/raid1/www/Hosts/bankrupt/TCREUR_Public/210218.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Thursday, February 18, 2021, Vol. 22, No. 30

                           Headlines



F I N L A N D

OUTOKUMPU OYJ: Moody's Affirms B3 CFR & Alters Outlook to Stable


F R A N C E

LABORATOIRE EIMER: Fitch Assigns Final 'B' LongTerm IDR
LSF10 EDILIANS: Moody's Affirms 'B2' CFR & Rates New Term Loan 'B2'
LSF10 EDILIANS: S&P Alters Outlook to Stable, Affirms 'B' ICR


G E R M A N Y

VOITH GMBH: Moody's Lowers CFR to Ba1, Alters Outlook to Stable


I R E L A N D

ENERGIA GROUP: Moody's Completes Review, Retains B1 CFR
PHOENIX PARK: Fitch Affirms B- Rating on Class E-R Notes
RYANAIR: Fight Against State Aid to Put EU Rules to Test
TIKEHAU CLO II: Moody's Affirms Caa1 on Class F Notes


I T A L Y

F-BRASILE SPA: Moody's Completes Review, Retains B3 CFR


L U X E M B O U R G

LSF11 SKYSCRAPER: Fitch Assigns Final 'B+' LongTerm IDR


N E T H E R L A N D S

EBN FINANCE: Fitch Assigns Final 'B-' Rating on USD300MM Notes
MAGELLAN DUTCH: Moody's Assigns B2 CFR, Outlook Stable


N O R W A Y

NORWEGIAN AIR: Accused of Pressuring Creditors to Settle Claims


R U S S I A

ALFASTRAKHOVANIE PLC: Fitch Alters Outlook on 'BB+' IFS to Stable


S P A I N

AERNNOVA AEROSPACE: Moody's Completes Review, Retains B3 Ratings
DISTRIBUIDORA INTERNACIONAL: Moody's Affirms Caa2 LongTerm CFR


T U R K E Y

ALBARAKA TURK: S&P Affirms 'B/B' ICRs, Outlook Negative


U N I T E D   K I N G D O M

INTERGEN NV: Moody's Completes Review, Retains B1 Rating
SCHOOLS LETTINGS: Schools Lost GBP20,000 Following Administration
ST GEORGE'S SHOPPING: Goes Into Administration
ZEPHYR MIDCO 2: Moody's Completes Review, Retains B3 CFR
[*] Moody's Hikes Ratings on GBP173.2MM Notes Issued by SBOLTrusts

[*] UK: Insolvencies Expected to Double When Gov't. Support Ends


X X X X X X X X

[*] EUROPE: Governments Must Get Timing to Exit From Covid Help

                           - - - - -


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F I N L A N D
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OUTOKUMPU OYJ: Moody's Affirms B3 CFR & Alters Outlook to Stable
----------------------------------------------------------------
Moody's Investors Service has affirmed the B3 corporate family
rating and the B3-PD probability of default rating of Finland-based
stainless steel producer Outokumpu Oyj. Concurrently, Moody's
affirmed the B2 instrument rating on the group's senior secured
notes due June 2024. The outlook has been changed to stable from
negative.

RATINGS RATIONALE

The outlook stabilization follows Outokumpu's solid results for the
fourth quarter of 2020 (Q4-20), ended December 31, 2020, which
showed an over 14% year-over-year improvement in stainless steel
deliveries, increased ferrochrome production and positive effects
from cost reductions across most divisions. This enabled the group
to boost its company-adjusted EBITDA to EUR78 million from EUR73
million in the prior year and significantly ahead of the EUR22
million in Q3-20, while EBITDA for the full year 2020 summed to
EUR250 million (EUR263 million in 2019). Nevertheless, full-year
EBITDA on a Moody's-adjusted basis of EUR173 million (preliminary)
was still burdened by EUR59 million restructuring charges for
implemented headcount reduction measures (by about 10% until 2022
planned), which however should help to achieve the group's targeted
EUR200 million run-rate EBITDA improvements by year-end 2022.
Moody's further acknowledges Outokumpu's ability to preserve
positive Moody's-adjusted free cash flow (FCF) in 2020 (around
EUR190 million), despite its faltering operating performance in the
wake of the coronavirus pandemic, thanks to significant working
capital reductions (EUR247 million in total) and lower capital
spending. As a result, the group's reported net debt decreased to
just above EUR1 billion at year-end 2020 from EUR1.15 billion a
year earlier, while Moody's had anticipated a moderate increase
when downgrading it to B3 with a negative outlook in March 2020.

On a gross and Moody's-adjusted basis, Outokumpu remains highly
leveraged, as shown by a debt/EBITDA ratio of 11.5x at the end of
December 2020, which clearly exceeds the defined 5.5x-6x range for
a B3 rating. That said, Moody's expects the recent pick-up in
demand to accelerate and support mid to high-single-digit volume
growth in 2021, while the group already guided for a 10-20%
quarter-over-quarter increase in its stainless steel deliveries in
Q1-21. Combined with rising stainless and ferrochrome prices, which
have been rallying since the beginning of 2021, Outokumpu's
earnings should strongly recover and support a reduction of its
leverage to well below 6x by the end of the year. Moody's expects
the group's rating positioning, therefore, to strengthen in the
coming quarters, albeit some metrics will likely remain weak (e.g.
Moody's-adjusted EBIT/interest expense to reach 1.5x by year-end
2021).

The affirmed B3 CFR continues to benefit from the group's adequate
liquidity profile, which it could sustain during 2020 such as
through issuing a convertible bond, securing a new and extending an
existing revolving credit facility (RCF), as well as a EUR75
million VAT deferral in Finland. It also positively reflects
Outokumpu's suspension of dividend payments and its plan to refrain
from such payments also in 2021, which underpins its prudent
financial policy and objective of de-leveraging to below 3x
reported net debt/EBITDA by 2022 (4.1x at December-end 2020).
Moody's expects Outokumpu to achieve at least break-even FCF
generation in 2021, i.e. below the 2020 levels due to a moderate
working capital build-up and higher restructuring related cash
payments.

Meanwhile, factors constraining Outokumpu's rating include its
exposure to cyclical end-markets (e.g. automotive, chemical, energy
and industrial); still-high stainless steel import penetration,
especially in Europe; and the high sensitivity of its profitability
to changing market conditions, currency effects, and typically
volatile input costs (e.g. nickel) and ferrochrome prices.

LIQUIDITY

Moody's considers Outokumpu's liquidity as adequate. Cash sources
as of December 31, 2020 comprised cash on the balance sheet of
EUR376 million, of which EUR22 million restricted, and the fully
undrawn EUR650 million committed revolving credit facility.

During 2020, the group increased its available liquidity sources
and extended its debt maturity profile. After repaying a EUR250
million convertible bond in February 2020, Outokumpu issued a new
EUR125 million convertible due July 2025 and extended the maturity
of EUR532 million of its RCF commitments (EUR650 million in total)
to May 2023. It further signed a SEK 1,000 million (around EUR100
million) RCF, maturing in May 2022, guaranteed by the Swedish
Export Credit Agency EKN, which was fully undrawn as of year-end
2020. The group's EUR800 million Finnish Commercial Paper programme
was utilized by EUR231 million at year-end 2020. In total,
Outokumpu's available liquidity exceeded EUR1 billion as of
December 31, 2020, including EUR34 million available under a capex
facility for the expansion of its Kemi mine.

These cash sources, together with Moody's forecast of materially
improving funds from operations over the next 12-18 months and
moderate working capital consumption, should comfortably cover
capital expenditures of around EUR200 million per annum, including
lease payments, and Moody's 3% of sales working cash assumption.
Moody's expects Outokumpu to remain well in compliance with its
gearing maintenance covenant.

OUTLOOK

The stable outlook reflects Moody's expectations that Outokumpu's
credit metrics will materially strengthen in 2021 on the back of a
market recovery and measures taken to support profitability and
cash flow generation. That said, a more pronounced improvement in
the group's operating performance in the next few quarters could
lead to further positive rating pressure.

Moreover, the stable outlook assumes that the group will retain at
least an adequate liquidity profile and maintain a prudent
financial policy, as shown by suspension of dividends in
2020-2021.

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

Upward pressure on the ratings would build, if Outokumpu's (1)
Moody's-adjusted leverage decreased sustainably below 5.5x gross
debt/EBITDA, (2) Moody's-adjusted interest coverage improved to
2.0x EBIT/interest expense, (3) liquidity could be maintained at an
at least adequate level.

Downward pressure on the ratings would evolve, if Outokumpu's (1)
Moody's-adjusted leverage sustainably exceeded 6.0x gross
debt/EBITDA; (2) Moody's-adjusted interest coverage remained well
below 1.0x EBIT/interest expense, (3) liquidity deteriorated
materially with inability to return to a sustainably positive free
cash flow generation.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Steel Industry
published in September 2017.

COMPANY PROFILE

Headquartered in Helsinki, Finland, Outokumpu is a leading global
manufacturer of flat-rolled stainless steel. It holds the #1 market
position in Europe and is the second largest stainless steel
company in the NAFTA region with a market share of 21% in 2019.
With total revenue of EUR5.6 billion in 2020 and 9,915 employees,
Outokumpu is one of the largest Finnish companies. The group
operates 18 production sites, including integrated stainless steel
mills in Europe and North America, as well as a fully owned chrome
mine close to its Tornio/Finland based steel plant. Outokumpu's
main shareholder is Solidium Oy, a holding company wholly owned by
the Finish government, with a stake of around 21.7%.




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F R A N C E
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LABORATOIRE EIMER: Fitch Assigns Final 'B' LongTerm IDR
-------------------------------------------------------
Fitch Ratings has assigned Laboratoire Eimer Selas (Laboratoire
Eimer) a final Long-Term Issuer Default Rating (IDR) of 'B' with a
Stable Outlook. Laboratoire Eimer has become the new top entity of
the group after refinancing, and is a security provider and
guarantor of the new senior secured debt.

Fitch has also assigned Laboratoire Eimer's EUR250 million new
senior unsecured notes a final rating of 'CCC+'/RR6 and affirmed
the senior secured debt issued at CAB societe d'excercice liberal
par actions simplifiee's (CAB, also known as Biogroup) at
'B+'/'RR3'.

The assignment of the final ratings is based on execution terms
following completion of CAB's refinancing.

Laboratoire Eimer's 'B' IDR balances an aggressive leverage profile
with a predominantly debt-funded opportunistic, albeit
well-executed, acquisitive business strategy and rapidly scaling up
operations. The rating also reflects the group's superior operating
and free cash flow (FCF) margins, which Fitch regards among the
highest in the sector.

The Stable Outlook reflects Fitch's expectation that the company's
operating and financing profiles will be steady, supported by the
traits of its infrastructure-like healthcare business model and
expectation of a consistent financial policy with steady financial
structure metrics at around 8.0x funds from operations (FFO)
adjusted leverage level.

Fitch has withdrawn the 'B+' rating on CAB's EUR120 million
revolving credit facility (RCF) following its redemption as part of
the refinancing process.

KEY RATING DRIVERS

Refinancing Rating Neutral: Fitch views the refinancing overall as
rating neutral. The increase in total debt by around EUR180 million
is credit-dilutive, as the new senior secured and senior unsecured
debt were used to partly refinance the term loan B (TLB), redeem
the second-lien tranche and a payment-in-kind (PIK) note, which was
previously issued outside the rating perimeter.

However, the higher indebtedness is mitigated by Biogroup's stable
organic performance, boosted by the contribution from the first
full-year consolidation of the transformational acquisition of CMA
Medina completed in 2020 and Covid-19 testing, which will remain a
material contributor to sales and EBITDA in 2021. Excluding the
one-time higher projected cash tax from the coronavirus-related
extra business activity, Fitch estimates FFO adjusted leverage at
below 8.0x in 2021 immediately after the refinancing.

Financial Policy Drives IDR: The IDR is mainly driven by Fitch's
perception of Biogroup's improved financial discipline and funding
mix to support the company's highly acquisitive growth strategy
with a stronger contribution from FCF (given FCF margin estimated
in the low double digits post-2021). This will help alleviate the
previous overstretched use of debt financing, which contributed to
high leverage in 2019-2020.

M&A Still Poses Event Risks: M&A remains a critical element of
Biogroup's business strategy, and uncertainty over its magnitude
and funding still poses event risks. Fitch's rating case assumes
around EUR800 million of M&A a year. Smaller or bolt-on M&A could
be accommodated by FCF, while mid-scale and larger acquisitions
would be funded by a combination of new debt and equity. Departure
from the established asset selection and integration practices, or
more aggressive financial policies would pressure the ratings.

Stabilising Leverage, Deleveraging Potential: Based on Fitch's M&A
(and funding) assumptions and steady organic performance, Fitch
projects stabilisation of FFO adjusted leverage at around 8.0x,
supporting the Stable Outlook. Strong internal cash generation
provides scope for deleveraging capacity, although the growing cash
reserves will likely be reinvested into M&A instead of debt
reduction.

Adequate Financial Flexibility: Despite higher debt cash service
requirements after refinancing, the FFO fixed charge cover ratio
will remain adequate trending towards 2.5x in 2022. The refinancing
diversifies Biogroup's funding mix and extends debt maturities from
2026 to 2028-2029.

Defensive Business Model: Biogroup's business model is defensive
with stable, non-cyclical revenues and high and resilient operating
margins. As one of the largest players in the French sector, the
company benefits from scale-driven operating efficiencies, in
addition to high barriers to entry as it operates in a highly
regulated market.

Given its growing coverage in France and Belgium, and a focused
approach to M&A, Biogroup is well-placed to continue capitalising
on favourable sector fundamentals and deriving value from its
buy-and build strategy, which should allow it to grow faster than
the market. Concentration risks due to narrow product
diversification, and still large exposure to France, are
counter-balanced by high operating profitability and strong cash
flow generation.

Healthy Cash Flow Generation: The acquisition of CMA-Medina and
Covid-19 related testing boosted EBITDA and FCF in 2020 to all-time
highs. The pandemic-induced service volumes will gradually subside
from 2021 onward, but the business will continue generating
superior operating margins. Given contained trade working capital
and low capital intensity, this translates into sustained sizeable
FCF and high FCF margins estimated in the low double digits, which
is solid for the rating. Strong cash flow profitability remains a
key factor, mitigating periods of high leverage.

Medium-Term Boost from Pandemic: Fitch expects Covid-19 testing
accounted for a substantial share of 2020 sales and earnings. This
should continue to materially support sales and EBITDA, albeit at a
slower pace from 2021 onwards. Fitch believes demand for this
testing service will continue after 2021, despite the recent launch
of mass vaccination in the EU, given the uncertainties over the
ability to reach herd immunity estimated at 60%-70% before the
start of the fall/winter season, as well as the current lack of
clinical studies over the ability of vaccinated persons to continue
spreading the coronavirus, and the need to refresh immunisation
every two to three years.

Fitch therefore projects the contribution from this business
service to remain through 2024, albeit with declining volumes and
prices from 2020 levels. Even if demand declines to negligible
levels by 2023-2024, Biogroup's operating profile will remain
defensive and resilient.

Regulation Impacts Profits: Biogroup operates in a regulated
medical market, which is subject to pricing and reimbursement
pressures, particularly in France, where sector constituents
operate under a tight price and volume agreement between the
national healthcare authorities, lab-testing groups and trade
unions. High social relevance of the lab testing sector exposes
lab-testing companies to increased risks of tightening regulations
constraining the companies' ability to maintain operating
profitability and cash flows. Fitch captures this risk in the ESG
Relevance Score of 4 for Exposure to Social Impact. This may have a
negative impact on Biogroup's credit profile and is relevant to the
rating in conjunction with other factors.

DERIVATION SUMMARY

Similar to other sector peers, such as Synlab Bondco plc
(B+/Stable) and Inovie Group (B(EXP)/Stable), Biogroup benefits
from a defensive, non-cyclical business model with stable demand
given the infrastructure-like nature of lab-testing services. This
has been reinforced by strongly improved trading during the
pandemic. Biogroup's high and stable operating and cash flow
margins are considered the highest in peer comparison, which Fitch
largely attributes to the particularities of the French regulatory
regime.

The lab-testing market in Europe has attracted significant private
equity investment, leading to highly leveraged financial profiles.
The one-notch difference between Biogroup and Inovie Group against
Synlab is due to the latter's lower FFO adjusted leverage following
recent debt repayment, leading to lower leverage by 1.5 -2.0x than
its 'B' rated peers.

KEY ASSUMPTIONS

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

-- Organic sales growth at 0.6% per year for 2021-2023,
    reflecting the triennial agreement renewal in France;

-- 2020 completed acquisition contributing to 20% of growth in
    2020 and 2021;

-- M&A of EUR800 million per year in 2021-2023, using a mix of
    additional debt, FCF and new equity;

-- EUR10 million of recurring expenses (above FFO) and general
    expenses and EUR10 million of M&A-driven trade working capital
    outflows a year until 2023; Fitch projects a larger trade
    working capital outflow and recurring expenses in 2020
    following investments in new Covid-19 tests; large 2020 trade
    working capital outflow mainly driven by one-off delay of
    social health insurance payments and expected to reverse in
    2021;

-- EBITDA margin improvement following planned business additions
    and as low-risk synergies materialise on earlier acquisitions;

-- Capex at around 2% per year on average until 2023; and

-- No dividend payments throughout the life of CAB's debt
    facilities.

KEY RECOVERY RATING ASSUMPTIONS

Fitch follows a going-concern approach over balance-sheet
liquidation given the quality of CAB's network and strong national
market position:

-- Going-concern EBITDA reflects breakeven FCF, implying a 30%
    discount to projected 2020 EBITDA, adjusted for a 12-month
    contribution of all 2020 acquisitions, as well as the
    additional Covid-19 testing activity at a normalised medium
    term level anticipated to remain by 2023.

-- Distressed enterprise value (EV)/EBITDA multiple of 5.5x,
    which reflects CAB's strong market position albeit with
    exposure to only two geographies, including dominant exposure
    to France. This implies a discount of 0.5x against Synlab's
    distressed EV/EBITDA multiple of 6.0x;

-- Structurally higher-ranking super senior debt of around EUR20
    million at operating companies to rank on enforcement ahead of
    RCF and TLB;

-- The senior secured debt comprising TLB of EUR1.45 billion,
    senior secured notes of EUR800 million, jointly at EUR2.25
    billion, and RCF of EUR271 million, which Fitch assumes to be
    fully drawn upon distress, rank pari passu after super senior
    debt; the unsecured senior bond ranks third in priority;

-- After deducting 10% for administrative claims from the
    estimated post-restructuring EV, Fitch's waterfall analysis
    generates a ranked recovery for the senior secured debt in the
    'RR3' band leading to an assigned senior secured rating of
    'B+' with a Waterfall Generated Recovery Computation (WGRC)
    output percentage of 54%, lower than 64% previously due to
    increased senior secured debt quantum. For the senior
    unsecured notes, Fitch estimates their recovery in the 'RR6'
    band with a WGRC output percentage of 0%, corresponding to a
    'CCC+' senior unsecured note rating.

RATING SENSITIVITIES

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

-- Larger scale, increased product/geographical diversification,
    full realisation of contractual savings and synergies
    associated with acquisitions and/or voluntary prepayment of
    debt from excess cash flow, followed by:

-- FFO adjusted gross leverage (pro forma for acquisitions) below
    6.5x on a sustained basis;

-- FFO fixed charge cover (pro forma for acquisitions) trending
    above 2.5x on a sustained basis.

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

-- Weak operating performance with neutral to negative like-for
    like sales growth and declining EBITDA

-- Margins due to a delay in M&A integration, competitive
    pressures or adverse regulatory changes;

-- Failure to show significant deleveraging towards 8.0x at least
    two years before major contractual debt

-- Maturities on an FFO adjusted gross basis due to lost
    discipline in M&A;

-- FCF margin reducing towards mid-single digits such that
    FCF/total debt declines to low single digits; and

-- FFO fixed charge cover below 2.0x (pro forma for acquisitions)
    on a sustained basis.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: Fitch views Biogroup's liquidity as
comfortable. This is based on a high starting year-end cash balance
estimated at around EUR230 million in December 2020. Fitch also
notes improved projected internal liquidity generation, boosted by
the integration of the credit-accretive transformation acquisition
of CMA-Medina and incremental Covid-19 related testing activity,
which the company can use at its discretion for bolt-on M&A.

The refinancing has widened Biogroup's funding mix and improved its
debt maturity profile extending its debt maturities from 2026 to
2028/2029. An upsized RCF to EUR271 million (from EUR120 million)
also enhances the company's liquidity headroom and financial
flexibility.

ESG CONSIDERATIONS

Laboratoire Eimer Selas: Exposure to Social Impacts: 4

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.


LSF10 EDILIANS: Moody's Affirms 'B2' CFR & Rates New Term Loan 'B2'
-------------------------------------------------------------------
Moody's Investors Service has affirmed LSF10 Edilians Investments
S.a r.l.'s corporate family rating and Probability of Default
rating at B2 and B2-PD, respectively. Concurrently Moody's has
assigned a B2 instruments' ratings on its new EUR660 million Senior
Secured 1st Lien Term Loan B3 maturing in 2028 and its new EUR90
million Senior Secured 1st Lien Revolving Credit Facility maturing
in 2027. The outlook is stable. The proceeds will be used to repay
the existing EUR531 million Senior Secured 1st Lien Term Loan B2
and its EUR15 million outstanding Senior Secured Second Lien Term
Loan as well as for funding a EUR111 million first-time dividend
distribution. Upon completion of the envisaged transaction, Moody's
will withdraw the B2 rating on the existing senior secured
facilities.

RATINGS RATIONALE

The building materials industry, notably the renovation segment, is
benefitting from the V-shaped recovery of the construction
activities in Europe. In this context Edilians achieved a FY 2020
sales and EBITDA earnings growth of around 4% and 5% respectively.
On the back of strong trading, resilient margins and high cash flow
generation, the company partially repaid its Senior Secured Second
Lien Term Loan and reduced its financial leverage down to 4.9x on a
Moody's adjusted basis by year-end 2020. So that in spite of the
higher amount of gross debt to be raised under this transaction,
Edilians' credit metrics will remain within their current rating
guidance over the next 12 to 18 months, supported by the expected
sustained solid operating performance and financial discipline.

Edilians' credit profile further benefits from a leading and
historically stable market position in the French roofing market,
protected by high barriers to entry and supporting its best
in-class profitability, with a track record of resilient
performance through economic crisis.

The B2 rating also factors in Edilians' credit challenges arising
from a fragile economic recovery, its concentration in the French
residential construction market, its small size compared with
international peers in a cyclical and capital-intensive industry
and rising substitution risk from alternative roofing products,
especially in the new-build segment.

The stable outlook reflects Moody's view that Edilians' solid
earnings will remain broadly stable resulting in a leverage below
6x over the 12 to 18 months. Moody's stable outlook also
incorporates Moody's expectation of no aggressively financed
acquisitions and unchanged resilient trading conditions of the
building materials industry in France.

LIQUIDITY ANALYSIS

Edilians' liquidity is good backed by a resilient cash flow
generation, around EUR19 million cash on balance sheet pro-forma
for the refinancing and EUR90 million available under its Senior
Secured 1st lien RCF (undrawn).

The above sources will adequately cover maintenance capex and debt
interest payments. For funding short-term working capital swings,
Edilians has as well access to factoring lines.

Moody's liquidity assessment also considers the covenant lite
structure of the bank debt with a springing covenant on the
revolving credit facility, to be only tested if the revolver is
drawn more than 40% and with a test level of maximum 8.85x net
leverage. Moody's expect covenant headroom to remain adequate over
the next 12 to 18 months.

STRUCTURAL CONSIDERATIONS

Edilians' capital structure includes its new EUR660 million Senior
Secured 1st Lien Term Loan B3 and its EUR90 million Senior Secured
1st Lien Revolving Credit Facility, guaranteed by material
subsidiaries representing at least 80% of consolidated EBITDA.

The security package includes share pledges over the shares of
LSF10 Edilians Investments S.a r.l. and operating subsidiaries
accounting for at least 80% of group consolidated EBITDA. Both the
Senior Secured 1st Lien Term Loan B3 and the Senior Secured 1st
Lien Revolving Credit Facility rank pari passu.

Moody's assume a standard recovery rate of 50%, which reflects the
covenant lite nature of the loan documentation.

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

Upward rating pressure could arise if Edilians builds a track
record of keeping Debt/EBITDA sustainably below 5.0x and FCF/debt
would increase to double digit in percentage terms. A higher rating
would also require maintaining operating margins at the
historically high levels.

Negative pressure on the rating would arise if Debt/EBITDA would
increase sustainably above 6.0x, operating margins would decline
steeply and FCF generation would turn negative, leading to a
deterioration of Edilians' liquidity profile.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Edilians' ratings incorporate its private equity ownership and the
traditionally associated more aggressive financial policy to that,
which is tolerant of high leverage, debt-funded M&A and
recapitalisation measures.

Despite the economic activity disruption caused by Covid-19,
Edilians operating performance remains solid supported by the
resilient nature of the building materials industry, notably the
renovation market, its leading market position and best in class
profitability. Moody's regards the coronavirus outbreak as a social
risk under its ESG framework, given the substantial implications
for public health and safety.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Building
Materials published in May 2019.

CORPORATE PROFILE

Headquartered in Dardilly France, Edilians is a leading
manufacturer of clay roof tiles in the country. Business operations
are organized in two divisions: premium clay roof tiles (90% of
revenues) and adjacencies (10%). The company generated in 2020
revenues of EUR323 million and a company-adjusted EBITDA of EUR131
million.


LSF10 EDILIANS: S&P Alters Outlook to Stable, Affirms 'B' ICR
-------------------------------------------------------------
S&P Global Ratings revised the outlook on tile manufacturer LSF10
Edilians Investments S.a.r.l (Edilians) to stable from negative and
affirmed its 'B' long-term rating on the company. At the same time,
we are assigning a 'B' issue credit rating to the proposed EUR660
million term loan B.

S&P said, "The stable outlook reflects our view that Edilians will
continue to benefit from stable end-market demand for its products,
while generating annual free operating cash flow (FOCF) of over
EUR40 million.

"While macroconditions remain uncertain, we expect Edilians will
continue to report a resilient performance over 2021-2022. In 2020,
Edilians' sales increased by 4% and its operating margins slightly
improved compared with the previous year. Edilians temporarily shut
down its production facilities in mid-March, but gradually reopened
them from April. Reactivity and operational adjustments on the
production lines allowed the company to control its costs base and
service customers without major interruptions during the year. The
second wave of the pandemic caused little disruption to Edilians'
performance, and favorable weather conditions in the second part of
the year supported clay tile market recovery. French governmental
measures such as temporary layoffs and guaranteed loans have also
supported Edilians' clients and professional roofers during the
pandemic. About 75% of Edilians' sales come from the renovation,
maintenance, and improvement end-market, which we consider more
stable than the new build end-market. In particular, we factor in
the scarcity of the professional roofers installing the clay tiles,
who have a solid backlog for the next quarters. Therefore, the
expected slowdown in the demand for new housing should have a
limited impact on Edilians' activity in the coming years. The clay
tile market could also benefit from the government budget
initiatives regarding energy-efficiency renovation, given roofs
play an important role in the housing insulation.

"We forecast FOCF in excess of EUR40 million for 2021-2022. The
company's strong performance combined with decreasing inventories
and a normal level of capital expenditure (capex) supported FOCF
generation of about EUR60 million in 2020. Edilians has also been
able to reduce its gross financial leverage in November 2020 thanks
to a partial repayment of its second lien debt in November 2020. We
expect FOCF will slightly decrease in 2021 as the company will
replenish its inventory, although we forecast it will remain over
EUR40 million.

"Despite an expected increase, we expect Edilians leverage will
remain commensurate with the 'B' rating. Edilians is refinancing
its capital structure with a new EUR660 million term loan B.
Pro-forma the new capital structure, we forecast adjusted leverage
will rise to 5.7x-5.8x in 2021-2022, from about 5.0x in 2020. We
also forecast comfortable EBITDA interest coverage of over 3.5x.
The company will use the proceeds of the new term loan B to repay
the existing debt and to fund a dividend of about EUR111 million to
the shareholders Lone Star. In our view, the planned dividend
demonstrates financial sponsor Lone Star's aggressive financial
policies. We believe it is unlikely that Lone Star will prioritize
gross financial deleveraging in the coming years."

S&P Global Ratings believes there remains high, albeit moderating,
uncertainty about the evolution of the coronavirus pandemic and its
economic effects. Vaccine production is ramping up and rollouts are
gathering pace around the world. Widespread immunization, which
will help pave the way for a return to more normal levels of social
and economic activity, looks to be achievable by most developed
economies by the end of the third quarter. However, some emerging
markets may only be able to achieve widespread immunization by
year-end or later. S&P said, "We use these assumptions 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 stable outlook reflects S&P's view that Edilians will continue
to benefit from stable end-market demand for its products, while
generating annual FOCF of in excess of EUR40 million.

S&P could lower the ratings if:

-- The group experienced severe margin pressure or operational
issues, leading to much lower FOCF;

-- Adjusted debt to EBITDA remained above 6.5x over a prolonged
period;

-- Liquidity pressure arose;

-- Edilians and its sponsor were to follow a more aggressive
strategy with regards to higher leverage and/or shareholder
returns.

In S&P's view, the probability of an upgrade over its 12-month
rating horizon is limited, reflecting the group's high leverage.
Private equity ownership could increase the possibility of higher
leverage and/or shareholder returns. For this reason, S&P could
consider raising the rating if:

-- Adjusted debt-to-EBITDA reduceed consistently to below 5x;

-- Funds from operations (FFO) to debt increased consistently to
above 12%; and

-- Edilians and its owners showed commitment to lowering and
maintaining leverage metrics at these levels.




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

VOITH GMBH: Moody's Lowers CFR to Ba1, Alters Outlook to Stable
---------------------------------------------------------------
Moody's Investors Service has downgraded the rating of German-based
diversified engineering group Voith GmbH & Co. KGaA, assigning a
corporate family rating of Ba1 and probability of default rating of
Ba1-PD. The outlook changed to stable from negative. Concurrently,
Moody's has withdrawn Voith's long-term issuer rating of Baa3 as
per the rating agency's practice for corporates with investment
grade ratings.

The downgrade to Ba1 reflects the weakening of operating
performance and credit metrics which have been below the
requirement for the previous rating category for a while. Moody's
recognizes the company's initiatives for performance improvements,
which will, however, only be visible in the next 2 to 3 years.

Moody's expect that Moody's retained cash flow to net debt will
remain well below 25% in the next 12-18 months and adjusted debt to
EBITDA to remain above 5.5x, and even when adding cash, net
debt/EBITDA will remain above 4.0x. Apart from a slow recovery
after the global economic downturn in 2020, the company's
profitability is affected by high restructuring costs with benefits
only becoming fully effective as of 2022. Moody's recognizes
Voith's strong market position in its key segments, such as hydro
power plants and paper machines as well a strong liquidity profile
which benefits from a disciplined financial policy.

RATINGS RATIONALE

Voith's rating is constrained by (i) a Moody's adjusted gross
leverage of 7.3x (including pension adjustments) for fiscal year
2020, a level outside of the requirements for the previous Baa3
rating category, and even when adding back existing cash balance
leverage is relatively high, (ii) persistently low profitability
with EBITA margins hovering between 3% and 4% during the last 4
years, (iii) its cyclical nature in most of its end markets and
only modest revenue growth of around 3% expected in fiscal year
2021 with related risks of further delays after the 3% decline in
2020 and (iv) single digit RCF/net debt (Moody's adjusted) in
percentage terms as a result of its low profitability.

Voith's rating is supported by (i) market and technology leadership
in many of its relevant markets, such as hydro power plants and
paper machines; (ii) very diversified and well balanced portfolio,
with the group serving many end markets, which typically follow
different cycles in terms of length and timing, backed by healthy
order backlog in excess of one year of sales; (iii) substantial
financial flexibility given cash & cash equivalents of around
EUR500 million. It also reflects Voith's relatively conservative
financial policy, which includes a relatively low level of bank
debt, but burdened somehow by high pension liabilities which
Moody's add back to adjusted debt.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation that Voith will be
able to strengthen profitability in its core businesses leading to
a Moody's-adjusted EBITA margin improving towards 5%,
Moody's-adjusted retained cash flow coverage metrics moving towards
low twenties in percentage term of net debt (before restructuring
costs) and consistently positive free cash flow.

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

Moody's could upgrade Voith in case of a sustainable strengthening
of its credit profile reflected in a Moody's-adjusted EBITA margin
in the mid-single digits and Moody's-adjusted debt/EBITDA improving
towards 4.0x, Moody's adjusted RCF/net debt improving towards 25%
while preserving a positive free cash flow generation.

Moody's could downgrade Voith's ratings, if its Moody's-adjusted
debt/EBITDA stays sustainably above 5.0x, Moody's-adjusted RCF/net
debt below 15%, negative free cash flow for a prolonged period of
time, if its strong liquidity profile is weakened or in case of
sizeable M&A activity.

LIQUIDITY

Moody's view Voith's liquidity as strong. Taking into account
EUR123 million invested in term deposits at elected banking
partners and deducting some EUR205 million of trapped cash, the
company had more than EUR500 million of cash and cash equivalents
on its balance sheet as of September 30, 2020. This strong cash
balance is further supported by an undrawn EUR550 million
multicurrency syndicated credit facility, which was refinanced in
April 2018 and matures in April 2025. The facility has no repeating
material adverse change clause or financial covenants with the
possibility to increase the credit volume to a maximum of EUR750
million. Voith's liquidity is also supported by certain bilateral
committed credit facilities of EUR375 million. These sources are
sufficient to cover its liquidity needs, including any intra-year
movements of working capital and short-term debt maturities.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Voith GmbH & Co. KGaA (Voith) is a diversified engineering group,
primarily addressing energy, oil and gas, paper, raw materials, and
transport and automotive markets. Its product offerings hold
leading positions in hydropower generation, paper machine
technology and selected niches of technical services and power
transmission.

Voith employed some 19,400 people in more than 60 countries and
generated sales of EUR4.2 billion in the fiscal year ended
September 30, 2020 (fiscal 2020). The group is privately owned by
descendants of the Voith family, but it has been led by nonfamily
senior managers for decades.




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

ENERGIA GROUP: Moody's Completes Review, Retains B1 CFR
-------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Energia Group Limited and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on February 9, 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 B1 corporate family rating of Energia Group Limited reflects
the demonstrated resilience of its diversified utility business,
including thermal and renewable generation, price-regulated supply
in Northern Ireland (NI), unregulated energy supply across the
island of Ireland and a portfolio of contracted wind farm output,
as well as strong free cash flow supported by limited capital
investment needs. It also takes into account Energia's good
liquidity, including sizeable cash balances.

Energia's rating is constrained by its relatively high leverage and
uncertainty over its future investment strategy. The company also
remains exposed to Irish electricity prices and the continuing risk
of business failures and unemployment in NI and the Republic of
Ireland (A2), which could reduce demand and increase bad debts.
Despite pressures associated with the coronavirus crisis, Moody's
expects Energia's ratio of funds from operations to debt to be
broadly stable in 2020-21 compared to the previous year. Visibility
of cash flow in the company's flexible generation segment declines
after 2023-24, when the PPB contract expires and Huntstown capacity
revenues will depend on the results of future capacity auctions.

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


PHOENIX PARK: Fitch Affirms B- Rating on Class E-R Notes
--------------------------------------------------------
Fitch Ratings has revised the Outlook on Phoenix Park CLO DAC's
class C, D and E notes to Stable from Negative. All ratings have
been affirmed.

           DEBT                       RATING            PRIOR
           ----                       ------            -----
Phoenix Park CLO DAC

Class A-1A-R-R XS1890615013    LT  AAAsf   Affirmed     AAAsf
Class A-1B-R-R XS1892517340    LT  AAAsf   Affirmed     AAAsf
Class A-2A1-R-R XS1890615799   LT  AAsf    Affirmed     AAsf
Class A-2A2-R-R XS1892517936   LT  AAsf    Affirmed     AAsf
Class A-2B-R-R XS1890616334    LT  AAsf    Affirmed     AAsf
Class B-1-R-R XS1890616920     LT  Asf     Affirmed     Asf
Class B-2-R-R XS1892518587     LT  Asf     Affirmed     Asf
Class C-R XS1890618462         LT  BBB-sf  Affirmed     BBB-sf
Class D-R XS1890617811         LT  BBsf    Affirmed     BBsf
Class E-R XS1890618033         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 November 2020. The transaction was 1bp below target par as of
the investor report dated 19 January 2021. As of the same report,
all coverage tests, Fitch's collateral quality tests and portfolio
profile tests were passing. Exposure to assets with a Fitch-derived
rating (FDR) of 'CCC+' and below was 6.1% (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 were
no defaulted assets in the portfolio.

Resilient to Coronavirus Stress

The Outlook revision of the notes D to F to Stable from Negative
and the Stable Outlook on the other notes reflect their resilience
to 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 a broadly stable portfolio credit quality
since November 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 33.8 (assuming unrated assets are 'CCC') while the
reported Fitch WARF in the investor report dated 19 January 2021
was 33.8, below the maximum covenant of 34. The Fitch WARF would
increase by 1.3 after applying the coronavirus stress.

High Recovery Expectations

Senior secured obligations comprise 98.3% 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 19 January 2021, the Fitch weighted average
recovery rate of the current portfolio was 65.3%.

Diversified Portfolio

The portfolio is well-diversified across obligors, countries and
industries. The top 10 obligor concentration is 12.7%, and no
obligor represents more than 1.6% of the portfolio balance.

RATING SENSITIVITIES

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

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


RYANAIR: Fight Against State Aid to Put EU Rules to Test
--------------------------------------------------------
Foo Yun Chee at Reuters reports that Ryanair's fight against state
aid for airlines will put loosened EU rules to the test on Feb. 17
when the bloc's second-highest court decides on support offered to
Air France and SAS.

According to Reuters, under European Commission state aid rules
loosened since the start of the pandemic, EU countries have offered
more than EUR3 trillion (US$3.65 trillion) in aid to companies in
various sectors across the 27-member bloc.

In its first judgments on those rules, the Luxembourg-based General
Court will assess a French scheme allowing airlines to defer
certain aeronautical taxes. It will also rule on Sweden's loan
guarantee scheme for airlines, Reuters discloses.

Ryanair, Europe's biggest budget carrier, has filed 16 lawsuits
against the Commission, both against state aid to individual
airlines such as Lufthansa, KLM, Austrian Airlines and TAP, as well
as against national schemes that mainly benefit airlines, Reuters
relates.

Ryanair in its filings to the court faulted EU competition
enforcers by allowing EU countries to grant aid only to airlines
with EU operating licenses issued by their countries, Reuters
notes.

EU flag carriers generally need only one operating license from
their home country to operate across the bloc, Reuters states.

According to Reuters, Ryanair said the Commission also erred in
assessing the proportionality of the aid to the damage caused by
the pandemic.


TIKEHAU CLO II: Moody's Affirms Caa1 on Class F Notes
-----------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Tikehau CLO II DAC:

EUR46,000,000 Class B Senior Secured Floating Rate Notes due 2029,
Upgraded to Aa1 (sf); previously on Dec 8, 2020 Aa2 (sf) Placed
Under Review for Possible Upgrade

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

EUR18,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2029, Upgraded to Baa1 (sf); previously on Jul 3, 2020
Confirmed at Baa3 (sf)

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

EUR244,000,000 Class A Senior Secured Floating Rate Notes due
2029, Affirmed Aaa (sf); previously on Jul 3, 2020 Affirmed Aaa
(sf)

EUR28,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2029, Affirmed Ba2 (sf); previously on Jul 3, 2020
Confirmed at Ba2 (sf)

EUR10,500,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2029, Affirmed Caa1 (sf); previously on Jul 3, 2020
Downgraded to Caa1 (sf)

Tikehau CLO II DAC, issued in November 2016, is a collateralised
loan obligation (CLO) backed by a portfolio of predominantly
European senior secured obligations. The portfolio is managed by
Tikehau Capital Europe Limited. The transaction's reinvestment
period will end in December 2020.

The actions conclude the rating review on the Class B and C notes
initiated on December 8, 2020, "Moody's upgrades 23 securities from
11 European CLOs and places ratings of 117 securities from 44
European CLOs on review for possible upgrade",
http://www.moodys.com/viewresearchdoc.aspx?docid=PR_437186.

RATINGS RATIONALE

The rating upgrades on the Class B,C and D notes are primarily due
to the update of Moody's methodology used in rating CLOs, which
resulted in a change in overall assessment of obligor default risk
and calculation of weighted average rating factor (WARF). Based on
Moody's calculation, the WARF is currently 3039 after applying the
revised assumptions as compared to the trustee reported WARF of
3308 as of December 2020 [1]. In addition, the transaction has
reached the end of the reinvestment period in December 2020.

The rating affirmations on the Class A, E and F notes reflects the
expected losses of the notes continuing to remain consistent with
their current ratings. Moody's analysed the CLO's latest portfolio
and took into account the recent trading activities as well as the
full set of structural features.

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

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

Performing par and principal proceeds balance: EUR395.1 million

Defaulted Securities: None

Diversity score: 50

Weighted Average Rating Factor (WARF): 3039

Weighted Average Life (WAL): 4.6 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.7%

Weighted Average Coupon (WAC): 5.3%

Weighted Average Recovery Rate (WARR): 45.2%

Par haircut in OC tests and interest diversion test: None

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

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

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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




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

F-BRASILE SPA: Moody's Completes Review, Retains B3 CFR
-------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of F-Brasile Spa and other ratings that are associated with
the same analytical unit. The review was conducted through a
portfolio review discussion held on February 12, 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

F-Brasile S.p.A.'s B3 corporate family rating is weakly positioned,
reflecting its faltering operating performance since mid-2020
caused by a coronavirus-driven slowdown in industrial activity and
commercial aircraft production rates. Moody's projects F-Brasile's
credit metrics to remain stretched for the B3 rating in 2021,
despite an expected gradual market recovery during the latter part
of the year. The rating is further constrained by the company's
small size (EUR341 million revenue in the 12 months ended September
30, 2020) and its concentrated customer base in the aerospace
division.

More positively, Moody's recognizes F-Brasile's still-adequate
liquidity profile, supported by modestly positive Moody's-adjusted
free cash flow (FCF) in the first nine months of 2020 and EUR40
million available under its long-term revolving credit facility as
of September 30, 2020. To preserve cash flow and liquidity, the
company cut costs at various levels and slashed its capex by almost
70% yoy in the three quarters ended September 30, 2020. The rating
is further supported by the company's strong competitive position
in the forged aero-engine components market and the diversification
through its industrial division, which has been less affected by
the pandemic than the aerospace division during 2020.

The principal methodology used for this review was Aerospace and
Defense Methodology published in July 2020.




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

LSF11 SKYSCRAPER: Fitch Assigns Final 'B+' LongTerm IDR
-------------------------------------------------------
Fitch Ratings has assigned LSF11 Skyscraper Holdco Sarl /MBCC Group
a final Long-Term Issuer Default Rating (IDR) of 'B+' with a Stable
Outlook. Fitch has also assigned Skyscraper's senior secured term
loan B (TLB) a final rating of 'BB-'/'RR3'/70% and LSF11 Skyscraper
Midco 1 Sarl's EUR210 million holdco loan at 'B-'/'RR6'/0%.

MBCC Group is a Luxembourg-based global leader in performance
solutions for the construction market. The 'B+' IDR reflects the
company's strong positions in performance solutions, offering a
wide range of products for the infrastructure, commercial and
residential construction markets. The rating is supported by
adequate geographic diversification with 135 mixing facilities and
plants across 70 countries, limited customer concentration and
leading market positions in the admixtures business.

The rating also factors in high leverage following the acquisition
of carved-out assets from BASF Construction's chemicals business
and potential risks in managing the company as a standalone entity.
Based on Fitch-adjusted 2020 EBITDA of EUR317 million, 2020 funds
from operations (FFO) leverage is 5.9x, which Fitch expects to
gradually improve to 5.1x by 2022 as cost-saving measures are
implemented.

KEY RATING DRIVERS

Spin-Off Completed: The spin off from BASF to Lone Star was largely
completed on 30 September 2020. The total purchase price was EUR2.7
billion, initially funded by a USD/EUR1,475 million euro-equivalent
TLB, EUR210 million holdco loan and equity from Loan Star for the
remaining part. Skyscraper/MBCC later issued a EUR300 million
additional facility fungible to the euro tranche of the TLB and
repaid EUR200 million of its US dollar TLB tranche. The capital
structure includes a EUR150 million revolving credit facility
(RCF), currently undrawn.

Resilience To Coronavirus: Lockdowns in April led to a 25% drop in
MBCC's sales yoy. Demand quickly recovered in the following months
and current restrictions in Europe do not seem to have a negative
impact. Sales in Europe and North America have recovered to
pre-pandemic levels, with the Middle East, which was also affected
by weaker demand in oil-related industries, and India, which
imposed very strict lockdowns, the most affected regions. Fitch
expects the company to reach close to EUR2.5 billion sales (-2.5%
yoy) and EUR317 million in Fitch-adjusted EBITDA in 2020 (-4.8%
yoy).

Potential for Higher Profitability: Fitch expects MBCC to improve
revenue and operating efficiency. The new owner and management
target substantial savings across manufacturing, procurement,
selling, general and administrative expenses, logistics and R&D.
Some efficiency gains will come from better alignment with MBCC's
needs, but the full benefits may not be seen until 2023. Fitch
expects these savings to improve EBITDA margins to 15.0% by 2022
from 12.7% in 2020.

Lower raw material prices in 2020 and cost savings already achieved
in procurement, helped maintain the contribution margin at 49%,
similar to 2019's level. Fitch expects an increase in raw material
prices in 2021, following the oil price increase, to be at least
partially offset by savings from procurement initiatives.

High Leverage Post Buy-Out: MBCC will be highly leveraged, with
Fitch expecting FFO leverage of about 5.9x in 2020, but with the
ability to deleverage quickly due to its strong free cash flow
(FCF)generation and the absence of other large investments or
acquisitions. Fitch forecasts FFO leverage to decline towards 5.0x
by 2023. Fitch assesses the MidCo (holding company) debt as a
structurally subordinated loan, with part cash and part
payment-in-kind (PIK) interest and included when calculating
leverage. Lone Star intends to pay the cash interest on the MidCo
Loan, but Fitch assumes the debt interest will be paid by MBCC, as
non-payment could trigger a default of its senior TLB.

Stable Cash Flow: Fitch expects MBCC to generate more than EUR150
million of FCF over 2021-2023 on average (5%-7% margin) as capex is
low. Fitch expects revenues to increase to EUR2.7 billion by 2023
driven by solid organic growth, better pricing and EBITDA margins
to improve to 15% by 2022 as planned cost savings are achieved. In
the absence of acquisitions and dividends payments, Fitch expects
MBCC to increase its available cash to more than EUR600 million by
end-2023. However, Fitch notes that the Skyscraper credit agreement
allows for dividends to be paid when senior secured net
debt/EBITDA, pro forma for the payment, remains below 3.05x and
baskets and other incurrence tests are available.

Diversified Customer Revenue: MBCC benefits from a diverse customer
base and adequate geographical spread across Europe, including
Russia, North America, Asia Pacific and the Middle East, with
emerging markets adding growth potential. Revenue comes from more
than 30,000 customers, with the top-10 customers accounting for
only 10% of sales. Customers include concrete manufacturers,
infrastructure builders, roofers, wall and flooring installers,
insulators, windmill farms and underground tunnellers.

Mix of Sales Channels: Fitch expects the mix of direct and indirect
sales to offer strong customer reach to facilitate distribution.
MBCC's admixture products are mainly sold under the Master Builders
brand, with direct sales to large cement and concrete customers
globally as well as local sales to ready-mix concrete plants. Its
construction systems products are more fragmented, with multiple
brands for different segments and a 40/60 split between direct
sales to professionals and indirect sales through professional and
DIY channels.

Maintenance Mitigates Cyclicality: The group supplies products and
solutions for a range of applications across infrastructure,
commercial and residential construction, with around 35% of sales
relating to repair and maintenance. This mitigates sales volatility
from the more cyclical new-build construction albeit with a fair
share of infrastructure projects. Margins have been stable during
both cyclically weaker periods and times of high oil prices,
despite raw-materials cost swings. Fitch expects this will be
important in offsetting the lower construction demand due to the
coronavirus pandemic.

Building Products Assessment: Given MBCC's history as part of BASF,
Fitch assesses MBCC as a hybrid between a chemicals company, as it
produces some polyurethanes and epoxy resins, and a building
product manufacturer, similar to other companies that serve the
construction industry with a variety of products and solutions. Its
asset-light nature, more typical of a building product company,
coupled with Fitch's estimate that EBITDA coming from chemicals
production is a limited share of the total, means that the building
products approach is more appropriate.

DERIVATION SUMMARY

MBCC's business profile is similar to that of RPM International
Inc. (BBB-/Stable). RPM is about twice the size of MBCC by turnover
and has strong brand recognition in its niche segments, but it has
lower geographical diversification.

MBCC's margin and profitability are well aligned with other
building product companies, such as HESTIAFLOOR/Gerflor (B+/Stable)
and some of its concrete customers. The company also compares well
with Winterfell/Stark Group (B(EXP)/Stable), who has lower margins
as a distributor and higher expected leverage. MBCC's leverage,
expected to be around 6.0x, is also lower than that of Nouryon
Holding B.V. (B+/Stable), which was carved out from Akzo Nobel N.V.
(BBB+/Stable) at an initial FFO leverage of above 8.0x.

KEY ASSUMPTIONS

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

-- Revenue to grow at a CAGR of 2% in admixtures and 1% in
    construction systems until 2025

-- EBITDA margin (adjusted for leases) of 12.7% in 2020, rising
    to 15% by 2023 as cost savings are implemented

-- Capex intensity at 2.7% on average, resulting in EUR68
    million-EUR72 million outflow in 2020-2023

-- Tax rate of 25%

-- EUR12.5 million restricted cash due to working capital swings

-- Holding company loan included as debt, with cash interest
    serviced by MBCC

RATING SENSITIVITIES

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

-- Continued strong business profile and successful
    implementation of planned cost savings leading the EBITDA
    margin to improve to 17%

-- FFO leverage sustainably below 4.5x

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

-- FFO leverage deteriorating above 6.5x

-- Deteriorating market position, weak sales growth or margin
    pressure

-- EBITDA margin below 13% for a sustained period

-- FCF margin deteriorating below 3%

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: Fitch forecasts MBCC to generate more than
EUR150 million of cash each year from 2021, which Fitch believes is
adequate to fully finance small bolt-on acquisitions or growth
investment. The capital structure includes a EUR150 million
committed RCF, currently undrawn, although drawing is restricted by
EUR9 million of performance guarantees. Fitch has restricted
EUR12.5 million of cash to cover intra-year working capital
swings.

Liquidity also benefits from no mandatory amortisation due to the
all-bullet debt structure, with the TLBs maturing in seven years
and the holdco loan in eight years. However, Fitch believes that a
capital structure with all maturities due at the same time has
higher refinancing risk than an evenly spread maturity profile,
despite maturities in 2027-2028.

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

EBN FINANCE: Fitch Assigns Final 'B-' Rating on USD300MM Notes
--------------------------------------------------------------
Fitch Ratings has assigned EBN Finance Company BV's USD300 million
7.125% senior participation notes due 2026 a final rating of 'B-'
with a Recovery Rating of 'RR4'. EBN Finance Company BV is a
Netherlands-based special purpose vehicle of Ecobank Nigeria
Limited (ENG; B-/Stable/b-). ENG's other ratings are unaffected by
this rating action.

The proceeds of the senior notes will be used by ENG for
general-banking purposes, including providing the bank with stable
medium-term funding.

The final rating is in line with the expected rating that Fitch
assigned to the notes on February 10 2021.

KEY RATING DRIVERS

The senior notes' rating is solely driven by ENG's Long-Term Issuer
Default Rating (IDR) of 'B-'. This reflects Fitch's view that
default of these senior unsecured obligations would reflect a
default of ENG in accordance with Fitch's rating definitions and
the transaction documents described in the prospectus.

Fitch has given no consideration to the underlying transaction
structure as it believes that the issuer's ability to satisfy
payments due on the notes will ultimately depend on ENG satisfying
its senior unsecured payment obligations to the issuer under the
transaction documents.

The Recovery Rating of 'RR4' reflects average recovery prospects in
the event of a default based on country-specific factors.

ENG's 'B-' Long-Term IDR is driven by its intrinsic credit
strength, as expressed by its Viability Rating (VR) of 'b-'. The VR
reflects the constraint of Nigeria's challenging operating
environment, the bank's very high impaired loan ratio, weak
profitability and modest core capital buffers. This is balanced by
company profile strengths as well as a solid funding profile and
good foreign-currency liquidity, supported by ordinary support from
Ecobank Group as part of its inter-affiliate placement programme
(IAP).

RATING SENSITIVITIES

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

-- The notes' rating would be upgraded if ENG's Long-Term IDR was
    upgraded, which is not Fitch's base case given the Stable
    Outlook.

-- Upside to ENG's IDR is limited at present given the bank's
    high impaired loan ratio and the ensuing pressure on other
    financial factors. Upside is contingent on a material
    improvement in the bank's operating income and profitability,
    with performance metrics more akin to that of larger banks in
    Nigeria. This will depend on volume growth and a sustained
    improvement in asset quality.

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

-- The notes' rating would be downgraded if ENG's Long-Term IDR
    was downgraded, which is not Fitch's base case given the
    Stable Outlook. The IDR could be downgraded in case of a sharp
    increase in the net impaired loans/Fitch core capital (FCC)
    ratio, closer to its recent peak of around 50%, or a drop in
    the FCC ratio to below 10%.

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.

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.


MAGELLAN DUTCH: Moody's Assigns B2 CFR, Outlook Stable
------------------------------------------------------
Moody's Investors Service has assigned a new B2 corporate family
rating and a new B2-PD probability of default rating to Magellan
Dutch BidCo BV (Mediq), the new top entity of Mediq's restricted
group. Concurrently, Moody's has assigned a B2 instrument rating to
the new proposed EUR500 million senior secured term loan B and a
new B2 instrument rating to the new proposed EUR100 million senior
secured revolving credit facility, both issued by Magellan Dutch
BidCo BV. A stable outlook has been assigned.

The proceeds of the contemplated new debt will be used to refinance
the existing capital structure.

RATINGS RATIONALE

The ratings are supported by (1) the company's scale and
positioning within the fragmented market for distribution of
medical products and devices, (2) its track record of good cash
flow conversion and positive free cash flow generation, (3) the
defensive nature and positive underlying trends supporting volumes,
and (4) the benefit from additional demand for protective equipment
during the pandemic.

The ratings are constrained by (1) the high leverage pro forma for
the contemplated refinancing, (2) the continuous pricing pressure
in the industry which constrains organic growth and margin
expansion, (3) the competitive nature of the market, and (4) some
country concentration to the Netherlands and payor concentration
particularly amongst insurance companies in the Netherlands.

Moody's forecasts the Moody's adjusted debt / EBITDA to remain
within the 5.5-6.0x range for the next 12-18 months, at the high
end of the 5.0-6.0x range set for the B2. As a result, the ratings
are weakly positioned.

OUTLOOK

The stable outlook assumes that the operating and competitive
environment will remain stable, that Mediq's metrics will remain
within the triggers set for the B2 rating. The stable outlook does
not incorporate material debt-financed acquisitions or
distributions to shareholders which would hurt credit metrics.

LIQUIDITY

Mediq's liquidity is good supported by (1) EUR20 million of cash on
balance at closing of the contemplated refinancing, (2) a new
EUR100 million senior secured revolving credit facility undrawn at
closing of the contemplated refinancing, (3) positive free cash
flow expected for the next 12-18 months in line with historic and
(4) long dated maturities once the refinancing is completed.

Mediq's cash balance reached EUR143 million at the end of December
2020. Out of the EUR143 million, EUR22.5 million are restricted and
a significant part will be used to finance acquisitions.

ESG CONSIDERATIONS

Mediq has an inherent exposure to social risks, given the highly
regulated nature of the healthcare industry and the sensitivity to
social pressure related to the affordability of and access to
health services. Mediq is exposed to regulation and reimbursement
schemes in Europe, which is an important driver of its credit
profile. The ageing population supports long-term demand for
medical products and devices, supporting the company's credit
profile. At the same time, the rising demand strains health
insurances and health institutions' budgets, which ultimately
reimburse most of them; hence translating into pricing pressure in
the industry. Moody's regards the coronavirus outbreak as a social
risk under its ESG framework, given the substantial implications
for public health and safety.

Governance risks for Mediq could arise from potential failures in
internal controls, which would result in a reputational damage and,
as a result, could harm its credit profile. Mediq's ratings also
factor in its private-equity ownership which implies a relative
aggressive financial policy given its tolerance for a high
leverage.

STRUCTURAL CONSIDERATIONS

The contemplated EUR500 million senior secured term loan B and the
contemplated EUR100 million senior secured revolving credit
facility are pari passu and rated B2 in line with the CFR in the
absence of any significant liabilities ranking ahead or behind.

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

Positive rating pressure could arise if:

-- the Moody's adjusted operating margin were to increase above 5%
sustainably;

-- the Moody's adjusted Debt/EBITDA were to decrease sustainably
below 5.0x; and

-- the Moody's adjusted Retained Cash Flow/Debt were to increase
sustainably above 15%.

Negative rating pressure could arise if:

-- the Moody's adjusted Debt/EBITDA were to increase above 6.0x
for a prolonged period;

-- the Moody's adjusted Retained Cash Flow/Debt were to decrease
below 10% for a prolonged period;

-- liquidity were to deteriorate.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Distribution &
Supply Chain Services Industry published in June 2018.

COMPANY PROFILE

Mediq, headquartered in Utrecht, the Netherlands, is a distributor
of medical products and devices and a provider of related care
services in 13 countries in Europe and notably in the Netherlands,
the Nordics and Baltics, Germany, Switzerland and Hungary. Mediq
distributes its products and devices through two channels: directly
to patients' homes (Direct business) and to hospitals,
GPs/specialists, and care institutions (Institutional business).
The company was founded in 1899 as a co-operative of pharmacists in
the Netherlands and it is ultimately owned by funds managed and
advised by Advent since 2013. The company counts more than 2,400
employees including more than 240 nurses.




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

NORWEGIAN AIR: Accused of Pressuring Creditors to Settle Claims
---------------------------------------------------------------
Barry O'Halloran at The Irish Times reports that creditors accused
Norwegian Air Shuttle (NAS) of putting them under "unreasonable
pressure" to settle claims as part of a rescue plan for the
troubled Scandinavian airline.

Lawyers voiced concerns at a High Court hearing on Feb. 15, where
it also emerged that Irish aircraft lessors Avolon, SMBC Aviation
Capital and Goshawk were among creditors that have agreed to settle
claims against NAS for aircraft they have supplied to the carrier,
The Irish Times relates.

NAS and four Irish subsidiaries are under High Court protection
from creditors while examiner Kieran Wallace of KPMG puts together
a scheme to rescue the group, The Irish Times discloses.

According to The Irish Times, Rossa Fanning, senior counsel for
several creditors, including Export Import Bank of the United
States, said on Feb. 15 that the lender was vigorously opposing
NAS's request that the High Court hear its application to terminate
aircraft leases this Thursday, Feb. 18.

He argued that this "appeared to be a crude attempt to shoehorn
something into a wholly unsuitable timeframe in order to put
pressure on them to settle", The Irish Times notes.

Mr. Fanning pointed out that the application raised legal questions
over jurisdiction and the way in which NAS proposed calculating
creditors' losses, The Irish Times relays.

He also noted that a proposed hearing on Feb. 18 left little time
for creditors to respond to various company submissions to the High
Court, according to The Irish Times.

NAS wants the court to "repudiate" aircraft leases and contracts,
which involves ending these agreements with settlements covering
both the period of the examinership and payments due before Mr.
Wallace's appointment, The Irish Times states.

The airline and Irish subsidiaries, Arctic Aviation Assets,
Norwegian Air International, Drammensfjorden Leasing and
Lysakerfjorden Leasing want to hand back 36 aircraft in all, The
Irish Times discloses.  The group intends cutting its fleet to 68
from an original total of 140, The Irish Times says.

John Breslin for Rolls Royce, which supplied jet engines to
Norwegian; Alison Keirse for Global Eagle Entertainment, which
supplied in-flight entertainment; Paul Hutchinson for aircraft
maintenance specialist Lufthansa Technik; and Stephen Walsh for
Bank of Utah and Citibank, echoed Mr. Fanning's points, The Irish
Times states.

Brian Kennedy, the Norwegian companies' senior counsel, said it was
genuinely urgent that the hearing take place on Feb. 18 as the
group had to take other steps to conclude its rescue, including
holding creditors' meetings and finalizing a parallel process in
Norway's courts, The Irish Times relates.

"Every day counts," he said.  Mr Justice Michael Quinn said he
would hear the companies' application to repudiate the leases and
contracts on Feb. 23, but told creditors they must reply to NAS's
submissions by Feb. 19.

He will also hear Mr. Wallace's application to extend the
examinership by a further 50 days from its current deadline of Feb.
25, on Feb. 19, which means the process will have taken 150 days in
all, The Irish Times states.

Kelley Smith, the examiner's senior counsel, confirmed that "it is
our intention to bring an application to extend the time beyond day
100", The Irish Times recounts.

Mr. Kennedy gave the court details of leases covering 21 aircraft
and four engines that have been settled. He asked Justice Quinn to
strike out applications to repudiate these agreements, The Irish
Times discloses.

Irish companies Avolon, SMBC Aviation Capital and Goshawk were
among those that have agreed terms with NAS and its subsidiaries,
The Irish Times notes.  Others include Orix, a shareholder in
Avolon, Aviation Capital Group, Australian bank McQuarie and Engine
Lease Finance, The Irish Times states.

According to The Irish Times, Mr. Kennedy also noted that the
company wanted to withdraw an application to end a deal with
aircraft manufacturer Boeing, which will remain in place to ensure
NAS can have remaining aircraft serviced if it emerges from
examinership.

Proposals to rescue NAS involve cuttings its fleet, its workforce,
which numbered 10,000 before Covid-19 struck, ending long-haul
services and raising cash from investors, The Irish Times states.

NAS and Irish subsidiaries have been under High Court protection
from creditors since November, when Mr. Wallace was appointed as
examiner, The Irish Times notes.  The group chose the Irish courts
as the subsidiaries holding its aircraft are based in Ireland, The
Irish Times says.




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

ALFASTRAKHOVANIE PLC: Fitch Alters Outlook on 'BB+' IFS to Stable
-----------------------------------------------------------------
Fitch Ratings has revised the Outlook on Russia-based
AlfaStrakhovanie PLC's Insurer Financial Strength (IFS) Rating to
Stable from Negative. At the same time, Fitch has affirmed
AlfaStrakhovanie's IFS Rating at 'BB+'.

In accordance with Fitch's policies, the issuer appealed and
provided additional information to Fitch that resulted in a rating
action that is different than the original rating committee
outcome.

KEY RATING DRIVERS

The revision of AlfaStrakhovanie's Outlook reflects Fitch's
expectation that the insurer will report strong net profit and
capitalisation in 2020, and above the agency's forecasts. Fitch now
anticipates that default-rated losses within the fixed-income
portfolio of AlfaStrakhovanie over the next several years will only
be moderate, and will therefore allow net income/ROE and capital
levels to stay well within tolerances for AlfaStrakhovanie's rating
level.

Fitch's expectations for AlfaStrakhovanie are more favourable than
the pro-forma results implied by Fitch's 2020 Covid-19 stress test
analysis, which was the basis for the prior negative outlook. The
rating continues to reflect the sustainably profitable underwriting
performance, better-quality investments than peers' and a
favourable business profile in the domestic market.

Based on preliminary unaudited 2020 consolidated accounts,
AlfaStrakhovanie reported a strengthening of its profit to RUB15
billion in 2020 from RUB4 billion in 2019, due to FX gains and a
better non-life underwriting result due to the lower frequency of
claims. Fitch expects the insurer's risk-adjusted capital position
to have improved, as measured by Fitch's Prism factor-based capital
model (FBM) score, to above 'Adequate' at end-2020 on a forecast
stronger net profit.

AlfaStrakhovanie's capital score improved to 'Adequate' at end-2019
from 'Somewhat Weak' at end-2018. At the same time,
AlfaStrakhovanie's capital remains highly exposed to significant FX
fluctuations as the insurer's large surplus of
foreign-currency-denominated assets over
foreign-currency-denominated liabilities amounted to 107% of the
equity at end-2019.

Fitch views the credit and liquidity quality of AlfaStrakhovanie's
investment portfolio as good, and stronger than domestic peers'.
However, due to exposure to non-investment-grade securities (mainly
domestic bonds), its risky assets/equity ratio was high at 145% at
end-2019.

Fitch assesses AlfaStrakhovanie's business profile as 'Favourable'
compared with that of other Russian insurers. This is due to its
strong competitive position, lower business-risk profile, and
fairly diversified business mix and distribution.

The pandemic-related lockdown in 2Q20 had a limited effect on the
insurer's premium volumes, with non-life premiums declining 3% yoy
in 2Q20 before growing by 12% yoy in 3Q20 and achieving 7% in 9M20.
Life premiums increased by 53% in 9M20, mainly due to hybrid
products, which became popular amid rouble depreciation and the
reduction in bank deposit rates.

RATING SENSITIVITIES

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

-- The rating could be upgraded if AlfaStrakhovanie maintains its
    risk-adjusted capital position at 'Adequate' under Fitch's
    Prism FBM, provided that financial performance also remains
    strong.

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

-- The rating could be downgraded if AlfaStrakhovanie's
    capitalisation weakens as measured by Prism FBM or if
    profitability weakens substantially.

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

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




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

AERNNOVA AEROSPACE: Moody's Completes Review, Retains B3 Ratings
----------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Aernnova Aerospace Corporation 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
12, 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 B3 ratings with a negative outlook reflect Moody's view that
the company's credit metrics will remain strained over the next 12
to 18 months. While Commercial aerospace activity has recovered
from the trough in the second quarter of 2020, it remains at a
lower base vs. 2019. A multi-year reduction in commercial aerospace
demand, notably for widebody aircraft production, has led to
widespread supply chain restructuring. Aernnova is reducing
production capacity and cost base in response to the reduced
production rates announced by its main customer Airbus SE (A2).
Moody's do not expect significant EBITDA generation in 2021, and
earnings will only start gradually strengthening from 2022
onwards.

The weak financial profile is balanced by a strong liquidity
together with Management's commitment of a disciplined capital
allocation. A well-established cooperation with Airbus and
Aernnova's in-house composite capabilities, which are expected to
remain on demand for new-generation aircraft, further mitigate the
prevailing slack market conditions for the commercial aerospace
industry.

The principal methodology used for this review was Aerospace and
Defense Methodology published in July 2020.


DISTRIBUIDORA INTERNACIONAL: Moody's Affirms Caa2 LongTerm CFR
--------------------------------------------------------------
Moody's Investors Service has affirmed the Caa2 long-term corporate
family rating of Spanish grocer Distribuidora Internacional de
Alimentacion (DIA) and upgraded its probability of default rating
to Caa2-PD from Caa3-PD. Moody's has also affirmed DIA's Ca senior
unsecured long-term ratings and its (P)Ca senior unsecured MTN
program rating. The outlook has changed to stable from negative.

The change in outlook to stable from negative reflects the planned
recapitalisation agreement expected to conclude by April 2021,
which will reduce DIA's debt burden by EUR 500 million and improve
its maturity profile. As part of the recapitalisation agreement,
the EUR 300 million bond due April 2021 and the EUR 200 million
super senior term loan facility will be converted to equity. The
EUR300 million bond due April 2023 will be extended to June 2026.
On a Moody's-adjusted basis, DIA's debt will reduce to EUR 1,820
million after the recapitalisation transaction from EUR2,317
million as of June 30, 2020.

RATINGS RATIONALE

The Caa2 CFR reflects DIA's still negative free cash flow, with
negative Moody's-adjusted free cash flow (FCF) forecast in the next
12 to 18 months and expectations that liquidity could come under
pressures, especially given working capital demands ; its still
weak interest coverage ratios, with a Moody's-adjusted EBIT
interest ratio of less than 1x in the next 12 to 18 months; and the
execution risks associated with the repositioning of the company's
business model.

DIA's credit quality is supported by its presence in proximity and
discount food retail, which matches consumption patterns in Spain;
its number three position in the Spanish food market, its improving
operating performance with 7.6% like for like sales growth in 2020;
its expertise in franchises, which is more flexible and less
capital intensive than fully-owned stores, and the reduced
refinancing risk after the planned recapitalisation transaction.

DIA is implementing a wide-ranging transformation plan. It is
reviewing its product offering, strengthening its private-label
range, changing its pricing, modifying franchise agreements and
cutting costs, among other measures. Turning operations around will
take time and will depend on the company's ability to rebuild good
relationships with suppliers, customers and franchisees. DIA also
benefited from a boost during the pandemic, which compelled
customers to buy more food because they stopped eating away from
their homes. DIA mostly operates convenience stores, which
benefited from the pandemic because customers shopped closer to
their homes also.

Moody's views DIA's liquidity as still weak, despite the reduced
refinancing risk. As of June 30, 2020, DIA had only EUR420 million
of cash and EUR15 million of undrawn credit facilities. These
liquidity sources should be sufficient to cover the company's cash
needs in the next 12 to 18 months, however Moody's expects the
company to generate negative free cash flows and gradually erode
its liquidity buffer over that period.

DIA's syndicated credit facilities are subject to a maintenance
covenant tested every six months, with test levels set at 14.2x in
2021 decreasing to 5.6x in 2022 and 4.2x in 2023. Moody's expect
covenants to be met in the next 12 months, but the company will
need to deliver on its business plan to maintain sufficient
headroom in 2022.

STRUCTURAL CONSIDERATIONS

The corporate family rating is assigned at the level of
Distribuidora Internacional de Alimentacion S.A., the top entity of
the group. DIA's gross reported debt was EUR2,317 million as of 30
June 2020 and comprised EUR600 million of unsecured bonds, which
Moody's rates Ca, two notches below the CFR because of their
subordination to secured debt. As part of the recapitalization
transaction only EUR300 million unsecured bonds will remain in
place and continue to be rated Ca. This secured debt includes
EUR973 million of credit facilities, which benefit from a security
package that includes DIA's international assets, as well as a
EUR197 million loan granted by L1, which will be reimbursed as part
of the recapitalization transaction.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectation that DIA will
continue improve earnings and cash flows although the agency
expects that free cash flow is likely to be negative in the
short-term and it's liquidity is forecast to remain weak. There is
still significant execution risks related to the company's
transformation plan.

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

There could be positive pressure on DIA's ratings if earnings and
cash flow improve significantly because of a successful
implementation of the transformation plan. A positive rating action
would require that DIA has a sustainable capital structure and at
least adequate liquidity.

Conversely, Moody's could downgrade DIA's ratings in case liquidity
deteriorates faster than expected increasing the risk of a further
debt restructuring which could cause additional losses for
creditors.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Based in Madrid, Spain, DIA is one of the main food discounters in
Spain, having generated EUR6.9 billion in revenue over the 12
months that ended June 30, 2020. As of the same date, the company
operated 6,400 stores, of which 4,041 were in Spain, 568 in
Portugal, 878 in Argentina and 913 in Brazil. Spain accounted for
63% of the company's revenue over the 12 months that ended June 30,
2020.




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

ALBARAKA TURK: S&P Affirms 'B/B' ICRs, Outlook Negative
-------------------------------------------------------
S&P Global Ratings took the following rating actions on two Turkish
financial institutions:

-- S&P affirmed its 'B+/B' long and short-term issuer credit
ratings on Turkiye Is Bankasi A.S. (Isbank) and revised the outlook
to stable from negative. At the same time, S&P affirmed its
'trA+/trA-1' Turkey national scale ratings.

-- S&P affirmed its 'B/B' long and short-term issuer credit
ratings on Albaraka Turk Katilim Bankasi A.S. (ABT) and maintained
the negative outlook. At the same time, S&P affirmed its
'trBBB+/trA-2' Turkey national scale ratings.

Rationale

S&P said, "The rating actions reflect our view that a more stable
macroeconomic environment should limit the risk that Turkish banks'
asset quality will deteriorate beyond our expectations. We expect
banks' asset quality indicators to deteriorate significantly, with
the ratio of nonperforming loans (NPLs) exceeding 10% by 2022.
However, we believe that once regulatory forbearance measures are
gradually lifted, the strong economic rebound expected in 2021-2022
and recent monetary policymaking decisions should reduce the
probability of a more severe deterioration having a sharp impact on
the banks' financial profiles.

"We expect the economy to expand by about 3.5% annually over the
next two years, inflation to gradually decline to about 9% in 2022,
and the lira to gain stability compared with its 2020 volatility.

"Sizable credit stimulus, which expanded lending by almost 35%,
underpinned economic growth in 2020 with GDP increasing by about
0.9% in real terms according to our estimates. This abundant
liquidity allowed Turkish borrowers to navigate difficult economic
conditions. Households benefited the most from credit stimulus,
which was directed to both personal and housing loans. Lending to
small and midsize enterprises (SMEs) also increased, helping these
companies deal with cash flow pressure because of the pandemic,
particularly in the hospitality sector. Lending to SMEs partially
benefits from a government guarantee that now covers about 29% of
exposures. Moreover, in 2020, banks allowed clients to defer
payments, without classifying the loans as NPLs. We estimate that
about 10% of the loans benefited from payment deferral. In
addition, the Banking Regulation and Supervision Authority (BRSA)
until June 2021 extended the overdue period after which a bank is
forced to classify a loan as nonperforming to 180 days from 90
days, and to 90 days from 30 days to classify a loan as stage 2.

"Once the regulators lift those measures, banks' asset quality will
weaken. We forecast NPLs will exceed 10% by 2022 up from 4.1% at
the end of 2020, and credit losses will increase to 310-320 basis
points (bps) on average in 2021 and 2022, from an already-high
290bps on average in 2019-2020. Turkish banks booked significant
impairment charges in 2020 in anticipation that low economic
activity, higher interest rates, lira depreciation, and raising
unemployment would trigger increased problem loans. The lira
depreciated by about 20% in 2020, as a consequence of increased
macroeconomic imbalances, adding burdens to Turkish corporate
borrowers' ability to repay their debt, given that about 44% of
corporate exposures are denominated in foreign currencies.

"However, better economic performance than we expected and more
conventional economic policy reduce the risk that Turkish banks
will perform worse than our base case. We think that monetary
policy tightening, with the one-week repo rate increased by a
cumulative 875bps since Sept. 30, 2020, as well as the decision to
discontinue credit stimulus, should help Turkey control inflation,
reducing balance-of-payments risks, stabilize the lira and
replenishing foreign currency reserves--and ultimately reducing
pressure on banks' asset quality.

"A more orthodox policy should also improve foreign investors'
sentiment. We note that Turkish banks have maintained access to
external funding and been able to roll over most of their external
debt, albeit at higher costs. Although declining, banks' reliance
on external funding remains high. Net banking sector external debt
accounted for about 16% of systemwide domestic loans at the end of
2020. This exposes Turkish banks to developments in global capital
markets. We expect that favorable global liquidity conditions and
improving confidence in the system will facilitate Turkish banks'
access to foreign funding." Reducing dollarization of deposits,
which reached a high 54% as of December 2020, might require more
time, though, depending on sustained stability of the lira, lower
inflation, and adequate returns. A quick and unexpected relaxation
of macroeconomic policy could put Turkish banks' performance at
risk again."

In this context S&P affirmed the ratings on Isbank and ABT.

Turkiye Is Bankasi A.S.
Primary analyst: Regina Argenio

S&P said, "We see Isbank maintaining a sufficient capital buffer,
although we forecast it will incur additional credit losses over
2021-2022. Specifically, we expect higher interest rates, lower
business volumes, and high costs to moderately reduce pre-provision
income. However, we think capital will remain sufficient to absorb
high credit losses, which we anticipate will reach about 300-320bps
on average in 2021 and 2022. We therefore expect Isbank's
risk-adjusted capital (RAC) ratio will decline to about 3.5%-4.0%,
from about 4.7% on Dec. 31, 2019. We also factor in our view that
the bank will be able to maintain access to external funding and
roll over a large part of its short-term external debt amounting to
about US$4.6 billion as of Dec. 31, 2020." The bank has ample
foreign currency liquidity, allowing it to withstand restrained
access to external funding."

Outlook

S&P revised the outlook to stable because it expects Turkish
economic and operating conditions to normalize over the next 12
months and that Isbank will be able to preserve its
capitalization.

Downside scenario.  S&P said, "We could lower the rating if the
bank fails to maintain its RAC ratio sustainably above 3%, most
likely due to greater-than-anticipated asset quality deterioration
and weaker earnings generation. We could also lower the rating if
Isbank's liquidity situation worsens, specifically if market
turbulence exacerbates the bank's refinancing risks."

Upside scenario.  S&P said, "Although currently unlikely, we could
raise the rating if we raised our sovereign rating on Turkey and,
at the same time, we considered economic and operating conditions
to have strengthened materially, which would in turn bolster
Isbank's creditworthiness and lead to a higher anchor for the
bank."

Albaraka Turk Katilim Bankasi A.S.
Primary analyst: Anais Ozyavuz

S&P said, "We see the bank's limited buffers as nevertheless able
to absorb the risks it faces and the expected asset-quality
deterioration that we forecast to remain in line with the sector.
Specifically, we anticipate ABT's RAC ratio will decline below 3%
because we estimate credit losses rose to about 140-150bps in 2020
and will remain at about the same level in 2021. We also see
organic capital generation reducing substantially, amid declining
margins and lower business volumes. At the same time, ABT's lower
cost of risk reflects the bank's lower NPL coverage than the system
average. We understand that ABT's NPLs benefit from higher
collateralization, but we think that the bank's high reliance on
real estate collateral might exert additional pressure, if real
estate market dynamics are not supportive."

Outlook

S&P maintained the negative outlook on ABT because it could lower
its rating over the next 12 months if the bank's capital and asset
quality suffer more than it currently expects in its base case.

Downside scenario.  S&P said, "We could lower our rating if ABT's
asset quality indicators deteriorate beyond our base case, leading
to higher credit losses than expected and ultimately pressuring our
view of the bank's financial profile. We could also lower the
rating if the bank fails to shore up its capitalization. A
downgrade would also follow if we perceived a decline in the
parent's willingness and capacity to support its subsidiary."

Upside scenario.  S&P could revise the outlook to stable if it sees
ABT's risks abating. Specifically, if the bank takes initiatives
that would significantly improve its capitalization, while
maintaining asset-quality metrics in line with those of peers.

  Turkey BICRA
                                    To              From
  BICRA group*                      9                9
  Economic risk                     8                8
  Economic resilience           High risk         High risk
  Economic imbalances          Very high risk   Very high risk
  Credit risk in the economy   Very high risk   Very high risk
  Industry risk                     9                9
  Institutional framework      Very high risk   Very high risk
  Competitive dynamics         Very high risk   Very high risk
  Systemwide funding           Very high risk Very high risk

  Trends  
  Economic risk trend            Stable           Negative
  Industry risk trend            Stable           Negative

*Banking Industry Country Risk Assessment (BICRA) economic risk and
industry risk scores are on a scale from 1 (lowest risk) to 10
(highest risk).




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

INTERGEN NV: Moody's Completes Review, Retains B1 Rating
--------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of InterGen N.V. and other ratings that are associated with
the same analytical unit. The review was conducted through a
portfolio review discussion held on February 9, 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 B1 rating of InterGen N.V. (InterGen) reflects the company's
declining debt, strong liquidity and good short-term cash flow
visibility, as well as its modern and efficient fleet of
combined-cycle gas turbines in the UK and supercritical coal-fired
stations in Queensland, Australia. InterGen's rating is constrained
by the likelihood that dividends from its Australian joint venture
will fall sharply as lower market prices are reflected in project
cash flow, and that the profitability of the company's UK assets
will be reduced with the expiry of a key contract in 2021. A 2021
debt maturity at the company's Millmerran coal project may need to
be funded from internal cash flow, which would further constrain
distributions to InterGen.

The rating is also constrained by refinancing risk at the holding
company, which will rise as the June 2023 maturity of most of its
debt approaches, given weak projected metrics at that time and
lenders' growing focus on ESG-related risks to coal and gas
generators.

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


SCHOOLS LETTINGS: Schools Lost GBP20,000 Following Administration
-----------------------------------------------------------------
GiMedia reports that schools in Lincolnshire have lost more than
GBP20,000 after Schools Lettings Solutions (SLS) went into
administration.

They include the David Ross Education Trust, with 11 schools across
Lincolnshire, North Lincolnshire and North East Lincolnshire, which
has lost out on GBP17,212, GiMedia discloses.

SLS, which rents out school facilities, went into administration
last year, leaving over 300 schools nationally GBP4 million out of
pocket, GiMedia recounts.

According to GiMedia, a list posted to Companies House revealed the
business also owed GBP2,474.75 to Beacon Academy in Cleethorpes,
and GBP1,000 to Clifton Promotions, whose owners run a dance
academy in Grimsby.

"Like a number of academy trusts, we worked with SLS to manage our
sports facilities bookings.  This relationship was limited to just
three of our academies," GiMedia quotes spokesperson for the David
Ross Education Trust as saying.

"As soon as we had notification of the firm going into
administration, we were in touch with the administrators to make a
claim and that process is ongoing."

When the company went into administration, it blamed the
coronavirus pandemic and lockdown when schools were forced to close
and team sports were banned.


ST GEORGE'S SHOPPING: Goes Into Administration
----------------------------------------------
Amy Farnworth at Lancashire Telegraph reports that a major
Lancashire shopping centre has fallen into administration.

On Feb. 1, Alexander Williams and Andrew Dolliver of Ernst and
Young LLP were appointed as joint administrators of St George's
Shopping Centre, in Preston, Lancashire Telegraph relates.

A letter to creditors, dated Feb. 15, confirmed the owners of the
shopping centre, Infrared Capital Partners/IRAF UK Dragon Ltd, had
entered into administration, Lancashire Telegraph relates.

According to Lancashire Telegraph, the letter stated: "The Property
Managers (Munroe K) and Asset Managers (Sovereign Centros) of the
Shopping Centre remain in place fulfilling their existing roles.

"It is the joint administrators' intention to continue to trade the
property while the entities are in administration.

"The joint administrators have retained Sovereign Centros to act as
managing agents, and Munroe K to act as property agents, in order
to assist the Joint Administrators in this regard."


ZEPHYR MIDCO 2: Moody's Completes Review, Retains B3 CFR
--------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Zephyr Midco 2 Limited and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on February 11, 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

Zephyr Midco 2 Limited ("ZPG")'s B3 corporate family rating
reflects the company's established brands and good position in the
UK online property classifieds market, good profitability and cash
flow generation, its diversified revenue stream, coupled with good
growth prospects over the long-term.

However, the B3 CFR is constrained by ZPG's modest scale and
predominantly UK geographic presence, exposure to cyclical property
market and online advertising spending, a highly competitive
environment and a high Moody's-adjusted leverage.

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


[*] Moody's Hikes Ratings on GBP173.2MM Notes Issued by SBOLTrusts
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of multiple
notes in Small Business Origination Loan Trust 2019-1 DAC ("SBOLT
2019-1"), Small Business Origination Loan Trust 2019-2 DAC ("SBOLT
2019-2") and in Small Business Origination Loan Trust 2019-3 DAC
("SBOLT 2019-3"). The transactions are backed by loans originated
by marketplace lender Funding Circle Ltd and granted to small- and
medium- sized enterprises. The rating action reflects increased
levels of credit enhancement for the affected notes.

Moody's also affirmed the ratings of the notes that had sufficient
credit enhancement to maintain their current ratings.

Issuer: Small Business Origination Loan Trust 2019-1 DAC

GBP 118.97M (Current Outstanding Balance GBP 24.87M) Class A
Notes, Upgraded to Aaa (sf); previously on Jul 31, 2020 Affirmed
Aa2 (sf)

GBP 5.40M (Current Outstanding Balance GBP 3.24M) Class B Notes,
Upgraded to Aa1 (sf); previously on Jul 31, 2020 Confirmed at A2
(sf)

GBP12.61M (Current Outstanding Balance GBP 7.57M) Class C Notes,
Upgraded to A2 (sf); previously on Jul 31, 2020 Confirmed at Baa2
(sf)

GBP18.92M (Current Outstanding Balance GBP 11.36M) Class D Notes,
Affirmed B2 (sf); previously on Jul 31, 2020 Downgraded to B2 (sf)

Issuer: Small Business Origination Loan Trust 2019-2 DAC

GBP150.77M (Current Outstanding Balance GBP 43.76M) Class A Notes,
Upgraded to Aa1 (sf); previously on Jul 31, 2020 Affirmed Aa3 (sf)

GBP3.48M (Current Outstanding Balance GBP 2.10M) Class B Notes,
Upgraded to Aa2 (sf); previously on Jul 31, 2020 Affirmed A3 (sf)

GBP19.72M (Current Outstanding Balance GBP 11.88M) Class C Notes,
Upgraded to Baa1 (sf); previously on Jul 31, 2020 Confirmed at Baa3
(sf)

GBP22.04M (Current Outstanding Balance GBP 13.27M) Class D Notes,
Affirmed B1 (sf); previously on Jul 31, 2020 Downgraded to B1 (sf)

Issuer: Small Business Origination Loan Trust 2019-3 DAC

GBP165.01M (Current Outstanding Balance GBP 74.76M) Class A Notes,
Upgraded to Aa2 (sf); previously on Jul 31, 2020 Affirmed Aa3 (sf)

GBP7.50M (Current Outstanding Balance GBP 5.01M) Class B Notes,
Upgraded to A1 (sf); previously on Jul 31, 2020 Affirmed A3 (sf)

GBP22.50M (Current Outstanding Balance GBP 15.02M) Class C Notes,
Affirmed Baa3 (sf); previously on Jul 31, 2020 Confirmed at Baa3
(sf)

GBP26.25M (Current Outstanding Balance GBP 17.52M) Class D Notes,
Affirmed B2 (sf); previously on Jul 31, 2020 Downgraded to B2 (sf)

RATINGS RATIONALE

The upgrades are primarily prompted by an increase in credit
enhancement for the affected tranches following significant
amortisation of the portfolios through unscheduled principal
payments, as well as the contribution from excess spread partially
offsetting increased defaults. Amortisation and cumulative default
triggers have switched note principal payments to sequential for
the SBOLT 2019-2 and SBOLT 2019-3 transactions, benefitting the
more senior classes. The significant amortisation of the underlying
portfolios through unscheduled principal payments coincides with
borrowers availing COVID loan schemes promoted by the UK
government. Effective credit enhancement for the class A notes has
increased to 59.3%, 53.0%, 43.0% in January 2021 from 41.8%, 38.8%,
36.8% in July 2020, for the three transactions respectively; for
the class B notes to 53.3%, 50.5%, 38.8% from 38.0%, 37.2%, 33.8%
over the same period, for the three transactions respectively.

Moody's took into account the characteristics of the portfolio, the
utilization of the short term and medium term payment holiday plans
introduced by Funding Circle, as well as the current economic
environment and its potential impact on the portfolio's future
performance. Moody's notes that the default definitions within the
transactions may lead to borrowers who are performing following
such payment holiday plans being classified as defaulted.

The performance of the transactions continues to be impacted by the
current macroeconomic environment, however deterioration in the
performance has somewhat stabilized in the past 6 months. Total
delinquencies have decreased, in January 2021 standing at 26.7%,
28.6% and 26.5% of current pool balances, compared to 32.1%, 35.4%
and 33.2% in July 2020, for the three transactions respectively.
Cumulative defaults (as measured by the transactions' default
definitions) in January 2021 stand at 13.1%, 11.1% and 9.6% of
original pool balances, compared to 8.3%, 5.0% and 2.6% in July
2020, for the three transactions respectively. Moody's notes that
these percentages have not been adjusted for borrowers who have
exited payment holiday plans and resumed original scheduled monthly
payments. Details of such adjustments can be found in the
transactions' investor reports.

Moody's has maintained its base case default probability
assumptions at 17% and 19% for SBOLT 2019-1 and 2019-2 and
increased to 17.5% the default probability assumption for SBOLT
2019-3. Moody's has maintained its fixed recovery rate assumption
at 20% and the portfolio credit enhancement assumptions at 45%, 48%
and 44.5% for the three transactions respectively.

Moody's also considered a number of sensitivity scenarios
including: (i) assumed elevated cumulative gross default rates on
the underlying portfolios to reflect the deterioration in the
portfolios' performance; (ii) defaults of a large proportion of the
pools currently classified as delinquent albeit with higher
recovery rates to reflect the support provided by payment plans;
and (iii) lower overall recovery rates for future defaults.

Following this analysis, Moody's concluded that the expected losses
on the Class D notes in all three transactions and the Class C
notes in the SBOLT 2019-3 transaction remain consistent with their
current ratings.

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

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

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

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

Factors or circumstances that could lead to an upgrade of the
ratings include (1) performance of the underlying collateral that
is better than Moody's expected and (2) an increase in available
credit enhancement.

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.


[*] UK: Insolvencies Expected to Double When Gov't. Support Ends
----------------------------------------------------------------
Scott Reid at The Scotsman reports that RSM, the audit, tax and
consulting firm, predicts that business failures will double when
government support, such as the jobs furlough scheme and bounce
back loans, come to an end.

According to The Scotsman, the Insolvency Service revealed there
were 12,557 company insolvencies in 2020, down on the 17,225 the
previous year.  In Scotland, according to the Accountant in
Bankruptcy, there were 592 company insolvencies in 2020, down on
the 980 the year before, The Scotsman discloses.

The latest UK insolvency statistics, for December 2020, showed the
first uptick for 12 months, though corporate insolvencies remain at
relatively low levels, highlighting that government support is
likely to be masking the extent of business distress in the UK, The
Scotsman relates.

RSM, The Scotsman says, also expects to see increased levels of
corporate insolvencies, 15-20% higher than previous years, for up
to three years once the government lifelines end and UK business
ramps back up.

According to The Scotsman, Paul Dounis, restructuring advisory
partner at RSM, said: "While the unprecedented government measures
were needed to support businesses through the economic shock caused
by the Covid-19 pandemic, the measures may not be enough to rescue
all businesses.

"In some cases they may only act as an avoidance or delaying
measure for zombie businesses, unless other restructuring options
are pursued.

"The much lower insolvency statistics in 2020 suggest that there is
a level of pent up, or delayed insolvency which is waiting to
happen in 2021.

"Creditors have either been prevented from taking action by
legislation, or have felt unwilling to enforce during this
difficult period.  However, as we start to emerge from lockdown and
the vaccination programme starts to take effect this may no longer
be the case."

He added: "The dramatic fall in GDP, Brexit complications and the
third lockdown has seen predictions of hundreds of thousands of
insolvencies.  However, the long-term trends, and the history of
previous recessions would suggest that a more likely scenario is a
spike of insolvencies in 2021, and then a sustained high level for
a two to three-year period."

The firm noted that the pandemic has led to a sharp and significant
increase in the level of corporate debt, The Scotsman notes.




===============
X X X X X X X X
===============

[*] EUROPE: Governments Must Get Timing to Exit From Covid Help
---------------------------------------------------------------
Luxembourg Times reports that financial supervisors warned European
governments must find the right moment to wean the economy off
unprecedented crisis support so they don't harm growth in the long
run.

According to Luxembourg Times, the European Systemic Risk Board
said in a report on Feb. 16 while a wave of liquidity stabilized
lending and kept businesses and households afloat during the virus
shutdowns, extending such stimulus for too long could complicate
its removal and make an eventual restructuring more painful.

"If fiscal support is withdrawn prematurely, economic recovery and
financial stability might be at risk, but if it is maintained for
too long beyond the emergency, fiscal sustainability and
longer-term growth may be jeopardized," Luxembourg Times quotes the
ESRB as saying.  "Managing this trade-off effectively requires
timely and reliable information on the state of the economy and the
effects of policy measures."

As of September 2020, governments put EUR2.4 trillion (US$2.9
trillion) on the table for loan guarantees, public lending, grants
and tax relief, according to the report, which covers the European
Union as well as the UK, Norway, Iceland and Liechtenstein,
Luxembourg Times discloses.  The uptake of these measures amounted
to more than EUR700 billion at that time, while about EUR840
billion in bank loans were subject to moratoria, Luxembourg Times
notes.

The question of how quickly to reduce fiscal support is a priority
for euro-area officials in the coming months, Luxembourg Times
states.  While keen on avoiding a cliff effect that would threaten
the rebound from current lockdowns, they must also weigh concerns
over public finances and debate outdated rules on how to manage
them, Luxembourg Times relays.

The ESRB cautioned against a general extension of payment holidays
as this bears the risk of masking underlying weaknesses in banks
and borrowers, Luxembourg Times Luxembourg Times notes.

According to Luxembourg Times, it said "targeted loan
restructuring" may in some cases be a better way of dealing with
struggling firms.

It also warned that the usual metrics to monitor risks, such as
solvency indicators, aren't working in the current situation,
making it hard to assess actual restructuring needs, Luxembourg
Times relates.  Authorities should make sure banks recognize losses
without delay to avoid "undue forbearance and evergreening,"
according to the report.

On top of that, policy makers were urged to prepare for a sharp
rise in bankruptcies, which they've so far managed to contain
through temporary support, including in Luxembourg, Luxembourg
Times states.



                           *********


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

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

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

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