/raid1/www/Hosts/bankrupt/TCREUR_Public/210127.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 27, 2021, Vol. 22, No. 14

                           Headlines



G E R M A N Y

TRAVIATA BV: Fitch Affirms 'B' LongTerm IDR, Outlook Stable


I R E L A N D

ADAGIO IV CLO: Moody's Affirms B1 Rating on Class F Notes
AVOCA CLO XIII: Fitch Affirms B- Rating on Class F-R Notes
BARINGS EURO 2015-1: Moody's Hikes Rating on Class E Notes to Ba1
CAPITAL FOUR II: Moody's Rates EUR8.8MM Class F Notes 'B3'
CAPITAL FOUR II: S&P Assigns B- Rating on EUR8.8MM Cl. F Notes

CIFC CLO III: Moody's Rates EUR8.8MM Class F Notes 'B2'
CONTEGO CLO V: Fitch Affirms B- Rating on Class F Debt
CVC CORDATUS XI: Fitch Affirms B- Rating on Class F Notes
EURO-GALAXY V: Moody's Gives (P)B3 Rating to EUR11.5MM Cl. F Notes
EURO-GALAXY V: S&P Assigns Prelim. B- Rating on Class F-R Notes

GRIFFITH PARK: Fitch Affirms B- Rating on Class E Notes
JUBILEE CLO 2015-XV: Moody's Upgrades Class E Notes to Ba1
ST. PAUL CLO V: Fitch Affirms B- Rating on Class F-R Notes
ST. PAUL VIII: Fitch Affirms B- Rating on Class F Debt
SUTTON PARK: Fitch Affirms B- Rating on Class E Notes

TYMON PARK: Moody's Affirms B1 Rating on EUR12M Class E Notes
[*] IRELAND: Examinership Saved Close 600 Jobs Last Year


L U X E M B O U R G

ARENA LUXEMBOURG: Moody's Completes Review, Retains B1 Rating
GALILEO GLOBAL: Moody's Completes Review, Retains B2 CFR


N E T H E R L A N D S

DELFT BV 2020: DBRS Confirms B(low) Rating on Class F Notes
INFOPRO DIGITAL: S&P Affirms 'B-' LongTerm ICR on Refinancing
KANAAL CMBS 2019: S&P Lowers Class D Notes Rating to 'BB(sf)'


R U S S I A

ROSGOSSTRAKH INSURANCE: A.M. Best Affirms bb- Issuer Credit Rating


S P A I N

GRIFOLS SA: Moody's Completes Review, Retains Ba3 Rating
PYMES SANTANDER 13: DBRS Confirms C Rating on Class C Notes


T U R K E Y

GLOBAL LIMAN: Moody's Completes Review, Retains Caa1 CFR


U N I T E D   K I N G D O M

AMIGO: May Face Insolvency if Customer Payout Cap Plan Fails
APRICOT: Switches Majority of UK Stores to Turnover-Based Rent
HEATHROW FINANCE: Moody's Completes Review, Retains Ba2 CFR
ICELAND VLNCO: Moody's Affirms B2 CFR, Alters Outlook to Stable
SOLENIS UK: S&P Alters Outlook to Stable & Affirms 'B-' ICR

TURNSTONE MIDCO 2: Moody's Completes Review, Retains Caa2 CFR
YO! SUSHI: Owner Receives Funding Lifeline From Shareholders
[*] UK: End of Covid-19 Support Schemes to Hit Scottish Firms

                           - - - - -


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G E R M A N Y
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TRAVIATA BV: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed Traviata B.V.'s (holdco) Long-Term
Issuer Default Rating (IDR) at 'B' with a Stable Outlook, and the
secured instrument ratings on its term loan B and revolving credit
facility (RCF) at 'B+'/'RR3'/61%.

The rating applies Fitch's Corporate Rating Criteria combined with
its Investment Holding Companies Rating Criteria. Traviata's 'B'
IDR is derived by assessing the credit quality of the Axel Springer
SE operating company (AS opco) and notching from that assessment
based on factors such as income stream quality, dividend
diversification, proportionate holdco leverage, liquidity, and
dividend control and stability.

Fitch views AS opco's operating profile as healthy, underpinned by
a carefully managed portfolio of digital advertising and news
activities. The business has performed well in the face of a health
crisis that has disrupted classified media, while a weakened
economy and secular pressures have affected news media. Fitch’s
rating case envisages 2020 revenue and EBITDA (before restructuring
and one-offs) declines in the region of 7% and 20%, respectively.
Pandemic pressure in 2021 and an acceleration in the pace of
restructuring (mainly in news media) is forecast to lead to peak
funds from operations (FFO) net leverage of 4.1x.

Notching of the holdco debt takes in to account forecast
proportional holdco net leverage of 8.8x in 2021, breaching the
downgrade threshold of 7.5x. The metric is particularly sensitive
to weakened opco cash flow but Fitch expects it to return within
the sensitivity by 2022 at 7.2x and recover strongly thereafter.
With operating conditions uncharted but expected to improve, and
restructuring intended to underpin future cash flows, Fitch views
the leverage breach as a one-off and it does not undermine
Fitch’s medium-term view of the holdco rating or Outlook.

Structural subordination relative to the opco leverage, the absence
of dividend diversification and the joint control of dividend
policy are further factored into the holdco rating.

KEY RATING DRIVERS

AS Opco Performance Amid Coronavirus: 9M20 trading at AS was
healthy in the face of the pandemic. Group revenues for the period
show a mid-single digit decline in the face of lock-downs in all of
its markets and in the context of a business exposed to classified
jobs and property markets and traditional news. Online classified
markets are not new, although far larger today than when tested by
past recessions. Its real estate portals are proving resilient
while recruitment is inevitably affected by the economy. Further,
business disruption of the scale seen in 2020 is uncharted.

The degree to which AS classified platforms have proven integral to
their customers sales activity has confirmed Fitch’s expectations
of the strength of the business model.

Restructuring on Track: EBITDA margin performance across the core
classified and news media businesses also held up, with 9M20 EBITDA
at the group level falling in a low-double digit range. Revenue
pressure, most acute in classified jobs, has been cushioned by cost
efficiencies while management is delivering on the restructuring in
news media, announced in 2H19. Investment in non-print news media
(e.g. digital marketing, other digital platforms and TV) is driving
strong growth in this part of the business. Fitch estimates
investment, and to a lesser extent restructuring costs, will lead
to margin pressure into 2021.

Fitch views management's ambition to migrate the news media
business to a wholly digitally-based one to be an effective
response to the secular trends afflicting the wider print news
industry. AS's national print franchise is showing more resilience
than other markets, while the brand value in BILD and DIE WELT
should help support management's digital ambition, in Fitch’s
view.

Solid Holdco Interest Cover: Fitch’s key financial metric in
monitoring performance of Traviata's debt is dividend/interest
coverage. With the loan structured with no amortisation this
effectively measures cash flow debt service. Fitch’s downgrade
threshold in relation to the holdco debt is set at 1.1x, while
Fitch’s rating case assumes an annual opco dividend of EUR125
million, which is consistent with a coverage ratio of 1.3x and in
Fitch’s view provides a strong level of coverage.

Opco Free Cash flow: Holdco debt service is exposed to near-term
weakened free cash flow (FCF) at the opco level. Historically,
dividends paid by AS as a listed company were consistently higher
than assumed in Fitch’s base case. Fitch expects some meaningful
compression in AS's FCF in 2021 as restructuring and reinvestment
costs pressure operating margins and cash flow and capex remains
high. Opco leverage is forecast to remain inside the thresholds
that frame Fitch’s view of its credit profile; but its strong
available liquidity means Fitch’s opco dividend assumptions
remain intact.

Holdco Proportional Leverage: Fitch believes that while AS Opco is
not immune to coronavirus disruption, the business enjoys a core
revenue stability and solid cash flow. However, margin pressure
will affect 2021 FFO. This will flow through to Fitch’s holdco
proportionate leverage metric, which is sensitive to the opco cash
flow given that only a minority share of FFO is included in the its
denominator.

Looking Through 2021 Performance: Fitch forecasts a 2021 holdco
proportional FFO net leverage of 8.8x versus a rating threshold of
7.5x. Fitch forecasts it at 7.2x, back below the threshold in 2022,
improving comfortably thereafter, Fitch is looking through this
spike, especially given it is driven mainly by targeted operational
investment and restructuring. Solid holdco debt service cover
provides further mitigation.

DERIVATION SUMMARY

Traviata's 'B' IDR has been derived by notching against AS opco's
private rating based on factors including income stream quality,
dividend diversification, proportionate holdco leverage, liquidity,
and dividend control and stability.

KEY ASSUMPTIONS

AS Opco

Revenue growth of -7% in the year ending December 2020 (FY20)
affected by coronavirus pandemic. Recovery thereafter leading to
revenue growth between 6.0% and 7.8% a year thereafter.

Fitch-defined EBITDA margin (including recurring restructuring and
other one-off items) to reach a bottom at 13.4% at FY21 as a
consequence of the delayed impact on EBITDA of lower order entries.
EBITDA margin to recover thereafter approaching FY19 margin (20%)
by FY23.

Restructuring and other one-off expenses of around EUR196 million
are anticipated between FY20 and FY23 and excluded from FFO. An
average of EUR18 million a year is treated as recurring and
included in EBITDA, and the remainder is excluded from EBITDA.

Maintenance capex capital intensity assumed at 5.65% (including
capitalised development costs). FY20 capex still includes an
expansion component relating to the new Berlin headquarters.

Disposals net of acquisitions of EUR334 million in FY20 reflecting
the sale of the new Berlin headquarters. Acquisition net of
disposal of EUR30 million and EUR10 million in FY21 and FY22,
respectively.

Settlement of new Berlin headquarters in FY20 with proceeds
purchase price of EUR426 million, allowing for a EUR285 million
debt repayment and a moderate increase in long-term rentals by EUR4
million.

Dividends of EUR125 million a year.

Key Recovery Rating Assumptions (Traviata Debt)

-- Fitch uses a going-concern (GC) approach in Fitch’s recovery
    analysis, assuming that the company would be considered a GC
    in the event of a bankruptcy;

-- A 10% administrative claim;

-- AS's GC EBITDA is estimated at EUR500 million represents the
    hypothetical situation of rapid decline in analog/printed
    media EBITDA and higher competition/lower growth in the
    classifieds/digital business.

-- The GC EBITDA estimate reflects Fitch's view of a sustainable,
    post-reorganisation EBITDA level upon which Fitch bases the
    enterprise valuation.

-- An EV multiple of 6x EBITDA is applied to the GC EBITDA to
    calculate a post-reorganisation enterprise value. This is
    above the mid-point (5.0x) for EMEA region according to the
    new Recovery Rating Criteria. Fitch believes an above mid
    point multiple is warranted in this case owing to:

-- Company growth profile in the classifieds business and strong
    market position in main markets.

-- Growth profile in the classified segment is tempered by the
    secular decline in Publishing and the implementation of
    digital strategy.

-- Resulting in a 61% recovery of secured debt assuming a EUR752
    million TLB and fully drawn EUR125 million RCF.

RATING SENSITIVITIES

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

-- A sustained decline in net proportional Traviata leverage
    below 6.0x.

-- FFO net leverage below 3.5x on a sustained basis may be
    positive for Fitch’s view of AS opco.

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

-- A sustained increase in net proportional Traviata leverage
    above 7.5x.

-- Traviata dividend interest coverage of less than 1.1x or
    drawdown on the holdco RCF to fund interest costs.

-- Depending on financing (debt versus equity) a squeeze-out of
    post-tender AS public minorities, if this materially weakened
    the proposed capital structure.

-- AS opco FFO net leverage above 4.5x on a sustained basis; net
    debt/CFO less capex above 5.5x on a sustained basis, excluding
    the Berlin headquarters capex; and/or an expected erosion of
    competitive position would be viewed as negative for Fitch’s
    view of AS opco.

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

Traviata's liquidity is satisfactory, supported by the EUR125
million RCF (thereof EUR101 million available at end-September) to
make annual interest payments of around EUR40 million-45 million in
the next years. A springing net proportionate leverage covenant is
set at 8.75x once the RCF is drawn above 40%.

AS's liquidity is strong, supported by EUR179 million cash and
equivalents as well as access to EUR1,500 million in RCFs with
maturities greater than one year, EUR49 million drawn as at
end-September 2020.




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I R E L A N D
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ADAGIO IV CLO: Moody's Affirms B1 Rating on Class F Notes
---------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Adagio IV CLO Designated Activity Company:

EUR39,200,000 Class B-1R Senior Secured Floating Rate Notes due
2029, Upgraded to Aaa (sf); previously on Dec 8, 2020 Aa1 (sf)
Placed Under Review for Possible Upgrade

EUR7,000,000 Class B-2R Senior Secured Fixed Rate Notes due 2029,
Upgraded to Aaa (sf); previously on Dec 8, 2020 Aa1 (sf) Placed
Under Review for Possible Upgrade

EUR18,000,000 Class C-R Deferrable Mezzanine Floating Rate Notes
due 2029, Upgraded to Aa2 (sf); previously on Dec 8, 2020 A1 (sf)
Placed Under Review for Possible Upgrade

EUR18,600,000 Class D-R Deferrable Mezzanine Floating Rate Notes
due 2029, Upgraded to A3 (sf); previously on May 24, 2019 Upgraded
to Baa1 (sf)

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

EUR200,500,000 (Current Outstanding Balance EUR 155,496,243) Class
A-1R Senior Secured Floating Rate Notes due 2029, Affirmed Aaa
(sf); previously on May 24, 2019 Affirmed Aaa (sf)

EUR5,000,000 (Current Outstanding Balance EUR 3,877,712) Class
A-2R Senior Secured Fixed Rate Notes due 2029, Affirmed Aaa (sf);
previously on May 24, 2019 Affirmed Aaa (sf)

EUR25,200,000 Class E-R Deferrable Junior Floating Rate Notes due
2029, Affirmed Ba2 (sf); previously on May 24, 2019 Affirmed Ba2
(sf)

EUR11,700,000 Class F Deferrable Junior Floating Rate Notes due
2029, Affirmed B1 (sf); previously on May 24, 2019 Affirmed B1
(sf)

Adagio IV CLO Designated Activity Company, issued in September 2015
and reset in October 2017, is a collateralised loan obligation
backed by a portfolio of mostly high-yield senior secured European
loans. The portfolio is managed by AXA Investment Managers, Inc..
The transaction's reinvestment period ended in October 2019.

The action concludes the rating review on the Class 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/3qKzo6T.

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 3026
after applying the revised assumptions as compared to the trustee
reported WARF of 3341 as of December 2020 [1].

The action also reflects the deleveraging of the Class A-1R and
A-2R notes following amortisation of the underlying portfolio since
the payment date in January 2020.

The Class A-1R and A-2R notes have paid down by approximately EUR
46.1 million (22.4%) in the last 12 months. As a result of the
deleveraging, over-collateralisation (OC) has increased for the
senior classes in the capital structure. According to the trustee
report dated December 2020 [1] the Class A/B, Class C and Class D
ratios are reported at 143.6.%, 132.6%, and 122.8% compared to
January 2020 [2] levels of 138.6%, 129.3%, and 121.0%,
respectively. Moody's notes that the January 2021 [3] principal
payments are not reflected in the reported OC ratios.

The rating affirmations on the Class A-1R, A-2R, E-R and F notes
reflects the expected losses of the notes continuing to remain
consistent with their current ratings after taking into account the
CLO's latest portfolio, its relevant structural features and its
actual over-collateralization levels as well as applying Moody's
revised CLO assumptions.

Moody's notes that the January 2021 [3] trustee report was
published at the time it was completing its analysis of the
December 2020 [1] data. Key portfolio metrics such as WARF,
diversity score, weighted average spread and life, and OC ratios
exhibit little or no change between these dates.

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

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

Performing par and principal proceeds balance: EUR 309.8m

Defaulted Securities: none

Diversity Score: 42

Weighted Average Rating Factor (WARF): 3026

Weighted Average Life (WAL): 3.98 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.50%

Weighted Average Coupon (WAC): 3.88%

Weighted Average Recovery Rate (WARR): 46.31%

Par haircut in OC tests and interest diversion test: none

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

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

The coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to
disrupt economies and credit markets across sectors and regions.
Moody's analysis has considered the effect on the performance of
corporate assets from the current weak global economic activity and
a gradual recovery for the coming months. Although an economic
recovery is underway, it is tenuous and its continuation will be
closely tied to containment of the virus. As a result, the degree
of uncertainty around 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: (1) the manager's investment strategy
and behaviour; and (2) divergence in the legal interpretation of
CDO documentation by different transactional parties because of
embedded ambiguities.

Additional uncertainty about performance is due to the following:

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


AVOCA CLO XIII: Fitch Affirms B- Rating on Class F-R Notes
----------------------------------------------------------
Fitch Ratings has revised the Outlook on Avoca CLO XIII DAC's class
E-R and F-R notes to Stable from Negative and affirmed all
ratings.

      DEBT                RATING             PRIOR
      ----                ------             -----
Avoca CLO XIII DAC

A-R XS1659772468    LT  AAAsf  Affirmed      AAAsf
B-1R XS1659772542   LT  AAsf   Affirmed      AAsf
B-2R XS1659772971   LT  AAsf   Affirmed      AAsf
B-3R XS1659773193   LT  AAsf   Affirmed      AAsf
C-R XS1659773359    LT  Asf    Affirmed      Asf
D-R XS1659773433    LT  BBBsf  Affirmed      BBBsf
E-R XS1659773516    LT  BBsf   Affirmed      BBsf
F-R XS1659773607    LT  B-sf   Affirmed      B-sf

TRANSACTION SUMMARY

Avoca CLO XIII DAC is a cash flow CLO mostly comprising senior
secured obligations. The transaction is still within its
reinvestment period and is actively managed by KKR Credit Advisors
(Ireland).

KEY RATING DRIVERS

Stable Asset Performance: The transaction was below par by 0.11% as
of the investor report on 31 December 2020. All portfolio profile
tests and coverage tests were passing. The collateral quality tests
were passing except the weighted average rating factor (WARF) and
recovery rating (WARR) tests. Exposure to assets with a
Fitch-derived rating (FDR) of 'CCC+' and below was 6.31% (excluding
unrated assets). The transaction had no defaulted assets as of the
same report.

Stable Outlooks Based on Coronavirus Stress: The Outlooks on the
class E-R and F-R notes have been revised to Stable 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 (25.35% of the portfolio) regardless of sector and ran the
cash flow analysis based on a stable interest-rate scenario. All
notes have a positive cushion under this cash flow model run, which
is underlined in the Stable Outlooks.

For more details on Fitch’s pandemic-related stresses see "CLO
Sensitivity Remains Focused on Portfolio Rating Migration over
Time."

'B' /'B-' Portfolio: Fitch assesses the average credit quality of
the obligors in the 'B' /'B-' category for the transaction. The
Fitch WARF calculated by Fitch at 34.83 (assuming unrated assets
are 'CCC') and calculated by the trustee at 34.55 for the current
portfolio are above the maximum covenant of 32.7. The Fitch WARF
increases by 2.5 after applying the coronavirus stress.

High Recovery Expectations: Senior secured obligations comprise
98.6% 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 obligor
concentration is 15.89%, and no obligor represents more than 1.98%
of the portfolio balance.

RATING SENSITIVITIES

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

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

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

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

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

Coronavirus Downside Sensitivity

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

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

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.


BARINGS EURO 2015-1: Moody's Hikes Rating on Class E Notes to Ba1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
Notes issued by Barings Euro CLO 2015-1 Designated Activity
Company:

EUR32,600,000 Class B-1R Senior Secured Floating Rate Notes due
2029, Upgraded to Aaa (sf); previously on Dec 8, 2020 Aa1 (sf)
Placed Under Review for Possible Upgrade

EUR10,600,000 Class B-2R Senior Secured Fixed Rate Notes due 2029,
Upgraded to Aaa (sf); previously on Dec 8, 2020 Aa1 (sf) Placed
Under Review for Possible Upgrade

EUR22,000,000 Class CR Senior Secured Deferrable Floating Rate
Notes due 2029, Upgraded to Aa1 (sf); previously on Dec 8, 2020 Aa3
(sf) Placed Under Review for Possible Upgrade

EUR21,600,000 Class DR Senior Secured Deferrable Floating Rate
Notes due 2029, Upgraded to A2 (sf); previously on Dec 8, 2020 A3
(sf) Placed Under Review for Possible Upgrade

EUR31,200,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2029, Upgraded to Ba1 (sf); previously on Jan 27, 2020
Affirmed Ba2 (sf)

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

EUR206,700,000 (Current Outstanding amount EUR 167.9 million)
Class A-1R Senior Secured Floating Rate Notes due 2029, Affirmed
Aaa (sf); previously on Jan 27, 2020 Affirmed Aaa (sf)

EUR5,300,000 (Current Outstanding amount EUR 4.3 million) Class
A-2R Senior Secured Fixed Rate Notes due 2029, Affirmed Aaa (sf);
previously on Jan 27, 2020 Affirmed Aaa (sf)

EUR26,400,000 (Current Outstanding amount EUR 21.4 million) Class
A-3 Senior Secured Fixed/Floating Rate Notes due 2029, Affirmed Aaa
(sf); previously on Jan 27, 2020 Affirmed Aaa (sf)

EUR12,400,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2029, Affirmed B1 (sf); previously on Jan 27, 2020
Affirmed B1 (sf)

Barings Euro CLO 2015-1 Designated Activity Company, issued in
September 2015 and refinanced in October 2017, is a collateralised
loan obligation backed by a portfolio of mostly high-yield senior
secured European loans. The portfolio is managed by Barings (U.K.)
Limited. The transaction's reinvestment period ended in October
2019.

The action concludes the rating review on the Classes B-1R, B-2R,
CR and DR Notes initiated on 8 December 2020, "Moody's upgrades 23
securities from 11 European CLOs and places ratings of 117
securities from 44 European CLOs on review for possible upgrade.",
https://bit.ly/3972MhH.

RATINGS RATIONALE

The rating upgrades on the Classes B-1R, B-2R, CR, DR and E 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
3374 after applying the revised assumptions as compared to the
trustee reported WARF of 3735 as of November 2020 [1].

In addition, the Class A-1R, A-2R and A-3 Notes have been paid down
by approximately EUR 30.2 million (15.3%), EUR 0.8 million (15.3%)
and EUR 3.9 million (15.3%), respectively, since the payment date
in April 2020, and by EUR 38.9 million (18.8%), EUR 1.0 million
(18.8%) and EUR 5.0 million (18.8%) since closing. As a result of
the deleveraging, over-collateralisation (OC) has generally
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 145.7%, 133.3% and 123.0%, respectively,
compared to April 2020 [2] levels of 141.0%, 130.8% and 122.1%,
respectively.

Moody's notes that the December 2020 trustee report was published
at the time it was completing its analysis of the November 2020
data. Key portfolio metrics such as WARF, diversity score, weighted
average spread and life, and OC ratios exhibit little or no change
between these dates. Of the incremental EUR 6.3 million of
principal proceeds reported in December 2020 [3], EUR 4.5 million
was incorporated in our model runs, and the residual EUR 1.8
million has no material impact on our analysis. The reduced amount
of EUR 5.8 million of defaulted securities reported in December
2020 [3] has been incorporated in our model runs.

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

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

Performing par and principal proceeds balance: EUR 352.8 million

Defaulted Securities: EUR 5.8 million

Diversity Score: 49

Weighted Average Rating Factor (WARF): 3374

Weighted Average Life (WAL): 4.17 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.79%

Weighted Average Coupon (WAC): 5.48%

Weighted Average Recovery Rate (WARR): 44.03%

Par haircut in OC tests and interest diversion test: 2.80%

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

The coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to
disrupt economies and credit markets across sectors and regions.
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 and swap providers,
using the methodology "Moody's Approach to Assessing Counterparty
Risks in Structured Finance" published in June 2020. Moody's
concluded the ratings of the Notes are not constrained by these
risks.

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

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
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: (1) the manager's investment strategy
and behaviour; and (2) divergence in the legal interpretation of
CDO documentation by different transactional parties because of
embedded ambiguities.

Additional uncertainty about performance is due to the following:

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

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


CAPITAL FOUR II: Moody's Rates EUR8.8MM Class F Notes 'B3'
----------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Capital Four CLO II
DAC (the "Issuer"):

EUR217,000,000 Class A Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aaa (sf)

EUR22,300,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aa2 (sf)

EUR7,500,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Definitive Rating Assigned Aa2 (sf)

EUR23,600,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned A2 (sf)

EUR24,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Baa3 (sf)

EUR20,100,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Ba3 (sf)

EUR8,800,000 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 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
mezzanine obligations and high yield bonds with second-lien loans
capped at 5%. The portfolio is expected to be 90% 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.

Capital Four CLO Management K/S ("Capital Four Management") 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 approximately 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.

In addition to the seven classes of notes rated by Moody's, the
Issuer will issue EUR 32,400,000 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 350 million

Diversity Score: 45

Weighted Average Rating Factor (WARF): 3090

Weighted Average Spread (WAS): 3.70%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 43.50%

Weighted Average Life (WAL): 8.5 years


CAPITAL FOUR II: S&P Assigns B- Rating on EUR8.8MM Cl. F Notes
--------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Capital Four CLO
II DAC's class A, B-1, B-2, C, D, E, and F notes. At closing, the
issuer also issued unrated subordinated notes.

Under the transaction documents, the rated notes pay quarterly
interest unless there is a frequency switch event. Following this,
the notes will switch to semiannual payment.

The portfolio's reinvestment period ends approximately four years
after closing, and the portfolio's weighted-average life test is
approximately 8.5 years after closing.

The ratings assigned to the notes reflect S&P's assessment of:

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

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

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

  Portfolio Benchmarks
                                                        Current
  S&P Global Ratings weighted-average rating factor    2,842.77
  Default rate dispersion                                449.87
  Weighted-average life (years)                            5.15
  Obligor diversity measure                               88.03
  Industry diversity measure                              19.86
  Regional diversity measure                               1.16

  Transaction Key Metrics
                                                        Current    

  Total par amount (mil. EUR)                            350.00
  Defaulted assets (mil. EUR)                                 0
  Number of performing obligors                              95
  Portfolio weighted-average rating
    derived from S&P's CDO evaluator                        'B'
  'CCC' category rated assets (%) 3.71
  'AAA' actual weighted-average recovery (%)              36.41
  Covenanted weighted-average spread (%)                   3.60
  Reference weighted-average coupon (%)                    4.50

Loss mitigation loan mechanics

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

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

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

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

Reverse collateral allocation mechanism

If a defaulted euro-denominated obligation becomes the subject of a
mandatory exchange for U.S.-denominated obligation following a
collateral allocation mechanism (CAM) trigger event, the portfolio
manager may sell the CAM obligation and invest the sale proceeds in
the same obligor (a CAM euro obligation), provided the obligation:

-- Is denominated in euros;

-- Ranks as the same or more senior level of priority as the CAM
obligation; and

-- Is issued under the same facility as the CAM obligation by the
obligor.

To ensure that the CLO's original or adjusted collateral par amount
is not adversely affected following a CAM exchange, a CAM
obligation may only be acquired if, following the reinvestment, the
numerator of the CLO's par value test, referred to as the adjusted
collateral principal amount, is either:

-- Greater than the reinvestment target par balance;

-- Maintained or improved when compared to the same balance
immediately after the collateral obligation became a defaulted
obligation; or

-- Maintained or improved compared to the same balance immediately
after the mandatory exchange which resulted in the issuer holding
the CAM exchange. Solely for the purpose of this condition, the CAM
obligation's principal balance is carried at the lowest of its
market value and recovery rate, adjusted for foreign currency risk
and foreign exchange rates.

Finally, a CAM euro exchanged obligation that is also a
restructured obligation may not be purchased with sale proceeds
from a CAM exchanged obligation.

The portfolio manager may only sell a CAM obligation and reinvest
the sale proceeds in a CAM euro obligation if, in the portfolio
manager's view, the sale and subsequent reinvestment is expected to
result in a higher level of ultimate recovery when compared to the
expected ultimate recovery from the CAM obligation.

Rating rationale

S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'. We consider that the portfolio primarily comprises broadly
syndicated speculative-grade senior secured term loans and senior
secured bonds. Therefore, we conducted our credit and cash flow
analysis by applying our criteria for corporate cash flow CDOs.

"In our cash flow analysis, we used the EUR350 million par amount,
the covenanted weighted-average spread of 3.60%, the reference
weighted-average coupon of 4.50%, and the actual weighted-average
recovery rates for all rated notes. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

"Our cash flow analysis also considers scenarios where the
underlying pool comprises 100% of floating-rate assets (i.e., the
fixed-rate bucket is 0%) and where the fixed-rate bucket is fully
utilized (in this case, 15%). In latter scenarios, the class F
cushion is -0.99%. Based on the portfolio's actual characteristics
and additional overlaying factors, including our long-term
corporate default rates and the class F notes' credit enhancement
(7.49%), we believe this class is able to sustain a steady-state
scenario, where the current market level of stress and collateral
performance remains steady. Consequently, we have assigned our 'B-
(sf)' rating to the class F notes, in line with our criteria."

"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.

"Following the application of our structured finance sovereign risk
criteria, we consider the transaction's exposure to country risk to
be limited at the assigned ratings, as the exposure to individual
sovereigns does not exceed the diversification thresholds outlined
in our criteriaz.

"We consider that the transaction's legal structure is bankruptcy
remote, in line with our legal criteria.

"Our credit and cash flow analysis indicate that the available
credit enhancement for the class B-1 to D notes could withstand
stresses commensurate with higher rating levels than those we have
assigned. However, as the CLO is still in its reinvestment phase,
during which the transaction's credit risk profile could
deteriorate, we have capped our assigned ratings on the notes.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our assigned ratings
are commensurate with the available credit enhancement for the
class A, B-1, B-2, C, D, E, and F notes.

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

"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F notes."

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.

Capital Four II is a European cash flow CLO securitization of a
revolving pool, comprising euro-denominated senior secured loans
and bonds issued mainly by speculative-grade borrowers. Capital
Four CLO Management K/S manages the transaction as a lead manager
and Capital Four Management Fondsmæglerselskab A/S as a
co-collateral manager.

  Ratings List

  Class   Rating     Amount  Subordination  Interest rate*
                   (mil. EUR)    (%)
  -----   ------   --------- -------------  --------------
  A       AAA (sf)   217.00    38.00       Three/six-month
                                           EURIBOR plus 1.05%

  B-1     AA (sf)     22.30    29.49       Three/six-month
                                           EURIBOR plus 1.70%

  B-2     AA (sf)      7.50    29.49       2.00%

  C       A (sf)      23.60    22.74       Three/six-month
                                           EURIBOR plus 2.70%

  D       BBB (sf)    24.50    15.74       Three/six-month
                                           EURIBOR plus 3.80%

  E       BB- (sf)    20.10    10.00       Three/six-month
                                           EURIBOR plus 5.91%

  F       B- (sf)      8.80     7.49       Three/six-month
                                           EURIBOR plus 7.80%

  Sub     NR          32.40     N/A        N/A

* The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.


CIFC CLO III: Moody's Rates EUR8.8MM Class F Notes 'B2'
-------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by CIFC European
Funding CLO III DAC (the "Issuer"):

EUR217,000,000 Class A Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aaa (sf)

EUR15,000,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aa2 (sf)

EUR20,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Definitive Rating Assigned Aa2 (sf)

EUR21,900,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned A2 (sf)

EUR22,700,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Baa3 (sf)

EUR18,400,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Ba2 (sf)

EUR8,800,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2034, Definitive Rating Assigned B2 (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 Moody's methodology.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 90% 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 c.a. 6 month ramp-up period in compliance with the
portfolio guidelines.

CIFC Asset Management Europe Ltd 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.

In addition to the seven classes of notes rated by Moody's, the
Issuer issued EUR 15,000,000 Class Y Notes due 2034 and EUR
29,950,000 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 Moody's forecasts is unusually high.

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

Methodology underlying the rating action:

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

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 350,000,000

Diversity Score: 44

Weighted Average Rating Factor (WARF): 3056

Weighted Average Spread (WAS): 3.90%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 44.0%

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 and eligibility criteria, exposures to
countries with LCC of A1 to A3 cannot exceed 10% and obligors
cannot be domiciled in countries with LCC below A3.


CONTEGO CLO V: Fitch Affirms B- Rating on Class F Debt
------------------------------------------------------
Fitch Ratings has affirmed Contego CLO V DAC.

      DEBT                RATING            PRIOR
      ----                ------            -----
Contego CLO V DAC

A XS1825533950     LT  AAAsf  Affirmed      AAAsf
B-1 XS1825534503   LT  AAsf   Affirmed      AAsf
B-2 XS1825535146   LT  AAsf   Affirmed      AAsf
C XS1825535815     LT  Asf    Affirmed      Asf
D XS1825536466     LT  BBBsf  Affirmed      BBBsf
E XS1825537191     LT  BBsf   Affirmed      BBsf
F XS1825537274     LT  B-sf   Affirmed      B-sf

TRANSACTION SUMMARY

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

KEY RATING DRIVERS

Resilient to Coronavirus Stress

The affirmation reflects the broadly stable portfolio credit
quality since June 2020. The Stable Outlook on all investment grade
notes, and the revision of the Outlooks on the sub-investment grade
notes to Stable from Negative reflect the default rate cushion in
the sensitivity analysis 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 (25% of the
portfolios) regardless of sector and ran the cash flow analysis
based on the stable interest rate scenario. For more details on
Fitch’s pandemic -related stresses see "CLO Sensitivity Remains
Focused on Portfolio Rating Migration over Time."

Average Portfolio Quality

The portfolio's weighted average credit quality is 'B'/'B-'. By
Fitch's calculation, the portfolio weighted average rating factor
(WARF) is 34.3 and would increase by 2 points in the coronavirus
sensitivity analysis. Assets with a Fitch-derived rating (FDR) on
Negative Outlook make up 25% of the portfolio balance. Assets with
a FDR in the 'CCC' category or below per Fitch’s calculation make
up about 7.8% and would be 7.2% if excluding one unrated asset in
the portfolio.

The transaction is slightly below par. Apart from a small failure
of the Fitch WARF test, all other tests including the coverage
tests are passing. The portfolio is reasonably diversified, with
the top 10 obligors and the largest obligor, as well as the
industry exposure within the limits of the portfolio profile
tests.

About 97% of the portfolio comprises senior secured obligations,
which have more favourable recovery prospects than second-lien,
unsecured and mezzanine assets. The reported Fitch's weighted
average recovery rate of the current portfolio is 65.4% per the
investor report.

RATING SENSITIVITIES

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

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

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

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

-- Downgrades may occur if build-up of the notes' CE following
    amortisation does not compensate for a higher loss expectation
    than initially assumed due to unexpected high level of default
    and portfolio deterioration. As the disruptions to supply and
    demand due to the Covid-19 disruption become apparent for
    other sectors, loan ratings in those sectors would also come
    under pressure. Fitch will update the sensitivity scenarios in
    line with the view of Fitch's Leveraged Finance team.

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

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Contego CLO V DAC

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

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

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

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


CVC CORDATUS XI: Fitch Affirms B- Rating on Class F Notes
---------------------------------------------------------
Fitch Ratings has revised the Outlook CVC Cordatus Loan Fund XI DAC
class E and F notes to Stable from Negative. All ratings have been
affirmed.

        DEBT                  RATING              PRIOR
        ----                  ------              -----
CVC Cordatus Loan Fund XI DAC

Class A XS1859249473    LT  AAAsf  Affirmed       AAAsf
Class B-1 XS1859249986  LT  AAsf   Affirmed       AAsf
Class B-2 XS1859395292  LT  AAsf   Affirmed       AAsf
Class C XS1859250646    LT  Asf    Affirmed       Asf
Class D XS1859251297    LT  BBBsf  Affirmed       BBBsf
Class E XS1859251370    LT  BBsf   Affirmed       BBsf
Class F XS1859251610    LT  B-sf   Affirmed       B-sf

TRANSACTION SUMMARY

The transaction is a cash flow CLO mostly comprising senior secured
obligations. The transaction is within its reinvestment period and
is actively managed by CVC Credit Partners Investment Management
Ltd.

KEY RATING DRIVERS

Asset Performance Stable: Asset performance has been stable since
the last review in July 2020. The transaction was 93bp below target
par as of the latest investor report dated 5 January 2021. All
coverage and collateral quality tests were passing. As of the same
report, exposure to assets with a Fitch-derived rating (FDR) of
'CCC+' and below was 4.6% (excluding unrated names which Fitch
treats as 'CCC' but for which the manager can classify as 'B-' up
to 10% of the portfolio), below the 7.5% limit. The manager has
reported one asset as defaulted for EUR2 million.

Stable Outlooks Based on Coronavirus Stress: The revision of the
Outlooks on the class E and F notes to Stable reflects that their
current ratings are 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 (29.3% of the portfolio) 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 are reflected in their
Stable Outlooks. For more details on Fitch’s pandemic-related
stresses see "CLO Sensitivity Remains Focused on Portfolio Rating
Migration over Time."

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors e in the 'B'/'B-' category. The Fitch-weighted average
rating factor (WARF) calculated by the agency of the current
portfolio is 33 (assuming unrated assets are CCC) while the
trustee-reported Fitch WARF was 33.08, below the maximum covenant
of 34. The Fitch WARF would increase to 36.1 after applying the
coronavirus stress.

High Recovery Expectations: Senior secured obligations comprise
99.2% of the portfolio. Fitch views the recovery prospects for
these assets as more favorable than for second-lien, unsecured and
mezzanine assets. The Fitch-weighted average recovery rate (WARR)
of the current portfolio was 66.7% as of the last investor report,
above the minimum covenant of 59.8%

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration is 16.2%, and no obligor represents more than 2% of
the portfolio balance.

RATING SENSITIVITIES

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

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

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

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

-- Downgrades may occur if the build-up of credit enhancement
    following amortisation does not compensate for a larger loss
    expectation than initially assumed due to unexpectedly high
    levels of default and portfolio deterioration.

-- As disruptions to supply and demand due to the pandemic become
    apparent, loan ratings in those sectors will also come under
    pressure. Fitch will update the sensitivity scenarios in line
    with the view of its leveraged finance team.

Coronavirus Downside Sensitivity

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


EURO-GALAXY V: Moody's Gives (P)B3 Rating to EUR11.5MM Cl. F Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to refinancing notes to be issued by
Euro-Galaxy V CLO Designated Activity Company (the "Issuer"):

EUR248,000,000 Class A Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

EUR38,000,000 Class B Senior Secured Floating Rate Notes due 2034,
Assigned (P)Aa2 (sf)

EUR26,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)A2 (sf)

EUR26,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Baa3 (sf)

EUR21,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Ba3 (sf)

EUR11,500,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)B3 (sf)

RATINGS RATIONALE

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

The Issuer will issue the notes in connection with the refinancing
of the following classes of notes (the "Original Refinancing
Notes"): Class A-R-R Notes, Class A-R Notes, Class B-R Notes, Class
C-R Notes, Class D-R Notes, Class E-R Notes, and Class F-R Notes,
due October 2030 previously issued on August 12, 2019.

On the Original Closing Date, the Issuer also issued EUR 39.9
million of subordinated notes, which will remain outstanding. In
addition, the Issuer will issue EUR 3.7 million of additional
subordinated notes on the refinancing date.

The Issuer is a managed cash flow CLO. At least 92.5% of the
portfolio must consist of senior secured obligations and up to 5.0%
of the portfolio may consist of second-lien loans and mezzanine
obligations. The portfolio is expected to be fully ramped up as of
the closing date and to comprise of predominantly corporate loans
to obligors domiciled in Western Europe.

PineBridge Investments Europe Limited 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.

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 400,000,000

Diversity Score: 54

Weighted Average Rating Factor (WARF): 2,940

Weighted Average Spread (WAS): 3.60%

Weighted Average Coupon (WAC): 5.00%

Weighted Average Recovery Rate (WARR): 43.50%

Weighted Average Life (WAL): 8.5 years


EURO-GALAXY V: S&P Assigns Prelim. B- Rating on Class F-R Notes
---------------------------------------------------------------
S&P Global Ratings has assigned preliminary credit ratings to
Euro-Galaxy V CLO DAC's class A-R, B-R, C-R, D-R, E-R, and F-R
notes. At closing, the issuer will also issue unrated subordinated
notes.

The transaction is a reset of an existing transaction, which closed
in November 2016.

The proceeds from the issuance of the rated and additional unrated
notes will be used to redeem the existing rated notes. In addition
to redeeming the existing notes, the issuer will use the remaining
funds to cover fees and expenses incurred in connection with the
reset. The portfolio's reinvestment period is scheduled to end on
the payment date in February 2025.

The preliminary ratings assigned to the notes reflect S&P's
assessment of:

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

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

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

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

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

Under the transaction documents, the refinanced notes will pay
quarterly interest unless there is a frequency switch event.

Following this, the notes will permanently switch to semiannual
payment. S&P notes that interest proceeds from semiannual and
annual obligations will not be trapped in the smoothing account for
so long as any of the following apply:

-- The aggregate principal amount of such obligations is less or
equal to 5%; or

-- The class F interest coverage ratio calculated in relation to
the second payment date following the determination date is at
least equal to 140%, and (ii) the par value tests are passing.

Under the transaction documents, the manager will be allowed to
purchase loss mitigation obligations in connection with the default
of an existing asset with the aim of enhancing the global recovery
on the assets held by that obligor. The manager will also be
allowed to exchange defaulted obligations for other defaulted
obligations from a different obligor with a better likelihood of
recovery.

S&P said, "Our preliminary ratings reflect our assessment of the
collateral portfolio's credit quality. Therefore, we have conducted
our credit and cash flow analysis by applying our criteria for
corporate cash flow collateralized debt obligations.

"In our cash flow analysis, we used the EUR400 million target par
amount, a weighted-average spread of 3.60%, a weighted-average
coupon of 5.00%, and the actual weighted-average recovery rates
calculated using our criteria.

"We applied various cash flow stress scenarios, using four
different default patterns, in conjunction with different interest
rate stress scenarios for each liability rating category.

"Elavon Financial Services DAC is the bank account provider and
custodian. At closing, we expect the documented downgrade remedies
to be in line with our current counterparty criteria.

"Under our structured finance sovereign risk criteria, the
transaction's exposure to country risk is sufficiently mitigated at
the assigned preliminary rating levels.

"At closing, we expect the issuer to be bankruptcy remote, in
accordance with our legal criteria.

"In our view, the portfolio is granular in nature, and
well-diversified across obligors, industries, and asset
characteristics when compared to other CLO transactions we have
rated recently. As such, we have not applied any additional
scenario and sensitivity analysis when assigning ratings to any
classes of notes in this transaction.

"Following our analysis of the reset notes, we believe our
preliminary ratings are commensurate with the available credit
enhancement for the class A-R, B-R, C-R, D-R, E-R and F-R reset
notes. Our credit and cash flow analysis also indicates that the
available credit enhancement for the class B-R, C-R, D-R, and E-R
notes could withstand stresses commensurate with higher rating
levels than those we have assigned. However, as the CLO will be in
its reinvestment phase, during which the transaction's credit risk
profile could deteriorate, we have capped our assigned preliminary
ratings on the notes.

"For the class A-R and F-R notes, our credit and cash flow analysis
indicates that the available credit enhancement is commensurate
with the assigned preliminary ratings.

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

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."

  Ratings List

  Class  Preliminary  Preliminary  Subordination (%)   Interest*
          rating       amount
                       (mil. EUR)
  A-R     AAA (sf)      248.00      38.00  Three/six-month EURIBOR

                                                        plus 0.95%
  B-R      AA (sf)       38.00      28.50  Three/six-month EURIBOR

                                                        plus 1.60%
  C-R       A (sf)       26.00      22.00  Three/six-month EURIBOR

                                                        plus 2.40%
  D-R     BBB (sf)       26.00      15.50  Three/six-month EURIBOR

                                                        plus 3.65%
  E-R     BB- (sf)       21.50      10.13  Three/six-month EURIBOR

                                                        plus 5.82%
  F-R      B- (sf)  11.50       7.25  Three/six-month EURIBOR
                                                       plus 7.73%
  Sub notes    NR        43.60        N/A     N/A

*The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.


GRIFFITH PARK: Fitch Affirms B- Rating on Class E Notes
-------------------------------------------------------
Fitch Ratings has affirmed Griffith Park CLO D.A.C. and revised the
Outlooks on the class C, D and E notes to Stable from Negative.

         DEBT                    RATING           PRIOR
         ----                    ------           -----
Griffith Park CLO D.A.C.

Class A1A XS1903435615     LT  AAAsf  Affirmed    AAAsf
Class A1B XS1903436340     LT  AAAsf  Affirmed    AAAsf
Class A2A XS1903437074     LT  AAsf   Affirmed    AAsf
Class A2B XS1903437660     LT  AAsf   Affirmed    AAsf
Class B1 XS1903438478      LT  Asf    Affirmed    Asf
Class B2 XS1903439013      LT  Asf    Affirmed    Asf
Class C XS1903439799       LT  BBB-sf Affirmed    BBB-sf
Class D XS1903440532       LT  BB-sf  Affirmed    BB-sf
Class E XS1903440458       LT  B-sf   Affirmed    B-sf

TRANSACTION SUMMARY

Griffith Park CLO D.A.C.is a securitisation of mainly senior
secured loans (at least 90%) with a component of senior unsecured,
mezzanine and second-lien loans. The portfolio is managed by
Blackstone Ireland Limited. The reinvestment period ends in May
2023.

KEY RATING DRIVERS

Stable Outlook for Class C to E Based on Coronavirus Stress

The revision of the Outlooks on the class C to E notes reflects
that their current ratings are 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 the stable interest rate
scenario. All tranches show resilience under the coronavirus
baseline sensitivity analysis with a cushion, which is reflected in
the Stable Outlooks.

Portfolio Performance Stabilises

As of the latest investor report dated 10 December 2020, the
transaction was 0.28% above par and all portfolio profile tests,
coverage tests and Fitch collateral quality tests were passing
except for the Fitch weighted average rating factor (WARF). As of
the same report, the transaction had one defaulted asset. Exposure
to assets with a Fitch-derived rating (FDR) of 'CCC+' and below was
7.33 % (excluding unrated assets). Assets with an FDR on Negative
Outlook made up 14.86% 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 wWARF of the current portfolio is
34.34 (assuming unrated assets are 'CCC') - above the maximum
covenant of 34, while the trustee-reported Fitch WARF was 34.07.
After applying the coronavirus stress, the Fitch WARF would
increase by 2.7.

High Recovery Expectations

Senior secured obligations are 98.48% 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 12.11% of the portfolio
balance with no obligor accounting for more than 1.59%. Around
36.3% of the portfolio consists of semi-annual obligations but a
frequency switch has not occurred due to the transaction's high
interest coverage ratios.

Cash Flow Analysis

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

RATING SENSITIVITIES

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

-- The transaction features a reinvestment period and the
    portfolio is actively managed. At closing, Fitch used a
    standardised stress portfolio (Fitch's stressed portfolio)
    that was customised to the portfolio limits as specified in
    the transaction documents. Even if the actual portfolio shows
    lower defaults and smaller losses (at all rating levels) than
    Fitch's stressed portfolio assumed at closing, an upgrade of
    the notes during the reinvestment period is unlikely, as the
    portfolio'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.

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

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

Coronavirus Downside Sensitivity

-- Fitch has added a sensitivity analysis that contemplates a
    more severe and prolonged economic stress caused by a re
    emergence of infections in the major economies. 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

Griffith Park CLO D.A.C.

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

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

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

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


JUBILEE CLO 2015-XV: Moody's Upgrades Class E Notes to Ba1
----------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
Notes issued by Jubilee CLO 2015-XV DAC:

EUR60,250,000 Refinancing Class B Senior Secured Floating Rate
Notes due 2028, Upgraded to Aaa (sf); previously on Dec 8, 2020 Aa1
(sf) Placed Under Review for Possible Upgrade

EUR26,000,000 Refinancing Class C Deferrable Mezzanine Floating
Rate Notes due 2028, Upgraded to Aa3 (sf); previously on Dec 8,
2020 A1 (sf) Placed Under Review for Possible Upgrade

EUR23,500,000 Refinancing Class D Deferrable Mezzanine Floating
Rate Notes due 2028, Upgraded to A3 (sf); previously on Jan 20,
2020 Upgraded to Baa1 (sf)

EUR27,000,000 Class E Deferrable Junior Floating Rate Notes due
2028, Upgraded to Ba1 (sf); previously on Jan 20, 2020 Affirmed Ba2
(sf)

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

EUR252,750,000 (Current Outstanding amount EUR 247,991,366)
Refinancing Class A Senior Secured Floating Rate Notes due 2028,
Affirmed Aaa (sf); previously on Jan 20, 2020 Affirmed Aaa (sf)

EUR15,250,000 Class F Deferrable Junior Floating Rate Notes due
2028, Affirmed B1 (sf); previously on Jan 20, 2020 Affirmed B1
(sf)

Jubilee CLO 2015-XV DAC, issued in June 2015 and refinanced in
October 2017, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Alcentra Limited. The transaction's
reinvestment period ended in July 2019.

The action concludes the rating review on the Classes B and C 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/3qHWPxM.

RATINGS RATIONALE

The rating upgrades on the Class B, C, D and E 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 3015 after applying the
revised assumptions as compared to the trustee reported WARF of
3274 as of December 15, 2020 [1].

The rating affirmations on the Class A and F 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 (OC) 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 417.4m

Defaulted Securities: EUR 2.4m

Diversity Score: 46

Weighted Average Rating Factor (WARF): 3015

Weighted Average Life (WAL): 3.9 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.5%

Weighted Average Coupon (WAC): 3.2%

Weighted Average Recovery Rate (WARR): 45.7%

Par haircut in OC tests and interest diversion test: 0.2%

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

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

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
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: (1) the manager's investment strategy
and behaviour; and (2) divergence in the legal interpretation of
CDO documentation by different transactional parties because of
embedded ambiguities.

Additional uncertainty about performance is due to the following:

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

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


ST. PAUL CLO V: Fitch Affirms B- Rating on Class F-R Notes
----------------------------------------------------------
Fitch Ratings has revised the Outlook on St. Paul's CLO V DAC's
class D, E and F to Stable from Negative and affirmed all ratings.

         DEBT                   RATING           PRIOR
         ----                   ------           -----
St. Paul's CLO V DAC

Class A-R XS1648272919    LT  AAAsf  Affirmed    AAAsf
Class B-1-R XS1648273560  LT  AAsf   Affirmed    AAsf
Class B-2-R XS1648274618  LT  AAsf   Affirmed    AAsf
Class C-1-R XS1648274964  LT  Asf    Affirmed    Asf
Class C-2-R XS1648275938  LT  Asf    Affirmed    Asf
Class D-R XS1648276233    LT  BBBsf  Affirmed    BBBsf
Class E-R XS1648277710    LT  BB-sf  Affirmed    BB-sf
Class F-R XS1648277983    LT  B-sf   Affirmed    B-sf

TRANSACTION SUMMARY

St. Paul's CLO V 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

Resilience to 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 healthy cushions.
As a result, the Outlook on the class D, E and F notes has been
revised to Stable. For more details on Fitch’s pandemic-related
stresses see "CLO Sensitivity Remains Focused on Portfolio Rating
Migration over Time."

Average Asset Performance:

The transaction was below par by 156bp as of the latest investor
report available dated 17 December 2020. As per the report, Fitch
weighted average rating factor (WARF), recovery rating (WARR) and
Fitch 'CCC' obligation tests were failing. All other portfolio
profile tests, coverage tests and collateral quality tests were
passing. The report also indicated 1.61 % of the portfolio was in
default. As per 16 January 2021, exposure to assets with a
Fitch-derived rating (FDR) of 'CCC+' and below was 9.2%.

'B'/'B-' Portfolio:

Fitch assesses the average credit quality of the obligors in the
'B'/'B-' category. As at 16 January 2021, the Fitch-calculated WARF
of the portfolio was 34.73, slightly lower than the
trustee-reported WARF of 17 December 2020 of 34.75, owing to rating
migration.

High Recovery Expectations:

Senior secured obligations comprise 97.8% of the portfolio. Fitch
views the recovery prospects for these assets as more favourable
than for second-lien, unsecured and mezzanine assets. The Fitch
WARR of the current portfolio was 62.8% as per the report.

Diversified Portfolio:

The portfolio is well-diversified across obligors, countries and
industries. The top 10 obligors' concentration is 17.3% and no
obligor represents more than 2.1% of the portfolio balance. As per
Fitch calculation the largest industry is business services at
16.9% 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.

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

-- Downgrades may occur if the build-up of credit enhancement
    following amortisation does not compensate for a larger loss
    expectation than initially assumed due to an unexpected high
    level of default and portfolio deterioration. As disruptions
    to supply and demand due to 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 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.


ST. PAUL VIII: Fitch Affirms B- Rating on Class F Debt
------------------------------------------------------
Fitch Ratings has revised the Outlook on St. Paul's CLO VIII DAC's
and St. Paul's CLO IX DAC's junior tranches to Stable from
Negative. All ratings have been affirmed.

      DEBT              RATING           PRIOR
      ----              ------           -----
St. Paul's CLO IX DAC

A XS1808334632    LT  AAAsf  Affirmed    AAAsf
B XS1808334988    LT  AAsf   Affirmed    AAsf
C XS1808333584    LT  Asf    Affirmed    Asf
D XS1808333824    LT  BBBsf  Affirmed    BBBsf
E XS1808334392    LT  BB-sf  Affirmed    BB-sf
F XS1808334475    LT  B-sf   Affirmed    B-sf

St. Paul's CLO VIII DAC

A XS1718482703    LT  AAAsf  Affirmed    AAAsf
B-1 XS1718483008  LT  AAsf   Affirmed    AAsf
B-2 XS1718483347  LT  AAsf   Affirmed    AAsf
C XS1718483776    LT  Asf    Affirmed    Asf
D XS1718483933    LT  BBBsf  Affirmed    BBBsf
E XS1718484238    LT  BB-sf  Affirmed    BB-sf
F XS1718484584    LT  B-sf   Affirmed    B-sf

TRANSACTION SUMMARY

The transactions are cash flow CLOs, mostly comprising senior
secured obligations. They are both within their reinvestment period
and are actively managed by Intermediate Capital Managers Limited.

KEY RATING DRIVERS

Performance Stable Since Last Review: St. Paul's CLO VIII DAC was
below par by 1% as of the latest investor report dated 6 January
2021. All portfolio profile tests, collateral quality tests and
coverage tests were passing except for Fitch’s and another
agency's 'CCC' test (10.7% versus a limit of 7.5%), Fitch’s and
another agency's weighted average rating factor (WARF) test (35.56
versus a limit of 34.7) and Fitch’s weighted average recovery
rate (WARR) test (62.2% versus a minimum of 62.82%). The
transaction had EUR5.9 million in defaulted assets as of the same
report. Exposure to assets with a Fitch-derived rating (FDR) of
'CCC+' and below was 11%.

St. Paul's CLO IX DAC was below par by 1.3% as of the latest
investor report dated 21 December 2020. All portfolio profile
tests, collateral quality tests and coverage tests were passing
except for Fitch’s and another agency's 'CCC' test (12.1% versus
a limit of 7.5%) and another agency's WARF test. The transaction
had EUR7.7 million in defaulted assets as of the same report.
Exposure to assets with a FDR of 'CCC+' and below was 11.7%.

Stable Outlooks Based on Coronavirus Stress

The revision of the Outlooks on St. Paul's CLO VIII DAC's and St.
Paul's CLO IX DAC's class D, E and F notes to Stable reflects that
their current ratings were 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 (27.6% of the portfolio
of St. Paul's CLO VIII DAC and 26.9% of the portfolio of St. Paul's
CLO IX DAC) regardless of sector and ran the cash flow analysis
based on a stable interest-rate scenario.

All other tranches show resilience under the coronavirus baseline
sensitivity analysis with a cushion, which is also reflected in the
Stable Outlooks. For more details on Fitch’s pandemic-related
stresses see "CLO Sensitivity Remains Focused on Portfolio Rating
Migration over Time."

'B'/'B-' Portfolio

Fitch assesses the average credit quality of the obligors in the
'B'/'B-' category in both portfolios. The Fitch WARF calculated by
Fitch and by the trustee for St. Paul's CLO VIII DAC's current
portfolio (assuming unrated assets are CCC) was respectively, 36.06
and 35.56, above the maximum covenant of 34.7. The Fitch WARF
calculated by Fitch and by the trustee for St. Paul's CLO IX DAC
(assuming unrated assets are CCC), was respectively, 36.35 and
36.04, below the maximum covenant of 37. The Fitch WARF would
increase to 39.07 for St. Paul's CLO VIII DAC after applying the
coronavirus stress and to 38.82 for St. Paul's CLO IX DAC.

High Recovery Expectations

Senior secured obligations comprise at least 97.6% of both
portfolios. Fitch views the recovery prospects for these assets as
more favourable than for second-lien, unsecured and mezzanine
assets. The Fitch WARR of the portfolio was reported by the trustee
at 62.2% for St. Paul's CLO VIII DAC and 65.4% for St. Paul's CLO
IX DAC as of the latest investor reports.

Diversified Portfolio

Both portfolios are well-diversified across obligors, countries and
industries. The top 10 obligor concentration is no more than 20% in
both CLOs, and no obligor represents more than 2.3% of the
portfolio balance in either CLOs.

RATING SENSITIVITIES

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

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

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

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

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

Coronavirus Downside Sensitivity

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

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
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.


SUTTON PARK: Fitch Affirms B- Rating on Class E Notes
-----------------------------------------------------
Fitch Ratings has revised the Outlook on Sutton Park CLO DAC's
class C to E notes to Stable from Negative, and affirmed all
ratings.

      DEBT                  RATING            PRIOR
      ----                  ------            -----
Sutton Park CLO DAC

A1-A XS1875399278    LT  AAAsf  Affirmed      AAAsf
A1-B XS1879555990    LT  AAAsf  Affirmed      AAAsf
A2-A XS1875401603    LT  AAsf   Affirmed      AAsf
A2-B XS1875401942    LT  AAsf   Affirmed      AAsf
B XS1875402247       LT  Asf    Affirmed      Asf
C XS1875402676       LT  BBB-sf Affirmed      BBB-sf
D XS1875403054       LT  BBsf   Affirmed      BBsf
E XS1875402916       LT  B-sf   Affirmed      B-sf
X XS1875394121       LT  AAAsf  Affirmed      AAAsf

TRANSACTION SUMMARY

Sutton Park CLO DAC is a securitisation of mainly senior secured
loans (at least 96%) with a component of senior unsecured,
mezzanine and second-lien loans. The portfolio is managed by
Blackstone Ireland Limited. The reinvestment period ends in May
2023.

KEY RATING DRIVERS

Stable Outlook Based on Coronavirus Stress

The revision of the Outlooks on the class C to E notes reflects
that their current ratings were 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. All tranches show resilience under the coronavirus
baseline sensitivity analysis with a cushion, which is reflected in
the Stable Outlooks.

Portfolio Performance Stabilises

As of the latest investor report dated 10 December 2020, the
transaction was 0.45% above par and all portfolio profile tests,
coverage tests and collateral quality tests were passing. As of the
same report, the transaction had one defaulted asset. Exposure to
assets with a Fitch-derived rating (FDR) of 'CCC+' and below was
6.07 % (excluding unrated assets). Assets with an FDR on Negative
Outlook made up a further 14.59% 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 33.78 (assuming unrated assets are
'CCC') while the trustee-reported Fitch WARF was 33.68 - both below
the maximum covenant of 34. After applying the coronavirus stress,
the Fitch WARF would increase by 2.66.

High Recovery Expectations

Senior secured obligations represent 98.28% 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 12.76% of the portfolio
balance with no obligor accounting for more than 0.71%. Around
30.4% of the portfolio consists of semi-annual obligations but a
frequency switch has not occurred due to the transaction's high
interest coverage ratios.

Cash Flow Analysis

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

RATING SENSITIVITIES

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

-- 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.

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

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

Coronavirus Downside Sensitivity

-- Fitch has added a sensitivity analysis that contemplates a
    more severe and prolonged economic stress caused by a re
    emergence of infections in the major economies. 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.


TYMON PARK: Moody's Affirms B1 Rating on EUR12M Class E Notes
-------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Tymon Park CLO Designated Activity Company:

EUR27,000,000 Refinancing Class A-2A Senior Secured Floating Rate
Notes due 2029, Upgraded to Aaa (sf); previously on Dec 8, 2020 Aa2
(sf) Placed Under Review for Possible Upgrade

EUR15,000,000 Refinancing Class A-2B Senior Secured Fixed Rate
Notes due 2029, Upgraded to Aaa (sf); previously on Dec 8, 2020 Aa2
(sf) Placed Under Review for Possible Upgrade

EUR24,000,000 Refinancing Class B Senior Secured Deferrable
Floating Rate Notes due 2029, Upgraded to Aa2 (sf); previously on
Dec 8, 2020 A2 (sf) Placed Under Review for Possible Upgrade

EUR22,000,000 Refinancing Class C Senior Secured Deferrable
Floating Rate Notes due 2029, Upgraded to A3 (sf); previously on
Dec 8, 2020 Baa1 (sf) Placed Under Review for Possible Upgrade

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

EUR238,000,000 (Current Outstanding Amount EUR 199.98m)
Refinancing Class A-1A Senior Secured Floating Rate Notes due 2029,
Affirmed Aaa (sf); previously on Jan 22, 2018 Definitive Rating
Assigned Aaa (sf)

EUR5,000,000 (Current Outstanding Amount EUR 4.20m) Refinancing
Class A-1B Senior Secured Fixed Rate Notes due 2029, Affirmed Aaa
(sf); previously on Jan 22, 2018 Definitive Rating Assigned Aaa
(sf)

EUR26,500,000 Refinancing Class D Senior Secured Deferrable
Floating Rate Notes due 2029, Affirmed Ba2 (sf); previously on Jan
22, 2018 Definitive Rating Assigned Ba2 (sf)

EUR12,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2029, Affirmed B1 (sf); previously on Jan 22, 2018
Upgraded to B1 (sf)

Tymon Park CLO Designated Activity Company, issued in December 2015
and refinanced in January 2018, is a collateralised loan obligation
(CLO) backed by a portfolio of mostly high-yield senior secured
European loans. The portfolio is managed by Blackstone Ireland
Limited. The transaction's reinvestment period ended in January
2020.

The action concludes the rating review on the Class A-2A, A-2B, B
and C 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/39hn1JE.

RATINGS RATIONALE

The rating upgrades on the Class A-2A, A-2B, B and C 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 2950
after applying the revised assumptions as compared to the trustee
reported WARF of 3221 as of December 2020 [1].

The action also reflects the deleveraging of the Class A-1A and
A-1B notes following amortisation of the underlying portfolio since
the payment date in April 2020.

The Class A-1A and A-1B notes have paid down by approximately EUR
38.8 million (16.0%) since April 2020. As a result of the
deleveraging, over-collateralisation (OC) has increased for the
senior classes in the capital structure. According to the trustee
report dated December 2020 [1] the Class A, Class B, Class C and
Class D ratios are reported at 147.34%, 134.25%, 124.14% and
113.82% compared to April 2020 [2] levels of 141.67%, 130.67%,
121.98%, and 112.94%, respectively.

The rating affirmations on the Class A-1A, A-1B, D and E 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 and principal proceeds balance: EUR 364.3m

Defaulted Securities: none

Diversity Score: 49

Weighted Average Rating Factor (WARF): 2950

Weighted Average Life (WAL): 4.26 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.51%

Weighted Average Coupon (WAC): 4.41%

Weighted Average Recovery Rate (WARR): 45.79%

Par haircut in OC tests and interest diversion test: 0.44%

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

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

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

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, 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: (1) the manager's investment strategy
and behavior; and (2) divergence in the legal interpretation of CDO
documentation by different transactional parties because of
embedded ambiguities.

Additional uncertainty about performance is due to the following:

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


[*] IRELAND: Examinership Saved Close 600 Jobs Last Year
--------------------------------------------------------
Joe Brennan at The Irish Times reports that the corporate rescue
process of examinership saved close to 600 jobs last year across
nine companies, according to figures compiled by professional
services firm Baker Tilly.

The 593 jobs saved was little changed from the previous year, even
if the number of examinerships fell from 19 in 2019, The Irish
Times relays, citing the Baker Tilly Examinership Index.

According to The Irish Times, Neil Hughes, managing partner at
Baker Tilly, said that there may be a spike in the second half of
this year of companies seeking court protection from creditors to
restructure their finances, as extraordinary State Covid-19
supports are phased out and the full effect of Brexit on trade and
supply chains is felt.

"Although it's encouraging to see that 593 jobs were saved through
examinership last year, the index points towards the fact that the
economic impact of Covid-19 has not yet been fully realised," The
Irish Times quotes Mr. Hughes as saying.

"Companies are being kept on life support with the help of the
Irish Government, the warehousing of Revenue debt, and the
forbearance of creditors.  To be sustainable over the longer-term,
many businesses will need to restructure to enable them to operate
and succeed into the future."

Among the nine Irish businesses that successfully exited
examinership last year were airline CityJet, Galway-based DPD
deliveries operator Supreme Deliveries, and food distribution group
Dublin Food Sales, The Irish Times discloses.




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

ARENA LUXEMBOURG: Moody's Completes Review, Retains B1 Rating
-------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Arena Luxembourg Investments S.a r.l. and other ratings
that are associated with the same analytical unit. The review was
conducted through a portfolio review discussion held on January 19,
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.

The rating of Arena Luxembourg Investment S.a r.l. (Arena, B1)
primarily reflects the underlying credit quality of its main
operating subsidiary, Empark Aparcamientos y Servicios S.A.
(Empark). As the holding company of Empark group, Arena benefits
from a long track record of operations and well-established
position of Empark as a leading car park operator in Spain and
Portugal and the strategic location of Empark's assets, which
somewhat mitigates competitive threats and demand risk. Moreover,
the significant number of long-term offstreet concessions, which
account for around 84% of consolidated EBITDA in 2019, provide a
degree of visibility for the group's future cash flow generation.

However, the rating is constrained by the high financial leverage
of the group, the renewal risk associated with maturing
concessions, the execution risks inherent to the delivery of the
company's multiyear business plan and Arena´s relatively small
size and limited geographic diversification. Moreover, the rating
of Arena is susceptible to downside risks linked to the
consequences of the coronavirus outbreak which results in
significant uncertainty over the company´s recovery prospects.

The principal methodology used for this review was Privately
Managed Toll Roads Methodology published in December 2020.


GALILEO GLOBAL: Moody's Completes Review, Retains B2 CFR
--------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Galileo Global Education Finance S.a r.l. and other
ratings that are associated with the same analytical unit. The
review was conducted through a portfolio review discussion held on
January 22, 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.

Galileo's B2 CFR reflects the company's high Moody's-adjusted gross
leverage, appetite for M&A in a highly fragmented industry, track
record of debt-funded inorganic growth and exposure to changes in
the political, regulatory and economic environment.

The rating also factors in the company's large scale of operations
and well-established position in the European market, good revenue
and earnings visibility, high resiliency against the negative
effects of the ongoing sanitary crisis and sustained positive free
cash flow generation.

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




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

DELFT BV 2020: DBRS Confirms B(low) Rating on Class F Notes
-----------------------------------------------------------
DBRS Ratings GmbH confirmed the following rating actions on the
bonds issued by Delft 2020 B.V. (the Issuer):

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

The rating on the Class A notes addresses the timely payment of
interest and ultimate payment of principal on or before the legal
final maturity date in October 2042. The rating on the Class B
notes addresses the ultimate payment of interest and principal on
or before the legal final maturity date while junior, and timely
payment of interest while the senior-most class outstanding. The
ratings on the Class C, Class D, Class E, and Class F notes address
the ultimate payment of interest and principal on or before the
legal final maturity date.

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

-- Portfolio performance, in terms of delinquencies, defaults, and
losses.

-- Portfolio default rate (PD), loss given default (LGD), and
expected loss assumptions on the remaining receivables.

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

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

Delft 2020 is a securitization of Dutch nonconforming mortgage
loans previously securitized in Delft 2017 B.V. and Delft 2019 B.V.
The mortgages were originated by ELQ Portefeuille 1 B.V. (ELQ) and
Quion 50 B.V. (Quion), which were subsidiaries of Lehman Brothers
through ELQ Hypotheken N.V. The portfolio is serviced by Adaxio
B.V., with Intertrust Administrative Services B.V. acting as backup
servicer facilitator.

PORTFOLIO PERFORMANCE

As of October 2020 payment date, loans two to three months in
arrears represented 1.8% of the outstanding portfolio balance, the
90+ delinquency ratio was 3.8%, and the cumulative default ratio
was 0.6%.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and has updated its base case PD and LGD
assumptions to 14.4% and 20.9% respectively.

CREDIT ENHANCEMENT

As of the October 2020 payment date, the credit enhancements
available to the Class A, Class B, Class C, Class D, Class E, and
Class F notes were 25.71%, 17.45%, 12.76%, 8.37%, 4.51%, and 2.16%
respectively, up from 23.24%, 15.74%, 11.47%, 7.49%, 3.97%, and
1.84% at the closing date, respectively. Credit enhancement is
provided by subordination of junior classes and the nonliquidity
reserve fund.

The transaction benefits from a non-amortizing reserve fund of EUR
5.1 million, equal to 2.0% of the initial balance of the Class A to
Z notes, and split into a liquidity reserve fund and nonliquidity
reserve fund. The liquidity reserve fund is equal to 2.0% of the
outstanding Class A notes, subject to a floor of 1.0% of the
initial balance of the Class A notes, and is available to cover
senior fees and interest on the Class A notes. The nonliquidity
reserve fund is equal to the difference between the total reserve
fund and liquidity reserve fund and is available to cover senior
fees, interest on the rated notes, and principal on the rated notes
via the principal deficiency ledgers. As the liquidity reserve fund
amortizes, excess amounts form part of revenue available funds and
allow the nonliquidity reserve fund to increase in size.

ABN AMRO Bank N.V. (ABN AMRO) acts as the account bank for the
transaction. Based on the account bank reference rating of ABN AMRO
at AA (low), which is one notch below the DBRS Morningstar
Long-Term Critical Obligations Rating of AA, the downgrade
provisions outlined in the transaction documents, and other
mitigating factors inherent in the transaction structure, DBRS
Morningstar considers the risk arising from the exposure to the
account bank to be consistent with the rating assigned to the Class
A notes, as described in DBRS Morningstar's "Legal Criteria for
European Structured Finance Transactions" methodology.

DBRS Morningstar analyzed the transaction structure in Intex
DealMaker.

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

Notes: All figures are in Euros unless otherwise noted.


INFOPRO DIGITAL: S&P Affirms 'B-' LongTerm ICR on Refinancing
-------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' long-term issuer credit rating
on business-to-business (B2B) information and services company
Infopro Digital Group B.V. S&P also affirmed its 'B-' issue rating
on the new senior secured notes (recovery rating of '3') and its
'B+' issue rating on the upsized super senior revolving credit
facility (RCF). In addition, S&P withdrew its 'B-' issue rating on
the redeemed EUR650 million senior secured notes.

The stable outlook reflects S&P's view that Infopro Digital's
credit metrics will remain elevated in 2020-2021, with S&P-adjusted
leverage reaching 12x in 2020 before reducing toward 7x in 2021,
and our assumption that its operating performance will be resilient
in 2021.

Infopro Digital recently refinanced, improving its liquidity
position and maturity profile, amid a challenging environment.

Infopro Digital's refinancing eliminates near-term maturity risk,
despite a challenging trading environment.

With this refinancing, Infopro Digital has extended its debt
maturity to five years from less than two years, removing any
near-term refinancing risks. The new capital structure consists of
EUR700 million of senior secured notes--including EUR500 million of
fixed rate notes and EUR200 million of floating rate notes--a EUR95
million super senior RCF, and EUR15 million of other bilateral
loans. The interest rate on the fixed notes and the margin on the
floating notes were both priced at 5.5% per year, which is only
marginally higher than the 4.5% interest rate on the previous
notes, limiting the impact on free cash flow generation.

S&P said, "The stable outlook reflects our view that Infopro
Digital's credit metrics will remain very elevated in 2020-2021,
with S&P Global Ratings-adjusted leverage reaching 12x in 2020,
then reducing toward 7x in 2021. It further reflects our assumption
that the group's operating performance in 2021 will be resilient,
supported by resumed activity in the events business and at least
stable performance in the B2B business. In our base case for 2021,
we expect the company's revenue will recover to pre-COVID-19 levels
of over EUR440 million, with the adjusted EBITDA margin improving
to above 23%."

S&P could lower the ratings on Infopro Digital over the next 12
months if:

-- The company materially underperforms S&P's base-case
expectations for sales, earnings, and EBITDA, resulting in negative
FOCF and failure to deleverage from presently very high levels. A
weaker-than-expected performance might lead to unsustainable
leverage in the medium term.

-- The company's liquidity materially weakens, for example as a
result of a large debt-funded acquisition or shareholder returns.

S&P said, "We are unlikely to upgrade Infopro Digital over the next
12 months given its very high financial leverage, as well as
continued uncertainties surrounding the full impact of the pandemic
and the prevailing unsupportive macroeconomic conditions. However,
we could raise the ratings if the company were to materially
outperform our base case, with adjusted leverage declining below
7.0x and FOCF to debt exceeding 5% on a sustainable basis. In our
view, reduced leverage and strengthened credit metrics will depend
on the group's adoption of a moderate financial policy, including
no material debt-funded acquisitions or shareholder returns."


KANAAL CMBS 2019: S&P Lowers Class D Notes Rating to 'BB(sf)'
-------------------------------------------------------------
S&P Global Ratings lowered its ratings on all four classes of notes
in Kanaal CMBS Finance 2019 DAC.

S&P has lowered to 'AA+ (sf)' from 'AAA (sf)', to 'A+ (sf)' from
'AA- (sf)', to 'BBB (sf)' from 'A- (sf)', and to 'BB (sf)' from
'BBB (sf)' its  ratings on the class A, B, C, and D notes
respectively.

Kanaal CMBS Finance 2019 DAC is a Dutch CMBS transaction that is
secured by two loans which in turn are backed by two portfolios of
mainly office and retail assets

Rating rationale

The downgrades follow S&P review of the transaction's credit and
cash flow characteristics. S&P believes that the decline in cash
flow from the properties securing the Big 6 loan outweigh the
scheduled and unscheduled amortization received from the two loans.
In addition, because amortization has been applied pro rata to all
classes of notes, the credit support for the more senior classes
has not improved in order to mitigate the increased credit risk
from the Big 6 loan.

Transaction overview

The transaction is backed by two Dutch commercial mortgage
loans--the Maxima loan and the Big 6 loan--which Goldman Sachs
originated in 2019 to facilitate the financing of two portfolios of
commercial real estate assets.

The Maxima loan is a refinancing of 11 assets (78% of the total
area being office, 10% logistics warehouse, 12% other (prime
retail, hotel and data center)) owned by Marathon since 2016.
Goldman Sachs provided a EUR138.0 million (58.9% loan-to-value
[LTV]) four-year term loan for the financing. The Big 6 loan is an
acquisition financing of a portfolio of six retail assets owned by
funds managed by Castlelake since July/August 2018. Goldman Sachs
has provided a EUR140.4 million (56.5% LTV) five-year term loan for
the financing. The two loans' initial balance totaled EUR278.4
million, of which 95% was securitized (EUR264.4 million) and the
rest was retained by Goldman Sachs as part of its risk retention
obligation.

The Maxima loan has partially amortized voluntarily to maintain the
required level of indebtedness for the borrower under Dutch tax law
and following the sale of a leisure unit in the Deventer asset. The
Big 6 loan has partially amortized via a mix of voluntary
prepayments and scheduled amortization. There were no asset sales
under this loan.

Table 1
Transaction Overview
                           Maxima                   Big 6
                    Closing    Current     Closing      Current
                    -------    -------     -------      -------
No of properties    11           11          6            6

Loan balance   138,000,000  131,390,000  140,350,467  126,697,002

Market value   234,290,000  238,600,000  248,367,571  218,000,000

LTV                 58.90%       55.10%       56.50%       58.10%

Reported ICR  not reported not reported          3.6          3.1

Property
  occupancy          86%          88%          81%          78%

Total revenue   17,154,221   18,053,820   20,106,096   17,662,256

Reported net
  operating
  income (NOI)   15,792,289 not reported   17,871,888   14,260,159

Debt yield          11.40% Not applicable     12.70%       11.30%

Maxima loan

Performance under the Maxima loan has been stable, with occupancy
and revenue improving marginally. In addition, the servicer
received a new valuation of the properties in March 2020, which was
about 2% higher than the valuation at closing. Combined with the
partial prepayment of the loan, this has resulted in a new LTV of
55.1%, compared with 58.9% at closing.

Given the stable performance of the underlying properties, S&P has
maintained its same assumptions as of closing.

  Table 2
  S&P Global Ratings' Key Assumptions
                                       Review as of   At closing
                                       January 2021   March 2019
  S&P Global Ratings vacancy (%)                 14     14
  S&P Global Ratings expenses (%)                11     11
  S&P Global Ratings net cash flow (mil. EUR)  14.2     14.2
  S&P Global ratings value (mil. EUR)         177.5    177.5
  S&P Global Ratings cap rate (%)               7.2      7.2
  Haircut-to-market value (%)                   26      24
  S&P Global Ratings LTV ratio
   (before recovery rate adjustments; %)        74.3    77.7

Big 6 loan

The Big 6 loan's collateral comprises three shopping centers (54.4%
of value) and three high street retail assets (45.6% of value),
with a total of 196 unique tenants. The assets are located
throughout the Netherlands, forming a core component of the town
center for their respective locations.

The loan has come under more pressure than the Maxima loan, given
that retail properties generally are experiencing more pressure on
their rental revenue, and consequently net operating income, than
office properties. That said, the portfolio's value was already
down 12% from closing before the pandemic, as per a valuation of
EUR218 million, reported in July 2019. To S&P's knowledge, the
servicer did not receive a new valuation in 2020.

The loan is scheduled to mature in August of this year and has
three extensions options of one year each. Despite the
deterioration of the asset performance, based on current
performance, the loan would likely meet the conditions precedent
for the extension, provided that the borrower can obtain a new
interest rate hedging agreement.

According to the servicer, the borrower reported 90% rent
collection as of September 2020 with about EUR300,000 of rent (1.7%
of passing rent per the most recent rent roll) being more than
three months in arrears. That said, the borrower has also agreed on
about EUR450,000 in rental discounts in exchange for lease length
extensions.

Reported rent collection is substantially higher than what S&P has
been reported for similar retail properties in the U.K., for
example, where rent collections are frequently below 30% of rent
due.

Nevertheless, the reported passing rent of EUR17.7 million per the
rent roll is 12% lower than at closing. At the same time, physical
vacancy has increased to 22% from 19% and expenses have increased
by over 50% since closing. This resulted in a reported NOI of
EUR14.3 million, which is about 20% less than the income at
closing.

Of the six properties, all except the Venlo asset report an
increase in vacancy. The Venlo asset is essentially fully let while
the other properties show vacancies above 15% and as high as 40%
for the Veenendaal asset.

  Table 3
  Big 6 Vacancy Rates (%)
  Property name   Review as of January 2021  At closing March 2019
                                          
  Veenendaal                40                      35
  Venlo                     1                       6
  Deventer                  20                      15
  Spijkenisse               28                      24
  Helmond                   17                      11
  Assen                     18                      15
  Total                     22                      19

S&P said, "Our initial expectation at closing was that the cash
flow from the properties should hold steady or improve because the
properties' rental levels were about 8% below market and because
the occupancy rates were below market averages as well. However,
the borrower did not manage to capitalize on these potentials and
the onset of the Covid-19 pandemic has also put further pressure on
the cash flow. Therefore, we have reduced the S&P Global Ratings
net cash flow (NCF) to EUR13.3 million from EUR16.4 million.

"We then applied an 8.7% capitalization (cap) rate against this S&P
Global Ratings NCF (which is about the same as the 8.6% previously
used) and deducted 5% of purchase costs to arrive at our S&P Global
Ratings value.

"Since closing in March 2019, our S&P Global Ratings value has
declined by 19.5% to EUR145.7 million from EUR181.1 million,
primarily due to the lower rental income and higher vacancy and
nonrecoverable expense assumptions for the properties."

  Table 4

  Loan And Collateral Summary
               Review as of January 2021  At closing March 2019
  Data as of               November 2020          December 2018
  Loan balance (mil. EUR)          126.7                  140.4
  Loan-to-value ratio (%)           58.1                   56.5
  Contractual rental income
     per year (mil. EUR)            17.7                   20.1
  Net rental income
     per year (mil. EUR)            14.3                   17.9
  Vacancy rate (%)                    22                     19
  Market value (mil. EUR)          218.0                  248.3

  Table 5

  S&P Global Ratings' Key Assumptions
               Review as of January 2021  At closing March 2019
  S&P Global Ratings vacancy (%)      23                     14
  S&P Global Ratings expenses (%)     20                     12
  S&P Global Ratings
    net cash flow (mil. EUR)        13.3                   16.4
  S&P Global ratings
    value (mil. EUR)               145.7                  248.4
  S&P Global Ratings cap rate (%)    8.7                    8.6
  Haircut-to-market value (%)         33                     27
  S&P Global Ratings
    loan-to-value ratio             87.0                   77.6
   (before recovery rate adjustments; %)  

Other analytical considerations

S&P said, "We also analyzed the transaction's payment structure and
cash flow mechanics. We assessed whether the cash flow from the
securitized asset would be sufficient, at the applicable rating, to
make timely payments of interest and ultimate repayment of
principal by the legal maturity date of the floating-rate notes,
after considering available credit enhancement and allowing for
transaction expenses and external liquidity support."

As of the November 2020 IPD, the available liquidity facility is
EUR12.2 million. There have been no drawings.

S&P said, "Our analysis also included a full review of the legal
and regulatory risks, operational and administrative risks, and
counterparty risks. Our assessment of these risks remains unchanged
since closing and is commensurate with the ratings."

Finally, the transaction's pro rata pay structure benefits the more
junior classes of notes, when compared to a sequential structure.
In addition, given the declining performance of the Big 6 loan, the
two loans show different credit characteristics, based on S&P
Global Ratings LTV. The Maxima loan has an S&P LTV of 74.3% while
the Big 6 loan has an S&P LTV of 87.0% and the weighted average LTV
for the transaction is 80.5%. However, should the Maxima loan
prepay in full prior to a sequential payment trigger event, the
proceeds would partially redeem all classes of notes at the same
rate while the transaction is left with the weaker loan. S&P
revised ratings are therefore based on a scenario where only the
Big 6 loan is outstanding.

Rating actions

S&P's ratings in this transaction address the timely payment of
interest, payable quarterly, and the payment of principal no later
than the legal final maturity date in August 2028.

The transaction's credit quality has declined due to the
deteriorating operating performance of the Big 6 loan and the
increasingly uncertain outlook for the retail sector as a result of
COVID-19, which is shown by a continued decline in net rental
income. S&P has factored this into its analysis when it calculated
its revised S&P Global Ratings recovery value.

S&P has therefore lowered its ratings on the class A, B, C, and D
notes to 'AA+ (sf)', 'A+ (sf)', 'BBB (sf)', and 'BB (sf)',
respectively, from 'AAA (sf)', 'AA- (sf)', 'A- (sf)', and 'BBB
(sf)'.

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."

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

-- Health and safety.




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

ROSGOSSTRAKH INSURANCE: A.M. Best Affirms bb- Issuer Credit Rating
------------------------------------------------------------------
AM Best has affirmed the Financial Strength Rating of B- (Fair) and
the Long-Term Issuer Credit Rating of "bb-" of Rosgosstrakh
Insurance Company, OJSC (RGS) (Russia). The outlook of these Credit
Ratings (ratings) is stable. Concurrently, AM Best has withdrawn
the ratings as the company has requested to no longer participate
in AM Best's interactive rating process.

The ratings reflect RGS's balance sheet strength, which AM Best
categorises as adequate, as well as its marginal operating
performance, neutral business profile and marginal enterprise risk
management (ERM).

AM Best expects RGS's risk-adjusted capitalization to be at the
strongest level at year-end 2020, as measured by the Best's Capital
Adequacy Ratio (BCAR). However, AM Best expects the company's
prospective risk-adjusted capitalization to deteriorate due to its
ambitious premium growth plans and the payment of dividends in the
medium term. The balance sheet strength assessment also reflects
the insurer's conservative investment portfolio, which improved
significantly in terms of credit quality, diversification and
exposure to affiliated holdings after RGS's ownership was
transferred to Bank Otkritie Financial Corporation PJSC.
Nonetheless, RGS's balance sheet is exposed to the high financial
system risk in Russia and the limited availability of high-quality
securities. The company's financial flexibility is adequate,
supported by its association with The Central Bank of the Russian
Federation (CBR).

RGS has a track record of poor technical performance, driven by
losses in the compulsory motor third-party liability (CMTPL)
portfolio and demonstrated by a five-year (2015-2019) weighted
average combined ratio of 118.2% (as calculated by AM Best).
Underwriting performance improved between 2018 and 2020, helped by
the remediation of the CMTPL portfolio and improved risk selection
across the book initiated by the new management team. In addition,
the performance of the motor portfolio in 2020 benefited from
COVID-19-related travel restrictions, mainly in the second quarter.
Whilst AM Best expects RGS's overall operating results to be
positive going forward, there is potential for the motor loss ratio
to deteriorate given the segment's intense competition, combined
with the company's plans to grow ahead of the market.

RGS is one of Russia's leading insurers, with a strong market
position in personal lines that benefits from an extensive
distribution network and a well-recognised brand. In 2017, RGS
received a capital injection of approximately USD 2 billion from
the CBR, which became its controlling party. The company plans to
grow strongly in the motor segment and to expand its life book of
business. In AM Best's opinion, the successful implementation of
the company's strategy is subject to execution risk.

AM Best considers RGS's ERM as marginal, with new organizational
structures and frameworks being developed in order to improve
governance and risk culture.




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

GRIFOLS SA: Moody's Completes Review, Retains Ba3 Rating
--------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Grifols S.A. and other ratings that are associated with
the same analytical unit. The review was conducted through a
portfolio review discussion held on January 13, 2021 in which
Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.

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

Key rating considerations.

Grifols S.A. (Grifols's) Ba3 rating reflects its good market
position and vertical integration in human blood plasma-derived
products; favourable fundamental drivers driven by growing
healthcare spending in emerging markets, better diagnostics and new
products; high barriers to entry because of regulation, customer
loyalty and capital intensity; as well as good safety track
record.

However, the rating is constrained by the company's high leverage
for the rating category, with Moody's-adjusted debt/EBITDA of 5.4x
as of September 30, 2020; limited product diversification, with a
high dependence on human blood plasma-derived products, which
creates procurement risk despite vertical integration; a relatively
aggressive financial policy, with frequent acquisitions and
transactions with related parties; and sanitary risk, which could
jeopardize Grifols' credit quality, although the company has set up
stringent control procedures.

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


PYMES SANTANDER 13: DBRS Confirms C Rating on Class C Notes
-----------------------------------------------------------
DBRS Ratings GmbH confirmed its ratings of the bonds issued by FT
PYMES Santander 13 (the Issuer), as follows:

-- Series A Notes at A (high) (sf)
-- Series B Notes at BBB (high) (sf)
-- Series C Notes at C (sf)

The rating of the Series A Notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
legal final maturity date in May 2043. The ratings of the Series B
and Series C Notes address the ultimate payment of interest and
principal on or before the legal final maturity date.

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

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

-- Base case probability of default (PD) and updated default and
recovery rates on the remaining pool of receivables.

-- Current available credit enhancement to the Series A and Series
B Notes to cover the expected losses assumed at their respective
rating levels.

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

The Series C Notes, issued for the purpose of funding the reserve
fund, are in the first loss position and, as such, are highly
likely to default. Given the characteristics of the Series C Notes,
as defined in the transaction documents, DBRS Morningstar notes
that the default would most likely only be recognized at the
maturity or early termination of the transaction.

The Issuer is a cashflow securitization collateralized by a
portfolio of bank loans and credit lines originated and serviced by
Banco Santander S.A. (Santander) to self-employed individuals and
small and medium-size enterprises (SMEs) based in Spain.

PORTFOLIO PERFORMANCE

The portfolio is performing within DBRS Morningstar's expectations.
As of November 2020, the 90+ delinquency ratio remained unchanged
at 1.3% compared with November 2019, and the cumulative default
ratio was at 0.8.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar conducted a loan-by-loan analysis on the remaining
pool of receivables and updated its default rate and recovery
assumptions. The base case PD has been updated to 4.6%, following
the coronavirus adjustments.

CREDIT ENHANCEMENT

The credit enhancement available to the Series A and Series B Notes
consists of the subordination of the junior notes and the reserve
fund. The Series C Notes funded the reserve fund and hence do not
benefit from the credit enhancement. As of the November 2020
payment date, the credit enhancement available to the Series A and
Series B Notes was 95.5% and 12.6%, respectively, up from 61.2% and
down from 13.3%, respectively, one year ago.

The transaction benefits from the reserve fund currently at its
target level of EUR 67.5 million. It is available to cover senior
expenses as well as missed interest and principal payments on the
Series A and Series B Notes throughout the life of the
transaction.

Santander acts as the Account Bank for the transaction. Based on
its Long-Term Issuer Rating of Santander at A (high), DBRS
Morningstar considers the risk arising from the exposure to
Santander to be consistent with the rating assigned to the Series A
Notes, as described in DBRS Morningstar's "Legal Criteria for
European Structured Finance Transactions" methodology. Considering
the replacement triggers, the A (high) (sf) rating of the Series A
Notes is not fully delinked from the creditworthiness of the
Account Bank. DBRS Morningstar notes that a downgrade of the
Account Bank's Long-Term Issuer Rating by one notch, ceteris
paribus, would likely lead to a downgrade of the Series A Notes to
A (sf).

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

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an economic contraction, leading to sharp
increases in unemployment rates and income reductions for many
borrowers. DBRS Morningstar anticipates that payment holidays and
delinquencies may continue to increase in the coming months for
many SME transactions, some meaningfully. The ratings are based on
additional analysis and, where appropriate, adjustments to expected
performance as a result of the global efforts to contain the spread
of the coronavirus. For this transaction, DBRS Morningstar
increased the expected default rate for obligors in certain
industries based on their perceived exposure to the adverse
disruptions of the coronavirus.

Notes: All figures are in Euros unless otherwise noted.




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

GLOBAL LIMAN: Moody's Completes Review, Retains Caa1 CFR
--------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Global Liman Isletmeleri 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 19, 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.

Global Liman Isletmeleri A.S. (GLI)'s Caa1 corporate family rating
reflects (1) the group's highly leveraged capital structure; (2)
the uncertainty and magnitude of the operational disruptions caused
by the coronavirus pandemic; (3) the company's refinancing risk
associated with the $250 million bond due in November; and (4) the
high cash flow concentration and exposure to the cruise industry.

GLI recently announced a proposal for the refinancing of its $250
million bond. If this proposal were to close as proposed, Moody's
would consider it a distressed exchange. The combined effect of a
refinancing under the current proposal and sale of port Akdeniz
would result in a material shift in the group's business profile
and its capital structure.

The principal methodology used for this review was Privately
Managed Port Companies published in September 2016.




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

AMIGO: May Face Insolvency if Customer Payout Cap Plan Fails
------------------------------------------------------------
ShareCast reports that Amigo said it would be insolvent if a
proposed cap on customer payouts fails as the subprime lender
published details of its plan.

According to ShareCast, the company has written to customers and
the financial ombudsman with details of a scheme of arrangement
that would limit payments to customers and the ombudsman.

Creditors will be asked to vote for the plan if a court approves a
creditors' meeting, ShareCast states.  It said if the scheme fails
there will be no money for creditors whereas under the plan
creditors will get a share of GBP15-GBP35 million plus a share of
Amigo's profit over the next four years, ShareCast notes.

Amigo lends to people with bad credit histories if someone
guarantees repayment of the loan, ShareCast discloses.  The company
has been in a state of crisis for more than a year after a
regulatory clampdown and a torrent of compensation claims
threatened its viability, ShareCast relays.

"If the scheme fails, Amigo will likely go into insolvency and
based on its calculations no compensation would be paid to
customers," ShareCast quotes Amigo as saying.


APRICOT: Switches Majority of UK Stores to Turnover-Based Rent
--------------------------------------------------------------
Huw Hughes at FashionUnited reports that British fashion brand
Apricot has reportedly switched the majority of its UK stores to a
turnover-based rent model following the approval of its company
voluntary arrangement (CVA).

According to FashionUnited, the move will affect 13 of Apricot's 14
standalone stores.  The closure of the brand's store or concessions
are not part of the CVA, FashionUnited notes.

The company launched the CVA at the end of 2020 following failed
rent negotiations with landlords, FashionUnited relates.


HEATHROW FINANCE: Moody's Completes Review, Retains Ba2 CFR
-----------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Heathrow Finance plc and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on January 19, 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.

Heathrow Finance plc's (HF) Ba2 long-term corporate family rating
reflects (1) its ownership of Heathrow airport, which is a key hub
for global air traffic, (2) its long established framework of
economic regulation, (3) Heathrow's historically resilient traffic
characteristics, (4) the features of the Heathrow SP (HSP) secured
debt financing structure which puts certain constraints around
management activity, combined with the protective features of the
HF Debt which effectively limit HF's activities to its investment
in HSP; and (5) the group's good liquidity profile. These positive
credit factors are tempered by its leveraged profile and the risks
associated with the coronavirus outbreak, which has resulted in a
severe reduction in passenger traffic, with uncertain recovery
prospects.

The principal methodology used for this review was Privately
Managed Airports and Related Issuers published in September 2017.


ICELAND VLNCO: Moody's Affirms B2 CFR, Alters Outlook to Stable
---------------------------------------------------------------
Moody's Investors Service has changed the outlook of Iceland VLNCo
Limited (Iceland or the company) and its subsidiary Iceland Bondco
plc (Bondco) to stable from negative. Concurrently, the rating
agency affirmed the B2 Corporate Family Rating and B2-PD
Probability of Default rating of Iceland and the B2 ratings of
Bondco's outstanding senior secured notes.

"We changed the outlook to stable to reflect the strength of
Iceland's performance during 2020, which included market share
gains as well as improving profitability despite the additional
costs linked to the coronavirus crisis" says David Beadle, a
Moody's VP - Senior Credit Officer and lead analyst for Iceland.
"The company has delevered, maintained adequate liquidity, and also
resolved question marks over its long term ownership", he added.

RATINGS RATIONALE

Iceland's strong performance in the first half of its fiscal 2021,
due to end in March, has contrasted markedly with the trend of
declining reported EBITDA and margins in the three years to fiscal
2020.

Part of this turnaround is market driven, as the coronavirus
pandemic has provided a boost to revenues for grocery retailers,
driven by wide ranging restrictions on the usual work and social
activities of many consumers, which has led to increased demand for
at home food and drink consumption. However, Iceland's sales growth
has been stronger than nearly all of its peers, leading to an
increase in its market share. In Moody's view this reflects the
fact that Iceland's focus on frozen food and its ability to cope
well with increased online demand both resonate strongly with
consumers' desire to minimise the number of physical shopping trips
during the pandemic.

The company's reported EBITDA of GBP74 million for the six months
to September 2020 represents a GBP30 million, or 69%, increase over
the same period of the prior fiscal year. This was driven by a 22%
increase in revenue to over GBP1.7 billion, which reflects both
strong like-for-like sales and the contribution from new stores
opened since 2019, mostly in the Food Warehouse format. The rating
agency notes that the company's reported EBITDA is before both
exceptional Covid related costs and the benefit of the business
rates holiday, which were of a broadly similar, offsetting, amounts
in the period.

Moody's expects Iceland's revenues and profitability will continue
to benefit from the impact of the crisis on demand in the rest of
its fiscal 2021 before beginning to normalise as the vaccine
roll-out leads to a gradual re-opening of the broader economy
through the rest of the calendar year. As such, the rating agency
expects the company's Moody's-adjusted leverage, measured as
Moody's-adjusted EBITDA to debt, to trend higher over the course of
fiscal 2022 to around 5.2x, from Moody's forecast low point of 4.7x
at the end of fiscal 2021. This would nevertheless still leave the
company solidly positioned in the rating category in terms of this
metric, and represent a notable improvement from the 6.2x peak seen
in fiscal 2020.

Beyond fiscal 2022 Iceland's credit profile will continue to be
constrained by its relatively small scale in the highly competitive
UK grocery market, which limits its scope for sustainable
improvements to its margins. Previous headwinds around its limited
ability to pass on rising input costs and continuing increases in
National Living Wage may become relevant again. More positively, as
performance over 2020 has shown, the company's focus on the frozen
segment and its relative nimbleness can be advantages that support
its overall profit levels. Iceland's maintenance capital spending
requirements are fairly modest, estimated by Moody's to be less
than GBP30 million a year. This can help the company generate
positive free cash flow, although the rating agency notes that this
has not always been the case in recent years as the company chose
to roll out new stores, mostly in its larger Food Warehouse
format.

ENVIRONMENTAL, SOCIAL AND ENVIRONMENTAL CONSIDERATIONS

Environmental, Social and Governance considerations have
historically had only a modest influence on Moody's rating
assessment of the company.

However, the rating agency regards the coronavirus pandemic as a
social risk under its ESG framework, given the substantial
implications for public health and safety. As already mentioned,
this has had positive implications for demand for grocers and has
boosted Iceland's credit quality during 2020.

A further credit positive during 2020 was the resolution of
uncertainty over the long term ownership of Iceland, which had
arisen in 2019 when it emerged that Brait SE, the South African
investment group that at that stage owned over 60% of the company,
was looking to sell all of its international investments. In June
2020 Iceland's Executive Chairman, Sir Malcom Walker, and Chief
Executive, Tarsem Dhaliwal, acquired the shares held by Brait SE in
a transaction which means Iceland is now 100% owned by Walker,
Dhaliwal and their related parties. The agreed consideration was
GBP115 million, to be paid in three instalments: GBP60 million
initially, followed by GBP27 million and GBP28 million in July 2021
and 2022 respectively.

LIQUIDITY

Moody's considers Iceland's liquidity to be adequate. The company
closed the second quarter of its fiscal 2021 with cash of GBP113
million. This was GBP26 million more than a year earlier despite
funding Walker and Dwaliwal's first payment instalment to Brait SE
and a net GBP20 million reduction in term debt, comprising
redemption of the outstanding GBP40 million senior secured notes
due June 2020 offset by a new GBP20 million one year loan.

Subsequently, early in its Q3, the company funded the balance of
management's payment to Brait, in a negotiated lower amount of
GBP48 million to reflect early settlement. Moody's thinks that the
timing reflects confidence on the part of Iceland's management in
the company's liquidity and in this regard also notes that
management have stated publicly that they expect to repay the new
term loan from cash resources when it matures this summer. Moody's
expects that Iceland will typically maintain a cash balance in
excess of GBP100 million. The company currently has access to a
GBP30 million revolving credit facility which has remained undrawn
over the last several years but is due to expire in November this
year.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectation that despite a
gradual normalisation of demand in the grocery sector, Iceland's
credit metrics will remain stronger than before the coronavirus
pandemic throughout the next 12-18 months.

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

Positive rating pressure is unlikely in the next 12-18 months in
light of Moody's expectation that the company's profitability will
during that time fall from the highs of fiscal 2021 and that its
credit metrics will in turn deteriorate somewhat. In the longer
term, sustaining revenue growth and at least stable margins along
with Moody's-adjusted gross leverage remaining sustainably below
5.5x and the company generating positive free cash flow could lead
to an upgrade.

Downward pressure could however build if a negative trajectory in
results and credit metrics is sustained beyond the period of
normalisation or in the event that the company's adequate liquidity
deteriorates. Quantitatively, Moody's-adjusted gross leverage
continuing to trend higher, and sustainably towards 6.5x could lead
to a downgrade.

PRINCIPAL METHODOLOGY

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

PROFILE

Iceland is privately owned by members of its management team and
related parties. It is headquartered in Deeside, Flintshire, UK,
and is the parent holding company of Iceland Foods group a UK
retail grocer, which specialises in frozen and chilled foods,
alongside groceries. In the twelve months to September 2020 the
company reported revenues of nearly GBP3.6 billion and EBITDA of
GBP163 million.


SOLENIS UK: S&P Alters Outlook to Stable & Affirms 'B-' ICR
-----------------------------------------------------------
S&P Global Ratings revised its outlook on Solenis UK International
Ltd. to stable from negative and affirmed its 'B-' issuer credit
rating.

At the same time, S&P is affirming its issue-level ratings on the
company's credit facility and first- and second-lien term loans.

The stable outlook reflects Solenis' recent performance and our
expectation that its credit metrics will be stronger-than-expected
due to its slightly lower-than-forecast debt levels, permanent cost
savings, and expanded EBITDA margins.

The outlook revision reflects the company's better-than-expected
performance over the last few quarters. S&P said, "We now expect
Solenis' debt to EBITDA to average about 7x over the next two years
before improving slightly to the high 6x range in 2022. In
addition, we no longer believe there is elevated risk the company's
leverage will rise to unsustainable levels approaching the double
digits and expect that its cash flow generation and significant
liquidity buffer will provide it with a cushion against possible
negative events, such as rising raw material costs or a
slower-than-expected recovery in its volumes."

Solenis now has significant liquidity, including moderate cash
balances and sufficient availability under its $375 million
revolving credit facility. Additionally, it does not face any
upcoming maturities until its revolver comes due in 2023. S&P said,
"We expect the company's volumes to rebound and, along with its
stable pricing and margins, lead to a moderate increase in its
EBITDA in 2021. Solenis generated material free operating cash flow
(FOCF) in 2020 and, while we expect this number to decline in 2021
(due to its working capital build and higher capital expenditure
[capex]), we forecast positive FOCF in 2021 and 2022."

S&P said, "Our assessment of Solenis' chemicals business, which
caters to industries including paper, pulp, and packaging,
incorporates the strength of the combined business and its weak
pricing power because of the ongoing competitive pressures in its
markets, though it has been more successful with its recent pricing
actions. We consider the organic growth prospects in the pulp and
paper business to be low given the challenges facing the company's
end markets. Its growth prospects in other subsectors, including
the packaging subsector (which accounts for almost 30% of its pulp
and paper portfolio), appear to be more favorable due to e-commerce
demand."

Somewhat offsetting these weaknesses are Solenis' leading market
share in the niche pulp and paper segment, which accounts for a
large proportion of its revenue. S&P also incorporates the
company's strengths, such as the diversity of its revenue sources
(derives more than 60% of its revenue from outside North America)
and broad manufacturing footprint, which provide it with good
manufacturing diversity. Temporary and permanent cost savings
helped boost Solenis' EBTIDA margins in 2020. Moreover, given the
prevailing economic environment, it is currently benefitting from
increased demand in the paper industry. However, it is unclear
whether this trend is sustainable and how it will affect the
company's long-term profitability.

S&P said, "The stable outlook on Solenis UK International Ltd.
reflects our belief that its leverage will improve over the coming
years while its liquidity sources remain sufficient to cover its
uses. Under our base-case forecast, we assume the company's S&P
Global Ratings-adjusted debt to EBITDA remains above 7x over the
next 12 months before falling slightly below this level in 2022.
Our revised outlook also reflects Solenis' higher EBITDA margins
from the integration of BASF’s paper & water (P&W) business,
management's recent cost reduction measures, its ability to pass
through price increases in 2020, as well as our forecast rebound in
its volumes in 2021 as the global economic recovery progresses.
Under our base-case scenario, we do not assume that CD&R increases
its 51% ownership stake in the company.

"We could lower our ratings on Solenis over the next year if its
leverage begins to trend materially higher or its liquidity weakens
significantly. We believe such a scenario could occur if the
cyclical recovery currently in progress is slower than we project,
leading to a weaker rebound in its volumes, or if the long-term
cost reduction measures it implemented in 2020 are less sticky than
projected and depress its margins. Additionally, we could revise
our outlook to negative if the company pursues debt-financed
acquisitions that would materially increase its leverage.
Furthermore, we could also lower our ratings if Solenis' leverage
approached the double digits, we believed there was an increased
likelihood of a covenant breach, or its liquidity materially
weakened.

"We could consider raising our rating on Solenis if its performance
exceeds our expectations such that its debt to EBITDA falls below
6.5x on a sustained basis. This could occur if its demand,
particularly in the industrial water business, increases by more
than we expect or if the company continues to execute on its cost
reduction measures such that its EBITDA margins expand by more than
we anticipate. We would also expect Solenis' liquidity sources to
remain above 1.2x its uses while maintaining an adequate cushion
under its springing first-lien leverage covenant. Furthermore, we
would require the company's management and ownership to commit to
maintain financial policies that would allow it to sustain these
improved credit measures before raising our ratings."


TURNSTONE MIDCO 2: Moody's Completes Review, Retains Caa2 CFR
-------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Turnstone Midco 2 Limited and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on January 14, 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.

Turnstone Midco 2 Limited's (IDH) Caa2 corporate family rating
(CFR) primarily reflects its very high financial leverage and the
unsustainable nature of its current capital structure, elevated
refinancing risk as well as weak free cash flow. The group's credit
profile also incorporates the expectation of a slow recovery in
patient volumes given past and current limitations on face-to-face
appointments and capacity constraints as a result of the
coronavirus pandemic. In addition, there remains execution risk
associated with the ongoing turnaround, including the continuous
recruitment effort and recovery in NHS volumes. IDH is also
relatively small compared with other Moody's rated healthcare
companies.

However, the CFR is primarily supported by government support in
the form of payments from the NHS for contracts which the group is
not able to perform during the pandemic. Outside pandemic
circumstances, NHS contracts generally provide revenue and cash
flow visibility while IDH has been able to grow its privately
funded revenue, despite higher exposure to economic cycles and
competition.


YO! SUSHI: Owner Receives Funding Lifeline From Shareholders
------------------------------------------------------------
Lucy Harley-McKeown at Yahoo Finance UK reports that the owner of
high street chain YO! Sushi has been thrown a funding lifeline from
its shareholders in order to help it weather the pandemic,
following a particularly tough year for hospitality.

The GBP13 million (US$17.8 million) cash injection came after the
restaurant was forced to shutter a third of its sites, Yahoo
Finance UK relays, citing documents published on Companies House.
It was approved for infrastructure improvements and changes to the
conveyor belt system which has so far been YO! Sushi's trademark in
the UK, Yahoo Finance UK notes.

US parent company Snowfox received the funds following a
restructuring deal, which was approved by landlords and other
creditors, Yahoo Finance UK discloses.

Over the summer, news broke that the chain would move to slice
hundreds of jobs and close 19 sites through a Company Voluntary
Arrangement (CVA), Yahoo Finance UK relays.

It came amid warning cries from a host of other high street
stalwarts who had been forced to reevaluate their footprints amid
the UK's shuttered economy, Yahoo Finance UK states.  According to
Yahoo Finance UK, 250 jobs were lost at YO! Sushi at the time.

Snowfox also secured a GBP10 million debt facility with its banking
lenders, Yahoo Finance UK states.

"When lots of restaurants and kiosks are closed and your revenue
has all but disappeared, there is still a cost base and liabilities
to pay so we needed to inject that money,"
Richard Hodgson, CEO of Yo! Sushi said in comments reported by The
Telegraph.

He also said that due to the furlough scheme the restaurant group
was able to retain a significant portion of its workforce,
particularly workers from overseas, Yahoo Finance UK notes.

Against the backdrop of the pandemic, the company's conveyor belt
method had to be re-thunk, according to Yahoo Finance UK. The group
implemented a belt with a traffic light system, to send meals
directly to customers eating at its restaurants, after its previous
conveyor belt model was thwarted by new safety regulations. Hodgson
said this had meant both cost savings and cut food waste.


[*] UK: End of Covid-19 Support Schemes to Hit Scottish Firms
-------------------------------------------------------------
Perry Gourley at The Scotsman reports that many Scottish businesses
will face a "massive challenge" weaning themselves off Covid-19
support schemes when they start to wind down, according to a
restructuring expert.

The warning came as figures showed the number of corporate
insolvencies in Scotland fell below 2019 levels last year as
measures such as the furlough scheme and emergency loans helped
businesses hit by the pandemic to weather the immediate storm, The
Scotsman notes.

According to The Scotsman, analysis by KPMG shows that there were
466 company insolvencies in 2020, 25 fewer than in 2019.  But Blair
Nimmo, head of restructuring for the practice, said the statistics
provide a "distorted view of reality", The Scotsman relates.

Mr. Nimo, as cited by The Scotsman, said: "Those businesses that
remain in hibernation due to ongoing lockdown measures, such as
those in the leisure and hospitality and travel and tourism
sectors, continue to accrue liabilities while seeing precious
little cash flow into the business.

"At some point, rent and tax deferrals and loans will need to be
repaid. The Job Retention Scheme will unwind. Weaning off these
support schemes is going to be a massive challenge for many."

Mr. Nimmo said the impact of the Brexit deal was also now being
felt, The Scotsman relays.

He added that some sectors were seeing an immediate impact on cash
and liquidity, The Scotsman notes.

According to The Scotsman, Mr. Nimmo also said 2021 is going to be
about restoring customer confidence and consumer demand.



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

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

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

This material is copyrighted and any commercial use, resale or
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