definitive Rating
Assigned Aa2 (sf)

EUR24,000,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2029, Affirmed A2 (sf); previously on Jul 13, 2018 Definitive
Rating Assigned A2 (sf)

Aurium CLO II Designated Activity Company, issued in June 2016 and
reset in July 2018, is a collateralised loan obligation (CLO)
backed by a portfolio of mostly high-yield senior secured European
loans. The portfolio is managed by Spire Management Limited. The
transaction's reinvestment period ended in July 2020.

The action concludes the rating review on the Classes D, E and F
notes initiated on June 03, 2020, "Moody's places ratings on 234
securities from 77 EMEA CLOs on review for possible downgrade".

RATINGS RATIONALE

The rating confirmations on the Class D, E and F notes and rating
affirmations on the Class A, B and C notes reflect the expected
losses of the notes continuing to remain consistent with their
current ratings despite the risks posed by credit deterioration,
which has been primarily prompted by economic shocks stemming from
the coronavirus outbreak. Moody's analysed the CLO's latest
portfolio and took into account the recent trading activities as
well as the full set of structural features.

Since the coronavirus outbreak widened in March, the decline in
corporate credit has resulted in a significant number of
downgrades, other negative rating actions, or defaults on the
assets collateralising the CLO.

The deterioration in credit quality of the portfolio is reflected
in an increase in Weighted Average Rating Factor (WARF) and of the
proportion of securities from issuers with ratings of Caa1 or
lower. According to the trustee report dated August 2020, the WARF
was 3273 [1], compared to 2827 [2] in February 2020. Securities
with ratings of Caa1 or lower currently make up approximately 4.7%
[1] of the underlying portfolio, compared to 1.2% [2] in February
2020. In addition, the over-collateralisation (OC) levels have
weakened across the capital structure. According to the trustee
report of August 2020 the Class A/B, Class C, Class D , Class E and
Class F OC ratios are reported at 136.8% [1], 125.0% [1], 117.5%
[1], 111.0% [1] and 107.4% [1] compared to February 2020 levels of
137.5% [2], 125.7% [2], 118.1% [2], 111.5% [2] and 107.9% [2]
respectively. Moody's notes that none of the OC tests are currently
in breach and the transaction remains in compliance with the
following collateral quality tests: Diversity Score, Weighted
Average Recovery Rate (WARR), Weighted Average Spread (WAS) and
Weighted Average Life (WAL).

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base case,
Moody's analysed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR 347.5 million,
a defaulted par of EUR 2 million, a weighted average default
probability of 25.6% (consistent with a WARF of 3270 over a
weighted average life of 5.2 years), a weighted average recovery
rate upon default of 44.5% for a Aaa liability target rating, a
diversity score of 50 and a weighted average spread of 3.72%.

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

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

The 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.
Our analysis has considered the effect on the performance of
corporate assets from the current weak global economic activity and
a gradual recovery for the coming months. Although an economic
recovery is underway, it is tenuous and its continuation will be
closely tied to containment of the virus. As a result, the degree
of uncertainty around our forecasts is unusually high.

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

  -- Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

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

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




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

BRIGNOLE CQ 2019-1: DBRS Confirms BB(low) Rating on Class E Notes
-----------------------------------------------------------------
DBRS Ratings GmbH confirmed its ratings on the notes issued by
Brignole CQ 2019-1 S.r.l. (the Issuer) as follows:

-- Class A Notes at AA (low) (sf)
-- Class B Notes at A (high) (sf)
-- Class C Notes at A (sf)
-- Class D Notes at A (low) (sf)
-- Class E Notes at BB (low) (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 maturity date in March 2036. The ratings on the Class B,
Class C, and Class D Notes address the ultimate payment of interest
and ultimate repayment of principal on or before the legal maturity
date while junior to other outstanding classes of notes, but the
timely payment of interest when they are the senior-most tranche.
The rating on the Class E Notes addresses the ultimate payment of
interest and principal by the final maturity date.

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

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

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

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

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

The transaction is a securitization of receivables related to
Italian salary and pension assignment loans as well as payment
delegation loans. The loan contracts related to the receivables
were granted by Creditis Servizi Finanziari S.p.A. (Creditis) to
individuals residing in Italy. Creditis also acts as the servicer
of the portfolio. The transaction closed in October 2019 and
included a six-month revolving period, which expired in March
2020.

PORTFOLIO PERFORMANCE

As of the September 2020 payment date, loans that were 30 to 60
days and 60 to 90 days delinquent represented 1.5% and 0.2% of the
outstanding portfolio balance, respectively, while loans more than
90 days delinquent amounted to 0.2%. Gross cumulative defaults
amounted to 1.5% of the aggregate initial and subsequent portfolios
original balance, 13.1% of which has been recovered to date.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and has updated its base case PD and LGD
assumptions to 8.4% and 38.3%, respectively.

CREDIT ENHANCEMENT

The subordination of the respective junior obligations as well as
the cash reserve provide credit enhancement to the Class A through
Class D Notes, while the Class E Notes do not benefit from any
credit enhancement. As of the September 2020 payment date, credit
enhancement to the Class A Notes increased to 23.8% from 20.0% at
the initial rating date; credit enhancement to the Class B Notes
increased to 10.6% from 8.5%; credit enhancement to the Class C
Notes increased to 5.4% from 4.0%; and credit enhancement to the
Class D Notes increased to 3.2% from 2.0%.

The transaction benefits from a no amortizing cash reserve,
available to cover senior expenses, interest payments on the Class
A through Class D Notes, and to cure any debit balances on the
Class A through Class D principal deficiency subledgers, providing
as such liquidity and credit support to the transaction. The
reserve has a target balance of EUR 1,726,000, equal to 1.0% of the
initial rated notes' balance, and has remained at this balance
since closing. The transaction additionally benefits from a
dedicated prepayment reserve, currently equal to EUR 322,786,
intended to mitigate potential losses upon prepayment resulting
from the financing of management fees.

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

Natixis S.A., London branch (Natixis London) acts as the cap
counterparty for the transaction. DBRS Morningstar's private rating
of Natixis London is above the First Rating Threshold as described
in DBRS Morningstar's "Derivative Criteria for European Structured
Finance Transactions" methodology.

DBRS Morningstar analyzed the transaction structure in Intex
DealMaker.

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

Notes: All figures are in Euros unless otherwise noted.




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

ASSURANCES CONTINENTALES: S&P Lowers ICR to 'BB+', Off Watch Neg.
-----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit and financial strength
ratings on Assurances Continentales - Continentale Verzekeringen NV
(ASCO) to 'BB+' from 'A-' and removed the ratings from CreditWatch,
where S&P placed them with negative implications on Aug. 12, 2020.
S&P then withdrew the ratings at the group's request. The outlook
was negative at the time of the withdrawal.

The sale of ASCO to Premia Holdings has been announced.

The announced divestment of ASCO indicates that the entity is no
longer strategically important to the Navigators Group and, by
extension, to the overall group strategy under Hartford. S&P said,
"Therefore, we have removed the two notches of support applied to
our stand-alone credit profile (SACP) on ASCO. The lower rating
also indicates uncertainty regarding ASCO's competitive position
under the new ownership. We also incorporate our view that the
company's capital adequacy has weakened over the years, attributed
to persistently poor underwriting performance amid increased
premium retention." The negative outlook indicates the lack of
information regarding the new parent's financial credit strength
and its track record on effectively managing risk exposures.

As part of the ultimate parent group strategy, Hartford intends to
streamline its international operations by focusing on the U.K. and
Lloyd's markets. Although geographic expansion and enhancing its
international presence were key considerations when Hartford
acquired Navigators in 2019, it recognizes that certain legal
entities, such as ASCO, are operating at less-than-optimal levels
due their limited scale and distribution partners.

The Hartford's sale of ASCO, Canal Re, and Navigators Holdings
Europe to Premia Holdings was one of several transactions that
included the disposal of ASCO's marine book in two separate renewal
rights deals and the sale of ASCO's managing general agent Bracht,
Deckers & Mackelbert N.V. (BDM).

The negative outlook at the time of the withdrawal reflects
uncertainty regarding the new parent's credit strength and
enterprise risk management capabilities--in particular, Premia
Holdings' controls for effectively managing its risk exposures. As
a result, ASCO's run-off reserves could deteriorate, which could
trigger further deterioration of its credit profile.




===========
N O R W A Y
===========

NANNA MIDCO II: Moody's Alters Outlook of Caa1 CFR to Stable
------------------------------------------------------------
Moody's Investors Service affirmed Nanna Midco II AS' corporate
family rating (CFR) at Caa1 and its probability of default rating
(PDR) at Caa1-PD. Moody's has also affirmed the instrument rating
of the $260 million guaranteed senior secured term loan at Caa1 and
the instrument rating of the $25 million guaranteed super senior
secured revolving credit facility (RCF) at B1; both the term loan
and the RCF maturing in 2023 were issued by Navico Inc., a
subsidiary of Nanna Midco II AS. The outlook was revised to stable
from negative.

RATINGS RATIONALE

The rating action reflects year-over-year improvement in Navico's
operating performance as evidenced by $2.4 million increase in the
company's EBITDA for the first half of 2020 as compared to the
first half of 2019. EBITDA improvements are underpinned by
strengthened sales of its Lowrance brand owing to the success of
the new trolling motor, as well as approximately $10 million of
cost savings and were offset by weaknesses in other brands,
particularly those focused on European boat builders. Further, the
company released strong guidance for the third quarter of 2020
reflecting continued good demand for its products.

Also, positively, Navico has shored up its liquidity with a new $20
million accounts receivable securitization facility provided by
Black Diamond in March. This is in addition to the company's $25
million guaranteed senior secure revolving credit facility which
Black Diamond refinanced on its existing terms. Both instruments
mature in 2023 and were fully drawn at the end of the second
quarter; however, Navico paid down $5 million on the securitization
facility after quarter-end. The company had $29.4 million of cash
on its balance sheet at June 30, 2020, an improvement from $19.5
million in March 2020 and $10.1 million in December 2019.

Counterbalancing these positives, the company continues to face the
uncertain market landscape heavily influenced by coronavirus. In
April 2020, Navico chose to close its key manufacturing facility in
Ensenada, Mexico, for several weeks in compliance with local
coronavirus restrictions. Its concentrated manufacturing capacity,
as well as exposure to discretionary spending, are credit
challenges.

Navico's Caa1 corporate family rating (CFR) mainly reflects (1) the
weakness of Navico's EBITDA throughout most of 2019 and in the
beginning of 2020 in the wake of coronavirus (although recently on
an improving trajectory); (2) the resulting deterioration in the
company's credit metrics with leverage measured as debt/EBITDA at
13.2x and coverage measured as EBITDA/interest expense below 1.0x
both for the last twelve months to June 30, 2020. However, these
weaknesses are partly mitigated by (1) the positive market
fundamentals for recreational marine equipment and the suitability
of boating for social distancing, in particular in the US and
Europe where the company generates the bulk of its revenues; (2)
the actions taken by management to partly offset the decline in
earnings through the implementation of cost savings; (3) improved
liquidity position.

Navico's PDR at Caa1-PD, at the same level as the CFR, reflects
Moody's assumption of a 50% family recovery rate, which is typical
for capital structures including bank facilities with springing
financial maintenance covenants. The guaranteed senior secured term
loan is rated Caa1, at the same level as the CFR, reflecting the
relatively small size of the guaranteed super senior secured RCF,
which is rated B1, ranking ahead in the event of enforcement.

The stable outlook reflects the company's strengthened liquidity
position and positive earnings momentum.

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

Upward rating momentum could arise if (1) Navico demonstrates a
track record of sustained recovery in earnings, (2) adjusted
leverage decreases to below 6.5x, (3) the company is at least free
cash flow neutral, and (4) the company maintains an adequate
liquidity profile.

Negative rating pressure could be triggered by any deterioration in
the liquidity position or challenges in trading potentially leading
to an unsustainable capital structure.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in Norway, Navico, which generated revenues of $328
million as of the LTM period to June 2020, is a developer and
manufacturer of specialist marine electronics, including navigation
and fish finding equipment, and value-added applications. The
company splits its operations in four brands: (1) Lowrance, (2)
Simard, (3) B&G and (4) C-Map. Navico is owned by West Street
Capital Partners VII, a fund managed by Goldman Sachs Merchant
Banking Division, and Altor Fund IV.




===========
P O L A N D
===========

CANPACK SA: Moody's Assigns Ba2 CFR, Outlook Stable
---------------------------------------------------
Moody's Investors Service assigned a first-time Ba2 corporate
family rating and Ba2-PD probability of default rating (PDR) to
Polish metal and glass packaging manufacturer CANPACK S.A.
Concurrently, Moody's has assigned a Ba2 rating to the proposed
$1,100 million senior unsecured notes to be co-issued by CANPACK
and by its sister company Eastern PA Land Investment Holding LLC
(CANPACK US) and due 2025 and 2027. The outlook on all ratings is
stable.

Proceeds from the notes will be used to refinance the existing debt
of CANPACK, including certain drawings under its revolving credit
facility (RCF), to pay for transaction fees and to increase the
cash balance of the group by approximately $216 million.

"The Ba2 rating reflects CANPACK's strong market position in the
core beverage cans and ends business in a consolidated beverage can
industry that displays some barriers to entry, the company's growth
track record supported by greenfield projects with pre-contracted
capacity, anticipated positive demand trends for beverage cans, and
moderate financial leverage with a strong commitment to operate
within certain leverage targets," says Donatella Maso, Moody's Vice
President - Senior Analyst, and lead analyst for CANPACK.

"At the same time, the rating is constrained by CANPACK's
concentrated product offering and customer base, its partial
exposure to fluctuating input prices and currencies, a degree of
execution risk associated with its large US greenfield project, the
risk of industry overcapacity with negative effect on prices and
profitability if the anticipated demand for beverage cans does not
materialize, and the expectation of negative free cash flow until
2022 due to the capital invested in growth projects, albeit largely
prefunded with the proposed transaction".

RATINGS RATIONALE

The Ba2 CFR assigned to CANPACK reflects the company's leading
position as the fourth largest beverage can and ends manufacturer
globally, the third largest in Europe and number one in several
individual countries with a well invested manufacturing footprint
strategically located in proximity to customer filling stations.
The company is also one of the largest producers globally of crown
caps and holds strong market shares in the Polish and Indian glass
beer and spirits markets. While the beverage cans industry remains
very competitive, it is equally consolidated and its players have
historically demonstrated rational behavior. Moreover, costs to
entry are moderately high due to the significant up-front
investments and know-how required for new entrants.

The rating also benefits from the company's long-term growth track
record, above industry average, driven by a disciplined expansion
strategy into new markets via greenfield projects with contracted
capacity complemented by occasional bolt-on acquisitions, and
anticipated demand growth for beverage cans, the core and largest
division of CANPACK (83% of the company's net sales in 2019).

CANPACK is expected to have a modest gross leverage of 3.8x at
close (including Moody's adjustments) but Moody's anticipates that
it will temporarily increase above 4x in 2022 driven by additional
debt drawn to fund growth projects including the new plant in the
US. Moody's positively notes that there is a strong commitment from
the management to delever and operate under a net leverage target
of 2-2.5x, which translates into a Moody's gross adjusted debt to
EBITDA of around 3-3.5x.

These positive drivers are offset by some degree of concentration
in terms of products (mainly commoditized beverage cans), end
markets (beverage), and customer base (ten largest customers
represented 65% of 2019 net sales). Customer concentration is
however partly mitigated by the company's long-standing
relationships with its key customers, high retention rates and
multi-year supplier contracts. CANPACK also remains exposed to
fluctuations in input prices (aluminum, steel, energy) and in
currencies but these risks are somewhat mitigated through pass
through clauses included in the vast majority of customers
contracts and appropriate hedging.

CANPACK has recently announced a new greenfield project in
Pennsylvania (US), which involves approximately $392 million
investment to develop a plant that is expected to complete in Q4
2021. Though the U.S. is the largest market for beverage cans
globally and the company has already contracted the vast majority
of its annual capacity with several major beverage producers, there
is a degree of execution risk in completing the project on time and
within budget. Albeit not included in Moody's forecasts and largely
covered with the proposed refinancing, the US project could have an
impact on the rated group if it is not completed as envisaged. At
the same time, Moody's expects that CANPACK will continue to pursue
its growth strategy outside the US resulting in negative free cash
flow until the end of 2022. The group will generate positive free
cash flow from 2023 absent further material growth projects.

CANPACK US, the co-issuer of the proposed notes, is a sister
company of CANPACK, and included in the restricted group for
reporting and covenant purposes. However, Moody's has assigned this
rating based on the expected performance of CANPACK only, excluding
potential future cash generation from CANPACK US but including the
debt of CANPACK US in the adjusted debt. CANPACK does not own
CANPACK US and therefore CANPACK does not have direct access to
CANPACK US' assets and cash flows, but the noteholders will have a
senior claim on CANPACK US' assets and cash flows as CANPACK US
will co-issue the notes and be liable for the debt on a joint and
several basis and be contractually bound by the covenants in the
indenture. Although the indenture will require reporting of the
combined accounts of CANPACK and CANPACK US, Moody's will focus on
CANPACK SA standalone accounts for monitoring purposes. Moody's
notes, nonetheless, that CANPACK and CANPACK US share the same
management team and are indirectly owned by the same entity and
ultimately owned by Giorgi Global Holdings, Inc. and its owner,
Peter Giorgi.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

In terms of environmental and social considerations, Moody's
expects CANPACK to benefit from anticipated growth in demand for
aluminum products because of growing environmental consciousness
and increasing preference for recyclable packaging among consumers,
greater focus on sustainability among customers and regulations
intended to reduce greenhouse gases, curb the use of plastics and
invest in recycling infrastructure. As such, aluminum products can
be recycled continuously in a cost-efficient manner without loss of
quality.

Moody's views the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The packaging sector has been one of the sectors least
affected by the shock and Moody's expects the company's earnings to
be relatively protected from the current outbreak although a
protracted reduction in out-of-home activities might result in
lower volumes as occurred in Q2 2020.

With regards to governance considerations, while CANPACK is
privately owned by Peter Giorgi via holding company Giorgi Global
Holdings Inc, Moody's understands that the company represents the
main asset for Mr. Giorgi and historically he has been supportive
of CANPACK's growth strategy through capital injections. Moody's
also derives comfort from the experienced management team and the
company's track record of operating with moderate leverage.
However, the future evolution of CANPACK's financial profile
remains exposed to a degree of execution risk associated with its
expansion strategy. Furthermore, Moody's considers the transaction
structure as relatively complex due to the presence of a co-issuer
which is not owned by CANPACK SA.

LIQUIDITY

Moody's views CANPACK's liquidity as good for its near-term
requirements. Ample cash balances of $606 million at close and
EUR300 million availability under its EUR400 million equivalent
revolving credit facility due 2024 are deemed more than sufficient
to cover seasonal fluctuations, the US greenfield project including
the needs for working capital build-up during the ramp up phase and
other growth investments, settlement of past litigations and an
annual dividend of $40 million to its shareholder, while there is
no material near-term debt maturities.

The RCF includes a maximum net leverage covenant ratio at 4.0x
which will be tested every six months. Moody's expects CANPACK to
comply satisfactorily with its covenant over the next 12 to 18
months.

STRUCTURAL CONSIDERATIONS

The Ba2 CFR has been assigned to CANPACK, the top entity of the
restricted group that will provide consolidated financial
statements going forward. The Ba2-PD PDR is aligned with the CFR
based on a 50% recovery rate, as is customary for transactions
including both bonds and bank debt. The Ba2 instrument rating
assigned to the senior unsecured notes is also aligned with the CFR
reflecting the lack of significant debt ranking senior to the
notes.

The proposed $1,100 million notes, co-issued by CANPACK US and
CANPACK S.A., are jointly and severally guaranteed on a senior
unsecured basis by direct and indirect subsidiaries representing
together with CANPACK S.A. at least 84% of unaudited adjusted
EBITDA and 75% of total assets. The notes rank pari passu with the
unsecured RCF but rank junior to the debt issued by subsidiaries
not guaranteeing the debt.

RATIONALE FOR STABLE OUTLOOK

CANPACK is initially weakly positioned in the Ba2 rating category
and Moody's expects the company to build capacity within its rating
overtime, and develop a track record in terms of operating under
the stated financial policies. The stable outlook reflects Moody's
view that CANPACK will maintain its financial leverage within the
ranges set for the rating, despite potential peak in 2022 driven by
the funding of growth projects, and improve its free cash flow
beyond 2022. The outlook also incorporates Moody's assumption that
the company will maintain a stable customer base and not engage in
material debt-funded acquisitions or aggressive shareholder
distribution measures.

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

Upward pressure on the rating is unlikely in the near term as the
company is initially weakly positioned in the rating category.
Positive pressure on the rating could arise overtime if CANPACK
executes and completes successfully its US expansion project,
simplifies and streamlines its corporate group structure and
demonstrates a track record of consistent and prudent financial
policies maintaining a Moody's adjusted leverage sustainably below
3.0x and generating sustained positive free cash flow.

Negative pressure on the rating could arise if operating
performance deteriorates or if Moody's adjusted leverage increases
sustainably above 4.0x, free cash flow remains negative beyond
2022, or its liquidity weakens.

LIST OF AFFECTED RATINGS

Issuer: CANPACK S.A.

Assignments:

Probability of Default Rating, Assigned Ba2-PD

Corporate Family Rating, Assigned Ba2

Senior Unsecured Regular Bond/Debenture, Assigned Ba2

Outlook Action:

Outlook, Assigned Stable

Issuer: Eastern PA Land Investment Holding LLC

Assignment:

Senior Unsecured Regular Bond/Debenture, Assigned Ba2

Outlook Action:

Outlook, Assigned Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass and Plastic Containers Methodology
published in September 2020.

COMPANY PROFILE

Founded in 1994, CANPACK S.A. is a global manufacturer of aluminum
cans, glass containers and metal closures for the beverage industry
and of steel cans for the food and chemical industries, serving
customers in approximately 90 countries worldwide. CANPACK operates
through a well-invested asset base consisting of 27 plants located
in 17 countries across Asia, Europe, the Middle East, North Africa
and South America, and has recently announced the intention to
build a plant in North America. For the last twelve months ending
June 30, 2020, CANPACK generated approximately $2.2 billion of
revenue and $370 million of Moody's adjusted EBITDA.

CANPACK SA is privately owned by sole shareholder Peter Giorgi via
the holding company Giorgi Global Holdings Inc.

CANPACK US, the co-issuer, is a sister company of CANPACK S.A. and
directly owned by F&P Holding Co., Inc., also a subsidiary of
Giorgi Global Holdings Inc.


CANPACK SA: S&P Assigned Preliminary 'BB' ICR, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'BB' long-term issuer
credit rating to Poland-based packaging group CANPACK S.A. and
preliminary 'BB' issue rating to the proposed $1.1 billion senior
unsecured notes issued by CANPACK S.A. and Eastern PA.

The stable outlook reflects S&P's expectation that CANPACK will
maintain its solid market positions and high utilization rates,
with debt to EBITDA of about 3x and funds from operations (FFO) to
debt of about 25% over the next 12 months.

CANPACK's business risk profile is supported by the company's
strong market positions (especially in Eastern and Central Europe),
long-standing customer relations, and well-invested asset base
(with high utilization rates).   CANPACK also benefits from a high
share of contracts with cost pass-through mechanisms. With $2.2
billion of revenue and $364 million of EBITDA, the company is
large, albeit smaller than global peers (such as Ardagh Group, Ball
Corp., and Crown Holdings). The group has 27 manufacturing
facilities in 17 countries. Its customer base is relatively
concentrated and largely reflects the consolidated nature of its
end-market (beverage manufacturers). Of revenue, 83% are from the
sale of beverage cans and ends. This market is highly competitive
due to the products' commoditized nature. Demand for beverage cans
is seasonal (sales peak in the summer) and influenced by weather
conditions. The group's product offering focuses mainly on a single
substrate (metal). As with most beverage packaging producers, its
products face substitution risk from other substrates (plastic,
glass, and the like).

CANPACK's financial risk profile reflects our expectations that
leverage will increase to 3.7x by year-end 2022 from about 2.3x at
year-end 2020 because of large capital investments (primarily in
the U.S.).  This will result in slightly lower EBITDA margins (due
to start-up costs) and negative free operating cash flow (FOCF) in
2020-2022. S&P expects negative FOCF of over $75 million in 2020
and over $250 million in 2021. The U.S. plant expects to start
production by the end of 2021.

S&P said, "We assess CANPACK as a highly strategic subsidiary of
the Giorgi Global Holdings group (GGH).  We believe that CANPACK
would receive extraordinary support from GGH. GGH also owns The
Giorgi Companies, which grows and processes mushrooms and has food
can manufacturing operations in the U.S. Our assessment of GGH's
overall credit worthiness and CANPACK's highly strategic status is
neutral in our assessment of CANPACK.

"The stable outlook reflects our expectation that CANPACK will
maintain its solid market positions and high utilization rates,
with debt to EBITDA of about 3.0x and FFO to debt of about 25% over
the next 12 months."

Downside scenario

S&P could lower the preliminary ratings if:

-- Adjusted debt to EBITDA exceeded 4.0x; and
-- Adjusted FFO to debt fell below 20% on a sustained basis.

This could happen because of lower utilization rates (due to large
contract losses or lower demand for beverage cans), or pricing
pressures. Large debt-funded shareholder distributions or capacity
expansions could also result a higher leverage. S&P could also
lower the preliminary rating if the group credit profile of GGH
deteriorated.

Upside scenario

S&P could raise the preliminary ratings if:

-- Adjusted debt to EBITDA remained below 3.0x; and
-- Adjusted FFO to debt increased and stayed above 30%; or
-- CANPACK generated positive adjusted FOCF sustainably.

An upgrade would also be contingent upon an improvement in GGH's
group credit profile.




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

NATIONAL BANK OF UZBEKISTAN: S&P Rates New Sr. Unsec. Notes 'BB-'
-----------------------------------------------------------------
S&P Global Ratings said it assigned its 'BB-' long-term issue
rating to the U.S. dollar-denominated senior unsecured notes to be
issued by National Bank For Foreign Economic Activity Of The
Republic Of Uzbekistan (BB-/Negative/B).

The rating on the proposed notes is at the same level as its
long-term issuer credit rating on the bank. This is because payment
obligations under the notes will rank at least equally with other
unsecured and unsubordinated obligations. The issue's final terms
will be defined when the notes are placed.

S&P said, "We think that the issuance will not materially change
the bank's funding profile or overall creditworthiness. We assume
the bank will use the proceeds to develop its commercial lending in
several industries."


ROSCOMSNABBANK PJSC: Declared Bankrupt by Bashkortostan Court
-------------------------------------------------------------
The provisional administration to manage ROSCOMSNABBANK PJSC
(hereinafter, the Bank) appointed by virtue of Bank of Russia Order
No. OD-475, dated March 7, 2019, following the revocation of its
banking license, in the course of the inspection of the Bank
established the existence of signs suggestive of the diversion of
assets through lending to borrowers with dubious solvency or
knowingly unable to fulfil their obligations.

In these settings, on March 27, 2019, the Bank of Russia applied to
the Court of Arbitration of the Republic of Bashkortostan to
declare the Bank insolvent (bankrupt).  The next court session is
scheduled for October 23, 2020.

As the Bank of Russia reasonably presumes that the Bank's officials
were engaged in financial operations suggestive of criminal
offense, the Bank of Russia submitted relevant information
supplementing previously sent data to the Prosecutor General's
Office of the Russian Federation and the Investigative Committee of
the Ministry of Internal Affairs of the Russian Federation for
consideration and procedural decision-making.


TEMBR-BANK JSC: Bank of Russia Revokes Banking License
------------------------------------------------------
The Bank of Russia, by virtue of its Order No. OD-1583, dated
October 2, 2020, revoked the banking license from Moscow-based
credit institution Commercial Fuel & Energy Interregional Bank for
Reconstruction and Development (joint-stock company), or TEMBR-BANK
(JSC) (Registration No. 2764, hereinafter, TEMBR-BANK).  The credit
institution ranked 186th by assets in the Russian banking system.

The Bank of Russia took this decision in accordance with Clauses 6
and 6.1 of Part 1 of Article 20 of the Federal Law "On Banks and
Banking Activities", based on the facts that TEMBR-BANK:

   -- violated federal banking laws and Bank of Russia regulations,
which included the understatement of the value of required loss
provisions to be formed, due to which the regulator repeatedly
applied supervisory measures against it over the last 12 months,
including restrictions on attracting funds of individuals;

   -- committed violations of the anti-money laundering and
counter-terrorist financing laws and Bank of Russia regulations.

The Bank of Russia repeatedly sent the credit institution orders to
make a proper assessment of risks assumed and to reflect its real
financial standing in the financial statements.  Compliance with
the supervisor's requests led to reasonable grounds for taking
measures to prevent the credit institution's insolvency
(bankruptcy), which created a real threat to the interests of its
creditors and depositors.

The bank was operating in the context of a corporate conflict.

The Bank of Russia also cancelled TEMBR-BANK's professional
securities market participant license.

The Bank of Russia appointed a provisional administration to
TEMBR-BANK for the period until the appointment of a receiver or a
liquidator.  In accordance with federal laws, the powers of the
credit institution's executive bodies were suspended.

Information for depositors: TEMBR-BANK is a participant in the
deposit insurance system, therefore depositors will be compensated
for their deposits in the amount of 100% of the balance of funds
but no more than a total of RUR1.4 million per depositor (including
interest accrued).

Deposits are to be repaid by the State Corporation Deposit
Insurance Agency (hereinafter, the Agency).  Depositors may obtain
detailed information regarding the repayment procedure 24/7 at the
Agency's hotline (8 800 200-08-05) and on its website
(https://www.asv.org.ru/) in the Deposit Insurance/Insurance Events
section.




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

IM BCC CAPITAL 1: DBRS Lowers Class C Notes Rating to BB(low)
-------------------------------------------------------------
DBRS Ratings GmbH took the following rating actions on the notes
issued by IM BCC Capital 1, FT (the Issuer):

-- Class A Notes confirmed at AA (sf)
-- Class B Notes downgraded to BBB (low) (sf) from BBB (sf)
-- Class C Notes downgraded to BB (low) (sf) from BB (sf)

The rating actions resolve the Under Review with Negative
Implications (UR-Neg.) status on the Class B and Class C Notes.

The downgrades of the Class B Notes and Class C Notes were driven
by higher perceived default risk as a result of the negative
economic impact on small and medium-size enterprises (SMEs) caused
by the Coronavirus Disease (COVID-19) pandemic, given the
transaction's large exposure towards borrowers operating in
vulnerable sectors, and taking into consideration the higher
unemployment rates expected per DBRS Morningstar's moderate
scenario in the global macroeconomic outlook, as last updated on
September 10, 2020.

The rating of the Class A Notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
legal maturity date in April 2037. The ratings of the Class B Notes
and Class C Notes address the ultimate payment of interest and
principal on or before the legal maturity date.

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

-- The portfolio performance, in terms of level of delinquencies
and defaults, as of the July 2020 payment date.

-- The base case probability of default (PD) and default and
recovery rates on the receivables.

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

-- The current economic environment and an assessment of
sustainable performance, as a result of the coronavirus pandemic.

DBRS Morningstar placed the ratings on the Class B Notes and Class
C Notes UR-Neg. on July 2, 2020.

DBRS Morningstar has assessed the potential impact of the
coronavirus pandemic on this transaction by adjusting its
collateral assumptions in line with the risk factors in its
"European RMBS Transactions' Risk Exposure to Coronavirus
(COVID-19) Effect" commentary published 5 May 5, 2020, outlining
how the coronavirus crisis is likely to affect DBRS
Morningstar-rated RMBS transactions in Europe.

The transaction is a cash flow securitization collateralized by a
portfolio of term loans originated and serviced by Cajamar Caja
Rural, S.C.C. (Cajamar), granted to SMEs and self-employed
individuals based in Spain.

PORTFOLIO PERFORMANCE

The transaction's performance has been stable since closing. As of
30 June 2020, the overall portfolio consisted of an aggregate
principal balance of EUR 583.0 million. The current cumulative
default ratio was at 0.36%. 30-60 and 60-90 day delinquency ratios
stood at 0.14% and 0.13%, respectively.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar conducted a loan-by-loan analysis on the remaining
pool of receivables and updated its default rate and recovery
assumptions on the outstanding portfolio to 37.8% and 29.0%,
respectively, at the AA (sf) rating level, to 23.3% and 34.5%,
respectively, at the BBB (low) (sf) rating level and to 17.0% and
39.6%, respectively, at the BB (low) (sf) rating level. The base
case PD has been updated to 2.7% following coronavirus
adjustments.

For this transaction, DBRS Morningstar identified a high exposure
to industry sectors considered as "Mid-High" or "High" risk as a
result of the coronavirus disruption and anticipates increased
expected default rates for obligors in those industries based on
their perceived exposure to the adverse disruption of the
coronavirus. The downgrades reflect the increased default rate
assumptions, given the limited credit enhancement available to the
Class B and Class C Notes, which remains stable because of the pro
rata amortization of the rated notes.

The rating actions also take into consideration the unemployment
levels contemplated in DBRS Morningstar's moderate scenario of the
updated global macroeconomic outlook commentary published on 10
September 2020, which could result in higher delinquencies,
ultimately higher defaults and lower recoveries.

CREDIT ENHANCEMENT

The Class A to E Notes amortize pro rata, unless certain sequential
amortization events have occurred to date. As a result of the pro
rata amortization, credit enhancement has remained stable at 38.8%,
15.0%, and 8.2% for the Class A, B, and C Notes, respectively. The
credit enhancement for the rated notes is provided by the
subordination of the junior notes and a reserve fund.

The reserve fund is currently funded at EUR 11.7 million. After the
first 12 months of the transaction, it is funded at its target
level of 2.0% of the aggregate balance of the Class A to Class D
Notes, subject to a floor of EUR 9.5 million, and it is available
to cover shortfalls in the senior expenses and interest and
principal of the Class A to Class D Notes.

The structure also benefits from a commingling reserve account
funded at closing to mitigate any potential disruptions of the
payment of senior expenses and interest on the Class A Notes. This
is currently funded at EUR 0.5 million.

Banco Santander SA (Santander) acts as the account bank for the
transaction. Based on the DBRS Morningstar reference rating of
Santander of A (high), one notch below its DBRS Morningstar Long
Term Critical Obligations Rating of AA (low), the downgrade
provisions outlined in the transaction documents, and other
mitigating factors inherent in the transaction structure, DBRS
Morningstar considers the risk arising from the exposure to the
account bank to be consistent with the rating assigned to the
Notes, as described in DBRS Morningstar's "Legal Criteria for
European Structured Finance Transactions" methodology.

DBRS Morningstar analyzed the transaction structure in its
proprietary Excel-based cash flow engine.

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 SME
transactions, some meaningfully. The ratings are based on
additional analysis and adjustments to expected performance as a
result of the global efforts to contain the spread of the
coronavirus.

For this transaction, DBRS Morningstar increased the expected
default rate for obligors in certain industries based on their
perceived exposure to the adverse disruptions of the coronavirus.
Additionally, DBRS Morningstar conducted additional sensitivity
analysis to determine that the transaction benefits from sufficient
liquidity support to withstand high levels of payment holidays in
the portfolio. As of July 31, 2020, around 0.7% of the current
portfolio balance benefited from any type of payment moratorium.

Notes: All figures are in Euros unless otherwise noted.




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

CEVA LOGISTICS: Moody's Upgrades CFR to B3, Outlook Stable
----------------------------------------------------------
Moody's Investors Service upgraded CEVA Logistics AG's ("CEVA")
corporate family rating to B3 from Caa1, its Caa1-PD probability of
default rating to B3-PD and the Caa1 rating on the senior secured
credit facilities issued by CEVA Logistics Finance B.V. to B3. The
outlook remains stable.

RATINGS RATIONALE

The rating action reflects stronger than expected operating
performance during COVID-19 than anticipated, increasing prospects
of the company achieving structurally higher profitability coupled
with a deleveraged balance sheet, and positive free cash flow
generation. Also incorporated in the rationale is the last couple
of months evidence of CMA CGM S.A.'s ("CMA") strong commitment to
support the company both financially and operationally.
Exemplifying this is CMA's equity contributions of around USD730
million since Q4 2019. Notwithstanding signs of positive, albeit
small, positive developments operationally, the company would need
to further lift profitability before becoming free cash flow
positive.

Constraining the rating is the fact that CEVA's operating
performance has historically been weak, with a Moody's adjusted
EBIT margin peaking at 2.2% in 2015 but in many years being below
1%. Coupled with an unstainable capital structure historically,
free cash flow has been negative in each year since 2013. Somewhat
balancing financial performance is that the revenue base has stayed
stable during this time, which speaks in favor of the company's
offering. This supports prospects of turning around the business
with a dedicated owner such as CMA.

CEVA's liquidity profile is weak, with cash on balance sheet
amounting to $270 million pro forma for debt repayments in July.
The $510 million revolving credit facility, of which $395 million
is available for cash drawings, was more or less fully drawn as of
June 30, 2020. Working capital has historically been volatile, and
Moody's expects around $50 million - $100 million working capital
outflow in the next 12 months. Adding annual lease principal
payments of around $360 million, Moody's projections points to
continued negative free cash flow generation in 2021.

RATIONALE FOR STABLE OUTLOOK

With a less leveraged capital structure, as well as a committed
shareholder in CMA, negative ratings pressure has continued to
abate. As a result, Moody's foresees stronger credit metrics within
the next 12-18 months. That being said, Moody's is still projecting
adjusted free cash flow to be negative, $50 million - $100 million,
within the next 12 months but expects a turnaround to positive
levels thereafter. The B3 rating factors in Moody's expectation
that CEVA will continue to strengthen its liquidity profile going
forward.

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

Positive ratings pressure could start to build it the company shows
clear signs of a structurally higher profitability leading it to
become free cash flow positive. This would also require the
company's debt/EBITDA staying below 5.5x and the preservation of an
adequate liquidity profile.

There could be downward pressure on the ratings if any of: (i)
leverage remains above 6.5x for a sustained period of time; (ii)
deterioration in liquidity, including recurring negative free cash
flow and diminishing headroom under financial covenants.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Surface
Transportation and Logistics published in May 2019.

COMPANY PROFILE

CEVA is one of the leading third-party logistics providers in the
world (number five in Contract Logistics, number 14 in Freight
Management). CEVA offers integrated supply-chain services through
the two service lines of Contract Logistics and Freight Management
and maintains leadership positions in several sectors globally
including automotive, high-tech and consumer/retail. The group is
fully owned by CMA CGM group since April 2019. In 2019, the company
generated revenue of $7.1 billion and EBITDA of $494 million.

LIST OF AFFECTED RATINGS

Upgrades:

Issuer: CEVA Logistics AG

Corporate Family Rating, Upgraded to B3 from Caa1

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

Issuer: CEVA Logistics Finance B.V.

Backed Senior Secured Bank Credit Facilities, Upgraded to B3 from
Caa1

Outlook Actions:

Issuer: CEVA Logistics AG

Outlook, Remains Stable

Issuer: CEVA Logistics Finance B.V.

Outlook, Remains Stable


NEWDAY PARTNERSHIP 2020-1: DBRS Finalizes B Rating on 2 Tranches
----------------------------------------------------------------
DBRS Ratings Limited finalized the provisional ratings of AAA (sf),
AA (sf), A (sf), and BBB (high) (sf) on the Class A3, Class B,
Class C and Class D Notes, respectively, issued by NewDay
Partnership Funding 2020-1 plc (the Issuer).

The provisional ratings of the Class A1 and Class A2 notes were
discontinued and withdrawn as these notes were not issued on the
transaction closing date.

As the issuer is part of the master issuance structure of NewDay
Partnership Funding, where all series of notes are supported by the
same pool of receivables and generally issued under the same
requirements regarding servicing, amortization events, priority of
distributions, and eligible investments, DBRS Morningstar notes
that the issuance by the Issuer will not result in a downgrade or
withdrawal of the ratings on the outstanding note series listed
below:

NewDay Partnership Funding 2017-1 plc:
Class A Notes: AAA (sf)
Class B Notes: AA (sf)
Class C Notes: A (sf)
Class D Notes: BBB (high) (sf)
Class E Notes: BB (sf)
Class F Notes: B (sf)

NewDay Partnership Funding Loan Note Issuer VFN-P1 V1:
Class A Notes: BBB (high) (sf)
Class E Notes: BB (sf)
Class F Notes: B (sf)

NewDay Partnership Funding Loan Note Issuer VFN-P1 V2:
Class A Notes: AAA (sf)
Class B Notes: AA (sf)
Class C Notes: A (sf)
Class D Notes: BBB (high) (sf)
Class E Notes: BB (sf)
Class F Notes: B (sf)

The ratings address timely payment of scheduled interest and
ultimate repayment of principal by the legal final maturity date.

The notes are backed by a portfolio of cobranded credit cards (with
limited legacy store cards and installment credit) affiliated with
high street and online retailers granted to individuals domiciled
in the UK by NewDay Cards (the originator).

The ratings are based on the following analytical considerations:

-- The transaction's capital structure, including form and
sufficiency of available credit enhancement to support DBRS
Morningstar's expectation of charge-off, principal payment, and
yield rates under various stress scenarios.

-- The ability of the transaction to withstand stressed cash flow
assumptions and repays the notes.

-- The originator's capabilities with respect to originations,
underwriting, and servicing.

-- An operational risk review of the originator, which DBRS
Morningstar deems to be an acceptable servicer.

-- The transaction parties' financial strength regarding their
respective roles.

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

-- DBRS Morningstar's sovereign rating of the United Kingdom at
AAA with a Negative trend.

-- The expected consistency of the transaction's legal structure
with DBRS Morningstar's "Legal Criteria for European Structured
Finance Transactions" methodology.

TRANSACTION STRUCTURE

The transaction includes 36-month scheduled revolving periods for
the notes. During this period, the Issuer may purchase additional
receivables provided that the eligibility criteria 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 or servicer termination. The scheduled
revolving period may be extended by the servicer by up to 12
months. If the notes are not fully redeemed at the end of the
respective scheduled revolving periods, the transaction enters into
a rapid amortization.

As the notes carry floating-rate coupons based on the rate of Daily
Compounding Sonia, the interest rate mismatch risk arising from the
fixed-interest rate collateral is to a degree mitigated by the
excess spread in the transaction and considered in DBRS
Morningstar's cash flow analysis.

The transaction includes a series-specific liquidity reserve that
is available to the Issuer to cover the shortfalls in senior
expenses and interests on the notes and would amortize down to a
floor amount of GBP 250,000.

COUNTERPARTIES

Citibank N.A. has been appointed to act as account bank for the
transaction. Based on DBRS Morningstar's rating of Citibank N.A. of
AA (low) and the downgrade provisions outlined in the transaction
documents, DBRS Morningstar considers the risk arising from the
exposure to the account bank to be commensurate with the ratings
assigned.

PORTFOLIO ASSUMPTIONS

The estimated monthly principal payment rates (MPPRs) of the
securitized portfolio have been largely stable above 20% over the
reported period until March 2020. The most recent performance in
June 2020 shows an estimated MPPR of 19.6%, after a record low
level of 17.6% in May because of the coronavirus impact. The MPPRs
appear to have stabilized but remain lower than historical levels.
Based on the analysis of historical data, macroeconomic factors,
and the portfolio-specific coronavirus adjustments, DBRS
Morningstar revised the expected MPPR down to 16% from 20.5%.

Similarly, the portfolio yield is largely stable over the reported
period until March 2020. The most recent performance in June 2020
shows an interest yield of 19.2%, a record low level because of the
coronavirus, the forbearance measures of payment holiday and
payment freeze offered, and higher delinquencies. DBRS Morningstar,
nonetheless, maintained the expected cash interest yield at 19%,
after consideration of the observed trend and potential yield
compression due to the forbearance measures.

The reported historical charge-off rates have been below 5% since
2015 until March 2020. The most recent performance in June 2020
shows an annualized charge-off rate of 6.3%, a record high level
over the past five years following a decline in receivables balance
(and the denominator of charge-off calculation) because of the
coronavirus pandemic. Based on the analysis of delinquency trends,
macroeconomic factors and the portfolio-specific adjustment due to
the coronavirus impact, DBRS Morningstar revised the expected
charge-off rate upward to 7% from 5%.

DBRS Morningstar also elected to stress the asset performance
deterioration over a longer period for the notes rated below
investment grade in accordance with its "Rating European Consumer
and Commercial Asset-Backed Securitizations" methodology.

DBRS Morningstar analyzed the transaction structure in its
proprietary cash flow tool.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an economic contraction, leading to sharp
increases in unemployment rates and adverse financial impact on
many borrowers. DBRS Morningstar anticipates that delinquencies
would continue to arise, and payment and yield rates would remain
subdued in the coming months for many credit card portfolios. 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 decline in the expected MPPR and an increase
in the expected charge-off rate.

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


PRESSURE TEST: STH Acquires Business Out of Administration
----------------------------------------------------------
Scott Reid at The Scotsman reports that Safety & Technical
Hydraulics (STH), which is part of Centurion Group, has acquired
oil and gas service firm Pressure Test Solutions (PTS) after it
fell into administration.

According to The Scotsman, the deal will preserve all of the
highly-skilled jobs at the 12-year-old business.

Stuart Preston and Julie Tait of business adviser Grant Thornton
were appointed as joint administrators of PTS last week, The
Scotsman relates.

Following their appointment, the administrators have now completed
the sale of the business as a going concern, ensuring all eight
jobs will be retained and customer contracts and projects will
continue to be serviced as normal, The Scotsman discloses.

Aberdeen-based PTS is engaged in the rental, sale and calibration
of specialist pressure testing equipment to the offshore industry.


SAGE AR 1: DBRS Assigns Provisional B Rating on Class F Notes
-------------------------------------------------------------
DBRS Ratings Limited assigned provisional ratings to the notes to
be issued by Sage AR Funding No. 1 Plc (the Issuer) as follows:

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

All trends are Stable.

DBRS Morningstar does not rate the Class R Notes.

Sage AR Funding No. 1 Plc is the securitization of a GBP 220
million floating-rate senior social housing backed loan (the senior
loan) advanced by the Issuer to a single borrower, Sage Borrower
AR1 Limited. The senior loan will be on-lent by the borrower to its
parent Sage Rented Limited (SRL), a for-profit registered provider
of social housing, to finance the acquisition of properties by SRL
and associated costs and expenses. The senior loan is backed by
1,609 residential units comprising mostly houses or apartments
located across England. The loan term is for 5 years with an
expected final repayment date on November 15, 2025.

Sage Housing (the sponsor) was established in May 2017 and is
majority-owned by Blackstone. Sage Housing is one of the companies
that have taken advantage of the recent changes to English
legislation now allowing the presence of for-profit social housing
providers, attracting private investors to a sector that was
struggling to keep up with the fast-growing demand for affordable
homes.

The portfolio is a mixture of new-build houses and flats in new
purpose-built schemes dating from 2017. There are two sites in the
portfolio consisting of 23 flats within high-rise buildings in
London and both sites conform to fire safety regulations; however,
DBRS Morningstar notes that external wall surveys may need to be
carried out. Each scheme is generally in a good residential
location close to transport links and amenities. Approximately 60%
of the portfolio is in London, the South East, and the South West.
Most of the rented units are rented on what is called a starter
lease and then transferred to a periodic assured tenancy after an
initial probationary period of 12 months, which is extendable to 18
months. Tenants in social housing typically occupy the units for
more than five years beyond the probationary period.

SRL will appoint Places for People (PFP) for the day-to-day
management of the units. PFP is a leading, nationwide-registered
provider with a property portfolio of more than 197,000 units under
management in diverse markets. It has a core social housing
business with a G1/V1 rating from the regulator and more than 50
years of experience managing properties and tenants.

The senior facility represents a loan-to-value (LTV) of 71.3%
(67.8% based on the rated notes) calculated on Savills
Market-Value-Subject-To-Tenancy valuation of GBP 308.4 million
dated 18 September 2020. Based on the borrower's proforma Net
Operating Income of GBP 8.98 million, the debt yield (DY) at the 18
September 2020 cut-off date was 4.3% for the rated notes and was
4.1% for the whole loan, including the subordinated Class R
amount.

DBRS Morningstar's value of GBP 200.2 million represents an LTV of
109.9% (whole loan) and equates to a haircut of 35.1% to the
Savills valuation. DBRS Morningstar deduced its valuation based on
an underwritten NCF of GBP 8.5 million and by applying a cap rate
of 4.25%. The DBRS Morningstar DY at the cut-off date was 4.1% for
the rated notes and was 3.9% for the whole loan.

Although the outbreak of the Coronavirus Disease (COVID-19) has
negatively affected all commercial real estate sectors, the
portfolio of affordable rented housing has experienced a relatively
limited impact compared with other asset types. Collection data
from August 2020 showed that during the lockdown period between
March and June 2020 there was a slight increase in arrears;
however, collections have recovered to normal levels following the
easing of the lockdown restrictions.

The proceeds of the notes will be advanced to a wholly owned, newly
incorporated subsidiary of SRL, and will be on-lent (the
“On-Lend”) to SRL. SRL in turn will grant third-party security
by way of mortgages and a share pledge over the shares in the
borrower to secure the borrower's obligations under the facility
agreement. SRL also grants security as a fixed charge over its bank
account in which rent is paid into. The borrower will maintain full
signing rights and full discretion over operating the account.

The final legal maturity of the notes is expected to be 17 November
2030, five years after the expected loan maturity (15 November
2025). Given the security structure and jurisdiction of the
underlying loan, DBRS Morningstar believes this provides sufficient
time to enforce on the loan collateral, if necessary, and repay the
bondholders.

The senior loan interest comprises two parts: (1) Sterling
Overnight Index Average (Sonia) (subject to zero floor) plus a
margin that is a function of the weighted average (WA) of the
aggregate interest amounts payable on the rated notes; (2) the
lower of excess cash flow and [x]% fixed interest on the retention
tranche. As such, there is no excess spread in the transaction and
ongoing costs are ultimately borne directly by the borrowers. To
hedge against increases in the interest payable under the loan
resulting from fluctuations in Sonia, the borrower will purchase an
interest cap agreement from [x] with a cap strike rate of 0.5% for
the full outstanding loan amount. The hedge will initially be in
place for two years only; however, it must be renewed annually for
the remaining term of the loan. DBRS Morningstar anticipates that
the hedge will be extended for the full duration of the loan term.
If the hedge is not extended as described, there will be a loan
event of default and sequential payment trigger event on the
notes.

There is no scheduled amortization during the term of the loan
prepayments are permitted as voluntary prepayments and also with
respect to property disposals. The borrower must prepay principal
in an amount equal to the release price, which is 100% of the
allocated loan amount of that disposal. The allocation of such
principal prepayment to the notes will be pro rata prior to a
sequential payment trigger, after which all principal will be
applied sequentially. If a prepayment is made as a voluntary
prepayment, such principal will be applied to the rated notes in
reverse sequential order.

The loan structure does not include financial default covenants
prior to a permitted change of control, but provides other standard
events of default, including among others: (1) nonpayment,
including failure to repay the loan at the maturity date; (2)
noncompliance, where the borrower does not comply with its
obligations under the senior facility agreement; (3)
misrepresentation, where any representation or statement made or
deemed to be made by the borrower under or in connection with any
senior finance document or hedge document is or proves to have been
incorrect or misleading; (4) cross-default, where any financial
indebtedness or commitment of the borrower is not paid when due or
within any originally applicable grace period; (5) insolvency and
insolvency proceedings. In DBRS Morningstar's view, potential
performance deteriorations would be captured and mitigated by the
presence of cash trap covenants: (1) a rated LTV cash trap covenant
set at 78% and (2) a rated DY cash trap covenant set at 3.75%.

The transaction benefits from a liquidity reserve facility of GBP
[6.5] million, which is provided by Deutsche Bank AG London Branch.
The full Initial liquidity reserve amount will be drawn in full by
the Issuer and deposited in the issuer liquidity reserve account on
the closing date. The liquidity facility may be used to cover
shortfalls on the payment of interest due by the issuer to the
holders of the Class A to Class C notes. According to DBRS
Morningstar's analysis, the liquidity reserve amount will be equal
to approximately 23 months' interest coverage on the covered notes,
based on the interest rate cap strike rate of 0.5% per year, and
approximately nine months of interest coverage, based on the Sonia
cap after loan maturity of 4.0% per year.

To satisfy risk retention requirements, an entity within the Sage
Group will retain a residual interest consisting of no less than 5%
of the nominal and fair market value of the overall capital
structure by subscribing to the unrated and junior-ranking GBP 11
million Class R Notes. This retention note ranks junior in relation
to interest and principal payments to all rated notes in the
transaction.

The ratings will be finalized upon receipt of execution version of
the governing transaction documents. To the extent that the
documents and information provided to DBRS Morningstar as of this
date differ from the executed version of the governing transaction
documents, DBRS Morningstar may assign different final ratings to
the notes.

COVID-19 CONSIDERATIONS

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
tenants and borrowers. DBRS Morningstar anticipates that vacancy
rate increases and cash flow reductions may arise for many CMBS
borrowers, some meaningfully. In addition, commercial real estate
values will be negatively affected, at least in the short-term,
impacting refinancing prospects for maturing loans and expected
recoveries for defaulted loans. The ratings are based on additional
analysis as a result of the global efforts to contain the spread of
the coronavirus.

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


SMALL BUSINESS 2018-1: DBRS Confirms BB(low) Rating on Cl. D Notes
------------------------------------------------------------------
DBRS Ratings Limited upgraded the following ratings on the bonds
issued by Small Business Origination Loan Trust 2018-1 DAC (SBOLT
2018-1):

-- Class B Notes to AAA (sf) from A (high) (sf)
-- Class C Notes to AA (high) (sf) from A (low) (sf)
-- Class D Notes to AA (low) (sf) from BB (high) (sf)

DBRS Morningstar also confirmed the following ratings on the bonds
issued by Small Business Origination Loan Trust 2019-1 DAC (SBOLT
2019-1):

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

The rating actions resolve the Under Review with Positive
Implications (UR-Pos.) and the Under Review with Developing
Implications (UR-Dev.) status of the ratings of SBOLT 2018-1 and
SBOLT 2019-1, respectively, assigned on April 9, 2020 and extended
on July 8, 2020.

DBRS Morningstar also discontinued its ratings on the Class A Notes
of SBOLT 2018-1, following their full repayment on the 15 September
2020 payment date. Prior to their repayment, the outstanding
principal of the Class A Notes was GBP 1,114,853.8 with a rating of
A (high) (sf) (UR-Pos.).

The rating on the Class A Notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
legal final maturity date. The ratings on the Class B, Class C, and
Class D notes address the ultimate payment of interest and
principal on or before the legal final maturity date. The documents
of both transactions permit the deferral of interest on nonsenior
bonds and this is not considered an event of default. In the case
of SBOLT 2018-1, given the repayment of the Class A Notes, the
rating on the Class B Notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
legal final maturity date.

DBRS Morningstar has assessed the potential impact of the
Coronavirus Disease (COVID-19) pandemic on the transaction by
adjusting its collateral assumptions in line with the risk factors
in its commentary published on May 18, 2020 outlining how the
coronavirus crisis is likely to affect DBRS Morningstar-rated
structured credit transactions in Europe.

The rating actions follow a review of the transactions and are
based on the following analytical considerations:

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

-- Lifetime Portfolio Default Rates (PD), recovery rates, and
expected loss assumptions on the remaining receivables.

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

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

The transactions are cash flow securitizations collateralized by a
portfolio of term loans and originated through the Funding Circle
Ltd lending platform (Funding Circle) to small and medium-size
enterprises (SMEs) and sole traders based in the United Kingdom.
The transactions share the same structural features and similar
portfolio composition in terms of geographical, borrower, and
industry concentrations. In both portfolios, all the loans are
unsecured, fully amortizing, pay on a monthly basis, and bear a
fixed interest rate.

The notes of SBOLT 2018-1 and SBOLT 2019-1 switched from a pro rata
amortization to a sequential amortization on the payment date in
May 2019 and April 2020, respectively, when the balance of each
class of notes (other than Class X) became less than 60% of
principal balance of all the notes (other than Class X) as at
closing. The legal final maturity dates for SBOLT 2018-1 and SBOLT
2019-1 are on the payment dates in December 2026 and December 2027,
respectively.

PORTFOLIO PERFORMANCE

Both transactions have seen an increasing trend in delinquencies
since closing. This trend deepened after the March 2020 payment
date in the context of the coronavirus pandemic. Part of the
delinquencies is incurred within the context of the coronavirus
pandemic and benefit from forbearance measures. As per Funding
Circle's policy, loans under a forbearance plan continue to
progress through the different delinquency buckets, leading to the
current delinquency levels observed. However, since the September
2020 payment date, a significant portion of borrowers that have
left their respective forbearance plan have resumed payments. As a
result, interest collections have started to increase compared with
the May 2020 payment date, when forbearance measures came into
force.

In the case of the SBOLT 2018-1 transaction, one- to two-month and
two- to three-month arrears represented 13.0% and 15.3% of the
outstanding portfolio balance, respectively, as of the September
2020 payment date, up from 1.7% and 2.7%, respectively, as of the
March 2020 payment date. As of the September 2020 payment date,
11.4% of the outstanding portfolio balance was benefitting from
forbearance measures.

In the case of the SBOLT 2019-1 transaction, one- to two-month and
two- to three-month arrears represented 13.5% and 13.9% of the
outstanding portfolio balance, respectively, as of the September
2020 payment date, up from 1.7% and 1.2%, respectively, as of the
March 2020 payment date. As of the September 2020 payment date,
10.4% of the outstanding portfolio balance was benefitting from
forbearance measures.

As of the September 2020 payment date, the cumulative default
ratios were 12.0% and 10.6% for the SBOLT 2018-1 and SBOLT 2019-1
transactions, respectively, up from 8.5% and 5.3%, as of the March
2020 payment date.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables in both transactions and has increased its base
case PD assumptions since the last review in April 2020 to 25.6%
from 17.9% for SBOLT 2018-1 and to 29.8% from 20.3% for SBOLT
2019-1. For both transactions, the increase in the base case PD
reflects the adjustments applied due to the coronavirus pandemic.
As per DBRS Morningstar's assessment, 9.1% and 23.6% of the
outstanding portfolio balance in SBOLT 2018-1 belonged to
industries classified in mid-high and high-risk economic sectors,
respectively, which leads to the underlying one-year probability of
defaults to be multiplied by 1.5 and 2.0, respectively, as per the
commentaries mentioned above. In the case of SBOLT 2019-1, DBRS
Morningstar deemed that 10.8% and 31.2% of the outstanding
portfolio balance belonged to industries classified in mid-high and
high-risk economic sectors, respectively. DBRS Morningstar
maintained its base case recovery rate assumption at 32.9% for both
transactions.

CREDIT ENHANCEMENT

As of the September 2020 payment date, the credit enhancement (CE)
for the SBOLT 2018-1 transaction substantially increased as follows
since the March 2020 payment date:

-- CE to the Class B Notes increased to 91.9% from 60.6%
-- CE to the Class C Notes increased to 70.9% from 48.2%
-- CE to the Class D Notes increased to 49.8% from 35.8%

As of the September 2020 payment date, the credit enhancement (CE)
for the SBOLT 2019-1 transaction changed as follows since the March
2020 payment date:

-- CE to the Class A Notes increased to 45.1% from 37.2%
-- CE to the Class B Notes increased to 40.7% from 34.1%
-- CE to the Class C Notes increased to 30.4% from 27.0%
-- CE to the Class D Notes decreased to 15.1% from 16.3%

In both transactions, the credit enhancement for each class of
notes consists of the subordination of its respective junior notes
and a cash reserve. Given the undercollateralization of the notes
in both transactions, DBRS Morningstar considered the performing
portfolio balance instead of the outstanding balance of the junior
notes for the calculation of the credit enhancement. The decrease
in the CE of the Class D Notes in the SBOLT 2019-1 transaction is
due to the increase in defaults, which has accentuated the under
collateralization of the notes.

The cash reserve is amortizing, capped at 2.75% of the initial
portfolio balance and available to cover senior fees and interest
on the rated notes and principal losses via the principal
deficiency ledgers (PDLs) on each rated note, as well as on the
Class E and Class Z notes. As of the September 2020 payment date,
the cash reserve was at its target amount of GBP 1.4 million and
GBP 3.9 million for the SBOLT 2018-1 and SBOLT 2019-1 transactions,
respectively. The Class Z PDL stands at GBP 3.3 million and at GBP
6.0 million, for the SBOLT 2018-1 and the SBOLT 2019-1
transactions, respectively. The Class E PDL stands at GBP 2.0
million for the SBOLT 2019-1 transaction. All other PDLs are clear
for both transactions.

A liquidity reserve provides additional liquidity support to the
transactions to cover senior fees and interest on the most senior
class of the rated notes. As of the September 2020 payment date,
the liquidity reserve was at its target amount of GBP 516,431 and
GBP 450,649 for the SBOLT 2018-1 and SBOLT 2019-1 transactions,
respectively.

Citibank N.A./London (Citibank London) acts as the account bank for
both transactions. Based on DBRS Morningstar's private rating of
Citibank London, the downgrade provisions outlined in the
transaction documents, and other mitigating factors inherent in the
transaction structure, DBRS Morningstar considers the risk arising
from the exposure to the account bank to be consistent with the
ratings assigned to the Class B Notes and the Class A Notes for the
SBOLT 2018-1 and SBOLT 2019-1 transactions, respectively, as
described in DBRS Morningstar's "Legal Criteria for European
Structured Finance Transactions" methodology.

NatWest Markets plc acts as the interest cap provider for both
transactions. DBRS Morningstar's public Long Term Critical
Obligations Rating of NatWest Markets Plc of "A" is above the First
Rating Threshold as described in DBRS Morningstar's "Derivative
Criteria for European Structured Finance Transactions"
methodology.

DBRS Morningstar analyzed the structure of each transaction in its
proprietary cash flow engine.

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 Structured Credit transactions, some meaningfully. The ratings
are based on additional analysis and adjustments to expected
performance as a result of the global efforts to contain the spread
of the coronavirus.

For this transaction, DBRS Morningstar applied a 1.5 or a 2.0
adjustment factor on the underlying one-year probability of
defaults for obligors in mid-high or high-risk industries based on
their perceived exposure to the adverse disruptions of the
coronavirus.

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


UNIVERSAL RECYCLING: Bought Out of Administration by Remet
----------------------------------------------------------
Business Sale reports that the Doncaster-based Universal Recycling
group of companies has been acquired out of administration by
non-ferrous metal recycling business Remet.

According to Business Sale, the deal has seen the business and
assets of Universal Recycling sold as a going concern to Remet,
which is part of the global non-ferrous scrap trading business The
Remet Company.  Remet operates a non-ferrous recycling plant in
London's Canning Town which process 60,000 tonnes per year.

The acquisition is said to safeguard all 40 jobs at Universal
Recycling and sees operations at the business continue at its
Doncaster site, Business Sale discloses.  

Universal Recycling had previously reported annual revenues of
around GBP20 million, however, trading had been hit by a global
fall in prices for raw materials, which was exacerbated by the
impact of COVID-19, Business Sale relates.

Universal Recycling, which has been operating for over 30 years,
appointed James Bulloss and Chris Petts of Grant Thornton as joint
administrators on Oct. 7, Business Sale recounts.  Following their
appointment, the joint administrators oversaw the sale of the
business and assets of Universal Recycling to Remet, Business Sale
notes.



                           *********


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.

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