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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

          Tuesday, January 19, 2021, Vol. 22, No. 8

                           Headlines



F R A N C E

EUROPCAR MOBILITY: Creditors Approve Financial Safeguard Plan


G E R M A N Y

TUI AG: Moody's Affirms Caa1 CFR & Alters Outlook to Stable


I R E L A N D

ADAGIO CLO VIII: Fitch Affirms B- Rating on Class F Notes
AQUEDUCT EUROPEAN: Fitch Affirms B- Rating on Class F Notes
CONTEGO CLO VI: Fitch Affirms B- Rating on Class F Notes
ELM PARK CLO: Moody's Affirms B1 Rating on Class E-R Notes
EURO-GALAXY VII: Fitch Affirms B- Rating on Class F Debt

GOLDENTREE LOAN 2: Fitch Affirms B- Rating on Class F Notes
HARVEST CLO XIV: Moody's Affirms B1 Rating on Class F Notes
INVESCO EURO V: Fitch Assigns B- Rating on Class F Debt
NORWEGIAN AIR: High Court Winds Up Irish Subsidiary
RYE HARBOUR: Fitch Affirms B- Rating on Class F-R Notes



I T A L Y

LIMACORPORATE SPA: Moody's Completes Review, Retains B3 CFR


R U S S I A

SOVCOMBANK PJSC: S&P Alters Outlook to Pos.  & Affirms 'BB/B' ICRs


S P A I N

PROMOTORA DE INFORMACIONES: Moody's Affirms Caa1 CFR


U N I T E D   K I N G D O M

ARLINGTON AUTOMOTIVE: Evtec Acquires Business, 200 Jobs Saved
ATLAS FUNDING 2021-1: Moody's Gives (P)Ba1 Rating on Class E Notes
ATLAS FUNDING 2021-1: S&P Assigns Prelim. BB Rating on E Notes
EUROSTAR: Calls for UK Gov't. Bailout After Collapse in Travel
FUSION UK: Moody's Gives 'B1' CFR & Rates New $165M Term Loan 'B1'

HUMBERTS UK: Administrators Provide Update on Financial Status
INEOS QUATTRO 2: Fitch Assigns BB+(EXP) to New EUR1BB Secured Notes
INEOS QUATTRO 2: Moody's Rates Guaranteed Sr. Secured Notes 'Ba2'
MOTOR 2018-1: Moody's Upgrades Class D1 CLN Notes From Ba3
PIZZAEXPRESS: Incurred GBP350-Mil. Loss Even Before Pandemic

ROBIN HOOD: Enters Administration, Customer Base Sold to Centrica

                           - - - - -


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F R A N C E
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EUROPCAR MOBILITY: Creditors Approve Financial Safeguard Plan
-------------------------------------------------------------
Europcar Mobility Group (Paris:EUCAR) (the "Company") and SELARL
FHB, represented by Maitre Helene Bourbouloux, in its capacity as
judicial administrator appointed as such by a ruling of the
commercial court of Paris dated December 14, 2020 (the "Judicial
Administrator"), disclosed that, in the course of the meetings held
on January 7, 2021 and convened by the Judicial Administrator, the
financial lenders' committee and the bondholders' general meeting
approved, by the requisite majorities, the draft accelerated
financial safeguard plan.

This is a significant milestone for the Company, and the next key
milestone will be the shareholders' meeting which will be held on
January 20, 2021, at 3:00 p.m., exceptionally in closed session,
given the sanitary situation.  A positive shareholder vote in favor
of all the resolutions at this meeting is required for the
implementation of the accelerated financial safeguard plan and for
the continuity of activities, thus opening a new chapter to the
Company's development with the execution of the "Connect" strategic
roadmap.

                 About Europcar Mobility Group

Europcar Mobility Group is a major player in mobility markets and
listed on Euronext Paris. The mission of Europcar Mobility Group is
to be the preferred "Mobility Service Company" by offering
attractive alternatives to vehicle ownership, with a wide range of
mobility-related services and solutions: car rental and light
commercial vehicle rental, chauffeur services, car-sharing and
private hire vehicle (PHV -- rental to "Uber like" chauffeurs).




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

TUI AG: Moody's Affirms Caa1 CFR & Alters Outlook to Stable
-----------------------------------------------------------
Moody's Investors Service has affirmed the corporate family rating
of the German tourism company TUI AG at Caa1, its senior unsecured
rating at Caa1 and the probability of default rating (at Caa1-PD.
The outlook has been changed to stable from negative.

"Our decision to stabilise TUI's rating outlook reflects the
sizeable liquidity injection provided by three support packages
with a total amount of EUR4.8 billion. This has largely covered an
exceptionally high cash burn in fiscal 2020 and provides a
significant buffer for potential further cash consumptions in a
still highly challenging market environment," says Vitali
Morgovski, a Moody's Assistant Vice President-Analyst and lead
analyst for TUI.

The stable outlook reflects the expectation of continued external
support in case of the absence of a material recovery of the
operating performance, as the coronavirus spreading and travel
activity remains highly uncertain in the short term. Moody's
however notes the potential for a medium term recovery of the
underlying operating performance and hence further positive rating
pressure, in case that the coronavirus outbreak is contained and
travel activity resumes to historical levels.

RATINGS RATIONALE

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.
Although an economic recovery is underway, its continuation will be
closely tied to the containment of the virus. As a result, the
degree of uncertainty around Moody's 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.

The rating action balances the sizeable liquidity injection as a
result of EUR4.8 billion support packages with the continued
challenging operating environment for travel companies on a global
scale. Moody's expects that TUI's balance sheet will remain highly
leveraged as revenues and earnings will remain below pre-crisis
level of fiscal 2019 through 2022.

TUI has received an additional EUR2,850 million in new tranches to
its existing revolving credit facility (former EUR1,535m cash RCF)
maturing in July 2022 from the German state-owned bank
Kreditanstalt fuer Wiederaufbau (KfW), issued EUR150 million option
bond to the German Economic Stabilisation Fund (WSF), which also
provides EUR900 million in form of silent participations to the
firm, of which EUR420 million is convertible into TUI shares.
Furthermore, TUI has conducted a c. EUR500 million equity capital
increase and is about to receive an additional revolving credit
facility of EUR200 million, and state guarantees worth EUR200
million that would allow releasing most of its restricted cash
(EUR324 million as of September 2020).

Moody's views all listed instruments as debt apart from the capital
increase and the state guarantees. While additional equity allows
TUI to repay its EUR300 million bond and removes the headline risk
of defaulting that was also captured in the previous negative
rating outlook, TUI's debt load has soared to EUR10.6 billion
(Moody's adjusted) in September 2020 on a pro-forma basis compared
to EUR7.8 billion at the fiscal year-end 2019. At the same time,
Moody's foresees that TUI's EBITDA will remain below fiscal 2019
level through 2022, leading to a highly leveraged balance sheet
structure. Moreover, in coming months the business remains
disrupted by the coronavirus and travel restrictions, so that
Moody's expects TUI's revenue in fiscal 2021 to be just around a
half of the level generated in fiscal 2019 and hence EBITDA will
likely remain negative.

In the last fiscal year that ended in September 2020, TUI
accumulated EUR4.5 billion in Moody's adjusted negative free cash
flow that excluded however around EUR0.9 billion of proceeds from
asset disposals, with the largest being the sale of Hapag-Lloyds
Cruises to TUI Cruises (jointly owned with Royal Caribbean Cruises
Ltd.). Moody's envisages another EUR1.5 -- 2.5 billion in negative
FCF in fiscal 2021, though this again excludes disposals while the
company guides for EUR400-500 million of divestment proceeds.
Hence, the EUR4.8 billion TUI received through support packages
would cover 80-100% of its cash burn in both fiscal 2020 and 2021,
allowing it to remain liquid over the next twelve months.

In its current base case expectation, Moody's assumes a return to
positive free cash flow generation in fiscal 2022, not least
because of a stronger working capital inflow from the recovering
business activity. However, the group's liquidity position remains
fragile and dependent on extension/ refinancing of its RCF that
runs until July 2022. Moreover, an extension of a covenant holiday
(covenants are not tested until September 2021) is required as
otherwise TUI will likely breach them. From the total RCF amount of
EUR4.6 billion around EUR3 billion are held by the German
state-owned KfW bank.

RATIONALE FOR THE STABLE OUTLOOK

The stable rating outlook recognises TUI's improved liquidity
profile pro-forma support packages, but also reflects a continued
challenging operating environment and the company's highly levered
capital structure. The stable outlook reflects the expectation of
continued external support in case of the absence of a material
recovery of the operating performance.

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

WHAT COULD CHANGE THE RATINGS - UP

Positive rating pressure would not arise until the coronavirus
outbreak is brought under control; travel restrictions are lifted
and TUI can start demonstrating a stabilising trend in its
operating results. A material strengthening of a capital structure
could also lead to a positive rating action.

This could be the case once it becomes likely that TUI's credit
metrics will reach sustainable levels such as gross leverage (Debt/
EBITDA) of around 6x, EBITA/ Interest above 1x and FCF improving to
at least a break-even level supporting a sustained improvement of
the liquidity profile.

WHAT COULD CHANGE THE RATINGS - DOWN

The rating could be under negative pressure should TUI's liquidity
deteriorate in light of the extended period of negative free cash
flow, weakening recovery prospects and a prolonged period of
operational disruption caused by ongoing travel restrictions.

LIQUIDITY

Moody's recognises improvements in TUI's liquidity, but still views
it as fragile. TUI's unrestricted cash on balance sheet at the end
of September 2020 accounted to EUR909 million, but pro-forma
recently announced support measures, including the repayment of the
EUR300 million bond, its total available liquidity would improve to
EUR3.5 billion. However, Moody's expects TUI to continue consuming
cash in the range of EUR1.5 billion - EUR2.5 billion, excluding any
potential divestments, in fiscal 2021 and will have to extend/
refinance its enlarged EUR4.6 billion revolving credit facility
that matures July 2022. Moreover, it will also have to extend the
existing covenant holiday on the RCF (net debt/EBITDA  1.5x), as
ratios will be otherwise tested again semi-annually from September
2021 onwards.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

COMPANY PROFILE

TUI AG, headquartered in Hanover, Germany, is the world's largest
integrated tourism group. The group reported EUR18.9 billion and
EUR7.9 billion in revenues in fiscal years ended September 2019 and
2020, respectively. TUI is listed on the Frankfurt, Hannover and
London Stock Exchanges.




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

ADAGIO CLO VIII: Fitch Affirms B- Rating on Class F Notes
---------------------------------------------------------
Fitch Ratings has affirmed Adagio CLO VIII DAC and removed the
class D, E, and F notes from Rating Watch Negative (RWN).

     DEBT                RATING             PRIOR
     ----                ------             -----
Adagio CLO VIII DAC

A XS2054619494      LT  AAAsf  Affirmed     AAAsf
B-1 XS2054619908    LT  AAsf   Affirmed     AAsf
B-2 XS2054620666    LT  AAsf   Affirmed     AAsf
C XS2054621474      LT  Asf    Affirmed     Asf
D XS2054621987      LT  BBB-sf Affirmed     BBB-sf
E XS2054622522      LT  BB-sf  Affirmed     BB-sf
F XS2054622951      LT  B-sf   Affirmed     B-sf

TRANSACTION SUMMARY

Adagio CLO VIII DAC is a cash flow CLO mostly comprising senior
secured obligations. The transaction is within its reinvestment
period, which is due to end in April 2024, and is actively managed
by its collateral manager.

KEY RATING DRIVERS

Stable Asset Performance: The transaction was below par by 53bp as
of the investor report dated 21 December 2020. All portfolio
profile tests, coverage tests, and collateral quality tests were
passing other than the Fitch-calculated weighted average rating
factor (WARF) test (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 was
4.37% excluding unrated assets and 5.52% including unrated assets,
which may be carried at 'B-' if they are privately rated.

Negative Outlooks Reflect Coronavirus Stress: The affirmations 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 (30.91% of the portfolio) regardless of sector and
ran the cash flow analysis based on a stable interest-rate
scenario.

The class B-1, B-2, D, E, and F notes have a breakeven default-rate
shortfall under this cash flow model stress, and the class C has a
marginal cushion. The Stable Outlook on the class A notes reflects
their rating resilience under the coronavirus baseline sensitivity
analysis. For more details on Fitch’s pandemic -related stresses
see "CLO Sensitivity Remains Focused on Portfolio Rating Migration
over Time."

Junior Tranches Above Model-Implied Ratings: The ratings on the
class E and F notes are one notch above the model-implied ratings.
However, Fitch has affirmed these ratings and deviated from the
model as the shortfalls for these tranches were driven by the
back-loaded default timing scenario. Moreover, for the class E
notes, the shortfall is marginal for a category-level downgrade and
for the class F notes, the limited margin of safety available is
more in line with a 'B-' rating definition.

'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 34.44, above the maximum covenant of 34,
though the manager could elect to move to another Fitch Test Matrix
point if it wished to bring this covenant into compliance. The
Fitch WARF increases to 37.61 after applying the coronavirus
stress.

High Recovery Expectations: Senior secured obligations comprise
98.13% 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 63.04.

Portfolio Well-Diversified: The portfolio is well-diversified
across obligors, countries and industries. The top 10 obligor
concentration is 15.98%, and no obligor represents more than 2.01%
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. 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.

BEST/WORST CASE RATING SCENARIO

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

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

Adagio CLO VIII DAC

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations 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 or information on the risk presenting entities.

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

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.


AQUEDUCT EUROPEAN: Fitch Affirms B- Rating on Class F Notes
-----------------------------------------------------------
Fitch Ratings has affirmed Aqueduct European CLO 3-2019 DAC, and
revised the Outlook on the class D notes to Stable from Negative.

     DEBT              RATING            PRIOR
     ----              ------            -----
Aqueduct European CLO 3-2019 DAC

A XS1951916466   LT  AAAsf  Affirmed      AAAsf
B XS1951917274   LT  AAsf   Affirmed      AAsf
C XS1951918595   LT  Asf    Affirmed      Asf
D XS1951919130   LT  BBB-sf Affirmed      BBB-sf
E XS1951919569   LT  BB-sf  Affirmed      BB-sf
F XS1951919726   LT  B-sf   Affirmed      B-sf
X XS1951916037   LT  AAAsf  Affirmed      AAAsf

TRANSACTION SUMMARY

The transaction is a cash flow CLO mostly comprising senior secured
obligations. The transaction is within its reinvestment period and
is actively managed by HPS Investment Partners CLO (UK) LLP.

KEY RATING DRIVERS

Stable Asset Performance: The transaction is still in its
reinvestment period and the portfolio is actively managed by the
collateral manager. Asset performance has been stable since the
last review in September 2020. The transaction was 19 bp below
target par as of the latest investor report available. As of the
same report, all coverage tests were passing, and the Fitch
weighted average rating factor (WARF) and weighted average recovery
rate (WARR) test were failing. Exposure to assets with a Fitch
derived rating of 'CCC+' and below is 4.3% (excluding unrated
names, which Fitch treats as 'CCC' but for which the manager can
classify as 'B-' up to 10% of the portfolio), below the 7.5% limit.
The manager classifies one asset for EUR2.1 million as defaulted.

Stable Outlooks Based on Coronavirus Stress: The revision of the
Outlooks on the class D notes to Stable reflects that their current
rating is passing the 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 (28.2% of the portfolio) regardless of sector
and ran the cash flow analysis based on the stable interest rate
scenario. Tranches that show resilience under the coronavirus
baseline sensitivity analysis are assigned Stable Outlooks. The
class E and F notes still exhibit negative cushions in the
sensitivity analysis Fitch run and therefore have been affirmed
with Negative Outlooks. For more details on Fitch’s
pandemic-related stresses see "CLO Sensitivity Remains Focused on
Portfolio Rating Migration over Time."

'B'/'B-'Portfolio: Fitch assesses the average credit quality of the
obligors to be in the 'B'/'B-' category. The Fitch WARF calculated
by Fitch of the current portfolio is 34.40 (assuming unrated assets
are CCC) while the trustee-reported Fitch WARF was 34.37, above the
maximum covenant of 34.00. The Fitch WARF would increase to 37.6
after applying the coronavirus stress.

High Recovery Expectations: Of the portfolio, 98.4% comprises
senior secured obligations. Fitch views the recovery prospects for
these assets as more favorable than for second-lien, unsecured and
mezzanine assets. The Fitch WARR of the portfolio reported by the
trustee as of the last investor report is 65.3%, below the 65.6%
minimum covenant.

Portfolio Well Diversified: The portfolio is well diversified
across obligors, countries and industries. The top 10 obligor
concentration is 14.8%, and no obligor represents more than 1.6% 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.

Factor 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. 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.

BEST/WORST CASE RATING SCENARIO

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

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

Aqueduct European CLO 3-2019 DAC

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations 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 or information on the risk presenting entities.

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

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.


CONTEGO CLO VI: Fitch Affirms B- Rating on Class F Notes
--------------------------------------------------------
Fitch Ratings has affirmed Contego CLO VI DAC. The Outlook on the
class D notes has been revised to Stable from Negative and the
class E and F notes have been removed from Rating Watch Negative
(RWN) and assigned Negative Outlooks.

      DEBT              RATING            PRIOR
      ----              ------            -----
Contego CLO VI DAC

A-1 XS1899034216   LT  AAAsf  Affirmed    AAAsf
A-2 XS1897118086   LT  AAAsf  Affirmed    AAAsf
B-1 XS1897118755   LT  AAsf   Affirmed    AAsf
B-2 XS1897119308   LT  AAsf   Affirmed    AAsf
C XS1897119720     LT  Asf    Affirmed    Asf
D XS1897120223     LT  BBB-sf Affirmed    BBB-sf
E XS1897120496     LT  BBsf   Affirmed    BBsf
F XS1897120900     LT  B-sf   Affirmed    B-sf

TRANSACTION SUMMARY

Contego CLO VI 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

Stable Asset Performance:

The transaction is still in its reinvestment period and the
portfolio is actively managed by the collateral manager. The
transaction is below par by 64bp as of the latest investor report
available. As per the report, all portfolio profile tests, coverage
tests and collateral quality tests are passing. As of 9 January
2021, exposure to assets with a Fitch derived rating of 'CCC+' and
below was 8.08% (including unrated assets) and 7.14% (excluding
unrated asset) of the aggregate collateral balance.

Negative Outlooks Based on Coronavirus Stress:

Fitch carried out a sensitivity analysis on the current portfolio
to determine the coronavirus baseline scenario. The agency notched
down the ratings for all assets with corporate issuers on Negative
Outlook regardless of sector. This scenario demonstrates the
resilience of the ratings of all the classes with cushions except
for the class E and F notes, which still show some shortfall. The
agency believes that the portfolio's negative rating migration is
likely to slow and a downgrade of these tranches is less likely in
the short term. As a result, Fitch has removed the class E and F
notes from RWN and affirmed them. Their Negative Outlooks reflect
the risk of credit deterioration over the medium term, due to the
economic fallout from the pandemic. The Outlook on the class D
notes has been revised to Stable as they now pass with a small
cushion. For more details on Fitch’s pandemic-related stresses
see "CLO Sensitivity Remains Focused on Portfolio Rating Migration
over Time."

'B'/'B-' Portfolio:

Fitch assesses the average credit quality of the obligors to be in
the 'B'/'B-' category. As at 9 January 2021, the Fitch-calculated
weighted average rating factor (WARF) of the portfolio was 34.81,
slightly higher than the trustee-reported WARF of 30 November 2020
of 34.43, owing to rating migration and considering the unrated
asset as 'CCC'.

High Recovery Expectations:

Of the portfolio, 97.4% 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 is
65.5% as per the report.

Portfolio Well Diversified:

The portfolio is well diversified across obligors, countries and
industries. The top 10 obligors' concentration is 15.24% and no
obligor represents more than 2.04% of the portfolio balance. As per
Fitch's calculation, the largest industry is business services at
18.31% of the portfolio balance, against limits of 17.50%.

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.

Factor 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. 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.

BEST/WORST CASE RATING SCENARIO

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

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

Contego CLO VI DAC

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. Fitch has not reviewed the results of
any third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations 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 or information on the risk presenting entities.

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

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.


ELM PARK CLO: Moody's Affirms B1 Rating on Class E-R Notes
----------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Elm Park CLO Designated Activity Company:

EUR60,500,000 Class A-2-R Senior Secured Floating Rate Notes due
2029, Upgraded to Aaa (sf); previously on Dec 8, 2020 Aa1 (sf)
Placed Under Review for Possible Upgrade

EUR42,500,000 Class B-R Senior Secured Deferrable Floating Rate
Notes due 2029, Upgraded to Aa2 (sf); previously on Dec 8, 2020 A2
(sf) Placed Under Review for Possible Upgrade

EUR26,250,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2029, Upgraded to A3 (sf); previously on Apr 16, 2018
Assigned Baa2 (sf)

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

EUR324,500,000 (current balance EUR 310.3m) Class A-1-R Senior
Secured Floating Rate Notes due 2029, Affirmed Aaa (sf); previously
on Apr 16, 2018 Assigned Aaa (sf)

EUR33,500,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2029, Affirmed Ba2 (sf); previously on Apr 16, 2018
Assigned Ba2 (sf)

EUR14,000,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2029, Affirmed B1 (sf); previously on Apr 16, 2018
Assigned B1 (sf)

Elm Park CLO Designated Activity Company, issued in May 2016 and
refinanced in April 2018, is a collateralised loan obligation
backed by a portfolio of mostly high-yield senior secured European
loans. The portfolio is managed by Blackstone/GSO Debt Funds
Management Europe Limited. The transaction's reinvestment period
ended in April 2020.

The actions conclude the rating review on the Class A-2-R and B-R
notes initiated on 8 December 2020, "Moody's upgrades 23 securities
from 11 European CLOs and places ratings of 117 securities from 44
European CLOs on review for possible upgrade",
https://bit.ly/2LDzcrh.

RATINGS RATIONALE

The rating upgrades on the Class A-2-R, B-R and C-R notes are
primarily due to the update of Moody's methodology used in rating
CLOs, which resulted in a change in overall assessment of obligor
default risk and calculation of weighted average rating factor
(WARF). Based on Moody's calculation, the WARF is currently 2918
after applying the revised assumptions as compared to the trustee
reported WARF of 3204 as of December 2020.

The actions also reflects the deleveraging of the Class A-1-R notes
following amortisation of the underlying portfolio since the end of
the reinvestment period in April 2020.

The Class A-1-R notes have paid down by approximately
EUR14.2million (4.4%) in the last 9 months. As a result of the
deleveraging, over-collateralisation has increased for the senior
classes in the capital structure. According to the trustee report
dated December 2020 [1] the Class A-R and Class B-R Class ratios
are reported at 144.0% and 129.2% compared to April 2020 levels of
142.9%, and 128.7%, respectively.

The rating affirmations on the Class A-1-R, Class D-R and Class E-R
notes reflects the expected losses of the notes continuing to
remain consistent with their current ratings after taking into
account the CLO's latest portfolio, its relevant structural
features and its actual over-collateralization levels as well as
applying Moody's revised CLO assumptions.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.

In its base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR 533.7m

Defaulted Securities: EUR 2.0m

Diversity Score: 59

Weighted Average Rating Factor (WARF): 2918

Weighted Average Life (WAL): 4.6 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.49%

Weighted Average Coupon (WAC): 4.36%

Weighted Average Recovery Rate (WARR): 45.30%

Par haircut in OC tests and interest diversion test: 0.15%

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

Moody's notes that the credit quality of the CLO portfolio has
deteriorated since earlier this year as a result of economic shocks
stemming from the coronavirus outbreak. Corporate credit risk
remains elevated, and Moody's projects that default rates will
continue to rise through the first quarter of 2021. Although
recovery is underway in the US and Europe, it is a fragile one
beset by unevenness and uncertainty. As a result, Moody's analyses
continue to take into account a forward-looking assessment of other
credit impacts attributed to the different trajectories that the US
and European economic recoveries may follow as a function of
vaccine development and availability, effective pandemic
management, and supportive government policy responses.

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.
Moody's 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 Moody's 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
December 2020.

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

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


EURO-GALAXY VII: Fitch Affirms B- Rating on Class F Debt
--------------------------------------------------------
Fitch Ratings has affirmed Euro-Galaxy VII CLO DAC.

      DEBT                 RATING             PRIOR
      ----                 ------             -----
Euro-Galaxy VII CLO DAC

A-1 XS1963039448     LT  AAAsf  Affirmed      AAAsf
A-2 XS1963039877     LT  AAAsf  Affirmed      AAAsf
B XS1963040297       LT  AAsf   Affirmed      AAsf
C XS1963040537       LT  Asf    Affirmed      Asf
D XS1963040966       LT  BBB-sf Affirmed      BBB-sf
E XS1963041188       LT  BB-sf  Affirmed      BB-sf
F XS1963041428       LT  B-sf   Affirmed      B-sf
X XS1963039109       LT  AAAsf  Affirmed      AAAsf

TRANSACTION SUMMARY

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

KEY RATING DRIVERS

Investment Grade Notes Resilient to Coronavirus Stress

The affirmations reflect the stable portfolio credit quality since
Fitch’s last review in August 2020. The Stable Outlook on the
class X and A to C notes, and the revision of the Outlook on the
class D notes to Stable from Negative reflect the notes' ability to
withstand the 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 (31% of the portfolios) regardless of sector and
ran the cash flow analysis based on the stable interest rate
scenario.

The class E and F notes show a moderate shortfall in the
coronavirus baseline sensitivity analysis. In view of the broadly
steady portfolio performance and as both notes are already at the
lowest level in their respective rating categories, Fitch does not
expect to downgrade them to the next rating category in the short
term. However, the Outlooks on both ratings remains Negative to
reflect potential deterioration in the longer term due to the
uncertain economic environment. For more details on Fitch’s
pandemic -related stresses see "CLO Sensitivity Remains Focused on
Portfolio Rating Migration over Time."

Average Portfolio Quality

The portfolio's weighted average credit quality is 'B'/'B-'. By
Fitch's calculation, the portfolio weighted average rating factor
is 34.9 and would increase by 3.1 points in the coronavirus
sensitivity analysis. Assets with a Fitch-derived rating (FDR) on
Negative Outlook make up 31% of the portfolio balance. Assets with
a FDR in the 'CCC' category or below make up about 5.0% and would
be 4.5% whenexcluding one unrated asset in the portfolio.

The transaction is slightly above par. All tests including the
coverage tests are passing. The portfolio is reasonably diversified
with the top 10 obligors, the largest obligor and the industry
exposure within the limits of the portfolio profile tests.

Over 99% of the portfolio comprises senior secured obligations,
which have more favourable recovery prospects than second-lien,
unsecured and mezzanine assets. Fitch's weighted average recovery
rate of the current portfolio reported by the trustee is 66.4%.

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 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:

-- While not Fitch's base case scenario, downgrades may occur if
    build-up of the notes' CE following amortisation does not
    compensate for a higher loss expectation than initially
    assumed due to unexpected high level of default and portfolio
    deterioration. As the disruptions to supply and demand due to
    the Covid-19 disruption 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 Fitch's 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. The downside sensitivity
incorporates the following stresses: applying a notch downgrade to
all FDR 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.

BEST/WORST CASE RATING SCENARIO

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

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

Euro-Galaxy VII CLO DAC

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations 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 or information on the risk presenting entities.

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

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.


GOLDENTREE LOAN 2: Fitch Affirms B- Rating on Class F Notes
-----------------------------------------------------------
Fitch Ratings has affirmed GoldenTree Loan Management EUR CLO 2
DAC, and revised the Outlook on the class D notes to Stable from
Negative.

      DEBT                 RATING              PRIOR
      ----                 ------              -----
GoldenTree Loan Management EUR CLO 2 DAC

A XS1911601000       LT  AAAsf  Affirmed       AAAsf
B-1-A XS1911601349   LT  AAsf   Affirmed       AAsf
B-1-B XS1914357022   LT  AAsf   Affirmed       AAsf
B-2 XS1911601778     LT  AAsf   Affirmed       AAsf
C-1-A XS1911602073   LT  Asf    Affirmed       Asf
C-1-B XS1914370553   LT  Asf    Affirmed       Asf
D XS1911602313       LT  BBB-sf Affirmed       BBB-sf
E XS1911602669       LT  BB-sf  Affirmed       BB-sf
F XS1911602743       LT  B-sf   Affirmed       B-sf
X XS1911601265       LT  AAAsf  Affirmed       AAAsf

TRANSACTION SUMMARY

The transaction is a cash flow CLO, mostly comprising senior
secured obligations. The transaction is within its reinvestment
period and is actively managed by GoldenTree Loan Management LP

KEY RATING DRIVERS

Stable Asset Performance: The transaction is still in its
reinvestment period and the portfolio is actively managed by the
collateral manager. Asset performance has been stable since the
last review in August 2020. The transaction is now 2.96% below
target par as of the latest investor report available. All
collateral quality and coverage tests are passing. Exposure to
assets with a Fitch-derived rating of 'CCC+' and below is 9.15% (no
unrated names, which Fitch treats as 'CCC' but for which the
manager can classify as 'B-' up to 10% of the portfolio) above the
7.5% limit. The manager classifies one asset for EUR3.5 million as
current pay obligation.

Stable Outlooks Based on Coronavirus Stress: The revision of the
Outlook on the class D notes to Stable reflects that their current
rating is passing the 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 (33.1% of the portfolio) regardless of sector
and ran the cash flow analysis based on the stable interest rate
scenario. Tranches that show resilience under the coronavirus
baseline sensitivity analysis are assigned Stable Outlooks. The
class E and F notes still exhibit negative cushions in the
sensitivity analysis Fitch run and therefore have been affirmed
with Negative Outlooks. For more details on Fitch’s
pandemic-related stresses see "CLO Sensitivity Remains Focused on
Portfolio Rating Migration over Time."

'B'/'B-'Portfolio: Fitch assesses the average credit quality of the
obligors to be in the 'B'/'B-' category. The Fitch weighted average
rating factor (WARF) calculated by Fitch of the current portfolio
is 35.08 while the last reported by the trustee is 35.27, below the
maximum covenant of 36.00. The Fitch WARF would increase to 38.4
after applying the coronavirus stress.

High Recovery Expectations: Of the portfolio, 98.0% 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 portfolio as of the last investor report is 67% above the
minimum covenant of 62.6%

Portfolio Well Diversified: The portfolio is well diversified
across obligors, countries and industries. The top 10 obligor
concentration is 16.7%, and no obligor represents more than 2.3% 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.

Factor 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. 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.

BEST/WORST CASE RATING SCENARIO

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

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

GoldenTree Loan Management EUR CLO 2 DAC

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations 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 or information on the risk presenting entities.

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

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.


HARVEST CLO XIV: Moody's Affirms B1 Rating on Class F Notes
-----------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Harvest CLO XIV Designated Activity Company:

EUR32,000,000 Class B-1-R Senior Secured Floating Rate Notes due
2029, Upgraded to Aaa (sf); previously on Dec 8, 2020 Aa1 (sf)
Placed Under Review for Possible Upgrade

EUR10,000,000 Class B-2-R Senior Secured Fixed Rate Notes due
2029, Upgraded to Aaa (sf); previously on Dec 8, 2020 Aa1 (sf)
Placed Under Review for Possible Upgrade

EUR23,000,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2029, Upgraded to Aa2 (sf); previously on Dec 8, 2020 A1
(sf) Placed Under Review for Possible Upgrade

EUR25,000,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2029, Upgraded to A3 (sf); previously on Nov 21, 2017
Definitive Rating Assigned Baa1 (sf)

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

EUR239,000,000 (Current Outstanding Amount EUR 190,565,903) Class
A-1A-R Senior Secured Floating Rate Notes due 2029, Affirmed Aaa
(sf); previously on Nov 21, 2017 Definitive Rating Assigned Aaa
(sf)

EUR5,000,000 (Current Outstanding Amount EUR 3,986,734) Class
A-2-R Senior Secured Fixed Rate Notes due 2029, Affirmed Aaa (sf);
previously on Nov 21, 2017 Definitive Rating Assigned Aaa (sf)

EUR24,500,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2029, Affirmed Ba1 (sf); previously on Nov 21, 2017
Definitive Rating Assigned Ba1 (sf)

EUR12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2029, Affirmed B1 (sf); previously on Nov 21, 2017
Upgraded to B1 (sf)

Harvest CLO XIV Designated Activity Company, issued in November
2015 and refinanced in November 2017, is a collateralised loan
obligation (CLO) backed by a portfolio of mostly high-yield senior
secured European loans. The portfolio is managed by Investcorp
Credit Management EU Limited. The transaction's reinvestment period
ended in November 2019.

The action concludes the rating review on the Classes B-1-R, B-2-R
and C-R Notes initiated on December 8, 2020, "Moody's upgrades 23
securities from 11 European CLOs and places ratings of 117
securities from 44 European CLOs on review for possible upgrade.",
https://bit.ly/2KgSxhc.

RATINGS RATIONALE

The rating upgrades on the Classes B-1-R, B-2-R, C-R and D-R Notes
are primarily due to the update of Moody's methodology used in
rating CLOs, which resulted in a change in overall assessment of
obligor default risk and calculation of weighted average rating
factor (WARF). Based on Moody's calculation, the WARF is currently
3077 after applying the revised assumptions as compared to the
trustee reported WARF of 3420 as of November 2020 [1].

In addition, the Class A-1A-R and A-2-R Notes have been paid down
by approximately EUR 28.6 million (13.1%) and EUR 0.6 million
(13.1%), respectively, since the payment date in May 2020, and by
EUR 48.4 million (20.3%) and EUR 1.0 million (20.3%) since closing.
As a result of the deleveraging, over-collateralisation has
increased across the capital structure. According to the trustee
report dated November 2020 the Class A, Class B, Class C, Class D
and Class E OC ratios are reported at 145.4%, 132.5%, 120.9% and
111.3% and 107.1%, respectively, compared to May 2020 [2] levels of
140.0%, 128.9%, 118.6%, 110.0% and 106.2%, respectively.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.

In its base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR 349.1 million

Defaulted Securities: Nil

Diversity Score: 49

Weighted Average Rating Factor (WARF): 3077

Weighted Average Life (WAL): 4.34 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.61%

Weighted Average Coupon (WAC): 5.64%

Weighted Average Recovery Rate (WARR): 45.37%

Par haircut in OC tests and interest diversion test: 1.50%

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

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

Moody's regards the coronavirus outbreak as a social risk under 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
December 2020.

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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


INVESCO EURO V: Fitch Assigns B- Rating on Class F Debt
-------------------------------------------------------
Fitch Ratings has assigned Invesco Euro CLO V Designated Activity
Company ratings as follows.

DEBT                 RATING              PRIOR
----                 ------              -----
Invesco Euro CLO V DAC

A              LT  AAAsf  New Rating     AAA(EXP)sf
B-1            LT  AAsf   New Rating     AA(EXP)sf
B-2            LT  AAsf   New Rating     AA(EXP)sf
C              LT  Asf    New Rating     A(EXP)sf
D              LT  BBB-sf New Rating     BBB-(EXP)sf
E              LT  BB-sf  New Rating     BB-(EXP)sf
F              LT  B-sf   New Rating     B-(EXP)sf
Subordinated   LT  NRsf   New Rating     NR(EXP)sf
X              LT  AAAsf  New Rating     AAA(EXP)sf

TRANSACTION SUMMARY

This is a securitisation of mainly senior secured obligations (at
least 92.5%) with a component of senior unsecured, mezzanine,
second-lien loans and high-yield bonds. Note proceeds will be used
to fund a portfolio with a target par of EUR300 million. The
portfolio will be actively managed by Invesco European RR L.P. The
collateralised loan obligation (CLO) has a four-year reinvestment
period and a 8.5-year weighted average life (WAL).

KEY RATING DRIVERS

'B' Portfolio Credit Quality: Fitch assesses the average credit
quality of obligors to be in the 'B' category. The Fitch weighted
average rating factor (WARF) of the identified portfolio is 32.1.

High Recovery Expectations: At least 92.5% of the portfolio will
comprise senior secured obligations. Fitch views the recovery
prospects for these assets as more favourable than for second-lien,
unsecured and mezzanine assets. The Fitch weighted average recovery
rate (WARR) of the identified portfolio is 64.2.

Diversified Asset Portfolio: The transaction has four matrices
corresponding to two top 10 obligors limits at 21% and 26.5% and
two maximum fixed rate assets limits at 0% and 10%. The transaction
also includes various concentration limits, including the maximum
exposure to the three largest (Fitch-defined) industries in the
portfolio at 40%. These covenants ensure that the asset portfolio
will not be exposed to excessive concentration.

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

Cash Flow Analysis: Fitch used a customised proprietary cash flow
model to replicate the principal and interest waterfalls and the
various structural features of the transaction, and to assess their
effectiveness, including the structural protection provided by
excess spread diverted through the par value and interest coverage
tests. The WAL is set at 8.5 years, in line with the maximum
covenant at closing.

The transaction was also modelled using the current portfolio and
the current portfolio with a coronavirus sensitivity analysis
applied. Fitch analysis for the coronavirus sensitivity analysis
was based on a stable interest-rate scenario but include the
front-, mid- and back-loaded default timing scenarios as outlined
in the agency's criteria.

RATING SENSITIVITIES

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

-- A 25% reduction of the mean default rate (RDR) across all
    ratings and a 25% increase in the recovery rate (RRR) across
    all ratings would result in an upgrade of no more than three
    notches across the structure, apart from the class A, which is
    already at the highest 'AAAsf' rating.

-- At closing, Fitch uses a standardised stress portfolio
    (Fitch's Stressed Portfolio) that is customised to the
    specific portfolio limits for the transaction 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 by
    natural credit migration, but also through reinvestments.

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

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

-- A 25% increase of the mean RDR across all ratings and a 25%
    decrease of the RRR across all ratings would result in
    downgrades of between two to five notches across the
    structure.

Coronavirus Baseline Scenario Impact

Fitch carried out a sensitivity analysis on the target portfolio to
envisage the coronavirus baseline scenario. The agency notched down
the ratings for all assets with corporate issuers on Negative
Outlook regardless of sector. This scenario shows resilience of the
assigned ratings, with a substantial cushion across the class A to
D notes while the cushion is more limited for the class E and F
notes.

Fitch also considered the possibility that the stress portfolio,
determined by the transaction's covenants, would further
deteriorate due to the impact of coronavirus mitigation measures.
Fitch believes this circumstance is adequately addressed by the
coronavirus baseline sensitivity run, in which all classes pass the
current ratings.

Coronavirus Downside Scenario impact

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

Under this downside scenario, the ratings would be one to five
notches below the current ratings. For more information on Fitch's
Stress Portfolio and initial model-implied rating sensitivities,
see the new issue report.

BEST/WORST CASE RATING SCENARIO

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

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.


NORWEGIAN AIR: High Court Winds Up Irish Subsidiary
---------------------------------------------------
Ann O'Loughlin at Breakingnews.ie reports that an Irish registered
company within the Norwegian Air airline group has been wound up by
the High Court.

An examiner was appointed to the airline, which owes its creditors
some EUR4.14 billion, and several of its subsidiaries last month,
Breakingnews.ie recounts.

Arising out of Norwegian's decision to cease its long-haul services
the examiner to the companies, Mr. Kieran Wallace, on Jan. 15 asked
Mr. Justice Michael Quinn to make an order winding up one of the
Irish subsidiaries, Torskefjorden Leasing Ltd (TLL),
Breakingnews.ie relates.

The Judge made the order winding up the company on Jan. 15,
Breakingnews.ie discloses.

Lawyers represented most, but not all, of the group's creditors
said they were either not opposing, or taking a neutral stance
regarding the application to wind up TLL, Breakingnews.ie notes.

The judge, as cited by Breakingnews.ie, said he was satisfied to
appoint Mr. Wallace and Mr. Andrew O'Leary both of KPMG as joint
liquidators of TLL.

TLL operated as a lessor of 24 wide-body Boeing-made jets, which it
had sub-leased to other companies within the group, to operate its
long-haul routes.

TLL's only income, counsel said, came from the sub leasing
arrangements, Breakingnews.ie relays.

As a result of the decision to end the long haul, Mr Wallace was of
the view that (TLL) should exit examinership process and that it
should be liquidated, Breakingnews.ie discloses.

TLL, along with other Irish registered Arctic Aviation Assets DAC,
Norwegian Air International Ltd., Drammensfjorden Leasing Ltd. and
Lysakerfjorden Leasing Ltd., were granted the protection of the
Court from their creditors late last year, Breakingnews.ie
recounts.


RYE HARBOUR: Fitch Affirms B- Rating on Class F-R Notes
-------------------------------------------------------
Fitch Ratings has affirmed Rye Harbour CLO DAC and revised its
class D-R notes' Outlook to Stable from Negative.

        DEBT                   RATING             PRIOR
        ----                   ------             -----
Rye Harbour CLO DAC

A-1-R XS1596795432       LT  AAAsf  Affirmed      AAAsf
A-2-R XS1596796596       LT  AAAsf  Affirmed      AAAsf
B-1-R XS1596796836       LT  AAsf   Affirmed      AAsf
B-2-R XS1596797487       LT  AAsf   Affirmed      AAsf
C-1-R XS1596798295       LT  Asf    Affirmed      Asf
C-2-R XS1596798881       LT  Asf    Affirmed      Asf
D-R XS1596799699         LT  BBBsf  Affirmed      BBBsf
E-R XS1596800372         LT  BB-sf  Affirmed      BB-sf
F-R XS1596800299         LT  B-sf   Affirmed      B-sf

TRANSACTION SUMMARY

Rye Harbour CLO DAC is a securitisation of mainly senior secured
loans (at least 90%) with a component of senior unsecured,
mezzanine and second-lien loans. The portfolio is managed by Bain
Capital Credit, Ltd. The reinvestment period ends in April 2022.

KEY RATING DRIVERS

Stable Outlook on Class D-R Based on Coronavirus Stress

The revision of the Outlook on the class D-R notes reflects that
their current rating is passing the 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 regardless of sector and ran the
cash flow analysis based on a stable interest-rate scenario.
Tranches that show resilience under the coronavirus baseline
sensitivity analysis with a cushion are underlined in their Stable
Outlooks. The class E-R and F-R notes still exhibit negative
cushions in the sensitivity analysis and therefore remain on
Negative Outlook.

Deviation from Model-Implied Ratings

Fitch used a customised proprietary cash flow model to replicate
the principal and interest waterfalls and the various structural
features of the transaction, and to assess their effectiveness,
including the structural protection provided by excess spread
diverted through the par value and interest coverage tests. The
transaction was modelled using both the current portfolio and the
current portfolio 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.

The model-implied rating for the class F-R notes is one notch below
the current rating. However, Fitch has deviated from the
model-implied rating as the shortfall was driven only by the
back-loaded default timing scenario. Moreover, the notes still show
a limited margin of safety in the form of credit enhancement.
Therefore the current rating is deemed more appropriate and is in
line with the majority of Fitch-rated EMEA CLOs'.

Portfolio Performance

As of the latest investor report dated 12 December 2020, the
transaction was 2.51% below par and all portfolio profile tests,
coverage tests and collateral quality tests were passing, except
for the Fitch-weighted average rating factor (WARF), weighted
average recovery rating (WARR), weighted average spread (WAS) and
Fitch 'CCC' portfolio profile tests. As of the same report, the
transaction had 3 defaulted assets with a total notional of EUR
3.62 million. Exposure to assets with a Fitch-derived rating (FDR)
of 'CCC+' and below was 10.1% (excluding unrated assets). Assets
with a FDR on Negative Outlook made up a further 15.87% 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 35.58
(assuming unrated assets are CCC) - above the maximum covenant of
32.75, while the trustee-reported Fitch WARF was 35.04. After
applying the coronavirus stress, the Fitch WARF would increase by
3.68.

High Recovery Expectations

Senior secured obligations are 97.9% 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 14.9% of the portfolio
balance with no obligor accounting for more than 1.8%. Around 36.8%
of the portfolio consists of semi-annual obligations but a
frequency switch has not occurred due to the transaction's high
interest coverage ratios.

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's 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.

Factor 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. 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.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

The majority of the underlying assets 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 or information on the risk-presenting entities.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.




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

LIMACORPORATE SPA: Moody's Completes Review, Retains B3 CFR
-----------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Limacorporate S.p.A. and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on January 13, 2021 in
which Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.

This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.

Key rating considerations.

LimaCorporate's (Lima) B3 corporate family rating is supported by
the company's differentiated positioning in the attractive and
growing complex implants and customized solutions as well as its
technological advantage in the extremities segment; a strong track
record of successful R&D investment and product innovation and
manufacturing automation; and geographic and product diversity
within its niche offering. Conversely, the company's rating is
constrained by its weaker global position and less diverse product
range than much larger peers; an increased focus from competitors
in the higher growth extremities segment and potential to bridge
Lima's technical advantage in shoulder products; and persistent
pricing pressure in the large joint market.

The principal methodology used for this review was Medical Product
and Device Industry published in June 2017.




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

SOVCOMBANK PJSC: S&P Alters Outlook to Pos.  & Affirms 'BB/B' ICRs
------------------------------------------------------------------
S&P Global Ratings revised its outlook on Russia-based Sovcombank
PJSC to positive from stable.

At the same time, S&P affirmed its 'BB/B' long- and short-term
issuer credit ratings on the bank.

S&P said, "We believe Sovcombank's business model will allow the
bank to continue enjoying stronger than average profitability in
the domestic market.  In addition, we believe the successful
integration of newly acquired businesses and assets will support
profitability. The bank's performance was strong throughout 2020,
despite pandemic-related stress, and was broadly comparable with
that of higher-rated peers, such as Alfa-Bank and Raiffeisen Bank.
Most other banks reported substantially worse results due to
pressure on margins and increased credit costs." The group managed
to achieve a high return of equity (ROE) of an annualized 21% over
the first nine months of 2020, largely owing to:

-- Higher interest rates on securities investments by building a
bond portfolio during March-April 2020, when pricing was favorable
and through hedging risk;

-- Strong performance of BNPL card business under the Halva brand,
which turned profitable in 2020; and

-- Better-than-average resilience of the loan book, as shown by
low cost of risk in the corporate segment and a low volume of
restructured loans, which accounted for only 4.2% of total loans to
small and midsize enterprises by Sept. 30, 2020 (of which 3.9%
represent a decline in interest rates due to subsidies, and only
0.3% are due to weaker credit quality), compared with the system
average of about 14.6%; and 2.2% of retail loans compared with 4%
for the banking sector.

S&P said, "We also believe the expanding BNPL business will be a
strong contributor to the bottom line in 2021-2022.  Sovcombank's
penetration of the BNPL market will increase on the back of
stagnating household disposable income. We think Sovcombank is one
of the market leaders in this business, having reportedly signed
agreements with almost 25% of retail stores, including many large
chains.

"In addition, Sovcombank's earnings buffer is stronger than that of
its peers.  The earnings buffer indicates that Sovcombank has
greater capacity to cover normalized losses than peers, and this
will therefore continue supporting its capital base, thereby
fueling further asset growth. We project the bank's 2021 earnings
buffer at about 120 basis points (bps; on a three-year-average
basis), compared with the 58-bp average for large Russian banks or
63-bp average for international peers rated 'BB' for the same
period.

"Our positive outlook reflects our view that Sovcombank can
strengthen its business position and outperform peers in the 'BB'
rating category should it further expand its BNPL card business,
while maintaining higher-than-average earnings capacity on the back
of robust asset quality.

"We may raise the ratings if Sovcombank is able to diversify and
improve the stability of its revenue base by successfully expanding
its retail business, including its new flagship brand Halva, while
maintaining a low cost of risk in its established corporate
business and stable capitalization.

"We may revise the outlook to stable if Sovcombank fails to
maintain better-than-average earnings capacity or its strategic
initiatives fail to strengthen its business profile, for example
due to intense competition or unfavorable market conditions."




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

PROMOTORA DE INFORMACIONES: Moody's Affirms Caa1 CFR
----------------------------------------------------
Moody's Investors Service has affirmed the Caa1 corporate family
rating of Promotora de Informaciones, S.A. ("Prisa" o "the
company"), a leading provider of cultural, educational, information
and entertainment to the Spanish speaking markets. The outlook
changed to stable from negative.

"We have changed the outlook on Prisa's Caa1 rating to stable from
negative to reflect that the recent debt maturity extension is
credit positive, removing the company's near-term refinancing risk
and allowing more time to the company to achieve a recovery in
operating performance and accelerate its digital transformation,"
says Victor Garcia Capdevila, a Moody's Assistant Vice President --
Analyst and lead analyst for Prisa.

"However, Prisa's leverage continues to be very high and its
business profile has weakened as a result of the disposal of its
education business in Spain," adds Mr. Garcia Capdevila.

RATINGS RATIONALE

On December 31, 2020, Prisa announced [1] the completion of the
amend and extend (A&E) agreement of its bank facilities. The
maturity of the EUR753 million senior secured term loan has been
extended to March 2025 while the maturity of the EUR145 million
super senior term loan and EUR80 million super senior revolving
credit facility has been extended to December 2024. Before the A&E,
the debt was due in 2022. The super senior term loan was upsized by
EUR109 million to EUR145 million while the existing financial
covenants have also been amended to provide further headroom.

Prisa's A&E was not viewed as a distressed exchange primarily
because Moody's does not see evidences that the extension implied
material losses for creditors.

As part of the A&E process, Prisa also completed on December 31,
2020 the disposal of its subsidiary Grupo Santillana Educacion
Global, S.L.U. (GSEG), the company's pre-K-12 and K-12 education
business in Spain, to Sanoma Corporation, a Finish company present
in the media and education business in Europe. The enterprise value
of GSEG was estimated at EUR465 million, a multiple of 9.6x based
on average EBITDA of EUR48.7 million between 2017 and 2019.

A large part of the proceeds from the sale of GSEG along with the
funds from the sale of Media Capital for EUR37 million have been
used to reduce the senior secured term loan by around EUR400
million to EUR753 million. Moody's estimates that the company's
total gross debt as of the end of 2020, proforma for the A&E and
the new super senior facility and excluding finance leases, was
reduced to EUR898 million from EUR1.2 billion in 2019.

Despite a reduction of around 30% in total debt, the company's
credit metrics remain very fragile due to a weak operating
performance in 2020. Moody's estimates that Prisa's revenue in 2020
will fall by around 30% to EUR700 million while Moody's-adjusted
EBITDA is likely to fall by around 60% to a range between EUR60 --
EUR70 million. This translates into a Moody's-adjusted gross
leverage of around 15x in 2020.

Moody's base case scenario assumes a partial recovery in operating
performance in 2021 although still significantly below 2019.
Moody's expects total revenue in 2021 to increase by around 6%
towards EUR740 million, led by an 8% revenue growth in radio and
press and a 4% growth in education. In terms of profitability,
Moody's forecasts assume a strong recovery in EBITDA of around 60%
to around EUR100 million in 2021 on the back of top line growth
across all three business segments and cost cutting measures mainly
in press and radio. Moody's forecasts assume a leverage reduction
towards 10x in 2021 and 8.0x in 2022 with sustained negative free
cash flow generation over that period.

GSEG is a mature and stable business with highly visible and
recurring profitability and cashflow generation in euros. The two
remaining assets of the group generating earnings in euro are the
radio and press segments, which continue to face important
structural challenges. Moody's expects a limited EBITDA
contribution of around EUR15 million - EUR20 million from these
businesses in 2021, representing only about 15%-20% of group-wide
EBITDA. Therefore, Prisa's euro denominated debt will have to be
largely serviced with cash flow generation from the education
business in Latam which increases the group's exposure to emerging
market and foreign exchange risks. Moody's also remains cautious
about the growth prospects of the education business in Latam given
the weak economic environment and the negative effects of the
coronavirus outbreak in the region.

LIQUIDITY

The company's liquidity is adequate following the A&E process, the
sale of the Santillana business in Spain, the EUR109 million upsize
of the company's super senior term loan facility, and the covenant
reset.

As of December 2020, proforma for the A&E exercise, Moody's expects
the company to have cash and cash equivalents of around EUR240
million, out of which about EUR10 million was restricted cash. The
EUR80 million revolving credit facility is fully available.

Moody's estimates that the company will generate negative free cash
flow of around EUR80 million in 2021, but the current large cash
balance and availability under the RCF will allow the company to
cover the expected level of cash burn over the next 12-24 months.
However, Moody's notes that Prisa's liquidity will become
increasingly tighter in 2023, when there is also a significant step
down on the covenants included in its facilities agreement.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects the company's adequate liquidity
profile, the expected progressive improvement in operating
performance over the next two years and the good underlying value
of the company's assets which would translate into a high recovery
rate for creditors in case of a hypothetical default scenario.

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

Positive rating pressure is unlikely over the next 12-18 months. A
rating upgrade would require sustainable growth in group-wide
revenue and EBITDA, a turnaround in operating performance in the
press and radio business segments, a reduction in Moody's-adjusted
gross leverage below 6.5x and an adequate liquidity profile.

Downward rating pressure could develop should operating conditions
deviate significantly from Moody's current expectations, liquidity
deteriorates or the likelihood of a default over the next two years
increases.

LIST OF AFFECTED RATINGS

Issuer: Promotora de Informaciones, S.A.

Affirmation:

Corporate Family Rating, Affirmed Caa1

Outlook Action:

Outlook, Changed To Stable From Negative

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Media Industry
published in June 2017.

COMPANY PROFILE

Promotora de Informaciones, S.A. (Prisa), headquartered in Madrid
(Spain), is a leading provider of cultural, educational,
informative and entertainment content to the Spanish speaking
markets. It has a presence in 24 countries and offers its content
through three business lines: Education, Radio, Press. In 2019,
Prisa reported revenue of EUR1,096 million and EBITDA of EUR242
million.




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

ARLINGTON AUTOMOTIVE: Evtec Acquires Business, 200 Jobs Saved
-------------------------------------------------------------
Enda Mullen at CoventryLive reports that around 200 jobs have been
saved at a Coventry car parts manufacturer which counts Jaguar Land
Rover among its customers.

Arlington Automotive Group fell into administration in May last
year, with administrators from Duff & Phelps appointed to its UK
trading companies, CoventryLive recounts.

At least 60 disabled workers will be offered their jobs back thanks
to a rescue deal by Evtec Automotive, CoventryLive discloses.

According to CoventryLive, as part of the deal, for an undisclosed
eight figure sum, the new Evtec Automotive plant on Torrington
Avenue will continue to make car parts for many of the major
players in the UK automotive sector, with a strong focus on
supporting the fast growing electric vehicle (EV) sector.


ATLAS FUNDING 2021-1: Moody's Gives (P)Ba1 Rating on Class E Notes
------------------------------------------------------------------
Moody's Investors Service has assigned provisional credit ratings
to the following Notes to be issued by Atlas Funding 2021-1 PLC:

GBP [254.2]M Class A Mortgage Backed Floating Rate Notes due July
2058, Assigned (P)Aaa (sf)

GBP [21.2]M Class B Mortgage Backed Floating Rate Notes due July
2058, Assigned (P)Aa1 (sf)

GBP [11.4]M Class C Mortgage Backed Floating Rate Notes due July
2058, Assigned (P)A1 (sf)

GBP [7.6]M Class D Mortgage Backed Floating Rate Notes due July
2058, Assigned (P)Baa1 (sf)

GBP [4.6]M Class E Mortgage Backed Floating Rate Notes due July
2058, Assigned (P)Ba1 (sf)

GBP [7.6]M Class X Mortgage Backed Floating Rate Notes due July
2058, Assigned (P)Caa1 (sf)

The GBP [4.4]M Class Z1 Mortgage Backed Fixed Rate Notes due July
2058 and the GBP [7.4]M Class Z2 Mortgage Backed Fixed Rate Notes
due July 2058 have not been rated by Moody's.

The Notes are backed by a pool of UK buy-to-let mortgage loans
originated by Lendco Limited ("Lendco", NR). The securitised
portfolio consists of [731] mortgage loans with a current balance
of GBP [303.5] million as of 06 December 2020.

RATINGS RATIONALE

The ratings of the Notes are based on an analysis of the
characteristics and credit quality of the underlying buy-to-let
mortgage pool, sector wide and originator specific performance
data, protection provided by credit enhancement, the roles of
external counterparties and the structural features of the
transaction.

MILAN CE for this pool is [18.0]% and the expected loss is [3.0]%.

The portfolio's expected loss is [3.0]%: This is higher than the UK
BTL RMBS sector average and is based on Moody's assessment of the
lifetime loss expectation for the pool taking into account: the
originator's limited historical performance data for buy-to-let
loans, the borrower and regional concentration in the pool and
benchmarking with other UK BTL RMBS transactions. It also takes
into account our UK BTL RMBS outlook and the UK economic
environment.

MILAN CE for this pool is [18.0]%: This is higher than both the UK
Prime RMBS and the UK BTL RMBS sector average and follows Moody's
assessment of the loan-by-loan information taking into account
following key drivers: (i) the originator's limited historical
performance data for buy-to-let loans; (ii) the top 20 borrowers
constituting [18]% of the pool; (iii) the London and South East
regions representing [82]% of the pool; (iv) the proportion of HMO
and MUB loans [32%]; (v) the proportion of legal entities [62]%;
(vi) the proportion of interest-only loans [100%] and (vii)
benchmarking with similar UK BTL transactions.

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.
Moody's analysis has considered the effect on the performance of
consumer assets from the current weak UK economic activity and a
gradual recovery for the coming months. Although an economic
recovery is underway, it is tenuous and its continuation will be
closely tied to containment of the virus. As a result, the degree
of uncertainty around our 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.

At closing, the transaction benefits from a General Reserve Fund
and a Liquidity Reserve Fund. The Overall Reserve Fund (General
Reserve Fund plus Liquidity Reserve Fund) is equal to 2.5% of Class
A to E notes at closing and is fully funded by proceeds from the
Class Z2 notes. The Overall Reserve Fund will provide liquidity
support and ultimately credit enhancement to the Class A to Class E
notes. The Liquidity Reserve Fund is equal to 1.5% of the
outstanding balance of the Class A notes and will be used to pay
fees and Class A interest in the case of revenue deficit. The
Liquidity Reserve Fund is floored at 1.0% of the Class A notes at
closing and is released once Class A is fully redeemed.

Operational Risk Analysis: Link Mortgage Services Limited (NR) is
the servicer in the transaction whilst The Bank of New York Mellon,
London branch will be acting as the cash manager. In order to
mitigate the operational risk, CSC Capital Markets UK Limited (NR)
will act as back-up servicer facilitator. To ensure payment
continuity over the transaction's lifetime, the transaction
documentation incorporates estimation language whereby the cash
manager can use the three most recent servicer reports available to
determine the cash allocation in case no servicer report is
available. The transaction also benefits from approx. 10 months of
liquidity for Class A based on Moody's calculations. Finally, there
is principal to pay interest as an additional source of liquidity
for the Classes A to E (if relevant tranches PDL does not exceed
10%).

Interest Rate Risk Analysis: As of the cut-off date [0.8%] of the
pool are fixed for life loans, [94.7]% are fixed rate loans
reverting to three months LIBOR and [4.5%] are floating rate loans
linked to three months LIBOR. The Notes are floating rate
securities with reference to daily SONIA. To mitigate the
fixed-floating mismatch between fixed-rate assets and floating
liabilities, there will be a scheduled notional fixed-floating
interest rate swap provided by HSBC Bank plc (Aa3(cr)/P-1(cr)).

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
December 2020.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

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

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

Factors that would lead to a downgrade of the ratings include: (i)
increased counterparty risk leading to potential operational risk
of: (a) servicing or cash management interruptions; and (b) the
risk of increased swap linkage due to a downgrade of the swap
counterparty ratings; and (ii) economic conditions being worse than
forecast resulting in higher arrears and losses.


ATLAS FUNDING 2021-1: S&P Assigns Prelim. BB Rating on E Notes
--------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to Atlas
Funding 2021-1 PLC's mortgage-backed notes.

Atlas Funding 2021-1 is an RMBS transaction that securitizes a
portfolio of £303 million buy-to-let (BTL) mortgage loans secured
on properties in the U.K.

S&P said, "Our preliminary ratings address timely receipt of
interest and ultimate repayment of principal on the class A notes,
and the ultimate payment of interest and principal on all the other
rated notes. Our preliminary ratings also address timely receipt of
interest on the class B–Dfrd to Z1-Dfrd notes when they become
the most senior outstanding."

The loans in the pool were originated between 2018 and 2020 by
Lendco Ltd. (TML), a non-bank specialist lender.

The collateral comprises loans granted to experienced portfolio
landlords, none of whom have had an adverse credit history in the
two years prior to origination and none of whom are currently in
arrears.

The transaction benefits from liquidity support provided by a
reserve fund, and principal can be used to pay senior fees and
interest.

Credit enhancement for the rated notes will consist of
subordination from the closing date and a fully funded reserve
fund.

The transaction incorporates a swap to hedge the mismatch between
the notes, which pay a coupon based on the compounded daily
Sterling Overnight Interbank Average rate (SONIA), and the loans,
which pay a fixed rate of interest until they revert to a floating
rate.

At closing, Atlas Funding 2021-1 PLC will use the proceeds of the
notes to purchase and accept the assignment of the seller's rights
against the borrowers in the underlying portfolio. The noteholders
will benefit from the security granted in favor of the security
trustee, BNY Mellon Corporate Trustee Services Ltd.

There are no rating constraints in the transaction under its
counterparty, operational risk, or structured finance sovereign
risk criteria. S&P considers the issuer to be bankruptcy remote.

As vaccine rollouts in several countries continue, S&P Global
Ratings believes there remains a high degree of uncertainty about
the evolution of the coronavirus pandemic and its economic effects.
Widespread immunization, which certain countries might achieve by
midyear, will help pave the way for a return to more normal levels
of social and economic activity. S&P said, "We use this assumption
about vaccine timing in assessing the economic and credit
implications associated with the pandemic. As the situation
evolves, we will update our assumptions and estimates
accordingly."

  Preliminary Ratings

  Class     Prelim. Rating  Class size (%)
  A         AAA (sf)         83.75
  B-Dfrd    AA (sf)           7.00
  C-Dfrd    A (sf)            3.75
  D-Dfrd    BBB (sf)          2.50
  E-Dfrd    BB (sf)           1.50
  X         NR                2.50
  Z2        NR                2.50
  Z1-Dfrd   CCC (sf)          1.50

  NR--Not rated.


EUROSTAR: Calls for UK Gov't. Bailout After Collapse in Travel
--------------------------------------------------------------
Gill Plimmer, Jim Pickard and Victor Mallet at The Financial Times
report that Eurostar, the train operator that runs services through
the Channel Tunnel, has called for a UK government bailout
following a collapse in travel between Britain and the European
continent.

According to the FT, the company, which is controlled by French
state railway SNCF, is at risk of bankruptcy following a 95% drop
in travel since March.  It has been running just two return
services a day and has warned that it could run out of cash this
summer, the FT relates.

The French government has a majority 55% stake in Eurostar, and
Belgium 5% after the UK government sold its stake in 2015, the FT
discloses.

Shareholders -- which also include Canadian institutional fund
manager Caisse de depot et placement du Quebec, and Hermes
Infrastructure -- have already pumped in EUR200 million (GBP178
million) to keep Eurostar afloat during the crisis but the company
said this money was "finite", the FT notes.

"Without additional funding from government, there is a real risk
to the survival of Eurostar, the green gateway to Europe, as the
current situation is very serious," the FT quotes Eurostar as
saying on Jan. 17.  "We are encouraged by the government-backed
loans that have been awarded to airlines and would once again ask
that this kind of support be extended to international high-speed
rail."

New travel restrictions are adding pressure on infrastructure
operators, with airlines and airports also calling for more
support, the FT states.  The new rules require all travellers to
Britain to have recently tested negative for Covid-19 and to
quarantine for 10 days unless they test negative a second time five
days after arrival, according to the FT.


FUSION UK: Moody's Gives 'B1' CFR & Rates New $165M Term Loan 'B1'
------------------------------------------------------------------
Moody's Investors Service assigns Fusion UK Holding Ltd. a B1
Corporate Family Rating, B1-PD probability of default rating, and
B1 ratings to the company's proposed $165 million five-year senior
secured term loans to be issued by Fusion UK Holding Ltd. and US
HoldCo VAD, Inc. The company also assigned a B1 rating to the $30
million revolver. Proceeds from the term loans along with $165
million in cash equity were used to finance the acquisition of
Fusion by Black Diamond Capital Management and InvestIndustrial.
The outlook on the ratings is stable.

Issuer: Fusion UK Holding Ltd.

Corporate Family Rating; assigned B1

Probability of Default Rating; assigned B1-PD

Senior Secured Term Loan due 2026 (co-issuer: US HoldCo VAD, Inc.),
assigned B1 (LGD4)

Senior Secured Revolving Credit Facility due 2026 (co-issuer: US
HoldCo VAD, Inc.), assigned B1 (LGD4)

Senior Secured Term Loan B due 2026 (co-issuer: US HoldCo VAD,
Inc.), assigned B1 (LGD4)

Outlook, assigned Stable

RATINGS RATIONALE

On September 27th, 2020, Black Diamond Capital Management ("BDCM")
and Investindustrial ("II") entered into a definitive agreement to
acquire Hexion's Phenolic Specialty Resins Division ("Fusion"), a
leading producer of phenolic specialty resins, amino resins and the
formaldehyde chain of products, for a total consideration of $425
million consisting of: $305 million in cash consideration, $30
million of post retirement obligations and up to $90 million of
earnouts over the next 3 years based upon performance of the
business. Proceeds from the proposed $165 million in senior secured
first lien term loan in conjunction with a $165 million in new
common equity contribution from BDCM and II will be used to pay the
$305 million cash portion, transaction fees and expenses, and
provide approximately $12.5 million cash to the balance sheet.

Key strengths in Fusion's credit profile include leading market
shares in phenolic specialty resins in Europe and the US with
globally recognized brands sold into diverse end markets, including
building products, industrial products, transportation, and
chemical intermediates; both management and sponsors have extensive
experience in these markets. Customer stickiness, facilitated by
location and proximity to customers and the heavy water content of
products, is also a positive factor in the credit profile.

Initially low balance sheet leverage, particularly for a private
equity transaction, reflects a relatively conservative approach to
acquisition financing, while net leverage maintenance covenants
that step down over time provide a good mitigant to M&A risk or
future leveraging events that might impair the financial profile.
Margins are modest, but margin stability and free cash flow are
supported by pass-through features in margin-over-material
contracts that support margin stability on roughly two-thirds of
revenues. Free cash flow is also supported by the high variable
cost component relative to fixed costs and low capital intensity of
the business.

Negative factors or risks in the credit profile include the modest
scale in the business with about $463 million in LTM revenues and
modest EBITDA margins at about 11%, although in-process operational
projects including automation and cost reduction actions will
provide margin support and upside potential to margins. Other risks
in the business profile include significant exposure to more
cyclical construction and auto end markets, and some customer and
supplier concentration with the top 10 customers accounting for
roughly 35% of sales and the top five suppliers providing nearly
50% of raw materials. Moreover, heavy exposure to the European
market, which represents close to 60% of Fusion's recent EBITDA, is
exposed to margin pressure in phenolic resins and other company
products primarily due to regional overcapacity.

Lastly, as a private equity-owned firm focused on EBITDA growth,
M&A risk overtime is relevant to the credit profile. However, this
risk is contained by financial maintenance covenants with step down
features. The initial net leverage covenant is set at 5.0x, but
steps down to 4.5x after five quarters, then to 4.0x after nine
quarters, and stepping down further after that, limiting longer
term stress and risk to the balance sheet.

The first lien term loan contains good financial maintenance
covenant protection including a maximum net leverage test that
steps down, as mentioned above, as well as a FCCR test and minimum
liquidity test, as highlighted below in the liquidity section
below. The facilities also include a maximum acquisition test not
to exceed $25 million within the first 12 months following closing,
providing protection against increased leverage in this time
period, and in effect shifting the maximum net leverage test closer
to the first step down of 4.5x, in Moody's opinion. Moreover, the
proposed revolving credit facility will be subject to a leverage
incurrence test, initially set at 4.5x. The new credit facilities
are expected to provide an uncommitted incremental first lien pro
forma facility amount not to exceed $50 million and may be incurred
only if Net Leverage is less than 4.25x on a pro forma basis.
Further protection is provided against junior debt incurrence in
excess of $20 million, and a restricted payments test if Total Net
debt to EBITDA is greater than 2.75x. The facilities also provide
for a mandatory prepayment of principle with 50% of excess cash
flows.

The facilities are secured by a first perfected security interest
in substantially all the assets of the borrowers and their
subsidiaries (other than Excluded Subsidiaries). The Guarantor
Group plus Borrowers (Credit Parties) will consist of at least 80%
of EBITDA and 75% of assets, and Consolidated Adjusted EBITDA from
non-guarantor subsidiaries in excess of 10% will be excluded from
the calculation of Consolidated adjusted EBITDA. Non-guarantors may
not incur indebtedness in excess of an amount to be agreed.
Consolidated Adjusted EBITDA may include expected cost savings or
synergies in the calculation reasonably expected to result in the
next 18 months but not in excess of 25% of EBITDA in the first 12
months following closing or 20% after 12 months following closing.

ESG CONSIDERATIONS

Moody's has also evaluated environmental, social and governance
factors in the rating consideration. As a specialty chemicals
company, environmental risks are categorized as moderate. However,
the chemical properties of several key raw materials, including
methanol, ammonia and phenol, and the company's phenolic resins,
amino resins and formaldehyde chemical chain of products, could
result in future product or environmental liability claims for
improperly handling, processing, storage, transportation or
disposal. Fusion does not currently have any substantial litigation
or remediation costs related to environmental issues. At December
31, 2019, Fusion had $1 million of undiscounted liabilities
recorded for probable environmental remediation, indemnification or
restoration costs.

Governance risks are inherently higher due to private equity
ownership and a board of directors with majority representation by
members affiliated with the sponsors and reduced financial
disclosure requirements as a private company. Fusion has moderate
financial leverage initially but could increase leverage to the
extent covenants allow to fund acquisitions or for other corporate
uses.

LIQUIDITY

Moody's expects Fusion to have good liquidity supported by the
projected positive free cash flow and a committed new $30 million
revolving credit facility, availability under which is expected to
be subject initially to a 4.5X leverage incurrence test. The term
and revolver facilities are expected to have financial maintenance
covenants including a maximum Total Net Leverage Ratio of 5.0x that
steps down over time, a minimum Fixed Charge Coverage Ratio of 1.1x
that is not tested until one year after closing and is only tested
when Total Net Leverage exceeds 2.5x, and a minimum consolidated
liquidity of $3 million, as defined by cash and revolver
availability. Moody's anticipates that the FCCR covenant could be
tested over the next 12 to 18 months, as the PF leverage is
expected to be 3.14x. Fusion does not have any debt maturities
until 2026.

The stable outlook anticipates further recovery and a favorable
trend in EBITDA resulting from recovery in key construction,
industrial and auto end markets, and from cost reduction and
operating initiatives. The stable outlook assumes liquidity remains
adequate and that Net Leverage might increase but is contained by
covenants despite occasional acquisitions and other growth
initiatives.

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

Moody's would be unlikely to consider an upgrade given the private
equity ownership. However, an upgrade could be considered if
results materially improve and as the Net Leverage covenant steps
down near the end of the life of the rated term loans. Moody's
would consider a downgrade if operations and margins were to
deteriorate, if term loan maintenance covenants or the revolver
incurrence covenant become tight, or if liquidity becomes an
issue.

Headquartered in Louisville, KY, Fusion is a global producer of
phenolic specialty resins and engineered thermoset molding
compounds that was previously a division of Hexion, Inc., a global
diversified chemical company. The company has operational
concentration in Europe but also operates out of North America.
Fusion generated approximately $545 million of revenues in 2019 and
operates through four segments: Building Materials, Industrial
Applications, Transportation, and Chemical Intermediaries &
Specialties.

The principal methodology used in these ratings was Chemical
Industry published in March 2019.

HUMBERTS UK: Administrators Provide Update on Financial Status
--------------------------------------------------------------
Nigel Lewis at The Negotiator reports that more details of estate
agency Humberts UK Ltd's surprise administration last year have
been revealed including how the company had just GBP10.54 in the
bank by the time its business account was frozen.

Humberts UK Ltd went into administration after being subject to a
winding up order issued by HMRC, just 18 months after being saved
from a previous administration when it was bought by holiday firm
Natural Retreats and a regional hub model adopted, The Negotiator
recounts.

Its two administrators employed by Begbies Traynor have been tying
up its final financial position for its creditors since December,
when staff were told the venerable and historic agency was to
close, The Negotiator notes.

The directly-operated part of the Humberts business was
subsequently bought from the administrator by five of its
franchisees in January last year, The Negotiator relays.

According to The Negotiator, an update from Begbies Traynor reveals
that between June and December last year it realised commissions
from Humberts clients' properties that had not yet completed of
GBP18,687, part of an overall GBP250,000 realised to date by
'retained personnel' who were former Humberts employees.

Of this GBP50,000 has been paid to its bank, HSBC, and the costs of
administration have been, so far, GBP15,000, The Negotiator notes.

The remaining GBP225,000 is to be distributed in part to the
company's secured creditor (HSBC), but Begbies Traynor says all of
its preferred creditors including staff's unpaid salary and pension
payments will be paid in full as well as the government's
Redundancy Payment Service, The Negotiator states.


INEOS QUATTRO 2: Fitch Assigns BB+(EXP) to New EUR1BB Secured Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Ineos Quattro Finance 1 plc 's proposed
EUR1 billion equivalent 2026 senior notes an expected senior
unsecured rating of 'BB-(EXP)' and Ineos Quattro Finance 2 plc's
proposed EUR1 billion equivalent 2026 senior secured notes an
expected senior secured rating of 'BB+(EXP)'. The notes will be
denominated in US dollars and euros. Fitch has also affirmed the
existing instrument ratings. The recovery ratings are 'RR2' for
senior secured debt and 'RR5' for senior unsecured debt.

The proceeds, along with the amounts borrowed under the new term
loan B (TLB) being currently marketed by Ineos 226 Limited and
Ineos US Petrochem LLC, will mainly be used to repay the existing
bridge facility and Inovyn's TLB, and the USD1 billion deferred
contribution incurred by the acquisition of acetyls and aromatics
assets closed on 31 December 2020.

The secured notes will be guaranteed by Ineos Quattro Holdings
Limited (BB/Stable) and other group subsidiaries on a senior
secured basis, sharing collateral with the existing term loans,
notes and the proposed TLB launched on 11 January 2021. The senior
secured rating reflects the security package and is one notch above
Ineos Quattro Holdings Limited's Issuer Default Rating (IDR).

The unsecured notes will be guaranteed by Ineos Quattro Holdings
Limited on a senior basis, and other group subsidiaries on a senior
subordinated basis. The senior unsecured rating is one notch below
the IDR, reflecting subordination issues.

The final instrument ratings will be assigned once the transactions
are completed and upon receipt of final documentation conforming
materially to information already received.

KEY RATING DRIVERS

Establishment of Ineos Quattro: On 31 December 2020, Ineos Quattro,
which controls Ineos Styrolution Group GmbH and is part of the
wider Ineos Limited group, completed the acquisition of BP plc's
(A/Stable) global aromatics and acetyls business for USD5 billion,
of which USD1 billion will be paid in 1H21. Ineos group contributed
94.9% of Inovyn Limited's shares to Ineos Quattro to support the
credit quality of the new group. The acquisition fits well into the
Ineos group's history of buying transformative assets and
installing tight cost control and operational efficiency to reduce
leverage.

Large and Diversified Chemical Group: Fitch forecasts Ineos Quattro
will generate through-the-cycle revenue in excess of EUR13 billion
and EBITDA, excluding joint ventures (JV), of EUR1.7 billion. Ineos
Quattro will have presence in four different chemical value chains,
a strong commercial and industrial footprint in the three main
regions and diversified feedstock exposure. The aromatics and
acetyls assets purchased from BP are pure commodity chemicals, with
profit determined by market spreads, compared with Styrolution and
Inovyn, which have a proportion of revenue derived from higher
value-added products offering more pricing power.

Leadership Position in West: Fitch regards Ineos Quattro's market
position in the European and US markets as strong. Styrolution is
the global leader for polystyrene, second for styrene monomers and
third for acrylonitrile butadiene styrene standards. Inovyn is the
biggest PVC (polyvinyl chloride) producer in Europe and has been
increasing exports due to improved competitiveness.

Ineos Quattro's aromatics assets have strong co-leading positions
for the key products, paraxylene and purified terephthalic acid, in
Europe and North America, and its acetyls assets provide the
second-largest acetic-acid capacity globally. However, its market
share in Asia is single digit, although more than 50% of its EBITDA
is from the region, which is also the main aromatics and acetyls
market.

Ineos Assets Outperform: Inovyn and Styrolution outperformed
management's expectations in 2020 due to a rapid recovery in
utilisation rates, and strict cost, working-capital and capex
discipline. Fitch estimates their EBITDA fell by low single-digit
percentages in 2020, despite prices falling to a trough and an
unprecedented demand drop in 2Q20, and will improve in the coming
years as their capacity increases and market recovers. The
aromatics assets have performed below Fitch’s expectations so
far, but Fitch believes the business will rebound in 2021 on
pent-up demand from the clothing sector and a restart in tourism
and travelling.

Aromatics, Acetyls More Volatile: The aromatics and acetyls assets
had the sharpest revenue and profit drop in 2020 due to low
spreads, reduced demand from industries such as the apparel sector,
and JVs in Asia where prices are mainly spot. Styrenics performed
better than Fitch anticipated in 2020, although full price recovery
in 2021 is unlikely considering an increased supply of styrene
monomers in the market. Inovyn was the most resilient in 2020, with
a robust outlook as Fitch expects market fundamentals to remain
stronger than in the other businesses.

Cost-Saving Expertise: Ineos group has a record of cutting the
costs of sizeable assets, which will help with those from BP. Fitch
believes Ineos Quattro's aim to reduce fixed costs by USD150
million (EUR128 million) by end-2022 is achievable as it targets
identified fixed costs, is lower than the potential savings
identified by the seller, and some of the assets acquired are
co-located alongside Ineos group's plants. Fitch understands Ineos
plans to further reduce costs, which gives upside to Fitch’s
forecasts. Ineos group was able to deliver savings well ahead of
its original plan when it acquired Styrolution and Inovyn.

Temporary High Leverage: Fitch estimates an opening pro forma funds
from operations (FFO) net leverage of an elevated 4.8x as of 31
December 2020, reflecting bottom-of-the-cycle market conditions and
the debt-funded payment of USD4 billion for the acquisition of the
aromatics and acetyls assets, before increasing to 4.9x in 2021
after the deferred USD1 billion consideration is paid. Fitch
forecasts FFO net leverage will fall below the negative rating
guideline of 4.2x in 2022 on normalised market conditions, realised
cost savings, and discipline in capex and dividend.

DERIVATION SUMMARY

Ineos Quattro's IDR reflects its large scale, and strong regional
and product diversification with balanced exposure across
styrenics, polyvinylchloride, aromatics and acetyls. The company is
a leader in its markets and has partial feedstock integration.
Ineos Quattro's diversification is comparable with that of Ineos
Group Holdings S.A. (IGH; BB+/Rating Watch Negative) or OCI N.V.
(BB/Negative), and ahead of more regional players PAO SIBUR Holding
(BBB-/Stable) or Westlake Chemical Corporation (BBB/Negative).

Ineos Quattro's scale is similar to that of IGH and Westlake, ahead
of OCI's but lags behind that of SIBUR. The company's group
structure is complex relative to that of peers due to its
operations within the larger Ineos group and a substantial share of
acetyls earnings from non-consolidated Asian JVs. Fitch rates it on
a standalone basis as subsidiaries within Ineos group operate
independently, as restricted groups with no guarantees or
cross-default provisions with the parent or other entities within
the wider group.

Ineos Quattro's profitability is below that of peers as
lower-margin aromatics and styrenics are a drag on the more robust
margins in PVC products and acetyls. The company's margins are
broadly similar to that of IGH but behind that of the other peers.
Leverage remains the weakest factor of the company's rating across
the peer group as Ineos Quattro's FFO net leverage would remain
above peers' in 2021 and 2022

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

-- USD/EUR of 0.85 in 2020-2023

-- Asian JVs in acetyls division accounted for under equity
    method (excluded from EBITDA, with dividends received included
    in FFO)

-- Bridge loan and Inovyn debt are refinanced in 1Q21

-- Volumes to fall by 3% to 14.7 million tonnes per annum (mtpa)
    in 2020, and recover to 17.1mtpa by 2023, driven by a capacity
    increase and global demand growth

-- Revenue to fall by 30% to EUR10.0 billion in 2020, and rise to
    EUR14.9 billion by 2023, driven by higher prices and volumes

-- EBITDA to fall by 18% to EUR1.3 billion in 2020, and rise to
    EUR1.8 billion by 2023, in line with the revenue increase,
    improved profitability per tonne, a demand recovery and cost
    cutting

-- Fixed-cost reductions of EUR64 million in 2021 and full
    realisation of EUR128 million by 2022

-- Average maintenance capex of about EUR250 million per year
    plus discretionary growth capex

-- Dividends of EUR620 million in 2020, including EUR355 million
    and EUR250 million in special dividends already paid in
    February by Styrolution and Inovyn, respectively; no dividends
    after 2020

RATING SENSITIVITIES

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

-- Positive free cash flow generation leading to FFO net leverage
    below 3.2x on a sustained basis

-- Realisation of cost savings in line with Fitch’s
expectations
    and market recovery translating into EBITDA margin of at least
    14%.

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

-- Inability to achieve planned cost savings and/or recover from
    market weakness, leading to FFO net leverage remaining above
    4.2x beyond 2022.

-- Significant deterioration in business profile factors such as
    scale, diversification or product leadership, or prolonged
    market pressure translating into an EBITDA margin below 12%.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: Fitch forecasts Ineos Quattro will generate
sufficient free cash flow to cover the mandatory amortisation of
the TLA in 2021, and substantially higher free cash flow than
maturities from 2022, leading to an increase in cash on the balance
sheet. Ineos Quattro also has access to a USD300 million revolving
credit facility (RCF) until 2023, undrawn at closing.

Ineos usually relies on securitisation to fund operations. Inovyn
and Styrolution have existing facilities of EUR240 million and
EUR450 million, respectively, of which only EUR31 million was drawn
at end-3Q20 at Inovyn. Moreover, Ineos Quattro's management expects
to incorporate receivables from the recently acquired businesses to
Styrolution's securitisation programme, which would provide
additional funding of about EUR200 million.

According to Ineos group's history on the use of available funds,
Fitch would expect Ineos Quattro to use its generated cash to repay
the TLA to eliminate the mandatory amortisation and maintenance
covenant, while dividend would only be distributed when leverage is
reduced substantially.

We estimate Ineos Quattro had around EUR600 million in cash on the
balance sheet at end-2020, USD300 million in undrawn RCF and about
EUR400 million in available securitisation funding. Fitch estimates
pro forma liquidity of about EUR900 million as Ineos Quattro
intends to use EUR300 million in available cash to fund part of the
deferred contribution in 1H21.

SUMMARY OF FINANCIAL ADJUSTMENTS

Depreciation of rights of use assets and interest expense on lease
liabilities moved to cost of goods sold. Lease liabilities
classified as other liabilities.

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.


INEOS QUATTRO 2: Moody's Rates Guaranteed Sr. Secured Notes 'Ba2'
-----------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to the guaranteed
senior secured notes due 2026 being issued by INEOS Quattro Finance
2 Plc, a subsidiary of INEOS Quattro Holdings Ltd (INEOS, rated
Ba3, Negative). The agency further assigned a B2 rating to the
guaranteed senior unsecured notes due 2026 being issued by INEOS
Quattro Finance 1 Plc, a subsidiary of INEOS Quattro Holdings Ltd.
The rating outlook is negative.

The guaranteed senior secured notes will rank pari-passu with the
Ba2 rated guaranteed senior secured term loans due 2026 and 2027
issued by INEOS 226 Limited, INEOS US Petrochem LLC, INEOS
Styrolution Group GmbH and Ineos Styrolution US Holding LLC, as
well as with the guaranteed senior secured notes due 2027 issued by
INEOS Styrolution Group GmbH. The notes' rating is one notch above
the corporate family rating for INEOS due to their ranking priority
within the capital structure.

The guaranteed senior unsecured notes will rank behind the
guaranteed secured term loans and guaranteed senior secured notes
therefore they are rated at B2, two notches below the corporate
family rating.

RATINGS RATIONALE

The Ba3 corporate family rating reflects the large size and scope
of INEOS Quattro Holdings Ltd with top market positions globally in
a variety of chemical products, its diverse product lines and end
markets, a track record of successful acquisition integration by
the INEOS Group coupled with a history of consistently exceeding
initial synergy expectations. The rating further considers the
company's publicly stated financial policy and Moody's expectations
of moderating leverage -- particularly if the recent recovery in
trading is sustained.

Counterbalancing these strengths, the rating also incorporates
significant uncertainty related to the integration of the legacy
and acquired businesses that have limited vertical integration,
material underperformance in the aromatics business in the wake of
coronavirus, expectations of $150 million in synergies (primarily
fixed costs) which are yet to be realized, as well as a history of
significant risk appetite across the broader INEOS Group and the
limited available disclosure regarding the larger INEOS Group
outside of the rated entities.

RATING OUTLOOK

The negative rating outlook reflects the high leverage for the
rating category, the uncertain macroeconomic climate and the
execution risk that INEOS Quattro Holdings Ltd will successfully
integrate its acquired businesses and achieve or exceed its target
synergies while gradually reducing leverage towards its stated
financial policy target. The rating could be stabilized if
Moody's-adjusted leverage moves sustainably towards or below 4.5x
and the integration of the businesses proceeds as planned.

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

Whilst unlikely in the near term, positive rating pressure would
occur from successful integration of the acquired businesses,
achieving synergy targets and reducing leverage to well below 4.0x
on a sustained basis while generating positive free cash-flow and
maintaining good liquidity at all times.

Conversely, negative rating pressure could occur from failure to
integrate the businesses and realized synergies as outlined such
that leverage remains above 4.5x on a sustained basis. Any material
deterioration in liquidity or dividend payments could also cause
negative rating pressure.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Chemical
Industry published in March 2019.

COMPANY PROFILE

INEOS Quattro Holdings Ltd is an indirect wholly-owned subsidiary
of INEOS AG formed in January 2021 through a merger of INEOS
Styrolution Holdings Limited and INOVYN Limited together with
aromatics and acetyls petrochemical assets acquired from BP p.l.c.
INEOS Quattro Holdings Ltd is a globally diversified chemical
company with leadership market positions in a wide range of
chemicals with broad market applications such as polystyrene,
vinyls and caustic soda, paraxylene, PTA, acetic acid and acetate
derivatives. On a pro-forma basis, businesses comprising INEOS
Quattro Holdings Ltd generated revenues of EUR15 billion and EBITDA
of EUR1.9 billion in 2019.


MOTOR 2018-1: Moody's Upgrades Class D1 CLN Notes From Ba3
----------------------------------------------------------
Moody's Investors Service has upgraded the ratings of two credit
linked notes and three credit protection deed tranches of Motor
Securities 2018-1 Designated Activity Company ("Motor 2018-1"). The
rating action reflects increased levels of credit enhancement for
the affected notes.

Motor 2018-1 is a synthetic securitisation of a static pool of UK
auto loans originated by Santander Consumer (UK) plc. Santander UK
plc and Santander Consumer (UK) plc entered into two credit
protection deeds with Motor 2018-1 to protect them against credit
losses stemming from the reference portfolio of UK auto loans. The
notes will cover all payments the issuer has to make under the CPDs
to cover portfolio losses, which result in the adjustment of the
notes' outstanding balance in a reverse sequential order.

Moody's affirmed the rating of the tranche that had sufficient
credit enhancement to maintain the current rating on the affected
notes.

GBP18.75M Class C CLN Notes, Upgraded to Aa3 (sf); previously on
Dec 12, 2019 Assigned A2 (sf)

GBP30.0M Class D1 CLN Notes, Upgraded to Baa3 (sf); previously on
Dec 12, 2019 Assigned Ba3 (sf)

GBP660.0M Tranche A CPD, Affirmed Aaa (sf); previously on Dec 12,
2019 Assigned Aaa (sf)

GBP22.5M Tranche B CPD, Upgraded to Aaa (sf); previously on Dec
12, 2019 Assigned Aa2 (sf)

GBP18.75M Tranche C CPD, Upgraded to Aa1 (sf); previously on Dec
12, 2019 Assigned A2 (sf)

GBP30.0M Tranche D1 CPD, Upgraded to Baa3 (sf); previously on Dec
12, 2019 Assigned Ba3 (sf)

RATINGS RATIONALE

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

Revision of Key Collateral Assumptions:

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

The performance of the transaction has continued to be stable since
closing. Total delinquencies with 90 days plus arrears currently
standing at 0.50% of current pool balance. Cumulative final losses
currently stand at 0.11% of original pool balance. The current
default probability is 3.25% of the current portfolio balance, the
fixed recovery rate is 40% and the portfolio credit enhancement is
12%.

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

Increase in Available Credit Enhancement

Sequential amortization led to the increase in the credit
enhancement available in this transaction.

For instance, the credit enhancement for the most senior tranche
affected by the rating action, Class B, increased to 14.11% from
9.00% since closing.

Counterparty Exposure

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

The proceeds from the issuance of the notes have been deposited
respectively in the senior cash deposit account and in the junior
cash deposit account, both of them in the name of the issuer and
held at Cash Deposit Account bank Santander UK plc (deposit rating
A1/P-1). The ratings of the Class C notes are constrained by the
Cash Deposit Account bank exposure taking into account the
replacement trigger.

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
December 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 performance of the underlying collateral that is
better than Moody's expected, an increase in available credit
enhancement, improvements in the credit quality of the transaction
counterparties and a decrease in sovereign risk.

Factors or circumstances that could lead to a downgrade of the
ratings include an increase in sovereign risk, performance of the
underlying collateral that is worse than Moody's expected,
deterioration in the notes' available credit enhancement and
deterioration in the credit quality of the transaction
counterparties.

PIZZAEXPRESS: Incurred GBP350-Mil. Loss Even Before Pandemic
------------------------------------------------------------
Alice Hancock at The Financial Times reports that PizzaExpress has
revealed that it fell to a GBP350 million loss even before pandemic
restrictions hit the business as it battled to meet interest costs
on its debt, which it has since restructured through a
debt-for-equity swap with bondholders.

According to the FT, in its accounts for 2019, published on Jan.
13, the casual dining chain also warned that the coronavirus crisis
had "a significant impact on the liquidity of the group" and that
it was "very challenging" to assess how curbs would affect the
business.

Like many leisure companies, it added that continuing restrictions
and additional lockdowns would cast "significant doubt" on its
ability to continue as a going concern, the FT relates.

PizzaExpress has enough liquidity to see it through 18 months of
low dine-in sales and some regional lockdowns, its directors noted
in the report, the FT discloses.  But in a worst-case scenario, in
which they included a further month-long national lockdown and
additional trading restrictions, it would have to cut capital
expenditure and draw down GBP20 million from a new debt facility in
order to conserve cash, the FT notes.

The accounts were filed before the UK's current national lockdown,
which is expected to last until mid-February at the earliest and
requires all hospitality businesses to be closed, the FT states.

In November, PizzaExpress agreed a financial restructuring with its
senior bondholders to cut its GBP1.1 billion net debt before GBP465
million of secured bonds matured in August this year, the FT
recounts.

As part of the debt-for-equity swap, the group's bondholders have
taken control of the business, which was previously owned by the
Chinese private equity firm Hony Capital, the FT discloses.

The group has also cut 2,400 jobs -- roughly a quarter of its UK
staff -- and closed 74 sites through a company voluntary
arrangement, the FT relays.


ROBIN HOOD: Enters Administration, Customer Base Sold to Centrica
-----------------------------------------------------------------
Kit Sandeman at NottinghamshireLive reports that the company set up
by Nottingham City Council to challenge the "big six'" energy firms
has been placed into administration.

According to NottinghamshireLive, the Robin Hood Energy (RHE)
customer base has been sold to Centrica -- owned by British Gas,
one of the "big six", and administrators Deloitte is now in charge
of the firm.

An outstanding GBP12.5 million owed for green taxes known as
Renewable Obligations Certificates (ROCs), to energy regulator
OFGEM, is expected to be spread across the rest of the energy
market, NottinghamshireLive discloses.

This effectively means all other consumers -- from companies with
no link to RHE -- will foot the bill, NottinghamshireLive notes.

Labour-controlled Nottingham City Council has said it expects its
total losses to be GBP38 million from the company,
NottinghamshireLive relates.

It had been suggested that the GBP12.5 million would be taken by
administrators from the amount Nottingham City Council receives
from the sale, meaning Nottingham taxpayers would pay the bill,
NottinghamshireLive states.

But the city council says it expects the bill to be "mutualised"
from the rest of the energy market, NottinghamshireLive relays.



                           *********


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

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
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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.

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