---

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

                          E U R O P E

          Wednesday, February 24, 2021, Vol. 22, No. 34

                           Headlines



G E O R G I A

MFO CRYSTAL: Fitch Puts 'B-' LongTerm IDR on Watch Negative


G E R M A N Y

BOWTIE GERMAN: Moody's Assigns B3 CFR, Outlook Stable
BOWTIE GERMAN: S&P Assigns 'B' LongTerm Issuer Credit Rating


I R E L A N D

CLARINDA PARK: S&P Assigns B- Rating on Class E Notes
DARTRY PARK: Moody's Gives (P)B3 Rating on Class E Notes
DARTRY PARK: S&P Assigns Prelim. B-(sf) Rating on Class E Notes
HARVEST CLO X: Fitch Affirms B+ Rating on Class F Notes
NEWHAVEN II: Fitch Affirms B- Rating on Class F-R Debt

OZLME V: Fitch Affirms B- Rating on Class F Notes
PROVIDUS CLO V: Moody's Gives (P)B3 Rating on Class F Notes
ST PAUL CLO X: Fitch Affirms B- Rating on Class F Notes


L U X E M B O U R G

LSF9 BALTA: S&P Alters Outlook to Positive & Affirms 'B-' ICR
PRONOVIAS (CATLUXE): S&P Lowers ICR to 'SD' on Interest Amendment


N O R W A Y

NORWEGIAN AIR: Airbus, Boeing Brace for Jet Order Cancellations
NORWEGIAN AIR: Creditors Set to Take Significant Haircut on Debts


S W E D E N

FASTIGHETS AB: S&P Rates New Unsecured Sub. Hybrid Notes 'BB+'


U N I T E D   K I N G D O M

ARCADIA GROUP: Pension Deficit Totaled GBP510MM at Time of Collapse
BLERIOT MIDCO: Moody's Completes Review, Retains B3 CFR
CANADA SQUARE 2021-1: Moody's Gives (P)B1 Rating on Class X Certs
KOINE: Goes Into Administration After Investors Pull Out
METHODIST GUILD: Offer Made for Willersley Castle, Agents Say

PRIDDY ENGINEERING: Halts Trading, To Undergo Liquidation
ROLLS-ROYCE PLC: Moody's Completes Review, Retains Ba3 CFR
TURBO FINANCE 8: Moody's Hikes Rating on GBP2.8MM E Notes to Ba3
VEDANTA RESOURCES: S&P Rates New Guaranteed Sr. Unsec. Notes 'B-'

                           - - - - -


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

MFO CRYSTAL: Fitch Puts 'B-' LongTerm IDR on Watch Negative
-----------------------------------------------------------
Fitch Ratings has placed JSC MFO Crystal's Long-Term Issuer Default
Rating (IDR) of 'B-' on Rating Watch Negative (RWN).

KEY RATING DRIVERS

The rating action reflects elevated refinancing risk, as new
funding from foreign lenders, a key source for principal repayments
due in 2Q21 and 3Q21, remains difficult to attract cost-effectively
in current conditions. The RWN reflects that a downgrade would
result if none of Crystal's credible options to address its
refinancing needs, including ongoing negotiations with foreign
lenders and local banks, is successful or if its funding options
continue to narrow.

Crystal did not access external funding since the onset of the
pandemic, after it offered its clients a three-month payment
holiday, in line with the National Bank of Georgia's (NBG)
recommendation. In this context, Crystal's refinancing plan carries
elevated execution risk, but the company has still room to
implement contingency plans over the coming months, although at
potentially higher cost. In this regard, Fitch views as credit
positive that Crystal has obtained covenant waivers and amendments
for end-2020 from all its lenders.

Crystal's liquidity has benefitted from a credit line from the NBG
(GEL68 million) and from liquid assets, as the company had
pre-funded a then-cancelled acquisition. However, portfolio growth
and debt repayments during 2020 have narrowed liquidity
flexibility. Fitch expects further strain on Crystal's liquidity
position due to portfolio growth still planned for 1H21.

Asset quality performed better than under initial projections
(loans past due over 30 days, restructured loans and
trailing-12-months write-offs totalled 8.9% of the total by
end-2020), thanks to Crystal's proactive management of credit risk,
higher remittances in 2020 and state support measures. However,
Fitch expects asset-quality risks to remain tilted to the downside
in the short term, as the pandemic continues to affect the
country.

Profitability remains under pressure (the company reported a net
loss of GEL1.1 million in 2020), as Crystal's modest operational
margin provides limited capacity to absorb losses. This pressure is
likely to continue, particularly if funding costs remain high for a
prolonged period.

This has reduced Crystal's internal capital generation capacity,
but the company has a relatively modest leverage profile (capital
adequacy ratio of 19.34% at end-2020) and a recent reduction in the
minimum capital requirement by the NBG mitigates the risk of
regulatory breaches.

Crystal's IDR also takes account of the company's market leadership
in the Georgian microfinance sector and high key-person risk, with
the latter reflected in an ESG score of '4'. The key-person risk
has a negative impact on the credit profile, and is relevant to the
rating in conjunction with other factors.

RATING SENSITIVITIES

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

-- An affirmation of Crystal's ratings at current levels with a
    Stable Outlook could stem from a proactive funding strategy
    that pushes the current funding shortfall for 2021 well into
    2022 through proven access to new funding and a credible
    strategy for portfolio growth, without further impairing
    franchise and profitability.

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

-- Failure to access market-based funding in 1H21 that addresses
    any liquidity shortfalls for the rest of 2021.

-- Signs of significantly constrained funding access either in
    the form of materially higher funding costs or the provision
    of direct extraordinary funding support from the authorities.

-- Crystallisation of asset-quality risks leading to significant
    losses that threaten solvency.

ESG Considerations

Crystal has an ESG Relevance Score of 4 for governance structure.

Except for the matters discussed above, the highest level of ESG
credit relevance, if present, is a score of 3. This means ESG
issues are credit neutral or have only a minimal credit impact on
the entity, either due to their nature or to the way in which they
are being managed by the entity.

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.




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

BOWTIE GERMAN: Moody's Assigns B3 CFR, Outlook Stable
-----------------------------------------------------
Moody's Investors Service has assigned a B3 corporate family rating
and B3-PD probability of default rating to Bowtie German Bidco
GmbH, the top entity of NextPharma's restricted group. At the same
time, Moody's has assigned a B3 instrument rating to the EUR290
million senior secured term loan B and the EUR37.4 million senior
secured revolving credit facility. A stable outlook has been
assigned on all ratings.

Proceeds from the debt issuance, alongside equity, will be used to
finance the fund transfer from CapVest III to CapVest Fund IV and
CapVest Strategic Opportunities Fund IV, refinance existing debt
and pay for the acquisition of two manufacturing facilities from
Lonza Group AG (Lonza). The fund transfer is driven by the maturity
of the current vehicle and CapVest's willingness to stay invested
in the company. The acquisition of Lonza sites, located in Ploermel
and Edinburgh, will provide NextPharma access to new technologies,
strengthen its presence in France and expand its European
manufacturing footprint to Scotland. The transaction is a
re-leveraging event for NextPharma because of the debt-funded
acquisition of Lonza assets.

RATINGS RATIONALE

The B3 CFR and stable outlook reflect (i) positive long-term market
fundamentals, underpinned by growing demand; (ii) high barriers to
entry and customer stickiness; (iii) a solid track record as a
mid-size operator thanks to high quality standards and a presence
across the entire value chain; (iv) a demonstrated ability to
outperform market growth and improve EBITDA margin; and (v) limited
product and customer concentration.

Conversely, the CFR is constrained by (i) the high opening
Moody's-adjusted leverage at 6.6x as of December 2020; (ii) limited
free cash flow generation due to the capital intensive nature of
the sector and the company's strategy to reinvest into expansion
projects that will support future growth; (iii) a degree of
business risk in the sector, which is considered higher than the
average rated company under the business services methodology; and
(iv) the smaller scale compared to global peers in the wider CDMO
universe, an important factor as the market is consolidating and
economies of scale are becoming more important.

Moody's expects that NextPharma will grow organically in the
high-single digit percentage range in the next two years.
Above-market top line growth will be supported by the company's
positioning as a reliable partner for pharmaceutical companies
which are increasingly looking to outsource the development and
manufacturing of their product. NextPharma's exposure to the rising
specialty and virtual pharma segments will further underpin revenue
growth. Moody's forecasts that the EBITDA margin will continue
improving thanks to the economies of scale enabled by recent
investments to increase capacity, especially at the Tampere and
Gottingen sites.

LIQUIDITY

Moody's consider NextPharma's liquidity to be adequate and
supported by (i) EUR12 million of cash on balance sheet at closure
of the transaction; (ii) a fully undrawn EUR37.4 million RCF; and
(iii) debt maturities that do not fall due until 2027. Moody's
expects positive free cash flow generation to remain limited at
less than EUR5 million in the next 12-18 months. Moody's
understands that the company's capex cycle peaked in 2020 and that
based on the current utilization rate of its facilities there is
sufficient capacity to manage projected volume growth. Nonetheless,
Moody's believes that growth capex is an important factor for the
industry in order to match the growing demand, retain clients and
secure future growth.

Under the Senior Facility Agreement, RCF lenders benefit from a
springing net leverage covenant set at 9.94x and tested on a
quarterly basis when the RCF is drawn by more than 40%. Moody's
expects the company to maintain a large headroom under this
covenant if tested.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that NextPharma
will continue to benefit from the overall solid market
fundamentals, allowing its EBITDA to continue growing on an organic
basis. Moody's also expects that Moody's-adjusted leverage will
decline towards 5.5x in the next 12-18 months. The outlook assumes
that the company will not undertake any major debt-funded
acquisitions or shareholder distributions.

ESG CONSIDERATIONS

NextPharma is exposed to social risks given the highly regulated
nature of the healthcare industry and the sensitivity to
demographic and societal pressures, including the affordability of,
and access to health services. Reputational, operational,
litigation and regulatory risks are important drivers of the
company's credit profile. NextPharma's credit profile is indirectly
affected by its exposure to the pharmaceutical industry, the
pricing of its products and its requirements for constant product
quality and manufacturing reliability. To date, the company has a
good operational track record with no quality or product recall
issues.

NextPharma's financial policy is in line with that of similar
private equity-owned issuers as illustrated by its high leverage.
The company operates in a highly fragmented industry, prone to
consolidation. As a result, Moody's considers the M&A risk to be
material. Moody's positively views the stability and experience of
management despite various leveraged buyouts.

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

The CFR is currently well positioned within the B3 rating category
and positive rating pressure could materialize if:

-- NextPharma increases its scale, while maintaining solid
financial performance and operating metrics;

-- Moody's-adjusted leverage decreases below 5.5x on a sustainable
basis;

-- Free cash flow is positive and liquidity remains adequate.

Given the rating positioning, downward rating pressure is unlikely
in the short-term but could develop if:

-- Industry fundamentals become less favorable and/or operating
performance deteriorates, leading to below-market revenue growth
and signification margin deterioration;

-- Moody's-adjusted leverage stays above 6.5x for a prolonged
period;

-- FCF is consistently negative and liquidity weakens from current
levels.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

NextPharma provides contract manufacturing, product development,
healthcare logistics and clinical trial services to biotechnology
and pharmaceutical companies worldwide. The company operates nine
manufacturing sites in Germany, France, Finland and Scotland. It is
focused on the core business of development and manufacturing of
prescription drugs in a wide range of dosage forms. Pro-forma the
acquisition, NextPharma generated EUR299 million of revenue in
2020.


BOWTIE GERMAN: S&P Assigns 'B' LongTerm Issuer Credit Rating
------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to German contract manufacturer Nextpharma Topco GmbH (Bowtie
German Bidco GmbH). At the same time, S&P assigned a 'B' issue
rating, with a recovery rating of '3' (rounded estimate of 60%), to
the group's proposed EUR290 million term loan.

S&P views the diversity of Nextpharma's product portfolio as a key
strength.

Nextpharma is a mid-size European contract development and
manufacturing organization, mostly focused on bulk manufacturing
and primary and secondary packaging in a broad range of
pharmaceutical dosage forms. In January 2021, Nextpharma agreed to
acquire two contract manufacturing facilities from Lonza Group.
Including these, Nextpharma has nine manufacturing facilities and
four logistics sites. The company has dedicated sites to produce
cephalosporin antibiotics, penicillin, female hormones, hormone
creams, and ointments, which are niche products with loyal customer
bases. The company is also one of the largest manufacturers in
Europe of slow release formulations based on pellet technology.
Other technology in its portfolio includes ophthalmic products,
predominantly sterile eye drops, liquids and semi-solids, and soft
gel capsules. With projected revenue of EUR315 million in 2021,
Nextpharma not only competes with smaller-to-medium size
multi-technology players like Aenova or Delpharm, but also with
larger and diversified players like Recipharm or Catalent, or with
specialists like Unither.

S&P views positively management's customer focused strategy,which
translates into sustainable new customers, contract wins, and
operational efficiencies.

Over the last three years, the company delivered organic growth of
about 7% on average, supported by margin expansion. S&P projects
revenue will reach at least EUR350 million by 2022, reflecting the
integration of the Lonza sites and new contract wins, with the
company's S&P Global Ratings-adjusted EBITDA margin expanding to
18% in 2022 from 15% in 2020. Our assumptions reflect solid revenue
visibility thanks to long sales cycles and relatively high
switching costs compared with potential customer savings. S&P
understands that 95% of Nextpharma's customer sales are confirmed,
although actual volumes could vary during the year, reflecting
underlying products demand. In addition, the stability of
Nextpharma's revenue should benefit from customer loyalty, as the
group is a sole supplier for more than 80% of its revenue, with a
diversified customer base (top-five customers represent 37% of
proforma revenue, with no single customer representing more than
10%).

The company's small scale of operations in a fragmented and highly
competitive contract development and manufacturing organization
(CDMO) market, with a lack of pricing power on the suppliers' side,
will mitigate its strengths.

The group also has a lesser exposure to more complex and generally
more profitable technologies like injectables or biosimilars for
example, and demonstrates some product concentration (top-three
products in terms of dosage forms represent more than 70% of 2019
revenue). S&P said, "We also view the group as lacking presence in
the U.S., given it generates more than 90% of its revenue in
Europe. Although the CMO market should continue to expand at 6%-8%
over the next three years, helped by increasing outsourcing
penetration and underlying growth in pharmaceutical demand, the
market will remain price competitive, especially in the older
technologies like solids, which are becoming commoditized (over 70%
of marketed drugs in Europe have a solid dosage. Given the
complexity and costs of running a production site, we see
operational execution as the key risk to the rating. Therefore, any
misplaced orders or delays in deliveries, loss of key accounts, or
underutilized capacity could cause deviation from our base-case and
put pressure on the rating."

Profitable growth, supported by investments, should allow
Nextpharma's S&P Global Ratings-adjusted leverage to stabilize as
5x-6x over the next couple of years, although capital expenditure
(capex) will absorb most operating cash flows over the next 12-18
months.

S&P said, "We assume growth capex of EUR25 million-EUR30 million
per year for the company over the next two years. Investments will
utilize most of Nextpharma's internally generated cash flows in the
same period. Given the payback time of at least 18 months, in order
to successfully deleverage, it is important that the company
continues to expand its customer base, while improving
profitability and increasing its EBITDA base. We assume the company
will be able to deliver EBITDA of at least EUR50 million in 2021
and EUR60 million in 2022, allowing it to reduce leverage from 6.5x
in 2021 to about 5.0x in 2022. Our estimate reflects strong organic
growth of about 7% in 2021 and 10% in 2022, supported by long-term
contracts. This is broadly in line with the group's historical
track record. We expect the company's S&P Global Ratings-adjusted
EBITDA margin will improve to 16%-17% in 2021 and 18% in 2022,
benefiting from ongoing cost savings, increasing scale, and greater
utilization of its manufacturing and supply network."

Any deviation from the projected deleveraging path, or failure to
generate positive FOCF of at least EUR20 million from fiscal 2023
onwards could put pressure on the rating.

Given the relatively high leverage and limited free operating cash
flow (FOCF) over the next 12-18 months, it is key that the company
delivers on its business plans to deleverage accordingly, while
remaining prudent with its merger and acquisition investments into
facilities and technology, and establishes a track record of fast
deleveraging. Any deviation from the projected path of reducing its
S&P Global Ratings-adjusted leverage toward 5x and generating
positive FOCF of at least EUR20 million from 2023 could pressure
the rating. S&P said, "Our adjusted debt includes the proposed
EUR290 million senior secured term loan B, EUR25 million-EUR30
million of adjustment related to lease liabilities and net pension
liabilities of about EUR16 million (after tax), but excludes the
noncommon equity financing to be paid by the financial sponsor,
Capvest, and management that we view as non-debt like, in line with
our criteria. We do not deduct any cash from our leverage
calculations. The company's liquidity will benefit from EUR37.4
million of revolving credit facility that we assume will remain
largely undrawn."

Nextpharma's main expertise is in offering contracted manufacturing
capacity to pharmaceutical companies covering a broad range of
dosage forms.

Contract manufacturing (the delivery of finished products to
pharmaceutical companies that outsource their production),
represents Nextpharma's core business and generated 80% of 2020
pro-forma revenue. The group guarantees quality standards in line
with the various healthcare agencies, a competitive price point,
and production flexibility, which are considered key for retaining
their customers. Alongside contract manufacturing, the group also
offers products development services for transferring process to
industrial scale (10%), clinical trials (2%), and logistics
services (7%) for pre-wholesaling (warehousing, third party
delivery, and repacking). These adjacent services help feed its
core business with potential new contracts. Nextpharma's products
are mainly pharmaceuticals prescription drugs (78% of 2019
revenue), mostly related to chronic diseases, with low volume
fluctuations or contract losses. It also has smaller exposures to
over-the-counter (16%) and nutritional and vets (3% respectively).
Within its categories, the group offers more than 10 different
dosage forms, its top three formats are tablets (36% of 2019
revenue), bottled liquids (22%), and capsules (16%). However, S&P
notes its lower exposure to complex products as sterile single-dose
preparations (less than 2%) through the recent acquisition of
Santen Finnish branch, demanding higher levels of sterility in
production and the absence of preservatives.

The proposed acquisition of two manufacturing plants from Lonza
will bring new technologies and customers to the group's
portfolio.

The acquisition of these two manufacturing sites, located in
Edinburgh (Scotland) and Ploemel (France), will add significant
scale and volume capacity to Nextpharma's operations, contributing
EUR65 million–EUR75 million in revenue in the next 12-18 months,
with potential for cross-selling. The Edinburgh site is primarily
focused on product development, including technologies such as
liquid fill hard capsules and high-potency capabilities. Ploemel is
a commercial manufacturing site for both pharma and nutrition,
specialized in soft gels and liquid capsules. These technologies
will bring more diversification to Nextpharma's product categories,
in addition to new customers, because contracts established with
Lonza will be carried over by Nextpharma. There is limited customer
concentration because the top-three customers represent 45% of
revenue from the Edinburgh facility and less than 30% for the
Ploemel facility.

In S&P's view, the group has an adequate customer diversification,
mitigated by a lack of geographic diversification and absence of
manufacturing footprint outside of Europe.

The group generates about 75% of its pro-forma revenue from
specialty mid-size pharmaceuticals, 15% from big pharmaceuticals,
and 5% from generics. The latter has seen its contribution decrease
from more than 20%. Before the acquisition, Nextpharma mainly
served European customers (90% of 2019 revenue), with the remaining
revenue (10%) generated in the U.S and rest of the world. With the
acquisitions, the group's will slightly improve its exposure to U.S
customers. Nextpharma's top-five customers represent 37% of
pro-forma revenue, with no single customer representing more than
10% and an average customer relationship of five-to-10 years.

S&P expects Nextpharma will generate about EUR315 million sales in
fiscal 2021, benefitting from barriers to entry but restricted by
its relatively limited size and geographical diversification.

Despite recent consolidation effort in the CDMO market, it is still
fragmented, illustrated by the top-five CDMOs representing
approximately 20% of the market. However, S&P considers that the
industry benefits from some barriers to entry due to high switching
costs, estimated at about EUR500,000, a transition period of 18-24
months that involves transfer costs (new validation batches are not
to be sold), and execution risks. In our view, Nextpharma
demonstrates significant customer stickiness, which is supported by
its generation of more than 80% of its revenue from its sales to
companies where it is the sole supplier. Most of the company's
revenue comes from pharmaceutical products (through prescriptions)
rather than supplements and nutrition products, which makes the
switching process more complicated, encouraging long-standing
customer relationships.

Customer contracts average three years in length, providing
adequate revenue visibility.

The group benefits from predictable volumes each year, through
contracts negotiated one- to two-years in advance of production and
delivered over a three- to five-year period, with potential
extensions (one year) and a fixed pricing on expected volumes
(take-or-pay), with firm orders confirmed three months in advance.
A few contracts have a minimum volume clause. However, as a sole
supplier for most of its customers, the company benefits from
relatively stable demand (most products are linked to chronic
diseases). In addition to a stable contract duration, revenue
visibility is also supported by supportive industry trends, with
forecast demand for Active Pharmaceutical Ingredient (API) and
finished products representing more than 40% of outsourced
production. However, the company lacks pricing power due to its
small size and the rigorous manufacturing standards.

Pass through mechanisms on costs will support margin stability.

Nextpharma's contracts include automatic pass through of material
costs, but exclude overheads and wages (which are as costly as
material costs) inflation, which is negotiated yearly with
customers. The contractual pass-through agreements should limit
pressure on margins in case of higher costs. However, considering
the group's lack of pricing power, limiting its negotiation power
against its customers, Nextpharma might be unable to pass some
price increases. Under S&P's base case, it expects the adjusted
EBITDA margin will remain at 16%-17% in 2021 and 18%-19% in 2022.
This level is broadly in line with the industry average of other
European CDMOs.

Solid manufacturing footprint will support growth, but upcoming
investments in capacity expansion will constrain cash flow over the
next two years.

Nextpharma operates seven manufacturing sites and four warehousing
facilities across Europe, excluding the two acquired facilities in
France and Scotland. One of them (Göttingen) has reserved capacity
for development projects. The group's capex ranges between EUR25
million-EUR30 million per year (for site expansions, new lines, the
replacement of old lines, serialization products, etc.) to drive
manufacturing efficiencies and reduce operating costs. S&P said,
"Currently, the group has an estimated overall capacity utilization
of 60%-65% (excluding the two new sites), but we expect a
continuous increase in capacity through the ramping up of new
plans. Nextpharma has a capex intensive business model, and we
expect annual capital investment of close 9% of total sales, while
maintenance capex should be close EUR13 million. We expect the
group will report almost flat annual free operating cash flow
(FOCF) in 2021-2022, increasing to EUR20 million-EUR25 million in
2023. Therefore, we see some downward risks in the next two years
if the group underperforms its topline and EBITDA growth, which
could undermine its capex plans and weaken its operational
efficiency."

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."

Outlook

S&P said, "The stable outlook reflects our view that the group's
operating performance will remain resilient, even though we expect
fiscal 2021 and 2022 will be characterized by limited FOCF
generation, mainly because of expansionary capex and higher working
capital requirements. From fiscal 2023, we anticipate the group
will generate positive annual FOCF of EUR20 million-EUR25 million,
mainly thanks to better operating leverage and lower working
capital requirements. Under our base case, we expect Nextpharma
will maintain EBITDA cash interest coverage well above 3x, while
S&P Global Ratings-adjusted debt to EBITDA will remain at 5x-6x."

Downside scenario

S&P could downgrade Nextpharma if it experiences material
deterioration in its operating performance due to declining sales
or lower profitability than currently anticipated, and is therefore
unable to reduce its S&P Global Ratings-adjusted leverage below 6x
or maintain EBITDA interest coverage well over 2.0x. This scenario
could stem, for example, from:

-- Loss of key customers;
-- Non-renewal of contracts; or
-- A significant increase in production and distribution costs,
with an inability to pass-through costs to customers.

S&P could also downgrade Nextpharma if it is unable to generate
healthy and recurring FOCF, resulting in a material deterioration
in its credit metrics that would hamper expected deleveraging.

Upside scenario

S&P could take a positive rating action if Nextpharma demonstrated
a strong deleveraging trend, with adjusted debt to EBITDA
comfortably below 5.0x, and a long-term commitment to a
conservative financial policy. For an upgrade, S&P would also
expect the group to report a good track-record of positive FOCF
above its current base case. This scenario could result, for
example, from significant gains in market share through larger
contract gains, robust growth from product developments (dosage
forms, and categories, for example), and sound operating
efficiency.




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

CLARINDA PARK: S&P Assigns B- Rating on Class E Notes
-----------------------------------------------------
S&P Global Ratings has assigned credit ratings to Clarinda Park CLO
DAC's class X, A-1, A-2, B, C, D, and E notes. At closing, the
issuer also issued EUR45.10 million of unrated subordinated notes.

The transaction is a reset of the existing Clarinda Park CLO, which
closed in November 2016.

The proceeds from the issuance of the rated and additional unrated
notes were used to redeem the existing rated notes. In addition to
redeeming the existing notes, the issuer used the remaining funds
to cover fees and expenses incurred in connection with the reset.

The reinvestment period, originally scheduled to last until
November 2020, was extended to February 2025. The covenanted
maximum weighted-average life is 8.5 years from closing.

Under the transaction documents, the manager can purchase loss
mitigation obligations in connection with the default of an
existing asset with the aim of enhancing the global recovery on
such obligor. The manager can also exchange defaulted obligations
for other defaulted obligations from a different obligor with a
better likelihood of recovery.

S&P considers that the closing date portfolio is well-diversified,
primarily comprising broadly syndicated speculative-grade senior
secured term loans. Therefore, it has conducted its credit and cash
flow analysis by applying its criteria for corporate cash flow
collateralized debt obligations.

  Portfolio Benchmarks

  S&P Global Ratings weighted-average rating factor    2742.01
  Default rate dispersion                               744.90
  Weighted-average life (years)                           4.55
  Obligor diversity measure                             144.28
  Industry diversity measure                             19.14
  Regional diversity measure                              1.29
  Weighted-average rating                                  'B'
  'CCC' category rated assets (%)                         7.19
  'AAA' weighted-average recovery rate                   37.56
  Floating-rate assets (%)                                  90
  Weighted-average spread (net of floors; %)              3.60

The transaction includes an amortizing reinvestment target par
amount, which is a predetermined reduction in the value of the
transaction's target par amount unrelated to the principal payments
on the notes. This may allow for the principal proceeds to be
characterized as interest proceeds when the collateral par exceeds
this amount, subject to a limit, and affect the reinvestment
criteria, among others. This feature allows some excess par to be
released to equity during benign times, which may lead to a
reduction in the amount of losses that the transaction can sustain
during an economic downturn. Hence, in S&P's cash flow analysis, it
assumed a starting collateral size of EUR390.50 million (i.e. the
target par amount declined by the maximum amount of reduction
indicated by the arranger).

S&P said, "We also modeled a weighted-average spread of 3.55%, the
reference weighted-average coupon of 4.00%, and the minimum
weighted-average recovery rates as indicated by the collateral
manager. We applied various cash flow stress scenarios, using four
different default patterns, in conjunction with different interest
rate stress scenarios for each liability rating category.

"Our credit and cash flow analysis show that the class A2, B, C,
and D notes benefit from break-even default rate (BDR) and scenario
default rate cushions that we would typically consider to be in
line with higher ratings than those assigned. However, as the CLO
is still in its reinvestment phase, during which the transaction's
credit risk profile could deteriorate, we have capped our
preliminary ratings on the notes."

Citibank N.A., London Branch, is the bank account provider and
custodian. The documented downgrade remedies are in line with S&P's
current counterparty criteria.

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

The issuer is bankruptcy remote, in accordance with S&P's legal
criteria.

The CLO is managed by Blackstone Ireland Ltd. Under our "Global
Framework For Assessing Operational Risk In Structured Finance
Transactions," published on Oct. 9, 2014, the maximum potential
rating on the liabilities is 'AAA'.

S&P said, "Following our analysis of the credit, cash flow,
counterparty, operational, and legal risks, we believe our
preliminary ratings are commensurate with the available credit
enhancement for each class of notes.

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A to D notes
to five of the 10 hypothetical scenarios we looked at in our
publication, "How Credit Distress Due To COVID-19 Could Affect
European CLO Ratings," published on April 2, 2020."

As vaccine rollouts in several countries continue, S&P Global
Ratings believes there remains a high degree of uncertainty about
the evolution of the coronavirus pandemic and its economic effects.
Widespread immunization, which certain countries might achieve by
midyear, will help pave the way for a return to more normal levels
of social and economic activity. S&P said, "We use this assumption
about vaccine timing in assessing the economic and credit
implications associated with the pandemic. As the situation
evolves, we will update our assumptions and estimates
accordingly."

  Ratings List

  Class    Ratings     Amount    Interest rate*  Subordination (%)
                     (mil. EUR)
  X        AAA (sf)     0.69     Three-month EURIBOR     N/A
                                    plus 0.28%
  A1       AAA (sf)   248.00      Three-month EURIBOR    38.00
                                    plus 0.90%
  A2       AA (sf)     40.00      Three-month EURIBOR    28.00
                                    plus 1.50%
  B        A (sf)      26.00      Three-month EURIBOR    21.50
                                    plus 2.40%  
  C        BBB (sf)    25.00      Three-month EURIBOR    15.25
                                    plus 3.30%
  D        BB- (sf)    21.00      Three-month EURIBOR    10.00
                                    plus 5.57%
  E        B- (sf)     11.50      Three-month EURIBOR     7.13
                                    plus 7.62%
  Sub Notes  NR        45.10          N/A                  N/A

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

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


DARTRY PARK: Moody's Gives (P)B3 Rating on Class E Notes
--------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to the refinancing notes to be issued
by Dartry Park CLO Designated Activity Company (the "Issuer"):

EUR2,450,000 Class X Senior Secured Floating Rate Notes due 2034,
Assigned (P)Aaa (sf)

EUR248,000,000 Class A-1 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

EUR35,000,000 Class A-2 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)

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

EUR26,500,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Baa3 (sf)

EUR24,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Ba3 (sf)

EUR12,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)B3 (sf)

RATINGS RATIONALE

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

The Issuer will issue the refinancing notes in connection with the
refinancing of the following classes of notes: Class A-1A Notes,
Class A-1B Notes, Class A-2A Notes, Class A-2B Notes, Class B Notes
and Class C Notes due in 2029 (the "2017 Refinancing Notes"),
previously issued on 28 July 2017 (the "2017 Refinancing Date") as
well as the Class D Notes and Class E Notes due 2029 (the "2015
Original Notes"), previously issued on March 16, 2015 (the
"Original Closing Date"). On the refinancing date, the Issuer will
use the proceeds from the issuance of the refinancing notes to
redeem in full the 2017 Refinancing Notes and the 2015 Original
Notes.

On the Original Closing Date, the Issuer also issued EUR 44,600,000
of subordinated notes, which will remain outstanding. In addition,
the Issuer will issue EUR 7,490,000 of additional subordinated
notes on the refinancing date. The terms and conditions of the
subordinated notes will be amended in accordance with the
refinancing notes' conditions.

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A-1 Notes. The
Class X Notes amortise by EUR 306,250 from the second payment date
onwards.

As part of this full refinancing, the Issuer will renew the
reinvestment period at four years and extends the weighted average
life to 9 years. It will also amend certain concentration limits,
definitions and minor features. In addition, the Issuer will amend
the base matrix and modifiers that Moody's will take into account
for the assignment of the definitive ratings.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans. The underlying portfolio is expected to be approximately 90%
ramped as of the closing date.

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

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

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

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

Methodology Underlying the Rating Action:

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

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

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

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

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

Target Par : EUR 400,000,000

Diversity Score: 46

Weighted Average Rating Factor (WARF): 3070

Weighted Average Spread (WAS): 3.45%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 44.5%

Weighted Average Life (WAL): 9.0 years

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


DARTRY PARK: S&P Assigns Prelim. B-(sf) Rating on Class E Notes
---------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Dartry
Park CLO DAC's class X, A1, A2, B, C, D, and E refinancing notes.
At closing, the issuer will also issue EUR52.09 million of unrated
subordinated notes.

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

  Portfolio Benchmarks
                                                        Current
  S&P Global Ratings weighted-average rating factor    2,746.16
  Default rate dispersion                                737.22
  Weighted-average life (years)       4.03 (4.12 with reinvest)
  Obligor diversity measure                              119.89
  Industry diversity measure                              17.73
  Regional diversity measure                               1.25
  Weighted-average rating                                   'B'
  'CCC' category rated assets (%)                          7.07
  'AAA' weighted-average recovery rate                    37.64
  Floating-rate assets (max.; %)                          87.5
  Weighted-average spread (net of floors; %)               3.58

S&P said, "In our cash flow analysis, we used the EUR392 million
amortizing target par amount, a weighted-average spread of 3.50%,
the reference weighted-average coupon (4.00%), and the
weighted-average recovery rates as indicated by the collateral
manager. We applied various cash flow stress scenarios, using four
different default patterns, in conjunction with different interest
rate stress scenarios for each liability rating category.

"Our credit and cash flow analysis shows that the class A2, B and C
notes benefit from break-even default rate (BDR) and scenario
default rate cushions that we would typically consider to be in
line with higher ratings than those assigned. However, as the CLO
will have a reinvestment phase, during which the transaction's
credit risk profile could deteriorate, we have capped our
preliminary ratings on the notes."

The class E notes' current BDR cushion is -1.32%. Based on the
portfolio's actual characteristics and additional overlaying
factors, including S&P's long-term corporate default rates and the
class E notes' credit enhancement, this class is able to sustain a
steady-state scenario, in accordance with S&P's criteria. S&P's
analysis further reflects several factors, including:

-- The class E notes' available credit enhancement, which is in
the same range as that of other CLOs we have rated and that have
recently been issued in Europe.

-- S&P's model-generated portfolio default risk, which is at the
'B-' rating level at 23.60% (for a portfolio with a
weighted-average life of 4.25 years) versus 13.17% if we were to
consider a long-term sustainable default rate of 3.1% for 4.25
years.

-- Whether the tranche is vulnerable to nonpayment in the near
future.

-- If there is a one-in-two chance for this note to default.

-- If S&P envisions this tranche to default in the next 12-18
months.

Following this analysis, S&P considers that the available credit
enhancement for the class E notes is commensurate with the assigned
preliminary 'B- (sf)' rating.

Elavon Financial Services is the bank account provider and
custodian. At closing, we expect its documented replacement
provisions to be in line with our counterparty criteria for
liabilities rated up to 'AAA'.

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

At closing, S&P expects the issuer to be bankruptcy remote, in
accordance with S&P's legal criteria.

The CLO is managed by Blackstone Ireland Ltd. Under S&P's "Global
Framework For Assessing Operational Risk In Structured Finance
Transactions," published on Oct. 9, 2014, the maximum potential
rating on the liabilities is 'AAA'.

S&P said, "Following our analysis of the credit, cash flow,
counterparty, operational, and legal risks, we believe our
preliminary ratings are commensurate with the available credit
enhancement for each class of notes.

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A to E notes
to five of the 10 hypothetical scenarios we looked at in our
publication (see "How Credit Distress Due To COVID-19 Could Affect
European CLO Ratings," published on April 2, 2020).

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

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."

  Ratings List

  Class      Prelim. Rating     Amount
                               (mil. EUR)
  X             AAA (sf)           2.45
  A1            AAA (sf)         248.00
  A2            AA (sf)           35.00
  B             A (sf)            26.00
  C             BBB (sf)          26.50
  D             BB- (sf)          24.50
  E             B- (sf)           12.00
  Sub notes     NR                52.09

  NR--Not rated.


HARVEST CLO X: Fitch Affirms B+ Rating on Class F Notes
-------------------------------------------------------
Fitch Ratings has upgraded Harvest CLO X DAC 's class C-R and D-R
notes and affirmed the others. The Outlook on the class F notes has
been revised to Stable from Negative.

      DEBT                  RATING           PRIOR
      ----                  ------           -----
Harvest CLO X DAC

A-R XS1649635601     LT  AAAsf  Affirmed     AAAsf
B-R XS1649635940     LT  AAAsf  Affirmed     AAAsf
C-R XS1649636245     LT  AA+sf  Upgrade      A+sf
D-R XS1649636674     LT  A+sf   Upgrade      BBB+sf
E XS1114266197       LT  BB+sf  Affirmed     BB+sf
F XS1114266866       LT  B+sf   Affirmed     B+sf

TRANSACTION SUMMARY

The transaction is a cash-flow collateralised loan obligation
backed by a portfolio of mainly European leveraged loans and bonds.
The transaction is out of its reinvestment period.

KEY RATING DRIVERS

Transaction Deleveraging

The upgrade of the class C-R and D-R notes reflects the further
deleveraging of the transaction since the last review in June 2020.
The class A-R notes have paid-down around EUR76 million since last
review and overall credit enhancement has increased across all
rated notes. As per the report dated February 2021, the transaction
is passing all coverage tests but the Fitch weighted average rating
factor (WARF) test, weighted average recovery rate (WARR) test,
weighted average life (WAL) test, and the Fitch 'CCC' obligations
are failing and there are is one defaulted assets in the portfolio,
representing 1.56% of the aggregate collateral balance. The
transaction has not reinvested since Fitch's last review and the
failing collateral quality tests constrain the transaction from
reinvestment.

Average Portfolio Performance

The transaction is below par by 3%. The Fitch calculated WARF as of
13 February 2021 is 36.08, slightly lower than the trustee reported
Fitch WARF 36.32 against a covenant of 34.00. The Fitch calculated
'CCC' category or below assets represented 12.8% (including the
non-rated names) and 11.5% (excluding the non-rated names) as of 13
February 2020, compared with its 7.5% limit.

Resilience to Coronavirus Stress:

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

Asset Credit Quality

'B'/'B-' Category Portfolio Credit Quality: Fitch assesses the
average credit quality of obligors to be in the 'B'/'B-' category.

Asset Security

High Recovery Expectations: Senior secured obligations make up
98.94% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. Fitch's WARR of the current portfolio is 60.9% as
per the report.

Portfolio Concentration

The portfolio is concentrated with only 89 assets from 79 obligors.
The top 10 obligors' exposure is 24.5% and the largest single
obligor represents 3.0% of the portfolio balance, above its 2.5%
limit. As per Fitch's calculation, the largest industry is business
services at 15.57% of the portfolio balance, against limits of
17.50%.

RATING SENSITIVITIES

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

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

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

-- An increase of the RDR at all rating levels by 25% of the mean
    RDR and a decrease of the RRR by 25% at all rating levels will
    result in downgrades of no more than four notches depending on
    the notes. Downgrades may occur if the build-up of credit
    enhancement following amortisation does not compensate for a
    larger loss expectation than initially assumed due to
    unexpectedly high level of default and portfolio
    deterioration. As the disruptions to supply and demand due to
    Covid-19 become apparent for other vulnerable sectors, loan
    ratings in those sectors would also come under pressure. Fitch
    will update the sensitivity scenarios in line with the view of
    its Leveraged Finance team.

Coronavirus Potential Severe Downside Stress Scenario

Fitch has added a sensitivity analysis that contemplates a more
severe and prolonged economic stress caused by a re-emergence of
infections in the major economies. The potential severe downside
stress incorporates the following stresses: applying a notch
downgrade to all the corporate exposure on Negative Outlook. This
scenario shows resilience of the current ratings of all classes of
notes.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Harvest CLO X DAC

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

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

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

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


NEWHAVEN II: Fitch Affirms B- Rating on Class F-R Debt
------------------------------------------------------
Fitch Ratings has affirmed Newhaven II CLO DAC and revised the
Outlook on the class E and F to Stable from Negative.

       DEBT                    RATING           PRIOR
       ----                    ------           -----
Newhaven II CLO DAC

A-1-R XS1767787176      LT  AAAsf  Affirmed     AAAsf
A-2-R XS1769782019      LT  AAAsf  Affirmed     AAAsf
B-1-R XS1767787689      LT  AAsf   Affirmed     AAsf
B-2-R XS1767788224      LT  AAsf   Affirmed     AAsf
C-R XS1767788901        LT  Asf    Affirmed     Asf
D-R XS1767789545        LT  BBBsf  Affirmed     BBBsf
E-R XS1767790048        LT  BBsf   Affirmed     BBsf
F-R XS1767790121        LT  B-sf   Affirmed     B-sf

TRANSACTION SUMMARY

Newhaven II CLO DAC is a cash flow CLO mostly comprising senior
secured obligations. The transaction is within its reinvestment
period and is actively managed by its collateral manager.

KEY RATING DRIVERS

Stable Asset Performance

The transaction is slightly below par by 153bp as of the latest
investor report available. As per the report, Fitch weighted
average rating factor (WARF) test and Fitch 'CCC' obligation test
is failing. All other portfolio profile tests, coverage tests and
collateral quality tests are passing. The report also states 12bp
of defaulted asset. As per 13 February 2021, exposure to assets
with a Fitch-derived rating of 'CCC+' and below is 10.3% (including
unrated assets) and 9.9%(excluding unrated assets), both above the
limit of 7.5%.

Resilience to Coronavirus Stress

The affirmation reflects the broadly stable portfolio credit
quality. The Stable Outlook on all investment grade notes, and the
revision of the Outlooks on the sub-investment grade notes to
Stable from Negative reflect the default rate cushion in the
sensitivity analysis ran in light of the coronavirus pandemic.
Fitch recently updated its CLO coronavirus stress scenario to
assume half of the corporate exposure on Negative Outlook is
downgraded by one notch instead of 100%.

'B'/'B-' Portfolio

Fitch assesses the average credit quality of the obligors to be in
the 'B'/'B-' category. As at 13 February 2021, the Fitch-calculated
WARF of the portfolio was 35.09, slightly lower than the
trustee-reported WARF of 6 January 2021 of 35.43, owing to rating
migration and considering unrated assets as 'CCC'.

High Recovery Expectations

Senior secured obligations make up 98.2% of the portfolio. Fitch
views the recovery prospects for these assets as more favourable
than for second-lien, unsecured and mezzanine assets. The Fitch
weighted average recovery rate (WARR) of the current portfolio is
65.5% as per the report.

Portfolio Well Diversified

The portfolio is well diversified across obligors, countries and
industries. The top 10 obligors' concentration is 13.07% and no
obligor represents more than 1.50% of the portfolio balance. As per
Fitch's calculation, the largest industry is business services at
12.16% of the portfolio balance, against limits of 17.50%.

RATING SENSITIVITIES

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

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

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

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

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

Coronavirus Potential Severe Downside Stress Scenario

Fitch has added a sensitivity analysis that contemplates a more
severe and prolonged economic stress caused by a re-emergence of
infections in the major economies. The potential severe downside
stress incorporates the following stresses: applying a notch
downgrade to all the corporate exposure on Negative Outlook. This
scenario shows resilience of the current ratings of all classes of
notes.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Newhaven II CLO DAC

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

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

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

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


OZLME V: Fitch Affirms B- Rating on Class F Notes
-------------------------------------------------
Fitch Ratings has affirmed OZLME V Designated Activity Company and
revised the Outlooks on the class D and E notes to Stable from
Negative.

     DEBT                   RATING            PRIOR
     ----                   ------            -----
OZLME V DAC

A XS1904641641        LT  AAAsf   Affirmed    AAAsf
B-1 XS1904642029      LT  AAsf    Affirmed    AAsf
B-2 XS1904642458      LT  AAsf    Affirmed    AAsf
C XS1904642706        LT  Asf     Affirmed    Asf
D XS1904643001        LT  BBB-sf  Affirmed    BBB-sf
E XS1904643423        LT  BB-sf   Affirmed    BB-sf
F XS1904643340        LT  B-sf    Affirmed    B-sf

TRANSACTION SUMMARY

The transaction is a cash flow CLO, mostly comprising senior
secured obligations. It is within its reinvestment period and is
actively managed by Sculptor Europe Loan Management Limited

KEY RATING DRIVERS

Stable Asset Performance

Asset performance has been stable since the last review. As per the
trustee report dated 05 January 2021, the deal is below target par
by 28bp and all coverage tests, portfolio profile tests and Fitch
related collateral quality tests are passing, except for the Fitch
weighted average rating factor (WARF) test, weighted average
recovery rate (WARR) test and 'CCC' limit test. Exposure to assets
with a Fitch-derived rating of 'CCC+' and below as calculated by
Fitch as of 13 February 2021 is 6.64% (or 7.18% including the
unrated names, which Fitch treats as 'CCC' per its methodology,
while the manager can classify as 'B-' for up to 10% of the
portfolio), which is within the 7.5% limit. There is no exposure to
defaulted assets.

Resilience to Coronavirus Stress

The affirmation reflects the broadly stable portfolio credit
quality since the last review. The Stable Outlooks the on
investment-grade notes, and the revision of the Outlooks on the
class D and E notes to Stable from Negative reflect the default
rate cushion or a small shortfall for the class E notes in the
sensitivity analysis Fitch ran in light of the coronavirus
pandemic. This scenario shows a sizeable shortfall for the class F
notes, accordingly Fitch has affirmed the notes with a Negative
Outlook. Fitch has recently updated its CLO coronavirus pandemic
stress scenario to assume half of the corporate exposure on the
Negative Outlook is downgraded by one notch instead of 100%.

'B'/'B-'Portfolio:

Fitch assesses the average credit quality of the obligors to be in
the 'B'/'B-' category. As at 13 February 2021, the Fitch-calculated
WARF of the portfolio is 35.61

High Recovery Expectations:

Senior secured obligations make up 94.7% of the portfolio. Fitch
views the recovery prospects for these assets as more favourable
than for second-lien, unsecured and mezzanine assets. As per the
latest trustee report, the Fitch WARR of the portfolio is 64.9%.

Portfolio Well Diversified

The portfolio is well diversified across obligors, countries and
industries. The top 10 obligor concentration is no more than 15.0%,
and no obligor represents more than 1.5% of the portfolio balance.
The top Fitch industry and top three Fitch industry concentrations
are also within the defined limits of 17.5% and 40.0%,
respectively.

Deviation from Model-Implied Ratings (MIR)

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

Based on the current portfolio analysis, the MIR for the class F
notes is one notch below the current rating. However, Fitch has
deviated from the MIR given the breakeven default rate shortfall is
marginal and driven by back loaded default timing scenario only,
which is not Fitch's immediate expectation.

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 may occur in case of continued
    better-than-initially-expected portfolio credit quality and
    deal performance, leading to higher credit enhancement for the
    notes and excess spread available to cover for losses on the
    remaining portfolio. Upgrades would be more likely for the
    investment-grade tranches if the transaction deleverages and
    the portfolio credit quality remains stable.

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

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

Coronavirus Downside Sensitivity

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

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

OZLME V DAC

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

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

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

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


PROVIDUS CLO V: Moody's Gives (P)B3 Rating on Class F Notes
-----------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes and a loan to be issued by
Providus CLO V Designated Activity Company (the "Issuer"):

EUR190,000,000 Class A Senior Secured Floating Rate Notes due
2035, Assigned (P)Aaa (sf)

EUR50,000,000 Class A Senior Secured Floating Rate Loan due 2035,
Assigned (P)Aaa (sf)

EUR31,000,000 Class B-1 Senior Secured Floating Rate Notes due
2035, Assigned (P)Aa2 (sf)

EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2035,
Assigned (P)Aa2 (sf)

EUR28,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)A2 (sf)

EUR26,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)Baa3 (sf)

EUR21,250,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)Ba3 (sf)

EUR10,750,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)B3 (sf)

RATINGS RATIONALE

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

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 80% ramped as of the closing date and
to comprise of predominantly corporate loans to obligors domiciled
in Western Europe. The remainder of the portfolio will be acquired
during the c.a. 7 month ramp-up period in compliance with the
portfolio guidelines.

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

In addition to the eight Classes of Notes rated by Moody's, the
Issuer will issue EUR 38,000,000 Subordinated Notes due 2035 which
are not rated.

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

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

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

Methodology underlying the rating action:

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

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

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

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

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

Par Amount: EUR 400,000,000

Diversity Score: 43*

Weighted Average Rating Factor (WARF): 3025

Weighted Average Spread (WAS): 3.60%

Weighted Average Coupon (WAC): 4.75%

Weighted Average Recovery Rate (WARR): 43.75%

Weighted Average Life (WAL): 8.5 years

*Moody's reduced the DS covenant by 1 point due to the rounding up
language in diversity score definition.


ST PAUL CLO X: Fitch Affirms B- Rating on Class F Notes
-------------------------------------------------------
Fitch Ratings has affirmed St. Paul's CLO X DAC and revised the
Outlooks on the class C, D, E and F notes to Stable from Negative.

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

A XS1956170077        LT  AAAsf   Affirmed   AAAsf
B-1 XS1956171398      LT  AAsf    Affirmed   AAsf
B-2 XS1956171802      LT  AAsf    Affirmed   AAsf
C-1 XS1956172446      LT  Asf     Affirmed   Asf
C-2 XS1956173097      LT  Asf     Affirmed   Asf
D XS1956173683        LT  BBB-sf  Affirmed   BBB-sf
E XS1956174228        LT  BB-sf   Affirmed   BB-sf
F XS1956174905        LT  B-sf    Affirmed   B-sf

TRANSACTION SUMMARY

The transaction is a cash flow CLO, mostly comprising senior
secured obligations. The deal is within the reinvestment period and
is actively managed by Intermediate Capital Managers Limited

KEY RATING DRIVERS

Stable Asset Performance

Asset performance has been stable since the last review. As per the
trustee report dated 11 January 2021, the deal is below target par
by 05bp due to two defaulted assets and all coverage tests,
portfolio profile tests and Fitch related collateral quality tests
are passing, except for the Fitch weighted average rating factor
(WARF) test, which is marginally failing. Exposure to assets with a
Fitch-derived rating of 'CCC+' and below as calculated by Fitch as
13 February 2021 is 7.88% (or 9.36% including the unrated names,
which Fitch treats as 'CCC' per its methodology, while the manager
can classify as 'B-' for up to 10% of the portfolio), compared with
the 7.50% limit.

Resilience to Coronavirus Stress

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

'B'/'B-'Portfolio:

Fitch assesses the average credit quality of the obligors to be in
the 'B'/'B-' category. As at 13 February 2021, the Fitch-calculated
WARF of the portfolio is 36.31, slightly higher than the trustee
reported WARF at 35.05.

High Recovery Expectations:

Senior secured obligations make up 98.8% of the portfolio. Fitch
views the recovery prospects for these assets as more favourable
than for second-lien, unsecured and mezzanine assets. As per the
latest trustee report, the Fitch weighted average recovery rate
(WARR) of the portfolio is 63.5%.

Portfolio Well Diversified

The portfolio is well diversified across obligors, countries and
industries. The top 10 obligor concentration is no more than 17.8%,
and no obligor represents more than 2.4% of the portfolio balance.
The top-Fitch industry and top three Fitch industry concentrations
are also within the defined limits of 17.5% and 40.0%,
respectively.

RATING SENSITIVITIES

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

-- At closing, Fitch used a standardised stress portfolio
    (Fitch's stressed portfolio) that was customised to the
    portfolio limits as specified in the transaction documents.
    Even if the actual portfolio shows lower defaults and smaller
    losses (at all rating levels) than Fitch's stressed portfolio
    assumed at closing, an upgrade of the notes during the
    reinvestment period is unlikely as the portfolio credit
    quality may still deteriorate, not only through natural credit
    migration, but also through reinvestments. Upgrades may occur
    after the end of the reinvestment period on better-than
    expected portfolio credit quality and deal performance,
    leading to higher credit enhancement and excess spread
    available to cover for losses in the remaining portfolio.

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

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

Coronavirus Downside Sensitivity

Fitch has added a sensitivity analysis that contemplates a more
severe and prolonged economic stress caused by a re-emergence of
infections in the major economies. The potential severe downside
stress incorporates the following stresses: applying a notch
downgrade to all the corporate exposure on Negative Outlook
(representing 24.8% of the portfolio). This scenario will result in
downgrades of no more than one notch across the ratings.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

St. Paul's CLO X DAC

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

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

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

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




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

LSF9 BALTA: S&P Alters Outlook to Positive & Affirms 'B-' ICR
-------------------------------------------------------------
S&P Global Ratings revised its outlook on LSF9 Balta Issuer S.A.
(Balta) to positive from negative. At the same time S&P affirmed
its 'B-' ratings on Balta and its senior secured notes, and its
'B+' rating on the EUR61 million Super senior revolving credit
facility (RCF).

S&P said, "We believe the successful senior notes exchange offer
has addressed refinancing risks.  Nearly 99% of noteholders have
agreed to exchange their 2022 senior notes for new 2024 senior
notes. Under the new capital structure, Balta will have no large
debt maturities due until 2024, with the EUR61 million revolving
credit facility (RCF) now due in June 2024 and the EUR235 million
of senior notes maturing in December 2024. Furthermore, we have no
concerns regarding Balta's liquidity because the company benefits
from EUR106 million cash balances (as at end-December 2020) and,
thanks to projected deleveraging, should be able to maintain
adequate (>15%) headroom under its financial covenants linked to
the RCF in 2021.

"We expect Balta will improve credit metrics over the next 12-18
months, but we remain cautious regarding Balta's ability to
generate a large FOCF cushion in 2021.  We believe that Balta
should benefit from positive revenue growth of about 5% in 2021
thanks to higher consumer and, to a lesser extent, professional
demand. We expect the Rugs division (30% of revenue in 2019) will
see the strongest volume increase, supported by households'
spending on home improvement and the rise of the ecommerce, which
should offset the negative effects of new COVID-19-related
lockdowns. We anticipate comparatively lower volume growth in the
Commercial segment due to persisting business confidence, notably
in Europe. We project Balta's EBITDA margin will remain at
11.0%-11.5%, supported by benefits from operational cost savings of
the NEXT program and a more favorable product mix, which should
enable the company to offset likely higher raw materials costs in
2021. Despite our projection of higher S&P Global Ratings adjusted
EBITDA of EUR60 million-EUR65 million in 2021, we think Balta's
FOCF will be much lower than in 2020 due to negative working
capital movements (due notably to higher inventory costs) and
higher capex. In 2020, the very significant FOCF (estimated at
EUR40 million-EUR50 million) was mostly due to a large one-off
working capital inflow, triggered by the need to conserve cash."

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."

S&P said, "The positive outlook reflects our view that Balta, which
has now overcome debt refinancing risk, should benefit from a
stable operating performance in 2021, supported by positive growth
prospects for all divisions and a stable S&P Global
Ratings-adjusted EBITDA margin of about 11%. We expect
profitability will benefit from cost efficiencies and a move toward
higher-quality and higher-margin products. Under our base-case
scenario for 2021, we anticipate Balta will deleverage to an S&P
Global Ratings-adjusted debt to EBITDA ratio of 5.0x-6.0x, and
funds from operations (FFO) cash interest of at least 3.0x. However
to consider an upgrade, Balta would have to maintain a large FOCF
cushion, and we remain uncertain of its ability to do so.

"We would revise the outlook to stable if Balta was unable to
deleverage from 2020 levels or generated negative FOCF in 2021. We
think this could occur if demand was to drop again severely in the
Commercial division or due to high competition and price pressure
in the Rugs division, combined with a sharp increase in raw
materials costs. We would also view an inability to adequately
manage the working capital swings as negative."


PRONOVIAS (CATLUXE): S&P Lowers ICR to 'SD' on Interest Amendment
-----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on bridal wear
designer Pronovias (CatLuxe) to 'SD' (selective default) from
'CCC+'.

The downgrade follows Pronovias' communication through its 2021
budget that it converted interest payments due on its EUR72 million
second-lien term loan to payment-in-kind (PIK) interest from cash
interest. Pronovias will now pay PIK on a fixed basis at 8.5% from
the initial floating rate of E+7.5% with a 1% floor. S&P said,
"Based on the information provided at this stage by the company, we
understand there are no changes on the terms and conditions of the
term loan B. We acknowledge that the interest rate is broadly
unchanged following the agreement and no incremental fees or costs
have been charged. We consider this modification a selective
default, since in our view the second-lien lender is receiving less
favorable terms than originally promised under the security,
because the amendment will delay the timing of the interest
payments to the maturity of the second-lien loan in 2025."

S&P said, "We also note the agreement will generate EUR6.5 million
annual interest savings, which will support the company's
liquidity. At the same time, liquidity has been supported by a
EUR21.5 million equity injection from its sponsor owner, BC
Partners. We will likely revisit our issuer credit rating on
Pronovias in the coming days."

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

-- Health and safety




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

NORWEGIAN AIR: Airbus, Boeing Brace for Jet Order Cancellations
---------------------------------------------------------------
Tim Hepher, Victoria Klesty, Conor Humphries and Liz Lee at Reuters
report that industry sources said planemakers Airbus and Boeing are
bracing for hefty jet order cancellations from troubled Norwegian
Air amid restructuring proceedings.

Norwegian last year won protection from bankruptcy in both Norway
and Ireland, where most of its assets are registered, and is aiming
to emerge with fewer aircraft and less debt, Reuters recounts.

The Irish High Court this week is hearing arguments concerning the
repudiation of some of Norwegian's liabilities including aircraft
leases, Reuters discloses.

Norwegian has 88 A320neo-family narrow-body jets on order from
Airbus, Reuters relays, citing the manufacturer.

The airline said last June it had cancelled orders for 97 Boeing
jets and would claim compensation for the grounding of the 737 MAX
and for 787 Dreamliner engine troubles, Reuters notes.

However, the orders for 5 Dreamliners and 92 MAX remain posted on
the Boeing website, indicating the U.S. planemaker has until now
asserted its rights on the contract, according to Reuters.

According to Reuters, industry sources say planemakers have not so
far faced sizeable cancellations directly related to the
coronavirus crisis as deliveries were cushioned by deposits held on
account.

But pressure is growing on jet order books as the pandemic extends
into a second year, Reuters states.


NORWEGIAN AIR: Creditors Set to Take Significant Haircut on Debts
-----------------------------------------------------------------
FlightGlobal reports that Norwegian Air's creditors are set to take
a significant haircut on their debts under a capital-raising
exercise the carrier is planning under its restructuring
processes.

According to FlightGlobal, in a Feb. 19 stock-exchange filing, the
Scandinavian low-cost carrier says it intends to issue NOK1.88
billion (US$221 million) of perpetual subordinated convertible
bonds and retained claims bonds to creditors.

The perpetual bonds will bear an interest rate of six-month
Norwegian Inter Bank Offered Rate plus 250 basis points in the
first year of issuance, rising to 350bps in the second and third
years, 500bps in years four and five, 700bps in years six and
seven, and 950bps from year eight, FlightGlobal discloses.

DNB Bank has been appointed as global co-ordinator in respect of
the issuance of the financial instruments in connection with the
capital raise, FlightGlobal relates.

Norwegian, FlightGlobal says, is also proposing that each creditors
be given a debt claim with a nominal value equal to 4% of their
unsecured claim.  This debt claim on aggregate would, under
"certain terms and conditions", be convertible into shares
representing approximately 25% of the airline's share capital
following the restructuring and the proposed capital raise,
FlightGlobal notes.

New investors in the capital raise, by investing in equity and a
perpetual hybrid instrument, would receive approximately 70% of the
post-restructuring share capital, and current shareholders
approximately 5%, FlightGlobal discloses.  Existing creditors will
be offered the opportunity to participate in the planned capital
raise via zero-coupon bonds, FlightGlobal states.

Norwegian says it is also exploring the possibility -- with
examiner Kieran Wallace of KPMG and its restructuring
representative in Norway, Havard Wiker -- of also offering a cash
component alongside the dividend claims, according to
FlightGlobal.

However, it notes that amount of cash that could be used for such a
dividend will be reduced depending on the duration of the
restructuring, including any appeal process, FlightGlobal relays.
Norwegian is seeking to commence the capital raise in late
March/early April, with the subscription period in mid-April and
target closing by the end of April, FlightGlobal says.

Norwegian in mid-January released details of how it plans to exit
examinership, FlightGlobal recounts.

To kick-start its transformation, the company is aiming to reduce
its debt to around NOK20 billion and to raise around NOK4-5 billion
using the combination of a rights issue to shareholders, a hybrid
instrument, and a private placement, something it says it has
attracted "concrete interest", according to FlightGlobal.




===========
S W E D E N
===========

FASTIGHETS AB: S&P Rates New Unsecured Sub. Hybrid Notes 'BB+'
--------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue ratings to the proposed
unsecured subordinated hybrid notes to be issued by Fastighets AB
Balder (Balder; BBB/Stable/--). S&P understands that the company
aims to issue the subordinated notes in three tranches: one in euro
and the other two in Swedish krone.

The completion and size of the transaction will be subject to
market conditions, but we anticipate it will be at least benchmark
size. S&P understands that Balder plans to use the proceeds for
general corporate purposes and to repay short-term outstanding
bonds.

The proposed hybrid notes will have a non-call period from the date
of issuance of at least five years. The notes are optionally
deferrable and subordinated. However, Balder could call the euro
tranches any time prior to the first call date at a make-whole
premium ("make-whole call"), although we understand that the
company has no intention of doing so. S&P said, "We do not believe
the inclusion of such clause suggests the issue will be redeemed
during the make-whole period. Accordingly, we do not include it as
a call feature in our hybrid analysis, even if it is referred to as
a make-whole call clause in the hybrid documentation."

S&P said, "The proposed hybrid notes meet our criteria to receive
intermediate equity content until the first call date. This is
because they meet our criteria in terms of subordination,
permanence, and optional deferability during this period.

"In line with our hybrid criteria, in our calculation of Balder's
credit ratios we will treat 50% of the principal outstanding under
the hybrids as debt rather than equity, and will treat 50% of the
related payments on these notes as equivalent to interest expense.

"Pro forma the transaction, we estimate the company's hybrid
capitalization rate at 6%-7%, and thus below our 15% threshold.

"We arrive at our 'BB+' issue rating on the proposed notes by
deducting two notches from our 'BBB' issuer credit rating on
Balder."

Under S&P's methodology:

-- S&P deducts one notch for the subordination of the proposed
notes, because the issuer credit rating on Balder is investment
grade (that is, 'BBB-' or above); and

-- S&P deducts an additional notch for payment flexibility to
reflect that the deferral of interest is optional.

S&P said, "The notching reflects our view that there is a
relatively low likelihood that Balder will defer interest. Should
our view change, we may increase the number of notches we deduct to
derive the issue rating."




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

ARCADIA GROUP: Pension Deficit Totaled GBP510MM at Time of Collapse
-------------------------------------------------------------------
Sahar Nazir at Retail Gazette reports that Philip Green's Arcadia
Group reportedly had a pension deficit of GBP510 million at the
time of its collapse in November -- which is about GBP150 million
more than expected.

In total, the former parent company of Topshop, Dorothy Perkins,
Burton and Miss Selfridge, owed creditors GBP800 million when it
called in administrators from Deloitte, Retail Gazette discloses.

Arcadia Group fell into administration last year, putting up to
12,000 jobs at risk at the time, Retail Gazette recounts.

Asos snapped up Arcadia fascias Topshop, Topman, Miss Selfridge and
athleisure brand HIIT for GBP330 million earlier this month, while
Boohoo bought Dorothy Perkins, Wallis and Burton for GBP25.2
million, Retail Gazette states.

Trade creditors, including fashion and shop fitting suppliers, were
owed GBP163 million and landlords GBP36.5 million, while tax
authorities lost out on GBP44.2 million, Retail Gazette relays,
citing The Guardian.

Creditors are likely to receive only a small portion of the money
owed, Retail Gazette notes.

The Green family's Aldsworth Equity is set to receive a GBP50
million payout, Retail Gazette says.  The money is owed on an
interest-free loan Aldsworth made to the group in 2019 at the time
of an emergency restructure, accoding to Retail Gazette.

Trustees of the pension scheme said that they had since received
GBP180 million of funds from the sale of Arcadia assets -- up
slightly -- as part of GBP210 million in secured funds agreed under
a 2019 deal between the pensions regulator and the Green family,
Retail Gazette recounts.

Earlier, it was reported that Topshop and Topman creditors are
facing losses of GBP176 million as Arcadia Group is wound up,
Retail Gazette discloses.

Suppliers based in countries such as China and Turkey and property
owners are hit the hardest by the demise of the fashion empire,
Retail Gazette notes.

Creditors are owed GBP219 million in total but there are only
GBP42.4 million of assets available to pay them -- which means they
are likely to miss out on GBP176 million, Retail Gazette relates.

Gift card holders have also been left GBP4.5 million out of pocket,
Retail Gazette says.

Administrators had previously estimated in November that GBP82.2
million was owed to creditors when Arcadia collapsed, Retail
Gazette notes.


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

Bleriot Midco Limited (Ontic)'s B3 corporate family rating reflects
the company's market-leading position in OEM-licensed parts for
legacy Aerospace and Defence platform products, with sole-source
positions for the large majority of its product offering, providing
the company with relatively high bargaining power. The rating is
further underpinned by the high proportion of products serving
military platforms, which creates relatively stable earnings
streams, and the company's solid cash generation before new license
acquisitions

Leverage has reduced since Ontic completed its buyout in 2019.
However the rating is constrained by Ontic's continued high
Moody's-adjusted leverage, with moderate deleveraging expectations
over the next 12-18 months given its low cash flow generation after
new license acquisitions, and the company's relatively small
scale.

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


CANADA SQUARE 2021-1: Moody's Gives (P)B1 Rating on Class X Certs
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional credit ratings
to the following Notes to be issued by Canada Square Funding 2021-1
PLC:

GBP []M Class A Mortgage Backed Floating Rate Notes due June 2058,
Assigned (P)Aaa (sf)

GBP []M Class B Mortgage Backed Floating Rate Notes due June 2058,
Assigned (P)Aa3 (sf)

GBP []M Class C Mortgage Backed Floating Rate Notes due June 2058,
Assigned (P)Aa3 (sf)

GBP []M Class D Mortgage Backed Floating Rate Notes due June 2058,
Assigned (P)A3 (sf)

GBP []M Class E Mortgage Backed Floating Rate Notes due June 2058,
Assigned (P)Baa3 (sf)

GBP []M Class X Mortgage Backed Floating Rate Notes due June 2058,
Assigned (P)B1 (sf)

Moody's has not assigned a rating to the the GBP []M VRR Loan Note
due June 2058, the Class S1 Certificates due June 2058, the Class
S2 Certificates due June 2058 and the Class Y Certificates due June
2058.

RATINGS RATIONALE

The Notes are backed by a pool of UK buy-to-let ("BTL") mortgage
loans originated by Fleet Mortgages Limited ("Fleet", NR), Topaz
Finance Limited ("Topaz", NR), Landbay Partners Limited ("Landbay",
NR) and Hey Habito Limited ("Habito", NR). The pool was acquired by
Citibank N.A., London Branch (Aa3/(P)P-1 & Aa3(cr)/P-1(cr)) from
each originator.

The portfolio of assets amount to approximately GBP [245] million
as of January 31, 2021 pool cut off date. The Reserve Fund will be
partially funded to 1% of the Class A Notes balance at closing and
the total credit enhancement for the Class A Notes will be 12.39%.
The VRR Loan Note is a risk retention Note which receives 5% of all
available receipts, while the remaining Notes and Certificates
receive [95]% of the available receipts on a pari-passu basis.

The ratings are primarily based on the credit quality of the
portfolio, the structural features of the transaction and its legal
integrity.

According to Moody's, the transaction benefits from various credit
strengths such as a granular portfolio and an amortising liquidity
reserve sized at [1.0]% of 100/95 of the outstanding Class A Notes.
The reserve has a floor of [1.0]% of 100/95 prior to the step-up
date and no floor post the step-up date in December 2025 supporting
the Class S1 Certificate, Class S2 Certificate and Class A Notes.
The target amount of the liquidity reserve fund is 1.25% of the
outstanding Class A Notes and principal receipts will be used to
fund the reserve from 1.0% up to its target. The release amounts
from the liquidity reserve fund will flow through the principal
waterfall. There is no general reserve fund.

Moody's determined the portfolio lifetime expected loss of [2.0]%
and [Aaa] MILAN credit enhancement ("MILAN CE") of [13.0]% related
to borrower receivables. The expected loss captures our
expectations of performance considering the current economic
outlook, while the MILAN CE captures the loss we expect the
portfolio to suffer in the event of a severe recession scenario.
Expected defaults and MILAN CE are parameters used by Moody's to
calibrate its lognormal portfolio loss distribution curve and to
associate a probability with each potential future loss scenario in
the ABSROM cash flow model to rate RMBS.

Portfolio expected loss of [2.0]%: This is in line with the UK BTL
RMBS sector and is based on Moody's assessment of the lifetime loss
expectation for the pool taking into account: (i) the collateral
performance of originated loans to date, as provided by the
originators and observed in previously securitised portfolios; (ii)
the current macroeconomic environment in the UK and the impact of
future interest rate rises on the performance of the mortgage
loans; and (iii) the potential drift in asset quality since new
loans can be added to the pool subject to certain conditions being
met.

MILAN CE for this pool is [13.0]%, which is in line with other UK
BTL RMBS transactions, owing to: (i) the WA current LTV for the
pool of [70.4]%; (ii) top 20 borrowers constituting [9]% of the
pool; (iii) static nature of the pool; (iv) the fact that [95.8]%
of the pool are interest-only loans; (v) the share of self-employed
borrowers of [25.1]%, and legal entities of [53.7]%; (vi) the
presence of [28.3]% of HMO and MUB loans in the pool; and (vii)
benchmarking with similar UK BTL transactions.

Operational Risk Analysis: Fleet, Topaz, Landbay and Habito are the
servicers in the transaction whilst Citibank N.A., London Branch,
will be acting as the cash manager. In order to mitigate the
operational risk, CSC Capital Markets UK Limited (NR) will act as
back-up servicer facilitator. To ensure payment continuity over the
transaction's lifetime, the transaction documentation incorporates
estimation language whereby the cash manager can use the three most
recent servicer reports available to determine the cash allocation
in case no servicer report is available. The transaction also
benefits from approx. 2 quarters of liquidity for Class A based on
Moody's calculations. Finally, there is principal to pay interest
as an additional source of liquidity for the Classes A to E (if
relevant tranches PDL does not exceed [10]%, unless it is the most
senior class of Notes outstanding).

Interest Rate Risk Analysis: [93.2]% of the loans in the pool are
fixed rate loans reverting to three months LIBOR or BBR with the
remaining portion linked to three months LIBOR or BBR. The Notes
are floating rate securities with reference to daily SONIA. To
mitigate the fixed-floating mismatch between fixed-rate assets and
floating liabilities, there will be a scheduled notional
fixed-floating interest rate swap provided by BNP Paribas
(Aa3(cr)/P-1(cr)).

CURRENT ECONOMIC UNCERTAINTY:

The coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to
disrupt economies and credit markets across sectors and regions.
Moody's analysis has considered the effect on the performance of
consumer assets from the current weak UK 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 principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
December 2020.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

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

Significantly different actual losses compared with Moody's
expectations at close due to either a change in economic conditions
from our central scenario forecast or idiosyncratic performance
factors would lead to rating actions. For instance, should economic
conditions be worse than forecast, the higher defaults and loss
severities resulting from a greater unemployment, worsening
household affordability and a weaker housing market could result in
a downgrade of the ratings. Deleveraging of the capital structure
or conversely a deterioration in the Notes available credit
enhancement could result in an upgrade or a downgrade of the
ratings, respectively.


KOINE: Goes Into Administration After Investors Pull Out
--------------------------------------------------------
Ian Allison at CoinDesk reports that London-based crypto custody
and settlements infrastructure provider Koine has gone into
administration.

Koine had investment commitments with two parties that were due to
provide a total of around GBP15 million at the end of January,
Koine co-founder Phil Mochan told CoinDesk via email.

"One of those parties was unable to complete on schedule and so the
other party pulled out," CoinDesk quotes Mr. Mochan as saying.  "A
number of Koine's clients offered to invest themselves but the
total sums offered and timing were insufficient to keep the
business alive."

The administrator of Koine Money Ltd is Antony Batty & Company LLP,
CoinDesk discloses.

Founded back in 2017, the Financial Conduct Authority–regulated
Koine aimed to bridge the gap between institutions, cryptocurrency
exchanges and trading platforms with an ambitious custody and
settlement tech stack.


METHODIST GUILD: Offer Made for Willersley Castle, Agents Say
-------------------------------------------------------------
Nigel Slater and Tom Pegden at Leicester Mercury report that
property agents handling the sale of Willersley Castle, near
Cromford, say an offer has been made almost a year after its sudden
closure.

And they said the potential purchaser intends to reopen it, giving
a fresh ray of hope for the 18th century building's future and that
it may reopen, Leicester Mercury discloses.

Melandra Curley, director of agent DeWitt's Commercial Property
Advisors, confirmed to Derbyshire Times that Willersley Castle is
now "under offer", Leicester Mercury notes.

This means that the current owners of the site are considering an
offer of purchase, Leicester Mercury states.  She also said the
venue "will remain as a hotel" but was unable to give any further
details at this stage, Leicester Mercury relays.

Derbyshire castle will continue to operate as a hotel following an
offer to buy it, according to Leicester Mercury.

The latest developments on the site's future comes just weeks after
Derbyshire Live reported how a number of people were having
difficulty obtaining refunds after having holidays and events
cancelled at the castle, Leicester Mercury recounts.

And concerns grew furthermore after It was announced the site's
previous owners Methodist Guild Holidays had gone into
administration, according to Leicester Mercury.


PRIDDY ENGINEERING: Halts Trading, To Undergo Liquidation
---------------------------------------------------------
Megan Kelly at Construction News reports that a Bristol-based M&E
specialist has ceased trading and is set to go into liquidation.

Priddy Engineering Services, which was too small to be required to
register its turnover on Companies House, held current assets worth
GBP1.8 million in its latest accounts for the 18-month period to
July 31, 2019, Construction News discloses.  Of this, the firm held
GBP357,500 in cash at bank and in hand, Construction News notes.
At the same time, Priddy owed creditors more than its current
assets, with GBP1.9 million due to be paid in one year,
Construction News states.

According to Construction News, the latest accounts, which showed
that the firm employed 50 staff, said the period had been
"extremely challenging for the business" for three main reasons.
In 2018, the company said it undertook major unnamed projects that
proved to be "problematical", Construction News relays.

Secondly, it claimed protracted and unresolved Brexit negotiations
at the beginning of 2019 had a severe impact on the company's
ability to secure new contracts due to clients delaying decisions
and, in some cases, cancelling projects, Construction News
recounts.  The third reason listed was due to an unnamed client on
five of the firm's projects going into administration, leaving a
significant bad debt charge, Construction News notes.

Begbies Traynor, News says, is handling the liquidation of the
company, which is set to take place on Feb. 25.


ROLLS-ROYCE PLC: Moody's Completes Review, Retains Ba3 CFR
----------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Rolls-Royce plc 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

Rolls-Royce plc's Ba3 corporate family rating reflects the
company's substantial scale and position as a leading global
manufacturer of aero-engines with sole or dual source positions on
key long-term commercial aerospace programmes as well as solid
positions on a range of defence platforms. The rating is further
underpinned by Rolls-Royce's strategic importance to UK defence
capabilities and the resulting potential for continued government
support if required.

Moody's rating is constrained by Rolls-Royce's significantly
weakened credit metrics, mainly caused by the continuous adverse
effects of the coronavirus pandemic that directly affect the
company's operating performance through reduced flying hours and
lower demand for commercial engine production. The rating is
further limited by execution risks related to Rolls-Royce's large
scale restructuring of its commercial aerospace business and
expectations of substantial free cash outflows in 2021.

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


TURBO FINANCE 8: Moody's Hikes Rating on GBP2.8MM E Notes to Ba3
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of three notes
in Turbo Finance 8 plc. The rating action reflects the increased
levels of credit enhancement for the affected notes and better than
expected collateral performance.

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

GBP340.8 million Class A Notes, Affirmed Aaa (sf); previously on
Nov 6, 2019 Affirmed Aaa (sf)

GBP23.2 million Class B Notes, Affirmed Aaa (sf); previously on
Nov 6, 2019 Upgraded to Aaa (sf)

GBP18 million Class C Notes, Upgraded to A2 (sf); previously on
Nov 6, 2019 Upgraded to Baa1 (sf)

GBP10 million Class D Notes, Upgraded to Baa3 (sf); previously on
Nov 6, 2019 Affirmed Ba3 (sf)

GBP2.8 million Class E Notes, Upgraded to Ba3 (sf); previously on
Nov 6, 2019 Affirmed B3 (sf)

Turbo Finance 8 plc is a static cash securitisation of hire
purchase agreements and personal contract purchase agreements
extended to obligors in the UK by MotoNovo Finance, a business
segment of the FirstRand Bank Limited (London Branch) (Ba2/NP,
Ba1(cr)/NP(cr)).

RATINGS RATIONALE

The rating action is prompted by deal deleveraging resulting in an
increase in credit enhancement for the affected tranches, as well
as the decreased key collateral assumption, namely the portfolio
default probability due to better than expected collateral
performance.

Increase in Available Credit Enhancement

Sequential amortization led to the increase in the credit
enhancement available in this transaction.

The credit enhancement for Classes C, D, and E increased to 21.35%,
11.09% and 8.21% from 8.72%, 4.53%, and 3.35% since the last rating
action in November 2019.

Key Collateral Assumptions:

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

The collateral performance of the transaction has been better than
previously expected at the last rating action. 60+ days
delinquencies are currently standing at 1.01% of current balance
and cumulative defaults stand at 1.64% of original balance as of
the latest interest payment date, with pool factor at 24.35%.

Moody's has assumed a mean default probability of 6% of the current
pool balance, corresponding to mean default assumption of 3.10% of
the original pool balance, down from 4.35% at last rating action.
Moody's left the assumptions for the recovery rate and portfolio
credit enhancement unchanged at 40% and 16.5% respectively.

Counterparty Exposure

The rating actions took into consideration the notes' exposure to
relevant counterparties, such as servicer, account bank or swap
provider.

Moody's considered the liquidity available in the transaction and
other mitigants support continuity of note payments, in case of
servicing disruption, using the CR assessment as a reference point
for the servicer. Whereas the cash reserve can be used to pay
interest on Class A and Class B notes, it cannot be used for Class
C, Class D and Class E in case of interest shortfall. Interest
payments of Class C, Class D and Class E notes are subordinated to
interest and principal payment of Class A and Class B in the
waterfall. Interest on Class C to E notes can be deferred and will
accrue interest on unpaid interest. Moody's considers that the
fully subordinated interest payments on Class C to E notes in
combination with the lack of an external liquidity source for these
three tranches limit the upgrade of their ratings. Additionally,
the insufficient back-up servicing arrangements further constraint
the upgrade of rating of Class C notes.

The coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to
disrupt economies and credit markets across sectors and regions.
Moody's analysis has considered the effect on the performance of
consumer assets from the current weak UK 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 principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
December 202.

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

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

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


VEDANTA RESOURCES: S&P Rates New Guaranteed Sr. Unsec. Notes 'B-'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issue rating to
Vedanta Resources Ltd.'s proposed guaranteed senior unsecured
notes.

Vedanta Resources Finance II Plc will issue the notes and they will
be guaranteed by Vedanta Resources and two of its subsidiaries --
Twin Star Holdings Ltd. and Welter Trading Ltd. These two
subsidiaries together own 38.1% in Vedanta Ltd., which is Vedanta
Resources' subsidiary. The issuer will lend the proceeds to Twin
Star for the acquisition of equity shares of Vedanta Ltd., in
accordance with existing laws. Any remaining proceeds will be used
to service existing debt.

S&P said, "We rate the proposed notes the same as the issuer credit
rating on Vedanta Resources (B-/Stable/--). We do not notch the
issue rating for subordination risk because a majority of the
company's assets are in India, a jurisdiction where we believe the
priority of claims in a bankruptcy scenario is highly uncertain."

The stable outlook on Vedanta Resources reflects reduced
refinancing risk over the next 12-18 months. The company's funding
access is likely to improve following the open offer. Vedanta
Resources has substantially refinanced its US$670 million bond due
June 2021. While the company still has sizable debt maturities over
the next year, S&P believes it is better placed to manage them
through access to subsidiary cash as well as refinancing. Strength
in the underlying operational earnings is also key to the outlook.

S&P said, "We note the announcement of the resignation of the
company's group chief financial officer. We understand from the
company that the departure was due to personal reasons and there
are no material organizational reasons."



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


                * * * End of Transmission * * *