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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 16, 2021, Vol. 22, No. 28

                           Headlines



F R A N C E

CASPER MIDCO: Moody's Completes Review, Retains Caa1 CFR


G E O R G I A

GEORGIA: Fitch Affirms 'BB' LongTerm Foreign Currency IDR


G E R M A N Y

ALPHA GROUP: Moody's Completes Review, Retains Caa2 CFR


I R E L A N D

DRYDEN 44 EURO: Moody's Gives '(P)B3' Rating on F-R-R Notes
EATON VANCE 2013-1: Moody's Rates Class D-RRR Notes 'Ba3'
EURO-GALAXY V CLO: Moody's Rates EUR11.5MM Class F Notes 'B3'
JUBILEE CLO 2018-XX: Fitch Affirms B- Rating on Class F Notes
WILLOW PARK: Fitch Affirms B- Rating on Class E Notes



N E T H E R L A N D S

ROSE BEACHHOUSE: Moody's Completes Review, Retains B2 CFR
STEINHOFF INT'L: Ex-Auditor to Pay US$85MM to Certain Claimants


P O R T U G A L

TAP: May Need More Than EUR500MM in State Aid Due to Pandemic


S P A I N

HAYA REAL: Moody's Lowers CFR to Caa1 & Alters Outlook to Negative


U N I T E D   K I N G D O M

FERROGLOBE PLC: Fitch Withdraws 'C' LongTerm Issuer Default Rating
HARDING RETAIL: Opts for Company Voluntary Arrangement
ICELAND BONDCO: Moody's Rates New GBP250MM Sr. Secured Notes 'B2'
NMC HEALTH: ADCB Wins Worldwide Freezing Order Against Execs
PAPERCHASE: Buyer Opted Not to Refer Acquisition to Pre-Pack Pool



X X X X X X X X

[*] EUROPE: Faces Surge in Bankruptcies, Bad Loans as Aid Ends

                           - - - - -


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F R A N C E
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CASPER MIDCO: Moody's Completes Review, Retains Caa1 CFR
--------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Casper MidCo SAS 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. 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

Casper Midco's (B&B) corporate family rating of Caa1 is supported
by its lean business model, size and diversification, focus on the
economy and budget segment and increasing market share. In
addition, the company has currently sufficient liquidity for the
upcoming months due to signed state guaranteed loans and an undrawn
RCF.

Counterbalancing these strengths is the ongoing spreading of the
coronavirus across Europe with business and travel restrictions in
place across Europe. This led performance to deteriorate
significantly during 2020. In addition, the company is continuing
to expand its hotel network and has a high leverage with continued
cash burn and a tight liquidity situation.

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




=============
G E O R G I A
=============

GEORGIA: Fitch Affirms 'BB' LongTerm Foreign Currency IDR
---------------------------------------------------------
Fitch Ratings has affirmed Georgia's Long-Term Foreign-Currency
Issuer Default Rating (IDR) at 'BB'. The Outlook is Negative.

KEY RATING DRIVERS

Georgia's ratings are supported by strong structural indicators,
such as governance and business environment, relative to 'BB'
category peers. A consistent and credible policy framework
underpins Georgia's relative resilience to shocks. These credit
strengths are balanced by a high share of foreign-currency
denominated government debt, low external liquidity and higher
external financing requirements relative to peers.

The Negative Outlook reflects the significant ongoing impact of the
coronavirus pandemic on Georgia's economy. The pandemic is causing
a sharp contraction of Georgia's small open economy with a large
tourism sector, a marked deterioration in fiscal accounts,
including higher government debt, and increased vulnerabilities
stemming from Georgia's higher external debt and wider structural
current account deficit relative to the median of its 'BB' category
peers.

Fitch forecasts real GDP growth of 4.3% in 2021 and 5.8% in 2022,
after a pandemic-driven contraction estimated at 6.1% in 2020.
Fitch projects Georgia's economic recovery at a faster pace than
the median growth rates of its 'BB' peers (4.0% in 2021 and 3.7% in
2022). The main downside risks to Fitch’s baseline relate to
uncertainties attached to the evolution of the pandemic and the
efficacy of the vaccination rollout. GDP growth will be
predominately domestic demand driven, as easing of national
restrictions supports private consumption, and higher than
historical public infrastructure spending drives investment despite
subdued private sector recovery. Net exports of goods should
benefit from increased demand from key trading partners. The
recovery will remain constrained by the tourism sector: Fitch
expects revenues at 30% of 2019 levels in 2021, rising to 80% in
2022.

The National Bank of Georgia's (NBG) track record of credible
policy making has been important in preserving macroeconomic and
financial stability, and limiting balance of payments risks in
previous economic shocks as well as the current global pandemic. A
mix of macro-prudential measures and interventions in the foreign
exchange market have supported financial stability and smoothed
exchange rate volatility. Georgia's economy is highly dollarised,
small and highly open (trade openness is 60.9% of GDP, well above
the 46.5% median of 'BB' peers). However, a credible policy
framework has kept both Georgia's CPI and REER volatility
indicators below the historical median volatility of 'BB' peers
since 2012.

Fitch anticipates that the NBG will maintain a moderately tight
monetary policy stance in the near term to anchor inflation
expectations against pressures stemming from higher commodity
prices, recovery in aggregate demand and the impact of a weaker
lari. Headline inflation fell below the NBG's target of 3.0% in
December 2020, reflecting temporary government utilities subsidies
for consumers, and Fitch forecasts it to average 3.5% in 2021.

Fiscal policy will remain accommodative in 2021, as authorities
continue to provide targeted support for individuals and businesses
affected by the pandemic. This includes the continuation of income
tax relief for businesses that retain low wage workers, the credit
guarantee scheme for small and medium enterprises (SMEs), as well
as social transfers for vulnerable households and the unemployed.
Measures outlined in the 2021 budget total 2.1% of GDP according to
the government. This compares with measures around 3.9% of GDP in
measures in 2020. Fitch estimates this will result in a fiscal
deficit 8.0% of GDP in 2021, from 9.4% of GDP in 2020. This
compares with the 2021 projected median deficit of 'BB' peers at
5.7%. Fitch expects the government to return to gradual fiscal
consolidation from 2022. Combined with stronger economic activity,
Fitch forecasts narrowing of the deficit to 5.0% of GDP in 2022.

Government deposits reached 9.4% of GDP at the end of 2020, up from
4.7% in 2019, due to overfinancing from official creditors to
create a buffer. 2021 budget financing needs should be comfortably
met partly by drawing down donor pledges and government deposits.
Plans to refinance an upcoming Eurobond maturing in April (USD500
million) will help maintain foreign exchange reserves.

Georgia's general government debt is estimated by Fitch to have
increased by 20pp in 2020 to 60.4% of GDP, slightly above the
median debt ratio of 'BB' peers (59.9% of GDP). Fitch forecasts
debt to stay around this level in 2021, before declining to 56.5%
in 2022. The elevated debt level, largely in official debt, has
also meant a deterioration in Georgia's negative sovereign net
asset position, to 24.4% of GDP in 2020 from 15.1% in 2019.

The economic recovery and commitment by the government to return to
its fiscal rule by reaching a deficit below 3.0% of GDP by 2024,
will support medium-term debt reduction. Georgia's prudent fiscal
record coming into the pandemic and continued engagement with the
IMF (currently through an Extended Fund Facility; EFF) means Fitch
expects the authorities will adopt policies in fiscal consolidation
once the pandemic subsides. Debt sustainability is underpinned by a
large share of multi and bilateral debt (approximately 72% of total
debt) with long average maturities and low interest costs. However,
a large share of foreign-currency debt (74.8% of total debt) leaves
the sovereign exposed to exchange rate risk.

Contingent liabilities remain a fiscal risk. Upcoming gross
financing requirements of state-owned enterprises (SOEs) equal
around 18% of GDP over 2020-2022. Authorities have made good
progress improving the transparency of fiscal risks from SOEs, and
aim at further reform of the sector.

Georgia's current account deficit (CAD) is estimated by Fitch to
have widened to 12.0% of GDP in 2020 from 5.5% of GDP in 2019.
Goods exports fell less than expected, helped by a relatively well
diversified base of trading partners, and remittance inflows were
surprisingly strong. However, services exports were significantly
affected by the halt to inward tourism. Fitch forecasts Georgia's
CAD to widen to 12.5% of GDP in 2021, before narrowing to 7.9% in
2022. A domestic driven recovery and a weak outlook for tourism
will mean a higher pace of growth in imports than exports.

Georgia's weaker external finances relative to the 'BB' rated
category, are also reflected by its significantly larger net
external debt position (73.9% of GDP vs the historical 'BB' median
of 9.7% of GDP), and lower external liquidity ratio (112.6% vs the
historical 'BB' median of 141.8%). These weaknesses are partially
offset by a demonstrated record of strong donor support to meet
external financing needs and help preserve external buffers and
current external payments (CXP) coverage. Foreign reserves reached
a historical peak of USD3.97 billion at end 2020 (4.5 months of CXP
cover), boosted by donor financing.

Fitch revised the Outlook on Georgian banks' ratings to Negative in
April 2020. Uncertainty related to the economic recovery, risks
attached to a high share of foreign-currency loans (55.3% at
end-2020), and the eventual unwinding of government support
measures, will likely result in a deterioration of banks' asset
quality, earnings and capitalisation. Non-performing loans (NBG
methodology) increased to 8.2% of gross loans at end-2020, from
4.4% end-2019. The sector regulatory Tier 1 capital ratio declined
to 12.8% at end-2020, from 14.6% at end-2019 due to pre-emptive
provisioning in 1Q20 amounting to 3% of sector loans. Fitch
believes asset quality trends will be key for banks' performance in
2021.

The re-election of Georgian Dream (after parliamentary elections in
October 2020) reinforces Fitch’s expectation of economic policy
continuity and Fitch does not see this being disrupted, despite
high political tensions given the current boycott of parliament by
key opposition parties. Georgia's governance and ease of doing
business indicators outperform the median percentile of its 'BB'
peers, and commitment to the current IMF EFF programme helps
maintain a positive structural reform agenda. Fitch expects Georgia
to agree a successor deal with the Fund when the EFF expires in
April.

ESG - Governance: Georgia has an ESG Relevance Score (RS) of 5 for
both Political Stability and Rights and for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption, as
is the case for all sovereigns. Theses scores reflect the high
weight that the World Bank Governance Indicators (WBGI) have in
Fitch’s proprietary Sovereign Rating Model. Georgia has a medium
WBGI ranking at 63.0 percentile, reflecting moderate institutional
capacity, established rule of law, a moderate level of corruption
and political risks associated with the unresolved conflict with
Russia.

RATING SENSITIVITIES

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

-- Public Finances: Deterioration in the debt-to-GDP ratio for
    example, due to the absence of fiscal consolidation and/or
    deterioration in growth prospects.

-- External Finances: An increase in external vulnerability, for
    example, a sustained widening of the CAD and rapid decline in
    international reserves.

-- Structural Features: Deterioration in either the domestic or
    regional political environment that affects economic policy
    making and economic growth.

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

-- Public Finances: Fiscal consolidation post-coronavirus crisis
    that is consistent with a medium-term reduction in general
    government debt.

-- External Finances: A reduction in external vulnerability, for
    example from a reduction in the current account deficit and/or
    increase in international reserves.

-- Macroeconomics: A stronger and sustained GDP growth outlook,
    without the emergence of macroeconomic imbalances and leading
    to a higher GDP per capita level.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Georgia a score equivalent to a
rating of 'BB' on the LTFCIDR scale.

Fitch's sovereign rating committee adjusted the output from the SRM
to arrive at the final LTFC IDR by applying its QO, relative to
rated peers, as follows:

-- External Finances: -1 notch, to reflect that relative to its
    peer group, Georgia has higher net external debt, structurally
    larger CADs, and a large negative net international investment
    position.

-- Macroeconomic policy: +1 notch, to reflect Georgia's policy
    framework strength and consistency, including a credible
    monetary policy framework, prudent fiscal strategy and a
    strong record of compliance with IMF's quantitative
    performance criteria and structural benchmarks. This policy
    mix has delivered track record of resilience to external
    shocks, including negative developments in its main trading
    partners, and reduced risks to macroeconomic stability.

BEST/WORST CASE RATING SCENARIO

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

KEY ASSUMPTIONS

The global economy performs broadly in line with Fitch's latest
Global Economic Outlook published on 7 December 2020. Fitch
estimates eurozone real GDP to have fallen by 7.6% in 2020, and
forecast it to recover by 4.7% in 2021 and 4.4% in 2022.

ESG CONSIDERATIONS

Georgia has an ESG Relevance Score of 5 for Political Stability and
Rights as World Bank Governance Indicators have the highest weight
in Fitch's SRM and are highly relevant to the rating and a key
rating driver with a high weight.

Georgia has an ESG Relevance Score of 5 for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
World Bank Governance Indicators have the highest weight in Fitch's
SRM and are therefore highly relevant to the rating and are a key
rating driver with a high weight.

Georgia has an ESG Relevance Score of 4 for Human Rights and
Political Freedoms as strong social stability and voice and
accountability are reflected in the World Bank Governance
Indicators that have the highest weight in the SRM. They are
relevant to the rating and a rating driver.

Georgia has an ESG Relevance Score of 4 for Creditor Rights as
willingness to service and repay debt is relevant to the rating and
is a rating driver for the Georgia, as for all sovereigns.

Except for the matters discussed above, the highest level of ESG
credit relevance, if present, 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 to the way in which they
are being managed by the entity.




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

ALPHA GROUP: Moody's Completes Review, Retains Caa2 CFR
-------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Alpha Group SARL 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

Alpha Group SARL's (A&O Hostels or A&O) corporate family rating of
Caa2 is supported by its low break-even revenue, historic high
profitability, slim and flexible cost structure and asset
protection from twelve owned hotels out of the total 37 hotels.

Counterbalancing these strengths are imminent liquidity constraints
which are expected to materialise over the next few months. In
addition, the weak EBITDA generation due to the current operating
performance, geographical concentration towards Germany with its
ongoing restrictions and the overall small size that leave less
cushion to withstand exogenous risks.

A&O's ratings were downgraded in January 2021 from Caa1 to Caa2 due
to concerns around liquidity and the ongoing business restrictions
due to COVID-19.

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
=============

DRYDEN 44 EURO: Moody's Gives '(P)B3' Rating on F-R-R Notes
-----------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to refinancing notes to be issued by
Dryden 44 Euro CLO 2015 Designated Activity Company (the
"Issuer"):

EUR1,250,000 Class X-R-R Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

EUR225,800,000 Class A-1-R-R Senior Secured Floating Rate Notes
due 2034, Assigned (P)Aaa (sf)

EUR16,200,000 Class A-2-R-R Senior Secured Fixed Rate Notes due
2034, Assigned (P)Aaa (sf)

EUR30,000,000 Class B-1-R-R Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)

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

EUR14,500,000 Class C-1-R-R Mezzanine Secured Deferrable Floating
Rate Notes due 2034, Assigned (P)A2 (sf)

EUR10,000,000 Class C-2-R-R Mezzanine Secured Deferrable Fixed
Rate Notes due 2034, Assigned (P)A2 (sf)

EUR28,500,000 Class D-R-R Mezzanine Secured Deferrable Floating
Rate Notes due 2034, Assigned (P)Baa3 (sf)

EUR23,000,000 Class E-R-R Mezzanine Secured Deferrable Floating
Rate Notes due 2034, Assigned (P)Ba3 (sf)

EUR10,500,000 Class F-R-R Mezzanine Secured Deferrable Floating
Rate Notes due 2034, Assigned (P)B3 (sf)

RATINGS RATIONALE

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

The Issuer will issue the refinancing notes in connection with the
refinancing of the following classes of notes: Class A-1-R Notes,
Class A-2-R Notes, Class B-1-R Notes, Class B-2-R Notes, Class C-R
Notes, Class D-R Notes, Class E-R Notes and Class F-R Notes due
2030 (the "2018 Refinancing Notes"), previously issued on 16 July
2018 (the "2018 Refinancing Date"). On the refinancing date, the
Issuer will use the proceeds from the issuance of the refinancing
notes to redeem in full the 2018 Refinanced Notes.

On the Original Closing Date, the Issuer also issued EUR 43.4
million of subordinated notes, which will remain outstanding.

Interest and principal amortisation amounts due to the Class X-R-R
Notes are paid pro rata with payments to the Class A-1-R-R Notes
and Class A-2-R-R notes. The Class X-R-R Notes amortise by 20% or
EUR 250,000 over the first 5 payment dates, starting on the first
payment date.

As part of this reset, the Issuer will amend the base matrix and
modifiers that Moody's will take into account for the assignment of
the definitive ratings.

The Issuer is a managed cash flow CLO. At least 92.5% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 7.25% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans. The underlying portfolio fully ramped as of the closing
date.

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

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

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

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

Methodology Underlying the Rating Action:

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

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

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

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

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

Performing par and principal proceeds balance/Target Par Amount:
EUR 400,000,000

Defaulted Par: EUR 0 as of December 31, 2020

Diversity Score: 54

Weighted Average Rating Factor (WARF): 3150

Weighted Average Spread (WAS): 3.80%

Weighted Average Coupon (WAC): 3.75%

Weighted Average Recovery Rate (WARR): 41.5%

Weighted Average Life (WAL): 8.5 years


EATON VANCE 2013-1: Moody's Rates Class D-RRR Notes 'Ba3'
---------------------------------------------------------
Moody's Investors Service has assigned ratings to six classes of
CLO refinancing notes issued by Eaton Vance CLO 2013-1 Ltd. (the
"Issuer").

Moody's rating action is as follows:

US$4,000,000 Class A-X-RRR Senior Secured Floating Rate Notes due
2034 (the "Class A-X-RRR Notes"), Definitive Rating Assigned Aaa
(sf)

US$265,600,000 Class A-1-RRR Senior Secured Floating Rate Notes due
2034 (the "Class A-1-RRR Notes"), Definitive Rating Assigned Aaa
(sf)

US$48,762,500 Class A-2-RRR Senior Secured Floating Rate Notes due
2034 (the "Class A-2-RRR Notes"), Definitive Rating Assigned Aa2
(sf)

US$19,712,500 Class B-RRR Senior Secured Deferrable Floating Rate
Notes due 2034 (the "Class B-RRR Notes"), Definitive Rating
Assigned A2 (sf)

US$23,862,500 Class C-RRR Senior Secured Deferrable Floating Rate
Notes due 2034 (the "Class C-RRR Notes"), Definitive Rating
Assigned Baa3 (sf)

US$19,920,000 Class D-RRR Secured Deferrable Floating Rate Notes
due 2034 (the "Class D-RRR Notes"), Definitive Rating Assigned Ba3
(sf)

RATINGS RATIONALE

The rationale for the ratings is based on Moody's methodology and
considers all relevant risks particularly those associated with the
CLO's portfolio and structure.

The Issuer is a managed cash flow collateralized loan obligation
(CLO). The issued notes are collateralized primarily by a portfolio
of broadly syndicated senior secured corporate loans. At least 90%
of the portfolio must consist of senior secured loans and eligible
investments, and up to 10% of the portfolio may consist of second
lien loans, unsecured loans and of the 10%, up to 5% may consist of
senior secured bonds.

Eaton Vance Management (the "Manager") will continue to direct the
selection, acquisition and disposition of the assets on behalf of
the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's extended five-year
reinvestment period. Thereafter, subject to certain restrictions,
the Manager may reinvest unscheduled principal payments and
proceeds from sales of credit risk assets.

The Issuer has issued the Refinancing Notes on February 10, 2021
(the "Refinancing Date") in connection with the refinancing of all
classes of the secured notes (the "Refinanced Original Notes")
previously refinanced on December 20, 2016 and August 9, 2019, and
originally issued on November 13, 2013 (the "Original Closing
Date") and also issued additional subordinated notes. On the
Refinancing Date, the Issuer used proceeds from the issuance of the
Refinancing Notes to redeem in full the Refinanced Original Notes.
On the Original Closing Date, the Issuer also issued one class of
subordinated notes that remains outstanding.

In addition to the issuance of the Refinancing Notes a variety of
other changes to transaction features will occur in connection with
the refinancing. These include: extension of the reinvestment
period; extensions of the stated maturity and non-call period;
changes to certain collateral quality tests; changes to the
overcollateralization test levels, the inclusion of alternative
benchmark replacement provisions; additions to the CLO's ability to
hold workout and restructured assets; changes to the definition of
"Adjusted Weighted Average Rating Factor".

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2020.

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, diversity score and weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. For modeling
purposes, Moody's used the following base-case assumptions:

Portfolio par including principal proceeds and recoveries:
$410,438,877

Defaulted par: $8,430,963

Diversity Score: 75

Weighted Average Rating Factor (WARF): 2905

Weighted Average Spread (WAS): 3.30%

Weighted Average Coupon (WAC): 6.00%

Weighted Average Recovery Rate (WARR): 48.0%

Weighted Average Life (WAL): 9.0 years

The coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to
disrupt economies and credit markets across sectors and regions.
Moody's analysis has considered the effect on the performance of
corporate assets from the current weak U.S. 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 performance of the Refinancing Notes is subject to uncertainty.
The performance of the Refinancing Notes is sensitive to the
performance of the underlying portfolio, which in turn depends on
economic and credit conditions that may change. The Manager's
investment decisions and management of the transaction will also
affect the performance of the Refinancing Notes.


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

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

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

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

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

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

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

RATINGS RATIONALE

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

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

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

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

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

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

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

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

Methodology underlying the rating action:

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

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

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

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

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

Par Amount: EUR 400,000,000

Diversity Score: 54

Weighted Average Rating Factor (WARF): 3,115

Weighted Average Spread (WAS): 3.60%

Weighted Average Coupon (WAC): 5.00%

Weighted Average Recovery Rate (WARR): 43.50%

Weighted Average Life (WAL): 8.5 years


JUBILEE CLO 2018-XX: Fitch Affirms B- Rating on Class F Notes
-------------------------------------------------------------
Fitch Ratings has revised the Outlook on Jubilee CLO 2018-XX's and
2018-XXI DAC's junior notes to Stable from Negative.

     DEBT                 RATING           PRIOR
     ----                 ------           -----
Jubilee CLO 2018-XX DAC

A XS1826049097       LT  AAAsf  Affirmed   AAAsf
B-1 XS1826050426     LT  AAsf   Affirmed   AAsf
B-2 XS1826049683     LT  AAsf   Affirmed   AAsf
B-3 XS1834758788     LT  AAsf   Affirmed   AAsf
C-1 XS1826051077     LT  Asf    Affirmed   Asf
C-2 XS1834757111     LT  Asf    Affirmed   Asf
D XS1826051663       LT  BBBsf  Affirmed   BBBsf
E XS1826052471       LT  BBsf   Affirmed   BBsf
F XS1826052638       LT  B-sf   Affirmed   B-sf

Jubilee CLO 2018-XXI DAC

A XS1897607955       LT  AAAsf  Affirmed   AAAsf
B1 XS1897609142      LT  AAsf   Affirmed   AAsf
B2 XS1897612286      LT  AAsf   Affirmed   AAsf
C1 XS1897612799      LT  Asf    Affirmed   Asf
C2 XS1902186607      LT  Asf    Affirmed   Asf
D XS1897614498       LT  BBB-sf Affirmed   BBB-sf
E XS1897616865       LT  BB-sf  Affirmed   BB-sf
F XS1897617087       LT  B-sf   Affirmed   B-sf

TRANSACTION SUMMARY

Jubilee CLO 2018-XX and 2018-XXI DAC are cash flow CLOs mostly
comprising senior secured obligations. The transactions are still
within their reinvestment period and are actively managed by
Alcentra Limited.

KEY RATING DRIVERS

Resilient to Coronavirus Stress

The revision of Outlooks on the junior notes to Stable from
Negative and Stable Outlooks on the other notes reflect the
default-rate cushion or limited shortfalls in the sensitivity
analysis Fitch ran in light of the coronavirus pandemic. Fitch has
recently updated its CLO coronavirus stress scenario to assume that
half of the corporate exposure on Negative Outlook is downgraded by
one notch, instead of 100%. The affirmations reflect the broadly
stable portfolio credit quality of Jubilee CLO 2018-XX and -XXI
since October and November of 2020, respectively.

Stable Asset Performance

The transactions are still in their reinvestment periods and their
portfolios are actively being managed by the collateral manager.
Jubilee 2018-XX was below par by 29bp and Jubilee 2018-XXI by 9bp
as of their investor reports in January 2021. For both
transactions, another agency's and Fitch's weighted average rating
factor (WARF) tests and Fitch's 'CCC' tests were failing. All other
portfolio profile tests, collateral quality tests and coverage
tests were passing. Exposure to assets with a Fitch-derived rating
(FDR) of 'CCC+' and below was 7.35% and 7.26% (excluding non-rated
assets) for Jubilee 2018-XX and -XXI, respectively. Both
transactions had no defaulted assets.

'B'/'B-' Portfolio

Fitch assesses the average credit quality of the obligors in the
'B'/'B-' category for both transactions. The WARFs for Jubilee
2018-XX and -XXI as calculated by Fitch were 35.67 and 35.55
(assuming unrated assets are 'CCC') and as calculated by the
trustee were 34.86 and 34.85, all above the maximum covenants of
34.38 and 34, respectively. The Fitch WARF would increase by 1.5
and 1.45 for Jubilee 2018-XX and -XXI, respectively after applying
the coronavirus stress.

High Recovery Expectations

Senior secured obligations comprise 98.1% and 99.1% of Jubilee
2018-XX and -XXI, respectively. Fitch views the recovery prospects
for these assets as more favourable than for second-lien, unsecured
and mezzanine assets.

Diversified Portfolios

The portfolios are well-diversified across obligors, countries and
industries. The top 10 obligor concentration is 15.1% and 14.9%,
for Jubilee 2018-XX and XXI, respectively, and no obligor
represents more than 1.8% of the portfolio balances for both
transactions.

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

Coronavirus Downside Sensitivity

Fitch has added a sensitivity analysis that contemplates a more
severe and prolonged economic stress caused by a re-emergence of
infections in the major economies. The downside sensitivity
incorporates a single-notch downgrade to all FDRs on Negative
Outlook. For both transactions this scenario will result in
downgrades of no more than two notches across the ratings.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

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

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

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


WILLOW PARK: Fitch Affirms B- Rating on Class E Notes
-----------------------------------------------------
Fitch Ratings has revised the Outlook on Willow Park CLO DAC class
D and E notes to Stable from Negative.

      DEBT                  RATING           PRIOR
      ----                  ------           -----
Willow Park CLO DAC

A-1 XS1699702038      LT  AAAsf  Affirmed    AAAsf
A-2A XS1699702467     LT  AAsf   Affirmed    AAsf
A-2B XS1699705056     LT  AAsf   Affirmed    AAsf
B XS1699705304        LT  Asf    Affirmed    Asf
C XS1699705643        LT  BBBsf  Affirmed    BBBsf
D XS1699706021        LT  BBsf   Affirmed    BBsf
E XS1699706294        LT  B-sf   Affirmed    B-sf

TRANSACTION SUMMARY

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

KEY RATING DRIVERS

Asset Performance Stable

Asset performance has been stable since Fitch’s last rating
action in October 2020. The transaction was 41bp above target par
as of the investor report dated 5 January 2021. 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 (FDR) rating of 'CCC+' and below was 6.6% (excluding
unrated names which Fitch treats as 'CCC' but for which the manager
can classify as 'B-' up to 10% of the portfolio), below the 7.5%
limit. The were no defaulted assets in the portfolio.

Resilient to Coronavirus Stress

The Outlook change on the junior notes to Stable from Negative and
the Stable Outlook on the other notes 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 that half of the corporate
exposure on Negative Outlook is downgraded by one notch, instead of
100%. The affirmations reflect the broadly stable portfolio credit
quality since August 2020.

'B'/'B-' Portfolio

Fitch assesses the average credit quality of the obligors in the
'B'/'B-' category. The Fitch weighted average rating factor (WARF)
calculated by the agency of the current portfolio, as of 6 February
2021, was 33.7 (assuming unrated assets are 'CCC') while the Fitch
WARF reported in the investor report dated 5 January 2021 was 34.2,
above the maximum covenant of 33. The Fitch WARF would increase by
1.7 after applying the coronavirus stress.

High Recovery Expectations

Senior secured obligations comprise 98.8% of the portfolio. Fitch
views the recovery prospects for these assets as more favorable
than for second-lien, unsecured and mezzanine assets. In the
investor report dated 5 January 2021, the Fitch weighted average
recovery rate of the current portfolio was 65.1%.

Diversified Portfolio

The portfolio is well-diversified across obligors, countries and
industries. The top 10 obligor concentration is 13%, and no obligor
represents more than 1.5% 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. 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
    larger loss expectation than initially assumed due to
    unexpectedly high levels of defaults and portfolio
    deterioration. As disruptions to supply and demand due to
    Covid-19 become apparent for other sectors, loan ratings in
    those sectors would also come under pressure. Fitch will
    update the sensitivity scenarios in line with the view of its
    leveraged finance team.

Coronavirus 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 severe downside stress
incorporates a single-notch downgrade to all the corporate exposure
on Negative Outlook. This scenario has no rating impact 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

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 monitoring.

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

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




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

ROSE BEACHHOUSE: Moody's Completes Review, Retains B2 CFR
---------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Rose Beachhouse B.V. 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.

Rose Beachhouse B.V. 's B2 corporate family rating reflects its
established position in the holiday park market in the Netherlands
with exposure to the faster-growing coastal segment and its
business resilience supported by the good revenue visibility and
flexible cost base. While the resurgence in new coronavirus cases
in the Netherlands and neighboring countries since Q4 2020 is
affecting the attendance levels, Moody's expect a relatively fast
demand recovery once the coronavirus pandemic is contained given
the location and type of accommodations it offers as well as its
focus on local visitors.

At the same time the B2 rating continues to be constrained by the
company's elevated leverage, high seasonality and limited
geographical diversification. There also remains significant
uncertainities to the timing and speed of the coronavirus
containment.

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


STEINHOFF INT'L: Ex-Auditor to Pay US$85MM to Certain Claimants
---------------------------------------------------------------
Nqobile Dludla and Promit Mukherjee at Reuters report that
Steinhoff International said on Feb. 15 former auditor Deloitte has
agreed to pay US$85 million to certain claimants as part of the
retailer's proposed US$1 billion global lawsuit settlement plan,
and that a company opposing the plan had withdrawn its court
application.

The moves takes the scandal-hit retailer a step closer to a
settlement plan proposed in July after an accounting fraud in
December 2017 prompted investors to dump its shares and led to a
string of top level resignations, Reuters notes.

According to Reuters, Steinhoff said as part of ongoing discussions
with related parties, its former auditor Deloitte had agreed to
support the company's proposed global settlement plan and will make
an additional payment of up to EUR70.34 million (US$85.28 million)
to settle some claims "in exchange for certain waivers and
releases."

Steinhoff said up to EUR55.34 million of the payment will be made
to market-purchase claimants, those who traded in Steinhoff shares,
Reuters relates.  It said EUR15 million would be paid to certain
contractual claimants provided that Steinhoff completes legal
procedures related to companies in distress in the Netherlands and
South Africa as well as other conditions, Reuters notes.

Steinhoff also said it had reached an agreement with Conservatorium
Holdings LLC and certain entities linked to former Steinhoff
chairman and second largest shareholder Christo Wiese, which will
result in Conservatorium withdrawing the court application,
according to Reuters.

Steinhoff, as cited by Reuters, said Conservatorium had filed a
court application at the Amsterdam District Court to appoint a
restructuring expert at Steinhoff, which could have potentially
delayed its global lawsuit settlement plan.




===============
P O R T U G A L
===============

TAP: May Need More Than EUR500MM in State Aid Due to Pandemic
-------------------------------------------------------------
Sergio Goncalves at Reuters reports that Portugal may have to
provide more than the EUR500 million (US$606 million) it budgeted
for ailing airline TAP this year due to the worsening COVID-19
pandemic, its finance minister said.

According to Reuters, asked how much more the Portuguese government
expects to spend on TAP this year, Joao Leao told Jornal de
Negocios: "That is still being analyzed".

"The situation of TAP is very demanding . . . that amount may have
to be reconsidered because at the moment the pandemic is having a
much stronger impact than expected," Reuters quotes Mr. Leao as
saying.

In December, a government plan to rescue TAP proposed 2,000 job
cuts by 2022 and pay cuts of up to 25%, while the airline would
need around EUR2 billion in extra funds with state guarantees to
cover its financing needs until 2024, Reuters recounts.

The redundancies may be lower if the European Union accepts an
agreement in principle last week between the leaders of 15 unions
and TAP's board, Reuters notes.

However, if the EU executive rejects Lisbon's proposal, TAP would
have to immediately repay a EUR1.2 billion rescue loan agreed in
June, which could lead to its insolvency, Reuters states.

TAP asked for state aid in April after suspending almost all of its
2,500 weekly flights at the height of the coronavirus crisis, and
reported losses of more than EUR700 million for the first nine
months of 2020, Reuters recounts.




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

HAYA REAL: Moody's Lowers CFR to Caa1 & Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service has downgraded Haya Real Estate S.A.U.'s
corporate family rating to Caa1, from B3, and probability of
default rating to Caa1-PD, from B3-PD. Moody's has also downgraded
to Caa1, from B3, the instrument rating of the senior secured
fixed- and floating-rate notes maturing in November 2022 issued by
Haya Finance 2017 S.A., Haya's subsidiary. The outlook on all
ratings has been changed to negative from stable.

"The rating action reflects the increasing uncertainty associated
with a refinancing of Haya's senior secured notes in November 2022,
given the company's weaker than expected financial performance,
high leverage and uncertain economic prospects", said Fabrizio
Marchesi, Vice President and Moody's lead analyst for the company.
"In the absence of a turnaround in financial performance, a renewal
of key contracts, and new contract wins, the company may have
difficulty in meeting its financial obligations as they fall due"
added Mr. Marchesi.

RATINGS RATIONALE

Moody's has downgraded Haya's rating to reflect concerns regarding
the sustainability of the company's capital structure. The rating
agency forecasts that the company's Moody's-adjusted (gross)
leverage will have risen towards 7.2x as of 31 December 2020, from
4.3x at December 2019, and is more than double the 3.3x that Haya
registered following its last bond refinancing in November 2017.
This is based on a forecast Moody's-adjusted EBITDA of around EUR60
million in 2020, compared with EUR111 million in 2019.

Given the uncertainty regarding the timing and extent of a recovery
in Haya's financial performance, the rating agency is concerned
that leverage will remain too high to allow the company to
refinance its senior secured notes by November 2022.

Moody's also considers that a successful refinancing could be
hampered by lack of clarity regarding the likelihood, and economic
terms, of a renewal of Haya's contracts with Sareb in 2022 and
Cajamar and Liberbank in 2024, as well as concerns about the
company's ability to secure enough new business to offset the
natural decline in its assets under management (AuM) and its
ability to stem the erosion of its profitability given the recent
shift in its product mix towards lower-margin real estate owned
(REO) assets. Company-adjusted EBITDA margin declined to 36% in
2019, from 57% in 2017, and Moody's forecasts this will remain
around 33% over the next 12-18 months.

The Caa1 CFR also reflects the company's (1) limited earnings
visibility, as a large portion of its revenue is derived from
one-off sales commissions where the sales decision lies with the
company's clients; (2) highly concentrated customer base, which
exposes Haya to a high degree of contract renewal risk; and (3)
geographical concentration.

The aforementioned weaknesses are partly mitigated by (1) Haya's
scale, know-how and status as a leading debt servicer in Spain; (2)
the company's track record of new contract wins and renewals, most
recently without the payment of upfront fees; (3) potential upsides
from new contract wins, consolidation with other debt servicers,
and/or shareholder support; and (4) Haya's free cash flow (FCF)
generation potential, with relatively high, albeit declining,
EBITDA margin and relatively low capital spending needs.

Haya's free cash flow (FCF) generation is expected to remain in the
range of EUR30-35 million per year and equivalent to 7-8% FCF/debt,
which means the company's cash on balance could improve towards
EUR85 million in 2021 and EUR115 million in 2022. While recognizing
that these funds could be used in a debt refinancing
(Moody's-adjusted net leverage would equate to 4.6x and 4.0x,
respectively in 2021 and 2022), these projections are highly
dependent on a recovery in transaction volumes, which is not clear
at this stage.

Haya is a private company indirectly owned by funds managed by
Cerberus Capital Management, L.P. As is often the case in highly
levered, private-equity-sponsored deals, owners have a high
tolerance for leverage/risk and governance is comparatively less
transparent when compared to publicly-traded companies, often with
relatively limited board diversification.

LIQUIDITY

The company's liquidity is adequate at present, supported by (1)
EUR50 million of proforma cash on balance as at September 30, 2020
(proforma the cash impact of a EUR43 million bond buy-back
completed in November 2020); (2) EUR10 million of availability
under a EUR14 million revolving credit facility (RCF) and (3)
expected FCF generation going forward.

The RCF is only available to May 2022 and, more crucially, EUR424
million of Haya's senior secured notes (proforma for the EUR51
million bond buy-back) will mature in November 2022. The RCF
agreement terms include a single springing covenant, applicable if
40% or more of the RCF is drawn.

STRUCTURAL CONSIDERATIONS

The fixed- and floating-rate notes due in November 2022 benefit
from guarantees from entities representing 100% of the group's
EBITDA and assets. The notes also benefit from a security package
comprising a pledge over shares, bank accounts, credit rights under
servicing contracts, receivables under insurance policies, and
receivables under intercompany loans. The RCF benefits from the
same guarantee and security package, but will rank senior to the
notes in an event of enforcement of the collateral. The Caa1 rating
on the senior secured notes is in line with the CFR, reflecting a
50% family recovery rate typical for transaction with a mix of bank
debt and bonds.

RATING OUTLOOK

The negative outlook reflects Moody's concerns regarding Haya's
ability to successfully refinance its senior secured notes when
they fall due in 2022, as well as the ongoing deterioration in
Haya's financial performance.

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

Positive rating pressure is not expected in the short- to
medium-term. However, the rating could be stabilized if (1) Haya
were to successfully refinance its debt falling due in November
2022; (2) its financial performance improves such that
Moody's-adjusted leverage falls towards 4.5x, and FCF/debt remains
in the mid-to-high single digits, both on a sustained basis; (3) it
becomes clear that the company will successfully renew its
contracts with its key customers; and (4) liquidity is maintained
at an adequate level.

Further negative rating pressure would likely arise in the event
that (1) it becomes increasingly unlikely that Haya will
successfully refinance its capital structure in a timely manner;
(2) if the company's operating performance deteriorates further
such that the company's Moody's-adjusted EBITDA is unlikely to
improve towards EUR70 million in 2021, or Haya is unlikely to renew
key contracts, especially the Sareb contract; and (3) on the back
of heightened concerns regarding the company's liquidity, including
if FCF is lower than Moody's forecast of EUR30-35 million per year,
meaning the company's cash on balance will fail to improve towards
EUR85 million in 2021.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in Madrid, Spain, Haya Real Estate, S.A.U. is a
leading, independent servicer of nonperforming real-estate
developer (RED) loans and real estate owned (REO) assets on behalf
of financial institutions in Spain. The company manages REDs and
REOs with a gross book value of around EUR33 billion as at
September 30, 2020. In the 12 months ended September 30, 2020, Haya
generated revenue of EUR221 million and company-adjusted EBITDA of
EUR71 million. Haya is controlled by Cerberus Capital Management,
L.P., which advises funds that indirectly, through Promontoria
Holding 62, B.V., own 100% of Haya.




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U N I T E D   K I N G D O M
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FERROGLOBE PLC: Fitch Withdraws 'C' LongTerm Issuer Default Rating
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Fitch Ratings has downgraded Ferroglobe PLC's Long-Term Issuer
Default Rating (IDR) and senior unsecured rating to 'C' from
'CCC-'. Fitch has simultaneously withdrawn the ratings. The
Recovery Rating was unchanged at 'RR4' prior to withdrawal.

The downgrade follows Ferroglobe's announced USD350 million notes
refinancing plan, which Fitch treats as a distressed debt exchange
(DDE) as per its criteria. The refinancing would lead to a material
reduction in terms, including extension of notes' maturity to 2025
from 2022. Fitch believes that other capital market-based remedies
to the notes' imminent maturity in March 2022 are no longer viable,
and the proposed plan is Ferroglobe's only option to avoid its
bankruptcy or insolvency.

In early February 2021, Ferroglobe announced discussions with a
group of its debtholders representing around 70% of its noteholders
(the ad hoc group) to refinance its USD350 million notes. The new
financing would include new USD350 million secured notes due in
2025, and an additional USD40 million equity and USD60 million
debt. Management has stated that a UK scheme of arrangement could
be used to implement the refinancing, representing coercion of the
existing noteholders. If Ferroglobe fails to refinance the existing
notes three months prior to their maturity in March 2022, this
could trigger a spring forward covenant in the asset-backed
revolving credit facility (RCF) (end-3Q20: USD27 million) unless
Ferroglobe prepays it.

Fitch is withdrawing the ratings as Ferroglobe has chosen to stop
participating in the rating process. Therefore, Fitch will no
longer have sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide ratings (or analytical
coverage) for Ferroglobe.

KEY RATING DRIVERS

Proposed DDE: Fitch views the extension of maturities under
Ferroglobe's refinancing plan as a material reduction in
noteholders' terms. Fitch believes the refinancing plan is to avoid
bankruptcy or insolvency as Ferroglobe's cash cushion, free cash
flow (FCF) generation and credit lines would be insufficient to
cover the approaching USD350 million maturity in March 2022.
Management has not indicated any further asset sales if the
refinancing plan is not accepted.

Up to 30% of the existing noteholders have yet to give their
consent to the proposal with materially reduced terms, and could
face a UK scheme of arrangement if they do not consent to the
proposed plan.

Potential Coercion by Issuer: The ad hoc group has discussed the
potential refinancing amid challenging market conditions and
near-term refinancing risk in 2022. Management has stated that a UK
scheme of arrangement could be used to implement the refinancing
and that the equity fee would then become payable to all senior
unsecured noteholders. A consent fee of up 1% cash and 3.75%
post-transaction equity fee would be paid to the consenting
noteholders. In addition, USD60 million of super senior debt would
be raised, with back-up funding by the ad hoc group. Fitch believes
these terms would constitute coercion of the non-consenting
noteholders.

Limited Scope for Additional Divestitures: Ferroglobe has few
non-core assets left to sell following successful divestitures in
2019. It sold Ferroatlantica S.A.U. which includes the Cee-Dumbria
ferroalloys plant and 10 hydroelectric plants for a consideration
of EUR156 million (USD171 million) to TPG Sixth Street Partners,
its Polish subsidiary for USD3.5 million and a timber farm in South
Africa for USD8.6 million. The main non-core assets to be
potentially sold are four hydroelectric plants in France. A sale of
its Venezuela assets seems less likely. Disposals netted Ferroglobe
USD185.7 million in 2019.

Silicon Market Stabilising: Ferroglobe is the leading silicon metal
and silicon alloys producer globally. Global producers idling or
suspending capacities since late 2018, helped the global silicon
market to rebalance during 2020. As a result, despite mid-single
digit global demand decline expected to repeat in 2020 after 2019,
silicon price benchmarks were flat during 9M20 with a marked
increase from 4Q20. The increase in 4Q20 and 1Q21 reflects tight
supply against a swifter-than-expected Chinese rebound in chemicals
and auto-driven aluminium markets. However, the recovery will be
muted as capacity utilisation rates increase over 2021-2023.

Fitch expects that the US's recently introduced countervailing
duties on imported silicon from certain countries will create a
price gap between the US and the rest of the world silicon
benchmarks. This would help Ferroglobe's US assets post higher than
previously expected earnings in its silicon-related segments.

Higher-Cost Silicon Metals Producer: Ferroglobe accounts for
roughly a quarter of global silicon metal output, sitting firmly in
the upper part of the global cost curve, according to CRU. This is
still the case even after Ferroglobe's supply management with
aggressive idling its higher-cost facilities. Exchange rates are an
important cost driver as local currencies drive at least 70% of
production costs.

Ferroglobe's largest competing capacities are in China, where Fitch
does not expect major FX movements against the US dollar, and in
Brazil, where the real will only partially retreat its 2019-20
weakening. Furthermore, some of its competitors could benefit from
a sharper drop in electricity costs.

Manganese Alloys Stay Subdued: Fitch has observed a double-digit
price rally across manganese alloys, with Asian price benchmarks
outperforming North America and Europe. Fitch does not expect
Ferroglobe's manganese alloys assets to materially benefit, due to
the lack of integration in manganese ore, one of the main inputs
for manganese alloys. The price gap between manganese alloys and
manganese ore has slightly improved since mid-2020, but Fitch
expects that structural overcapacity in European and American steel
market will remain a longer-term factor, weighing on the recovery
in manganese markets and widening spreads over manganese ore.

Rating on Standalone Basis: Spain's Grupo Villar Mir (GVM), a
privately held Spanish conglomerate is Ferroglobe's majority
shareholder (54% at May 2020). Fitch rates Ferroglobe on a
standalone basis. However, Fitch understands that most of the
shares GVM owns in Ferroglobe were pledged to secure its
obligations to a syndicate of banks and funds led by Crédit
Suisse. The USD350 million notes prohibit upstreaming of dividends
in absence of profitability, but GVM can materially influence
Ferroglobe's strategic decision making, such as potentially
restarting the solar-grade silicon project.

DERIVATION SUMMARY

Ferroglobe is the largest western producer of silicon metal,
silicon-based and manganese-based alloys with product
diversification comparable with PAO Koks (B/Stable) and Ferrexpo
plc (BB-/Stable). Ferroglobe's position on the upper end of the
global silicon-based and manganese-based alloys cost curve is a
weakness compared with peers, which translated into much higher
earnings volatility in both 2015-2016 and since 2H18. A combination
of demand-driven price weakness and elevated input costs are
leading to substantial EBITDA pressure during periods of market
distress. Ferroglobe's critical mass in the alloys markets has been
historically viewed as a strength but the group's higher-cost
capacity suspensions aimed at rebalancing the global market and
thus support ferroalloys prices came at a cost of one-off
idling/restructuring expenses and lower sales volumes.

Ferroglobe's financial profile is materially weaker than peers,
primarily due to sharp EBITDA declines and previous accumulation of
high-cost inventories. Given the existing debt maturity schedule
with bullet USD350 million notes due in 1Q22, deleveraging cannot
rely on FCF generation.

KEY ASSUMPTIONS

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

-- Gradual ferroalloys price and volume recovery to drive EBITDA
    recovery towards USD100 million in 2021 and USD150 million
    thereafter

-- Working capital neutral in 2021 and moderately negative from
    2022

-- Capex as per company's guidance, i.e. at USD40 million in 2021
    and USD75 million thereafter

-- Production as per company guidance

KEY ASSUMPTIONS FOR RECOVERY ANALYSIS

-- Fitch assumes that Ferroglobe would be liquidated in
    bankruptcy rather than reorganised.

-- The liquidation estimate reflects Fitch's view of the value of
    inventory and other assets that can be realised in a
    reorganisation and distributed to creditors.

-- Fitch applies a 75% advance rate for accounts receivables
    (adjusted for accounts receivables included in securitization
    facility), 50% for inventories and 20% for property, plant and
    equipment.

-- Fitch's debt waterfall includes senior secured debt in the
    form of a USD100 million RCF, which Fitch assumes will be
    fully drawn under the distressed scenario. It also has USD56
    million in secured loans from government agencies. Unsecured
    debt totals USD355 million and includes its USD350 million
    notes and USD5 million loans from government agencies.

-- After deducting 10% for administrative claims, Fitch's
    waterfall analysis generated a ranked recovery in the 'RR4'
    band, indicating a 'C' senior unsecured rating for the USD350
    million notes. The waterfall analysis output percentage on
    current metrics and assumptions was 49%

RATING SENSITIVITIES

Not applicable as the ratings are withdrawn

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

Ferroglobe had a cash balance of USD147 million at the end of
September 2020. In early 4Q20, Ferroglobe refinanced its senior
loan of USD59 million of the securitisation programme with a new
USD60 million factoring line. It also partially paid down its RCF.

Refinancing of the USD350 million unsecured notes due in March 2022
has become less likely as more liquid assets have already been
pledged and EBITDA generation is weak. The RCF with a USD100
million limit matures in October 2024 but includes a spring-forward
covenant, which comes into effect three months before the USD350
million notes' maturity. This provision means Fitch does not view
this facility as being available for refinancing the notes.

Ferroglobe's debt structure currently consists mainly of the USD350
million notes due in March 2022. Its USD100 million accounts
receivable securitisation had USD59 million utilised at
end-September 2020. Its USD100 million RCF had USD27 million drawn
as of end-September 2020. The company has government loans
including the USD56 million Reindus loan, which starts amortising
from 2023, as well as USD5 million in various government loans.

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.


HARDING RETAIL: Opts for Company Voluntary Arrangement
------------------------------------------------------
Jonathan Eley at The Financial Times reports that an insolvency
procedure widely used on the high street has spread to the high
seas as Harding Retail, which operates boutiques on cruise ships,
resorted to a company voluntary arrangement to cut its debt.

Harding, which was founded in 1930, has had no revenue for 10
months after the US government effectively shut down the US$150
billion cruise industry by issuing a no-sail order in March last
year, the FT discloses.  It operates 250 boutiques on more than 80
vessels, the FT notes.

The company has appointed KPMG to implement a company voluntary
arrangement, a form of insolvency that imposes losses on some
creditors after a vote among all unsecured creditors, the FT
relates.

According to the FT, those familiar with its proposal said Harding
is mostly asking suppliers to accept reduced amounts in settlement
of unpaid invoices.  It is suggesting an upfront payment alongside
a mechanism for creditors to recover up to four-fifths of their
arrears, depending on its future financial performance, the FT
states.

Harding sells mostly high-end fashion items, jewellery, watches,
perfume and alcohol, meaning that many of its creditors are
ultimately owned by global conglomerates, the FT notes.

The nature of its stores means that usually significant
stakeholders such as landlords, local authorities and HMRC are
either not present, or have only small claims, according to the
FT.

The cruise lines themselves generally take a percentage of sales
from on-board concessions rather than charging a fixed rent, and
have been accommodating of the company's position, the FT says.

Most of Harding's shop staff are employed on short-term contracts
that reflect the inherent seasonality of the industry, the FT
notes.


ICELAND BONDCO: Moody's Rates New GBP250MM Sr. Secured Notes 'B2'
-----------------------------------------------------------------
Moody's Investors Service has assigned a B2 rating to the new
proposed GBP250 million senior secured notes issued by Iceland
Bondco plc (Bondco), a wholly owned subsidiary of Iceland VLNCo
Limited (Iceland or the company). Iceland's B2 corporate family
rating and B2-PD probability of default rating remain unchanged as
do the B2 ratings of the existing senior secured notes issued by
Bondco. The outlook is stable.

RATINGS RATIONALE

Proceeds from the proposed issuance will be used to refinance
Bondco's GBP170 million outstanding senior secured notes due 2024,
repay Iceland's GBP20 million Term Facility due to mature in July
this year, and bolster Iceland's already adequate liquidity. The
transaction will lead to a modest increase, of approximately 0.2x,
in Iceland's Moody's-adjusted gross leverage, measured as
Moody's-adjusted debt to EBITDA. Moody's nevertheless expects the
company's leverage to be less than 5.0x when its current fiscal
year, fiscal 2021, ends next month. While the rating agency expects
the company's revenues and profitability to ease back from the
lockdown driven highs as the vaccine roll-out facilitates a gradual
re-opening of the broader economy, Moody's anticipates Iceland's
leverage will remain at or below 5.5x in the next 12-18 months,
which compares favourably with the levels above 6.0x in the period
before coronavirus boosted demand and in turn the company's
profitability.

Moody's positively recognises Iceland's ability to respond to the
shift in consumer demand in the wake of the coronavirus pandemic,
which included higher demand for online fulfilment and for frozen
food, where the company significantly over-indexes its overall
market share. The company states that it increased its online home
delivery capacity ten-fold in 2020, to one million slots per week.
Moody's believes this helped drive the growth in the company's
above market revenue growth, which according to data from Kantar
Worldpanel, saw its market share grow to 2.5% in the twelve weeks
to December 27, 2020, from 2.3% a year earlier. In the same period
Iceland's market share in frozen food was, according to Kantar,
17.2%, ranking second to Tesco Plc (Baa3 stable).

While Iceland's strong operational and financial performance in
2020 is notable and credit positive, ultimately the company's
credit profile will remain somewhat constrained by its relatively
modest scale compared to larger grocery peers. However, Iceland's
ability to adjust to changing conditions over the past year means
the rating agency sees scope for it to retain some of the higher
share of spending from customers in the years to come.

ENVIRONMENTAL, SOCIAL AND ENVIRONMENTAL CONSIDERATIONS

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

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

After executing on an agreement to acquire the shares of former 60%
shareholders, the South African investment group Brait SE, Iceland
is now 100% owned by its Executive Chairman, Sir Malcom Walker, its
Chief Executive, Tarsem Dhaliwal, and their related parties. In
Moody's view this is credit positive in resolving uncertainty over
the long term ownership of the business that emerged after Brait
had announced its desire to exit in 2019. As a private company
without independent directors Iceland's governance framework is
less formal than publicly listed peers, and the company has a
tolerance for a leveraged capital structure. However, Moody's
positively recognises the company's long track record of quarterly
reporting for bondholders and also a history of prepaying debt from
surplus free cash flow.

LIQUIDITY

Moody's considers Iceland's liquidity to be adequate. Pro-forma for
the refinancing the company has in excess of GBP160 million of
cash, as well as access to a GBP20 million revolving credit
facility with a 2025 maturity. Moody's base case expectation is
that the company can generate positive free cash flow of around
GBP50 million a year, assuming capital spending of GBP50-60 million
and broadly neutral working capital. As such, the rating agency
believes this provides comfortable flexibility for the company to
repay funded debt of around GBP35 million if it proceeds during the
course of its fiscal 2022 with plans to consolidate the restaurant
business owned by its shareholders.

RATIONALE FOR THE STABLE OUTLOOK

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

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

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

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

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Retail Industry
published in May 2018.

PROFILE

Iceland is privately owned by members of its management team and
related parties. It is headquartered in Deeside, Flintshire, UK,
and is the parent holding company of Iceland Foods group a UK
retail grocer, which specialises in frozen and chilled foods,
alongside groceries. In the twelve months to January 1. 2021 the
company reported revenues of nearly GBP3.7 billion and EBITDA of
GBP174 million.


NMC HEALTH: ADCB Wins Worldwide Freezing Order Against Execs
------------------------------------------------------------
Simeon Kerr and Cynthia O'Murchu at The Financial Times report that
a leading Abu Dhabi bank has won a worldwide freezing order against
the principal owners and executives of NMC Health, the UK-listed
healthcare group that collapsed into administration last year amid
fraud claims.

Abu Dhabi Commercial Bank, a major creditor with exposure of more
than US$1 billion to the group, has secured the order from a court
in London against six defendants: former owners BR Shetty, NMC's
founder; Emirati investors Khalifa al-Muhairi and Saeed al-Qebaisi;
as well as the former chief executive, Prasanth Manghat; and two
senior financial officers, the FT relates.

At a high court hearing in December held in private, the judge
granted the order against the six former owners and senior
executives to prevent the risk of dissipation of assets, in light
of the bank's compensation claim for losses caused by "fraudulent
misrepresentations and conspiracy", the FT recounts.

According to the FT, the court's judgment cited a witness statement
from NMC's chief executive, Michael Davis, who was appointed
following Manghat's departure about a year ago, which said a
forensic team had found documentary evidence that the alleged fraud
was carried out by the defendants.

Abu Dhabi-based NMC, which has disclosed more than US$4 billion in
unreported debt, was placed into administration in the UK in April
last year, with the administrators also pursuing a process in Abu
Dhabi, the FT notes.

NMC, one of the region's largest private healthcare companies and a
former London stock market darling, has had a rapid fall from
grace, the FT discloses.  Its demise has left banks facing massive
writedowns, the FT says.

According to the FT, ADCB said Mr. Shetty was "the chief
protagonist" in this dispute.  The judge agreed with the bank's
characterization, while also recognizing that he denies any
wrongdoing.  The bank also said that he could not have carried out
the alleged fraud -- which is thought to have started as early as
2013 -- without the knowledge and assistance of the other
defendants, the FT relays, citing the court ruling.

The judgment also revealed new details about the alleged
embezzlement, including the maintenance of two sets of inconsistent
financial accounts -- "a dishonest scheme" allegedly operated for
the defendants' mutual benefit, the FT states.


PAPERCHASE: Buyer Opted Not to Refer Acquisition to Pre-Pack Pool
-----------------------------------------------------------------
James Hurley and Alex Ralph at The Times report that the new owners
of Paperchase chose not to refer their acquisition to a scheme that
reviews the sale of failed companies' assets to connected parties.

Permira Debt Managers, the credit arm of the eponymous private
equity firm and a secured creditor to Paperchase, the stationer
that collapsed last month, acquired the key assets of the business
via a pre-pack administration, The Times relates.

According to The Times, joint administrators from PwC, the
accounting and consulting giant, advised Permira that it "could
consider" referring the purchase to the "pre-pack pool", an
independent body set up to provide oversight of pre-packs where
assets are sold to connected parties, documents at Companies House
show.




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X X X X X X X X
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[*] EUROPE: Faces Surge in Bankruptcies, Bad Loans as Aid Ends
--------------------------------------------------------------
Jan Strupczewski at Reuters reports that the European Union is
facing a surge in bankruptcies and bad loans once the post-pandemic
economic recovery starts to take hold and governments begin
withdrawing state schemes that are keeping many firms on life
support, a EU document indicates.

The European Commission note, prepared for euro zone finance
ministers' talks on Feb. 15, said that thanks to almost EUR2.3
trillion (US$2.8 trillion) in national liquidity support measures,
euro zone governments have so far staved off a rise in
insolvencies, Reuters relates.

According to Reuters, the note said without such help and new loans
from banks, almost a quarter of EU companies would have had
liquidity problems by the end of 2020 after exhausting their cash
buffers because of the economic havoc wreaked by the COVID-19
pandemic.

"Once the unprecedented public support measures expire, a number of
businesses are likely to default on their debt obligations, leading
to higher non-performing loans and insolvencies," said the note,
seen by Reuters.

Almost half of all firms that would have had liquidity problems
last year because of the pandemic were already at a high risk of
default before the crisis, and were now being kept afloat only by
government help, Reuters discloses.  The note said they were
therefore likely to face solvency concerns after the crisis,
Reuters relays.



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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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Editors.

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