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

                          E U R O P E

          Tuesday, February 9, 2021, Vol. 22, No. 23

                           Headlines



B U L G A R I A

BULGARIAN ENERGY: Moody's Completes Review, Retains Ba1 CFR


C R O A T I A

HRVATSKA ELEKTROPRIVREDA: Moody's Completes Review, Retain Ba1 CFR


F R A N C E

AFFLELOU GROUP: S&P Alters Outlook to Positive & Affirms 'B-' ICR


G E R M A N Y

DEUTSCHE LUFTHANSA: S&P Rates New 2025/2028 Unsec. Notes 'BB-'
RAFFINERIE HEIDE: Moody's Lowers CFR to Caa2, Outlook Negative
TUI AG: Moody's Completes Review, Retains Caa1 CFR


I R E L A N D

ACCUNIA CLO III: Fitch Affirms B- Rating on Class F Notes
AER LINGUS: Secures EUR150MM Loan From ISIF Pandemic Scheme
ANCHORAGE CAPITAL 2021-4: Moody's Gives '(P)B3' Rating on F Notes
ANCHORAGE CAPITAL 2021-4: S&P Assigns Prelim. B- Rating on F Notes
AVOCA CLO XVI: Fitch Affirms B- Rating on Class F-R Notes

BOSPHORUS CLO IV: Fitch Affirms B- Rating on Class F Notes
CVC CORDATUS XIV: Fitch Affirms B- Rating on Class F Debt
EURO-GALAXY III: Fitch Affirms B- Rating on Class F-RR Notes
HARVEST CLO XI: Fitch Affirms B- Rating on Class F-R Notes
INVESCO CLO I: Fitch Affirms B- Rating on Class F Notes

INVESCO CLO III: Fitch Affirms B- Rating on Class F Notes
SHAMROCK RESIDENTIAL 2021-1: S&P Assigns B- Rating on G Notes
TIKEHAU CLO IV: Fitch Affirms B- Rating on Class F Notes
[*] IRELAND: To Launch New Financial Support Scheme for Companies


I T A L Y

GOLDEN BAR: Moody's Upgrades Class D-2016-1 Notes From B2


L U X E M B O U R G

AI CONVOY: Fitch Affirms 'B' Issuer Default Rating, Outlook Stable


N E T H E R L A N D S

CAIRN CLO VII: Fitch Affirms B- Rating on Class F Notes
DOMI 2019-1: S&P Raises Class X Notes Rating to 'BB+'
DRYDEN 32 EURO: Fitch Affirms B- Rating on Class F-R Notes
DRYDEN 59 EURO: Fitch Affirms B- Rating on Class F Debt


N O R W A Y

AKER BP: Moody's Hikes Rating on Unsecured Notes From Ba1
PGS ASA: S&P Raises LongTerm ICR to 'CCC+', Outlook Negative


S L O V E N I A

HOLDING SLOVENSKE: Moody's Completes Review, Retains Ba1 CFR


S P A I N

NH HOTEL: Moody's Completes Review, Retains B3 CFR


T U R K E Y

VOLKSWAGEN DOGUS: Fitch Affirms 'BB-' LT IDR, Outlook Negative


U N I T E D   K I N G D O M

AMIGO LOANS: Moody's Lowers CFR to Caa1, On Review for Downgrade
ARCADIA GROUP: Boohoo Acquires Three Brands for GBP25.2 Million
BESPOKE HOTELS: Defends Decision to Opt for Insolvency for Hotels
FERROGLOBE PLC: Moody's Affirms Caa1 CFR & Lowers PDR to Ca-PD
GROSVENOR PLACE 2015-1: Fitch Affirms B- Rating on Cl. E-RR Notes

MOTION MIDCO: Moody's Completes Review, Retains B3 CFR
SEADRILL LTD: Files for Bankruptcy Protection for Asian Units
TULLOW OIL: S&P Puts 'CCC+' LongTerm ICR on Watch Negative

                           - - - - -


===============
B U L G A R I A
===============

BULGARIAN ENERGY: Moody's Completes Review, Retains Ba1 CFR
-----------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Bulgarian Energy Holding EAD and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on February 3, 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

Bulgarian Energy Holding EAD's (BEH) corporate family rating of Ba1
is underpinned by growing income from the liberalized power market,
given its competitive generation mix featuring high output from
low-variable cost nuclear and hydro power; by significant earnings
from regulated electricity and gas grid operations; and by a
history of relatively low investment expenditures and dividend
restraint from BEH's 100% owner, the Government of Bulgaria (Baa1).
Consequently, the company's credit metrics are currently strong,
but Moody's expects leverage to increase, caused by high gas
infrastructure spending.

Limiting factors for BEH's rating include an evolving regulatory
regime, marked by a lack of predictability of cash flows; little
transparency regarding the path to full liberalization of the
Bulgarian power market; and the near exclusive reliance on
operating cash flows as funding source, reflecting the absence of a
sound liquidity management.

BEH's rating incorporates the company's baseline credit assessment
of b1 and Moody's view of a high default dependence and high
support by its owner in case of financial distress, given that the
company is in charge of important domestic energy infrastructure.
Notwithstanding Moody's support assumption, the rating agency views
BEH as exposed to risks from political interventions and adverse
regulation.

The principal methodologies used for this review were Unregulated
Utilities and Unregulated Power Companies published in May 2017.




=============
C R O A T I A
=============

HRVATSKA ELEKTROPRIVREDA: Moody's Completes Review, Retain Ba1 CFR
------------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Hrvatska Elektroprivreda d.d. and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on February 3, 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 Ba1 corporate family rating (CFR) of Hrvatska Elektroprivreda
d.d. (HEP) reflects its vertically integrated dominant position in
the electricity market in Croatia; its low variable-cost fuel mix,
with a large share of electricity production coming from low carbon
hydro and nuclear plants; and the majority of its earnings stemming
from regulated distribution and transmission activities, which
Moody's considers to be of lower risk.

The CFR also incorporates HEP's limited diversification outside of
Croatia; the lower transparency and predictability of the
regulatory framework compared to Western European peers; and the
company's exposure to volatile hydro-based electricity generation,
reflected in its earnings volatility.

The Ba1 CFR also takes account of HEP's 100% ownership by the
government of Croatia (Ba1) and Moody's view of very high default
dependence and the strong likelihood of support from the government
in case of financial distress. HEP's high economic dependence on
the domestic market and exposure to national regulations currently
constrain the CFR at the level of the sovereign rating. The
company's Baseline Credit Assessment of ba1 is aligned with the
rating of the sovereign.

The principal methodologies used for this review were Unregulated
Utilities and Unregulated Power Companies published in May 2017.




===========
F R A N C E
===========

AFFLELOU GROUP: S&P Alters Outlook to Positive & Affirms 'B-' ICR
-----------------------------------------------------------------
S&P Global Ratings revised the outlook on Afflelou Group to
positive from negative, and affirmed its 'B-' ratings on the
company, as well as its ratings on its debt.

S&P said, "The positive outlook reflects our view that Afflelou's
operating performance could materially recover from the
pandemic-fueled operating trough in Mid-March to Mid-May 2020,
enabling S&P adjusted leverage to return to 8.0x in the next 12
months.

"Afflelou's fast recovery following COVID-19-related disruptions
should yield a gradual improvement in credit metrics over
2021-2022.  We anticipate S&P Global Ratings-adjusted EBITDA will
exceed EUR90 million in fiscal 2021 before strengthening further to
above EUR100 million in fiscal 2022. This is a marked difference
from almost no sales recorded from mid-March to mid-May due to the
closure of retail shops in France and Spain, leading its adjusted
EBITDA to decline to EUR71 million in fiscal 2020, which is about
EUR25 million less than the previous year. During the confinement,
the group's ability to achieve cost-savings was limited and mainly
related to temporary layoffs. That said, the group generated
slightly positive free operating cash flow (FOCF) after
lease-payments supported by the franchisor model, characterized by
low capital expenditure (capex) needs and a light cost structure.
We now anticipate better earnings resiliency in fiscal 2021, based
on our assumption that the group will be subject to lighter
confinement measures, especially since optical activities are
deemed essential. Furthermore, we view prescription glasses as less
discretionary than some other consumer goods and that the
regulatory framework in France is supportive. As such, sustained
EBITDA growth should support a gradual improvement in credit
metrics over 2021-2022. Afflelou increased its EBITDA margin to
28.5% in the quarter ended Oct. 31, 2020 (first-quarter fiscal
2021) from 20.3% in the previous quarter. This was fueled by a
strong rebound in sales after reopening in May, especially in
France, leading to better fixed cost absorption. The recovery was
slower in Spain mainly due to the higher portion of sunglasses sold
there, which are more discretionary than prescription glasses. We
anticipate the trend will continue, with adjusted EBITDA margins
climbing toward 26.0%-26.5% in 2021-2022. As a result, we assume
FOCF of EUR50 million-EUR55 million (EUR35 million - EUR40 million
after lease payments) supported by ongoing working capital
improvement.

"Although first-quarter 2021 results rebounded quickly, COVID-19
disruptions could continue to hinder business development over the
next 12 months.  On Jan. 29, 2021, the French government announced
the closure of about 400 shopping centers in France, leading to the
temporary closure of about 15%-20% of Afflelou's stores. We
understand that, offsetting this setback, an important part of
franchises owning stores in malls are simultaneously own stores in
cities that will remain open. That said, looking ahead, we believe
this could drive the group to grant additional financial support to
more vulnerable franchises in its network although, to a much lower
extent, than at the start of the pandemic. In addition, we believe
the favorable contribution from online sales will ease the impact.
We think that medium-term risks persist, particularly in Spain; we
assume the Spanish market will be less resilient to COVID-19
fallout, as it is mainly privately funded and therefore consumers
could turn toward low-priced optical equipment in light of current
recession or postpone their purchases for a longer period of time.

"We estimate Afflelou has sufficient cash on the balance sheet to
fund its operations in the next few quarters.  On Oct. 31, 2020,
Afflelou's liquidity sources amounted to EUR126 million, including
cash on the balance sheet of EUR96 million and full availability
under the EUR30 million committed revolving credit facility (RCF).
In our view, this is particularly supportive with respect to
repaying the EUR30 million loan granted by the government at the
start of the pandemic, which we assume the group will do in the
fourth quarter. We note the possible dent made when the group
granted about EUR30 million of financial support to help franchises
meet mandatory expenses, while dealing with no revenues between
mid-March and mid-May. However, there was EUR18 million outstanding
as of end-October 2020, supported by ongoing reimbursements, as
franchisees rapidly recovered since June. We understand that most
of the advances will be recovered by July 2021.

"We assume Afflelou has rebuilt ample headroom under its covenant.
The group voluntary repaid the RCF in July 2020 on the back of its
ample liquidity cushion. The RCF has a springing covenant, tested
if more than EUR5 million of the line is drawn, which requires
EBITDA (post IFRS-16) to be above EUR58 million. The group has
recently obtained consent from its lenders to adapt the minimum
covenant level to reflect the impact of IFRS-16. We note that the
covenant headroom remained above 20% at the end of fiscal 2020. Our
base case is that Afflelou will maintain headroom of above 40%
compared to below 10% in our previous base case, in the event the
test would be triggered."

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."

The positive outlook reflects S&P's view that Afflelou will sustain
the recent recovery in operating performance, with revenue
gradually approaching pre-pandemic levels and adjusted EBITDA
margin nearing 26.0%-26.5%.

Upside scenario

S&P could raise its rating if it expected Afflelou's leverage had
improved sustainably close to 8x (including EUR270 million
convertible bond and accrued interests) or close to 5x excluding
the convertible bond thanks to expected operating performance
improvements. This could occur if:

-- Afflelou's topline and profitability prove to be resilient to
the ongoing restrictions imposed from French government on the back
of the less discretionary nature of the eyewear and hearing aid
devices.

-- S&P continues to observe material positive FOCF and funds from
operations cash interest coverage of above 2.5x.

Downside scenario

S&P could revise its outlook to stable if we expected Afflelou's
leverage to remain consistently above 8x and FOCF became negative
on a prolonged basis due to unexpected deterioration in
profitability. This could occur if S&P observed:

-- A material weakening of performance stemming from the closure
of 15%-20% of Afflelou's stores, due to the French government's
recent decision to close about 400 shopping centers and new
restrictions.

-- Continued waning of consumer confidence, leading customers to
postpone optical purchases for a prolonged period or favor low
price offers that slows the recovery toward pre-pandemic EBITDA
levels.




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

DEUTSCHE LUFTHANSA: S&P Rates New 2025/2028 Unsec. Notes 'BB-'
--------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue rating to the proposed
senior unsecured notes due 2025 and 2028 to be issued by Deutsche
Lufthansa AG. The notes will be issued under the EUR4.0 billion
debt issuance program. S&P expects Lufthansa will use the net
proceeds for general corporate purposes and repayment of the state
aid package.

S&P said, "We rate the proposed notes at the same level as our
long-term issue credit rating on Lufthansa (BB-/Negative/B). The
recovery rating is '3' indicating meaningful recovery prospects
(50%-70%; rounded estimate: 65%) in the event of a payment default.
The issue credit rating and the recovery rating on the existing
senior unsecured debt are unchanged."


RAFFINERIE HEIDE: Moody's Lowers CFR to Caa2, Outlook Negative
--------------------------------------------------------------
Moody's Investors Service has downgraded Raffinerie Heide GmbH's
("Heide") corporate family rating to Caa2 from Caa1 and downgraded
the company's probability of default rating to Caa2-PD from
Caa1-PD. At the same time, Moody's downgraded the instrument rating
of the senior secured EUR250 million bond due 2022 to Caa2 from
Caa1. The outlook on all ratings remains negative.

RATINGS RATIONALE

The downgrade of Heide's ratings to Caa2 highlights Moody's
concerns about Heide's negative free cash flow (FCF) generation in
2020 and the expectation that the first half of 2021 will remain
challenging. The negative FCF was financed by agreeing with
authorities to defer the payment of mineral oil and other tax
liabilities which otherwise would have been due in 2020. Therefore,
Heide is faced with significantly increased short term liabilities
and will require a strong turnaround of general business conditions
that would enable the company to generate meaningful positive FCF.

Given the weakening of the company's balance sheet this could
negatively impact its ability to refinance the EUR250 million
senior secured bond due in December 2022. Demand and refining
margins for Heide's key products such as diesel, gasoline and jet
declined significantly in 2020 due to worldwide lockdowns,
decreased mobility and the overall economic downturn. Moody's
expects refining margins and demand for refining products to remain
weak in H1 2021 and highlights the uncertainty around the pace and
magnitude of the recovery of demand and margins in H2 2021 and
2022.

Due to a very adverse market environment, in the first nine months
of 2020 Heide generated only EUR27 million of Moody's-adjusted
EBITDA compared to EUR54 million in the same period previous year,
with the gross Moody's-adjusted leverage increasing to 14.0x
debt/EBITDA per LTM end of September 2020, far above our guidance
for the current rating level. Excluding changes in working capital
due to lower crude prices and meaningful tax deferrals Heide
reported a negative -EUR29.5 million of free cash flow in the first
nine months of 2020. Moody's expects Heide's results for full year
2020 to weaken further, reflecting very weak demand and margins in
Q4 2020 due to the second wave of Covid 19 lockdowns in Germany.

To address its operational challenges, the company introduced
initiatives to reduce its cost base by approximately EUR10 million
to be reached by year end 2021 and has agreed with the German tax
authority to postpone EUR38 million of energy taxes and EUR26
million of VAT payments from Q2 2020 to H1 2021. Moreover, in
December 2020 the company agreed the cancellation of end-of-year
energy tax prepayment of about EUR60 million. To further protect
its liquidity, the company adjusted its statutory turnaround
scheme, executing only one turnaround in 2020 instead of two, and
moving the second one into summer 2021. The capex budget for 2020
was revised downwards, and the amount planned to be spent in 2021
is below EUR30 million.

LIQUIDITY

Moody's assesses Heide's current liquidity position as weak, as it
highly dependent on tax authorities' willingness to postpone tax
payments and prepayments. The cash balance increased to
approximately EUR199 million as of September 30, 2020 from EUR115.6
million as of end-2019, the increase mainly being supported by
deferrals of energy tax and VAT into 2021. To support its
liquidity, the company uses a receivable financing facility of
EUR100 million, with EUR78 million used as of end-Q3 2020. The
facility size was reduced to EUR100 million from EUR150 million in
October 2020, as mutually agreed between the company and receivable
financing partners and one bank did not renew its commitment.
Moody's estimates that the lion's share of eligible receivables
have been factored and deems the remaining headroom under the
facility as relatively thin in case crude prices were to rise
materially.

Moody's notes that Heide has no revolving credit facility in place
and has a maintenance covenant (requirement of at least EUR40
million cash on balance on average over each month) under both its
EUR100 million receivables and inventory financing (no volume
limit) programmes. Should tax authorizes no longer agree to defer
tax payments and in case the company is not able to restore its
internal cash generation, it might come close to EUR40 million
during the next 12-18 months. Hence, the rating agency will closely
monitor Heide's cash balance and react if the headroom should
tighten and notes that Heide's most liquid short term assets are
used to enable its working capital financing, which leaves mostly
fixed assets for the recovery of the secured bond in case of a
default.

GOVERNANCE CONSIDERATIONS

Governance considerations for Heide include the dominant position
and ability to frame the company's strategy and financial policy of
A. Gary Klesch, the ultimate beneficial owner of the refinery. Mr.
Klesch has bought the refinery in 2010 from Shell Deutschland AG
for about $100 million (as reported by Shell). The current bond
documentation allows dividend distributions of up to 50% of
cumulative consolidated net income post October 1, 2017. The
Company has no plans for any dividend distributions in the short
term and has not issued any dividends since the issue of the bond.
Total dividends paid so far account for EUR366 million in total
since 2015 (of which EUR200 million was associated with the bond
issue) and Klesch group receives about EUR20 million fees annually
from Heide on an arm's length basis for services including the
crude & product supply & trading and hedging programs.

OUTLOOK

The negative outlook incorporates the dependency on tax
authorities' willingness to further defer tax payments, the risk of
a further weakening capital structure, and, hence, an increased
refinancing risk of the bond due December 2022. The negative impact
of the coronavirus pandemic - induced downturn on the demand for
Heide's refined products, such as jet fuel, diesel and gasoline, is
likely to persist at least in the first half of 2021, leaving
little room for maneuver for the refinancing which is due in
December 2022. The company is heavily reliant on the financing
provided under its inventory and receivable facilities as well as
on continued tax deferrals, which provide a cushion for the
otherwise weak liquidity.

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

Heide's rating could be upgraded to Caa1 if: (1) the refinery shows
a resilience to highly volatile crude prices and its end market
demand were about to stabilize; (2) Heide lowers its adjusted debt
to EBITDA below 7.0x on a sustained basis; (3) Heide generates
meaningful positive free cash flows enabling it to repay the
delayed tax payments; (4) Heide strengthens its liquidity profile,
and (5) successfully refinances its debt maturities well ahead of
the maturity date.

Heide's rating could be downgraded if: (1) Heide's end markets for
refined products and refining margins do not recover in 2021; (2)
Heide experiences difficulties to refinance its EUR250 million
senior secured bonds maturing in December 2022 well ahead of its
maturity; (3) Heide posts meaningful negative free cash flows
resulting in a further deterioration of its liquidity.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Refining and
Marketing Industry published in November 2016.

COMPANY PROFILE

Raffinerie Heide GmbH is a small-sized refining company owning a
fully integrated refinery and petrochemical complex located north
of Hamburg (Germany) which includes a refinery, pipelines, tankage,
a coastal terminal operation and a captive power plant. The
refinery has a crude distillation capacity of 33.5 million barrels
per year (91.7 kbpd) and was acquired by the Klesch group in 2010
from Shell Deutschland Oil GmbH.


TUI AG: Moody's Completes Review, Retains Caa1 CFR
--------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of TUI AG and other ratings that are associated with the
same analytical unit. The review was conducted through a portfolio
review discussion held on February 4, 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

TUI AG's corporate family rating of Caa1 reflects the company's
leading market position as the largest integrated tourism company
in the world; diversified business profile both in terms of source
markets and travel destinations, but also in terms of product
offerings; a large share of earnings (prior the pandemic)
contributed by asset-heavy hotels and cruises as opposed to more
volatile and cyclical tour operator business; valuable stakes in
joint-ventures (TUI Cruises, RIU Hotels).

However, the rating is constrained by unprecedented business
disruptions caused by the global pandemic; we envisage further
negative FCF in fiscal 2021 following a large cash requirement in
2020, which is mitigated by three support packages TUI managed to
receive last year and potential disposals in 2021 as TUI intends to
become more asset light; a heavily leveraged capital structure
given the lower earnings level and the additional debt accumulated
during the pandemic; a highly seasonal negative working capital
that intensifies liquidity pressure in downturns; and an uncertain
short-term market outlook and a recovery path depending on how
quickly the virus can be contained.

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




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

ACCUNIA CLO III: Fitch Affirms B- Rating on Class F Notes
---------------------------------------------------------
Fitch Ratings has affirmed Accunia European CLO III DAC and revised
the Outlooks on the class D, E and F notes to Stable from
Negative.

     DEBT                  RATING           PRIOR
     ----                  ------           -----
Accunia European CLO III DAC

A XS1847612204       LT  AAAsf  Affirmed    AAAsf
B-1 XS1847612972     LT  AAsf   Affirmed    AAsf
B-2 XS1847613608     LT  AAsf   Affirmed    AAsf
C XS1847614242       LT  Asf    Affirmed    Asf
D XS1847614911       LT  BBBsf  Affirmed    BBBsf
E XS1847615132       LT  BB-sf  Affirmed    BB-sf
F XS1847615561       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

Asset Performance Stable: The transaction is still in its
reinvestment period and the portfolio is actively managed by the
collateral manager. Asset performance has been stable since the
last review in August 2020. The transaction was 40bp above target
par as of the latest investor report available. As of the same
report, all coverage tests, Fitch collateral quality tests and
portfolio profile tests were passing, Exposure to assets with a
Fitch-derived rating of 'CCC+' and below was 5.1% (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 are no defaulted assets in the portfolio.

Resilient to Coronavirus Stress

The affirmation reflects the broadly stable portfolio credit
quality since August 2020. The Stable Outlook on all investment
grade notes, and the revision of the Outlook on the class D, E and
F notes to Stable from Negative reflect their resilience to the
sensitivity analysis ran in light of the coronavirus pandemic.
Fitch has recently updated its CLO coronavirus stress scenario to
assume half of the corporate exposure on Negative Outlook is
downgraded by one notch instead of 100%.

Average Portfolio Quality

'B'/'B-'Portfolio: Fitch assesses the average credit quality of the
obligors to be in the 'B'/'B-' category. The Fitch weighted average
rating factor (WARF) calculated by Fitch of the current portfolio
is 34.9 (assuming unrated assets are CCC), while the
trustee-reported Fitch WARF was 33.9 above the maximum covenant of
35.0. The Fitch WARF would increase by 1.6 after applying the
coronavirus stress.

High Recovery Expectations: Of the portfolio, 95.1% comprises
senior secured obligations. Fitch views the recovery prospects for
these assets as more favorable than for second-lien, unsecured and
mezzanine assets. In the latest invest report, the Fitch weighted
average recovery rate (WARR) of the current portfolio was 64.8%

Portfolio Well Diversified: The portfolio is well diversified
across obligors, countries and industries. The top 10 obligor
concentration is 19.6%, and no obligor represents more than 2.6% of
the portfolio balance

RATING SENSITIVITIES

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

-- At closing, Fitch used a standardized stress portfolio
    (Fitch's stressed portfolio) that was customized 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' credit
    enhancement 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 Potential Severe Downside Stress 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 potential severe
    downside stress incorporates the following stresses: applying
    a notch downgrade to all the corporate exposure on Negative
    Outlook. This scenario does not result in any downgrades
    across the capital structure.

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

Accunia European CLO III 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.


AER LINGUS: Secures EUR150MM Loan From ISIF Pandemic Scheme
-----------------------------------------------------------
The Irish Times, citing the Sunday Independent, reports that Aer
Lingus has secured EUR150 million from the state-backed Ireland
Strategic Investment Fund's (ISIF) pandemic recovery scheme.

According to The Irish Times, the three-year loan will be used to
strengthen the airline's liquidity position as it seeks to deal
with the impact of the Covid crisis.

Isif, which operates under the umbrella of the National Treasury
Management Agency, said the loan was agreed on commercial terms,
The Irish Times notes.


ANCHORAGE CAPITAL 2021-4: Moody's Gives '(P)B3' Rating on F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Anchorage
Capital Europe CLO 2021-4 DAC (the "Issuer"):

EUR265,500,000 Class A Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

EUR20,200,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)

EUR28,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Assigned (P)Aa2 (sf)

EUR26,600,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)A2 (sf)

EUR34,700,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Baa3 (sf)

EUR28,800,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Ba3 (sf)

EUR12,600,000 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 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 80% ramped as of the closing date and
to comprise of predominantly corporate loans to obligors domiciled
in Western Europe. The remainder of the portfolio will be acquired
during the c.a. 3 month ramp-up period in compliance with the
portfolio guidelines.

Anchorage CLO ECM, L.L.C 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.

In addition to the seven classes of notes rated by Moody's, the
Issuer will issue EUR 46,900,000 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.
Our analysis has considered the effect on the performance of
corporate assets from the current weak European economic activity
and a gradual recovery for the coming months. Although an economic
recovery is underway, it is tenuous and its continuation will be
closely tied to containment of the virus. As a result, the degree
of uncertainty around our forecasts is unusually high.

Moody's regards the coronavirus outbreak as a social risk under 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 450,000,000

Diversity Score: 49

Weighted Average Rating Factor (WARF): 3250

Weighted Average Spread (WAS): 3.87%

Weighted Average Coupon (WAC): 4.25%

Weighted Average Recovery Rate (WARR): 43.0%

Weighted Average Life (WAL): 8.5 years

Moody's has addressed the potential exposure to obligors domiciled
in countries with local currency ceiling (LCC) of A1 or below. As
per the portfolio constraints and eligibility criteria, exposures
to countries with LCC of A1 to A3 cannot exceed 10% and obligors
cannot be domiciled in countries with LCC below A3.


ANCHORAGE CAPITAL 2021-4: S&P Assigns Prelim. B- Rating on F Notes
------------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Anchorage
Capital Europe CLO 2021-4 DAC's class A to F European cash flow CLO
notes. At closing, the issuer will issue unrated subordinated
notes.

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

The portfolio's reinvestment period will end approximately four
years after closing.

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

-- The diversified collateral pool, which comprises primarily
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 transaction's legal structure, which S&P expects to be
bankruptcy remote.

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

  Portfolio Benchmarks
                                                 Current
  S&P weighted-average rating factor            3,024.02
  Default rate dispersion                         562.21
  Weighted-average life (years)                     5.06
  Obligor diversity measure                       110.96
  Industry diversity measure                       23.98
  Regional diversity measure                        1.31

  Transaction Key Metrics
                                                 Current
  Portfolio weighted-average rating
    derived from our CDO evaluator                     B
  'CCC' category rated assets (%)                   4.62
  Covenanted 'AAA' weighted-average recovery (%)   35.92
  Covenanted weighted-average spread (%)            3.87
  Covenanted weighted-average coupon (%)            4.25

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

"In our cash flow analysis, we assumed a EUR449.77 million par
amount, the covenanted weighted-average spread (3.87%), the
covenanted weighted-average coupon (4.25%), and the covenanted
weighted-average recovery rates for all rating levels. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.

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

"Until the end of the reinvestment period on April 25, 2025, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained.

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

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

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our preliminary ratings
are commensurate with the available credit enhancement for the
class A to F notes. Our credit and cash flow analysis indicates
that the available credit enhancement for the class B-1, B-2, C, D,
and E notes could withstand stresses commensurate with higher
rating levels than those we have assigned. However, as the CLO will
be in its reinvestment phase starting from closing, during which
the transaction's credit risk profile could deteriorate, we have
capped our preliminary ratings assigned to the notes."

The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds, and it will be managed by Anchorage CLO
ECM LLC.

S&P said, "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.

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

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   Prelim.   Prelim. amount   Interest   Credit
          Rating      (mil. EUR)     rate (%)   enhancement (%)
  A      AAA (sf)      265.50       3mE + 0.87    40.97
  B-1    AA (sf)        20.20       3mE + 1.50    30.25
  B-2    AA (sf)        28.00             1.80    30.25
  C      A (sf)         26.60       3mE + 2.20    24.34
  D      BBB (sf)       34.70       3mE + 3.20    16.63
  E      BB- (sf)       28.80       3mE + 5.71    10.22
  F      B- (sf)        12.60       3mE + 7.49     7.42
  Subordinated NR       46.90            N/A        N/A

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


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

       DEBT                  RATING           PRIOR
       ----                  ------           -----
Avoca CLO XVI D.A.C.

A-1R XS1858999268      LT  AAAsf  Affirmed    AAAsf
A-2R XS1858999342      LT  AAAsf  Affirmed    AAAsf
B-1R XS1858999698      LT  AAsf   Affirmed    AAsf
B-2R XS1858999938      LT  AAsf   Affirmed    AAsf
B-3R XS1858999854      LT  AAsf   Affirmed    AAsf
C-1R XS1859000025      LT  Asf    Affirmed    Asf
C-2R XS1859000611      LT  Asf    Affirmed    Asf
D-R XS1859000454       LT  BBBsf  Affirmed    BBBsf
E-R XS1859000884       LT  BBsf   Affirmed    BBsf
F-R XS1859394485       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

Asset Performance Stable: The transaction is still in its
reinvestment period and the portfolio is actively managed by the
collateral manager. Asset performance has been stable since the
last review in September 2020. The transaction was 3bp below target
par as of the latest investor report available. As of the same
report, all coverage tests, Fitch collateral quality tests and
portfolio profile tests were passing. Exposure to assets with a
Fitch-derived rating of 'CCC+' and below was 6.9% (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. There are no defaulted assets.

Resilient to Coronavirus Stress

The affirmations reflect a broadly stable portfolio credit quality
since September 2020. The Stable Outlooks on all investment grade
notes, and the revision of the Outlook 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.
Fitch has recently updated its CLO coronavirus stress scenario to
assume half of the corporate exposure on Negative Outlook is
downgraded by one notch instead of 100%.

Average Portfolio Quality

'B'/'B-'Portfolio: Fitch assesses the average credit quality of the
obligors to be in the 'B'/'B-' category. The Fitch weighted average
rating factor (WARF) calculated by Fitch of the current portfolio
is 34.4(assuming unrated assets are CCC), while the
trustee-reported Fitch WARF was 34.3 above the maximum covenant of
34.4. The Fitch WARF would increase by 1.1 after applying the
coronavirus stress.

High Recovery Expectations: Of the portfolio, 98.4% comprises
senior secured obligations. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. In the latest invest report, the Fitch weighted
average recovery rate (WARR) of the current portfolio was 67%.

Portfolio Well Diversified: The portfolio is well diversified
across obligors, countries and industries. The top 10 obligor
concentration is 15.7%, and no obligor represents more than 2.0% 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 customized 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' credit
    enhancement 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 Potential Severe Downside Stress 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 potential severe
    downside stress incorporates the following stresses: applying
    a notch downgrade to all the corporate exposure on Negative
    Outlook. This scenario does not result in downgrades across
    the capital structure.

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

Avoca CLO XVI 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.


BOSPHORUS CLO IV: Fitch Affirms B- Rating on Class F Notes
----------------------------------------------------------
Fitch Ratings has affirmed Bosphorus CLO IV DAC and revised the
Outlook on the class E and F notes to Stable from Negative.

     DEBT                 RATING           PRIOR
     ----                 ------           -----
Bosphorus CLO IV DAC

A XS1791749523      LT  AAAsf  Affirmed    AAAsf
B-1 XS1791758433    LT  AAsf   Affirmed    AAsf
B-2 XS1791758789    LT  AAsf   Affirmed    AAsf
C XS1791753558      LT  Asf    Affirmed    Asf
D XS1791754879      LT  BBBsf  Affirmed    BBBsf
E XS1791755413      LT  BBsf   Affirmed    BBsf
F XS1791755504      LT  B-sf   Affirmed    B-sf

TRANSACTION SUMMARY

Bosphorus CLO IV DAC is a cash flow CLO mostly comprising senior
secured obligations. The transaction is still within its
reinvestment period and is actively managed by Commerzbank AG
(London).

KEY RATING DRIVERS

Stable Asset Performance: The transaction was below par by 7bp as
of the investor report on 31 December 2020. All portfolio profile
tests, collateral quality tests and coverage tests were passing,
except the Fitch weighted average rating factor (WARF) test.
Exposure to assets with a Fitch-derived rating (FDR) of 'CCC+' and
below was 5.71% (excluding non-rated assets).

Stable Outlooks Based on Coronavirus Stress: The revision of the
Outlooks on the class E and F notes to Stable from Negative as a
result of a sensitivity analysis Fitch ran in light of the
coronavirus pandemic. Fitch has recently updated its CLO
coronavirus stress scenario to assume half of the corporate
exposure on Negative Outlook (23.19% of the portfolio) was
downgraded by one notch, instead of 100%. All notes show resilience
under this scenario. For more details on Fitch’s pandemic
-related stresses see "Fitch Ratings Expects to Revise Significant
Share of CLO Outlooks to Stable."

'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 the agency at 35.06 (assuming unrated
assets are 'CCC') and calculated by the trustee at 34.93 for the
current portfolio are above the maximum covenant of 34. The Fitch
WARF increases by 2.82 after applying the coronavirus stress.

High Recovery Expectations: Senior secured obligations comprise
97.90% 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 16.56%, and no obligor represents more than 2.20%
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 Scenario Impact

Fitch also considers a sensitivity analysis that contemplates a
more severe and prolonged economic stress. The downside sensitivity
incorporates a single-notch downgrade to all FDRs of assets with
corporate issuers on Negative Outlook regardless of sector. All
notes show resilience to this scenario.

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

Bosphorus CLO IV DAC

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

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

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

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


CVC CORDATUS XIV: Fitch Affirms B- Rating on Class F Debt
---------------------------------------------------------
Fitch Ratings has affirmed CVC Cordatus Loan Fund XIV DAC and
revised the Outlook on the class D, E and F to Stable from
Negative.

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

A-1 XS1964657156     LT  AAAsf  Affirmed     AAAsf
A-2 XS1964657586     LT  AAAsf  Affirmed     AAAsf
A-3 XS1964656778     LT  AAAsf  Affirmed     AAAsf
B-1 XS1964658121     LT  AAsf   Affirmed     AAsf
B-2 XS1964658808     LT  AAsf   Affirmed     AAsf

C-1 XS1964659442     LT  Asf    Affirmed     Asf
C-2 XS1965306068     LT  Asf    Affirmed     Asf
D-1 XS1964660291     LT  BBB-sf Affirmed     BBB-sf
D-2 XS1965309245     LT  BBB-sf Affirmed     BBB-sf
E XS1964661422       LT  BB-sf  Affirmed     BB-sf
F XS1964661851       LT  B-sf   Affirmed     B-sf
X XS1964658394       LT  AAAsf  Affirmed     AAAsf

TRANSACTION SUMMARY

CVC Cordatus Loan Fund XIV DAC is a cash flow CLO mostly comprising
senior secured obligations. The transaction is within its
reinvestment period and is actively managed by its collateral
manager.

KEY RATING DRIVERS

Stable Asset Performance:

The transaction is slightly below par by 77bp as of the latest
investor report available. As per the report, all portfolio profile
tests, coverage tests and collateral quality tests are passing. As
per 31 January 2021, exposure to assets with a Fitch-derived rating
of 'CCC+' and below is 4.35% excluding the unrated asset and 4.85%
including the unrated assets, both within the limit of 7.5%.

Resilience to Coronavirus Stress:

The affirmation reflects the broadly stable portfolio credit
quality since July 2020. The Stable Outlook on the senior notes and
the revision of the Outlook on the class D, E and F notes to Stable
from Negative reflect the default rate cushion in the sensitivity
analysis ran in light of the coronavirus pandemic. Fitch has
recently updated its CLO coronavirus stress scenario to assume half
of the corporate exposure on Negative Outlook is downgraded by one
notch instead of 100%.

'B'/'B-' Portfolio:

Fitch assesses the average credit quality of the obligors to be in
the 'B'/'B-' category. As at 30 January 2021, the Fitch-calculated
weighted average rating factor (WARF) of the portfolio was 33.25,
slightly lower than the trustee-reported WARF of 31 December 2020
of 33.28, owing to rating migration and considering unrated assets
as 'CCC'.

High Recovery Expectations:

Of the portfolio, 99% comprises senior secured obligations. Fitch
views the recovery prospects for these assets as more favourable
than for second-lien, unsecured and mezzanine assets. The Fitch
weighted average recovery rate (WARR) of the current portfolio is
65.9% as per the report.

Portfolio Well Diversified:

The portfolio is well diversified across obligors, countries and
industries. The top 10 obligors' concentration is 16.32% and no
obligor represents more than 2.30% of the portfolio balance. As per
Fitch's calculation, the largest industry is healthcare at 14.0% of
the portfolio balance, against limits 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 Potential Severe Downside Stress 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 potential severe downside
stress incorporates the following stresses: applying a notch
downgrade to all the corporate exposure on Negative Outlook. This
scenario shows resilience of the current ratings except for the
class E and F notes, which show shortfalls.

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

CVC Cordatus Loan Fund XIV DAC

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

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

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

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


EURO-GALAXY III: Fitch Affirms B- Rating on Class F-RR Notes
------------------------------------------------------------
Fitch Ratings has affirmed Euro-Galaxy III CLO DAC and revised the
Outlooks on the class B and C notes to Positive from Stable and on
the class D to F notes to Stable from Negative.

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

A-R-RR XS1843430965    LT  AAAsf  Affirmed    AAAsf
A-RR XS1843430700      LT  AAAsf  Affirmed    AAAsf
B-1-RR XS1843430023    LT  AAsf   Affirmed    AAsf
B-2-RR XS1844068533    LT  AAsf   Affirmed    AAsf
C-RR XS2010046915      LT  Asf    Affirmed    Asf
D-RR XS2010046246      LT  BBBsf  Affirmed    BBBsf
E-RR XS2010045602      LT  BB-sf  Affirmed    BB-sf
F-RR XS2010046089      LT  B-sf   Affirmed    B-sf

TRANSACTION SUMMARY

This is a cash flow CLO mostly comprising senior secured
obligations. The transaction exited its reinvestment period in
January 2021.

KEY RATING DRIVERS

Resilient to Coronavirus Stress

The affirmations and the Outlook revisions reflect the continued
improvement in the portfolio quality since Fitch’s review in
September 2020. The revision of the Outlook on the class D to F
notes to Stable from Negative reflects the resilience of the
portfolio to the sensitivity analysis ran in light of the
coronavirus pandemic. Fitch has recently updated its CLO
coronavirus stress scenario to assume half of the corporate
exposure on Negative Outlook is downgraded by one notch instead of
100%.

Potential Amortisation Support Positive Outlook

The class B and C notes could achieve ratings one notch higher than
their current ratings, but the transaction is yet to deleverage. As
a result, Fitch has revised the Outlooks on the class B and C notes
to Positive from Stable to reflect their upgrade potential should
the transaction deleverage and the portfolio continue to show
stable credit quality.

The failure of the 'CCC' test currently restricts reinvestment
after the reinvestment period. However, the manager may be able to
reinvest prepayment or certain sale proceeds subject to the
reinvestment criteria after the reinvestment period if the 'CCC'
test is cured.

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 34.4 and would increase by 1.4 points in the coronavirus
sensitivity analysis. Assets with a Fitch-derived rating (FDR) on
Negative Outlook make up 29% of the portfolio balance. Assets with
a FDR in the 'CCC' category or below make up about 6.6% of the
collateral balance and there is no unrated asset.

The transaction is slightly below par. The Fitch WARF test and the
'CCC' test have both failed per the latest investor report. All
other tests including the coverage tests are passing. Fitch
understands from the manager that the matrix point has just been
switched to another passing point. As such, the manager can still
reinvest certain sales proceeds or prepayments subject to the post
reinvestment criteria if the manager cures the 'CCC' test.

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.

Around 98% of the portfolio comprises senior secured obligations,
which have more favourable recovery prospects than second-lien,
unsecured and mezzanine assets. Fitch's weighted average recovery
rate of the current portfolio based on investor report is 65.9%.

RATING SENSITIVITIES

This section provides insight into the model-implied sensitivities
the transaction faces when one assumption is modified, while
holding others equal. The modelling process uses the modification
of these variables to reflect asset performance in up- and down
environments. The results below should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors. It should not be used as an indicator of
possible future performance.

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

-- A reduction of the default rate (RDR) at all rating levels by
    25% of the mean RDR and an increase in the recovery rate (RRR)
    by 25% at all rating levels would result in an upgrade of one
    to five notches across the structure.

-- Except for the class A notes, which are already at the highest
    'AAAsf' rating, upgrades may occur in case of better than
    expected portfolio credit quality and deal performance,
    leading to higher credit enhancement and excess spread
    available to cover for losses on the remaining portfolio. The
    class B and C notes could be upgraded if the notes continue to
    amortise, leading to higher credit enhancement across the
    structure and the portfolio quality remains stable.

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

-- An increase of the RDR at all rating levels by 25% of the mean
    RDR and a decrease of the RRR by 25% at all rating levels will
    result in downgrades of up to five notches depending on the
    notes.

-- While not Fitch's base case scenario, downgrades may occur if
    build-up of the notes' credit enhancement 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 Potential Severe Downside Stress 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 potential severe
    downside stress incorporates the following stresses: applying
    a notch downgrade to all the corporate exposure on Negative
    Outlook. This scenario does not result in downgrades across
    the capital structure.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Euro-Galaxy III CLO DAC

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

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

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

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


HARVEST CLO XI: Fitch Affirms B- Rating on Class F-R Notes
----------------------------------------------------------
Fitch Ratings has affirmed Harvest CLO XI and XII DAC and revised
the Outlooks on the class E-R and F-R notes in both transactions to
Stable from Negative.

       DEBT                     RATING          PRIOR
       ----                     ------          -----
Harvest CLO XI DAC

A-R XS1627781880         LT  AAAsf  Affirmed    AAAsf
B-1-R XS1627782185       LT  AAsf   Affirmed    AAsf
B-2-R XS1627782342       LT  AAsf   Affirmed    AAsf
B-3-R XS1629312700       LT  AAsf   Affirmed    AAsf
C-R XS1627782425         LT  Asf    Affirmed    Asf
D-R XS1627781963         LT  BBBsf  Affirmed    BBBsf
E-R XS1627782268         LT  BBsf   Affirmed    BBsf
F-R XS1627782003         LT  B-sf   Affirmed    B-sf

Harvest CLO XII DAC

A-1R XS1692039206        LT  AAAsf  Affirmed    AAAsf
B-1R XS1692040980        LT  AAsf   Affirmed    AAsf
B-2R XS1692041525        LT  AAsf   Affirmed    AAsf
C-R XS1692042259         LT  Asf    Affirmed    Asf
D-R XS1692043067         LT  BBBsf  Affirmed    BBBsf
E-R XS1692043737         LT  BBsf   Affirmed    BBsf
F-R XS1692044388         LT  B-sf   Affirmed    B-sf

TRANSACTION SUMMARY

Harvest CLO XI and XII DAC are cash flow CLOs mostly comprising
senior secured obligations. The transactions are still within their
reinvestment periods and are actively managed by Investcorp Credit
Management EU Limited.

KEY RATING DRIVERS

Resilient to Coronavirus Stress: The affirmations reflect a broadly
stable portfolio credit quality since December 2020. The Stable
Outlooks 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 Fitch
ran in light of the coronavirus pandemic. Fitch has recently
updated its CLO coronavirus stress scenario to assume half of the
corporate exposure on Negative Outlook is downgraded by one notch
instead of 100%. For more details on Fitch’s pandemic-related
stresses see "Fitch Ratings Expects to Revise Significant Share of
CLO Outlooks to Stable."

Stable Asset Performance: The transactions are still in their
reinvestment periods and the portfolios are being actively managed
by the collateral manager. Harvest CLO XI DAC is below par by 2.55%
and Harvest CLO XII DAC is below par by 1.27% as of the investor
reports in December 2020.

For Harvest CLO XI DAC, Fitch's weighted average rating factor
(WARF) test, Fitch's weighted average recovery rate (WARR) test,
the weighted average life test, and Fitch and another rating
agency's 'CCC' tests are failing. All other portfolio profile
tests, collateral quality tests and coverage tests are passing. For
Harvest CLO XII DAC, another agency's and Fitch's WARF test,
Fitch's WARR test, and Fitch's 'CCC' tests are failing. All other
portfolio profile tests, collateral quality tests and coverage
tests are passing.

Exposure to assets with a Fitch derived rating of 'CCC+' and below
is 7.41% and 7.85% (excluding non-rated assets) for Harvest CLO XI
and XII, respectively. Both transactions have one defaulted asset.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors to be in the 'B'/'B-' category for the transaction.
The Fitch WARF calculated by Fitch of 33.52 and 35.25 (assuming
unrated assets are 'CCC') and calculated by the trustee of 33.14
and 34.75 of the current portfolios are above the maximum covenants
of 33.00 and 33.50. The Fitch WARF would increase by 1.50 and 1.45
after applying the coronavirus stress.

High Recovery Expectations: Of the portfolios, 98.81% and 97.88%
comprise senior secured obligations. Fitch views the recovery
prospects for these assets as more favourable than for second-lien,
unsecured and mezzanine assets.

Portfolio Well Diversified: The portfolios are well diversified
across obligors, countries and industries. The top 10 obligor
concentration is 17.09% and 14.28%, for Harvest CLO XI and XII,
respectively, and no obligor represents more than 2.08% and 1.86%
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 the
    disruptions to supply and demand due to the pandemic become
    apparent, loan ratings in those sectors will also come under
    pressure. Fitch will update the sensitivity scenarios in line
    with the view of its Leveraged Finance team.

Coronavirus Downside Sensitivity

Fitch has added a sensitivity analysis that contemplates a more
severe and prolonged economic stress caused by a re-emergence of
infections in the major economies. The downside sensitivity
incorporates the following stresses: applying a notch downgrade to
all Fitch-derived ratings on Negative Outlook. For typical European
CLOs this scenario does not result in any downgrades.

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

Harvest CLO XI DAC, Harvest CLO XII 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.


INVESCO CLO I: Fitch Affirms B- Rating on Class F Notes
-------------------------------------------------------
Fitch Ratings has affirmed Invesco Euro CLO I DAC. and revised the
Outlooks on the class E and F notes to Stable from Negative.

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

A-1 XS1911618079      LT  AAAsf  Affirmed     AAAsf
A-2 XS1911618665      LT  AAAsf  Affirmed     AAAsf
B XS1911619473        LT  AAsf   Affirmed     AAsf
C XS1911620646        LT  Asf    Affirmed     Asf
D XS1911621453        LT  BBB-sf Affirmed     BBB-sf
E XS1911621701        LT  BBsf   Affirmed     BBsf
F XS1911622188        LT  B-sf   Affirmed     B-sf

TRANSACTION SUMMARY

Invesco Euro CLO I DAC.is a securitisation of mainly senior secured
loans (at least 90%) with a component of senior unsecured,
mezzanine and second-lien loans. The portfolio is managed by
Invesco European RR L.P. The reinvestment period ends in January
2023.

KEY RATING DRIVERS

Resilient to Coronavirus Stress

The affirmation reflects the broadly stable portfolio credit
quality since July 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 reflects the default rate cushion in
the sensitivity analysis ran in light of the coronavirus pandemic.

Fitch has recently updated its CLO coronavirus stress scenario to
assume half of the corporate exposure on Negative Outlook is
downgraded by one notch instead of 100%.

Portfolio Performance Stabilises

As of the latest investor report dated 15 December 2020, the
transaction was 0.36% above par and all portfolio profile tests,
coverage tests and Fitch collateral quality tests were passing. As
of the same report, the transaction had no defaulted assets.
Exposure to assets with a Fitch-derived rating (FDR) of 'CCC+' and
below was 5.5 % (excluding unrated assets). Assets with an FDR on
Negative Outlook made up 18.08% 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 33.18 (assuming unrated assets are
'CCC') - below the maximum covenant of 34, while the
trustee-reported Fitch WARF was 32.92.

High Recovery Expectations

Senior secured obligations make up 95.4% 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 19.4% of the portfolio
balance with no obligor accounting for more than 2.4%. Around 34.6%
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:

-- Transaction features a reinvestment period and the portfolio
    is actively managed. At closing, Fitch used a standardized
    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 for assets that
are on Negative Outlook. In this case the model-implied ratings for
all classes are the same as their current 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

Invesco Euro CLO I 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.


INVESCO CLO III: Fitch Affirms B- Rating on Class F Notes
---------------------------------------------------------
Fitch Ratings has affirmed Invesco Euro CLO III DAC. and revised
the Outlooks on the class D to F notes to Stable from Negative.

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

A XS2072089902       LT  AAAsf  Affirmed    AAAsf
B-1 XS2072090587     LT  AAsf   Affirmed    AAsf
B-2 XS2072091478     LT  AAsf   Affirmed    AAsf
C XS2072092013       LT  Asf    Affirmed    Asf
D XS2072092799       LT  BBB-sf Affirmed    BBB-sf
E XS2072093334       LT  BB-sf  Affirmed    BB-sf
F XS2072093508       LT  B-sf   Affirmed    B-sf

TRANSACTION SUMMARY

Invesco Euro CLO III DAC.is a securitisation of mainly senior
secured loans (at least 92.5%) with a component of senior
unsecured, mezzanine and second-lien loans. The portfolio is
managed by Invesco European RR L.P. The reinvestment period ends in
July 2024.

KEY RATING DRIVERS

Resilient to Coronavirus Stress

The affirmation reflects the broadly stable portfolio credit
quality since July 2020. The Stable Outlook on all investment grade
notes and the revision of the Outlooks on the class D and
sub-investment grade notes to Stable from Negative reflects the
default rate cushion in the sensitivity analysis ran in light of
the coronavirus pandemic.

Fitch has recently updated its CLO coronavirus stress scenario to
assume half of the corporate exposure on Negative Outlook is
downgraded by one notch instead of 100%. For more details on
Fitch’s pandemic -related stresses see "Fitch Ratings Expects to
Revise Significant Share of CLO Outlooks to Stable."

Portfolio Performance Stabilises

As of the latest investor report dated 5 January 2021, the
transaction was 0.16% above par and all portfolio profile tests,
coverage tests and Fitch collateral quality tests were passing. As
of the same report, the transaction had no defaulted assets.
Exposure to assets with a Fitch-derived rating (FDR) of 'CCC+' and
below was 5.2 % (excluding unrated assets). Assets with an FDR on
Negative Outlook made up 16.66% 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 33.3 (assuming unrated assets are
'CCC') - below the maximum covenant of 34, while the
trustee-reported Fitch WARF was 33.03.

High Recovery Expectations

Senior secured obligations make up 97.8% 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 21% of the portfolio
balance with no obligor accounting for more than 2.6%. Around
32.46% 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 for assets that
are on Negative Outlook. In this case the model-implied rating for
the class D notes would be one notch below their current rating.

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

Invesco Euro CLO III 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.


SHAMROCK RESIDENTIAL 2021-1: S&P Assigns B- Rating on G Notes
-------------------------------------------------------------
S&P Global Ratings assigned credit ratings to Shamrock Residential
2021-1 DAC's class A to G-Dfrd Irish RMBS notes. At closing, the
transaction also issued unrated class RFN, Z1, Z2, and X notes.

Shamrock Residential 2021-1 is a static RMBS transaction that
securitizes a portfolio of EUR421.1 million loans (excluding EUR4.7
million of loans subject to potential future write-off), which
consist of owner-occupied and buy-to-let primarily reperforming
mortgage loans.

The securitization comprises two purchased portfolios, Monaco and
Nore, which aggregate assets from seven Irish originators. The
loans in the Monaco subpool were originated by Permanent TSB PLC,
Bank of Scotland (Ireland) Ltd., Start Mortgages DAC, and NUA
Mortgages Ltd., and the loans in the Nore subpool were originated
by Ulster Bank Ireland DAC, Danske Bank A/S, and Stepstone
Mortgages Funding DAC.

S&P's rating on the class A notes addresses the timely payment of
interest and the ultimate payment of principal. Its ratings on the
class B to G-Dfrd notes address the ultimate payment of interest
and principal. The timely payment of interest on the class A notes
is supported by the liquidity reserve fund, which was fully funded
at closing to its required level of 2.0% of the class A notes'
balance. Furthermore, the transaction benefits from regular
transfers of principal funds to the revenue item (yield
supplemental-overcollateralization release) and the ability to use
principal to cover certain senior items.

Start Mortgages DAC and Pepper Finance Corp. (Ireland) DAC, the
administrators, are responsible for the day-to-day servicing. In
addition, the issuer administration consultant, Hudson Advisors
Ireland DAC, helps devise the mandate for special servicing, which
is being implemented by Start.

There are no rating constraints in the transaction under S&P's
structured finance sovereign risk criteria our counterparty risk
criteria.

At closing, the issuer used the issuance proceeds to purchase the
beneficial interest in the mortgage loans from the seller. The
issuer grants security over all its assets in favor of the security
trustee. S&P considers the issuer to be bankruptcy remote under our
legal criteria.

Under S&P's operational risk criteria, it has considered the
administrators and issuer administration consultant as performance
key transaction parties. There are no constrains arising from its
operational analysis.

The documented replacement triggers and collateral posting
framework under the cap agreement support a maximum rating of 'AAA'
under ourits counterparty risk criteria.

  Ratings Assigned

  Class     Rating      Amount
                      (mil. EUR)
  -----     ------    ----------
  A         AAA (sf)    290.00
  B-Dfrd    AA (sf)  29.90
  C-Dfrd    A (sf)       24.50
  D-Dfrd    BBB (sf)     17.20
  E-Dfrd    BB (sf)      13.10
  F-Dfrd    B (sf)        5.70
  G-Dfrd    B- (sf)      10.40
  RFN       NR            8.20
  Z1-Dfrd   NR            4.90
  Z2-Dfrd   NR           13.10
  X         NR            2.00

  NR--Not rated.


TIKEHAU CLO IV: Fitch Affirms B- Rating on Class F Notes
--------------------------------------------------------
Fitch Ratings has affirmed Tikehau CLO IV DAC and revised the
Outlook on the class D, E and F notes to Stable from Negative.

      DEBT                 RATING           PRIOR
      ----                 ------           -----
Tikehau CLO IV DAC

A-1 XS1850277838     LT  AAAsf  Affirmed    AAAsf
A-2 XS1857740077     LT  AAAsf  Affirmed    AAAsf
B-1 XS1850278133     LT  AAsf   Affirmed    AAsf
B-2 XS1850278992     LT  AAsf   Affirmed    AAsf
B-3 XS1857740408     LT  AAsf   Affirmed    AAsf
C-1 XS1850279610     LT  Asf    Affirmed    Asf
C-2 XS1857740820     LT  Asf    Affirmed    Asf
D XS1857935164       LT  BBBsf  Affirmed    BBBsf
E XS1850280204       LT  BBsf   Affirmed    BBsf
F XS1850280469       LT  B-sf   Affirmed    B-sf

TRANSACTION SUMMARY

The transaction is a cash flow CLO, mostly comprising senior
secured obligations. It is within the reinvestment period and is
actively managed Tikehau Capital Europe Limited.

KEY RATING DRIVERS

Asset Performance Stable

Asset performance has been stable since the last review. As per the
trustee report dated 05 January 2021, the deal is below target par
by 37bp and all coverage tests, portfolio profile tests and Fitch
related collateral quality tests are passing, except for the Fitch
weighted average rating factor (WARF) test, which is failing
marginally. Exposure to assets with a Fitch-derived rating of
'CCC+' and below as calculated by Fitch as of 30 January 2021 is
5.89% (or 6.14% including the unrated names, which Fitch treats as
'CCC' per its methodology, while the manager can classify as 'B-'
for up to 10% of the portfolio), compared with the 7.5% limit.
There is no exposure to defaulted assets.

Resilience to Coronavirus Stress

The affirmations reflect the broadly stable portfolio credit
quality since the last review. The Stable Outlooks on the
investment grade notes, and the revision of the Outlook on the
class D, E and F notes to Stable from Negative reflect the default
rate cushion in the sensitivity analysis Fitch ran in light of the
coronavirus pandemic. Fitch recently updated its CLO coronavirus
stress scenario to assume half of the corporate exposure on
Negative Outlook is downgraded by one notch instead of 100%. For
more details on Fitch’s pandemic -related stresses see "Fitch
Ratings Expects to Revise Significant Share of CLO Outlooks to
Stable.

'B'/'B-'Portfolio:

Fitch assesses the average credit quality of the obligors to be in
the 'B'/'B-' category. As at 30 January 2021, the Fitch-calculated
WARF of the portfolio is 35.05, slightly higher than the trustee
reported WARF at 34.65.

High Recovery Expectations:

Senior secured obligations make up 98.25% of the portfolio. Fitch
views the recovery prospects for these assets as more favourable
than for second-lien, unsecured and mezzanine assets. As per the
latest trustee report, the Fitch weighted average recovery rate
(WARR) of the portfolio is 64.3%.

Portfolio Well Diversified

The portfolio is well diversified across obligors, countries and
industries. The top 10 obligor concentration is no more than 15%,
and no obligor represents more than 1.9% of the portfolio balance.
The top-Fitch industry and top three Fitch industry concentrations
are also within the defined limits of 17.5% and 40%, respectively.

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
    mexpectation 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 Senistivity

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 potential severe downside
stress incorporates the following stresses: applying a notch
downgrade to all the corporate exposure on Negative Outlook
(representing 28.5% of the portfolio). This scenario does not
result in downgrades across the capital structure.

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

Tikehau CLO IV 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.


[*] IRELAND: To Launch New Financial Support Scheme for Companies
-----------------------------------------------------------------
Ciaran Hancock at The Irish Times reports that the Irish government
plans to launch a new financial support scheme for businesses that
have seen their revenues devastated by Covid-19 lockdown
restrictions but don't qualify for the Covid Restrictions Support
Scheme (CRSS).

The CRSS is available to businesses that were required to prohibit
or considerably restrict customers from accessing their business
premises as part of Covid-19 restrictions, The Irish Times
discloses.

According to The Irish Times, additional funding of EUR10 million
has also been approved for IDA Ireland, which will be used for its
Covid Life Sciences Products Scheme, launched last year to support
the production of medicines and medical equipment in Ireland.

Speaking to The Irish Times, Tanaiste and Minister for Enterprise,
Trade and Employment Leo Varadkar also confirmed that the
Government plans to extend the CRSS, Employment Wage Subsidy Scheme
(EWSS) and the commercial rates waiver beyond the end of the first
quarter of this year to continue to support companies impacted by
Covid restrictions, The Irish Times relates.

Mr. Varadkar, as cited by The Irish Times, said it would operate as
a grant rather than a tax credit, as applies to the CRSS scheme.
The cost to the exchequer has not yet been fully quantified.

The credit available under the CRSS scheme is equal to 10% of the
average weekly turnover of a business in 2019 up to EUR20,000, plus
5% on turnover exceeding EUR20,000, The Irish Times notes.  It is
subject to a maximum weekly payment of EUR5,000, The Irish Times
states.

The additional funding for the IDA is possible due to a relaxation
of European Union state-aid rules, The Irish Times says.  The
Covid-related scheme allows for grant aid of up to 50% of eligible
capital investment, according to The Irish Times.

Some EUR20 million had been allocated to the IDA scheme by the end
of January, with just under EUR7 million approved in funding, The
Irish Times notes.




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

GOLDEN BAR: Moody's Upgrades Class D-2016-1 Notes From B2
---------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 4 notes in
two consumer CDQ transactions. The rating action reflects the
increased levels of credit enhancement for the affected notes in
both transactions, as well as the end of the revolving period and
the associated end of uncertainty regarding the evolution of
insurance company exposures in Golden Bar (Securitisation) S.r.l.
Series 2016-1. Moody's affirmed the ratings of the notes that had
sufficient credit enhancement to maintain the current rating on the
affected notes.

Issuer: Golden Bar (Securitisation) S.r.l. Series 2016-1

EUR902.0M Class A-2016-1 Notes, Affirmed A1 (sf); previously on
Jul 27, 2017 Upgraded to A1 (sf)

EUR27.5M Class B-2016-1 Notes, Upgraded to A3 (sf); previously on
Aug 2, 2016 Assigned Baa3 (sf)

EUR38.5M Class C-2016-1 Notes, Upgraded to Baa1 (sf); previously
on Aug 2, 2016 Assigned Ba3 (sf)

EUR55.0M Class D-2016-1 Notes, Upgraded to Baa3 (sf); previously
on Aug 2, 2016 Assigned B2 (sf)

Issuer: Quinto Sistema Sec. 2017 S.r.l.

EUR190.82M Class A Notes, Affirmed Aa3 (sf); previously on Oct 25,
2018 Downgraded to Aa3 (sf)

EUR22.72M Class B1 Notes, Upgraded to Baa1 (sf); previously on Oct
25, 2018 Downgraded to Ba1 (sf)

Maximum achievable rating is Aa3 (sf) for structured finance
transactions in Italy, driven by the corresponding local currency
country ceiling of the country.

Golden Bar (Securitisation) S.r.l. Series 2016-1 ("GB 2016-1") is a
cash securitisation of Cessione del Quinto ("CDQ") and Delegazione
di Pagamento ("DP") loans extended by Santander Consumer Bank S.p.A
to borrowers resident in Italy. The transaction featured a
four-year revolving period, which expired in October 2020. The
transaction is now static.

Quinto Sistema Sec. 2017 S.r.l. ("QS 2017") is a cash
securitisation of CDQ and DP loans extended by multiple lenders to
obligors located in Italy and subsequently sold to Banca Sistema
S.p.A.. The transaction was revolving/ramping up until February
2019, since which point it became static.

RATINGS RATIONALE

The rating action is prompted by an increase in credit enhancement
for the affected tranches as well as by the end of revolving period
in GB 2016-1.

Increase in Available Credit Enhancement

Sequential amortization led to the increase in the credit
enhancement available in these transactions.

In GB 2016-1 the credit enhancement supporting tranches B, C and D
increased to 23.2%, 18.6% and 11.9% from 18.0%, 14.5%, 9.5%
respectively at closing.

In QS 2017 the credit enhancement supporting tranche B1 increased
to 9.3% from 7.6% at the time of initial rating assignment.

End of revolving period in GB 2016-1

With the end of revolving period uncertainty regarding the
composition of the portfolio has diminished. In particular
uncertainty regarding the breakdown of insurance companies and
potential high exposure to the weakest one is no longer an element
of concern, given the current static nature of the insurance
exposures. Also the borrower composition is now static, resulting
in lower likelihood of pool deterioration.

Furthermore, before the revolving period ended, the transaction
accumulated relatively large amount of cash which was not used to
replenish the collateral pool of loans but was rather kept on an
account and available at any point to acquire new assets. With the
end of revolving period and release of retained cash, the credit
enhancement increased quickly.

Counterparty Exposure

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

In GB 2016-1 cash proceeds may be invested in eligible investments
rated at least Baa3. The ratings of the class A and B notes are
constrained by risk from eligible investments.

The coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to
disrupt economies and credit markets across sectors and regions.
Moody's analysis has considered the effect on the performance of
consumer assets from the current weak Italian 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.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in July
2020.

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

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

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




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

AI CONVOY: Fitch Affirms 'B' Issuer Default Rating, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed AI Convoy (Luxembourg) S.a.r.l.'s Issuer
Default Rating (IDR) at 'B' with a Stable Outlook. Fitch has also
affirmed the senior secured rating on the company's USD2.2 billion
first-lien senior secured debt at 'B+'/'RR3'.

The ratings reflect the company's moderate business profile,
characterised by good product, customer and geographical
diversification, a long history of development of high-tech
products for the aerospace and defence industry as well as exposure
to end-markets with good underlying demand dynamics. These factors
are somewhat offset by the company's modest scale and limited
position on key programmes as a tier 2/3 supplier.

Fitch forecasts the company's leverage to remain relatively high,
which is a rating constraint. This is mitigated by the strong cash
generation, both on a funds from operations (FFO) and free cash
flow (FCF) basis and underpins the group's debt repayment
capacity.

Fitch expects to review the senior secured rating following the
closing of the Mission Systems division sale with a re-assessment
of the going concern enterprise value of the remaining group assets
as well as the recovery rating based on the amount of the existing
Convoy debt being repaid from the sale proceeds.

The Stable Outlook on the IDR could be revised depending on the
group's cash deployment strategy in 2021. Fitch believes that there
is a likelihood that Convoy's capital structure will permanently
strengthen following the announced disposal of the Mission Systems
division to Eaton Corporation (BBB+/Negative) for around USD2.8
billion. Fitch anticipates that at least a portion of the cash
proceeds from the disposal, expected to be received around
mid-2021, will be used to repay some of the company's debt,
improving leverage. Rating action will be dependent on the amount
of the debt repayment, as well as the overall cash deployment
strategy of the company and its owners.

KEY RATING DRIVERS

Mission Systems Sale Could Be Positive: The USD2.8 billion sale of
the Mission Systems division, expected to close in mid-2021, is
broadly positive for the company's credit profile, given the high
purchase multiple and depending on the amount of the sale proceeds
being applied towards debt repayment. The company will lose certain
key technologies such as air-to-air refuelling systems and
diversification benefits that the division provided, but the
potential strengthening of the capital structure will likely more
than offset the loss of the division's strong underlying
profitability

Cash Deployment Key for Rating: Following the sale of certain
non-core assets in 2020 and now the Mission Systems division,
Convoy is likely to have achieved disposal proceeds of close to
USD4 billion. Fitch expects that at least some of these funds will
be utilised for debt repayment, and depending on the amount, this
could lead to an upgrade. For example, a USD1 billion reduction in
debt by end-2021 would see Fitch-calculated gross leverage improve
to around 5x, which is the current upgrade sensitivity.

Debt reduction will be one of the key items for Fitch, although in
assessing the final rating impact Fitch will also monitor
management's overall cash deployment strategy, including
shareholder returns and M&A.

Divestments Improve Business Profile: Following its acquisition by
Advent, Convoy divested four out of 10 of its sub-segments in 2020.
This has resulted in the decline of overall revenue and EBITDA, but
Fitch views the divestments as positive for the business profile,
as the majority of the sold sub-segments were in the volatile
commercial aerospace segment or have relatively low margins.

Resilient During Pandemic: Convoy has proved resilient during the
Covid-19 pandemic, with revenue declines in only two of its
sub-segments and overall margins improving. This is due to the fact
that the company is mostly focused on the defence sector rather
than commercial aerospace, with the former proving more resilient
to pandemic related shocks.

Modest Size and Strategic Position: Convoy has a moderate strategic
position in the sector due to it being a mid-sized tier 2/3
supplier with a relatively low kit value on most programmes it
participates in. Typically, Convoy's contracts are fixed price with
limited input into the broader structure of a programme (pricing,
timing, development work). Offsetting this are the company's
positions in large key programmes and the high-tech nature of its
products and services, which serve as barriers to entry, especially
in the short term.

Diversified Programme Participation: Convoy benefits from good
revenue diversification between defence and commercial activities
and a broad geographical split. The company demonstrates
well-diversified platform participation across various defence and
commercial segments, some of which are high profile and key to the
industry. Customer diversification is also strong.

US Defence Spending Outlook Broadly Favourable: A modest slowdown
in defence spending under the new administration, due to the
potential for budget cuts to help offset stimulus spending after
the pandemic, would not materially affect defence contractors' cash
flows, given the prioritisation of national security and the
government's goal of maintaining global leadership in defence
capabilities. There has generally been bipartisan support for
homeland security and national defence. Therefore, defence
contractors exposed to the US are relatively immune to changes in
government leadership and modest slowdowns in spending.

Acquisition spending on research, development, testing and
evaluation and procurement, the two main defence spending areas
that flow through to defence contractors, is likely to remain
stable.

DERIVATION SUMMARY

Convoy displays a cash flow profile similar to other industrial
technology companies such as The NORDAM Group LLC (B/Negative),
Sensata Technologies or aerospace and defence contractors such as
MTU Aero Engines (BBB/Negative) with high double-digit EBITDA
margins and positive FCF. A key differentiating rating factor is
leverage, lower at MTU than Convoy, which is the main reason for
the difference in the ratings. The business profiles of these names
are varied and do not serve as key rating differentiating issues;
but are often characterised by the same positive factors such as
good positions in niche markets, strong relationships with
customers and moderate diversification.

KEY ASSUMPTIONS

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

-- Revenue of the continuing operations to grow at modest 3-4%
    per year in 2021-2024, mostly in line with the sector growth

-- EBITDA margin between 22-23% over the rating horizon

-- No M&A activity or dividend payments over the rating horizon

-- No further divestments except the announced ones

-- Capex expenditure at around 4% annually

-- No early debt repayment

-- A capital structure after the sale of the Missions Systems
    division commensurate with the current ratings

Key recovery rating assumptions:

-- The recovery analysis assumes a going concern scenario

-- A 10% administrative claim

-- The going concern approach estimate of USD1.44 billion
    reflects Fitch's view of the value of the company that can be
    realised in a reorganisation and distributed to creditors

-- These assumptions result in a recovery rate for the
    prospective bond within the 'RR3' range to generate a one
    notch uplift to the debt rating from the IDR.

RATING SENSITIVITIES

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

-- Improvement in the business profile such as a more prominent
    participation in key programmes

-- FFO gross leverage sustainably below 5x

-- FCF margin above 5%

-- FFO fixed charge cover above 3x

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

-- Further material cost overruns on key programmes

-- FFO gross leverage above 6x beyond 2020

-- FFO margin below 10%

-- FFO Fixed charge cover below 2x

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

Strong Liquidity: AI Convoy has refinanced all of the debt with
long-term secured loans. Fitch views the company's liquidity as
strong, as the cash reserves and high FCF generation would be more
than sufficient to cover any short-term working capital needs. At
end-3Q20, the company had USD485 million of reported cash on its
balance sheet, with the USD350 million revolving credit facility
drawn to USD195 million. The company is expected to receive a
substantial cash boost of over USD800 million in 1Q21 from the sale
of the aero connectivity business followed by the proceeds from the
Mission Systems disposals in-mid 2021.

SUMMARY OF FINANCIAL ADJUSTMENTS

2% of year-end reported cash is treated as non-available for
intra-year working capital and operational needs

ESG CONSIDERATIONS

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




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

CAIRN CLO VII: Fitch Affirms B- Rating on Class F Notes
-------------------------------------------------------
Fitch Ratings has affirmed Cairn CLO VII BV and revised the Outlook
on the class E and F notes to Stable from Negative.

      DEBT                  RATING           PRIOR
      ----                  ------           -----
Cairn CLO VII B.V.

A-1R XS2066880928     LT  AAAsf  Affirmed    AAAsf
A-2 XS1538266682      LT  AAAsf  Affirmed    AAAsf
B XS1538266849        LT  AAsf   Affirmed    AAsf
C-R XS2066883195      LT  Asf    Affirmed    Asf
D XS1538267490        LT  BBBsf  Affirmed    BBBsf
E XS1538267227        LT  BBsf   Affirmed    BBsf
F XS1538268381        LT  B-sf   Affirmed    B-sf

TRANSACTION SUMMARY

Cairn CLO VII BV is a cash flow CLO comprising senior secured
obligations. The transaction is out of its reinvestment period and
is managed by Cairn Loan Investments LLP.

KEY RATING DRIVERS

End of Reinvestment Period: The transaction's reinvestment period
finished on 31 January 2021. It has not yet de-levered.

Asset Performance Stable, Below Par: The transaction was below par
by 1.62% as of the investor report on 19 January 2021. All
portfolio profile tests, collateral quality tests and coverage
tests were passing, except the Fitch weighted average rating factor
(WARF) test. Exposure to assets with a Fitch-derived rating (FDR)
of 'CCC+' and below was 5.81% (excluding non-rated assets).

Stable Outlooks Based on Coronavirus Stress: The revision of the
Outlooks on the class E and F notes to Stable from Negative is a
result of a sensitivity analysis Fitch ran in light of the
coronavirus pandemic. Fitch recently updated its CLO coronavirus
stress scenario to assume half of the corporate exposure on
Negative Outlook (25.69% of the portfolio) was downgraded by one
notch, instead of 100%. All notes have a positive cushion under
this cash flow model run. For more details on Fitch’s
pandemic-related stresses see "Fitch Ratings Expects to Revise
Significant Share of CLO Outlooks to Stable."

'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 the agency at 34.23 (assuming unrated
assets are 'CCC') and calculated by the trustee at 34.12 for the
current portfolio are above the maximum covenant of 33.50. The
Fitch WARF increases by 2.43 after applying the coronavirus
stress.

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

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration is 14.98%, and no obligor represents more than 1.95%
of the portfolio balance.

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

The model-implied ratings for the class B, C-R, and D notes are one
notch above the current ratings. However, Fitch has deviated from
the model-implied ratings as these tranches have not yet begun to
de-lever and they show either tight cushion or shortfalls in the
baseline coronavirus stress scenario at the model-implied ratings.

RATING SENSITIVITIES

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

-- A reduction of the default rate (RDR) at all rating levels by
    25% of the mean RDR and an increase in the recovery rate (RRR)
    by 25% at all rating levels would result in an upgrade of up
    to four notches depending on the notes. Except for the class A
    notes, which are already at the highest 'AAAsf' rating,
    upgrades may occur in case of better than expected portfolio
    credit quality and deal performance, leading to higher credit
    enhancement and excess spread available to cover for losses on
    the remaining portfolio. If the asset prepayment is faster
    than expected and outweighs the negative pressure of the
    portfolio migration, this could increase credit enhancement
    and put upgrade pressure on the non-'AAAsf' rated notes.

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

-- An increase of the RDR at all rating levels by 25% of the mean
    RDR and a decrease of the RRR by 25% at all rating levels will
    result in downgrades of no more than four notches depending on
    the notes. 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 level of default and portfolio
    deterioration. As the disruptions to supply and demand due to
    Covid-19 become apparent for other vulnerable sectors, loan
    ratings in those sectors would also come under pressure. Fitch
    will update the sensitivity scenarios in line with the view of
    its Leveraged Finance team.

Coronavirus Potential Severe Downside Stress 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 potential severe downside
stress incorporates the following stresses: applying a notch
downgrade to all the corporate exposure on Negative Outlook. This
scenario results in one-notch lower rating for the class E notes.

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

Cairn CLO VII B.V.

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

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

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

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


DOMI 2019-1: S&P Raises Class X Notes Rating to 'BB+'
-----------------------------------------------------
S&P Global Ratings raised its credit ratings on Domi 2019-1 B.V.'s
class D-Dfrd and X-Dfrd notes to 'AA- (sf)' and 'BB+ (sf)' from 'A+
(sf)' and 'B+ (sf)', respectively. At the same time, S&P affirmed
its 'AAA (sf)', 'AA+ (sf)', 'AA (sf)', and 'BBB (sf)' ratings on
the class A, B-Dfrd, C-Dfrd, and E-Dfrd notes, respectively.

S&P said, "During our review of Domi 2019-1, we identified an error
in our previous full analysis. On Jan. 17, 2020, we raised the
rating on the class E notes to 'BBB (sf)'. However, the analysis at
the time indicated that the class E notes had sufficient credit
enhancement to withstand our credit and cash flow stresses only at
a 'BBB-' level. Given the increase in credit enhancement and stable
collateral performance since Jan. 17, 2020, our current credit and
cash flow analysis indicates that the rating on the class E notes
is now commensurate with the currently assigned rating of 'BBB
(sf)'.

"In this transaction, our ratings address timely receipt of
interest and ultimate repayment of principal for the class A notes,
and ultimate receipt of interest and repayment of principal for all
the other classes of notes.

"The rating actions follow our full analysis of the most recent
information that we have received and reflect the transaction's
current structural features. Our review reflects the application of
our relevant criteria.

"In our opinion, the performance of the loans in the collateral
pool has been strong since closing. Despite the impact of the
COVID-19 pandemic on the Dutch economy, there are no arrears in the
transaction, compared to 0.5% at closing. There are currently no
payment holidays reported by the servicer.

"The overall effect in our updated credit analysis results in a
decrease in the 'AAA' weighted-average foreclosure frequency
(WAFF). On May 1, 2020, we revised our mortgage market outlook for
the Netherlands due to the updated macroeconomic expectations. We
therefore increased our base foreclosure frequencies in our
analysis at the 'B' to 'AA+' ratings and this, along with our
overall originator adjustment, is driving the slight increased WAFF
for these rating categories. Our weighted-average loss severity
(WALS) assumptions have decreased at all rating levels because of
higher property prices in the Netherlands, which triggered a lower
weighted-average current loan-to-value (LTV) ratio."

  WAFF And WALS Levels

  Rating level   WAFF (%)   WALS (%)
   AAA           19.09      30.03
   AA            12.95      23.88
   A              9.70      13.07
   BBB            6.82       7.73
   BB             3.57       4.69
   B              2.84       2.65

  WAFF--Weighted-average foreclosure frequency.
  WALS--Weighted-average loss severity.

Credit enhancement levels have increased for all rated classes of
notes since closing.

  Credit Enhancement Levels

  Class    CE (%)   CE as at last review(%)
  A         18.9     15.23
  B-Dfrd    11.72     9.45
  C-Dfrd     7.16     5.78
  D-Dfrd     4.56     3.68
  E-Dfrd     1.95     1.58
  X-Dfrd      N/A      N/A

  CE--Credit enhancement.
  N/A--Not applicable.

The transaction features a reserve fund, which is available to
cover shortfalls in senior fees and the interest on the class A to
E-Dfrd notes. It does not provide enhancement because it is not
available immediately to cover losses.

S&P's conclusion on operational, legal, and counterparty risk
analysis remains unchanged since closing.

S&P said, "Our credit and cash flow analysis indicate that the
available credit enhancement for the class A and E-Dfrd notes is
commensurate with the currently assigned ratings. We have therefore
affirmed our 'AAA (sf)' and 'BBB (sf)' rating on these notes. The
available credit enhancement on the class B-Dfrd notes is
commensurate with a higher rating than currently assigned. However,
deferred ratings, i.e. ratings addressing the ultimate repayment of
interest and principal, are not commensurate with our definition of
'AAA (sf)' ratings. We have therefore affirmed our 'AA+ (sf)'
rating on the class B-Dfrd notes.

"Our analysis also indicates that the available credit enhancement
for the class C-Dfrd and D-Dfrd notes is commensurate with higher
ratings than those currently assigned. However, given their
position in a fully sequential capital structure and the relatively
low seasoning of the loan collateral, we have limited the upgrade
of the D-Dfrd notes to one notch and affirmed the C-Dfrd notes.

"We have upgraded the class X-Dfrd notes due to their partial
paydown (the note factor is now 66%) given the presence of positive
excess spread in the transaction. These notes achieve a higher
rating in our standard cash flow analysis than that currently
assigned, but our analysis shows they remain more vulnerable than
the collateral-backed notes to increased levels of prepayment,
which might occur due to presence of fixed reset loans. We have
therefore limited the upgrade to 'BB+ (sf)'."

Domi 2019-1 is a Dutch RMBS transaction, which closed in May 2019
and securitizes a pool of buy-to-let loans secured on first-ranking
mortgages in the Netherlands.


DRYDEN 32 EURO: Fitch Affirms B- Rating on Class F-R Notes
----------------------------------------------------------
Fitch Ratings has affirmed Dryden 32 Euro CLO 2014 B.V. and revised
the Outlook on the class D, E and F to Stable from Negative.

       DEBT                  RATING            PRIOR
       ----                  ------            -----
Dryden 32 Euro CLO 2014 B.V.

A-1-R XS1864488553     LT  AAAsf  Affirmed     AAAsf
A-2-R XS1864488801     LT  AAAsf  Affirmed     AAAsf
B-1-R XS1864489106     LT  AAsf   Affirmed     AAsf
B-2-R XS1864489445     LT  AAsf   Affirmed     AAsf
C-1-R XS1864489874     LT  Asf    Affirmed     Asf
C-2-R XS1864913196     LT  Asf    Affirmed     Asf
D-1-R XS1864490294     LT  BBBsf  Affirmed     BBBsf
D-2-R XS1864913519     LT  BBBsf  Affirmed     BBBsf
E-R XS1864490534       LT  BB-sf  Affirmed     BB-sf
F-R XS1864490617       LT  B-sf   Affirmed     B-sf

TRANSACTION SUMMARY

Dryden 32 Euro CLO 2014 B.V. is a cash flow CLO mostly comprising
senior secured obligations. The transaction is within its
reinvestment period and is actively managed by its collateral
manager.

KEY RATING DRIVERS

Stable Asset Performance:

The transaction is slightly above par by 107bp as of the latest
investor report available. As per the report, Fitch weighted
average rating factor test, senior secured obligation test and
Fitch 'CCC' tests are failing. Other than these all other portfolio
profile tests, coverage tests and collateral quality tests are
passing. As per 30 January, exposure to assets with a Fitch-derived
rating of 'CCC+' and below is 12.20% (excluding the unrated assets)
and 13.84% (including the unrated assets) above the limit of
7.50%.

Resilience to Coronavirus Stress:

The affirmations reflect a broadly stable portfolio credit quality
since July 2020. The Stable Outlook of all senior notes, and the
Outlook revision of the class D, E and F notes to Stable from
Negative reflect the default rate cushion in the sensitivity
analysis ran in light of the coronavirus pandemic. Fitch has
recently updated its CLO coronavirus stress scenario to assume half
of the corporate exposure on Negative Outlook is downgraded by one
notch instead of 100%.

'B'/'B-' Portfolio:

Fitch assesses the average credit quality of the obligors to be in
the 'B'/'B-' category. As at 30 January 2021, the Fitch-calculated
WARF of the portfolio was 36.43, slightly lower than the
trustee-reported WARF of 31 December 2020 of 35.67, owing to rating
migration and considering unrated assets as 'CCC'.

High Recovery Expectations:

Of the portfolio, 91.41% comprises senior secured obligations.
Fitch views the recovery prospects for these assets as more
favourable than for second-lien, unsecured and mezzanine assets.
The Fitch weighted average recovery rate (WARR) of the current
portfolio is 63.1% as per the report.

Portfolio Well Diversified:

The portfolio is well diversified across obligors, countries and
industries. The top 10 obligors' concentration is 21.45% and no
obligor represents more than 3% of the portfolio balance. As per
Fitch's calculation the largest industry is business services at
12.74% of the portfolio balance, against limits 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 Potential Severe Downside Stress 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 potential severe downside
stress incorporates the following stresses: applying a notch
downgrade to all the corporate exposure on Negative Outlook. This
scenario shows resilience of the current ratings of all the classes
except for the class F notes, which show a small shortfall.

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

Dryden 32 Euro CLO 2014 B.V.

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

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

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

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


DRYDEN 59 EURO: Fitch Affirms B- Rating on Class F Debt
-------------------------------------------------------
Fitch Ratings has affirmed Dryden 59 Euro CLO 2017 B.V. and Dryden
69 Euro CLO 2018 B.V.'s and revised the Outlooks on the junior
tranches to Stable from Negative.

    DEBT                   RATING          PRIOR
    ----                   ------          -----
Dryden 59 Euro CLO 2017 B.V.

A XS1770930177      LT  AAAsf  Affirmed    AAAsf
B XS1770930680      LT  AAsf   Affirmed    AAsf
C XS1770931068      LT  Asf    Affirmed    Asf
D XS1770931225      LT  BBB-sf Affirmed    BBB-sf
E XS1770931571      LT  BB-sf  Affirmed    BB-sf
F XS1770931654      LT  B-sf   Affirmed    B-sf

Dryden 69 Euro CLO 2018 B.V.

A-1 XS1984216009    LT  AAAsf  Affirmed    AAAsf
A-2 XS1984217072    LT  AAAsf  Affirmed    AAAsf
A-3 XS1984218120    LT  AAAsf  Affirmed    AAAsf
B-1 XS1984218807    LT  AAsf   Affirmed    AAsf
B-2 XS1984219441    LT  AAsf   Affirmed    AAsf
C-1 XS1984220456    LT  Asf    Affirmed    Asf
C-2 XS1984221348    LT  Asf    Affirmed    Asf
D XS1984222155      LT  BBB-sf Affirmed    BBB-sf
E XS1984222585      LT  BB-sf  Affirmed    BB-sf
F XS1984222742      LT  B-sf   Affirmed    B-sf
X XS1984213915      LT  AAAsf  Affirmed    AAAsf

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 PGIM Limited.

KEY RATING DRIVERS

Performance Stable Since Last Review: Dryden 59 was above par by
1.1% as of the latest investor report dated 31 December 2020. All
portfolio profile tests, collateral quality tests and coverage
tests were passing except for the Fitch and another agency's
weighted average rating factor (WARF) test (35.8 versus a limit of
34) and the Fitch and another agency's 'CCC' test (8.85% versus a
limit of 7.5%)

Dryden 69 was above par by 0.5% as of the latest investor report
dated 31 December 2020. All portfolio profile tests, collateral
quality tests and coverage tests were passing except for the Fitch
and another agency's 'CCC' test (8.62% versus a limit of 7.5%), the
senior secured test (95.71% versus a minimum of 96%) and the Fitch
and another agency's WARF test (35.11 versus a limit of 33.5).

Neither CLO has any exposure to defaulted assets.

Resilient to Coronavirus Stress

The affirmations reflect a broadly stable portfolio credit quality
since September 2020. The Stable Outlooks 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.
Fitch has recently updated its CLO coronavirus stress scenario to
assume half of the corporate exposure on Negative Outlook is
downgraded by one notch instead of 100%.

'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 (assuming unrated assets are CCC) and by the trustee for
Dryden 59's current portfolio was36.27 and 35.8, respectively,
above the maximum covenant of 34.00. The Fitch WARF calculated by
Fitch (assuming unrated assets are CCC) and by the trustee for
Dryden 69, was35.63 and 35.11, respectively, above the maximum
covenant of 33.50. The Fitch WARF would increase by 1.8 for both
Dryden 59 and 69, after applying the coronavirus stress.

High Recovery Expectations

Senior secured obligations comprise at least 90% of both
portfolios. Fitch views the recovery prospects for these assets as
more favourable than for second-lien, unsecured and mezzanine
assets. The Fitch weighted average recovery rate of the portfolio
was reported by the trustee at 61.3% for Dryden 59 and 63.5% for
Dryden 69 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 22% in
both CLOs, and no obligor represents more than 3% of the portfolio
balance in either CLO.

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 customized 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' credit
    enhancement 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 Potential Severe Downside Stress 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 potential severe
    downside stress incorporates the following stresses: applying
    a notch downgrade to all the corporate exposure on Negative
    Outlook. This scenario does not result in downgrades across
    the capital structure.

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

Dryden 59 Euro CLO 2017 B.V., Dryden 69 Euro CLO 2018 B.V.

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

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

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

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




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

AKER BP: Moody's Hikes Rating on Unsecured Notes From Ba1
---------------------------------------------------------
Moody's Investors Service has assigned a new long-term issuer
rating of Baa3 to Aker BP ASA. Concurrently, Moody's has upgraded
the senior unsecured notes due 2024, 2025, 2026, 2030 and 2031
ratings of Aker BP to Baa3 from Ba1. The outlook is stable.

RATINGS RATIONALE

Moody's has withdrawn Aker BP's corporate family rating of Ba1 and
probability of default rating of Ba1-PD following its upgrade to
Baa3, as per the rating agency's practice for corporates with
investment grade ratings. The rating action reflects recent
improvements in production profile, cash flow generation, more
prudent financial policy and stronger liquidity position, coupled
with a more supportive regulatory environment, enhancing the credit
profile of Aker BP.

The recent change in financial policy and the new guidance of a
minimum level of dividends of $450 million is more prudent than
previous expectations, allowing the company to allocate its free
cash flow generation to the development of its resources to be
turned in production while keeping its leverage moderate.

The temporary Norwegian petroleum tax regime enacted in June 2020
also supports the significant growth plans of the company, while
allowing it to maintain its leverage moderate and cash flow
generation broadly positive until 2024. The growth plans of the
company are quite ambitious but, if executed fully, will lead to a
significantly more robust production profile well above 350 kboepd
towards the end of the decade.

In 2020, the ramp-up of Johan Sverdrup field led to an increase in
the company's production to 211 kboped (from 156 kboepd in 2019)
and coupled with a decline in operating costs per barrel by a third
to $8.3/boe, allowed the company to have a Moody's adjusted EBITDA
of approximately $2.3 billion, broadly stable compared to 2019,
notwithstanding the low price environment for oil and gas
companies.

In 2021, Moody's expects the production to be slightly higher at
around 215 kboepd and assuming a Brent price of $45/bbl and a unit
operating cost of around $9.0/boe, Moody's estimates that Aker BP
would post Moody's-adjusted EBITDA of around $2.7 billion in 2021.
After capital and exploration expenditure of around $2 billion, and
annual dividends of $450 million, Moody's projects that Aker BP
would have broadly neutral free cash flow (FCF) after dividends in
2021, on an improving trend compared to previous years. Leverage
should remain moderate with Moody's-adjusted total debt to EBITDA
declining to 1.6x in 2021 (v. 1.8x in 2020), while retained cash
flow (RCF) to total debt should benefit from the growth in EBITDA
and low level in dividends and increase to above 50% at year-end
2021.

After 2021, Moody's expects the production to gradually grow
towards 230-240 kboepd and assuming a Brent price of $55/bbl, that
should lead to higher EBITDA and operating cash flow generation,
compared to 2021 levels.

The Baa3 rating continues to reflect Aker BP's solid position as a
mid-sized oil and gas exploration and production (E&P) company on
the Norwegian Continental Shelf (NCS), underpinned by sizeable 2P
reserves of 842 million boe (mmboe) equivalent to 10.9 years of
2020 production based on the mid-point of management's guidance.

LIQUIDITY

Aker BP's liquidity position is robust. At the end of 2020, the
group had $538 million in cash and cash equivalents and the group
had access to a fully undrawn $4 billion revolving credit facility
(RCF). The RCF comprises a $2 billion working capital facility
expiring in May 2022 and a $2 billion liquidity facility expiring
in May 2025 (with one 12-month extension option remaining). The RCF
is subject to a 3.5x net leverage covenant and to a 3.5x interest
coverage, under which the company has substantial capacity that
Moody's expects to be maintained in the future. The next bond
maturity occurs in June 2024 when a $750 million bond falls due.

ESG CONSIDERATIONS

While not driving today's action, environmental considerations are
a material factor in Aker BP's ratings. However, while there are
significant uncertainties relating to the estimated costs for
decommissioning, Moody's does not expect environmental issues
(including decommissioning liabilities) to have a significant
adverse effect on the group's operating and financial performance
in the next few years in the context of its overall cash generating
capacity. Moody's positively notes that Aker BP has low emissions
and it has a target to keep its emissions below 5kg/boe (less than
a third of global average for the industry) from 2020 onwards. This
is driven by the fact Johan Sverdrup field has CO2 emission of
0.67kg/boe, less than 4% of the global average, as it is powered
from shore through hydroelectric power.

RATINGS OUTLOOK

The stable outlook reflects Moody's expectation that Aker BP will
continue to gradually increase its production profile, underpinned
by low cost production and a favourable tax regime supporting the
development of its pipeline of growth projects. This should allow
the group to gradually grow its production profile and operating
cash flow while keeping leverage to moderate levels through the
cycle.

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

While unlikely in the near to medium term, the rating could be
upgraded if Aker BP demonstrates the ability to: (i) materially
enhance the diversification of its production profile; (ii) sustain
production towards 350 kboepd, while maintaining a reserve
replacement rate of no less than 100% ; (iii) pursue financial
policies which ensure that adjusted RCF to total debt is maintained
above 60% on a sustained basis; and (iv) materially strengthen its
FCF generating capacity amid a constant need to access and develop
new hydrocarbon resources. The rating upgrade would also require
the group to maintain a good liquidity profile and continue to
demonstrate strong financial discipline.

The rating could be downgraded to Ba1 if: (i) average production
falls below 200 kboepd on a sustained basis or reserve replacement
falls considerably below 100%; (ii) Aker BP's financial profile
materially deteriorates and net adjusted leverage increased
sustainably above 1.75x or (iii) adjusted RCF to total debt fall
below 40% for an extended period of time. The rating could also be
downgraded should the group's liquidity profile significantly
weaken.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Independent
Exploration and Production Industry published in May 2017.

CORPORATE PROFILE

Aker BP ASA is a Norwegian oil and gas company primarily involved
in the exploration, development and production of petroleum
resources on the Norwegian Continental Shelf. Its production assets
are entirely located in Norway and the company operates around 78%
of its producing fields. In 2020, Aker BP reported an average
production (on a working interest basis) of 210.7 kboepd, revenues
of $2.9 billion and proved plus probable (2P) reserves of 842
million barrels of oil equivalent. Aker BP is owned 40% by Aker
ASA, 30% by BP p.l.c. (A1 negative) and the remaining is free
float.


PGS ASA: S&P Raises LongTerm ICR to 'CCC+', Outlook Negative
------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
seismic group PGS ASA to 'CCC+' from 'SD' (selective default).

The negative outlook indicates that the difficult conditions in the
oil and gas (O&G) industry could translate into weaker results in
2021 and cause the company's liquidity position to deteriorate.

The new capital structure buys PGS more time, but doesn't provide a
solution if the seismic industry doesn't see a material recovery.  
On Feb. 2, 2021, PGS's capital restructuring was approved by the
court--final implementation will follow in February. This
transaction pushed back the company's maturities by two years. The
first payment of $135 million is now due in September 2022. In
addition, the previous financial covenants were relaxed. The
company's reported net debt would remain the same (about $1.1
billion as of Dec. 31, 2020).

As part of the process, the company's revolving credit facility
(RCF) has been converted to a term loan and combined with the
existing term loan, and the company agreed to a cash sweep. This
would accelerate debt payment if the seismic market recovered more
quickly than expected.

S&P said, "Under our base-case scenario, with a reported EBITDA of
$340 million-380 million, we expect S&P Global Ratings-adjusted
debt to EBITDA to be above 6x in 2021. We consider this level to be
unsustainable, especially given that market conditions are volatile
and unpredictable, and the backlog of mostly short-term contracts
gives PGS limited visibility.

"We currently assume that the seismic industry will not see a
substantial recovery until 2022-2023, and that the recovery in 2021
will be subdued.   For almost a year, the oil industry has suffered
from depressed demand and prices and the pandemic has depressed
macroeconomic conditions, making any future improvement difficult
to predict. This will limit PGS's ability to generate substantial
positive cash flows in the coming 12 months, and so address its
high level of outstanding debt. We forecast free cash flow of up to
$50 million for 2021, which would barely touch the company's net
debt position."

PGS could see another default by September 2022, if it doesn't
improve its performance.   By then, sizable maturities will be
looming, even in the improved capital structure. PGS is due to pay
about $163 million in the second half of 2022 and about $375
million in 2023. Doing so will be tough because the industry
activity is depressed by excess supply, which is constraining the
oil majors' appetite for expanding production. Moreover, the
capital market is disinclined to refinance the loans in the current
environment. Low cash flows could result in another distressed
exchange offer in the coming nine to 15 months. Therefore, despite
PGS' lack of immediate liquidity issues, S&P still assesses its
liquidity position as less than adequate.

The negative outlook indicates that PGS could need another
restructuring in the next 18 months, even though the restructuring
has eased short-term liquidity pressures. If depressed O&G industry
conditions weaken results in 2021, it could cause the company's
liquidity position to deteriorate.

Under S&P's base-case scenario, it sees limited potential for the
company to repay a large portion of its debt in 2022. Free cash
flow is forecast at up to $50 million in 2021 and $50 million-$100
million in 2022. Any setback in the recovery of the seismic
services sector in the coming quarter will increase the chance of
another restructuring program at PGS.

A lower rating could be triggered if:

-- Underperformance in 2021 leads to negative free cash flow and
thus a deterioration in the company's liquidity position.

-- PGS has no plausible plan to refinance its debt in 2022.

S&P sees the possibility of revising the outlook to stable as
remote, given the very high leverage and uncertain prospects for
market recovery. A stable outlook would be subject to the company's
ability to refinance its upcoming maturities, and subsequently
reduce its absolute debt level.




===============
S L O V E N I A
===============

HOLDING SLOVENSKE: Moody's Completes Review, Retains Ba1 CFR
------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Holding Slovenske elektrarne d.o.o. and other ratings
that are associated with the same analytical unit. The review was
conducted through a portfolio review discussion held on February 3,
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

Holding Slovenske elektrarne d.o.o.'s (HSE) Ba1 corporate family
rating reflects its dominant market share, being the largest power
producer in Slovenia; the large contribution of its low-carbon
hydropower generation to the group's cash flows; HSE's sustained
deleveraging efforts which are underpinned by moderate capital
spending and dividend restraint of the sole shareholder; and the
company's balanced debt repayment profile as a result of the
refinancing of some of its main bank credit facilities in 2019.

However, HSE's rating is constrained by its lack of scale and
diversification of earnings sources; the variable output from its
hydro plants; adverse market conditions for its lignite-based
generation; and its high, albeit gradually decreasing, leverage.

The Ba1 rating incorporates a three-notch uplift to the baseline
credit assessment of b1, reflecting HSE's 100% ownership by the
Government of Slovenia (A3) and Moody's view of high default
dependence and a high probability of extraordinary support in case
of financial distress.

The principal methodologies used for this review were Unregulated
Utilities and Unregulated Power Companies published in May 2017.




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

NH HOTEL: Moody's Completes Review, Retains B3 CFR
--------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of NH Hotel Group S.A. and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on February 4, 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

NH Hotel's B3 CFR reflects, under more normal operating conditions,
an established European platform focused on midscale, upscale and
upper upscale urban business hotels; lower activity in 2020,
resulting in RevPAR (revenue per available room) decrease of 70% in
Q3 2020 fully driven by decreased occupancy following a 4.9%
increase in 2019. The rating is also underpinned by increase in
debt/EBITDA to 12.0x in Jun-20 LTM from 4.7x in 2019, and decreased
interest coverage to -0.3x for Jun-20 LTM (2.4x in 2019 and 1.8x in
2018), as well as still adequate liquidity.

The rating also incorporates downside risks caused by the
coronavirus outbreak as well as the risks associated with NH
Hotel's initiatives in Latin America. With regards to the
challenging operating environment, the key risks pertain to the
still highly uncertain path of recovery following large-scale
lockdowns in many of NHs core markets. While vaccine development
and deployment is clearly positive, the path to materially
improving operating performance will in our view be difficult as it
will take time until travel patterns normalize.

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




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

VOLKSWAGEN DOGUS: Fitch Affirms 'BB-' LT IDR, Outlook Negative
--------------------------------------------------------------
Fitch Ratings has affirmed Volkswagen Dogus Finansman A.S.'s (VDF)
Long-Term Issuer Default Ratings (IDRs) at 'BB-'. The Outlook is
Negative.

KEY RATING DRIVERS

IDRS, SUPPORT RATINGS AND NATIONAL RATINGS

VDF's ratings are driven by support from its controlling
shareholders - Volkswagen Financial Services AG (VWFS) and
ultimately Volkswagen AG (VW, BBB+/Stable). VDF maintains its
strategic importance for VW group, given its role in facilitating
the group's sales in Turkey.

VDF's Long-Term IDR is capped by Turkey's Country Ceiling of 'BB-'.
The Country Ceiling captures transfer and convertibility risks and
limits the extent to which support from VWFS or VW can be factored
into VDF's Long-Term Foreign-Currency IDR.

VDF is one of Turkey's market leaders among both banks and non-bank
financial institutions in auto financing volumes, with a market
share of around 15% in 2020, focusing almost exclusively on VW
brands. VDF's penetration into VW's sales locally was 28% in 2020.
VDF finances retail customers (individuals and SMEs) and fleet
management companies.

VDF is 51% owned by VW (via VWFS) and 49% by Dogus holding. Dogus
is a large Turkish conglomerate and a sole importer of VW vehicles
in Turkey. VW exercises operational control, but Dogus has
significant involvement in running the companies, including
appointing three out of seven representatives on the supervisory
boards. Dogus is continuing its liability management exercise with
local banks. Fitch expects no material contagion risk for VDF and
therefore no adverse implications for the ratings, as the companies
are run independently without relying on Dogus for funding or
business origination and market participants predominantly
associate them with the VW group.

With respect to its standalone profile, VDF operates with very high
leverage - 27x debt/ tangible equity at end-2020. The statutory
accounts leverage, derived as equity-to-assets, was 5% at end-2020.
Fitch expects VDF's leverage to deteriorate further in 2021 if the
company restarts portfolio expansion or record further losses.
However, Fitch expects the statutory ratio to stay within the
regulatory leverage limit of 3%, which Fitch views as quite loose.

VDF's net interest margin improved to 2.7% in 2020 in light of
cheaper funding and better swap rates from banks, as well as higher
rates on new loans. Combined with moderation of provisioning costs,
this allowed the company to book a net profit in 2020 after two
years of losses.

VDF reported improved asset quality in 2020, with problem loans at
2.7%, helped by non-performing loan sales of TRY110 million at the
end of the year. Loans from 2018 carrying elevated default risk,
are now largely seasoned.

VDF's 'AAA(tur)' National Long-Term Rating reflects Fitch's view
that due to Fitch’s assessment of the available institutional
support from VWFS and VW, the company is among the strongest
credits in Turkey. Fitch does not expect weakening of VDF's
creditworthiness relative to other Turkish issuers, hence the
Stable Outlook.

RATING SENSITIVITIES

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

-- Fitch would revised Outlook on VDF's Long-Term IDRs to Stable
    if the Outlook on the Turkish sovereign IDR was revised to
    Stable.

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

-- VDF's Long-Term IDRs are likely to move in tandem with
    Turkey's Country Ceiling, which is currently in line with
    Turkey's sovereign IDR. The latter has a Negative Outlook.

-- Diminished support from VW, for example, as a result of
    dilution of ownership in the companies, a loss of operational
    control or diminishing of importance of the Turkish market
    could also trigger a downgrade.

BEST/WORST CASE RATING SCENARIO

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Volkswagen AG

Volkswagen Financial Services AG

ESG CONSIDERATIONS

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




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

AMIGO LOANS: Moody's Lowers CFR to Caa1, On Review for Downgrade
----------------------------------------------------------------
Moody's Investors Service has downgraded to Caa1 from B3 the
Corporate Family Rating of Amigo Loans Group Ltd and placed it on
review for further downgrade. At the same time, the rating agency
placed on review for downgrade the B3 backed senior secured rating
of the notes issued by Amigo Luxembourg S.A.

The rating action reflects Moody's view that Amigo is facing
heightened solvency risks following a surge in customer
complaints[1]. Furthermore, it captures the uncertainties regarding
the balance sheet composition, and the magnitude of the economic
value loss in the coming months, as well as the senior secured
bonds' priority ranking security interest.

The outlook on all issuers has been changed to ratings under review
from negative.

RATINGS RATIONALE

DOWNGRADE OF CFR

The downgrade of the CFR to Caa1 from B3 follows elevated risk to
the solvency of Amigo, following the surge of customer complaints.
The company indicated that it might not be able to redress these
complaints fully and could become insolvent, unless its proposed
Scheme of Arrangement (the Scheme) is approved.

Amigo Holdings PLC has recently incorporated a new wholly owned
subsidiary, ALL Scheme Ltd, for the purpose of paying redress to
all current and former customers (both borrowers and guarantors
with a valid claim) in relation to historic loans made by Amigo
before December 21, 2020 ("Redress Creditors") and certain related
liabilities owed to the Financial Ombudsman Service (FOS). These
redress claims are primarily related to affordability but also
include all claims arising out of, or in relation to, those
historic loans. Under the terms of the Scheme, Amigo is proposing a
compensation pool of GBP15 million to GBP35 million, plus a cash
contribution based on 15% of pre-tax profit for the next four
financial years ending March 31, 2025. The court hearing for the
Scheme is on March 30, 2021. If the court approves the setting up
of the Scheme, then the Redress Creditors will be called upon to
vote on it in April followed by the final court hearing to approve
the Scheme later in May. The uncertainties in relation to whether
the court will approve the Scheme and whether sufficient claimants
will subsequently vote in favour of it heighten the risk of Amigo's
insolvency and are reflected by Moody's downgrade of the CFR to
Caa1.

The Caa1 CFR reflects Amigo's good cash reserves replenished by
collections from outstanding loans that enables it to meet its
operational and funding expenses; and its solid Tangible Common
Equity relative to Tangible Managed Assets at 22% as of September
2020 that provides a good loss absorbing cushion. Furthermore, if
there is a favorable outcome in regard to the Scheme in April
followed by a final approval of the court in May, Amigo will have
no refinancing need until 2022 for its securitization facilities
and 2024 for its senior secured notes. Therefore, the company could
gradually resume lending once the regulatory investigations are
completed. The CFR also reflects Moody's expectation that Amigo
will continue to report losses in the next 12-18 months unless
there is significant new lending. Amigo's loan book contracted 30%
year-on-year up to September 2020 and continues to do so given new
lending has ceased.

Moody's believes Amigo's exposure to social risk is very high under
its Environmental Social and Governance (ESG) framework, given
potential implications for vulnerable borrowers and persistent
debtors. This is due to risks arising from the rise in customer
complaints and the FOS' claims in relation to customers'
affordability of additional debt, potential regulatory fines and
related reputational damage, all of which are having a significant
credit impact on the entity and are therefore key drivers of the
rating action.

REVIEW FOR DOWNGRADE OF THE CFR AND THE B3 BACKED SENIOR BOND
RATING

Moody's review for downgrade of the Caa1 CFR reflects the
possibility that the company could become insolvent were the
proposed scheme to not be approved by the court in March or
ultimately by a sufficient number of participating claimants in
April.

The review for downgrade of the B3 rating on the senior secured
notes reflects their position in the company's funding structure,
the notes' terms and the uncertainties regarding the balance sheet
composition and the magnitude of the economic value loss in the
coming months. In Moody's opinion, the notes' priority ranking
security interest provides protection and reduces their expected
loss, thereby underpinning the B3 rating of the notes, one notch
higher than Amigo's CFR.

Moody's said the review will primarily focus on the outcome and the
related financial implications of the upcoming court ruling and the
subsequent Redress Creditors vote on Amigo's proposed Scheme and if
supported at both stages in the process, the strategic steps Amigo
will take soon afterwards, its forecast balance sheet evolution in
the first half of 2021 and any relevant updates from the Financial
Conduct Authority's ongoing investigation of the company's
affordability assessment processes.

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

Amigo's CFR could be confirmed at current levels if Moody's
concludes that the company will be able to maintain its standalone
financial profile after a favorable court ruling and the Redress
Creditors vote on the Scheme, without any adverse development in
its solvency and liquidity profile and franchise positioning. Amigo
Luxembourg S.A.'s backed senior secured debt ratings could be
confirmed at the current level upon confirmation of Amigo's CFR and
if Moody's believes that there continues to be sufficient
unencumbered assets to continue to meet the claims of the senior
note holders.

Amigo's CFR could be downgraded because of Amigo filing for
insolvency or further weakening in its solvency or liquidity
profile, and/or franchise positioning, governance and risk
management. The senior secured notes may be downgraded if the CFR
is downgraded or there is a material increase in the liabilities
that will rank super senior to or pari-passu with the senior
secured notes that would increase their expected loss. Redemption
of the senior notes at a material discount, were this to occur,
could be viewed as a distressed exchange and result in a multi
notch downgrade.

LIST OF AFFECTED RATINGS

Issuer: Amigo Loans Group Ltd

Downgraded and placed on Review for further Downgrade:

Long-term Corporate Family Rating, downgraded to Caa1 from B3

Outlook Action:

Outlook changed to Rating under Review from Negative

Issuer: Amigo Luxembourg S.A.

Placed on Review for Downgrade:

Backed Senior Secured Regular Bond/Debenture, currently B3

Outlook Action:

Outlook changed to Rating under Review from Negative

PRINCIPAL METHODOLOGY

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


ARCADIA GROUP: Boohoo Acquires Three Brands for GBP25.2 Million
---------------------------------------------------------------
BBC News reports that online fashion retailer Boohoo has bought the
Dorothy Perkins, Wallis and Burton brands from failed retail group
Arcadia for GBP25.2 million.

According to BBC, the deal includes the brands and online
businesses, but not the 214 shops nor 2,450 workers employed in
them.

It completes the sell-off of Sir Philip Green's once mighty Arcadia
group which fell into administration last year, BBC notes.

Administrators Deloitte, which has been conducting the sales, said
around 2,450 staff would lose their jobs as a result of the Dorothy
Perkins, Wallis and Burton sale, and the stores would permanently
close, BBC relates.

Deloitte said staff had been emailed on Feb. 8 and would informed
over the course of the day, BBC relays.

Approximately 260 jobs will be moving with the brands to Boohoo,
mainly head office functions such as brand design, buying and
merchandising, and the digital part of the business, BBC
discloses.

Boohoo, as cited by BBC, said the brands it had bought from Arcadia
had two million active customers last year, and added that the deal
would give it a significant opportunity to boost its share of the
market across a broader group of customers.


BESPOKE HOTELS: Defends Decision to Opt for Insolvency for Hotels
-----------------------------------------------------------------
Boutique Hotelier reports that Bespoke Hotels Group has defended
its decision to resort to beginning insolvency proceedings for four
of its hotels.

According to Boutique Hotelier, staff at The Lyndene and St Chads
in Blackpool, The Townhouse in Manchester and The Duke in Plymouth
were notified on Feb. 3 that they had all been made redundant.

Bespoke Hotels has told Boutique Hotelier that the appointment of
an insolvency practitioner was a last resort, after months of
looking for alternative financial solutions.

"With an ongoing national lockdown that still has no definite end
date along with ongoing overheads we've simply been left with
nowhere else to turn," Boutique Hotelier quotes the group as saying
in a statement.

"Despite exploring all avenues across the course of many months,
the devastating effects of almost a year of enforced closures,
combined with an 80% drop in sales since the pandemic began, has
decimated the hotels' revenues."


FERROGLOBE PLC: Moody's Affirms Caa1 CFR & Lowers PDR to Ca-PD
--------------------------------------------------------------
Moody's Investors Service has downgraded to Ca-PD from Caa1-PD the
probability of default rating of Ferroglobe PLC. Concurrently,
Moody's affirmed the company's Caa1 corporate family rating and the
Caa2 instrument ratings on its guaranteed senior unsecured notes
due March 2022. The outlook on all ratings remains negative.

RATINGS RATIONALE

The downgrade of the PDR to Ca-PD from Caa1-PD follows Ferroglobe's
announcement on February 01, 2021 of a contemplated restructuring
of its capital structure[1], which - if executed as planned - would
be viewed by Moody's as a distressed exchange. Moody's expects to
append the "LD" designation to the PDR at the closing of the
transaction.

The ratings of Ferroglobe's outstanding $350 million senior
unsecured notes due March 2022 have been affirmed at Caa2,
reflecting the expected exchange at par following the proposed
transaction, as well as the subordinated ranking of the notes with
respect to the two asset-based facilities, the $100 million North
American ABL revolver and the EUR60 million non-recourse factoring
program. The notes remain, therefore, rated one notch below the
CFR.

The proposed transaction entails the exchange of the existing
senior unsecured notes at par with new senior secured notes with
maturity in December 2025. Current noteholders shall also receive
3.75% of the equity in Ferroglobe. The transaction also foresees
the issuance of a new $60 million super-senior secured loan
maturing in June 2025 and $40 million of equity increase. After
accounting for transaction-related costs of $26 million,
Ferroglobe's liquidity would improve by $74 million.

Moody's regards the transaction, which would not lead to an
immediate loss for existing bond holders, as a means for the group
to address the refinancing of the upcoming maturities and to avoid
a disorderly default on its current debt structure, which Moody's
still considers unsustainable.

Upon completion of the transaction, Moody's expects to reassess the
rating positioning of Ferroglobe, with an expected strengthened
liquidity and debt maturity profile on the back of the proposed
debt maturity extension and new capital injection.

RATIONALE FOR OUTLOOK

The negative outlook reflects the possibility of a downgrade if the
proposed debt restructuring could not be executed as planned,
resulting in a persistently unsustainable capital structure with
increasing risk of a disorderly default with a potentially lower
recovery for creditors. A stabilization of the outlook would
require an improved liquidity profile and tangible signs of an
improvement of Ferroglobe's operating performance.

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

An upgrade of Ferroglobe's ratings is unlikely pending the
execution of the debt restructuring, upon which Moody's will take
into account the expected strengthening of the group's liquidity
profile, combined with the progress in its operating performance.
An upgrade of the CFR immediately upon execution of the proposed
transaction is also considered unlikely at this stage as the
transaction will not reduce Ferroglobe's debt level. As Moody's has
said previously, it would consider upgrading the ratings over time
if the company were able to improve its operating profitability and
credit metrics with Moody's-adjusted gross debt/EBITDA of less than
6.0x and positive free cash flow (FCF) generation on a sustained
basis.

The ratings could be downgraded should Ferroglobe fail to
strengthen its liquidity situation. Even if Ferroglobe improves its
liquidity, the ratings could be downgraded in case of a protracted
market downturn, preventing any significant recovery in the
company's operating profitability in the next six to 12 months. In
particular, a downgrade could be triggered if its Moody's-adjusted
gross debt/EBITDA remains above 8.0x for a prolonged period.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Manufacturing
Methodology published in March 2020.

COMPANY PROFILE

Headquartered in London, Ferroglobe PLC is a leading producer of
silicon metal and silicon/manganese alloys, with revenue of $1.2
billion in the last twelve months ended September 2020. Ferroglobe,
which is 54% owned by Grupo Villar Mir, S.A.U. (Grupo Villar Mir),
was formed in December 2015 through the combination of the
Europe-based Ferroatlantica, a subsidiary of the Spanish Villar Mir
industrial conglomerate, and the US-based competitor Globe
Specialty Metals Inc. The company is listed on the NASDAQ and had a
market capitalisation of $0.5 billion as of February 01, 2021.


GROSVENOR PLACE 2015-1: Fitch Affirms B- Rating on Cl. E-RR Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed Grosvenor Place CLO 2015-1 B.V. and
revised the Outlooks on the class A-2 and B notes to Positive from
Stable and the Outlooks on the class C to E notes to Stable from
Negative.

     DEBT                 RATING           PRIOR
     ----                 ------           -----
Grosvenor Place CLO 2015-1 B.V.

A-1A-RR 39927WBU0   LT  AAAsf  Affirmed    AAAsf
A-1B-RR 39927WBW6   LT  AAAsf  Affirmed    AAAsf
A-2A-RR 39927WBY2   LT  AAsf   Affirmed    AAsf
A-2B-RR 39927WCA3   LT  AAsf   Affirmed    AAsf
B-RR 39927WCC9      LT  Asf    Affirmed    Asf
C-RR 39927WCE5      LT  BBBsf  Affirmed    BBBsf
D-RR 39927WCG0      LT  BBsf   Affirmed    BBsf
E-RR 39927WCJ4      LT  B-sf   Affirmed    B-sf

TRANSACTION SUMMARY

This is a cash flow CLO mostly comprising senior secured
obligations. The transaction exited its reinvestment period in
April 2020 but the manager can reinvest subject to the reinvestment
criteria after the reinvestment period while the 'CCC' test is
passing.

KEY RATING DRIVERS

Resilient to Coronavirus Stress

The affirmations reflect the largely stable portfolio quality since
Fitch’s review in July 2020. The revision of the Outlook on the
class C to E notes reflects the resilience of the portfolio to the
sensitivity analysis ran in light of the coronavirus pandemic.
Fitch recently updated its CLO coronavirus stress scenario to
assume half of the corporate exposure on Negative Outlook is
downgraded by one notch instead of 100%.

Amortisation Supports Positive Outlook

The small amortisation of class A-1 notes since Fitch’s review in
July 2020 has contributed to slightly higher credit enhancement
across all notes. The portfolio quality has improved recently after
some deterioration in 3Q20, partly a result of the sale of credit
risk assets and the purchase of better-rated assets. However, this
has also contributed to a small decrease in the above par level. In
Fitch's view, the slight amortisation of the portfolio and the
modest cushion based on the stress portfolio does not yet warrant
an upgrade of the class B notes to the model-implied rating of 'A+'
(one notch above its current rating). Nonetheless, Fitch has
revised the Outlooks on the class A-2 and B notes to Positive from
Stable to reflect their upgrade potential should the notes continue
to amortise while the portfolio quality remains stable.

Average Portfolio Quality

The portfolio's weighted average credit quality is 'B'/'B-'. By
Fitch's calculation, the portfolio weighted average rating factor
is 34.9 and would increase by 1.7 points in the coronavirus
sensitivity analysis. Assets with a Fitch-derived rating (FDR) on
Negative Outlook make up 35% of the portfolio balance. Assets with
a FDR in the 'CCC' category or below make up about 7% of the
collateral balance if excluding two unrated assets at 2.75% of the
collateral balance.

The transaction is slightly above par. The Fitch weighted average
rating factor test and the weighted average life test have both
failed. All other tests including the coverage tests are passing.
The manager can still reinvest sales proceeds or prepayments
subject to a maintained/improved basis for both the failed tests.
In addition, the manager is allowed to switch to another passing
matrix point as well. 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.

Around 97% of the portfolio comprises senior secured obligations,
which have more favourable recovery prospects than second-lien,
unsecured and mezzanine assets. Fitch's weighted average recovery
rate of the current portfolio based on the investor report is
64.0%.

RATING SENSITIVITIES

This section provides insight into the model-implied sensitivities
the transaction faces when one assumption is modified, while
holding others equal. The modelling process uses the modification
of these variables to reflect asset performance in up- and down
environments. The results below should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors. It should not be used as an indicator of
possible future performance.

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

-- A reduction of the default rate (RDR) at all rating levels by
    25% of the mean RDR and an increase in the recovery rate (RRR)
    by 25% at all rating levels would result in an upgrade of one
    to four notches across the structure.

-- Except for the class A-1-RR notes, which are already at the
    highest 'AAAsf' rating, upgrades may occur in case of better
    than expected portfolio credit quality and deal performance,
    leading to higher credit enhancement and excess spread
    available to cover for losses on the remaining portfolio. The
    class A-2 and B notes could be upgraded if the notes continue
    to amortise, leading to higher credit enhancement across the
    structure and the portfolio quality remains stable.

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

-- An increase of the RDR at all rating levels by 25% of the mean
    RDR and a decrease of the RRR by 25% at all rating levels will
    result in downgrades of two to five notches depending on the
    notes.

-- While not Fitch's base case scenario, downgrades may occur if
    build-up of the notes' credit enhancement 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 Potential Severe Downside Stress 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 potential severe
    downside stress incorporates the following stresses: applying
    a notch downgrade to all the corporate exposure on Negative
    Outlook. This scenario does not result in downgrades across
    the capital structure.

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

Grosvenor Place CLO 2015-1 B.V.

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.


MOTION MIDCO: Moody's Completes Review, Retains B3 CFR
------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Motion Midco Limited and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on February 4, 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

Motion Midco Limited's (Merlin) B3 CFR with negative outlook
reflects the significant adverse impact from the coronavirus
pandemic on the company's operations due to the government
restrictions as well as customers fears to travel or go out. There
is also a significant degree of uncertainty on the timing of
opening of some of the key attractions in 2021 season as the number
of coronavirus cases remains elevated across many countries.
Moody's expects Merlin's like-for-like revenue and earnings to
remain below the pre-crisis level this year and next although the
company's total EBITDA will be supported by the LEGOLAND New York
opening planned for this year and by the full year contribution
from several Midway attractions that were opened prior to the
pandemic.

More positively, the rating also reflects the company's portfolio
of internationally recognised and diverse brand portfolio and
position of as the second-largest operator of visitor attractions
globally. The company has been maintaining adequate liquidity,
which was supported by GBP430 million of additional the notes
issuance in May last year despite significant disruption of the
financial markets caused by the pandemic and lockdowns.

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

SEADRILL LTD: Files for Bankruptcy Protection for Asian Units
-------------------------------------------------------------
Sebastian Tong and Antonio Vanuzzo at Bloomberg News report that
Seadrill Ltd, the rig operator controlled by billionaire John
Fredriksen, filed for bankruptcy protection for its Asian units
after the economic downturn triggered by the coronavirus pandemic
worsened a crisis in offshore oil drilling.

According to Bloomberg, the company said in a statement early Feb.
8 the filing covers Seadrill GCC Operations, Asia Offshore Drilling
Ltd., Asia Offshore Rig 1 Ltd., Asia Offshore Rig 2 Ltd. and Asia
Offshore Rig 3 Ltd.

On Feb. 3, the company said it obtained a new forbearance agreement
from the majority of its senior secured lenders, which gave it time
until mid-February to come up with a plan to shore up its finances,
Bloomberg relates.  Nine of the group's 12 senior secured credit
facility agreements have now been terminated, Bloomberg discloses.

Seadrill completed an overhaul of its finances in July 2018 but
left bankruptcy protection with bank debt of almost US$6 billion,
Bloomberg recounts.  The drilling market recovered at a slower pace
than the company expected and Seadrill engaged in talks with
creditors again last year, Bloomberg relays.


TULLOW OIL: S&P Puts 'CCC+' LongTerm ICR on Watch Negative
----------------------------------------------------------
S&P Global Ratings placed its 'CCC+' long-term issuer credit rating
on U.K.-based oil and gas exploration and production company Tullow
Oil PLC and its 'CCC+' issue ratings on its debt instruments on
CreditWatch with negative implications.

The CreditWatch negative placement reflects the possibility that
S&P may lower the ratings to 'SD' (selective default) upon
completion of a distressed exchange offer, if Tullow were to engage
in one.

S&P said, "Lower oil production than we expected for 2021 and less
focus on the $1 billion divestment program increase the probability
of a distressed exchange offer later this year.   On Jan. 27, 2021,
Tullow shared an update on its expectations for 2021, and we now
anticipate that the company's results in 2021 will likely be weaker
than our previous forecast. The company expects that oil production
will decline to 60,000-66,000 barrels of oil per day (bopd) in
2021, compared with our previous expectation of 68,000-72,000 bopd
and production of 74,900 bopd in 2020. We estimate that lower
production may lead to Tullow's S&P Global Ratings-adjusted EBITDA
declining to $640 million-$700 million in 2021. This is down by
about $80 million compared with our previous projections, and will
translate into negative free cash flow. Moreover, we do not expect
production to rebound significantly in 2022, and forecast it at
about 65,000 bopd.

"We continue to assume that Tullow will successfully negotiate a
redetermination of its reserve-based lending (RBL) facility.
Tullow continues to work with its banks on redetermining its RBL
facility. The completion of the redetermination has been pushed
back by one month, to February 2021. The company's explanation for
the delay is the additional time required to go through its new
business plan and operating strategy. We continue to assume a
successful negotiation with the RBL lenders with limited impact on
Tullow's current liquidity position, even if the overall size of
the facility was reduced.

"We believe that additional divestments are essential to finance
Tullow's upcoming debt maturities.  The completion of the sale of
assets in Uganda for $575 million in 2020 was a major milestone to
secure Tullow's liquidity needs in 2021. However, we believe that
additional divestments are essential to meet the sizable maturity
of the $650 million notes due April 2022. In our view, given the
reduced focus on its divestment program, the company will have to
rely on the capital markets to refinance the maturing $650 million
notes. The yield on these notes is about 21%, which reflects
Tullow's limited ability to tap the capital markets. We understand
that Tullow is discussing different options with its creditors. At
this stage, we cannot completely rule out a distressed exchange
offer in the next few months. Such an offer would lead us to lower
our ratings on Tullow to 'SD'(selective default) upon completion.

"The CreditWatch placement signals that we may lower our ratings on
Tullow and its debt instruments to 'SD' in the coming months if the
company launches and completes a distressed exchange offer. The
negative CreditWatch also reflects the possibility of us lowering
the ratings if, by mid-2021, we see a lack of progress with Tullow
refinancing the $650 million notes due April 2022."



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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

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