/raid1/www/Hosts/bankrupt/TCREUR_Public/210120.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Wednesday, January 20, 2021, Vol. 22, No. 9

                           Headlines



F R A N C E

BANIJAY GROUP: Moody's Completes Review, Retains B2 CFR
EUROPCAR MOBILITY: Failed Auction Hits Default Swap Buyers


G E R M A N Y

[*] GERMANY: Upper House Urges Merkel to Extend Insolvency Waiver


G R E E C E

INTRALOT SA: Fitch Lowers LongTerm IDR to 'C' on Debt Restructuring


I R E L A N D

ARBOUR CLO III: Moody's Affirms B1 Rating on Class F-R Notes
BAIN CAPITAL 2018-1: Fitch Affirms B- Rating on Class F Notes
CIFC FUNDING CLO I: Fitch Affirms B- Rating on Class Notes
HARVEST CLO XX: Fitch Affirms B- Rating on Class F Notes
INVESCO EURO CLO V: Moody's Assigns B3 Rating on Class F Notes

SOUND POINT CLO II: Fitch Affirms B- Rating on Class F Notes


I T A L Y

REKEEP SPA: Moody's Affirms 'B2' CFR & Rates New Sec. Notes 'B2'
REKEEP SPA: S&P Alters Outlook to Stable & Affirms 'B' LT ICR


L U X E M B O U R G

CPI PROPERTY: S&P Assigns 'BB+' Rating in New Sub. Hybrid Notes


M A L T A

SETANTA SPORTS: High Court Approves ICF Payment of EUR3.29-Mil.


N E T H E R L A N D S

CIDRON OLLOPA: Moody's Completes Review, Retains B2 CFR


R O M A N I A

ELECTROCENTRALE BUCURESTI: Bucharest Wants to Acquire Business


R U S S I A

ROSVODOKANAL: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Stable


S P A I N

CAIXABANK PYMES 10: Moody's Affirms Caa2 Rating on Class B Notes


T U R K E Y

GLOBAL LIMAN: Fitch Lowers Rating on USD250MM Unsec. Notes to 'CC'


U N I T E D   K I N G D O M

A2B PLASTICS: Bought Out of Administration by Cygnet Plastics
ATOTECH UK: Moody's Upgrades CFR to B2, Outlook Remains Stable
CO-OPERATIVE BANK: Fitch Raises LongTerm IDR to 'B', Off Watch Neg.
PINEWOOD GROUP: S&P Affirms 'BB-' LongTerm ICR, Outlook Stable
PIZZAEXPRESS: Shuts Down Further 23 UK Restaurants Following CVA

POLARIS PLC 2019-1: S&P Affirms 'CCC' Rating on Class X Notes
YO! SUSHI: Must Hand Over Savills Report to One of Landlords

                           - - - - -


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F R A N C E
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BANIJAY GROUP: Moody's Completes Review, Retains B2 CFR
-------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Banijay Group S.A.S. and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on January 15, 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.

Banijay's B2 CFR reflects the company's high leverage, the
execution and integration risks associated with the acquisition of
Endemol Shine Group and the downside risks related to potential
further business disruptions related to the ongoing sanitary
crisis.

The rating also factors in the company's historic strong operating
and financial track record, large scale of operations, good
industry demand dynamics, largely variable cost structure and the
quality and size of its content library.

The principal methodology used for this review was Business and
Consumer Service Industry published in October 2016.


EUROPCAR MOBILITY: Failed Auction Hits Default Swap Buyers
----------------------------------------------------------
Irene Garcia Perez at Bloomberg News reports that a failed attempt
to settle debt insurance on a struggling French car-rental company
is the latest blow to the US$9 trillion market in credit
derivatives, but this time the focus is on speculators.

According to Bloomberg, protection buyers who didn't hold any of
Europcar Mobility Group's underlying debt were left with nothing,
due to a shortage of bonds to settle contracts at the auction on
Jan. 13.

Flaws in the instruments' capacity to protect against losses have
undermined confidence in the credit derivatives market in recent
years, Bloomberg notes.

The problem with Europcar, which defaulted on its debt last month,
was that bids exceeded available securities, driven both by
bondholders that had already entered into a lock-up agreement and
by traders that had placed outsized bets on a lucrative swaps
payout, Bloomberg states.




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

[*] GERMANY: Upper House Urges Merkel to Extend Insolvency Waiver
-----------------------------------------------------------------
Paul Carrel at Reuters reports that Germany's upper house of
parliament called on Jan. 18 for Chancellor Angela Merkel's
government to extend a waiver on insolvency filings for firms hit
by the coronavirus crisis.

According to Reuters, the provision, which is due to expire at the
end of the month, has helped reduce the number of bankruptcies in
Europe's largest economy through lockdown, with the Federal
Statistics Office last week reporting a 31.9% year-on-year drop in
October.

The Bundesrat upper house called unanimously in a resolution for an
extension to the waiver, saying that without it healthy but
indebted companies would be forced to file for insolvency "through
no fault of their own", Reuters relates.

Justice Minister Christine Lambrecht and the parliamentary group of
the Social Democrats (SPD), junior partners in the ruling
coalition, are also pushing for an extension, Reuters notes.  They
have met resistance from Merkel's conservatives, Reuters states.

Critics say Berlin risks impeding what economic liberals call
"creative destruction", the term popularized in the 1940s by
Austrian economist Joseph Schumpeter to describe unviable firms
folding to make way for more dynamic newcomers, Reuters discloses.

The issue is knowing how to distinguish the zombies, generally
defined as companies which would anyway struggle to cover their
interest payments, from essentially healthy firms that have run
into temporary trouble, Reuters says.




===========
G R E E C E
===========

INTRALOT SA: Fitch Lowers LongTerm IDR to 'C' on Debt Restructuring
-------------------------------------------------------------------
Fitch Ratings has downgraded Greek gaming group Intralot S.A.'s
Long-Term Issuer Default Rating (IDR) to 'C' from 'CC'. It has also
downgraded the senior unsecured rating on the bonds issued by
Intralot Capital Luxembourg S.A., and guaranteed by Intralot's key
subsidiaries, to 'C'/'RR4' from 'CC'/'RR4'.

The downgrade reflects the announcement on January 14, 2021 that
Intralot has entered into a binding lock-up agreement with key
noteholders that represent 75% of 2021 notes and 13% of 2024 notes
in order to restructure the debt. Under Fitch's Distressed Debt
Exchanged (DDE) Criteria, Fitch deems this as a DDE proposal, which
imposes a material reduction in terms compared with the original
contractual terms, and with the intention to avoid a payment
default on the notes due in September 2021.

If the transaction is successfully completed, Fitch will downgrade
the IDR to 'RD' (Restricted Default) before re-assessing Intralot's
restructured profile and assigning a rating consistent with
Fitch’s forward-looking assessment of the company's credit
profile. Alternatively, if the transaction is unsuccessful, Fitch
would downgrade the IDR to 'D' if a payment default takes places in
March on the next coupon payment date or in September 2021 when the
2021 senior notes fall due.

KEY RATING DRIVERS

Announcement of DDE: Intralot has entered into a binding lock-up
agreement with key noteholders, the execution of which would be
treated as a DDE under Fitch's DDE criteria. The minimum acceptance
level of 90% represents a 15% uplift to the current 75% notes that
are part of the lock-up agreement, which leaves reasonable
execution risk. In addition, Intralot announced that it has
alternative plans to implement the 2021 note exchange if it does
not reach the 90% minimum acceptance level.

The company has requested that the 2021 notes amount is reduced by
around EUR45 million and maturity extended to September 2024 at the
earliest, in exchange for security over Intralot's US subsidiary
and higher coupon with a payment-in-kind feature at the company's
election.

Success of 2024 Notes Exchange Uncertain: The company requests that
2024 noteholders tender their notes in exchange for up to 49% of
the share capital of the indirect parent of Intralot Inc. The
binding lock-up agreement only represents 13% of the 2024 notes,
and there is uncertainty around Intralot's ability to materially
increase the share of 2024 notes tendered. The share of 2024 notes
that will actually be tendered will be key to Intralot's ability to
conclude the debt restructuring. Failure to reach a debt
restructuring agreement materially increases the risk of a payment
default in September 2021, when the 2021 senior unsecured notes
become due.

DERIVATION SUMMARY

Intralot's current financial profile is not comparable with that of
other gaming companies such as Flutter Entertainment plc
(BBB-/Negative), Entain plc (BB/Negative), Sazka Group a.s.
(BB-/Stable). Intralot has similar business profile characteristics
as Inspired Entertainment, Inc. (CCC+), but the recent announcement
of a debt restructuring plan is consistent with a 'C' rating.

Intralot has smaller size and lower profitability than gaming
operator Codere S.A. (CCC), which has completed its debt
restructuring.

KEY ASSUMPTIONS

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

-- Once the debt restructuring completes, and Fitch has discussed
    the company's revised business plan with management and
    assessed its reasonableness, Fitch will establish new
    assumptions in support of Fitch’s long-term forecasts for
the
    company.

Key Recovery Rating Assumptions

-- In Fitch’s bespoke going-concern recovery analysis Fitch
    considered an estimated post-restructuring EBITDA available to
    creditors of around EUR55 million, which would allow Intralot
    to continue operating as a going concern. Fitch applied a
    distressed enterprise value (EV)/ EBITDA multiple of 5x to
    Intralot's wholly-owned operations.

-- Fitch also estimates approximately EUR10 million of additional
    value stemming from associates.

-- After deducting 10% for administrative claims, Fitch’s
    principal waterfall analysis generated a ranked recovery in
    the 'RR4' band, indicating a 'C' instrument rating. The
    waterfall analysis output percentage on current metrics and
    assumptions is 32%. After completion of the restructuring
    process Fitch will reassess the new waterfall and instruments'
    ratings.

RATING SENSITIVITIES

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

-- A direct upgrade to 'CC' is unlikely at this point.

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

-- Successful completion of the proposed debt restructuring or
    similar transaction leading to the execution of the DDE, which
    would lead to a downgrade to 'RD';

-- Unsuccessful completion of the debt restructuring leading to a
    payment default, bankruptcy filings, administration,
    liquidation or other formal winding-up procedure, which would
    lead to a downgrade to 'D'.

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

Sufficient Liquidity Until Debt Maturity: As of 30 September 2020,
Fitch estimates that Intralot had around EUR65 million-EUR70
million readily available cash (excluding EUR30 million restricted
cash for working capital, and around EUR10 million cash located in
partnerships and not fully owned subsidiaries).

This cash position included a EUR18 million equivalent secured and
fully drawn overdraft, the repayment of which can be requested at
any time. Fitch expects liquidity to tighten over the next few
months due to negative free cash flow, although prudent cash
management reduces the pace of liquidity utilisation until the
implementation of the new financial structure. Intralot's current
capital structure does not include any committed credit lines, even
at operating companies, since the USD40 million revolving credit
facility granted to the US subsidiary expired in August 2020.

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.




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

ARBOUR CLO III: Moody's Affirms B1 Rating on Class F-R Notes
------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Arbour CLO III Designated Activity Company:

EUR25,000,000 Class B-1R Senior Secured Fixed Rate Notes due 2029,
Upgraded to Aaa (sf); previously on Dec 8, 2020 Aa2 (sf) Placed
Under Review for Possible Upgrade

EUR19,000,000 Class B-2R Senior Secured Floating Rate Notes due
2029, Upgraded to Aaa (sf); previously on Dec 8, 2020 Aa2 (sf)
Placed Under Review for Possible Upgrade

EUR23,000,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2029, Upgraded to A1 (sf); previously on Dec 8, 2020 A2
(sf) Placed Under Review for Possible Upgrade

EUR23,500,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2029, Upgraded to Baa1 (sf); previously on Mar 15, 2018
Definitive Rating Assigned Baa2 (sf)

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

EUR10,000,000 (Current Outstanding Amount EUR 8,895,062) Class
A-1R Senior Secured Fixed Rate Notes due 2029, Affirmed Aaa (sf);
previously on Mar 15, 2018 Definitive Rating Assigned Aaa (sf)

EUR230,000,000 (Current Outstanding Amount EUR 204,586,434) Class
A-2R Senior Secured Floating Rate Notes due 2029, Affirmed Aaa
(sf); previously on Mar 15, 2018 Definitive Rating Assigned Aaa
(sf)

EUR27,500,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2029, Affirmed Ba2 (sf); previously on Mar 15, 2018
Definitive Rating Assigned Ba2 (sf)

EUR11,750,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2029, Affirmed B1 (sf); previously on Mar 15, 2018
Definitive Rating Assigned B1 (sf)

Arbour CLO III Designated Activity Company, issued in February 2016
and refinanced in March 2018, is a collateralised loan obligation
backed by a portfolio of mostly high-yield senior secured European
loans. The portfolio is managed by Oaktree Capital Management (UK)
LLP. The transaction's reinvestment period ended in March 2020.

The action concludes the rating review on the Classes B-1R, B-2R
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/3nSvoQ4.

RATINGS RATIONALE

The rating upgrades on the Class B-1R, B-2R, 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 3055
after applying the revised assumptions as compared to the trustee
reported WARF of 3416 as of November 2020.

The action also reflects the deleveraging of the Class A-1R and
A-2R notes (Class A notes) following amortisation of the underlying
portfolio. The Class A notes have paid down by approximately EUR
26.5 million (11%) in the last 12 months. As a result of the
deleveraging, over-collateralisation has increased across the
capital structure. According to the trustee report dated November
2020 [1] the Class A/B, Class C and Class D OC ratios are reported
at 142.4%, 131.1% and 121.2% compared to November 2019 levels of
140.9%, 130.4% and 121.1%, respectively.

The rating affirmations on the Class A-1R, A-2R, E-R and F-R notes
reflect 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: EUR 371.6m

Defaulted Securities: EUR 0

Diversity Score: 50

Weighted Average Rating Factor (WARF): 3055

Weighted Average Life (WAL): 4.53 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.44%

Weighted Average Coupon (WAC): 4.73%

Weighted Average Recovery Rate (WARR): 44.7%

Par haircut in OC tests and interest diversion test: 0.6%

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 over the last 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 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, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance" published in June 2020. Moody's concluded the
ratings of the notes are not constrained by these risks.

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

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
notes, in light of uncertainty about credit conditions in the
general economy. In particular, the length and severity of the
economic and credit shock precipitated by the global coronavirus
pandemic will have a significant impact on the performance of the
securities. CLO notes' performance may also be impacted either
positively or negatively by: 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.

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


BAIN CAPITAL 2018-1: Fitch Affirms B- Rating on Class F Notes
-------------------------------------------------------------
Fitch Ratings has affirmed Bain Capital Euro CLO 2018-1 DAC. The
Outlook on the class D notes has been revised to Stable from
Negative.

     DEBT                RATING             PRIOR
     ----                ------             -----
Bain Capital Euro CLO 2018-1

A XS1713469598     LT  AAAsf  Affirmed      AAAsf
B-1 XS1713468780   LT  AAsf   Affirmed      AAsf
B-2 XS1713465257   LT  AAsf   Affirmed      AAsf
C XS1713468194     LT  Asf    Affirmed      Asf
D XS1713467469     LT  BBBsf  Affirmed      BBBsf
E XS1713467030     LT  BB-sf  Affirmed      BB-sf
F XS1713466909     LT  B-sf   Affirmed      B-sf

TRANSACTION SUMMARY

Bain Capital Euro CLO 2018-1 Designated Activity Company is a cash
flow CLO mostly comprising senior secured obligations. The
transaction is still within its reinvestment period and is actively
managed by Bain Capital Credit, Limited.

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 1.29% as of the
investor report on 7 December 2020. All portfolio profile tests,
collateral quality tests and coverage tests are passing except for
another rating agency's weighted average rating factor (WARF) test
and Fitch and another rating agency's 'CCC' tests. Exposure to
assets with a Fitch-derived rating of 'CCC+' and below is 11.74%
(excluding non-rated assets). The transaction has EUR1 million in
defaulted assets as of the same report.

Negative Outlooks Based on Coronavirus Stress: The Negative
Outlooks on the class E and F notes are the 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 (31.5% of the
portfolio) regardless of sector and ran the cash flow analysis
based on the stable interest rate scenario. The class E and F notes
have shortfalls under this cash flow model run. The Negative
Outlooks reflect the risk of credit deterioration due to the
economic fallout from the pandemic.

The Stable Outlook on the remaining tranches reflects the fact that
their ratings show resilience under the coronavirus baseline
sensitivity analysis with a cushion. 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 current ratings
for the class E and F notes are one to two notches 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 shortfalls are 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 to be in the 'B'/'B-' category for the transaction.
The Fitch WARF calculated by Fitch of 36.59 (assuming unrated
assets are 'CCC') and calculated by the trustee of 35.98 of the
current portfolio are below the maximum covenant of 37.50. The
Fitch WARF would increase by 3.45 after applying the coronavirus
stress.

High Recovery Expectations: Of the portfolio, 99.2% comprises
senior secured obligations. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets.

Portfolio Well Diversified: The portfolio is well diversified
across obligors, countries and industries. The top 10 obligor
concentration is 12.96%, and no obligor represents more than 1.7%
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

Bain Capital Euro CLO 2018-1

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.


CIFC FUNDING CLO I: Fitch Affirms B- Rating on Class Notes
----------------------------------------------------------
Fitch Ratings has affirmed CIFC European Funding CLO I DAC and
revised the Outlook on the class D notes to Stable from Negative.

      DEBT               RATING             PRIOR
      ----               ------             -----
CIFC European Funding CLO I DAC

A XS2020690884      LT  AAAsf  Affirmed     AAAsf
B-1 XS2020691429    LT  AAsf   Affirmed     AAsf
B-2 XS2020692153    LT  AAsf   Affirmed     AAsf
C XS2020692740      LT  Asf    Affirmed     Asf
D XS2020693557      LT  BBB-sf Affirmed     BBB-sf
E XS2020693987      LT  BB-sf  Affirmed     BB-sf
F XS2020694100      LT  B-sf   Affirmed     B-sf
X XS2020690454      LT  AAAsf  Affirmed     AAAsf

TRANSACTION SUMMARY

CIFC European Funding CLO I DAC is a securitisation of mainly
senior secured loans (at least 95%) with a component of senior
unsecured, mezzanine and second-lien loans. The portfolio is
managed by CIFC Asset Management LLC. The reinvestment period ends
in January 2024.

KEY RATING DRIVERS

Stable Outlook for Class D Based on Coronavirus Stress

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

Portfolio Performance

As of the latest investor report dated 10 December 2020, the
transaction was 0.81% below par and all portfolio profile tests,
coverage tests and Fitch collateral quality tests were passing. As
of the same report, the transaction had no defaulted assets.
Exposure to assets with a Fitch-derived rating (FDR) of 'CCC+' and
below was 4.1 % (excluding unrated assets). Assets with an FDR on
Negative Outlook made up a further 11.69% 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 weighted average rating factor (WARF)
of the current portfolio is 33.46 (assuming unrated assets are
'CCC') - above the maximum covenant of 33, while the
trustee-reported Fitch WARF was 32.94. After applying the
coronavirus stress, the Fitch WARF would increase by 3.17.

High Recovery Expectations

Senior secured obligations are 99.1% 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 15.9% of the portfolio
balance with no obligor accounting for more than 2%. Around 27.4%
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.


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

     DEBT               RATING            PRIOR
     ----               ------            -----
Harvest CLO XX DAC

A XS1843454809     LT  AAAsf  Affirmed    AAAsf
B-1 XS1843454122   LT  AAsf   Affirmed    AAsf
B-2 XS1843453405   LT  AAsf   Affirmed    AAsf
C XS1843452852     LT  Asf    Affirmed    Asf
D XS1843452183     LT  BBBsf  Affirmed    BBBsf
E XS1843451532     LT  BBsf   Affirmed    BBsf
F XS1843451375     LT  B-sf   Affirmed    B-sf

TRANSACTION SUMMARY

Harvest CLO XX 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 was below par by 100bp as of the latest investor
report available. As per the report, all portfolio profile tests,
coverage tests and collateral quality tests were passing except for
Fitch's 'CCC' obligation test, which was marginally failing. As of
9 January 2021, exposure to assets with a Fitch- derived rating
(FDR) of 'CCC+' and below was 11% (including unrated assets) and
9.2% (excluding unrated assets) of the aggregate collateral balance
(ACB). As per the report, defaulted assets contributed 21bp of the
ACB.

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 shortfalls. T

However, Fitch believes that the portfolio's negative rating
migration is likely to slow, making a downgrade of the class E and
F notes less likely in the short term. As a result, Fitch has
removed them from RWN and affirmed its rating. Their Negative
Outlook reflects 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 owing to the notes now
passing the relevant tests with a small cushion. For more details
on Fitch’s pandemic-related stresses see "CLO Sensitivity Remains
Focused on Portfolio Rating Migration over Time."

Deviation from Model-Implied Rating

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.

The model-implied rating for the class E note is one notch below
the current rating. However, Fitch has deviated from the
model-implied rating as the shortfall was marginal and driven only
by a back-loaded default timing scenario. Therefore the current
rating is deemed more appropriate and in line with the majority of
Fitch-rated EMEA CLOs'.

'B'/'B-' Portfolio

Fitch assesses the average credit quality of the obligors in the
'B'/'B-' category. As at 9 January 2021, the Fitch-calculated
weighted average rating factor (WARF) of the portfolio was 35.83,
slightly higher than the trustee-reported WARF of 30 November 2020
of 34.55, owing to rating migration and considering unrated assets
that Fitch deems to be equivalent to 'CCC'.

High Recovery Expectations

Senior secured obligations comprise 98.8% of the portfolio. Fitch
views the recovery prospects for these assets as more favourable
than for second-lien, unsecured and mezzanine assets. The Fitch
weighted average recovery rate (WARR) of the current portfolio was
65.37% as per the report.

Diversified Portfolio

The portfolio is well-diversified across obligors, countries and
industries. The top 10 obligors represent 15.7% of the portfolio
balance and no obligor accounts for more than 2%. As per Fitch
calculation the largest industry was business services at 19.85% of
the portfolio balance, against a limit of 17.5%.

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 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.

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 an unexpected high
    level of default and portfolio deterioration. As disruptions
    to supply and demand due to the pandemic become apparent for
    other vulnerable sectors, loan ratings in those sectors would
    also come under pressure. Fitch will update the sensitivity
    scenarios in line with the view of its leveraged finance team.

Coronavirus Downside Scenario

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

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
pools 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

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.


INVESCO EURO CLO V: Moody's Assigns B3 Rating on Class F Notes
--------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Invesco Euro CLO V
DAC (the "Issuer"):

EUR1,250,000 Class X Senior Secured Floating Rate Notes due 2034,
Definitive Rating Assigned Aaa (sf)

EUR183,000,000 Class A Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aaa (sf)

EUR16,300,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aa2 (sf)

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

EUR20,200,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned A2 (sf)

EUR21,800,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Baa3 (sf)

EUR18,700,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Ba3 (sf)

EUR6,800,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2034, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

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

The Issuer is a managed cash flow CLO. At least 92.5% of the
portfolio must consist of senior secured obligations and up to 7.5%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 89% ramped as of the closing date and
to comprise of predominantly corporate loans to obligors domiciled
in Western Europe. The remainder of the portfolio will be acquired
during the six month ramp-up period in compliance with the
portfolio guidelines.

Invesco European RR L.P. will manage the CLO. It will direct the
selection, acquisition and disposition of collateral on behalf of
the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's four-year
reinvestment period. Thereafter, subject to certain restrictions,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit risk
obligations or credit improved obligations.

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A Notes. The
Class X Notes amortise by EUR 250K over the payment dates starting
on the second payment date.

In addition to the eight classes of notes rated by Moody's, the
Issuer will issue EUR 27,350,000 Subordinated Notes due 2034 which
are not rated.

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

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

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

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

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

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

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

Par Amount: EUR 300 million

Diversity Score: 40

Weighted Average Rating Factor (WARF): 3105

Weighted Average Spread (WAS): 3.80%

Weighted Average Coupon (WAC): 5.00%

Weighted Average Recovery Rate (WARR): 44.00%

Weighted Average Life (WAL): 8.5 years

Moody's has addressed the potential exposure to obligors domiciled
in countries with local currency ceiling of A1 or below. As per the
portfolio constraints, exposures to LCC of Baa1 to Baa3 is limited
to 2.5% and with exposures of LCC below Baa3 not greater than 0%.


SOUND POINT CLO II: Fitch Affirms B- Rating on Class F Notes
------------------------------------------------------------
Fitch Ratings has affirmed Sound Point Euro CLO II Funding DAC and
revised the Outlooks on the class D, E and F notes to Stable from
Negative.

     DEBT               RATING             PRIOR
     ----               ------             -----
Sound Point Euro CLO II Funding DAC

A XS2032700978    LT  AAAsf  Affirmed      AAAsf
B-1 XS2032701513  LT  AAsf   Affirmed      AAsf
B-2 XS2032701943  LT  AAsf   Affirmed      AAsf
C XS2032702248    LT  A+sf   Affirmed      A+sf
D XS2032702677    LT  BBB-sf Affirmed      BBB-sf
E XS2032702917    LT  BB-sf  Affirmed      BB-sf
F XS2032702594    LT  B-sf   Affirmed      B-sf
X XS2032701190    LT  AAAsf  Affirmed      AAAsf

TRANSACTION SUMMARY

Sound Point Euro CLO II Funding DAC is a cash flow CLO mostly
comprising senior secured obligations. The transaction is still
within its reinvestment period and is actively managed by Sound
Point CLO C-MOA, LLC.

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 0.33% as of the
investor report on 9 December 2020. All portfolio profile tests,
collateral quality tests and coverage tests are passing. Exposure
to assets with a Fitch-derived rating of 'CCC+' and below is 0.74%
(excluding non-rated assets). The transaction had no defaulted
assets as of the same report.

Stable Outlooks Based on Coronavirus Stress: The Outlooks on the
class D, E and F notes have been revised to Stable from Negative as
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 (22.0% of the portfolio) regardless of sector and
ran the cash flow analysis based on the stable interest rate
scenario. The class D notes have a positive cushion and the class E
and F notes have limited shortfalls under this cash flow model
run.

The Stable Outlooks on the tranches reflect the fact that their
ratings show 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."

'B' Portfolio: Fitch assesses the average credit quality of the
obligors to be in the 'B' category for the transaction. The Fitch
weighted average rating factor (WARF) calculated by Fitch at 33.02
(assuming unrated assets are 'CCC') and calculated by the trustee
at 31.93 for the current portfolio are below the maximum covenant
of 33.60. The Fitch WARF would increase by 1.96 after applying the
coronavirus stress.

High Recovery Expectations: Of the portfolio, 98.0% comprise senior
secured obligations. Fitch views the recovery prospects for these
assets as more favourable than for second-lien, unsecured and
mezzanine assets.

Portfolio Well Diversified: The portfolio is well diversified
across obligors, countries and industries. The top 10 obligor
concentration is 14.79%, and no obligor represents more than 1.63%
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

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.




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

REKEEP SPA: Moody's Affirms 'B2' CFR & Rates New Sec. Notes 'B2'
----------------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating and the B2-PD probability of default rating of Rekeep
S.p.A., a leading provider of facility management and laundry and
sterilisation services in Italy and Poland. Concurrently, Moody's
has assigned a B2 rating to the proposed EUR350 million senior
secured notes due 2026 to be issued by Rekeep. The outlook on the
ratings remains negative.

Proceeds from the new notes together with EUR54 million of cash on
balance sheet will be used to repay the outstanding notes due in
2022, to repay the drawings under its super senior revolving credit
facility due December 2021 and to pay transaction fees. As part of
the transaction, the company has entered into a new super senior
RCF agreement with an increased size of EUR75 million (the size of
the existing RCF was EUR50 million) and due in 2025. The rating on
the notes due in 2022 will be withdrawn upon repayment at
completion of the refinancing.

"The rating affirmation reflects Rekeep's improved liquidity
profile following the completion of the proposed refinancing and
its resilient operating performance during the coronavirus
pandemic. However, the rating remains weakly positioned with a
negative outlook owing to its ongoing exposure to litigations, its
high leverage and the weakening free cash flow stemming from the
repayment of the FM4 fine," says Donatella Maso, a Moody's Vice
President - Senior Analyst and lead analyst for Rekeep.

RATINGS RATIONALE

The proposed refinancing will improve Rekeep's liquidity by
addressing the upcoming debt maturity in 2022 and postponing the
debt maturity wall to 2026, and by increasing the size of the
committed RCF to EUR75 million from EUR50 million.

While Moody's views the refinancing as credit positive, the B2
rating remains weakly positioned because of the recurring exposure
to litigations, which could result in additional fines or other
adverse consequences, including the uncertainty around the impact
of the six month ban from public tenders imposed by the Italian
anti-corruption authority (ANAC) in relation to the
Santobono-Pausilipon case.

Moody's considers the company's ongoing exposure to litigations as
a governance consideration under the rating agency's ESG framework
and one of the key factors for the rating action.

In December 2020, the Italian Supreme Court confirmed ANAC's
decision to prevent the legal entity Rekeep S.p.A. from bidding on
public tenders until June 17, 2021. According to Rekeep's
management, the financial impact on the business will be limited to
EUR13 million - EUR55 million of annual revenue for a five-year
period and will likely hit the company in 2022, due to the typical
delay between the awarding of a tender and the effective start of
the relevant contract, historically ranging from 12 to 18 months.

However, such estimate is based on Rekeep's interpretation of
ANAC's decision and on the assumption that the company can continue
to bid for the upcoming public tenders using other group entities
and does not take into account potential reputational damage which
may hamper its ability to secure future contracts both in the
public and private sectors.

Earlier in 2020, the regional administrative court confirmed the
fine related to FM4 tender, expected to be paid in 69 instalments
from March 2021. The amount of the fine, which was finally reduced
to EUR79 million from EUR92 million, remains material relative to
the size of the company's EBITDA and will constrain its cash flow
generation capacity. The original amount could also be reinstated
following the ICA's recent appeal which will be discussed in a
court hearing next March. For leverage calculation purposes,
Moody's includes the FM4 fine in Rekeep's debt figures.

The company may well face other indirect consequences from the
negative outcomes of these two major litigations such as the
exclusion from upcoming tenders and the enforcement of certain bid
bonds. In addition to the Santobono-Pausilipon and FM4 cases, the
company and its employees are part to other litigations and
investigations which may result in further monetary fines or bans.

Pro forma for the refinancing, the company's Moody's adjusted
leverage remains high for the rating category at 5.1x, or 5.8x
including the liability under the FM4 fine. Moody's expects
Rekeep's leverage to stay slightly above 5x in the next 12 to 18
months under the assumption that the six month ban from public
tenders will constrain EBITDA growth from 2022 onwards while the
FM4 fine is gradually repaid.

The B2 rating also reflects the highly competitive nature of the
industry with ongoing price pressures, particularly in facility
management, Rekeep's high exposure to the public sector,
representing 80% of its LTM revenues, with the associated risk of
delays in the awarding of contracts and long payment terms.

More positively, the B2 rating is supported by the company's
resilient operating performance during the coronavirus pandemic due
to its exposure to the healthcare sector, accounting for 59% of its
LTM revenue and 75% of its backlog. The healthcare sector has
offset lower activity in other sectors due to temporary closures
and benefits from favourable trends which should support sustained
growth.

While Italy remains the main country of Rekeep's operations,
representing 89% of revenue, the company managed to increase its
geographical diversification with the acquisition of the Polish
company Naprzod and new contracts wins in Turkey, France and Saudi
Arabia. A degree of revenue visibility underpinned by the current
backlog and long term contracts, as well as a diversified customer
base also support the rating.

LIQUIDITY

Moody's views Rekeep's liquidity as adequate following the proposed
refinancing. Pro forma for the refinancing, the company will have
access to EUR57 million cash on balance sheet, full availability
under its EUR75 million super senior RCF due 2025, a EUR200 million
committed non-recourse revolving factoring facility (EUR73 million
utilised) due December 2021 and under renegotiation, and no
significant debt maturities until 2026, when the new notes are due.
These sources of liquidity are sufficient to cover intra-year
working capital swings because of seasonality, capital spending at
3% of revenues per year and the payment of the FM4 fine.

The RCF has a maximum net leverage covenant of 5.7x to be tested if
the RCF is drawn by more than 35%. Moody's does not expect the
covenant to be tested over the next 12-18 months. The company's net
leverage (as reported) of 3.1x pro forma for the refinancing offers
adequate flexibility.

STRUCTURAL CONSIDERATIONS

Rekeep's probability of default rating of B2-PD is in line with the
CFR and reflects the use of a 50% family recovery rate, consistent
with the capital structure, including bond and bank debt. The B2
rating assigned to the EUR350 million senior secured notes is also
aligned with the CFR, as it is only subordinated to the super
senior RCF, which is not large enough to drive notching on the
notes. The notes benefit from a strong guarantor coverage from
substantially all of Rekeep's assets and EBITDA.

Both the notes and the super senior RCF are secured against share
pledges of certain companies of the group, assuming confirmation of
the Italian Golden Power review. Moody's typically views debt with
this type of security package to be akin to unsecured debt. In
addition, the RCF benefits from a special lien ("privilegio
speciale") on the company's moveable assets.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects the risk of potential negative
consequences stemming from the Santobono-Pausilipon's ban, the FM4
fine and other pending litigations, which could prevent Rekeep from
reducing and maintaining its financial leverage (including the FM4
fine) below 5.0x and generating positive free cash flow.

The outlook could be stabilised if Rekeep's operating performance
shows sustained growth in revenues and profits driven by contract
wins, and in case of cancellation or a significant reduction in the
FM4 fine.

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

Given the negative outlook, an upgrade is unlikely in the near
term. Upward pressure on the ratings could develop if the company
develops a track record of reducing exposure to litigation and
potential fines; if it continues to improve its operating
performance generating EBITDA growth and positive free cash flow
both on a sustained basis; and if it reduces its Moody's-adjusted
debt/EBITDA below 4.0x.

Conversely, negative pressure on the ratings could be exerted if
Rekeep's liquidity and credit metrics deteriorate as a result of
weakening operating performance or loss of material contracts,
penalty payments or significant legal costs, or an aggressive
change in its financial policy. Quantitatively, downward pressure
on the ratings could develop if its Moody's adjusted debt/EBITDA
remains materially above 5.0x beyond 2021 or free cash flow stays
negative, both on a sustained basis. Furthermore, any negative
consequences resulting from the investigations, ranging from
management distraction to reputational risk or even financial
damage would strain the company's rating.

Because of the risks and corporate governance concerns associated
with ongoing litigations affecting the company that are
crystalizing in the form of relatively large fines and bans,
Moody's has tightened the leverage threshold for Rekeep at the B2
rating category, to 4.0x-5.0x, from 4.0x to 6.0x previously.

LIST OF AFFECTED RATINGS

Issuer: Rekeep S.p.A.

Affirmations:

Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Assignment:

Senior Secured Regular Bond/Debenture, Assigned B2

Outlook Action:

Outlook, Remains Negative

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Founded in 1938 and headquartered in Bologna (Italy), Rekeep S.p.A.
(formerly Manutencoop Facility Management S.p.A.) is a leading
provider of FM services, and laundry and sterilisation services in
Italy. The company has also expanded in Poland through the
acquisition of Naprzod and by winning contracts in Turkey, France
and Saudi Arabia. For the 12 months ended September 30, 2020,
Rekeep reported pro forma revenue of EUR1,047 million and EBITDA of
EUR115 million. The company serves over 1,500 customers and employs
around 27,700 people. 89% of the revenue is generated in Italy,
with around 80% from the public sector. The company is fully owned
by Manutencoop Societa Cooperativa, a cooperative of around 500
member shareholders, all of whom are employees of the firm.

REKEEP SPA: S&P Alters Outlook to Stable & Affirms 'B' LT ICR
-------------------------------------------------------------
S&P Global Ratings revised the outlook on Rekeep S.p.A. to stable
from negative, and affirmed the 'B' long-term issuer credit rating.


S&P said, "At the same time, we are assigning a 'B' issue rating,
with a '3' recovery rating (rounded estimate: 60%), to the proposed
EUR350 million senior secured notes. We expect to withdraw our
issue and recovery ratings on the existing EUR334 million notes
upon completion of the debt refinancing.

"The stable outlook reflects our expectation that continued organic
growth and steady EBITDA generation in the next 12 months will
provide the group with sufficient rating headroom to absorb any
negative impact from the imposed ban on public tenders following
the Santobono ruling."

Rekeep's proposed refinancing will have a neutral impact on
leverage.  The proposed EUR350 million senior secured notes will be
used to fully repay the EUR334 million current senior secured notes
and the corresponding transaction expenses. The proposed debt
structure also includes a EUR75 million super senior RCF upsized
from EUR50 million within the existing structure, which is expected
to be undrawn at closing. S&P said, "Overall, we expect leverage to
remain stable, with S&P Global Ratings-adjusted debt to EBITDA of
about 5.4x expected both for the fiscal year ended Dec. 31, 2020,
and in 2021 under the proposed refinancing. We expect funds from
operations (FFO) to debt to be around 9.5% at end-2020 and to
improve to around 10% in the subsequent years."

S&P said, "Rekeep's operational performance has been resilient in
2020 despite the pandemic, and we expect stable performance in
2021.  Rekeep's revenue from clients in the private and public
sector were affected during 2020 by the voluntary roll-off of
non-profitable contracts and the in-sourcing of school cleaning
contracts by the Italian State. This was partly compensated,
however, by strong demand from the Healthcare division, primarily
for laundering and sanitization services over the rest of the year.
The improved mix in higher-margin services within healthcare and
laundry and sanitization, as well as improved efficiencies,
strengthened margins. We expect sales in the coming years to
continue to be supported by a strong order backlog and the ongoing
need for sanitization services. The group's EBITDA margins have
historically been relatively stable. This underpins our
reassessment of the company's business risk profile to fair, albeit
in the lower end, from weak.

"We expect limited repercussions stemming from Santobono ruling,
despite the resulting increased uncertainty.  On Dec. 4, 2020, the
Italian Supreme Court rejected Rekeep's appeal regarding the ban of
its Rekeep S.p.a entity participating in all public tenders and
from subcontracting in relation to public contracts for a six-month
period. In addition, the court confirmed that the company must pay
a EUR10,000 fine. Although we acknowledge that the company's
reputation could suffer as a result of this temporary ban, we have
reflected in our base case our belief that the overall impact will
be relatively immaterial. We assume that this ban will only relate
to new contract tenders over a six-month period. We expect any
related setbacks will be mitigated by the company's strong
pipeline, diversified client base, and the contribution of its
other business entities. As such, we only expect 10% of its
pipeline to be potentially hindered by this ban. On a similar note,
we acknowledge that the fine linked to the FM4 investigation is
currently being reassessed. The final fine amount the company needs
to pay is likely to be closer to EUR81.6 million (compared with the
original EUR91.6 million). Payments can be over 69 installments,
and we understand the company could defer some of these payments in
case of any liquidity concerns.

"Last year's cash flow generation will likely be stronger than
anticipated.   We base this on better-than-expected performance and
the timing of litigation payments, prompting us to expect positive
free operating cash flow (FOCF) in 2020. We acknowledge the lower
fine relating to the FM4 tender and the flexibility in the
repayment would support the company in the coming years.
Furthermore, the refinancing, if completed as proposed, would
reduce the company's interest expense, extend its debt maturity
profile, and support liquidity.

"The stable outlook reflects our assumption that continued organic
growth and stable EBITDA in the coming 12 months would enable
Rekeep to withstand any negative impact from the implementation of
the Santobono ruling.

"We could lower the rating if Rekeep's credit metrics deteriorated
for a sustained period, resulting in FFO cash interest coverage
below 2x, or FOCF remaining negative or at minimal levels for a
prolonged period. This could happen if the temporary ban on its
participation in public tenders impedes realization of the backlog
or contract renewals more than anticipated.

"We could consider a positive rating action if the company's credit
metrics improved to levels commensurate with an aggressive
financial risk profile, namely FFO to debt comfortably above 12%
and S&P Global Ratings-adjusted debt to EBITDA sustained below 5x.
Ratings upside would also hinge on the company's financial policy
supporting these credit metrics over the long term.

"In addition, an upgrade we would be contingent on continual
operational improvements and minimal setbacks from litigation."




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

CPI PROPERTY: S&P Assigns 'BB+' Rating in New Sub. Hybrid Notes
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue rating to the
perpetual, optionally deferrable, and subordinated hybrid capital
security to be issued by CPI Property Group S.A. (CPI;
BBB/Negative/--). S&P understands the amount of the proposed hybrid
notes may reach EUR400 million, but the definite amount remains
subject to market conditions and the amount that the company
expects existing investors will tender on the non-call November
2023 hybrid notes.

CPI plans to use the proceeds of the proposed issuance to repay the
full balance of about EUR222 million of the existing EUR550 million
non-call hybrid notes issued in May 2018, the first call date on
which is in August 2023, 90 days in advance of the first reset date
in November 2023. In September 2020, the company repaid about
EUR328 million of the same non-call November 2023 hybrid notes from
the issuance of a new EUR525 million 4.875% hybrid instrument.

CPI's overall objective is to limit the increase in total
outstanding hybrid capital to around EUR180 million as a result of
the proposed issuance and the repayment. It will use the remaining
proceeds from the proposed issuance for general corporate purposes.
Once about EUR100 million of the non-call November 2023 hybrid
notes is repurchased -- bringing the total amount repurchased to
more than 75% of the original nominal amount of EUR550 million -
S&P understands that clean-up provisions would allow CPI to redeem
the rest of the instrument.

S&P said, "We consider the proposed security to have intermediate
equity content until its first reset date. This is because it meets
our criteria in terms of subordination, ability to absorb losses or
conserve cash, and deferability at the company's discretion during
this period.

"In parallel, CPI has launched a tender offer on the balance of the
4.375% EUR550 million perpetual non-call hybrid notes it issued in
2018. If CPI successfully issues the new security and completes the
liability management transaction, we will assign minimal equity
content to the repurchased amount of the EUR550 million non-call
hybrid notes issued in 2018, assuming that the total outstanding
amount is less than 25% of the total amount, as this would allow
company to call the notes at any time and we would not consider
them as a permanent part of the capital structure.

"In addition, we understand that the proceeds from the proposed
issuance will be received on or before the buyback is settled. We
note that the proposed issuance would bring our hybrid
capitalization rate slightly above our threshold of 15%, based on
pro forma financials for the rolling-12-month period to Sept. 30,
2020, assuming an issuance of up to EUR400 million. We will treat
any amount exceeding the 15% threshold as debt and its related
dividends as interest in our adjusted credit metrics.

"If asset or liability management or future issuances were ever to
take CPI's hybrid capitalization rate well above our 15% threshold,
we would likely consider the company's financial policy as
aggressive and its capital structure as too dependent on hybrids.
In these circumstances, we may reconsider the equity content of all
the outstanding hybrid instruments.

"We understand that the company is committed to keeping the
subordinated perpetual notes as a permanent part of its capital
structure and its capitalization rate below our 15% threshold."

S&P arrived at its 'BB+' issue rating on the proposed security by
deducting two notches from its 'BBB' issuer credit rating (ICR) on
CPI, reflecting:

-- One notch for subordination because its long-term ICR on CPI is
investment grade (that is, higher than 'BB+'); and

-- An additional notch for payment flexibility, to reflect that
the deferral of interest is optional.

S&P said, "The deduction captures our view that there is a
relatively low likelihood that the issuer will defer interest.
Should our view change, we may deduct additional notches to derive
the issue rating. In addition, to reflect our view of the
intermediate equity content of the proposed security, we allocate
50% of the related payments on the security as a fixed charge and
50% as equivalent to a common dividend. The 50% treatment of
principal and accrued interest also applies to our adjustment of
debt."

Key factors in S&P's assessment of the security's ability to absorb
losses or conserve cash

S&P said, "CPI can redeem the security for cash at any time during
the 90 days before the first interest reset date, which we
understand will be at least seven years from issuance and on every
coupon payment date thereafter. Although the proposed security is
perpetual, it can be called at any time for a tax, gross-up,
rating, or accounting event. If any of these events occurs, CPI
intends, but is not obliged, to replace the instruments.

"In our view, this statement of intent mitigates CPI's ability to
repurchase the security on the open market. We understand that the
interest to be paid on the proposed security will increase by 25
basis points (bps) 12 years from issuance, and by a further 75 bps
at least 20 years after its first reset date. We consider the
cumulative 100 bps to be a material step-up, which is currently
unmitigated by any binding commitment to replace the instrument at
that time. This step-up provides an incentive for the issuer to
redeem the instrument on its first reset date.

"Consequently, we will no longer recognize the instrument as having
intermediate equity content after its first reset date, because the
remaining period until its economic maturity would, by then, be
less than 20 years. However, we classify the instrument's equity
content as intermediate until its first reset date, as long as we
think that the loss of the beneficial intermediate equity content
treatment will not cause the issuer to call the instrument at that
point. CPI's willingness to maintain or replace the instrument in
the event of a reclassification of equity content to minimal is
underpinned by its statement of intent."




=========
M A L T A
=========

SETANTA SPORTS: High Court Approves ICF Payment of EUR3.29-Mil.
---------------------------------------------------------------
Mary Carolan at The Irish Times reports that the High Court has
approved a further payment of EUR3.29 million out of the State's
Insurance Compensation Fund (ICF) concerning personal-injury claims
against collapsed Maltese-registered motor insurer Setanta.

The EUR3.29 million sum includes a sum of EUR1.97 million for
third-party legal costs, The Irish Times discloses.  The remainder
comprises some EUR1.06 million in awards, orders to pay and
agreement settlements; some EUR224,000 in minor court awards; and
some EUR35,581 in property damage, The Irish Times notes.

The EUR3.29 million payment approval was sought on Jan. 18 by John
Walker SC, for the State Claims Agency, to meet the cost of 129
third-party claims against the insurer, The Irish Times recounts.
An audit by the agency had deemed those claims to be supported by
claims documents and eligible for payment from the fund, The Irish
Times states.

The president of the High Court, Ms. Justice Mary Irvine, approved
the payment, the eighth such payment out of the fund since 2016,
The Irish Times relays.

Setanta, incorporated in Malta, carried on business in Ireland from
2007 and had 75,000 policyholders here when it collapsed in 2014,
The Irish Times recounts.  Paul Mercieca was appointed liquidator,
The Irish Times discloses.

Last year, the court approved an EUR8.35 million payment out,
including EUR3.14 million for legal costs concerning 161
personal-injury claims, The Irish Times relates.  Those legal cost
were a combination of costs relating to claims pre-liquidation and
costs taxed or agreed pre-liquidation for agreed claims, The Irish
Times notes.

Setanta, The Irish Times says, made a total of some EUR7.2 million
in contributions to the ICF from 2007.  As a result of a Supreme
Court decision in 2017 that the Motor Insurers Bureau of Ireland
was not liable for certain of the Setanta claims, those are to be
dealt with by way of access to the ICF, according to The Irish
Times.

At the time of the seventh payment, last June, the court was told
the fund then had a balance of some EUR80.2 million, The Irish
Times relays.

The fund will meet some 65% of each first-party claim when settled
or ruled but no such cap applies to third-party claims, The Irish
Times says.  Setanta will also make certain payments once the final
position of the assets in the liquidation is known, according to
The Irish Times.

There are insufficient funds in the liquidation to pay all
creditors in full and Mr. Mercieca said he believed, on current
information, Setanta would be able to meet less than 22 per cent of
the claims, The Irish Times states.

Setanta Sports -- http://www.setanta.com/-- is an international
sports broadcaster with operations in Great Britain, Ireland,
Luxembourg, USA, Canada and Australia.  It owns and operates
premium sports TV channels that are made available on a
subscription basis to residential and commercial customers through
satellite, cable, digital terrestrial, broadband and mobile
distribution.




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

CIDRON OLLOPA: Moody's Completes Review, Retains B2 CFR
-------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Cidron Ollopa Holding B.V. (Sunrise) 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.

Cidron Ollopa Holding B.V.'s (Sunrise) B2 corporate family rating
reflects Sunrise's solid market position as a leading global
provider of premium mobility products with a focus on the
customised product segment, which commands higher margin and
barriers to entry compared to more standardised products; strong
geographical diversification mitigating some of the company's
exposure to reimbursement regime changes and government budgetary
constraints having the potential to increase pricing pressure;
positive cash flow generation due to limited capex requirements.
Moody's also considers the company's limited size and focus
combined with high financial leverage.

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




=============
R O M A N I A
=============

ELECTROCENTRALE BUCURESTI: Bucharest Wants to Acquire Business
--------------------------------------------------------------
Andrei Chirileasa at Romania-Insider.com reports that Bucharest
mayor Nicusor Dan officially announced that the Bucharest City Hall
(PMB) wants to buy the primary producer of thermal energy for the
district heating system in the capital city, Electrocentrale
Bucuresti (Elcen).

The energy producer, currently under insolvency, is controlled by
the Ministry of Energy, Romania-Insider.com notes.

State-owned gas producer Romgaz previously expressed a similar
intention as it owes significant claims against Elcen,
Romania-Insider.com recounts.

However, both potential bidders for Elcen might need more time to
submit a formal offer, Romania-Insider.com states.  Romgaz already
said that the six-month deadline set last July was too tight,
Romania-Insider.com notes.

According to Romania-Insider.com, under Elcen's reorganization
plan, confirmed by the syndic judge in mid-July 2020, the Energy
Ministry and/or the Municipality of Bucharest had six months from
that date to firmly declare their intention to take over Elcen's
assets and operations, directly or indirectly, together or
separately.  The market value established by an authorized
evaluator for the respective assets is almost RON1.45 billion
(EUR300 million), Romania-Insider.com relays, citing Profit.ro.

The Romanian capital's centralized heating system is currently on
the brink of collapse because of the faulty distribution network,
according to Romania-Insider.com.  Hundreds of apartment buildings
in Bucharest have been left without heat and hot water in recent
weeks as the heat distribution pipes broke, Romania-Insider.com
says.

The faulty network and the lack of investments have led to huge
losses for the municipality's heat distribution company RADET,
which went bankrupt, according to Romania-Insider.com.  RADET's
unpaid debts to Elcen have also pushed the electricity and heat
producer into insolvency as it couldn't pay its bills to gas
supplier Romgaz, Romania-Insider.com discloses.




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

ROSVODOKANAL: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed ROSVODOKANAL LLC's (Rosvodokanal)
Long-Term Foreign and Local-Currency Issuer Default Ratings (IDR)
at 'BB-' with a Stable Outlook.

The ratings are constrained by lower protection provided by rental
agreements than concessions, an evolving regulatory framework for
tariff-setting and, to a lesser extent, by the group's limited size
and diversification relative to larger peers and 'BB' rated Russian
companies.

The ratings also reflect a solid financial profile, comfortable
liquidity, reasonable tariff growth and Rosvodokanal's position as
one of the leading private water and waste water companies in
Russia, operating under rental and long-term concession agreements
signed with municipalities.

KEY RATING DRIVERS

Solid Financial Profile: Fitch expects Rosvodokanal's credit
metrics to remain strong with funds flow from operations (FFO) net
leverage (excluding connections fees) at around 2.1x on average
over 2020-2024 (1x in 2019). This is well below Fitch’s negative
rating sensitivity of 4x and the bank loan covenant of consolidated
net debt/EBITDA of under 3x. Fitch’s expectations incorporate
healthy tariff growth on average at slightly above inflation,
negative free cash flow (FCF) due to increased investments,
especially in the regions where Rosvodokanal operates under
concession agreements (Tyumen, Voronezh and Arkhangelsk) and
limited impact of Covid-19 on operations. The pandemic has only
slightly affected volumes and collection rates.

Long-Term Tariffs: Rosvodokanal operates under long-term tariffs,
which are approved for 2020-2024 for all of its water channels,
except Arkhangelsk, for which tariffs are approved till 2032. The
tariffs are approved on average at close to the CPI rate or above
it in case of large investment implementation. Despite the approval
of long-term tariffs, the regional regulator has the right to
revise tariffs annually. Tariffs may also not be completely free
from political pressure. The Federal Antimonopoly Service decreased
tariffs in Barnaul in 2019 and 2020 and in Tyumen in 2019.

Leading Private Water Utility: Rosvodokanal is Russia's leading
private water and wastewater operator that runs water and
wastewater assets in seven cities in Russia, supplying about 400
million cubic meters of water annually to about 5.5 million
customers. In December 2019 Rosvodokanal enlarged its portfolio by
acquiring RVK-Tsentr, which operates water and sewage pipelines in
the City of Arkhangelsk under a 49-year concession agreement signed
in 2018 with the local authorities. The concession foresees RUB12.8
billion investments in 2018-2066, repayment of municipals'
outstanding payable of RUB900 million in equal instalments in
2019-2028 and approved tariffs till 2032 with an average annual
indexation of about 4%.

Higher Tariff Visibility in Concessions: Concession agreements
under which the group operates in three out of seven regions are
typically signed for 25 to 49 years, providing tariff visibility
for five to 15 years, and involve clear cooperation with local
municipalities. In the remaining regions it operates under rental
agreements, which are higher-risk in nature than concessions and
under which some assets are leased under short-term agreements and
renewed annually.

Capex Drives Negative FCF: Fitch expects Rosvodokanal to continue
to generate healthy cash flows from operations averaging about
RUB4.6 billion a year over 2020-2024. However, Fitch anticipates
FCF to be negative on the back of average investments of about
RUB6.3 billion a year over the same period and dividend payments of
RUB250 million in 2020 and at 25% of net income thereafter.
Negative FCF may add to funding requirements.

Expansion Strategy: Rosvodokanal's strategy envisages further
expansion into several Russian cities with at least 200,000
residents via concession auctions. The group is negotiating a
concession agreement in the City of Orsk (0.23 million citizens) in
Orenburg region, but this is not part of Fitch’s rating case as
concession details have not yet been finalised. Fitch would view an
expansion of the business profile without significant deterioration
of credit metrics as credit-positive. Under concession auctions
bidders are selected based on a mix of proposed tariff growth,
planned investments and expected efficiencies in their business
plans. Therefore, Fitch does not expect M&A outflows.

Consolidated Approach: Fitch rates Rosvodokanal based on its
consolidated profile, since it is centrally managed through the
parent company, which fully owns six out of seven water channels
representing over 80% of its EBITDA in 2019. Following its
refinancing in 2020 debt is raised at opcos (63%; syndicated bank
debt) and holdco (37%; local bonds) levels. A syndicated loan from
five banks was raised by five water channels (Orenburg, Barnaul,
Krasnodar, Tyumen and Voronezh), with each benefiting from a surety
issued by RVK-Invest. The syndicated loan includes a cross-default
clause. Bond proceeds were on-lent through inter-company loans to
companies within the group.

DERIVATION SUMMARY

A less mature regulatory environment and lack of asset ownership
are the key factors justifying the two- to five-notch differences
between Rosvodokanal's ratings and those of central European peers,
Aquanet S.A. (BBB+/Stable, SCP of 'bbb'), Miejskie Wodociagi i
Kanalizacja w Bydgoszczy Sp. z o.o. (MWiK, BBB/Stable, SCP of
'bbb-') and Czech Severomoravske vodovody a kanalizace Ostrava,
a.s. (SmVaK, BB+/Stable), although the peers have higher leverage.
Aquanet, MWiK and SmVaK are owners of their assets and benefit from
more mature regulation, while Rosvodokanal leases or manages its
assets under concession, and its tariffs are less predictable.

Rosvodokanal is rated one notch higher than Georgia Global
Utilities JSC (GGU, B+/Stable) due to the latter's higher-risk
business profile that combines a regulated water utility business
and a fairly higher-risk renewable electricity business. Compared
with GGU, Rosvodokanal has stronger asset quality, a larger size,
greater geographical diversification and a longer record of
favourable regulation, which is partially offset by GGU's asset
ownership and supportive regulation under the regulatory asset base
principle of its water utilities business. GGU's renewable
electricity business in the merchant power segment is exposed to
higher volume and price risks than Rosvodokanal's regulated
business.

Rosvodokanal's financial profile is strong compared with peers',
and the group has comfortable leverage headroom within its ratings.
The ratings of Aquanet and MWiK are notched up once from their SCPs
to reflect links with their main shareholders, assessed under
Fitch's Government-Related Entities (GRE) Rating Criteria, while
Rosvodokanal, SmVaK and GGU are rated on a standalone basis.

KEY ASSUMPTIONS

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

-- Around 3.5% increase in volumes in 2020 due to the
    consolidation of Arkhangelsk water channel, then a moderate
    organic decline in water and wastewater volumes of less than
    1% annually in 2021-2024 due to efficiency measures and
    expansion of water metering;

-- Average tariff growth for water and wastewater services at
    around 6% annually in 2021-2024, due mainly to the
    implementation of investments under concession agreements;

-- Inflation at between 3.7% and 4% annually in 2021-2024, and
    operating expenses increasing slightly below inflation;

-- Capex in line with management expectations;

-- Dividend payments of RUB250 million in 2020 and at 25% of net
    income in 2021-2024; and

-- Subsidies from regional budgets for capex in 2020-2021 close
    to management expectations.

RATING SENSITIVITIES

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

-- Increased revenue and earnings visibility due to, for example,
    more water channels switching to concession agreements and the
    implementation of long-term tariffs.

-- Sustainable positive FCF generation.

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

-- Significant deterioration of credit metrics on a sustained
    basis (FFO net leverage (excluding connection fees) above 4.0x
    and FFO interest cover (excluding connection fees) below 3.0x)
    due to, for example, insufficient tariff growth to cover cost
    increases, or high borrowing costs not compensated by capex
    cuts.

-- A sustained reduction in cash generation through worsening
    operating performance, deteriorating cash collection or
    cancellation of rental agreements.

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

Adequate Liquidity: At end-3Q20 cash and equivalents of RUB3.7
billion and uncommitted credit lines from a syndicate of banks
(RUB5.1 billion) and separately from Joint Stock Company Alfa-Bank
(BB+/Stable, RUB0.7 billion), AO Raiffeisenbank (BBB/Stable, RUB1.2
billion) and PJSC Rosbank (BBB/Stable, RUB0.8 billion) were
sufficient to cover short-term debt of RUB1.1 billion and
Fitch-expected negative FCF one year ahead of about RUB2.9 billion.
Fitch expects uncommitted credit lines to be available to
Rosvodokanal. At end-3Q20 all outstanding loans were denominated in
Russian roubles.

In 2020 Rosvodokanal refinanced almost all its debt with a
lower-interest RUB3.7 billion syndicated loan from AO
Raiffeisenbank, JSC Alfa-Bank, PJSC Rosbank, Joint Stock Company
OTP Bank (BB+/Negative) and International Investment Bank
(A-/Stable) maturing in 2027 and a RUB3 billion bond at 7.15% at
RVK-Invest level maturing in 2030 with a put option in 2024. Debt
maturities are evenly distributed over 2021-2023.

SUMMARY OF FINANCIAL ADJUSTMENTS

Lease is not part of debt and lease service costs are part of
operating expenditure

Impairment of intangible and financial assets, effect of change in
rent payments, written-off accounts payable and accounts
receivable, gain on excessive inventory, return of stamp duty and
losses from disposal of property, plant and equipment and inventory
and others are excluded from EBITDA calculation.

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.




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

CAIXABANK PYMES 10: Moody's Affirms Caa2 Rating on Class B Notes
----------------------------------------------------------------
Moody's Investors Service has upgraded the rating of Class A Notes
in CAIXABANK PYMES 10, FONDO DE TITULIZACION. The rating action
reflects the increased levels of credit enhancement for the
affected Notes.

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

EUR2793 million Class A Notes, Upgraded to Aa1 (sf); previously on
May 28, 2019 Affirmed Aa2 (sf)

EUR532 million Class B Notes, Affirmed Caa2 (sf); previously on
May 28, 2019 Affirmed Caa2 (sf)

The transaction is a static cash securitisation of secured and
unsecured loans and draw-downs under secured and unsecured credit
lines granted by CaixaBank, S.A. ("CaixaBank"A3/P-2) to small and
medium-sized enterprises and self-employed individuals located in
Spain.

RATINGS RATIONALE

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

The credit enhancement for Class A Notes has increased to 33.5%
from 23.2% since the last rating action taken on this deal in May
2019.

Revision of Key Collateral Assumptions:

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

The performance of the transaction has slightly deteriorated over
the last year. Total delinquencies have increased in the past year,
with 90 days plus arrears currently standing at 1.71% of current
pool balance. Cumulative defaults currently stand at 0.76% of
original pool balance up from 0.09% a year earlier.

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

The coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to
disrupt economies and credit markets across sectors and regions.
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.

Counterparty Exposure

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

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

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

Principal Methodology

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

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

Factors or circumstances that could lead to an upgrade of the
ratings include 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.




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

GLOBAL LIMAN: Fitch Lowers Rating on USD250MM Unsec. Notes to 'CC'
------------------------------------------------------------------
Fitch Ratings has downgraded Global Liman Isletmeleri A.S.'s (GLI)
USD250 million senior unsecured notes due 2021 to 'CC' from 'B'.

RATING RATIONALE

The downgrade reflects Global Ports Holding Plc's (GPH)
deteriorated credit profile and the company's intention to address
the upcoming maturity of GLI's notes in November 2021 with a
refinancing proposal, which in Fitch's view materially impacts the
terms of the existing notes. In addition, the company has announced
that it may use a UK scheme of arrangements, a procedure available
under the Part 26 of the Companies Act 2006, to reduce the voting
thresholds currently needed to amend the terms and conditions of
the notes.

Fitch considers the possible use of the scheme as an indication
that refinancing prospects have significantly deteriorated and that
the likelihood that the notes will be refinanced at current capital
markets conditions has decreased.

Fitch has not yet classified the transaction as a distressed debt
exchange (DDE) under its Distressed Debt Exchange Rating Criteria.
However, the agency would view the transaction as a DDE if there
was insufficient time to refinance the notes and all options
available to the company to bridge the funding gap and avoid
payment default had been exhausted.

Nonetheless, in Fitch's view, the refinancing proposal leads to a
material reduction in terms as the noteholders would be affected by
an extension of the maturity, reduction in the interest rate,
introduction of deferability of interest through payment-in-kind
(PIK) provisions and simultaneous cash tender where existing
noteholders may receive less than par value of their notes. Fitch
believes that these all indicate that other capital market-based
remedies to the notes' maturity may not be viable and that the
proposed refinancing exchange could represent the main option
outside of formal bankruptcy or insolvency.

If there was insufficient time to refinance the notes or higher
visibility that the proposed refinancing terms would be forced upon
the creditors through the UK scheme of arrangements, Fitch would
likely qualify the transaction as a DDE and downgrade the rating to
'C'. Under this scenario, on completion of the restructuring, Fitch
would downgrade GLI's rated notes to 'D' and then re-rate the new
notes based on the new group's prospects and the amended and
extended capital structure.

KEY RATING DRIVERS

Deteriorated Credit Profile

The pandemic has had an unprecedented impact on travellers'
mobility and deterioration in the group's credit profile. The
suspension of cruise vessel sailings in most regions resulted in a
dramatic decline in passenger traffic. The number of passengers
handled by the group's ports declined by 89% in the first nine
months of 2020. Fitch expects minimal activity at the group's
cruise ports will resume in 2Q21, followed by a slow ramp-up in
performance as mobility restrictions are gradually lifted and
vessels return to service. However, Fitch does not expect a full
recovery of cruise passenger volumes to 2019 levels until 2024.

Refinancing Through Scheme of Arrangements

The company is considering an exchange of the existing notes for
new notes through a UK scheme of arrangements under Part 26 of the
Companies Act 2006. The scheme is an established mechanism to
implement debt modifications under the supervision of a UK court,
but it is an indication that credit quality of the borrower may
have significantly deteriorated and that the other consensual
options may have been exhausted. The scheme provides an override to
contractual consent thresholds. This can compel the non-consenting
creditors to accept the proposal. As long as at least 50% in
number, constituting 75% in value of creditors vote in favour of
the proposal, the claims of GLI's remaining creditors could be
compromised without their consent.

Reduction in Noteholders' Terms

GLI's refinancing proposal leads to a material reduction in terms.
The maturity of the notes will be extended to May 2024, the
interest rate reduced to 6.5% and a PIK toggle introduced until May
2022. However, Fitch notes that the proposal also includes improved
structural features, security in a form of share pledge and cash
sweep.

Stretched Liquidity due to Refinancing

GPH had cash balances of about USD100 million as of end November
2020. In addition, Fitch estimates the group will receive the net
proceeds for the sale of Port Akdeniz of around USD95 million-USD97
million plus USD11 million of deferred consideration. However, the
debt service including the bullet repayment on the notes, other
principal amortisations and interest payments will amount to around
USD313 million for the group in 2021 (excluding the debt of Port of
Akdeniz and including revolving facilities). The group will need to
find sources to bridge the funding gap during a time of challenging
trading conditions.

RATING SENSITIVITIES

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

-- Evidence of ability to fully refinance the outstanding notes
    due in November 2021 at current market conditions.

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

-- Higher visibility that the proposed refinancing terms will be
    forced upon the creditors through the UK scheme of
    arrangements

-- Insufficient time to refinance the notes.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance
and Infrastructure 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 three 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.

TRANSACTION SUMMARY

GPH is the world's largest independent cruise port operator. Until
the sale of Port Akdeniz in October 2020, GLI was GPH group's main
subsidiary

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.




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

A2B PLASTICS: Bought Out of Administration by Cygnet Plastics
-------------------------------------------------------------
Business Sale reports that Conwy-based injection moulding company
A2B Plastics Limited has been sold by administrators to Cygnet
Plastics Ltd, a newco set up by two employees.

Despite successfully entering a CVA in March last year, the company
fell into administration in November 2020 after being unable to
fulfil the terms of the agreement during the COVID-19 pandemic,
putting 24 jobs at risk, Business Sale recounts.

David Kemp -- davidk@sfpgroup.com -- and Richard Hunt --
richardh@sfpgroup.com -- of insolvency practitioner SFP were
appointed joint administrators in November and assisted in
completing the sale to Cygnet Plastics Ltd, formed by A2B employees
Duane Jones and Joe Lui, Business Sale relates.

A2B dates back to 1958 and specialises in manufacturing bespoke
plastic products for the automotive, electrical, medical and
packaging industries. Its public sector clients include the
Ministry of Defence.  The company operates from a 22,000 sq. ft.
premises in Mochdre, Conwy.

The company initially ran into financial difficulties as a result
of Brexit and the loss of a major client, leading to the CVA,
before its business was further undermined by the COVID-19
pandemic, Business Sale discloses.

According to Business Sale, in its most recent financial reports,
for the year ended March 31 2019, A2B Plastics reported fixed
assets of GBP1.1 million and current assets of GBP717,002.  At the
time, the company owed GBP684,622 to creditors within one year,
with GBP811,963 due after more than a year, Business Sale states.
Net assets stood at GBP344,889, Business Sale notes.


ATOTECH UK: Moody's Upgrades CFR to B2, Outlook Remains Stable
--------------------------------------------------------------
Moody's Investors Service has upgraded Atotech UK Topco Ltd's
corporate family rating to B2 from B3 and its probability of
default rating to B2-PD from B3-PD. Concurrently Moody's has
upgraded the ratings of the $1.6 billion senior secured term loans
B1 and B3 due in 2024 and the $250 million senior secured revolving
credit facility due in 2022, all co-borrowed by Alpha 3 B.V., Alpha
US BidCo, Inc. and other entities to B1 from B2 and upgraded the
rating of the $425 million senior unsecured notes due 2025,
co-issued by Alpha 3 B.V. and Alpha US BidCo, Inc., to Caa1 from
Caa2.

The rating agency has also upgraded the rating of the $300 million
senior unsecured PIK toggle notes due in 2023 issued by Alpha 2
B.V., a 100% subsidiary of Atotech UK Topco Ltd and parent company
of Alpha 3 B.V., to Caa1 from Caa2.

The outlook on all ratings remains stable.

RATINGS RATIONALE

The ratings upgrade reflects Moody's expectation that Atotech's
operating performance hit the trough in Q2 2020 and that its
financial performance will continue to recover in 2021. In Q2 2020,
Atotech suffered from the severe downturn of the automotive
industry, as much of the world's car production had temporarily
stopped in Q2 2020 due to the coronavirus pandemic. The automotive
market is an important driver for Atotech's General Metal Finishing
segment. The company's reported adjusted EBITDA fell by 23% to $72
million in Q2 2020 compared with $94 million in Q2 2019. However,
driven by the resilient electronics end-market, which accounts for
approximately 64% of revenues, and recovering automotive markets,
Atotech's sales and EBITDA generation returned to growth in Q3
2020. The company achieved reported adjusted EBITDA of $102 million
in Q3 2020 thereby not only fully recovering the decline suffered
in Q2 2020 but also slightly exceeding its Q3 2019 EBITDA
generation of $100 million. While Moody's had previously
anticipated that Atotech's financial performance would recover, the
rating agency expected this to materialise only gradually in
2021-22.

Moody's forecasts that Atotech's 2020 Moody's adjusted EBITDA will
fall only slightly to around $320 million compared with $339
million in 2019. For 2021 the rating agency expects that Atotech
will return to sales and EBITDA growth with a Moody's adjusted
EBITDA of around $350 million.

Atotech continued to generate healthy cash flow with Moody's
adjusted retained cash flow of $61million as of LTM September 2020
compared with $84 million in 2019 and Moody's adjusted free cash
flow of $45 million as of LTM September 2020 compared with $42
million in 2019. The company applied a total of $80 million in
recent weeks to redeem a portion of its $300 million PIK notes
which lowers its debt burden accordingly and reduces the annual
interest expense by around $7 million.

The company's credit metrics weakened in H1 2020 owing to the
earnings decline suffered as a result of the pandemic. Atotech's
Moody's adjusted debt to EBITDA ratio rose to 7.9x as of LTM June
2020 from 7.0x in 2019. However, the recovery in Q3 2020 resulted
in an improvement of the metric to 7.5x as of LTM September 2020.
Driven by further sales and EBITDA recovery and to a lesser degree
the reduced gross debt level, Moody's believes that Atotech's
Moody's adjusted debt to EBITDA metric has fallen to around 7.1x at
the end of 2020. The rating agency projects that the metric will
fall to around 6.5x at the end of 2021 with further gradual
improvement thereafter.

Moody's positively notes the company's intentions to launch an IPO
and to use proceeds to repay debt. However, at this point the
potential changes to Atotech's capital structure are not reflected
in the company's ratings.

Atotech's B2 CFR continues to reflect the company's (1) leading
position in the niche plating chemicals market; (2) high barriers
to entry due to its well invested production base, certification
required to be an approved supplier for mission critical products,
history of collaboration with top Original Equipment Manufacturers
and its portfolio of over 2,000 patents; (3) strong reputation with
customers, which benefits from their focus on quality and technical
competence as well as innovation and R&D; and (4) high reported
EBITDA margins in the high twenties percent, reflective of its
strategic focus on the most value added segments of its markets. At
the same time, Atotech's CFR remains constrained by the company's
highly leveraged capital structure and its relatively smaller size
compared with its closest competitors in both key end-markets.

LIQUIDITY

Atotech has a good liquidity position supported by a large $300
million cash balance at the end of September 2020, albeit about $62
million was located in China, and an undrawn $250 million revolving
credit facility due at the end of January 2022 which Moody's
expects to be extended well ahead of its maturity date. In
addition, Moody's expects positive free cash flow in 2021-22, which
further supports the company's liquidity profile.

The company's debt maturity profile is also favourable. The first
debt instrument to mature is the PIK toggle due in 2023, then the
senior secured term loans maturing in 2024 and the senior unsecured
notes due in 2025.

STRUCTURAL CONSIDERATIONS

Moody's assumes a group recovery of 50%, resulting in a PDR of
B2-PD, in line with the CFR, as is typical of capital structures
consisting of a mix of secured and unsecured debt. The B1 rating on
the $1.6 billion senior secured term loans, one notch above the
CFR, reflects that there is $425 million of unsecured debt, rated
Caa1, ranking below it in the capital structure. The term loans are
guaranteed by a substantial number of subsidiaries of the group and
secured on a first priority basis by a material amount of assets
owned by the group, excluding those in China. The term loans have
guarantees from entities that represent 47% of EBITDA and 62% of
assets. The Caa1 rating on the unsecured notes, two notches below
the CFR, reflects the substantial amount of secured debt in the
structure.

The Caa1 rating to the PIK toggle notes reflects its junior status,
being structurally and contractually subordinated to the senior
secured term facilities and senior unsecured notes. However,
Moody's believes that the recovery rate in a distressed scenario
would be low for both senior unsecured notes and PIK notes and does
not justify a notching difference between the two instruments.
Moody's notes that the group has prepaid approximately $80m of the
PIK notes during 2020.

RATING OUTLOOK

Atotech's stable outlook reflects the good liquidity position and
the rating agency's expectation that the company's Moody's adjusted
leverage will reduce to around 6.5x at the end of 2021. Atotech's
strong product portfolio, high EBITDA margins and cash flow
generation should enable the company to continue to benefit from
the forecasted recovery of its key end markets.

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

The ratings could be upgraded if Moody's adjusted debt/EBITDA falls
towards 5.5x; retained cash flow/debt increases above 10%, both on
a sustained basis; Moody's adjusted EBITDA margins remains in the
high 20s in terms of percentage and liquidity position remains
strong.

Conversely, the ratings could be downgraded if the company Moody's
adjusted debt/EBITDA remains above 7.0x; or if Atotech does not
continue to generate positive FCF; or liquidity significantly
deteriorates.

LIST OF AFFECTED RATINGS

Issuer: Alpha 2 B.V.

Upgrade:

Senior Unsecured Regular Bond/Debenture, Upgraded to Caa1 from
Caa2

Outlook Action:

Outlook, Remains Stable

Issuer: Alpha 3 B.V.

Upgrades:

Senior Secured Bank Credit Facility, Upgraded to B1 from B2

Senior Unsecured Regular Bond/Debenture, Upgraded to Caa1 from
Caa2

Outlook Action:

Outlook, Remains Stable

Issuer: Atotech UK Topco Ltd

Upgrades:

Probability of Default Rating, Upgraded to B2-PD from B3-PD

Corporate Family Rating, Upgraded to B2 from B3

Outlook Action:

Outlook, Remains Stable

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Atotech UK Topco Ltd (Atotech) is the global leader in specialty
electroplating chemicals. Electroplating is coating a material with
a thin layer of precious metal to enhance its resistance or look.
For 2019, Atotech reported $1.19 billion of revenue and generated
Moody's-adjusted EBITDA of $339 million (28.5% margin). Established
in 1869, Atotech had been part of Total SE (Aa3 negative) since
1977. In January 2017, the Carlyle Group acquired Atotech from
Total SE for around $2.7 billion.

CO-OPERATIVE BANK: Fitch Raises LongTerm IDR to 'B', Off Watch Neg.
-------------------------------------------------------------------
Fitch Ratings has upgraded The Co-operative Bank Plc's Long-Term
Issuer Default Rating (IDR) to 'B' from 'B-' and removed it from
Rating Watch Negative (RWN). Fitch has also affirmed the bank's
Viability Rating at 'b-' and Short-Term IDR at 'B'. The Outlook on
the Long-Term IDR is Negative.

The upgrade of the IDR reflects Fitch's view that the issuance by
The Co-operative Bank's holding company parent, The Co-operative
Bank Finance Plc, of GBP200 million of senior debt in November
2020, provides an additional layer of protection to the bank's
senior creditors in the case of failure of the bank. The senior
debt qualifies for minimum requirements of own funds and eligible
liabilities (MREL) and has been downstreamed in a way that ranks it
subordinate to The Co-operative Bank's other senior creditors, but
remains senior to the bank's subordinated liabilities. The
Co-operative Bank Finance Plc heads up the group's resolution
group.

Fitch has removed The Co-operative Bank's ratings from RWN because
it believes that the bank's vulnerability to further material
capital losses has decreased due to improving economic conditions,
as well as actions it has taken to improve its structural
profitability. Fitch believes that the bank's need to grow and
restructure its business amid economic uncertainties, combined with
expected pressures on asset quality and capital, continue to put
pressure on its ratings. Fitch has therefore assigned the bank's
Long-Term IDR a Negative Outlook.

KEY RATING DRIVERS

IDRs and VR

The Co-operative Bank's VR primarily reflects the vulnerability of
capital to further losses as well as higher risk-weighted assets
(RWA) as a result of regulatory changes and economic conditions.
The bank is still structurally loss-making, although this is slowly
improving. Earnings generation and capital erosion are two factors
of high importance to the ratings. The ratings also consider the
bank's healthy loan quality, adequate liquidity and resilient
franchise.

The Co-operative Bank's business model is focused on low-risk
mortgage lending with limited unsecured and SME lending. Although
the business model is now on more stable footing, Fitch still
believes there are questions around the long-term direction of the
business from a risk and a scale perspective as its cost base is
currently too high for the level of revenues it generates.

Earnings benefited from strong volume growth in mortgages in 2H20
as well as wider mortgage lending yields, thanks to resilient
housing and mortgage markets. At the same time, the bank has been
able to reduce its funding costs, largely thanks to the
availability of the extended Term Funding Scheme from the Bank of
England (TFSME), as well as cuts in its operating cost base and
investment spend. The outlook for profitability has stabilised

Funding costs are negatively affected by the issuance of its GBP200
million MREL-compliant debt at the end of 2020. However, in
accordance with a consultation paper published at end-December
2020, the regulators are expected to extend by up to a year the
timeline by which the bank needs to raise the additional MREL,
estimated at around GBP350 million, that it requires under its
end-state resolution plans.

Asset quality remains healthy, with low levels of default and
impairments, and near finalisation of its loan book restructuring.
Nonetheless, in light of the expected rise in unemployment, Fitch
expects a rise in impaired loans from 2021. Given the healthy loan
book, Fitch expects this deterioration to be manageable.

Fitch considers capitalisation to be weak. Capital ratios have
remained stable, with a reported common equity Tier 1 ratio of
19.1% at end-3Q20, which is above minimum requirements (13.5%
including buffers). This subsequently fell further to 12.7% in
4Q20. However, challenges for capitalisation include large scale
RWA inflation resulting from regulatory changes, additional losses
for 2020, and deteriorating economic conditions. In Fitch’s
opinion, the bank's capitalisation is low and vulnerable to larger
than expected moves in both RWA and losses. The bank's Basel III
leverage ratio, 3.6% at end-3Q20, is low compared with peers.

The Co-operative Bank operates a deposit-led funding model with
limited reliance on wholesale funding outside of central bank and
other secured funding. The bank had a loan-to-deposit ratio of 91%
at end-3Q20. Customer deposits account for the majority of funding
and have been resilient through various stresses, providing the
bank's funding profile with some stability. The bank has repaid all
outstanding low cost TFS funding, had drawn GBP1 billion of TFSME
at end-3Q20 and should be able to further draw down at least an
additional GBP1 billion based on Fitch's calculations.

Fitch believes that following the issuance of senior MREL-compliant
debt the additional protection provided to the operating company's
senior creditors warrants a one-notch uplift of the Long-Term IDR
as this MREL-eligible debt will eventually be sufficient to restore
the bank's viability in case of failure. The bank plans to issue
further MREL-qualifying debt under its resolution plan to meet the
current end-state requirements of the resolution authority, the
Bank of England.

SUPPORT RATING (SR) AND SUPPORT RATING FLOOR (SRF)

The Co-operative Bank's SR of '5' and SRF of 'No Floor' reflect
Fitch's view that senior creditors cannot rely on extraordinary
support from the UK authorities in the event the bank becomes
non-viable, because in Fitch’s opinion the legislation and
regulation implemented in the UK is likely to require senior
creditors to participate in losses for resolving the bank. In
addition, the SR and the SRF reflect the lack of systemic
importance of the bank.

RATING SENSITIVITIES

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

-- The Negative Outlook on the bank's Long-Term IDR reflects the
    continuing risks the bank faces as a result of the economic
    fallout arising from the pandemic. Although the economic
    outlook shows signs of improvements as a result of reaching a
    trade deal between the EU and UK, in addition to the vaccine
    rollout, material uncertainties remain, including the depth
    and maturity of additional lockdown measures. The bank's
    ratings are therefore primarily sensitive to the implications
    of these uncertainties on its financial factors, including
    profitability and capitalisation.

-- In addition, the bank's ratings will likely be downgraded if
    it is unable to show further improvement in profitability or
    to execute its rehabilitation plans.

-- The Long-Term IDR is also sensitive to the bank remaining
    subject to the regulatory resolution buffer requirements as
    communicated by the Bank of England and maintaining a
    sustainable amount of such buffers, which include qualifying
    junior debt and internal subordinated debt down-streamed from
    The Co-operative Bank Finance Plc. The Long-Term IDR could be
    downgraded to the same level as the VR if the bank is no
    longer required or able to meet end-state regulatory
    resolution requirements.

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

-- In the event that the bank withstands rating pressure arising
    from the pandemic, the most likely trigger for a revision of
    the Outlook to Stable or an upgrade of the ratings would be
    evidence of medium-term earnings and capitalization
    resilience.

-- This would require some tangible success in executing its
    turnaround plan, including building up its loan base and
    increasing revenues, while maintaining a tight grip on costs
    and loan impairment charges.

-- Ultimately, the bank will need to improve its access to
    capital, either through internal generation or from external
    sources if it is to improve the viability of its business
    model.

SR AND SRF

Fitch does not expect any changes to the SR and the SRF due to
legislation requiring senior creditors to participate in losses for
resolving The Co-operative Bank.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond 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.

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.


PINEWOOD GROUP: S&P Affirms 'BB-' LongTerm ICR, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' long-term issuer credit
rating on Pinewood Group Ltd., a U.K.-based filming facilities
provider. At the same time, S&P rated the proposed senior secured
tap notes 'BB' in line with the existing senior secured notes. The
'2' recovery rating indicated its expectation of high (70%-90%;
rounded estimate: 80%) recovery in the event of a payment default.

S&P said, "We expect Pinewood's credit metrics to temporarily
weaken in the fiscal year 2020 but recover in the next 12-24 months
on the back of incremental EBITDA from the new developments.

"In our view, the tap issuance will temporarily weaken the
company's credit metrics, with adjusted debt to EBITDA increasing
from around 10x at year-end 2019 to 12.5x-13.0x by March 31, 2021
(fiscal year-end), and LTV increasing to around 51% from 49%. This
is because the tap notes will increase total debt, while we do not
net the cash for the calculation of our credit ratios given
Pinewood's private equity ownership. Nevertheless, we understand
that the company will use the proceeds from the tap bond to finance
new developments. These will contribute EBITDA in the next 12-24
months, helping to reduce adjusted debt to EBITDA to below 10x and
LTV to less than 50%, which we consider commensurate with our 'BB-'
issuer credit rating on Pinewood. Our analysis also factors in that
the company does not plan to distribute dividends in the next 12
months, and that its only maturity is senior secured notes due in
2025.

"The COVID-19 pandemic has harmed the filmmaking industry, but
Pinewood remains resilient overall, with only a marginal effect on
rent collection rates, and we expect demand for its services to
remain strong."

Total film and high-end television spend in the U.K. decreased by
49% year-on-year in the nine months to Sept. 30, 2020 due to the
outbreak of COVID-19. Pinewood's studios remained operational but
production temporarily stopped as production houses stopped filming
during the first lockdown in the U.K., according to management. The
second U.K. lockdown in November 2020 saw Pinewood's studios remain
fully operational and it has continued to operate during the third
U.K. lockdown starting in early 2021. Overall, the company's rent
collection rate was only marginally hit during the first lockdown
due to some rental deferral offered to the smallest tenants and S&P
Global Ratings understands this is now back to pre-pandemic levels.
Pinewood's contracts with the two content producers, Disney and
Netflix, have remained intact and supported its overall solid
performance. Both have continued to increase production and gain
subscribers throughout the pandemic. That said, S&P remains
cautious about any further potential effect on the company's
production sites, for example, due to unexpectedly long lockdowns
or intensifying travel restrictions.

S&P's ratings on Pinewood's tap notes are in line with the existing
senior secured notes.

S&P said, "The 'BB' issue rating and '2' recovery rating on the
company's senior secured debt are unchanged as they align with our
analysis of the existing senior secured notes. That said, the
additional senior secured debt somewhat reduces recovery prospects
for creditors because it has raised the amount of outstanding debt.
This is despite the increase in the valuation of the property
assets that we use to determine the recovery prospects at the point
of default, to GBP1.4 billion as of January 2021, compared with
GBP1.1 billion as of September 2019. We therefore expect to
slightly revise our rounded recovery estimate for the senior
unsecured debt to about 80% from around 85% previously once the
transaction is complete. Pinewood will use the proceeds from these
tap notes to finance expansion, pay related fees and expenses, and
for general corporate purposes.

"The stable outlook reflects our view that Pinewood's assets will
likely continue to generate steady income, supported by increasing
demand for media content. The existing long-term contracts with
Disney and Netflix will also continue to bolster the company's
performance. Under our base-case scenario, we project that
Pinewood's EBITDA interest coverage should remain above 2.4x, with
debt to EBITDA temporarily increasing to about 12.5x-13.0x in the
fiscal year 2021 due to new debt issuance, but returning to 10x-11x
within the next one-to-two years.

"We could lower the rating if we believe Pinewood's shareholder is
adopting a more aggressive financial policy and issues additional
debt, leading to weaker credit metrics than we currently
anticipate. For example, we would consider downgrading Pinewood if
its debt to EBITDA increases to above 13x or EBITDA interest
coverage remains well below 2.4x. We would also view negatively
Pinewood's LTV ratio increasing above 50% without near-term
recovery potential.

"We might also lower the rating if we see evidence of Pinewood's
rental activities deteriorating, which could be caused by sluggish
demand linked to a downturn in the media industry. Moreover, we
would view negatively any substantial delay in its site expansion
projects that affected performance.

"We view rating upside as limited at this point. We could consider
a positive rating action if Pinewood's ownership structure changes
and the credit metrics and financial policy set by the new owner
are commensurate with a higher rating. A significant increase in
the company's tenant-base diversification or in the scale and scope
of its portfolio could also increase rating upside."


PIZZAEXPRESS: Shuts Down Further 23 UK Restaurants Following CVA
----------------------------------------------------------------
Sophie Witts at The Caterer reports that PizzaExpress has closed a
further 23 UK restaurants with discussions ongoing on a number of
other sites.

The closures come after the chain shut 74 restaurants after
entering a company voluntary arrangement (CVA) in September 2020,
The Caterer notes.

The CVA reduced rents and gave landlords the opportunity to
terminate leases until Dec 3, The Caterer discloses.  A number of
sites have already been returned to landlords, The Caterer states.

Around 2,400 UK jobs were cut by the company in 2020 through a
combination of voluntary and compulsory redundancies, The Caterer
relays.

In PizzaExpress' accounts for 2019, filed before England entered a
national lockdown in January, its directors warned that coronavirus
was having a "significant impact" on its business, The Caterer
recounts.

Its has forecast two base case scenarios for the 18 months from
November 2020 to April 2022, during which it anticipates delivery
sales will remain strong, The Caterer discloses.

It predicts an improvement in dine-in sales from Q2 2021 if
coronavirus rules are relaxed, though sales are still expected to
be 40% below normal trading, according to The Caterer.

Under a second "severe but plausible scenario", where restaurants
are subject to trading restrictions for much longer, sales are
forecast to drop a further 15%-20% into 2022, The Caterer says.

PizzaExpress was founded by Peter Boizot in London's Soho in 1965
and has more than 370 restaurants in the UK and Ireland, and 89
internationally.


POLARIS PLC 2019-1: S&P Affirms 'CCC' Rating on Class X Notes
-------------------------------------------------------------
S&P Global Ratings affirmed its 'AAA (sf)', 'AA+ (sf)', 'AA- (sf)',
'A (sf)', 'BBB+ (sf)', 'BBB (sf)', and 'CCC (sf)' credit ratings on
Polaris 2019-1 PLC's class A, B, C, D, E, F, and X notes,
respectively.

The affirmations reflect the transaction's consistent stable credit
performance and the significant decrease in payment holidays, in
its view.

Although total arrears in the transaction, at 2.3% as of the
September 2020 interest payment date (IPD), have increased from
0.0% since closing in June 2019 due to the effects of the ongoing
COVID-19 pandemic, they have been consistently below S&P's 12.3%
non-conforming index.

S&P said, "We have applied our global residential mortgage-backed
security (RMBS) criteria as part of our analysis of this
transaction. The weighted-average foreclosure frequency (WAFF) has
increased at all rating levels since closing. This is mainly due to
an increase in arrears to 2.3% on the September 2020 IPD from 0.0%
at closing and the revision of our base foreclosure frequencies on
May 1, 2020.

"Our weighted-average loss severity assumptions have slightly
decreased at all rating levels, owing mainly to declining current
loan-to-value ratios."

  Credit Analysis Results

  Rating level   WAFF (%)   WALS (%)
  AAA            30.19      52.08
  AA             20.84      44.66
  A              16.00      31.92
  BBB            11.38      24.13
  BB              6.53      18.52
  B               5.43      13.48

Available credit enhancement to the class A to F notes in this
transaction has slightly increased since closing, due to the
sequential amortisation of the transaction.

S&P said, "We have determined that our assigned ratings on this
transaction's classes of notes should be the lower of (i) the
rating as capped by our counterparty, operational risk, or legal
risk criteria when applicable; or (ii) the rating that the class of
notes can attain under our global RMBS criteria. We have also
performed sensitivity analysis for COVID-19-related stresses such
as a delay in interest receipts, an increase in defaults, and a
longer recovery period. The assigned ratings remain robust in our
sensitivity analysis.

"Our credit and cash flow results, including the aforementioned
sensitivity scenarios, indicate that available credit enhancement
for all the class of notes is commensurate with the ratings
currently assigned. We have therefore affirmed our ratings on the
class A to F notes."

Polaris 2019-1 is collateralised by a pool of nonconforming
first-ranking residential mortgage loans secured by properties
located in England and Wales.

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."


YO! SUSHI: Must Hand Over Savills Report to One of Landlords
------------------------------------------------------------
Paige Long at Law360 reports that Yo! Sushi was ordered by a court
on Jan. 8 to hand over a report prepared by property advisors
Savills to one of its landlords, who is challenging the restaurant
chain's decision to shut sites losing money because of the COVID-19
outbreak.

According to Law360, Raquel Agnello QC, sitting as a deputy judge
at London's insolvency and companies court, said that Yo! Sushi UK
Ltd. must give Lazari Properties 2 Ltd. the sections of the Savills
report relevant to the Lazari lease and any assumptions of the
site's financial viability.  He concluded that such disclosure
would have to occur "at some point" in the proceedings, Law360
notes.

The judge also ordered Lazari to prepare a document offering more
detail about its claim that it was treated unfairly so that Yo!
Sushi knows and can respond to the case against it, Law360
relates.

Yo! Sushi, which launched in London in 1997 and built its brand on
serving Japanese cuisine on conveyor belts, proposed a Company
Voluntary Arrangement in August, Law360 recounts.  It wants to
close 19 sites that it says are no longer financially viable
because of unsustainable rental costs and the trading disruption
caused by the coronavirus pandemic, Law360 discloses.

The CVA was approved by 86% of Yo! Sushi creditors in September,
Law360 relays, citing Richard Fisher QC, counsel for the restaurant
chain.

Mr. Fisher denied Lazari's claims that Yo! Sushi had been
"unhelpful or unreasonable" in refusing to hand over the documents
sought, telling the judge that the company had to know what the
case against it is, Law360 notes.

Lazari Properties had sought further information from Yo! Sushi,
including copies of leases and documents from Savills and
consultant Deloitte setting out forecasts for performance and
future rent, as well as agreements on the handling of the chain's
brand, Law360 discloses.

But Judge Agnello agreed with Yo! Sushi that it was a
"disproportionately wide request", according to Law360.  She
confined the disclosure to the parts of the Savills report that
concern the Lazari sites, Law360 states.

Yo! Sushi said on Jan. 5 that 36 of its restaurants across the U.K.
remain temporarily closed following the government's announcement
of a further national lockdown due to the rising number of COVID-19
cases, Law360 relates.  It will keep 14 open for delivery and
takeaway service, according to Law360.



                           *********


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

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

Copyright 2021.  All rights reserved.  ISSN 1529-2754.

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