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

                          E U R O P E

          Thursday, November 12, 2020, Vol. 21, No. 227

                           Headlines



G R E E C E

GREECE: Moody's Upgrades Issuer Ratings to 'Ba3', Outlook Stable


I R E L A N D

BAIN CAPITAL 2018-2: Fitch Affirms B-sf Rating on Class F Debt
BLACKROCK EUROPEAN VIII: Fitch Affirms B-sf Rating on Cl. F Debt
CARLYLE GLOBAL 2015-1: Fitch Affirms 'B-' Rating on Class E Debt
CVC CORDATUS XVI: Fitch Affirms B-sf Rating on Class F Debt
CVC CORDATUS XVIII: Moody's Rates EUR7.5MM Class F Notes 'B3'

GRAND HARBOUR 2019-1: Fitch Affirms B-sf Rating on Class F Notes
INA'S KITCHEN: Majority Shareholder Opposes Examinership Petition
MADISON PARK XII: Fitch Affirms B-sf Rating on Class F Debt
PENTA CLO 5: Fitch Affirms B- Rating on Class F Debt
ST. PAUL'S CLO VI: Fitch Affirms B-sf Rating on Class E-R Debt



L U X E M B O U R G

ALTISOURCE SARL: Moody's Confirms Caa1 CFR, Outlook Negative


S P A I N

AERNNOVA AEROSPACE: Fitch Lowers LT IDR to B, Outlook Negative
CODERE SA: Moody's Affirms Caa3 CFR & Alters Outlook to Stable
FTPYME TDA 4: Moody's Affirms C Rating on EUR29.3MM Class D Notes


U N I T E D   K I N G D O M

COUNTRYWIDE: Closes Branches Amid Efforts to Avert Administration
INTU PROPERTIES: Trafford Centre Put Under New Management
QUALIA: FCA Takes Fortem to Court Over Investment Scheme Link
STA TRAVEL: Cash Tied to Bond Collateral at Time of Administration

                           - - - - -


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G R E E C E
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GREECE: Moody's Upgrades Issuer Ratings to 'Ba3', Outlook Stable
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Moody's Investors Service upgraded Greece, Government of local and
foreign currency long-term issuer ratings to Ba3 from B1
previously. Moody's has also upgraded the local currency senior
unsecured debt rating to Ba3 from B1, as well as the foreign
currency senior unsecured MTN programme and senior unsecured shelf
ratings to (P)Ba3 from (P)B1. The local currency Commercial Paper
rating and the foreign currency other short-term rating have been
affirmed at Not Prime (NP) and (P)NP respectively. The outlook
remains stable.

The key drivers for the rating action are the following:

1. Ongoing reforms support a sustainable improvement in
institutional strength and have already brought tangible progress
in areas including tax administration and compliance and the fight
against corruption. In Moody's view the risk of reversal of these
important improvements is low. Moody's considers this action to be
motivated in part by governance-related factors under its ESG
framework.

2. The country's growth prospects over the coming years are
positive notwithstanding the negative near-term impact of the
pandemic particularly on the tourism sector. Greece's economy will
benefit from ongoing efforts to improve the investment climate
coupled with inflows of very substantial European recovery funds.
Favourable growth prospects, combined with a return to a prudent
fiscal stance, will lead to a gradual reversal in the public debt
trend. In addition, Greece benefits from a very favourable debt
structure and strong affordability.

The stable outlook reflects Moody's view that it will take some
time before the benefits of the institutional and governance
reforms become fully embedded and visible. Also, the banking sector
-- despite further improvements over the past year -- still
requires strong action to improve its weak asset quality.

The long-term foreign and local currency bond and deposit ceilings
have been raised to A3 from Baa1 previously. The short-term
foreign-currency bond and bank deposit country ceilings remain at
Prime-2.

RATINGS RATIONALE

RATIONALE FOR THE UPGRADE TO Ba3

FIRST DRIVER: REFORMS ARE BRINGING A SUSTAINABLE IMPROVEMENT IN
INSTITUTIONAL STRENGTH

Since the last rating action in March 2019, momentum on the
implementation of structural reforms has been strong. Progress
continues to be made with regards to outstanding reform commitments
agreed between the previous administration and the Eurogroup in
June 2018. These build on the achievements made under Greece's
third adjustment programme between 2015 and 2018, which placed
significant emphasis on institutional and governance reforms.

Improvements to Greece's institutions and governance are visible in
areas such as the independent revenue administration which is
resulting in higher tax revenues and improved compliance. Ongoing
digitization of the public administration and social security
system has positive implications for tax compliance as well as the
effectiveness of the public administration and contributes to an
improving business environment. The government has made important
steps towards a more systemic approach to deal with the banking
sector's high level of non-performing exposures (NPEs) through the
Hercules Asset Protection Scheme (APS) as well as a new insolvency
framework expected to enter into law at the start of next year.
Reforms to the judicial system are ongoing, alongside further
measures to bring the quality and professionalism of the public
administration in line with European peers. Taken together, these
reforms help to address drivers of Greece's economic and debt
crisis of the last decade.

While it will take commitment over many years to reap the full
benefits of the institutional changes in progress to create a
modern and efficient public administration, these improvements are
beginning to be reflected in governance indicators. Greece has
improved on all Worldwide Governance Indicators that Moody's
considers since 2016, the first full year of the third adjustment
programme. The results of the independent tax revenue
administration's (IAPR) key performance indicators show a clear
upward trend in tax debt collection and enforcement since 2017.
Wider use of electronic payments, alongside increased incentives
and continuing improvements in IAPR's capacity, should further
underpin the recent improvements in tax collection.

In Moody's view, the risk of reversal of these reforms in the
coming years is low. The current government was elected on a
platform of economic and business-friendly reforms and seems likely
to use its parliamentary majority to push forward that platform.
Over the medium-term, the action reflects Moody's view that
governments will continue to aim for compliance with the
challenging targets agreed with the Eurogroup and that incentives
on both sides are strong enough to avoid the stand-offs seen
earlier in the decade.

SECOND DRIVER: EUROPEAN FUNDS AND IMPROVING INVESTMENT CLIMATE WILL
BOLSTER GREECE'S INVESTMENT OUTLOOK AND MEDIUM-TERM GROWTH
PROSPECTS

Notwithstanding the significant economic contraction resulting from
the coronavirus-induced shock, Moody's expects stronger investment
prospects to support the recovery and materially improve Greece's
medium-term growth outlook. The disbursement of EU recovery funds,
for which Greece will be the largest euro area beneficiary relative
to GDP, will provide significant support to both headline growth
and investment. While Moody's expects Greece's economy to contract
by almost 9% in 2020, a strong recovery is expected in 2021. More
importantly for Greece's credit profile, growth is expected to
average around 3.5% over the medium term.

Greece stands to receive EUR32 billion (17% of 2019 GDP) from the
EU recovery funds, of which 60% will be in grants. The funds offer
significant potential to redress Greece's low investment - hitherto
the lowest in the EU and a key constraint to the pre-coronavirus
recovery trend -- and to raise potential growth. Greece is also
receiving significant multilateral funds from other sources
including the EU's Structural Funds, the European Bank for
Reconstruction and Development (Aaa stable), and the European
Investment Bank (Aaa stable), which will also support investment
growth. Greece's inclusion in the ECB's large quantitative easing
programme helps to ensure favourable funding conditions not only
for the government but also for the Greek banks and for the economy
as a whole.

In the past, Greece has at times failed to deliver on public
investment plans, and private investment has been weak. Key reforms
that have been implemented in the recent past are a new investment
licensing framework which among other things significantly eases
the administrative burden on new investments and removes key
impediments, in addition to the rollout of digital tools. The first
results are visible; according to the World Bank's Doing Business
surveys, starting a business is now more efficient in Greece than
anywhere else in the EU. Inward foreign direct investment last year
reached the highest level since at least 2002, partly driven by
several successful privatizations and more recently in the real
estate sector. Microsoft Corporation's (Aaa, Stable) recent
decision to locate three data centres in Greece is one indication
of the country's improving attractiveness for foreign investment.
The government is also close to updating the public procurement
law, which will be important if the country is to make full use of
the available EU recovery funds.

Moody's projects Greece's debt ratio to increase significantly this
year, to around 200% of GDP, before declining again from next year
onward on the back of the expected economic recovery. However, the
debt ratio itself is of more limited relevance than for other
countries, given the very long maturity structure of the debt and
the significant and repeated debt relief provided by Greece's euro
area creditors. Debt affordability, as measured by interest
payments in relation to government revenue, is much stronger
(forecast at 6.2% for 2021) than the median of Ba-rated peers
(10.9%) and is expected to continue to improve, supported by very
favourable financing conditions.

The banking sector remains very weak, characterized by weak asset
quality and a large share of lower quality capital in the form of
deferred tax credits. Non-performing exposures remain very high, at
a ratio of 36.7% as of June 2020, and are likely to grow given the
economic impact of the crisis. However, even here improvements are
evident. NPEs declined by EUR15.7 billion in the twelve months to
June 2020. The Hercules APS scheme in operation since December 2019
is an important step in cleansing banks' balance sheets of
non-performing assets. The government acknowledges that more is
needed and has indicated that it will likely push ahead with a
complementary proposal from the Bank of Greece which would cover a
larger amount of NPLs and would also aim to tackle the large
amounts of deferred tax assets on the banks' balance sheets.

RATIONALE FOR STABLE OUTLOOK

The stable outlook balances Moody's view that while a reversal of
the improvements seen in recent years is unlikely, it will take
some years before the benefits of the institutional and governance
reforms become fully embedded and visible. The rating agency also
notes that the pandemic has caused the delay in the completion of
some reforms. A resurgence of the pandemic in Europe,
notwithstanding Greece's more favorable performance during the
"first wave", could create a further backlog in the measures
intended to be implemented during 2021.

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS

Moody's takes account of the impact of environmental (E), social
(S), and governance (G) factors when assessing sovereign issuers'
economic, institutional, and fiscal strength and their
susceptibility to event risk. In the case of Greece, the
materiality of ESG to the credit profile is as follows.

Environmental considerations are not currently material to the
rating, although Greece has some exposure to physical climate risk
related to heat and water stress.

Social factors are material in determining Greece's credit profile.
The most relevant social factors relate to the impact of an ageing
population and significant emigration on labour supply and
potential growth. The fiscal impact is less of a concern given
material pension reforms over the past several years. Moody's also
regards the coronavirus outbreak as a social risk under its ESG
framework, which is negatively affecting Greece's growth and fiscal
metrics. An important mitigating factor are the very substantial
funds that Greece stands to receive from the EU.

Governance factors are material in determining Greece's credit
profile. While Greece's institutions remain weaker than most
European peers, there have been significant improvements,
reflecting the implementation of important governance reforms in
the public administration. These governance reforms have been a key
driver for the rating upgrade.

GDP per capita (PPP basis, US$): 31,572 (2019 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 1.9% (2019 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 1.1% (2019 Actual)

Gen. Gov. Financial Balance/GDP: 1.5% (2019 Actual) (also known as
Fiscal Balance)

Current Account Balance/GDP: -1.5% (2019 Actual) (also known as
External Balance)

External debt/GDP: [not available]

Economic resiliency: ba1

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

On November 3, 2020, a rating committee was called to discuss the
rating of Greece, Government of. The main points raised during the
discussion were: The issuer's economic fundamentals, including its
economic strength, have not materially changed. The issuer's
institutions and governance strength, have materially increased.
The issuer's fiscal or financial strength, including its debt
profile, has not materially changed. The issuer's susceptibility to
event risks has not materially changed.

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

Greece's rating would come under upward pressure over the medium
term if further progress on structural reforms yields tangible
results in the form of stronger investment and further lifts and
solidifies medium-term growth prospects. A more rapid reduction in
the public debt ratio than currently foreseen would also be
positive for the rating, as would the resolution of the banking
sector's continuing asset quality issues.

The rating would come under downward pressure if progress in
reforming Greece's institutions were to be reversed, putting at
risk the agreement with the euro area creditors. A prolonged
resurgence of coronavirus infections could also put downward
pressure on the rating if it led to an extended period of GDP
contraction and a further material rise in public debt.

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




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I R E L A N D
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BAIN CAPITAL 2018-2: Fitch Affirms B-sf Rating on Class F Debt
--------------------------------------------------------------
Fitch Ratings has affirmed Bain Capital Euro CLO 2018-2 DAC.

RATING ACTIONS

Bain Capital Euro CLO 2018-2 DAC

Class A XS1890839043; LT AAAsf Affirmed; previously AAAsf

Class B-1 XS1890839126; LT AAsf Affirmed; previously AAsf

Class B-2 XS1890839399; LT AAsf Affirmed; previously AAsf

Class C XS1890841452; LT Asf Affirmed; previously Asf

Class D XS1890839555; LT BBBsf Affirmed; previously BBBsf

Class E XS1890842930; LT BB-sf Affirmed; previously BB-sf

Class F XS1890843235; LT B-sf Affirmed; previously B-sf

TRANSACTION SUMMARY

Bain Capital Euro CLO 2018-2 DAC is a securitisation of mainly
senior secured loans (at least 92.5%) with a component of senior
unsecured, mezzanine and second-lien loans. The portfolio is
managed by Bain Capital Credit U.S. CLO Manager, LLC. The
reinvestment period ends in January 2023.

KEY RATING DRIVERS

Coronavirus Baseline Sensitivity Analysis

The rating actions are a result of a sensitivity analysis Fitch ran
in light of the coronavirus pandemic. For the sensitivity analysis,
Fitch notched down the ratings for all assets with corporate
issuers on Negative Outlook regardless of sector. Under this
scenario, the class B notes show a small shortfall while the class
C to F notes experience more sizeable shortfalls.

Fitch views that the portfolio's negative rating migration is
likely to slow, due to stabilising portfolio performance, making a
category-rating downgrade of the class D to F notes less likely in
the short term. As a result, all tranches have been removed from
RWN. The Negative Outlook on the class C to Class F notes reflects
the risk of credit deterioration over the medium term, due to the
economic fallout from the pandemic. The Stable Outlooks on the
remaining tranches reflect the resilience of their ratings under
the coronavirus baseline sensitivity analysis.

Portfolio Performance Stabilises

As of the latest investor report dated October 6, 2020, the
transaction was only 0.85% below par and all portfolio profile
tests, coverage tests and Fitch collateral quality tests were
passing, except for the Fitch weighted average rating factor (WARF)
and Fitch 'CCC' portfolio profile tests. As of the same report, the
transaction had one defaulted asset, Technicolor, at EUR1.5
million. Exposure to assets with a Fitch-derived rating (FDR) of
'CCC+' and below was 9.8%. Assets with a FDR on Negative Outlook
were 18% of the portfolio balance.

'B'/'B-' Portfolio Credit Quality

Fitch assesses the average credit quality of the obligors in the
'B'/'B-' category. The Fitch WARF of the current portfolio is 36
(assuming unrated assets are 'CCC') - above the maximum covenant of
35.25, while the trustee-reported Fitch WARF was 33.59. After
applying the coronavirus stress, the Fitch WARF would increase by
3.43.

High Recovery Expectations

Senior secured obligations represent 98.3% of the portfolio. Fitch
views the recovery prospects for these assets as more favourable
than for second-lien, unsecured and mezzanine assets.

Diversified Portfolio

The portfolio is well-diversified across obligors, countries and
industries. The top 10 obligors represent 13% of the portfolio
balance with no obligor accounting for more than 1.5%. Around 32%
of the portfolio consists of semi-annual obligations but a
frequency switch has not occurred due to the transaction's high
interest coverage ratios.

Cash Flow Analysis

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

RATING SENSITIVITIES

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

The transaction features a reinvestment period and the portfolio is
actively managed. At closing, Fitch used a standardised stress
portfolio (Fitch's stressed portfolio) that was customised to the
portfolio limits as specified in the transaction documents. Even if
the actual portfolio shows lower defaults and smaller losses (at
all rating levels) than Fitch's stressed portfolio assumed at
closing, an upgrade of the notes during the reinvestment period is
unlikely, as the portfolio credit quality may still deteriorate,
not only through natural credit migration, but also through
reinvestments.

After the end of the reinvestment period, upgrades may occur in
case of better-than-initially expected portfolio credit quality and
deal performance, leading to higher credit enhancement for the
notes and excess spread available to cover for losses in the
remaining portfolio.

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

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

Coronavirus Downside Sensitivity

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

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

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

DATA ADEQUACY

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

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


BLACKROCK EUROPEAN VIII: Fitch Affirms B-sf Rating on Cl. F Debt
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Fitch Ratings has affirmed BlackRock European CLO VIII DAC. The
class E and F have been removed from Rating Watch Negative (RWN)
and assigned Negative Outlooks.

RATING ACTIONS

BlackRock European CLO VIII DAC

Class A-1 XS1984234242; LT AAAsf Affirmed; previously AAAsf

Class A-2 XS1984235132; LT AAAsf Affirmed; previously AAAsf

Class B-1 XS1984236023; LT AAsf Affirmed; previously AAsf

Class B-2 XS1984236700; LT AAsf Affirmed; previously AAsf

Class C-1 XS1984237344; LT Asf Affirmed; previously Asf

Class C-2 XS1984238078; LT Asf Affirmed; previously Asf

Class C-3 XS1984238664; LT Asf Affirmed; previously Asf

Class D-1 XS1984239472; LT BBB-sf Affirmed; previously BBB-sf

Class D-2 XS1984240132; LT BBB-sf Affirmed; previously BBB-sf

Class E XS1984240728; LT BBsf Affirmed; previously BBsf

Class F XS1984240645; LT B-sf Affirmed; previously B-sf

Class X XS1984234168; LT AAAsf Affirmed; previously AAAsf

TRANSACTION SUMMARY

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

KEY RATING DRIVERS

Asset Performance Stable: The transaction is still in its
reinvestment period and the portfolio is actively managed by the
collateral manager. The transaction was below par by only 16bp as
of the latest investor report dated October 7, 2020. All portfolio
profile tests and coverage tests are passing. All collateral
quality tests are passing other than another agencies and Fitch's
weighted average rating factor (WARF) tests (34.44 versus a maximum
Fitch WARF of 34). The transaction had no defaulted assets as of
the same report. Exposure to assets with a Fitch-derived rating
(FDR) of 'CCC+' and below is 6.92% excluding unrated assets and
8.21% including the unrated assets.

Negative Outlooks Reflect Coronavirus Stress: The rating actions
are a result of a sensitivity analysis Fitch ran in light of the
coronavirus pandemic. For the sensitivity analysis Fitch notched
down the ratings for all assets with corporate issuers with a
Negative Outlook (34.5% of the portfolio) regardless of sector and
ran the cash flow analysis based on a stable interest-rate
scenario. All classes have a breakeven default-rate cushion under
this cash flow model stress, albeit small for the class E and F
notes. The cushion for the class E and F noted, together with
stabilising portfolio performance, has made a near-term downgrade
less likely, resulting in the removal of the RWN. The Negative
Outlook, however, reflects the risk of credit deterioration over
the medium term due to the economic fallout from the pandemic.

The Stable Outlook on the remaining tranches reflects their rating
resilience under the coronavirus baseline sensitivity analysis.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors in the 'B'/'B-' category. The Fitch-calculated WARF of
the current portfolio is 34.48 (assuming unrated assets are 'CCC'),
above the maximum covenant of 34. The Fitch WARF would increase to
37.89 after applying the coronavirus stress.

High Recovery Expectations: Senior secured obligations comprise
96.3% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-calculated weighted average recovery
rate (WARR) of the current portfolio is 64.01.

Portfolio Well-Diversified: The portfolio is well-diversified
across obligors, countries and industries. The top 10 obligor
concentration is 12.98%, and no obligor represents more than 1.62%
of the portfolio balance.

RATING SENSITIVITIES

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

At closing, Fitch used a standardised stress portfolio (Fitch's
stressed portfolio) that was customised to the portfolio limits as
specified in the transaction documents. Even if the actual
portfolio shows lower defaults and smaller losses (at all rating
levels) than Fitch's stressed portfolio assumed at closing, an
upgrade of the notes during the reinvestment period is unlikely as
the portfolio credit quality may still deteriorate, not only
through natural credit migration, but also through reinvestments.

Upgrades may occur after the end of the reinvestment period on
better-than-expected portfolio credit quality and deal performance,
leading to higher credit enhancement and excess spread available to
cover for losses in the remaining portfolio.

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

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

Coronavirus Downside Sensitivity

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

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

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

DATA ADEQUACY

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

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


CARLYLE GLOBAL 2015-1: Fitch Affirms 'B-' Rating on Class E Debt
----------------------------------------------------------------
Fitch Ratings has affirmed Carlyle Global Market Strategies Euro
CLO 2015-1 DAC, and removed two tranches from Rating Watch Negative
(RWN).

RATING ACTIONS

Carlyle Global Market Strategies Euro CLO 2015-1 DAC

Class A-1-R XS2109445671; LT AAAsf Affirmed; previously AAAsf

Class A-2A-R XS2109446133; LT AAsf Affirmed; previously AAsf

Class A-2B-R XS2109446729; LT AAsf Affirmed; previously AAsf

Class B XS2109447537; LT Asf Affirmed; previously Asf

Class C XS2109448006; LT BBB-sf Affirmed; previously BBB-sf

Class D XS2109448931; LT BB-sf Affirmed; previously BB-sf

Class E XS2109449582; LT B-sf Affirmed; previously B-sf

Class X XS2109444948; LT AAAsf Affirmed; previously AAAsf

TRANSACTION SUMMARY

Carlyle Global Market Strategies Euro CLO 2015-1 DAC is a cash flow
collateralised loan obligation (CLO) of mostly European leveraged
loans and bonds. The transaction is in its reinvestment period and
the portfolio is actively managed by CELF Advisors LLP.

KEY RATING DRIVERS

Coronavirus Baseline Scenario Impact

Fitch carried out a sensitivity analysis on the current portfolio
for its coronavirus baseline scenario. The agency notched down the
ratings for all assets with corporate issuers on Negative Outlook
regardless of sector. This scenario demonstrates the resilience of
the ratings of the class X and A-1-R notes with cushions. The class
A-2A-R, A-2B-R, B, C, D and E notes have marginal shortfalls in
this scenario.

The agency believes that the portfolio's negative rating migration
is likely to slow and downgrades of these tranches are less likely
in the short term. As a result, the Outlooks on the class B and C
notes remain Negative and the class D and E notes have been removed
from RWN, assigned Negative Outlooks and all rated notes have been
affirmed. The Negative Outlooks reflect the risk of credit
deterioration over the medium term, due to the economic fallout
from the pandemic.

Weakening Portfolio Performance

As per the trustee report dated October 5, 2020, the aggregate
collateral balance was above par by 28bp. The trustee-reported
Fitch weighted average rating factor (WARF), Fitch weighted average
recovery rate (WARR) and Fitch CCC concentration limit (%) were not
in compliance with its test. Assets with a Fitch-derived rating
(FDR) of 'CCC' category or below represented 13.3% of the portfolio
(there is one unrated asset representing 0.9% of the portfolio), as
per Fitch's calculation on 31st October 2020. Assets with a FDR on
Negative Outlook represented 35.1% of the portfolio balance.

'B'/'B-' Portfolio Credit Quality

Fitch assesses the average credit quality of obligors in the
'B'/'B-' category. The Fitch WARF of the current portfolio was
38.57, as per Fitch's calculation, on October 31, 2020.

High Recovery Expectations

Approximately 99% of the portfolio comprises senior secured
obligations. Fitch views the recovery prospects for these assets as
more favourable than for second-lien, unsecured and mezzanine
assets. The Fitch weighted average recovery rate (WARR) of the
current portfolio was 62.96%, as per Fitch's calculation, on 31st
October 2020.

Diversified Portfolio

The portfolio is reasonably diversified across obligors, countries
and industries. Exposure to the top 10 obligors and the largest
obligor is 13.7% and 1.5%, respectively. The top three industry
exposures accounted for about 35.3%, as per Fitch's calculation.
Assets paying semi-annually account for 35.8% of the portfolio. As
of October 5, 2020, no frequency switch event had occurred.

RATING SENSITIVITIES

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

At closing, Fitch used a standardised stress portfolio (Fitch's
Stressed Portfolio) that was customised to the portfolio limits as
specified in the transaction documents. Even if the actual
portfolio shows lower defaults and smaller losses (at all rating
levels) than Fitch's Stressed Portfolio assumed at closing, an
upgrade of the notes during the reinvestment period is unlikely as
the portfolio credit quality may still deteriorate, not only
through natural credit migration, but also through reinvestments.

Upgrades may occur after the end of the reinvestment period on
better-than-expected portfolio credit quality and deal performance,
leading to higher credit enhancement and excess spread available to
cover for losses in the remaining portfolio.

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

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

Coronavirus Downside Sensitivity

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

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

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

DATA ADEQUACY

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

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


CVC CORDATUS XVI: Fitch Affirms B-sf Rating on Class F Debt
-----------------------------------------------------------
Fitch Ratings has affirmed CVC Cordatus Loan Fund VII and XVI DAC
and removed the junior tranches from Rating Watch Negative (RWN).

RATING ACTIONS

CVC Cordatus Loan Fund XVI DAC

Class A-1 XS2078646093; LT AAAsf Affirmed; previously AAAsf

Class A-2 XS2078646689; LT AAAsf Affirmed; previously AAAsf

Class B XS2078647497; LT AAsf Affirmed; previously AAsf

Class C-1 XS2078647901; LT Asf Affirmed; previously Asf

Class C-2 XS2078648545; LT Asf Affirmed; previously Asf

Class D XS2078649436; LT BBB-sf Affirmed; previously BBB-sf

Class E XS2078649782; LT BB-sf Affirmed; previously BB-sf

Class F XS2078650103; LT B-sf Affirmed; previously B-sf

Class X XS2078645954; LT AAAsf Affirmed; previously AAAsf

CVC Cordatus Loan Fund VII DAC

Class A-R XS1865597204; LT AAAsf Affirmed; previously AAAsf

Class B-1-R XS1865597543; LT AAsf Affirmed; previously AAsf

Class B-2-R XS1865597972; LT AAsf Affirmed; previously AAsf

Class C-R XS1865598350; LT Asf Affirmed; previously Asf

Class D-R XS1865598608; LT BBB-sf Affirmed; previously BBB-sf

Class E-R XS1865598947; LT BB-sf Affirmed; previously BB-sf

Class F-R XS1865598863; LT B-sf Affirmed; previously B-sf

TRANSACTION SUMMARY

Both deals are cash flow collateralised loan obligation (CLO)
comprising mostly senior secured obligations. The transactions are
within their reinvestment period and actively managed by collateral
manager, CVC Credit Partners Group Limited.

KEY RATING DRIVERS

Stable Portfolio Performance

As per the trustee report dated September 2, 2020 for CVC Cordatus
Loan Fund VII, the deal was below target par by only 60bp and all
coverage tests, Fitch-related collateral quality tests and
portfolio profile tests were passing. The Fitch-calculated weighted
average rating factor (WARF) of the portfolio as of October 31,
2020 was 33.22 compared with the trustee-reported 33.24. The
Fitch-calculated 'CCC' category or below assets (including unrated
assets) represented 7.09% of the portfolio against a 7.5% limit.

For CVC Cordatus Loan Fund XVI, as per the trustee report dated
September 4, 2020, the deal was below target par by only 26bp.
Except for the Fitch weighted average recovery rate (WARR) & top 10
obligor limit test, all other tests were passing. The
Fitch-calculated WARF of the portfolio was 33.53 compared with the
trustee-reported 33.56. The Fitch-calculated 'CCC' category or
below assets (including unrated assets) represented 5.23% of the
portfolio against a 7.5% limit.

Negative Outlook Reflects Coronavirus Stress

Fitch carried out a sensitivity analysis on the target portfolio to
determine the coronavirus baseline scenario. The agency notched
down the ratings for all assets with corporate issuers on Negative
Outlook regardless of sector. Such assets represent around 27% of
the portfolio in both deals.

For CVC Cordatus VII apart from class F all tranches show
resilience of ratings under this scenario. The class F notes show a
shortfall, while for class E the cushion is very small and remains
volatile at the current rating. For CVC Cordatus XVI, the class D,
E and F notes show sizeable shortfalls. However, Fitch expects that
the portfolio's negative rating migration is likely to slow, making
category-level downgrades on these tranches less likely in the
short term. As a result, these notes have been removed from RWN and
affirmed with outlook negative.The Negative Outlooks reflect the
risk of credit deterioration over the medium term, due to the
economic fallout from the pandemic.

Deviation from Model-Implied Ratings (MIR)

Fitch used a customised proprietary cash flow model to replicate
the principal and interest waterfalls and the various structural
features of the transactions, as well as to assess their
effectiveness, including the structural protection provided by
excess spread diverted through the par value and interest coverage
tests. The transactions were modelled using the current portfolios
and the current portfolios with a coronavirus sensitivity analysis.
Fitch's coronavirus sensitivity analysis was based on a stable
interest-rate scenario only but included the front-, mid- and
back-loaded default timing scenarios as outlined in Fitch's
criteria.

For CVC Cordatus XVI, the MIRs for the class E and F notes are one
notch below the current ratings. However, Fitch has deviated from
the MIR as the shortfalls for both tranches were driven only by the
back-loaded default timing scenario. Moreover, the class F notes
still have a limited margin of safety in the form credit
enhancement, for which Fitch deems the current rating as
appropriate. These ratings are in line with the majority of
Fitch-rated EMEA CLOs'.

B'/'B-' Portfolio Credit Quality

Fitch assesses the average credit quality of obligors in the
'B'/'B-' category.

High Recovery Expectations

At least 90% of the portfolios comprise senior secured obligations.
Fitch views the recovery prospects for these assets as more
favourable than for second-lien, unsecured and mezzanine assets.
The Fitch recovery rate of the portfolios are 65.1% and 64.8%,
respectively.

Well-Diversified Portfolios

The portfolios are well-diversified across obligors, countries and
industries. For both transactions, the top 10 obligors represent
around 17.9% and 14.5% of the portfolios, respectively. The
Fitch-defined top industry and top three industries are also within
the defined limits of 17.5% and 40%, respectively.

Both deals have around 45% of assets with semi-annual payment
frequency. However, no frequency switch event has occurred and both
transactions have healthy cushion on their senior interest coverage
ratio (ICR) compared with the frequency switch event ICR threshold
of 101%.

RATING SENSITIVITIES

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

At closing, Fitch used a standardised stress portfolio (Fitch's
stressed portfolio) that was customised to the portfolio limits as
specified in the transaction documents. Even if the actual
portfolio shows lower defaults and smaller losses (at all rating
levels) than Fitch's stressed portfolio assumed at closing, an
upgrade of the notes during the reinvestment period is unlikely.
This is because the portfolio credit quality may still deteriorate,
not only by natural credit migration, but also because of
reinvestment.

After the end of the reinvestment period, upgrades may occur in the
event of a better-than-expected portfolio credit quality and deal
performance, leading to higher credit enhancement and excess spread
available to cover for losses in the remaining portfolio.

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

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

Coronavirus Downside Scenario

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

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

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

DATA ADEQUACY

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

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


CVC CORDATUS XVIII: Moody's Rates EUR7.5MM Class F Notes 'B3'
-------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by CVC Cordatus Loan
Fund XVIII DAC:

EUR2,100,000 Class X Senior Secured Floating Rate Notes due 2034,
Definitive Rating Assigned Aaa (sf)

EUR226,900,000 Class A Senior Secured Floating Rate Notes due 2034,
Definitive Rating Assigned Aaa (sf)

EUR21,300,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aa2 (sf)

EUR10,600,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Definitive Rating Assigned Aa2 (sf)

EUR30,000,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2034, Definitive Rating Assigned A2 (sf)

EUR22,500,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2034, Definitive Rating Assigned Baa3 (sf)

EUR22,500,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2034, Definitive Rating Assigned Ba3 (sf)

EUR7,500,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2034, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

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

The Issuer is a managed cash flow CLO. At least 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 80% 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 six-month ramp-up period in compliance with the
portfolio guidelines.

CVC Credit Partners European CLO Management LLP 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 262,500 over 8 payment dates
starting on the second payment date.

In addition to the eight classes of notes rated by Moody's, the
Issuer will issue EUR 38,050,000 Class M-1 Subordinated Notes due
2034 and EUR 1,000,000 Class M-2 Subordinated Notes due 2034 which
are not rated. The Class M-2 Subordinated Notes accrue interest in
an amount equivalent to a certain proportion of the senior and
subordinated management fees and its notes' payment is pari passu
with the payment of the senior and subordinated management fees.

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

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

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

Methodology underlying the rating action:

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

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

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

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

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

Par Amount: EUR 375,000,000

Diversity Score: 43

Weighted Average Rating Factor (WARF): 3229

Weighted Average Spread (WAS): 3.90%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 44.5%

Weighted Average Life (WAL): 8.5years

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.


GRAND HARBOUR 2019-1: Fitch Affirms B-sf Rating on Class F Notes
----------------------------------------------------------------
Fitch Ratings has affirmed Grand Harbour CLO 2019-1 DAC. The
Outlook on the class D notes has been revised to Negative from
Stable.

RATING ACTIONS

Grand Harbour CLO 2019-1 DAC

Class A XS2020626953; LT AAAsf Affirmed; previously AAAsf

Class B-1 XS2020628140; LT AAsf Affirmed; previously AAsf

Class B-2 XS2020629114; LT AAsf Affirmed; previously AAsf

Class C XS2020629460; LT A+sf Affirmed; previously A+sf

Class D XS2020630120; LT BBB-sf Affirmed; previously BBB-sf

Class E XS2020630807; LT BB-sf Affirmed; previously BB-sf

Class F XS2020652108; LT B-sf Affirmed; previously B-sf

TRANSACTION SUMMARY

This is a cash flow CLOs mostly comprising senior secured
obligations. The transaction is within its reinvestment period
scheduled to end in 2024 and is actively managed by MeDirect Bank
(Malta) plc.

KEY RATING DRIVERS

Asset Performance Stable

The transaction is above par by 0.4% as of the latest investor
report available. All coverage tests are passing. All collateral
quality tests are passing other than Fitch's weighted average
rating factor (WARF) test (34.55 versus a minimum Fitch WARF of
34.00 as reported in latest investor report). Exposure to assets
with a Fitch derived rating of 'CCC+' and below is calculated as of
November 4, 2020 at 7.1% excluding unrated assets and 10.0%
including the unrated assets.

Negative Outlooks Based on Coronavirus Stress

Fitch has revised the Outlook on the class D notes to Negative and
the Outlooks on the class E and F notes remain Negative as a result
of a sensitivity analysis it ran in light of the coronavirus
pandemic. For the sensitivity analysis Fitch notched down the
ratings for all assets with corporate issuers with a Negative
Outlook (37.2% of the portfolio) regardless of sector and ran the
cash flow analysis based on the stable interest rate scenario. The
bottom three tranches show shortfalls under this scenario, which is
reflected in the Negative Outlooks.

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

'B'/'B-' Portfolio

Fitch assesses the average credit quality of the obligors to be in
the 'B'/'B-' category. The FitchWARF) calculated by Fitch as of
November 4, 2020 of the current portfolio (assuming unrated assets
are 'CCC') is 35.35 and by the trustee is 34.55, above the maximum
covenant of 34.00. The Fitch WARF would increase by 39.12 after
applying the coronavirus stress.

High Recovery Expectations

Of the portfolio, 98.5% comprises senior secured obligations. Fitch
views the recovery prospects for these assets as more favourable
than for second-lien, unsecured and mezzanine assets.

Portfolio Well Diversified

The portfolio is well diversified across obligors, countries and
industries. The top 10 obligor concentration is 17.4%, and no
obligor represents more than 1.9% of the portfolio balance.

Cash Flow Analysis

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

RATING SENSITIVITIES

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

At closing, Fitch used a standardised stress portfolio (Fitch's
Stressed Portfolio) that was customised to the portfolio limits as
specified in the transaction documents. Even if the actual
portfolio shows lower defaults and smaller losses (at all rating
levels) than Fitch's Stressed Portfolio assumed at closing, an
upgrade of the notes during the reinvestment period is unlikely as
the portfolio credit quality may still deteriorate, not only
through natural credit migration, but also through reinvestments.

Upgrades may occur after the end of the reinvestment period on
better-than-expected portfolio credit quality and deal performance,
leading to higher credit enhancement and excess spread available to
cover for losses in the remaining portfolio.

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

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

Coronavirus Downside Sensitivity

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

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

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

DATA ADEQUACY

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

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


INA'S KITCHEN: Majority Shareholder Opposes Examinership Petition
-----------------------------------------------------------------
Mary Carolan at The Irish Times reports that the High Court has
heard the majority shareholder in a Dublin-based producer of mainly
chocolate food products, employing 107 people, is to oppose what it
claims is a "deeply hostile" petition for examinership.

The petition for examinership concerns Ina's Kitchen Desserts Ltd,
based in Whitestown, Tallaght, whose registered business names are
Ina's Kitchen Desserts, Broderick's, Ina's Handmade Foods and
Broderick's Handmade, The Irish Times discloses.

The petition was brought in late October by Barry Broderick, a
director and 10% shareholder, and is supported by his brother
Bernard, and parents Ina and Michael Bernard Broderick, also
shareholders, The Irish Times recounts.

The Broderick family, which established the company some 26 years
ago, between them own 25% of the shareholding, and Starkane Ltd
owns the remainder, The Irish Times notes.  Starkane, The Irish
Times says, opposes the family's petition.

Mr. Justice Michael Quinn previously made directions for bringing
and advertising the petition which saw the matter return before him
on Nov. 10, The Irish Times recounts.

According to The Irish Times, John O'Donnell SC, for Barry
Broderick, said Starkane had described the petition as "deeply
hostile" when it was rather an attempt to protect the company and
its employees.

Counsel said Starkane had just provided his side with a "shadow"
independent expert's report (IER), which referred to matters not
previously discussed at board meetings, The Irish Times relates.
His side's independent expert, whose report was previously put
before the court, had sought information available to the shadow
expert, including concerning future funding, in order to have a
full picture of the company's situation, but had only got some
information, The Irish Times notes.

He hoped agreement could be reached about access to other
information but, if not, he would bring an application as it was in
the interests of all involved, including the court, that his side's
IER should be based on all the information available, according to
The Irish Times.

The court heard the two IERs clash on a number of matters,
including whether or not the company is solvent, The Irish Times
relays.  Starkane's IER maintains it is, while the petitioner's IER
has concluded it is unable to pay its debts as they fall due, but
has a reasonable prospect of survival provided certain conditions
are met, The Irish Times states.

Bernard Dunleavy SC, for the company and Starkane, said his side
regarded the petition as a "deeply hostile" one brought by a
"disgruntled" minority shareholder and would be opposing it, The
Irish Times notes.

He said the petition was never discussed with Starkane or the board
before being "deployed out of the blue", according to The Irish
Times.

Having heard the sides, the judge observed "some consideration"
will have to be given to the right of access of a
director/shareholder to company source documents, and that
Starkane's characterization of how the petition was brought was not
in itself a reason to withhold documents.

Having been told the petition will take two days to hear, he fixed
it for hearing from Nov. 23, The Irish Times discloses.


MADISON PARK XII: Fitch Affirms B-sf Rating on Class F Debt
-----------------------------------------------------------
Fitch Ratings has affirmed Madison Park Euro Funding XII DAC.

RATING ACTIONS

Madison Park Euro Funding XII DAC

Class A XS1861231667; LT AAAsf Affirmed; previously AAAsf

Class B1 XS1861232046; LT AAsf Affirmed; previously AAsf

Class B2 XS1861235908; LT AAsf Affirmed; previously AAsf

Class C XS1861236039; LT Asf Affirmed; previously Asf

Class D XS1861232806; LT BBB-sf Affirmed; previously BBB-sf

Class E XS1861233101; LT BB-sf Affirmed; previously BB-sf

Class F XS1861233366; LT B-sf Affirmed; previously B-sf

TRANSACTION SUMMARY

Madison Park Euro Funding XII DAC is a securitisation of mainly
senior secured loans (at least 96%) with a component of senior
unsecured, mezzanine and second-lien loans. The portfolio is
managed by Credit Suisse Asset Management. The reinvestment period
ends in April 2023.

KEY RATING DRIVERS

Coronavirus Baseline Sensitivity Analysis

The rating actions are a result of a sensitivity analysis Fitch ran
in light of the coronavirus pandemic. For the sensitivity analysis,
Fitch notched down the ratings for all assets with corporate
issuers on Negative Outlook regardless of sector. Under this
scenario the class C and D notes have small cushions, while the
class E and F notes experience shortfalls.

Fitch views that the portfolio's negative rating migration is
likely to slow following stabilising performance, making a
category-rating downgrade on the class E and F notes less likely in
the short term. As a result, both tranches have been affirmed and
removed from RWN. The Negative Outlook on the class C to F notes
reflects the risk of credit deterioration over the medium term, due
to the economic fallout from the pandemic. The Stable Outlooks on
the remaining tranches reflect the resilience of their ratings
under the coronavirus baseline sensitivity analysis.

Portfolio Performance Stabilises

As of the latest investor report dated October 6, 2020, the
transaction was only 1.56% below par and all portfolio profile
tests, coverage tests and Fitch collateral quality tests were
passing, except for the Fitch weighted average rating factor (WARF)
and Fitch 'CCC' portfolio profile test. As of the same report, the
transaction had five defaulted assets with a notional of EUR7.7
million. Exposure to assets with a Fitch-derived rating (FDR) of
'CCC+' and below was 9.36%. Assets with a FDR on Negative Outlook
were 18.91% of the portfolio balance.

'B'/'B-' Portfolio Credit Quality

Fitch assesses the average credit quality of the portfolio's
obligors in the 'B'/'B-' category. The Fitch WARF of the current
portfolio is 35.53 (assuming unrated assets are 'CCC') - above the
maximum covenant of 34, while the trustee-reported Fitch WARF was
35.39. After applying the coronavirus stress, the Fitch WARF would
increase by 3.41.

High Recovery Expectations

Senior secured obligations represent 98.67% of the portfolio. Fitch
views the recovery prospects for these assets as more favourable
than for second-lien, unsecured and mezzanine assets.

Diversified Portfolio

The portfolio is well-diversified across obligors, countries and
industries. The top-10 obligors represent 13.59% of the portfolio
balance with no obligor accounting for more than 1.7%. Around 40%
of the portfolio consists of semi-annual obligations but a
frequency switch has not occurred due to the transaction's high
interest coverage ratios.

Cash Flow Analysis

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

RATING SENSITIVITIES

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

The transaction features a reinvestment period and the portfolio is
actively managed. At closing, Fitch used a standardised stress
portfolio (Fitch's stressed portfolio) that was customised to the
portfolio limits as specified in the transaction documents. Even if
the actual portfolio shows lower defaults and smaller losses (at
all rating levels) than Fitch's stressed portfolio assumed at
closing, an upgrade of the notes during the reinvestment period is
unlikely, as the portfolio credit quality may still deteriorate,
not only through natural credit migration, but also through
reinvestments.

After the end of the reinvestment period, upgrades may occur in
case of better-than-initially expected portfolio credit quality and
deal performance, leading to higher credit enhancement for the
notes and excess spread available to cover for losses in the
remaining portfolio.

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

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

Coronavirus Downside Sensitivity

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

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

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

DATA ADEQUACY

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

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


PENTA CLO 5: Fitch Affirms B- Rating on Class F Debt
----------------------------------------------------
Fitch Ratings has affirmed Penta CLO 5 DAC. The class E and F notes
have been removed from Rating Watch Negative and assigned a
Negative Outlook.

RATING ACTIONS

Penta CLO 5 DAC

Class A-1 XS1843447779; LT AAAsf Affirmed; previously AAAsf

Class A-2 XS1843447340; LT AAAsf Affirmed; previously AAAsf

Class B-1 XS1843446458; LT AAsf Affirmed; previously AAsf

Class B-2 XS1843445997; LT AAsf Affirmed; previously AAsf

Class C XS1843444917; LT Asf Affirmed; previously Asf

Class D XS1843444248; LT BBBsf Affirmed; previously BBBsf

Class E XS1843444750; LT BBsf Affirmed; previously BBsf

Class F XS1843443604; LT B-sf Affirmed; previously B-sf

KEY RATING DRIVERS

Asset Performance Stable: The transaction is below par by 113bp as
of the latest investor report dated October 8, 2020. All portfolio
profile tests and coverage tests are passing. All collateral
quality tests are passing other than another agencies and Fitch's
weighted average rating factor (WARF) test (35.69 versus a maximum
Fitch WARF of 34). The transaction had EUR5,700,000, or 1.43% of
target par, of defaulted assets as of the same report. Exposure to
assets with a Fitch-derived rating (FDR) of 'CCC+' and below is
4.68% excluding unrated assets and 7.14% including the unrated
assets.

Negative Outlooks Reflect Coronavirus Stress: The affirmations
reflect the results of a sensitivity analysis Fitch ran in light of
the coronavirus pandemic. For the sensitivity analysis Fitch
notched down the ratings for all assets with corporate issuers with
a Negative Outlook (27.12% of the portfolio) regardless of sector
and ran the cash flow analysis based on a stable interest-rate
scenario. The class D, E and F notes have breakeven default-rate
shortfalls under this cash flow model stress, whereas all other
notes have a cushion. The Negative Outlook reflects the risk of
credit deterioration over the medium term due to the economic
fallout from the pandemic. The Rating Watch Negative was removed
from the notes as Fitch no longer expects a downgrade in the near
term given the portfolio's stable performance.

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

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors in the 'B'/'B-' category. The Fitch-calculated WARF of
the current portfolio is 35.69 (assuming unrated assets are 'CCC')
above the maximum covenant of 34. The Fitch WARF would increase to
38.6 after applying the coronavirus stress.

High Recovery Expectations: Senior secured obligations represent
99.6% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-calculated weighted average recovery
rate (WARR) of the current portfolio is 64.25%.

Portfolio Well-Diversified: The portfolio is well-diversified
across obligors, countries and industries. The top-10 obligor
concentration is 12.17%, and no obligor represents more than 1.6%
of the portfolio balance.

Junior Notes Deviate from Model-Implied Ratings: Both the class E
and F ratings are a notch higher than the model-implied ratings. In
Fitch's view the current rating remains appropriate as only small
breakeven default-rate shortfalls were present in a back-loaded
default timing scenario.

RATING SENSITIVITIES

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

At closing, Fitch used a standardised stress portfolio (Fitch's
stressed portfolio) that was customised to the portfolio limits as
specified in the transaction documents. Even if the actual
portfolio shows lower defaults and smaller losses (at all rating
levels) than Fitch's stressed portfolio assumed at closing, an
upgrade of the notes during the reinvestment period is unlikely as
the portfolio credit quality may still deteriorate, not only
through natural credit migration, but also through reinvestments.

Upgrades may occur after the end of the reinvestment period on
better-than-expected portfolio credit quality and deal performance,
leading to higher credit enhancement and excess spread available to
cover for losses in the remaining portfolio.

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

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

Coronavirus Downside Sensitivity

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

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

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

DATA ADEQUACY

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

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


ST. PAUL'S CLO VI: Fitch Affirms B-sf Rating on Class E-R Debt
--------------------------------------------------------------
Fitch Ratings has affirmed St. Paul's CLO VI Designated Activity
Company, and removed two tranches from Rating Watch Negative
(RWN).

RATING ACTIONS

St. Paul's CLO VI DAC

Class A-1-R XS1859534916; LT AAAsf Affirmed; previously AAAsf

Class A-2A-R XS1859535566; LT AAsf Affirmed; previously AAsf

Class A-2B-R XS1859537851; LT AAsf Affirmed; previously AAsf

Class B-R XS1859538073; LT A+sf Affirmed; previously A+sf

Class C-R XS1859538230; LT BBBsf Affirmed; previously BBBsf

Class D-R XS1859537349; LT BB-sf Affirmed; previously BB-sf

Class E-R XS1859538404; LT B-sf Affirmed; previously B-sf

TRANSACTION SUMMARY

St. Paul's CLO VI DAC is a cash flow collateralised loan obligation
(CLO) of mostly European leveraged loans and bonds. The transaction
exited its reinvestment period in July 2020 and the portfolio is
actively managed by Intermediate Capital Managers Limited.

KEY RATING DRIVERS

Coronavirus Baseline Scenario Impact

Fitch carried out a sensitivity analysis on the current portfolio
for its coronavirus baseline scenario. The agency notched down the
ratings for all assets with corporate issuers on Negative Outlook
regardless of sector. This scenario demonstrates the resilience of
the ratings of the class A-1-R, A-2A-R, A-2B-R and B-R notes with
cushions. The class D-R notes have a marginal cushion while the
class C-R and E-R notes have marginal shortfalls in this scenario.

The agency believes that the portfolio's negative rating migration
is likely to slow and downgrades of these tranches are less likely
in the short term. As a result, the Outlook on the class C-R notes
remains Negative and the class D-R and E-R notes have been removed
from RWN, assigned Negative Outlooks and all rated notes have been
affirmed. The Negative Outlooks reflect the risk of credit
deterioration over the medium term, due to the economic fallout
from the pandemic.

Weakening Portfolio Performance

As per the trustee report dated October 13, 2020, the aggregate
collateral balance was below par by 64bp. The trustee-reported
Fitch weighted average rating factor (WARF), Fitch 'CCC'
concentration limit (%) and weighted average life (WAL) were not in
compliance with its test. Assets with a Fitch-derived rating (FDR)
of 'CCC' category or below represented 13.24% of the portfolio
(there is one unrated asset representing 0.4% of the portfolio), as
per Fitch's calculation on October 31, 2020. Assets with an FDR on
Negative Outlook represented 31.6% of the portfolio balance.

'B'/'B-' Portfolio Credit Quality

Fitch assesses the average credit quality of obligors in the
'B'/'B-' category. The Fitch WARF of the current portfolio was
36.26, as per Fitch's calculation, on October 31, 2020.

High Recovery Expectations

Approximately 98% of the portfolio comprises of senior secured
obligations. Fitch views the recovery prospects for these assets as
more favourable than for second-lien, unsecured and mezzanine
assets. The Fitch weighted average recovery rate (WARR) of the
current portfolio was 63.51%, as per Fitch's calculation, on
October 31, 2020.

Diversified Portfolio

The portfolio is reasonably diversified across obligors, countries
and industries. Exposure to the top 10 obligors and the largest
obligor is 16.5% and 2.2%, respectively. The top three industry
exposures accounted for about 38.8%, as per Fitch's calculation.
Assets paying semi-annually account for approximately 33.0% of the
portfolio. As of October 13, 2020, no frequency switch event had
occurred.

Deviation from Model-Implied Ratings

The model-implied rating for the class A-2A-R, A-2B-R, C-R notes is
one notch above their respective current ratings and for the class
D-R notes two notches above its current rating. Fitch has deviated
from the model-implied rating for the four classes given the
marginal cushions at the model-implied ratings. The transaction has
not yet started deleveraging. The agency will analyse the impact on
the notes' credit enhancement following amortisation of the
portfolio.

RATING SENSITIVITIES

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

A reduction of the mean rating default rate (RDR) at all rating
levels by 25% and an increase in the rating recovery rate (RRR) by
25% at all rating levels would result in upgrades of no more than
three notches across the structure.

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

An increase of the mean RDR at all rating levels by 25% and a
decrease of the RRR by 25% at all rating levels would result in
downgrades of two to three notches across the structure, except for
the class A-1-R notes whose rating would be unaffected in this
scenario.

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

Coronavirus Downside Sensitivity

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

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

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

DATA ADEQUACY

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

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




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

ALTISOURCE SARL: Moody's Confirms Caa1 CFR, Outlook Negative
------------------------------------------------------------
Moody's Investors Service confirmed Altisource S.a.r.l.'s Caa1
corporate family rating and long-term senior secured bank credit
facility rating, concluding the review for downgrade initiated on
March 13, 2020 and extend on August 7, 2020, following the
downgrade of the ratings. The review was prompted by the
announcement from Altisource about the uncertainty surrounding the
revenues for downstream services that Altisource provides to Ocwen
Loan Servicing, LLC, the operating subsidiary of PHH Mortgage
Corporation (Caa1 negative) on the loan portfolios owned by New
Residential Investment Corp. (B1 stable). The outlook is negative.

Confirmations:

Issuer: Altisource S.a.r.l.

Corporate Family Rating, Confirmed at Caa1

Senior Secured Bank Credit Facility, Confirmed at Caa1

Outlook Actions:

Issuer: Altisource S.a.r.l.

Outlook, Changed to Negative from Rating Under Review

RATINGS RATIONALE

The confirmation of Altisource's ratings reflects Moody's
expectation that the company's profitability will remain under
pressure over the next several quarters due to challenging
operating conditions. However, the company has an adequate
liquidity runway over the next 12-18 months to improve its
profitability by taking advantage of increasing opportunities in
default-related services. Additionally, the company's standalone
credit profile benefits from the partial repayment of its senior
secured term loan, which reduces the risk of near-term default
because no principal payments are required until the loan matures
in April 2024.

The company has experienced an approximately 41% decline in total
revenue year-to-date 2020 compared to the year ago period, from the
transition of downstream services that Altisource provides to Ocwen
Loan Servicing, LLC, the operating subsidiary of PHH Mortgage Corp.
on the loan portfolios owned by New Residential Investment Corp.,
as well as from the decline in default-related revenues stemming
from moratoriums on foreclosures and evictions.

Altisource's caa1 standalone assessment reflects the company's
revenue concentration in default management related services and
its continued reliance for a large percentage of its revenues on
the servicing portfolios of PHH Mortgage Corp., the loss of which
would likely weaken the company's credit profile, absent any
mitigating actions. It also reflects the firm's historically strong
cash flow and solid liquidity profile.

With the company's senior secured debt maturing in April 2024,
Altisource has time to develop its non-Ocwen, non-New Residential
businesses and reduce expenses to reflect lower revenues.
Altisource's liquidity profile also benefits from approximately
$97.2 million in cash and available for sale securities as of
September 30, 2020. To date, Altisource has used the net proceeds
from the sale of several businesses and a portion of the equity
shares it holds in Front Yard Residential Corp. Were Altisource to
announce a tender offer for its senior secured term loan at or
around its current trading price of $72.38, Moody's would likely
consider the transaction a distressed exchange.

The negative outlook for Altisource reflects Moody's view that
challenging operating conditions will continue to pressure the
company's revenues and profitability and slow its diversification
efforts away from Ocwen and New Residential, over the next 12-18
months. Moody's expects Altisource's default-related businesses to
continue to be negatively impacted by coronavirus-related
governmental measures, including forbearance plans, as well as
foreclosure and eviction moratoriums which may be extended.

Industry-wide mortgage default referrals have decreased
significantly from pre-coronavirus levels due to governmental
moratoriums and forbearance programs which temporarily prevent
servicers from pursuing foreclosure of delinquent loans, and
consequently Altisource from providing its default-related services
to servicers. However, as the overall market for default related
services stabilizes, higher delinquencies should result in
opportunities for Altisource to grow its default-related revenues.

The rapid and widening spread of the coronavirus outbreak has led
to a severe and extensive credit shock across many sectors, regions
and markets. Given Moody's expectation for deteriorating asset
quality, profitability, capital and liquidity, the residential
mortgage sector is among those most affected by this credit shock.
Moody's regards the coronavirus outbreak as a social risk under its
environmental, social and governance (ESG) framework, given the
substantial implications for public health and safety. The rating
action reflects the negative effects on Altisource of the breadth
and severity of the shock, and the risk of deterioration in
profitability, capital and liquidity it has triggered.

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

Since Altisource has a negative outlook, a ratings upgrade is
unlikely over the next 12-18 months. The outlook could return to
stable if Moody's were to assess sufficient certainty around future
revenues and earnings for default-related services or if the
company was able to mitigate any revenue and earnings loss.

Altisource's ratings could be downgraded if Moody's were to assess
a likely further material reduction in revenues, for example as a
result of the extension of governmental restrictions on evictions
and foreclosures, that would result also in a material reduction in
profitability or if Altisource's historically strong cash flows
were unlikely to be restored over the near term. The ratings could
also be downgraded if Moody's determines that there is an increased
risk of a distressed exchange, if the company's profitability and
leverage meaningfully deteriorate, or if its liquidity materially
weakens.

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



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

AERNNOVA AEROSPACE: Fitch Lowers LT IDR to B, Outlook Negative
--------------------------------------------------------------
Fitch Ratings has downgraded Spanish aerostructures and components
producer Aernnova Aerospace S.A.U.'s Long-Term Issuer Default
Rating (IDR) to 'B' from 'B+'. The Outlook remains Negative. Fitch
has also has downgraded the company's senior secured rating to 'B+'
from 'BB-'.

The downgrade is driven by a slower-than-expected rebound of
Aernnova's operating performance. This is due to expected slow
recovery of production and deliveries of passenger airplanes
following Fitch's forecast of slower rebound of global air traffic
to pre-pandemic levels. Material reduction of demand from original
equipment manufacturers (OEMs) and expected constrained growth in
the medium term will lead to a significant rise in funds from
operations (FFO) gross leverage far above its previous negative
sensitivity of 6.0x in 2020. Its base case forecasts FFO gross
leverage to be above 6.0x until 2023 when it should start to
improve towards 6.5x.

The Negative Outlook reflects the currently challenging environment
in the aviation industry and uncertainty around its recovery, which
directly affects demand from OEMs, particularly Aernnova's key
customer Airbus SE (BBB+/Negative), and related aerospace
suppliers. Fall in demand has resulted in Aernnova's squeezed FFO
and free cash flow (FCF) generation in 2020. Prolonged
deterioration of FFO generation may erode Aernnova's FCF and affect
its currently sound liquidity, which is the key supporting factor
for the current rating.

KEY RATING DRIVERS

Profitability Metrics Weaker Than Expected: Fitch forecasts revenue
to decrease about 25% in 2020 versus a previously expected high
single-digit decline. This will result in severe deterioration of
EBIT and FFO margins in 2020 to be below its 'b' midpoints under
Fitch's Navigator tool for Aerospace and Defense (A&D) of 5% and
6%, respectively. Delayed recovery of the industry will further
constrain the rebound in revenue and profitability metrics. FFO and
EBIT margins are unlikely to return to pre-pandemic levels until
2023-2024. For 2016-2019 FFO margin was 14%-18% and EBIT margin was
13%-16%.

Delayed Recovery of Leverage: Fitch's expectation of lower FFO in
2020 will lead to a substantial deterioration in FFO gross leverage
far above its previous negative sensitivity of 6.0x. Fitch expects
this large spike in leverage will be temporary and Aernnova's
leverage metrics will improve from 2021. Ongoing cost-saving
measures, including headcount reduction and revision of capex,
should improve deleveraging capacity. Nevertheless, forecast slow
recovery of the industry will postpone deleveraging, with FFO gross
leverage of about 6.5x in 2023 and 5.5x in 2024. This is broadly in
line with the 'b' midpoint of 6x under Fitch's Navigator for A&D.

Slow Recovery of Industry: Fitch expects the recovery of global
airline traffic to be further delayed by ongoing waves of the
pandemic. Fitch now expects traffic to be more than 30% lower in
2021 versus its 2019 baseline, as compared with the previous
assumption of 20%. Traffic is not expected to return to 2019 levels
globally until 2024, with a varied pace of recovery across regions.
Production of aircraft is unlikely to return to pre-pandemic levels
until 2025-2026, which will materially affect the financial profile
of OEMs and related aerospace suppliers.

Significant Exposure to Commercial End-Market: More than 90% of
Aernnova's revenue is exposed to the commercial aerospace
end-market. Moreover, about 30% of revenue in 1H20 was driven by
wide-body (WB) aircraft production, which Fitch expects to decrease
more than that for narrow-body aircraft. The decrease of demand for
commercial aircraft is likely to result in materially weaker 2020
financial performance, and still lower in 2021-2023 following the
slow recovery trajectory of the industry.

Material Demand Hit from Airbus: Airbus, which generates more than
half of Aernnova's revenue, has materially reduced production rates
in response to the pandemic, particularly for WB aircraft. In line
with Fitch's base case aircraft deliveries from Airbus will plunge
40% yoy in 2020 and is expected to be roughly unchanged in 2021,
before gradually rising in 2022 by 12% yoy and by 14% in 2023. This
reduction will materially depress the Aernnova's revenue generation
capacity. Nevertheless, Fitch believes that the company will be
able to gradually rebound from 2022.

Long-Term Relationship Helps: Aernnova's expected rebound will be
supported by the strong, long-term relationship the company has
with Airbus. The numerous successful Airbus programmes in which
Aernnova participates and the difficulty in replacing Aernnova in
most programmes will support its cash flow generation in
long-term.

Limited Business Profile: The rating is constrained by Aernnova's
narrow scale of operations, characterised by low product and
end-market diversification, moderate commercial aerospace programme
concentration and a low share of revenue derived from aftermarket
activities. The company has some end-market exposure to
non-aerospace sectors such as automotive, although this is small.

Robust Underlying Cash Flow: Aernnova entered the coronavirus
pandemic with very strong cash flow generation for the rating,
although it is not unusually high relative to some sector peers.
Its FFO margin of 14%-18% and the FCF margin of over 3% during
2016-2019 were strong for the rating. The expected deterioration of
operating activity will stress FFO generation and erode FCF in
2020. Fitch takes a positive view of Aernnova's implemented cost
optimisation and management's strong intent to return profitability
to pre-crisis levels in the medium term. It should help restore
cash flow generation to historical levels following a gradual
market recovery.

Senior Secured Rating Downgrade: Aernnova's EUR490 million senior
secured term loan B (TLB) has good recovery prospects, as reflected
in a Recovery Rating of 'RR3'. However, the senior secured rating
has been downgraded to 'B+' (63% recoveries) from 'BB-' (70%)
following the downgrade of Aernnova's IDR. In addition, the changed
market environment has resulted in a downsized Aernnova. Based on
that Fitch has revised going-concern EBITDA to about EUR90 million
from previously EUR100 million which impacts the recovery
percentage.

DERIVATION SUMMARY

Aernnova operates as a Tier1/Tier2 supplier in the aerospace &
defence industry and has good long-term relationship with its key
customer, Airbus.

Aernnova is much smaller than that of higher rated peers such as
MTU Aero Engines AG (BBB/Negative) and Leonardo S.p.A.
(BBB-/Negative). Historically, Aernnova's FFO and FCF margins were
comparable with those of 'BBB' category peers, including MTU Aero
Engines and Leonardo. The current difficult market environment will
depress FFO generation until 2021 when it is expected to gradually
rebound following the recovery in the industry. Squeezed FFO
margins are also common for Aernnova's higher rated peers.

Aernnova's rating is constrained by a historically weaker capital
structure in comparison with MTU Aero Engines and Leonardo. Fitch
forecasts a large spike in Aernnova's leverage in 2020 far above
6.0x, a 'b' midpoint under Fitch Navigator for A&D. Following the
expected recovery in the industry Fitch forecasts gradual
improvement of leverage metrics, but at a slower pace than expected
previously. Fitch forecasts FFO leverage of 6.5x and 6.0x on a
gross and net basis, respectively, by 2023.

Aernnova's high leverage is not uncommon for companies in the 'B'
rating category and it compares favourably with that of peers such
as Al Convoy (Luxemburg) S.a.r.l. (B/Stable) with expected FFO
gross leverage over 6.0x by end-2020.

KEY ASSUMPTIONS

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

  - High double-digit decline of revenue in 2020 as a result of
weaker demand from OEMs. Gradual recovery from 2021 averaging at
10% p.a.

  - Compressed EBITDA margin in 2020 at below 10% as a result of
squeezed revenue generation accompanied with high operating costs.
Rebound of EBITDA margin from 2021 to about 15% by 2023

  - Capex at 5% of revenue in 2020 and 2.5% in 2021-2022, before
slightly increasing to 3% in 2023

  - No M&A activity

  - No regular dividend payments for the next three years

Key Recovery Rating Assumptions:

  - The recovery analysis assumes that Aernnova would be considered
a going-concern in bankruptcy and that it would be reorganised
rather than liquidated. This is driven by Aernnova's long-term
record and sustainable business, long-term relationships with
customers, and historically healthy FCF generation.

  - Fitch has revised Aernnova's post-reorganisation, going-concern
EBITDA following the secular trends in the industry. Its
going-concern EBITDA is currently estimated at about EUR92 million

  - An enterprise value (EV) multiple of 5.5x is used to calculate
a post-reorganisation valuation, and is comparable with multiples
applied to other aerospace & defence peers

  - A 10% administrative claim

  - Fitch deducts about EUR63 million from the EV relating to the
company's various factoring facilities

  - Its going-concern EV is estimated at around EUR393 million

  - Fitch estimates the total amount of senior debt for claims at
EUR625 million, which includes secured TLB of EUR483 million,
secured revolving credit facility (RCF) of EUR100 million and
unsecured bilateral loans of EUR22 billion and other loans of EUR20
million guaranteed by the Spanish government

  - These assumptions result in a recovery rate for the senior
secured TLB and RCF within the 'RR3' range to generate a one-notch
uplift to the debt rating from the IDR.

  - The principal waterfall analysis output percentage on current
metrics and assumptions is 63%.

RATING SENSITIVITIES

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

  - FFO gross leverage below 6x on a sustained basis

  - FCF margin above 3% on sustained basis

  - FFO margin above 10%

  - Increased customer and end-market diversification

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

  - FFO gross leverage above 7.5x

  - An increase in FCF volatility

  - FFO interest coverage below 2x

  - FFO margin under 8%

LIQUIDITY AND DEBT STRUCTURE

Sound Liquidity Position: In 1H20 Aernnova has fully drawn down its
long-term TLB of EUR490 million and partly used it for the
refinancing of bank debt totalling about EUR280 million. To support
liquidity management has suspended dividend payment.

To preserve its cash position the company drew about EUR22 million
of bilateral loans and attracted EUR20 million loans guaranteed by
the Spanish government.

As at end-September 2020 Aernnova held around EUR185 million of
readily available cash (adjusted for about EUR5 million by Fitch)
that is sufficient to cover short-term amortisation of
public-institution debt (up to EUR20 million), short-term bilateral
loans of EUR22 million and potentially negative FCF of about EUR20
million in the next 12 months. Liquidity is also supported by an
available committed RCF of EUR100 million due in 2026.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.


CODERE SA: Moody's Affirms Caa3 CFR & Alters Outlook to Stable
--------------------------------------------------------------
Moody's Investors Service affirmed Codere S.A.'s corporate family
rating at Caa3 and the company's probability of default rating
(PDR) at Caa3-PD/LD. Concurrently, Moody's affirmed the rating of
the EUR250 million guaranteed super senior secured notes (SSSNs)
due September 2023 at B3 and the rating of the EUR500 million and
USD300 million guaranteed senior secured notes (SSNs) now due
November 2023 at Caa3, issued by Codere Finance 2 (Luxembourg) S.A.
The outlook on the ratings has been changed to stable from
negative.

Moody's has appended Codere's Caa3-PD PDR with the "/LD" limited
default designation because Moody's views the bond maturity
extension as a distressed exchange, which is an event of default
under Moody's definition of default. Moody's will remove the "/LD"
designation from the company's PDR after three days.

On October 30, 2020, Codere announced the completion of its
refinancing transaction [1] following the funding of the EUR165
million second tranche of the SSSNs on the October 28, 2020 [2].
The proceeds were used to repay the existing revolving credit
facility, provide additional liquidity and pay for the remaining
fees and expenses. The EUR85 million first tranche was funded at
the end of July. At completion, the amendments to the SSNs
documentation also became effective, including the two-year
maturity extension to November 2023 and the introduction of a
minimum liquidity covenant set at EUR40 million. The interest rate
on the SSNs was changed from a full cash-pay coupon to a
combination of cash-pay and PIK toggle mechanism, at the company's
option. The interest rate on the SSSNs was also changed from 12.75%
to 10.75%.

RATINGS RATIONALE

The rating action balances the improvements in Codere's debt
maturity profile and liquidity thanks to the extension in debt
maturities from 2021 to 2023 and the cash injection from
bondholders, with the fact that the overall debt burden will
continue to increase and the company will remain challenged to
generate positive free cash flow (FCF). The sustainability of the
capital structure is uncertain, which could lead to another debt
restructuring and distressed exchange if the company is unable
recover its pre-coronavirus profitability or maintain sufficient
liquidity.

The transaction will increase Codere's total gross financial debt
burden to EUR1.1 billion, up from EUR900 million in December 2019.
The debt will continue to rise over the next two years because of
Moody's expectations that the company will pay the eligible
interest in kind, representing an additional EUR50-55 million per
annum. In this context, the sustainability of the capital structure
remains a key concern as EBITDA growth prospects are relatively
limited over the next two years.

Moody's believes that a sustained recovery in the company's
profitability will be constrained by the tenuous macroeconomic
recovery Moody's forecasts for 2021. Moody's expects that consumer
spending will suffer and gross gaming revenue is not likely to
return to pre-coronavirus levels before 2022, at the earliest.
There are also risks associated with adverse foreign exchange
movements, in particular the Mexican and Uruguayan pesos, which
have weakened by 15-20% against the Euro since the beginning of
2020 and the continuous depreciation of the Argentinian peso.

Additionally, the risk of renewed lockdowns is materializing across
Europe. Italy recently announced the closure of betting shops,
arcades and bingo halls for at least a month while Spain limited
restrictions to a night-time curfew and temporary closure of bars
and restaurants in certain regions like Catalonia. As the pandemic
evolves, the gaming sector is at the forefront of the new
restrictions because of the non-essential nature of gaming
facilities and the risk of more disruption for Codere is still high
given its low exposure to the online segment.

Nevertheless, the stable outlook reflects Moody's view that Codere
is more resilient to the second wave disruptions than before the
transaction. The company is now better prepared as its management
sought to address liquidity requirements for the next 12 months.
Moreover, the recent restart of operations in Latin America will
provide a backstop, in contrast to the first wave when all
countries closed gaming facilities at the same time.

Moody's also positively views the company's ability to materially
reduce its fixed monthly costs by 60% in the second quarter mainly
thanks to government support through the various furlough schemes
and waivers of lease payments negotiated with landlords.

LIQUIDITY

Moody's considers Codere's liquidity to be weak. Pro-forma the
transaction, the company had an estimated EUR128 million of cash on
balance sheet as of October 31, 2020. Despite the absence of
maturities until 2023, Moody's forecasts that free cash flow will
remain negative in the range of EUR25-50 million per year in 2021
and 2022. This is primarily explained by the EUR70-80 million
deferred payables accumulated since the beginning of the lockdown
and related to the postponement of payments negotiated with
suppliers, authorities and landlords. In the absence of additional
liquidity, Moody's estimates that the company could breach its
minimum liquidity covenant in 2022. The timing and cost of license
renewals in Argentina and Italy could further pressure the
company's liquidity.

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

Upward pressure on the ratings could arise if the company achieves
a sustainable recovery in profitability leading to positive free
cash flow. A positive rating action would require that Codere
addresses its capital structure in a manner that leaves it with
adequate liquidity.

The ratings could be downgraded if there is a heightened risk of a
default including a debt restructuring, which would cause lower
recoveries than those implied by the Caa3 CFR.

STRUCTURAL CONSIDERATIONS

The super senior notes are rated B3, three notches above the
current CFR, due to priority over the proceeds in an enforcement
under the Intercreditor Agreement. The senior secured notes are
rated Caa3, in line with the CFR. The Caa3-PD/LD PDR is in line
with the CFR, reflecting the 50% expected family recovery rate
driven by the bond only capital structure with a single financial
covenant in the form of a minimum liquidity monthly test set at
EUR40 million. Moody's expects Codere will likely breach this
covenant over the next two years based on current free cash flow
forecasts.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Gaming
Methodology published in October 2020.

COMPANY PROFILE

Founded in 1980 and headquartered in Madrid (Spain), Codere is an
international gaming operator. The company is present in nine
countries where it has market leading positions: Spain and Italy in
Europe and Mexico, Argentina, Uruguay, Panama and Colombia in Latin
America. In 2019, the company reported operating revenue of
EUR1,389 million and adjusted EBITDA of EUR319 million post IFRS
16.


FTPYME TDA 4: Moody's Affirms C Rating on EUR29.3MM Class D Notes
-----------------------------------------------------------------
Moody's Investors Service upgraded the rating of Class C Notes in
FTPYME TDA CAM 4, FTA. The rating action reflects the increased
levels of credit enhancement for the affected Notes.

Moody's affirmed the ratings of the Notes that had sufficient
credit enhancement to maintain their respective current ratings.

EUR66 million Class B Notes, Affirmed Aa1 (sf); previously on Jan
23, 2020 Affirmed Aa1 (sf)

EUR38 million Class C Notes, Upgraded to Baa3 (sf); previously on
Jan 23, 2020 Upgraded to Ba3 (sf)

EUR29.3 million Class D Notes, Affirmed C (sf); previously on Jan
23, 2020 Affirmed C (sf)

FTPYME TDA CAM 4, FTA is an ABS backed by small to medium-sized
enterprises (ABS SME) loans located in Spain. This deal closed in
2006 and was originated by Caja de Ahorros del Mediterraneo
("CAM"), now part of Banco Sabadell, S.A. (Baa2/P-2).

RATINGS RATIONALE

The rating action is prompted by an increase in credit enhancement
for the affected tranche.

The credit enhancement (CE) for Class C Notes has increased to
27.2% from 15.6% since the last rating action taken on this deal
last January 2020 while the Class B Notes CE has increased during
the same period to 83.0% from 63.9%.

The rating of the Class C Notes in FTPYME TDA CAM 4, FTA
incorporates a small amount of losses related to lack of accrued
interest on interest resulting from the Notes not receiving
interest for four years until September 2017 following an interest
deferral trigger breach.

Revision of Key Collateral Assumptions:

As part of the rating action, Moody's reassessed its default
probability for the portfolio reflecting the collateral performance
to date.

The performance of the transaction has slightly deteriorated over
the last year. Total delinquencies have increased in the past year,
with 90 days plus arrears currently standing at 1.12% of current
pool balance. Cumulative defaults currently stand at 7.94% of
original pool balance up from 7.92% a year earlier.

Moody's maintained its default probability on current balance and
recovery rate assumptions, as well as portfolio credit enhancement
("PCE"), due to observed pool performance in line with
expectations.

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

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

Counterparty Exposure

The rating action took into consideration the Notes' exposure to
relevant counterparties, such as servicer, account banks or swap
providers.

Moody's considered how the liquidity available in the transactions
and other mitigants support continuity of Note payments, in case of
servicer default, using the CR assessment as a reference point for
servicers.

Moody's also assessed the default probability of the account bank
providers by referencing the bank's deposit rating.

Principal Methodology

The principal methodology used in these ratings was "Moody's Global
Approach to Rating SME Balance Sheet Securitizations" published in
May 2020.

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

Factors or circumstances that could lead to an upgrade of the
ratings include (1) performance of the underlying collateral that
is better than Moody's expected; (2) an increase in available
credit enhancement; (3) improvements in the credit quality of the
transaction counterparties; and (4) a decrease in sovereign risk.

Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk; (2) performance
of the underlying collateral that is worse than Moody's expected;
(3) deterioration in the Notes' available credit enhancement; and
(4) deterioration in the credit quality of the transaction
counterparties.




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

COUNTRYWIDE: Closes Branches Amid Efforts to Avert Administration
-----------------------------------------------------------------
Business Sale reports that a number of branches of the Countrywide
estate agency chain have been forced to close their doors
permanently as the company battles to avoid entering
administration.

The group is facing difficult financial times as a result of the
coronavirus pandemic which has already forced some Countrywide
branches to delay reopening, Business Sale discloses.

Last month, the firm announced plans to raise GBP165 million in an
attempt to restructure existing debt, Business Sale recounts.
However, it confirmed this week that Connells had signalled their
intention to put forward a bid should the group enter
administration, Business Sale notes.

A statement from Countrywide revealed Connells has offered an
indicative approach at 250p a share in cash, which would take the
chain back to private ownership, Business Sale relates.

According to Business Sale, commenting on the offer, a statement
from Connells revealed that it felt the business needed a new
management team and strategy to help it turn around.


INTU PROPERTIES: Trafford Centre Put Under New Management
---------------------------------------------------------
Rebecca Day and Sophie Halle-Richards at Manchester Evening News
report that The Trafford Centre is under new management from Nov.
10 after parting ways with owner intu.

The announcement was made on the shopping centre's Facebook page on
Nov. 10, Manchester Evening News relates.

Following the appointment of a new owner, a fresh team of managers
will now take over the Greater Manchester landmark, Manchester
Evening News discloses.

The news comes after the 207,000 square metre complex was on the
brink of closure after previous owners Intu tumbled into
administration in June after struggling with GBP5 billion debts,
Manchester Evening News notes.

Back in June, Intu said it has filed to appoint James Robert
Tucker, Michael Robert Pink and David John Pike from KPMG as
administrators for the company, Manchester Evening News recounts.


QUALIA: FCA Takes Fortem to Court Over Investment Scheme Link
-------------------------------------------------------------
Rachel Mortimer at FTAdviser reports that the Financial Conduct
Authority has taken two individuals and one company to the High
Court over alleged links to an unauthorized collective investment
scheme thought to have lost investors at least GBP30 million.

In a statement on Nov. 10. the regulator confirmed it had begun
court proceedings against Robin Forster, Fortem Global Limited and
Richard Tasker, as part of an investigation into an investment
scheme it alleged had raised about GBP50 million to be invested in
care homes across the UK, FTAdviser relates.

The FCA claimed Fortem Global Limited had been the main promoter of
the schemes, but none of the promotional material has been approved
by an authorized person, FTAdviser discloses.

According to FTAdviser, the regulator said the unauthorized schemes
were established and operated by two of Mr. Forster's companies
which are currently in administration -- Qualia Care Developments
Limited and Qualia Care Properties Limited.

Before collapsing into administration, the FCA, as cited by
FTAdviser, said the two companies had owned 13 care homes in the
north east of England in which they claimed to sell investments in
rooms.

The City watchdog said the scheme had collected millions from
investors since 2016 and a "number of misleading statements or
impressions" were given to potential clients, including unrealistic
levels of return of between 8% and 10% a year, FTAdviser relays.

The FCA said the court action was intended to secure injunctions
and restitution for investors, FTAdviser notes.


STA TRAVEL: Cash Tied to Bond Collateral at Time of Administration
------------------------------------------------------------------
Ian Taylor at Travel Weekly reports that youth travel agency STA
Travel went into administration in August "with a lot of cash" tied
up as collateral for bonds and with "tens of millions tied up with
Iata".

The experience has led STA Travel former finance director and group
treasurer Anthony Mercer to believe UK travel firms should switch
to trust arrangements to provide consumer financial protection,
Travel Weekly relates.

According to Travel Weekly, Mr. Mercer warned a Barclays travel
industry 'state of the nation' webcast "it's going to be a tough 12
months" and advised: "Think how to reset your business on a trust
account basis, think how to position your business to do that and
manage the business to potentially go into administration."

"STA Travel was sitting on cash when the company failed.  There was
still a lot of cash in the group, but it was tied up providing
collateral.  We had tens of millions tied up with Iata," Travel
Weekly quotes Mr. Mercer as saying.

The STA Travel group was privately owned by a Swiss family which
put the holding company into administration on Aug. 20, Travel
Weekly recounts.

According to Travel Weekly, Mr. Mercer explained: "We had elected
to use a bond facility and had that collateralized [as} we were
able to access it at a better price. [But] it tied up cash.

"We had bilateral agreements with airlines which allowed us, in
return for bonding, to defer payments to the airlines after we
received customer payments.  That put us in a weaker capital
position."

Mercer said the business had suffered "a concertina effect" because
of its exposure to Australia at the end of 2019 when bushfires were
raging, Travel Weekly notes.

Mr. Mercer, as cited by Travel Weekly, said: "We had a lot of
people due to travel who had to change travel patterns or defer
trips.  On the back of the Australian bush fires, we were already
in crisis mode.  Then we started to hear about a novel virus in
China."

According to Travel Weekly, at the start of the pandemic in March,
he said: "Our focus was on servicing customers.  We didn't focus on
capital at that time.  Only at the end of March did we shift to
offering refund credit notes."

The company's financial projections at the time assumed a return to
normality by the start of next year, Travel Weekly notes.

Mr. Mercer, as cited by Travel Weekly, said: "We had us coming back
to 65%-70% of the previous year's sales by the fourth quarter [of
2020].  Our expectation was we would return to normal sales by Q1
2022."

But he explained: "In 2019, we had a pretty good year, but we
restructured and took a loss on 2018 when we also had a marginal
loss.  That financial position was key when it came to accessing a
government Coronavirus Business Interruption Loan Scheme (CBILS)
loan."

According to Travel Weekly, he said: "Through April we were having
weekly calls with airlines which were saying they did not expect to
return to 2019 volumes until 2022-23.

"There was this pressure from a lot of deferred payments on the
balance sheet.  We were aware we didn't qualify for UK government
support.

"We began speaking to external investors to ensure we could
continue trading.  We were very optimistic.  We carried on trading
and had a preferred bidder submit a final bid in August.

"Then we received notice the holding company had been placed in
administration in Switzerland.  We had to go into administration.
The failure was beyond our control."

Mr. Mercer said: "We found very few administrators wanted to
engage.  When you present travel to administrators their view is it
is a complex business with very few realisable assets."



                           *********


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

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

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

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