/raid1/www/Hosts/bankrupt/TCREUR_Public/210303.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Wednesday, March 3, 2021, Vol. 22, No. 39

                           Headlines



F I N L A N D

SPA HOLDINGS 3: Fitch Assigns First-Time 'B+(EXP)' LongTerm IDR


G E R M A N Y

THYSSENKRUPP: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable


I R E L A N D

ADAGIO CLO VII: Fitch Affirms B- Rating on Class F Debt
ADAGIO IV: Fitch Affirms B- Rating on Class F Notes
ADAGIO V: Fitch Alters Outlook on B- on Cl. F Notes to Stable
ARBOUR CLO VI: Fitch Affirms B- Rating on Class F Notes
AVOCA CLO XXI: Fitch Affirms B- on Class F Notes, Outlook Stable

CARA GROUP: Ramona, Canice Nicholas to Get EUR400K in Exit Deal
EURO-GALAXY III: Fitch Assigns B-(EXP) Rating on F-RRR Debt
EURO-GALAXY VII: Fitch Affirms B- Rating on Class F Debt
JUBILEE CLO 2018-XXI: Fitch Assigns B-(EXP) Rating on F-R Debt
MADISON PARK VII: Fitch Affirms B- on Class F Notes, Outlook Stable

OCP EURO 2019-3: Fitch Alters Outlook on Class F Debt to Stable


N E T H E R L A N D S

DTEK ENERGY: Fitch Affirms 'RD' Foreign Curr. Issuer Default Rating


N O R W A Y

NORWEGIAN AIR: Posts EUR2-Bil. Losses in 2020 Due to Pandemic


T U R K E Y

ANADOLU SIGORTA: Fitch Alters Outlook on 'BB' IFS Rating to Stable
MERSIN UUSLARARASI: Fitch Alters Outlook $600M Unsec Debt to Stable
[*] Fitch Alters Outlooks on 13 Turkish Banks to Stable


U K R A I N E

UKRAINE: Fitch Affirms 'B' LT Foreign Currency IDR, Outlook Stable


U N I T E D   K I N G D O M

BARINGS EURO 2014-2: Fitch Affirms B- Rating on Class F-R Notes
BARINGS EURO 2018-2: Fitch Affirms B- Rating on Class F Notes
CARLYLE GLOBAL 2014-2: Fitch Affirms B- Rating Class E-R Notes
GREENSILL CAPITAL: Seeks Protection on Australian Insolvency Regime
LONDON CAPITAL: FCA Senior Execs Face Pay Cuts Due to Collapse

[*] UK: To Create GBP5BB Grant Program for Pandemic-Hit Companies

                           - - - - -


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F I N L A N D
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SPA HOLDINGS 3: Fitch Assigns First-Time 'B+(EXP)' LongTerm IDR
---------------------------------------------------------------
Fitch Ratings has assigned Finnish manufacturing group SPA Holdings
3 Oy (Ahlstrom-Munksjo) an expected Long-Term Issuer Default Rating
(IDR) of 'B+(EXP)' with a Positive Outlook. Fitch has also assigned
expected instrument ratings of 'BB-(EXP)'/'RR3' to the group´s
proposed senior secured debt.

The proceeds from the debt issues will be used for the acquisition
of Ahlstrom-Munksjö Oyj by a consortium consisting of Bain Capital
Private Equity, LLP, Ahlstrom Invest B.V., Viknum AB, and Belgrano
Inversiones Oy.

The ratings reflect Ahlstrom-Munksjö´s post-transaction high
leverage with forecast funds from operations (FFO) gross leverage
of 5.9x at end-2021. Fitch sees moderate deleveraging capacity in
the medium term, supported by Fitch-forecast modest free cash flow
(FCF) generation.

The ratings are supported by Ahlstrom-Munksjö´s business profile
as a manufacturer of fibre-based materials with sufficient scale,
strong market positions in several end-markets and solid
geographical diversification. Despite some exposure to cyclical
end-markets the group has shown resilience during the coronavirus
pandemic due to its broad product range and the ability to adjust
costs.

KEY RATING DRIVERS

Moderate Deleveraging Capacity: Ahlstrom-Munksjö´s expected FFO
gross and net leverage will be high for the rating at end-2021, at
around 6x. Fitch forecasts cash flow generation to allow for
moderate deleveraging to 4.9x in 2023 and 4.6x in 2024, which is
more in line with the rating and similarly rated peers'. The
forecast high leverage in the medium- to long-term restricts the
rating to the higher end of the 'B' range.

Low but Improving Margins: Fitch views Ahlstrom-Munksjö´s
profitability as low for a diversified industrial of its scale and
market position. It is mainly an effect of its position in the
value chain as a producer of the fibre-based material used in the
end-products, but not of the end-product itself. Despite declining
revenue in 2020, profitability has improved due to broad cost
savings and limited negative effects from the pandemic. The
Fitch-adjusted EBIT margin of 6% at end-2020 is in line with the
rating. Fitch expects accelerating cost savings under the new
ownership to continue to strengthen profitability and Fitch
forecasts the EBIT margin to reach 7.6% in 2023.

Strengthening Free Cash Flow: Free cash flow (FCF) generation has
historically been volatile and under pressure from temporarily high
growth capex and working capital build-up. Although higher
post-transaction interest costs will weigh on FCF generation in
2021 and onwards Fitch expects FCF margin to stabilise at low
single digits from this year. In the medium term,  forecast a
gradual strengthening towards 3% and above due to improving
profitability and normalised capex. It would be stronger than the
rating and in line with or somewhat weaker than 'BB' rated peers',
allowing for some deleveraging.

Volatility of Pulp Prices: Ahlstrom-Munksjö uses pulp as raw
material and although its own four pulp mills produce 40%-45% of
its needs it is one of the larger pulp-buyers globally. Pulp price
volatility is to some extent naturally hedged through internal
production and, in combination with pricing adjustment clauses in a
material share of customer contracts, allowing pulp price increases
to be passed onto customers. However, the pass-through usually has
a time lag of about three months and is not 100%, which results in
pressure on profitability in times of increasing pulp prices. This
was seen in 2018-2019, when pulp prices reached a record-high. In a
downward trend, as in 2020, pulp prices have a negative effect
instead on the revenue.

Solid Business Profile: Ahlstrom-Munksjö´s business profile is in
line with an investment-grade rating based on the group's strong
position in a high number of niche markets and solid geographical
diversification. Ahlstrom-Munksjö´s products and solutions are
fibre-based. The main part of the produced material is converted or
developed further by its customers and used in a broad range of
products within, for example, filters, medical fabric protection
and packaging. Fitch sees continued growth prospects in the main
part of its end-markets. It has some exposure to cyclical
end-markets such as automotive, trucks and industrial applications,
but it is partly mitigated by its limited exposure to production of
new vehicles.

Resilience Shown in the Pandemic: The impact of the coronavirus
pandemic has been moderate on Ahlstrom-Munksjö compared with other
Fitch-rated diversified industrials. Fitch views its improving
margins in 2020 as a result of a diversified business profile, an
ability to adjust costs to changing market conditions and a high
(above 50% of revenue) exposure to non-cyclical and resilient
applications. The diversification has mitigated some of the
negative effects from the pandemic, mainly through increasing
demand for medical supplies and the ability to repurpose activities
within the more cyclically exposed divisions, such as filtration &
performance.

DERIVATION SUMMARY

Ahlstrom-Munksjö´s business profile is in line with
investment-grade peers such as GEA Group Aktiengesellschaft
(BBB-/Stable), KION GROUP AG (BBB-/Stable) and Smurfit Kappa Group
plc (BBB-/Stable) based on solid market positions, strong
diversification and exposure to non-cyclical end-markets.

Ahlstrom-Munksjö´s profitability is somewhat weaker than that of
similarly rated peers such as Harsco Corporation, ams AG
(BB-/Stable) and Zephyr German Bidco GmbH (Flender GmbH;
BB-(EXP)/Stable, while the scale of the companies is comparable.
Fitch expects Ahlstrom-Munksjö´s profitability to be more in line
with that of peers in the 'BB' range in the medium- to long term
due to planned cost savings.

FFO gross leverage is higher at Ahlstrom-Munksjö than at ams AG,
but more in line with Harsco's and Zephyr German Bidco's in the
short term. All of the peers, except Zephyr German Bidco, have a
better deleveraging profile than Ahlstrom-Munksjö, which explains
its 'B+' rating.

KEY ASSUMPTIONS

-- Low- to mid-single digit revenue growth in 2021-2024.

-- Improving EBITDA margin to 14.3% in 2024 mainly based on
    additional cost savings under the new ownership.

-- Transformational costs of EUR80 million in 2021-2023.

-- Average capex at 4% of revenue 2021-2024.

-- Preferred dividend payment of EUR30 million annually from
    2021; no ordinary dividend payments from 2Q21.

-- No M&A activity until 2024.

KEY RECOVERY ASSUMPTIONS

-- The recovery analysis assumes that Ahlstrom-Munksjö would be
    restructured as a going concern rather than liquidated in a
    default.

-- Fitch applies a distressed enterprise value (EV)/EBITDA
    multiple of 5.5x to calculate a going-concern EV, reflecting
    Ahlstrom-Munksjö´s strong market positions and solid
    diversification in end-markets, products and geography.

-- Post-restructuring going-concern EBITDA is estimated at EUR252
    million.

-- These assumptions result in a recovery rate for the senior
    secured instrument rating within the 'RR3' range, resulting in
    a one-notch uplift from the IDR. The principal and interest
    waterfall analysis output percentage on current metrics and
    assumptions is 55%.

RATING SENSITIVITIES

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

-- FFO margin sustainably above 6%

-- FCF margin above 1.5%

-- FFO gross leverage sustainably below 5.5x

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

-- FFO margin sustainably below 4%

-- FCF margin below 1%

-- FFO gross leverage sustainably above 6.5x

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Fitch expects Ahlstrom-Munksjö´s readily
available cash to be around EUR80 million post-transaction at
end-2021. It includes Fitch adjustments of EUR25 million restricted
cash due to offshore holdings and 2% of revenue (around EUR55
million) due to intra-year working capital changes. Liquidity is
supported by a proposed undrawn revolving credit facility of EUR325
million and temporarily modest FCF margin of 1%-2% in 2021-2022.
Thereafter Fitch expects the FCF margin to improve 1pp-3pp until
2024 due to cost-saving measures.

ESG CONSIDERATIONS

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




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

THYSSENKRUPP: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed thyssenkrupp AG's (TK) Long-Term Issuer
Default Rating (IDR) of 'BB-' with a Stable Outlook. Fitch also
affirmed the Short-Term IDR at 'B' and the senior unsecured notes'
rating of 'BB-'. The Recovery Rating is 'RR4'.

The ratings reflect the company's considerable liquidity position,
which was boosted by the sale of its elevator business and put the
company in a net cash position, and its strong underlying
business-diversification profile; these are offset by the
considerable cash burn from underperforming businesses and high
execution risk pertaining to restructuring. And while Fitch expects
the company to reduce this in the short term, this continues to act
as a restraining factor on the ratings.

Fitch believes that the company's restructuring measures, along
with an expected recovery in key end-markets, should gradually curb
the cash outflow in the short-to-medium term and the company's cash
flow profile will return to a sustainable level that is
commensurate with its rating.

KEY RATING DRIVERS

Cash Burn Expected to Ease: Funds from operations (FFO) and free
cash flow (FCF) both were weak in recent years due to weak
end-markets, exacerbated by the coronavirus pandemic and
underperforming businesses, leading to a considerable cash drain.

Fitch expects the cash drain to ease from 2021, supported by
stronger end-markets and restructuring, with the cash flow profile
gradually recovering to levels commensurate with the rating. This
includes an FFO margin of above 5% and sustainable positive FCF,
both of which Fitch expects from the financial year to
end-September 2024 (FY24). A quick divestment of its Multi Tracks
units would remove a material cash outflow.

Cash Deployment Key to Rating: Fitch does not expect TK to keep the
presently large cash pile (reported cash of EUR10.6 billion at
end-December 2020) in the long term. The company's cash deployment
strategy will become an increasingly important rating driver once
the present cash drain and restructuring requirements subside.
Fitch expects the company to take a balanced approach between
internal investment needs, pension plan top-ups, debt repayment and
shareholder distributions, under which it will maintain a
conservative capital structure while investing in growth.

Pandemic Intensifies Restructuring Execution Risk: Large
restructuring plans, such as TK's, typically carry considerable
execution risk, which has been heightened by the pandemic. Demand
volatility in certain key markets has become more severe in the
past 12 months, making it hard for the company to plan for the
appropriate cost footprint, and this is likely to continue in 2021.
Furthermore, market uncertainty may have slowed its asset
disposals, which are key to the company regaining focus on its core
competencies and strengthening its rating profile.

The company is in a three-year restructuring process, which
includes the streamlining of many of its units (including asset
disposals), a headcount reduction of around 11,000, and changing
the group's conglomerate structure. The management expects these
measures to cost in the mid-hundreds of million euros in FY21 with
expected annual savings in the mid-to-high hundreds of million
euros.

Elevator Sale Boosts Liquidity, Capital Structure: The disposal in
July 2020 of the profitable elevator business for a net debt effect
of around EUR15 billion resulted in a considerable boost to TK's
capital structure and liquidity profile. It also provides the
company with ample financial flexibility for its restructuring, and
should make the remaining loss-making businesses sustainably
profitable. At end-1Q21 (December 2020), the company had reduced
its Fitch gross debt by around EUR3.3 billion compared with FY19
and had a net cash position of around EUR5.1 billion, from a net
debt of EUR7.1 billion at end-FY19.

Fitch expects the company to reduce the remaining debt as it
matures. Fitch also expects TK to partially fund its pension
liability once the market normalises which should significantly
alleviate the sizeable related annual cash outflow.

Weakening Business Diversification: The elevator business disposal
has made TK's business profile less diversified. TK is now more
exposed to the lower margins and more cyclical nature of the
materials and automotive businesses, while its geographic
diversification has reduced with western Europe accounting for more
than half of total sales. Nevertheless, the overall business
profile remains broadly sound, in Fitch's view, and continues to
act as a supporting factor for the rating.

Steel Decision Could Affect Ratings: TK's management is assessing
whether to spin off or to develop and restructure the steel
business, following the end of sale talks in February 2021. The
final decision could have a material impact on the group's rating.
Fitch expects the steel business to remain FCF negative and
requires significant investment in the medium term, thus a
divestment would provide material relief to the group's cash flow.
Offsetting this is the considerable loss of business
diversification were the sale to be completed.

Improving Steel Market Sentiment: Tight global steel supply coupled
with strong demand have resulted in strong steel price dynamics
recently. This supply-and-demand imbalance should help TK's
operating performance, at least in the near term. However, Fitch
would expect the steel market to correct itself soon as steel
capacity restarts from idled facilities.

In automotive, TK's largest end-market, a combination of stimulus
measures, incentives around EVs, and a shift towards private
transportation have recently boosted sales. Uncertainties
surrounding lockdowns, production/demand disruptions remain a
risk.

ESG Influence: Fitch has revised TK's ESG Relevance Score for
Management Strategy to '4' from '3'.TK faces considerable risk
pertaining to its restructuring measures, which, because of their
scale, may result in greater-than-expected costs and delays. This
has a negative impact on its credit profile, and is relevant to the
rating in conjunction with other factors as it reflects potentially
lower profitability in the future.

DERIVATION SUMMARY

TK's rating reflects its relatively strong business profile with a
more diversified operations than steel-focused peers - in
particular closest peer ArcelorMittal S.A. (BB+/Negative) -
stemming from TK's capital goods businesses, which provide more
earnings stability. ArcelorMittal is larger and more geographically
diversified, is vertically integrated into raw materials (iron ore)
and has stronger credit metrics, notably a more resilient FCF
margin and FFO gross leverage.

Conversely, TK has greater exposure to volatile steel earnings, a
greater fixed cost base and lower production flexibility than
capital goods peers, including KION GROUP AG (BBB-/Stable) and
Atlas Copco AB (A+/Stable). These peers also have a greater
proportion of total group sales derived from stable servicing and
maintenance.

KEY ASSUMPTIONS

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

-- EBITDA margins (excluding Multi Tracks units) of around 3% in
    FY21, increasing to around 4% in FY22 supported by
    restructuring efforts and macroeconomic support

-- Capex as guided by the company

-- Divestment of Multi Tracks units by end-2023

-- Debt reduction throughout the rating horizon, in line with
    debt maturity schedule

-- No dividend payments until FY24

RATING SENSITIVITIES

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

-- Improvement and stabilisation of cash generation on
    restructuring and markets recovery, leading to FFO and FCF
    margins above 6% and 1%, respectively, on a sustainable basis

-- FFO gross leverage below 3.5x on a sustained basis

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

-- FFO margin below 3% on a sustainable basis

-- Lack of tangible progress in improving the FCF generation
    capacity, resulting in negative FCF on a regular basis

-- Failed restructuring measures resulting in FFO gross leverage
    above 4.5x on a sustained basis

-- Material deterioration in the company's liquidity position

The change in the positive and negative leverage sensitivities
reflect Fitch's approach to lease adjustments as well as high
execution risk and rising business risk profile of the company.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: As of end-December 2020, TK had around EUR12.1
billion of liquidity, consisting of about EUR10.6 billion of
readily available cash and around EUR1.5 billion of undrawn
long-term committed credit lines. The company's EUR3 billion
commercial paper programme and the group's history of tapping the
capital markets on a regular basis also support liquidity. Although
current liquidity is robust, Fitch expects negative FCF will
continue to burden TK's liquidity until FY23.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch has adjusted balance-sheet debt at end-September 2020 by
including the utilised amount of the factoring programme of around
EUR0.5 billion.

Fitch has adjusted cash to the amount of EUR500 million, which
Fitch treats as not readily available for debt repayment because of
seasonal working-capital swings.

ESG CONSIDERATIONS

Fitch has revised TK's ESG Relevance Score for Management Strategy
to '4' from '3' due to considerable risk pertaining to its
restructuring measures. This has a negative impact on its credit
profile, and is relevant to the rating in conjunction with other
factors.

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




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

ADAGIO CLO VII: Fitch Affirms B- Rating on Class F Debt
-------------------------------------------------------
Fitch has affirmed Adagio CLO VII DAC and revised the Outlook on
Classes E and F to Stable from Negative

      DEBT                   RATING            PRIOR
      ----                   ------            -----
Adagio VII CLO DAC

A XS1861325998        LT  AAAsf  Affirmed      AAAsf
B-1 XS1861326376      LT  AAsf   Affirmed      AAsf
B-2 XS1861326616      LT  AAsf   Affirmed      AAsf
C-1 XS1861326962      LT  Asf    Affirmed      Asf
C-2 XS1861327424      LT  Asf    Affirmed      Asf
D XS1861327770        LT  BBBsf  Affirmed      BBBsf
E XS1861327937        LT  BBsf   Affirmed      BBsf
F XS1861328075        LT  B-sf   Affirmed      B-sf

TRANSACTION SUMMARY

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

KEY RATING DRIVERS

Asset Performance Stable

Asset performance has been stable since the last review in January
2021. The transaction was 1.26bp below target par as of the latest
investor report available. All coverage tests, Fitch collateral
quality tests and portfolio profile tests were passing as of the
same report, except the Fitch weighted average rating factor (WARF)
test. Exposure to assets with a Fitch-derived rating of 'CCC+' and
below is 4.6% above the 7.5% limit (excluding unrated names, which
Fitch treats as 'CCC' but which the manager can classify as 'B-' up
to 10% of the portfolio). The are no defaulted assets in the
portfolio.

Resilient to Coronavirus Stress

The affirmations reflect broadly stable portfolio credit quality
since January 2021. The Stable Outlook of all investment-grade
notes, and the Outlook revision of the E and F notes to Stable from
Negative reflect the default rate cushion in the sensitivity
analysis run in light of the coronavirus pandemic. Fitch has
recently updated its CLO coronavirus stress scenario to assume half
of the corporate exposure on Negative Outlook is downgraded by one
notch instead of 100%.

Average Portfolio Quality

'B'/'B-'Portfolio: Fitch assesses the average credit quality of the
obligors to be in the 'B'/'B-' category. The Fitch WARF of the
current portfolio is 34.8 (assuming unrated assets are 'CCC') while
the Fitch WARF as of the last investor report was 34.1 above the
maximum covenant of 34. The Fitch WARF would increase by 1.6 after
applying the baseline coronavirus stress.

High Recovery Expectations: Of the portfolio, 98.5% comprises
senior secured obligations. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch weighted-average recovery rate (WARR)
of the current portfolio was 65.7% In the latest investor report,
above the minimum covenant of 62.9%.

Portfolio Well Diversified: The portfolio is well diversified
across obligors, countries and industries. The top 10 obligor
concentration is 13.0%, and no obligor represents more than 1.5% of
the portfolio balance.

RATING SENSITIVITIES

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

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

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

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

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

-- Coronavirus Potential Severe Downside Stress Scenario: Fitch
    has added a sensitivity analysis that contemplates a more
    severe and prolonged economic stress caused by a re-emergence
    of infections in the major economies. The potential severe
    downside stress incorporates the following stresses: applying
    a notch downgrade to all the corporate exposure on Negative
    Outlook. This scenario would result in a maximum one-notch
    downgrade across the capital structure.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Adagio VII 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.


ADAGIO IV: Fitch Affirms B- Rating on Class F Notes
---------------------------------------------------
Fitch Ratings has taken multiple positive rating actions on Adagio
IV CLO DAC by revising the Outlooks on junior notes and upgrading
the investment-grade notes by a single notch.

       DEBT                  RATING           PRIOR
       ----                  ------           -----
Adagio IV CLO DAC

A1-R XS1693938422    LT  AAAsf   Affirmed     AAAsf
A2-R XS1693939156    LT  AAAsf   Affirmed     AAAsf
B1-R XS1693939743    LT  AA+sf   Upgrade      AAsf
B2-R XS1693940675    LT  AA+sf   Upgrade      AAsf
C-R XS1693941210     LT  A+sf    Upgrade      Asf
D-R XS1693942028     LT  BBB+sf  Upgrade      BBBsf
E-R XS1693942614     LT  BBsf    Affirmed     BBsf
F XS1117288875       LT  B-sf    Affirmed     B-sf

TRANSACTION SUMMARY

Adagio IV CLOD DAC is a cash flow CLO comprising senior secured
obligations. The transaction is out of its reinvestment period and
is managed by AXA Investment Managers, Inc.

KEY RATING DRIVERS

Asset Performance Stable, Below Par: The transaction was below par
by 1.2% as of the investor report on 5 January 2021. All portfolio
profile tests and coverage tests were passing. The Fitch weighted
average rating factor (WARF) test, Fitch Weighted Averaged Recovery
Rate (WARR) test, and weighted average life (WAL) test were
failing. The Fitch WARF and WARR have remained stable since the
last review in July 2020. Exposure to assets with a Fitch-derived
rating (FDR) of 'CCC+' and below was 6.72%, excluding unrated
assets.

Deleveraging of Capital Structure: The transaction's reinvestment
period finished on 15 October 2019. The class A1-R and A2-R notes
have been partially repaid, leaving a positive cushion for the
notes under the Fitch stressed portfolio's cash flow model run,
based on the transaction's covenants as well as Fitch's coronavirus
baseline scenario.

The class B1-R, B2-R, C-R, and D-R notes have been upgraded due to
the deleveraging of the transaction. The transaction is not able to
reinvest proceeds unless the WARF and WARR tests are maintained or
improved, and the WAL test is satisfied after reinvestment. In
addition, the class B1-R and B2-R Outlooks have been revised to
Positive from Stable, as the notes show a small cushion at the
rating above which is expected to increase as the transaction
continues to de-leverage.

Stable Outlooks Based on Coronavirus Stress: The revision of the
Outlooks on the class E-R and F notes to Stable from Negative is a
result of a sensitivity analysis Fitch ran in light of the
coronavirus pandemic. Fitch has recently updated its CLO
coronavirus stress scenario to assume half of the corporate
exposure on Negative Outlook (26.88% of the portfolio) was
downgraded by one notch, instead of 100%. All notes show resilience
under this scenario.

'B' /'B-' Portfolio: Fitch assesses the average credit quality of
the obligors in the 'B' /'B-' category for the transaction. The
Fitch WARF calculated by the agency at 36.28 (assuming unrated
assets are 'CCC') and calculated by the trustee at 36.04 for the
current portfolio are above the maximum covenant of 34.

High Recovery Expectations: Senior secured obligations comprise
99.52% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration is 18.32%, and no obligor represents more than 2.25%
of the portfolio balance.

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 transaction, and to assess their effectiveness -
including the structural protection provided by excess spread
diverted through the par value and interest coverage tests. The
transaction was modelled using the current portfolio and one 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
B1-R, B2-R and E-R notes are one notch above the current ratings.
However, Fitch has deviated from the MIR given the breakeven
default rate cushions are limited and, especially in the case of
the class E-R notes, sensitive to changes in the portfolio's
performance. Furthermore, these notes display small cushions under
the coronavirus baseline scenario

RATING SENSITIVITIES

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

-- A reduction of the default rate (RDR) by 25% at all rating
    levels and an increase in the recovery rate (RRR) by 25% at
    all rating levels would result in an upgrade of up to five
    notches depending on the notes.

-- Except for the class A notes, which are already at the highest
    'AAAsf' rating, upgrades may occur in case of better-than
    expected portfolio credit quality and deal performance,
    leading to higher credit enhancement and excess spread
    available to cover for losses in the remaining portfolio. If
    the asset prepayment is faster than expected and outweighs the
    negative pressure of the portfolio migration, this could
    increase credit enhancement and put upgrade pressure on the
    non-'AAAsf' rated notes.

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

-- An increase of the RDR by 25% at all rating levels and a
    decrease of the RRR by 25% at all rating levels will result in
    downgrades of no more than five 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
    levels of default and portfolio deterioration. As 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 Severe Downside Stress Scenario

Fitch has added a sensitivity analysis that contemplates a more
severe and prolonged economic stress caused by a re-emergence of
infections in the major economies. The severe downside scenario
incorporates a single-notch downgrade to all the corporate exposure
on Negative Outlook. All notes show resilience to this scenario
except the class F notes, which show a marginal shortfall.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

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's information or
conducted a review of origination files as part of its ongoing
monitoring.

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

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


ADAGIO V: Fitch Alters Outlook on B- on Cl. F Notes to Stable
-------------------------------------------------------------
Fitch Ratings has revised the Outlook on Adagio V CLO DAC junior
notes to Stable from Negative and affirmed all ratings.

      DEBT                  RATING             PRIOR
      ----                  ------             -----
Adagio V CLO DAC

A XS1879604368       LT  AAAsf   Affirmed      AAAsf
B-1 XS1879604798     LT  AAsf    Affirmed      AAsf
B-2 XS1879605175     LT  AAsf    Affirmed      AAsf
C-1 XS1879605506     LT  Asf     Affirmed      Asf
C-2 XS1887443114     LT  Asf     Affirmed      Asf
D XS1879605928       LT  BBB-sf  Affirmed      BBB-sf
E XS1879607627       LT  BB-sf   Affirmed      BB-sf
F XS1879606579       LT  B-sf    Affirmed      B-sf

TRANSACTION SUMMARY

Adagio V CLO DAC is a cash flow CLO mostly comprising senior
secured obligations. The transaction is still within its
reinvestment period and is actively managed by AXA Investment
Managers, Inc.

KEY RATING DRIVERS

Stable Asset Performance: The transaction was below par by 79bp as
of the investor report on 5 January 2020. All portfolio profile
tests, collateral quality tests and coverage tests were passing,
except the Fitch weighted average rating factor (WARF) test.
Exposure to assets with a Fitch-derived rating (FDR) of 'CCC+' and
below was 6.8% (excluding non-rated assets).

Stable Outlooks Based on Coronavirus Stress: The revision of the
Outlooks on the class C-1, C-2, D, E and F notes to Stable from
Negative is a result of a sensitivity analysis Fitch ran in light
of the coronavirus pandemic. Fitch has recently updated its CLO
coronavirus stress scenario to assume half of the corporate
exposure on Negative Outlook (28.16% of the portfolio) was
downgraded by one notch, instead of 100%. All notes show resilience
under this scenario, except the class F notes, which displayed a
small shortfall.

'B' /'B-' Portfolio: Fitch assesses the average credit quality of
the obligors in the 'B' /'B-' category for the transaction. The
Fitch WARF calculated by the agency at 35.33 (assuming unrated
assets are 'CCC') and calculated by the trustee at 34.71 (where
unrated assets are assumed at 'B-' if they have private ratings)
for the current portfolio are above the maximum covenant of 34.

High Recovery Expectations: Senior secured obligations comprise
98.56% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration is 15.68%, and no obligor represents more than 1.92%
of the portfolio balance.

RATING SENSITIVITIES

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

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

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

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

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

Coronavirus Downside Scenario Impact

Fitch also considers a sensitivity analysis that contemplates a
more severe and prolonged economic stress. The downside sensitivity
incorporates a single-notch downgrade to all FDRs of assets with
corporate issuers on Negative Outlook regardless of sector. The
class B-1, B-2, E and F notes show shortfalls under this scenario.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

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

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

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


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

      DEBT                    RATING           PRIOR
      ----                    ------           -----
Arbour CLO VI DAC

A-1 XS1971345779       LT  AAAsf   Affirmed    AAAsf
A-2 XS1971346314       LT  AAAsf   Affirmed    AAAsf
B XS1971347122         LT  AAsf    Affirmed    AAsf
C-1 XS1971348443       LT  A+sf    Affirmed    A+sf
C-2 XS1971349177       LT  A+sf    Affirmed    A+sf
D XS1971349763         LT  BBB-sf  Affirmed    BBB-sf
E XS1971350340         LT  BB-sf   Affirmed    BB-sf
F XS1971350696         LT  B-sf    Affirmed    B-sf

TRANSACTION SUMMARY

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

KEY RATING DRIVERS

Asset Performance Stable:

Asset performance has been stable since the last review in
September 2020. The transaction was 32bps above target par as of
the latest investor report available. As of the same report, all
coverage tests, Fitch collateral quality tests and portfolio
profile tests were passing. Exposure to assets with a Fitch-derived
rating of 'CCC+' and below is 5.7% (excluding unrated names which
Fitch treats as 'CCC' but for which the manager can classify as
'B-' up to 10% of the portfolio) above the 7.5% limit. There are no
defaulted assets in the portfolio.

Resilient to Coronavirus Stress

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

Average Portfolio Quality

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors to be in the 'B'/'B-' category. The Fitch weighted
average rating factor (WARF) calculated by Fitch of the current
portfolio is 34.8 (assuming unrated assets are 'CCC'), while the
Fitch WARF as of the last investor report was 33.6 above to the
maximum covenant of 34. The Fitch WARF would increase by 1.9 after
applying the baseline coronavirus stress.

High Recovery Expectations: Of the portfolio, 96.1% comprises
senior secured obligations. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. In the latest investor report, the Fitch weighted
average recovery rate (WARR) of the current portfolio is 65.8%
above the minimum covenant of 64.8%.

Portfolio Well Diversified: The portfolio is well diversified
across obligors, countries and industries. The top 10 obligor
concentration is 13.6%, and no obligor represents more than 1.56%
of the portfolio balance.

RATING SENSITIVITIES

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

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

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

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

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

-- Coronavirus Potential Severe Downside Stress Scenario: Fitch
    has added a sensitivity analysis that contemplates a more
    severe and prolonged economic stress caused by a re-emergence
    of infections in the major economies. The potential severe
    downside stress incorporates the following stresses: applying
    a notch downgrade to all the corporate exposure on Negative
    Outlook. This scenario would result in a maximum one notch
    downgrade across the capital structure.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Fitch has not conducted any checks on 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.


AVOCA CLO XXI: Fitch Affirms B- on Class F Notes, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed all tranches of Avoca CLO XXI Designated
Activity Company and revised the Outlooks on the class D, E, and F
notes to Stable from Negative.

      DEBT                  RATING            PRIOR
      ----                  ------            -----
Avoca CLO XXI DAC

A-1 XS2126166722     LT  AAAsf   Affirmed     AAAsf
A-2 XS2126167027     LT  AAAsf   Affirmed     AAAsf
B-1 XS2126167373     LT  AAsf    Affirmed     AAsf
B-2 XS2126167530     LT  AAsf    Affirmed     AAsf
C XS2126167886       LT  Asf     Affirmed     Asf
D XS2126167969       LT  BBB-sf  Affirmed     BBB-sf
E XS2126168009       LT  BB-sf   Affirmed     BB-sf
F XS2126168421       LT  B-sf    Affirmed     B-sf
X XS2126166565       LT  AAAsf   Affirmed     AAAsf

TRANSACTION SUMMARY

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

KEY RATING DRIVERS

Stable Asset Performance: The transaction was above par by 1bp as
of the investor report on 29 January 2021. All portfolio profile
tests, collateral quality tests and coverage tests were passing,
except the Fitch weighted average rating factor (WARF) test, which
fails marginally. The transaction could shift to a new Fitch Test
Matrix point whereby all collateral quality tests would pass.
Exposure to assets with a Fitch-derived rating (FDR) of 'CCC+' and
below was 6.50% (excluding non-rated assets).

Stable Outlooks Based on Coronavirus Stress: The revision of the
Outlooks on the class D, E, and F notes to Stable from Negative is
a result of a sensitivity analysis Fitch ran in light of the
coronavirus pandemic. Fitch has recently updated its CLO
coronavirus stress scenario to assume half of the corporate
exposure on Negative Outlook (28.66% of the portfolio) was
downgraded by one notch, instead of 100%. All notes show resilience
under this scenario.

'B' /'B-' Portfolio: Fitch assesses the average credit quality of
the obligors in the 'B' /'B-' category for the transaction. The
Fitch WARF calculated by Fitch at 35.24 (assuming unrated assets
are 'CCC') and calculated by the trustee at 35.07 for the current
portfolio are above the maximum covenant of 35.00.

High Recovery Expectations: Senior secured obligations comprise
98.19% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration is 13.62%, and no obligor represents more than 1.67%
of the portfolio balance.

RATING SENSITIVITIES

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

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

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

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

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

Coronavirus Downside Scenario Impact

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

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

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

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
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 Fitch's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.


CARA GROUP: Ramona, Canice Nicholas to Get EUR400K in Exit Deal
---------------------------------------------------------------
The Irish Times reports that former RTE Dragons' Den presenter
Ramona Nicholas and her husband Canice Nicholas are to receive a
total of EUR400,000 as part of a deal in their exit from the Cara
Group of pharmacies, a High Court judge was told.

Mr. Justice Denis McDonald said, while he was "troubled" by what
had happened, and by the amount of the payment -- which the couple
had wanted to be kept confidential -- he had concluded it had not
unfairly prejudiced interested parties, particularly creditors, The
Irish Times relates.

Part of the sum is EUR29,000 in redundancy payments to each of them
with the remaining EUR342,000 representing an "ex gratia payment on
the termination of their employment" and to include non-compete
clauses, The Irish Times discloses.

The figures were revealed after Mr. Justice McDonald sought details
of the deal as part of a survival scheme to take the group out of
examinership, The Irish Times notes.

A EUR14.1 million investment by Renrew Ltd meant a survival scheme
was approved in January by the judge but he reserved his decision
on the couple's request for confidentiality until he had been
provided with details of it, The Irish Times states.

According to The Irish Times, on Feb. 25, he said payments of
EUR200,000 each to the couple cannot be characterized as
"inconsequential".

He said even in the context of an overall investment of EUR14.1
million, a payment of EUR400,000 to the ultimate beneficial owners
of the group was significant, particularly in circumstances where
many of the creditors were getting no more than five cent in the
euro for debts owed to them, The Irish Times relays.

He said if the payments were confined to the statutory redundancy
payments of EUR29,000 each, it might be possible to reach a view
that payments of that scale could not be considered to give rise to
any unfair prejudice to the creditors, The Irish Times notes.


EURO-GALAXY III: Fitch Assigns B-(EXP) Rating on F-RRR Debt
-----------------------------------------------------------
Fitch Ratings has assigned Euro-Galaxy III CLO DAC's reset expected
ratings.

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

A-RRR        LT  AAA(EXP)sf   Expected Rating  
B-1-RRR      LT  AA(EXP)sf    Expected Rating  
B-2-RRR      LT  AA(EXP)sf    Expected Rating  
C-RRR        LT  A(EXP)sf     Expected Rating  
D-RRR        LT  BBB-(EXP)sf  Expected Rating  
E-RRR        LT  BB-(EXP)sf   Expected Rating  
F-RRR        LT  B-(EXP)sf    Expected Rating  

TRANSACTION SUMMARY

Euro-Galaxy III CLO DAC is a securitisation of mainly senior
secured obligations with a component of senior unsecured, mezzanine
and second-lien loans. Note proceeds will be used to redeem all
existing classes except the subordinated notes and to fund the
existing portfolio with a target par of EUR368.7 million. The
portfolio will be managed by PineBridge Investments Europe Limited.
The collateralised loan obligation (CLO) envisages a further
two-year reinvestment period and a seven-year weighted average life
(WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of the obligors in the 'B'/'B-' category.
The Fitch weighted average rating factor (WARF) of the identified
portfolio is 34.79, below the maximum WARF covenant for assigning
expected ratings of 35.00.

High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is 64.50%,
above the minimum WARR covenant for assigning expected ratings of
62.00%.

Diversified Portfolio (Positive): The indicative maximum exposure
of the 10 largest obligors for assigning the expected ratings is
15% of the portfolio balance. The transaction also includes various
concentration limits, including the maximum exposure to the three
largest (Fitch-defined) industries in the portfolio at 40%. These
covenants ensure that the asset portfolio will not be exposed to
excessive concentration.

Portfolio Management (Positive): The transaction has a two-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction's structure against its covenants and portfolio
guidelines.

Deviation from Model-Implied Rating (Negative): The expected rating
of the class F note is one notch higher than the model-implied
rating (MIR) under the stress portfolio analysis. The class F
notes' deviation from the MIR reflects Fitch's view that the
tranche displays a significant margin of safety given the credit
enhancement level at closing and the notes do not currently present
a "real possibility of default", which is the definition of 'CCC'
in Fitch's Rating Definitions. All notes pass the assigned ratings
based on the identified portfolio and the coronavirus baseline
sensitivity analysis that is used for surveillance.

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 five notches depending on the notes, except for the class
    A-RRR notes, which are already at the highest 'AAAsf' rating.
    At closing, Fitch uses 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 by natural credit
    migration, but also through reinvestments.

-- After the end of the reinvestment period, upgrades may occur
    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.

Factor 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 five notches depending on
    the notes.

Coronavirus Baseline Stress Scenario:

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%. The Stable Outlooks on all
the notes reflect the default rate cushion in the sensitivity
analysis ran in light of the coronavirus pandemic.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Euro-Galaxy III CLO DAC

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

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

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

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


EURO-GALAXY VII: Fitch Affirms B- Rating on Class F Debt
--------------------------------------------------------
Fitch Ratings has affirmed Euro-Galaxy VII CLO DAC.

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

A-1 XS1963039448     LT  AAAsf   Affirmed       AAAsf
A-2 XS1963039877     LT  AAAsf   Affirmed       AAAsf
B XS1963040297       LT  AAsf    Affirmed       AAsf
C XS1963040537       LT  Asf     Affirmed       Asf
D XS1963040966       LT  BBB-sf  Affirmed       BBB-sf
E XS1963041188       LT  BB-sf   Affirmed       BB-sf
F XS1963041428       LT  B-sf    Affirmed       B-sf
X XS1963039109       LT  PIFsf   Paid In Full   AAAsf

TRANSACTION SUMMARY

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

KEY RATING DRIVERS

Resilient to Coronavirus Stress

The affirmations and revision of the Outlook on the sub-investment
notes to Stable from Negative reflect the resilience of the
portfolio to the sensitivity analysis ran in light of the
coronavirus pandemic. Fitch recently updated its CLO coronavirus
stress scenario to assume half of the corporate exposure on
Negative Outlook is downgraded by one notch (floored at 'CCC+')
instead of 100%.

Average Portfolio Quality

The portfolio's weighted average credit quality is 'B'/'B-'. By
Fitch's calculation, the portfolio weighted average rating factor
is 35.5 and would increase by 1.5 points in the coronavirus
sensitivity analysis. Assets with a Fitch-derived rating (FDR) on
Negative Outlook make up 31% of the portfolio balance. Assets with
an FDR in the 'CCC' category or below make up about 6.7% of the
collateral balance if including 1.3% unrated assets, and 5.5% if
excluding the unrated assets.

The transaction is about 40bp above par. All tests including the
'CCC' test are passing, while the top three industries
concentration by Fitch shows marginal failure. The portfolio is
reasonably diversified with the top 10 obligors and the largest
obligor, as well as the industry exposure within the limits of the
portfolio profile tests.

Senior secured obligations comprise 99% of the portfolio,, which
have more favourable recovery prospects than second-lien, unsecured
and mezzanine assets. Fitch's weighted average recovery rate of the
current portfolio based on the investor report is 66.7%.

RATING SENSITIVITIES

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

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

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

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

-- While not Fitch's base case scenario, downgrades may occur if
    build-up of the notes' credit enhancement following
    amortisation does not compensate for a higher loss expectation
    than initially assumed due to unexpected high level of default
    and portfolio deterioration.

-- Coronavirus Downside Sensitivity: Fitch has added a
    sensitivity analysis that contemplates a more severe and
    prolonged economic stress in the major economies. The downside
    sensitivity applies a notch downgrade to all FDR of the
    corporate exposure on Negative Outlook (floored at CCC+) and
    this sensitivity results in no downgrades across the
    structure.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Euro-Galaxy VII 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.


JUBILEE CLO 2018-XXI: Fitch Assigns B-(EXP) Rating on F-R Debt
--------------------------------------------------------------
Fitch Ratings has assigned Jubilee CLO 2018-XXI DAC 's reset
expected ratings.

The assignment of final ratings is contingent on the receipt of
final documents conforming to the information already reviewed.

DEBT                RATING  
----                ------  
Jubilee CLO 2018-XXI DAC

A-R      LT  AAA(EXP)sf   Expected Rating  
B-R      LT  AA(EXP)sf    Expected Rating
C-1-R    LT  A(EXP)sf     Expected Rating
C-2-R    LT  A(EXP)sf     Expected Rating
D-R      LT  BBB-(EXP)sf  Expected Rating
E-R      LT  BB-(EXP)sf   Expected Rating
F-R      LT  B-(EXP)sf    Expected Rating
X-R      LT  AAA(EXP)sf   Expected Rating

TRANSACTION SUMMARY

Jubilee CLO 2018-XXI B.V. is a securitisation of mainly senior
secured obligations with a component of senior unsecured, mezzanine
and second-lien loans. A total note issuance of EUR410.2 million is
being used to fund a portfolio with a target par of EUR400 million.
The portfolio is managed by Alcentra Limited. The CLO has a
four-year reinvestment period and an 8.5-year weighted average life
(WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral)

Fitch assesses the average credit quality of obligors in the
'B'/'B-' category. The Fitch weighted average rating factor (WARF)
of the identified portfolio is 35.2

High Recovery Expectations (Positive)

At least 90% of the portfolio will comprise senior secured
obligations. Fitch views the recovery prospects for these assets as
more favourable than for second-lien, unsecured and mezzanine
assets. The Fitch weighted average recovery rate (WARR) of the
identified portfolio is 62.6%.

Diversified Portfolio (Positive)

The indicative maximum exposure of the 10-largest obligors for
assigning the expected ratings is 20% of the portfolio balance. The
transaction also includes various concentration limits, including
the maximum exposure to the three-largest (Fitch-defined)
industries in the portfolio at 40%. These covenants ensure that the
asset portfolio will not be exposed to excessive concentration.

Portfolio Management (Positive)

The transaction has a four-year reinvestment period and includes
reinvestment criteria similar to those of other European
transactions. Fitch's analysis is based on a stressed-case
portfolio with the aim of testing the robustness of the transaction
structure against its covenants and portfolio guidelines.

Deviation from Model-Implied Rating (Negative)

The expected ratings of all tranches are one notch higher than the
model-implied rating (MIR), respectively. The ratings are supported
by the sound performance of the existing CLO, as well as the
significant default cushion on the identified portfolio at the
assigned ratings due to the notable cushion between the
transaction's covenants and the portfolio's parameters, including a
higher diversity (193 obligors) for the identified portfolio. All
the notes pass the assigned ratings based on the identified
portfolio and show resilience under Fitch's coronavirus baseline
sensitivity analysis that is used for surveillance.

The class F notes' deviation from the MIR reflects Fitch's view
that the tranche displays a significant margin of safety given the
credit enhancement level. The notes do not currently present a
"real possibility of default", which is the definition of 'CCC' in
Fitch's rating definitions.

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% and an increase in the recovery rate (RRR) by 25% at all
    rating levels would result in an upgrade of up to five notches
    depending on the notes, except for the class A notes, which
    are already at the highest 'AAAsf' rating.

-- At closing, Fitch will use a standardised stress portfolio
    (Fitch's stressed portfolio) that is 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 by natural credit
    migration, but also through reinvestments.

-- After the end of the reinvestment period, upgrades may occur
    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.

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

-- An increase of the RDR at all rating levels by 25% and a
    decrease of the RRR by 25% at all rating levels will result in
    downgrades of no more than five notches depending on the
    notes.

Coronavirus Baseline Stress Scenario

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%. The Stable Outlooks on all
the notes reflect the resilience of the tranches in the sensitivity
analysis Fitch ran in light of the coronavirus pandemic.

Coronavirus Severe Downside Stress Scenario

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

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's information or
conducted a review of origination files as part of its ongoing
monitoring.

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

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


MADISON PARK VII: Fitch Affirms B- on Class F Notes, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed Madison Park Euro Funding VII DAC and
revised the Outlook on the junior notes to Stable from Negative.

     DEBT                    RATING            PRIOR
     ----                    ------            -----
Madison Park Euro Funding VII DAC

A XS1822369184        LT  AAAsf  Affirmed      AAAsf
B-1 XS1822369697      LT  AAsf   Affirmed      AAsf
B-2 XS1823155673      LT  AAsf   Affirmed      AAsf
B-3 XS1823156994      LT  AAsf   Affirmed      AAsf
C-1 XS1822370190      LT  Asf    Affirmed      Asf
C-2 XS1823157968      LT  Asf    Affirmed      Asf
D XS1822370786        LT  BBBsf  Affirmed      BBBsf
E XS1822371321        LT  BBsf   Affirmed      BBsf
F XS1822372055        LT  B-sf   Affirmed      B-sf

TRANSACTION SUMMARY

Madison Park Euro Funding VII DAC is a cash flow CLO mostly
comprising senior secured obligations. The transaction is still
within its reinvestment period and is actively managed by Credit
Suisse Asset Management.

KEY RATING DRIVERS

Resilient to Coronavirus Stress: The revision of the Outlooks on
the class D, E and F notes to Stable from Negative and the Stable
Outlooks on the other notes 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 that half of the corporate exposure on Negative
Outlook is downgraded by one notch, instead of 100%.

The affirmations reflect the broadly stable portfolio credit
quality of the transaction since July 2020.

Stable Asset Performance: The transaction is still in its
reinvestment period and its portfolio is actively being managed by
the collateral manager. The transaction was below par by 1.7% as of
the investor report in January 2021. All portfolio profile tests,
collateral quality tests and coverage tests were passing except for
another agency and Fitch's weighted average rating factor (WARF)
and 'CCC' tests. Exposure to assets with a Fitch-derived rating
(FDR) of 'CCC+' and below was 9.05% (excluding non-rated assets).
The transaction had two defaulted assets.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors in the 'B'/'B-' category for the transaction. The WARF
as calculated by Fitch was 35.53 (assuming unrated assets are
'CCC') and as calculated by the trustee was 35.75, above the
maximum covenant of 35.00. The Fitch WARF would increase by 1.44
after applying the coronavirus stress.

High Recovery Expectations: Senior secured obligations comprise
98.35% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets.

Portfolio Well Diversified: The portfolio is well diversified
across obligors, countries and industries. The top 10 obligor
concentration is 13.00%, and no obligor represents more than 1.81%
of the portfolio balance.

RATING SENSITIVITIES

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

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

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

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

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

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

Coronavirus Downside Sensitivity

Fitch has added a sensitivity analysis that contemplates a more
severe and prolonged economic stress caused by a re-emergence of
infections in the major economies. The downside sensitivity
incorporates a single-notch downgrade to all FDRs on Negative
Outlook. For this transaction this scenario would not result in any
downgrades.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Madison Park Euro Funding VII 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.


OCP EURO 2019-3: Fitch Alters Outlook on Class F Debt to Stable
---------------------------------------------------------------
Fitch Ratings has affirmed OCP Euro CLO 2019-3 DAC and revised the
Outlook on the class F notes to Stable from Negative.

     DEBT                    RATING          PRIOR
     ----                    ------          -----
OCP EURO CLO 2019-3 DAC

A XS1843440840        LT  AAAsf  Affirmed    AAAsf
B-1 XS1843440253      LT  AAsf   Affirmed    AAsf
B-2 XS1843439677      LT  AAsf   Affirmed    AAsf
C XS1843438943        LT  Asf    Affirmed    Asf
D XS1843438604        LT  BBBsf  Affirmed    BBBsf
E XS1843438190        LT  BB-sf  Affirmed    BB-sf
F XS1843437978        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 (ending
April 2021) and is actively managed by Onex Credit Partner LLC.

KEY RATING DRIVERS

Stable Asset Performance

Asset performance has been stable since Fitch's last review. It is
below par by 0.8% as of 6 January 2021 investor report. All
coverage tests, collateral quality tests (except for another rating
agency's weighted average rating factor; WARF) and portfolio
profile tests are passing. Exposure to assets with a Fitch-derived
rating of 'CCC+' and below is 3.4% (or 4.3% including the unrated
names, which Fitch treats as 'CCC' per its methodology, while the
manager can classify as 'B-' for up to 10% of the portfolio)
compared with the 7.5% limit. There are no defaulted assets in the
portfolio.

Resilient to Coronavirus Stress

The affirmation reflects the broadly stable portfolio credit
quality since the last review. The revision of the Outlook on the
class F notes to Stable from Negative and the Stable Outlooks on
all other tranches 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' Portfolio

Fitch assesses the average credit quality of the obligors to be in
the 'B' category. The Fitch WARF calculated by Fitch of the current
portfolio as of 20 February 2021 is 32.66 and by the trustee is
32.54, below the maximum covenant of 34.0. The Fitch WARF would
increase to 33.93 after applying the coronavirus stress.

High Recovery Expectations

The portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the current portfolio is reported
by the trustee at 67.4% as of 6 January 2021.

Portfolio Well Diversified

The portfolio is well diversified across obligors, countries and
industries. The top 10 obligor concentration is no more than 17%
and no obligor represents more than 1.9% of the portfolio balance.

RATING SENSITIVITIES

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

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

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

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

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

Coronavirus Potential Severe Downside Stress Scenario

Fitch has added a sensitivity analysis that contemplates a more
severe and prolonged economic stress caused by a re-emergence of
infections in the major economies. The potential severe downside
stress incorporates the following stresses: applying a notch
downgrade to all the corporate exposure on Negative Outlook. This
scenario does not result in any downgrades across the capital
structure.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

OCP EURO CLO 2019-3 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.



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

DTEK ENERGY: Fitch Affirms 'RD' Foreign Curr. Issuer Default Rating
-------------------------------------------------------------------
Fitch Ratings has affirmed Ukraine-based DTEK Energy B.V.'s (DTEK)
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'RD'
(Restricted Default). Fitch has also affirmed DTEK's US dollar
Eurobond senior unsecured rating at 'C' with a Recovery Rating of
'RR5'.

The affirmation reflects DTEK's continued negotiation with lenders
on restructuring the company's existing debt. Once completed, Fitch
will re-rate the company based on the new capital structure while
considering its business risk.

DTEK's Fitch-calculated debt at end-2020 was about USD2.3 billion
(UAH65 billion), of which about USD2 billion (UAH57 billion) falls
under restructuring. DTEK plans to finalise the restructuring by
end-April 2021.

KEY RATING DRIVERS

Debt Restructuring Expected: In February 2021 DTEK agreed
restructuring heads of terms for almost all of its debt with
members of an ad-hoc committee of holders of its 10.75% senior PIK
toggle notes due 2024 and bank lenders. Non-binding heads of terms
envision an exchange of DTEK's existing PIK notes of USD1.5 billion
and bank facilities of about USD0.5 billion (both including
capitalised interest) for new notes to holders of existing notes
and loan creditors.

New Notes: DTEK will issue notes via FinCo DTEK Finance Plc in
exchange for the majority of the outstanding existing notes and
loans (including capitalised interest), of potentially around
USD1.7 billion. New notes envision 5% interest in 2021 and 7% from
2022 to be paid quarterly. DTEK may opt to partially PIK the
interest in 2021 and from 2022, but from 2022 the effective
interest rate in this period would be increased by 0.5%. The new
notes envision USD20 million annual amortisation from June 2022
with the final maturity on 31 December 2027.

DOG Notes: DTEK's outstanding notes will also be partially
exchanged on a pro-rata basis for the USD425 million new notes to
be issued by DTEK's sister company DTEK Oil and Gas B.V. (DOG), via
its FinCo - NGD Holdings B.V., at 6.75% interest rate, with USD50
million annual amortisation from end-2023 and maturity at 31
December 2026. By issuing these notes, DOG will offset its payables
with a balance value of around USD500 million towards DTEK. The
notes will also benefit from guaranties/suretyships from DOG,
Naftogazvydobuvannya PJSC (subject to approval from minority
shareholders), the main operating company within DOG and LLC NGD
Holdings, the holding company of all development projects within
DOG.

The guarantors shall cover at least 75% of total consolidated
EBITDA of DTEK Oil and Gas Holdings B.V. The expected spin-off of
USD425 million of debt from DTEK's scope will slightly improve
credit metrics, which we, however, expect to remain weak.

Post-restructuring Liquidity to Improve: At end-2020 DTEK
accumulated cash of UAH1.6 billion (USD57 million), a moderate
improvement from UAH1.2 billion (USD41 million) at end-1Q20. This
reflected the absence of the majority of interest and debt
amortisation payments in 2020 due to commenced financial
restructuring and some improvement in electricity generation
volumes in 4Q20 mainly on the back of cold weather conditions.
Fitch expects DTEK's liquidity to improve post-restructuring due to
small expected debt amortisations in 2021-2024, lower interest
rates on new debt and some improvement in operational performance.

2021 Results to Remain under Pressure: Fitch expects DTEK's
financial performance to have deteriorated in 2020 on the back of
about 15% yoy decrease in both electricity volumes and prices.
Fitch takes a cautious view on 2021 and expect EBITDA to be little
changed from 2020 levels. This is due to only marginal improvement
in electricity volumes driven by expected 3.5% growth in Ukrainian
GDP and some recovery in electricity prices. The latter may be
affected by existing price caps and the resumption of cheap imports
of electricity from Belarus and Russia in early 2021. Fitch's
expectation of higher costs on coal imports in 2021 will also
constrain financial performance.

High Foreign-Exchange (FX) Risks: DTEK is exposed to FX
fluctuations as almost all of its debt at end-2020 was foreign
currency-denominated (mainly US dollars and euros), while almost
all of its revenue is denominated in hryvnas. DTEK does not use any
hedging instruments. Fitch does not expect FX risks to decrease
following the proposed restructuring as new debt will be issued in
US dollars. This may weaken DTEK's credit metrics in case of hryvna
depreciation.

ESG Impact: DTEK has an ESG Relevance Score of 4 for management
strategy following management's decision not to pay interest on its
Eurobonds due on 1 April 2020 and on its bank loan on 31 March
2020. This has a negative impact on the credit profile and is
relevant to the rating, in combination with other factors.

DERIVATION SUMMARY

DTEK's IDR reflects continuing payment default. DTEK's peers
include Kazakh-based coal-fired generators Limited Liability
Partnership Kazakhstan Utility Systems (B+/Stable) and JSC
Samruk-Energy (BB/Stable) and Russia-based PJSC The Second
Generating Company of Wholesale Power Markets (BBB-/Positive),
which all have a significant share of coal in their fuel mix.

DTEK has a more challenging operating environment affecting its
business profile compared with peers, including an evolving
regulatory framework, policy instability and possible macroeconomic
shocks in Ukraine. DTEK also has a weaker financial profile than
most of its peers due to higher leverage and debt exposure to FX.
DTEK's ratings do not incorporate any parental support from
ultimate majority shareholder System Capital Management.

KEY ASSUMPTIONS

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

-- Electricity generation volumes growing in low single digits in
    2021 and flat until 2024

-- Electricity prices slightly above inflation rate in 2021-2024

-- Capex averaging UAH4 billion annually over 2020-2024, which is
    below management expectations

-- Zero dividends over forecast period of 2020-2024

-- Restructuring in accordance with heads of terms

KEY RECOVERY RATING ASSUMPTIONS

-- The recovery analysis assumes that DTEK would be a going
    concern in bankruptcy and that the company would be
    reorganised rather than liquidated

-- A 10% administrative claim

Going-Concern Approach

-- The going-concern EBITDA estimate reflects Fitch's view of a
    sustainable, post-reorganisation EBITDA level, upon which we
    have based the valuation of the company.

-- The going-concern EBITDA of UAH6.5 billion reflects potential
    price pressure in the recently established new electricity
    market, depressed volumes on the back of rapid development of
    renewable energy in Ukraine and the currently weak
    macroeconomic environment.

-- An enterprise value multiple of 3.0x.

-- Eurobonds, bank loans and other debt are ranked pari passu.

Our principal waterfall analysis results in a recovery output
percentage of 27%, corresponding to a Recovery Rating 'RR5' for the
instrument rating.

RATING SENSITIVITIES

Development that may, individually or collectively, lead to
negative rating action/downgrade:

-- DTEK entering into bankruptcy filings, administration,
    receivership, liquidation or other formal winding-up
    procedure.

Development that may, individually or collectively, lead to
positive rating action:

-- Following a possible financial restructuring and once
    sufficient information is available, the 'RD' rating will be
    upgraded to reflect the appropriate IDR for the new capital
    structure, risk profile and prospects in accordance with our
    criteria.

BEST/WORST CASE RATING SCENARIO

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

SUMMARY OF FINANCIAL ADJUSTMENTS

Deferred consideration for acquisition of coal is included in debt.
Guarantee under the borrowings of related parties is included in
debt; the difference between the full guarantee amount and its
balance sheet value is treated as off-balance sheet debt.

Assets received free of charge, fair-value gain, income from
extinguishment of accounts payable and impairment of intangible
assets and goodwill are excluded from EBITDA.

ESG CONSIDERATIONS

DTEK has an ESG Relevance Score of 4 for management strategy
following management's decision not to pay interest on its bonds
and loans in 2020.

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




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

NORWEGIAN AIR: Posts EUR2-Bil. Losses in 2020 Due to Pandemic
-------------------------------------------------------------
Barry O'Halloran at The Irish Times reports that Norwegian Air
Shuttle losses topped EUR2 billion last year, according to results
published on Feb. 26.

According to The Irish Times, the Scandinavian airline is under
Irish High Court protection from its creditors while examiner
Kieran Wallace of accountants KPMG works on a rescue plan for the
business.

The Scandinavian airline is under Irish High Court protection from
its creditors while examiner Kieran Wallace of accountants KPMG
works on a rescue plan for the business, The Irish Times
discloses.

On Feb. 26, Norwegian said losses surged 1,300% to NOK23 billion
(EUR2.21 billion) last year from NOK1.6 billion in 2019, The Irish
Times relates.

Revenues tumbled 79% in 2020 to NOK9 billion from NOK43.5 billion
the previous year, according to The Irish Times.

Passenger numbers slumped 81% last year to 6.87 million from 36.2
million in 2019, The Irish Times states.

Norwegian, The Irish Times says, plans to raise up to EUR490
million as part of a restructuring that will see it axe long-haul
flying to focus on Nordic countries and the rest of Europe.

This will involve cutting its fleet to about 50 jets from an
original 140, The Irish Times says.

All its aircraft were leased by Irish-based subsidiaries, which is
why it chose the Irish High Court for its restructuring bid,
according to The Irish Times.

The near-total grounding of flights as European and North American
governments responded to Covid-19's first wave last spring forced
Norwegian to seek support from creditors and its home country's
government in May, The Irish Times recounts.

Norway's government refused to provide further aid in the autumn,
prompting the airline to go into examinership in the Republic, The
Irish Times relays.




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

ANADOLU SIGORTA: Fitch Alters Outlook on 'BB' IFS Rating to Stable
------------------------------------------------------------------
Fitch Ratings has revised Anadolu Anonim Turk Sigorta Sirketi's
(Anadolu Sigorta) Outlook to Stable from Negative. At the same
time, Fitch has affirmed the company's Insurer Financial Strength
(IFS) Rating at 'BB'.

KEY RATING DRIVERS

The revision of the Outlook on Anadolu Sigorta's IFS Rating follows
Fitch's similar action on the Outlook on Turkey's Long-Term
Local-Currency Issuer Default Rating (IDR) on 19 February 2021.
Today's rating action reflects Anadolu Sigorta's substantial
exposure to Turkish financial assets and to the wider Turkish
economy.

The IFS Rating of Anadolu Sigorta reflects its favourable business
profile in Turkey, substantial exposure to Turkish assets, notably
government bonds and local-bank deposits/bonds, and adequate
capitalisation. The rating also reflects adequate profitability and
reinsurance protection. Fitch expects the company's credit profile
to be resilient to coronavirus pandemic-related pressures in 2021.

Most of Anadolu Sigorta's investment portfolio comprised Turkish
government bonds and deposits/bonds in Turkish banks at end-2020.
The company's credit quality is therefore highly correlated with
that of the sovereign and of Turkish banks.

Fitch views Anadolu Sigorta's overall business profile as
'favourable', as measured against other Turkish market players',
supported by the company's very strong position in the highly
competitive Turkish insurance market. Anadolu Sigorta was the
third-largest non-life insurer in Turkey by premium income at
end-2020, with a market share of 12%.

Anadolu Sigorta's capitalisation, as measured by Fitch's Prism
Factor-Based Model, was 'Adequate' at end-2019, and Fitch expects a
similar score based on end-2020 results. The company's regulatory
solvency ratio was comfortably above 100% at end-2020.

Anadolu Sigorta's 2020 financial performance was strong, with net
income increasing 14% compared with 2019, while the combined ratio
improved to 106%, from 111%. These improvements largely reflect
lower claims frequency in motor and health insurance as a
consequence of the pandemic.

Anadolu Sigorta's 'AA+' National IFS Rating largely reflects a
robust franchise in Turkey, with total premiums growing faster than
the market in 2020, and a regulatory solvency ratio consistently
over 100%. The Outlook on the National IFS Rating is Stable.

RATING SENSITIVITIES

Factor that could, individually or collectively, lead to positive
rating action on/upgrade of Anadolu Sigorta's IFS Rating:

-- Material improvements in the company's investment quality and
    business-profile prospects, which could occur in the event of
    an upgrade of Turkey's Local-Currency Issuer Default Rating
    (IDR) or of major Turkish banks' ratings.

Factors that could, individually or collectively, lead to negative
rating action on/downgrade of Anadolu Sigorta's IFS Rating:

-- Material deterioration in the company's investment quality and
    business-profile prospects, which could occur in the event of
    a downgrade of Turkey's Local-Currency IDR or of major Turkish
    banks' ratings.

-- Deterioration in the company's capital position, as measured
    by a regulatory solvency ratio below 100%.

Factor that could, individually or collectively, lead to positive
rating action on/upgrade of Anadolu Sigorta's National IFS Rating:

-- Return on equity exceeding inflation levels for a sustained
    period, provided the company's market position remains very
    strong.

Factors that could, individually or collectively, lead to a
negative rating action on/downgrade of Anadolu Sigorta's National
IFS Rating:

-- Substantial deterioration in the company's market position in
    Turkey.

-- A decline in the company's regulatory solvency ratio to below
    100%.

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

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

MERSIN UUSLARARASI: Fitch Alters Outlook $600M Unsec Debt to Stable
-------------------------------------------------------------------
Fitch Ratings has revised the Outlook on Mersin Uluslararasi Liman
Isletmeciligi A.S.'s (MIP) USD600 million senior unsecured debt
rating to Stable from Negative, and affirmed the rating at 'BB-'.

RATING RATIONALE

This rating action mirrors the Outlook revision of Turkey's
Long-Term Issuer Default Ratings (IDRs) to Stable from Negative.

In Fitch's view, MIP's rating remains capped by Turkey's Country
Ceiling at 'BB-'. The rating also reflects the competitive market
position of MIP in its catchment area and strong connectivity to
the hinterland, together with a projected average gross debt to
EBITDA of 3.1x in 2021-2024 under the Fitch rating case (FRC). This
partially mitigates the volatility of its domestic and export
market and a weak, single-bullet debt structure.

Fitch has not changed Fitch's assumptions in the base and rating
cases nor key rating drivers. The revision of macro assumptions
from Fitch's sovereign team is not seen as material, as Fitch
adopted conservative assumptions for MIP in Fitch's cases.

KEY RATING DRIVERS

For the latest full rating review, see Rating Action Commentary
(RAC) 'Fitch Affirms Mersin's Senior Unsecured Debt at 'BB-',
Outlook Negative' dated November 9, 2020.

RATING SENSITIVITIES

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

-- An upward revision of Turkey's Country Ceiling may lead to
    positive rating action.

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

-- A significant reverse of the current capital structure linked
    to its debt-funded financial policy

-- A negative rating action on Turkey's IDR by Fitch leading to a
    downward revision of the Country Ceiling, which will continue
    to cap MIP's rating.

ESG CONSIDERATIONS

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

BEST/WORST CASE RATING SCENARIO

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


[*] Fitch Alters Outlooks on 13 Turkish Banks to Stable
-------------------------------------------------------
Fitch Ratings has revised the Outlooks on 13 Turkish banks'
support-driven Long-Term Foreign-Currency (LTFC) and Long-Term
Local-Currency (LTLC) Issuer Default Ratings (IDRs) to Stable from
Negative. The ratings of those banks' subsidiaries, driven by
institutional support, are also affirmed and their Outlooks revised
to Stable.

Fitch has also revised the Outlooks on the LTLC IDRs of a further
seven Turkish banks and their non-bank financial subsidiaries, to
Stable from Negative.

The rating actions follow the revision of the Outlook on Turkey's
Long-Term IDRs to Stable from Negative. This has been driven by
Turkey's return to a more consistent and orthodox policy mix under
its new economic team, including the implementation of a tighter
monetary policy. This has helped ease near-term external financing
risks and Turkish lira depreciation, although significant risks
remain given Turkey's weak international reserves and still-high
current account deficit. The lira has appreciated by 13% against
the US dollar since early November 2020, albeit this includes some
depreciation in the past few days.

The easing of external financing risks means that Fitch considers
the near-term likelihood of government intervention in the banking
system to have abated. This drives the revision of the Outlooks on
foreign-owned Turkish banks' support-driven IDRs to Stable,
mirroring the sovereign Outlook change. At the same time, the
Outlooks on banks with ratings driven by state support were also
revised to Stable from Negative, mirroring the Outlook on the
sovereign.

The Viability Ratings (VRs) of the banks under review, as well as
of other Fitch-rated Turkish banks with IDRs driven by VRs, are
unaffected by the sovereign Outlook revision. This reflects Fitch's
view that risks to Standalone Credit Profiles remain significant,
despite the sovereign Outlook revision, given ongoing uncertainties
over the coronavirus pandemic and potential further market
volatility. The evolution of banks' asset quality, capitalisation,
profitability and FC liquidity in light of operating environment
developments - including the impact of waning government stimulus
and regulatory forbearance (due to be removed at end-June 2021) and
the higher lira interest rate environment - will determine future
actions on VRs.

KEY RATING DRIVERS

IDRS, SUPPORT RATINGS AND SUPPORT RATING FLOORS OF STATE-OWNED
BANKS AND TSKB

The Outlooks on the LTFC IDRs of Turkiye Ihracat Kredi Bankasi A.S.
(Turk Eximbank) and Turkiye Kalkinma ve Yatirim Bankasi A.S.
(TKYB), the state-owned development banks, and Turkiye Emlak
Katilim Bankasi A.S. (Emlak Katilim) and Vakif Katilim Bankasi AS
(Vakif Katilim), two state-owned participation banks, have been
revised to Stable from Negative, mirroring the Outlook on the
sovereign and reflecting decreased risks to the sovereign's ability
to provide support in case of need. Fitch regards the Turkish
authorities as having a high propensity to support these four
banks, given the banks' majority state-ownership, policy roles
(development banks), strategic importance to the authorities and
the record of support.

TKYB's LTFC IDR is equalised with the sovereign rating, driven by
its 'BB-' Support Rating Floor (SRF), reflecting its small size
relative to sovereign resources, still largely treasury-guaranteed
funding base and the medium-term tenor of its non-guaranteed
funding, as a result of which its potential need for support over
the rating horizon is likely to be limited.

Turk Eximbank's 'B+' SRF, one notch below Turkey's LTFC IDR and
TKYB's SRF, reflects the bank's strategic policy role as the
country's export credit agency but also its considerably larger
balance sheet and volumes of external market funding when compared
with TKYB, which is an important rating driver in light of Turkey's
weak net foreign exchange (FX) reserves position.

The 'B' SRFs of the four reviewed state-owned commercial banks,
systemically important Turkiye Cumhuriyeti Ziraat Bankasi A.S.
(Ziraat) and Turkiye Vakiflar Bankasi T.A.O. (Vakifbank) and
participation banks Emlak Katilim and Vakif Katilim, and of the
privately owned development bank Turkiye Sinai Kalkinma Bankasi
A.S. (TSKB), are two notches below Turkey's LTFC IDR. This is
despite a high sovereign propensity to provide support, reflecting
Turkey's weak financial flexibility to provide support in FC, in
case of need, given its weak external finances.

The LTLC IDRs of Ziraat, Vakifbank, Emlak Katilim and Vakif
Katilim, along with the state-owned (Turk Eximbank, TKYB) and
privately owned (TSKB) development banks are equalised with the
sovereign rating at 'BB-' on the basis of support, reflecting a
high sovereign propensity and ability to provide support in LC. The
Outlook revision to Stable from Negative consequently mirrors the
sovereign rating action.

LTLC IDRS AND SRFS OF AKBANK, ISBANK AND YKB

The LTLC IDRs of privately owned Akbank T.A.S. (Akbank), Turkiye Is
Bankasi A.S. (Isbank) and Yapi ve Kredi Bankasi A.S. (YKB) are
affirmed at 'B+', one notch below the sovereign rating, on the
basis of sovereign support. Consequently, the revision of the
Outlooks on these ratings to Stable from Negative follows the
change in sovereign Outlook.

Fitch's view of support is based on their systemic importance,
solid market shares and franchises, but also considers their
private ownership. The three banks' LTFC IDRs of 'B+'/Negative
continue to be driven by their Standalone Credit Profiles and VRs,
as Fitch believes sovereign support for the banks in FC cannot be
relied upon - as reflected in their SRFs of 'B-'.

IDRS AND SUPPORT RATINGS OF FOREIGN-OWNED BANKS, SENIOR UNSECURED
DEBT RATINGS

The LTFC IDRs of all nine foreign-owned Turkish banks
(Alternatifbank A.S., Burgan Bank A.S., Denizbank A.S., ING Bank
A.S., Kuveyt Turk Katilim Bankasi A.S (Kuveyt Turk), Turkiye
Garanti Bankasi A.S. (Garanti BBVA), Turk Ekonomi Bankasi A.S.
(TEB), Turkiye Finans Katilim Bankasi A.S. (TFKB), QNB Finansbank
A.S.) are driven by institutional support from higher-rated parent
banks. Fitch's view of support reflects the banks' strategic
importance to their respective parents, ownership, integration and
roles within their wider groups. Senior debt ratings, where
assigned, are aligned with the banks' LT IDRs, reflecting average
recovery prospects in case of default.

Nevertheless, Fitch's view of government intervention risk caps the
LTFC IDRs of the foreign-owned banks at 'B+', one notch below the
sovereign LTFC IDR. This reflects Fitch's assessment that
weaknesses in Turkey's external finances, and in particular the
sovereign's weak net FX reserves position, makes some form of
intervention in the banking system that would impede the banks'
ability to service their FC obligations more likely than a
sovereign default.

Tthe revision of the sovereign Outlook to Stable signals that the
reduced pressures on Turkey's weak external financial position and
the improving macroeconomic outlook reduce the likelihood of
government intervention in the banking sector - at least in the
near term. This drives the revision of the Outlooks on the banks'
LTFC IDRs to Stable.

The LTLC IDRs of the foreign-owned banks, which are also driven by
institutional support, are affirmed at 'BB-', one notch above their
LTFC IDRs, reflecting Fitch's view of a lower likelihood of
government intervention in LC. The Outlook revisions to Stable from
Negative mirror the sovereign Outlook change.

SUBORDINATED DEBT RATINGS

The subordinated notes ratings of Kuveyt Turk, Garanti BBVA and
Alternatifbank are notched down once from their support-driven IDRs
and have been affirmed in line with their anchor ratings. The
notching in each case includes one notch for loss severity and zero
notches for non-performance risk (relative to their anchor
ratings).

LTLC IDRS OF BANK SUBSIDIARIES

The ratings of the banks' subsidiaries (Ziraat Katilim Bankasi
A.S., Garanti Faktoring A.S., Garanti Finansal Kiralama A.S., QNB
Finans Finansal Kiralama A.S., QNB Finans Faktoring A.S., Deniz
Finansal Kiralama A.S., Alternatif Finansal Kiralama A.S., Ak
Finansal Kiralama A.S., Is Finansal Kiralama A.S., Yapi Kredi
Faktoring A.S., Yapi Kredi Finansal Kiralama A.O., Yapi Kredi
Yatirim Menkul Degerler A.S., TEB Finansman AS) are equalised with
those of their parents, reflecting Fitch's view that they are core
and highly integrated, given their shared customer bases, aligned
risk management frameworks, common branding and strategically
important roles within their respective groups. The Outlooks on the
subsidiaries' LT IDRs consequently mirror those on their parents.

TEB Finansman's ratings are driven by potential support from its
majority owner, BNP Paribas S.A. (BNPP; A+/Negative). Fitch's view
of support, despite TEB Finansman being only a small subsidiary of
the wider BNPP group, is based on Fitch's view that BNPP's
propensity to support this subsidiary is closely aligned to its
propensity to support TEB Finansman's sister bank, TEB,
notwithstanding differences in the legal structures of the two
entities. Consequently, Fitch's view of support is based on TEB
Finansman's common brand association with, and significant
potential reputational damage for, the parent in case of default.

NATIONAL RATINGS

The National Ratings of all issuers included in this review are
affirmed following the sovereign rating action. This reflects
Fitch's view that the banks' creditworthiness in LC relative to
other Turkish issuers has not changed, following the revision of
the Outlooks on all of the banks' LTLC IDRs to Stable.

RATING SENSITIVITIES

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

LT IDRS, SRS, AND SRFS OF TKYB, TURK EXIMBANK, VAKIF KATILIM AND
EMLAK KATILIM

-- A negative rating action on Turkey's ratings or Outlooks would
    likely lead to similar action on these banks. Their SRs could
    be downgraded, SRFs revised down and, as a result, their LTFC
    IDRs also downgraded, if further stress in Turkey's external
    finances materially reduces the reliability of support in FC
    for the banks from the Turkish authorities. However, this is
    not Fitch's base case given the Stable Outlook on the
    sovereign.

-- A downward revision of Vakif Katilim's SRF would only lead to
    a downgrade of its LTFC IDR if the bank's VR was
    simultaneously also downgraded.

-- TKYB's SRF could be revised down by one notch and its LTFC IDR
    downgraded, if its proportion of non-guaranteed funding
    increases materially (particularly if Fitch believes this to
    be indicative of a weakening in TKYB's policy role) or if its
    balance sheet size increases sharply. Turk Eximbank's SRF
    could be downgraded due to a material weakening in the bank's
    policy role (not Fitch's base case).

-- All four banks' LTLC IDRs could be downgraded if Turkey's LTLC
    IDR is downgraded, if Fitch believes the sovereign's
    propensity to support the banks has reduced or if Fitch
    believes there is an increased likelihood of intervention risk
    in LC.

LTLC IDRS, SRS AND SRFS OF ZIRAAT, VAKIFBANK, TSKB, AKBANK, ISBANK
AND YKB

-- The LTLC IDRs of Ziraat, Vakifbank, TSKB, Akbank, Isbank and
    YKB could be downgraded if Turkey's LTLC IDR is downgraded.
    For Akbank, Isbank and YKB this would only lead to a downgrade
    if the banks' VRs are simultaneously also downgraded.

-- All six banks' LTLC IDRs could also be downgraded if Fitch
    believes the sovereign's propensity to provide support in LC
    has reduced or Fitch's view of the likelihood of intervention
    risk in the banking sector increases.

-- The banks' SRs could be downgraded and their SRFs revised down
    if Fitch concludes the reliability of support for the banks in
    FC from the Turkish authorities has weakened.

LT IDRS, SRS AND SENIOR DEBT RATINGS OF FOREIGN-OWNED BANKS

-- A negative change in the sovereign rating or Outlook would
    probably lead to similar actions on the banks. Increased
    government intervention risk would also lead to negative
    rating action on banks' LT IDRs.

-- The banks' ratings are also sensitive to Fitch's view of their
    shareholders' ability and propensity to provide support, in
    case of need. For banks with VRs at the level of their FC
    IDRs, a reduced likelihood of institutional support would only
    lead to a downgrade of the banks' ratings if their VRs were
    simultaneously also downgraded.

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

LT IDRS, SRS, AND SRFS OF TKYB, TURK EXIMBANK, VAKIF KATILIM AND
EMLAK KATILIM

-- A positive change in Turkey's LT IDRs or Outlook would likely
    lead to similar actions on these banks' LT IDRs. A material
    improvement in Turkey's external finances or its net FX
    reserves position, resulting in a marked strengthening in the
    sovereign's ability to support banks in FC, could also lead to
    positive rating action on the banks' SRFs and LTFC IDRs, with
    the exception of TKYB - as its rating is already equalized
    with the sovereign.

LC IDRS, SRS AND SRFS OF ZIRAAT, VAKIFBANK, TSKB, AKBANK, ISBANK
AND YKB

-- A positive change in the sovereign's LTLC IDR or Outlook would
    likely lead to similar actions on these banks' LTLC IDRs. A
    material improvement in Turkey's external finances or net FX
    reserves position, resulting in a marked strengthening in its
    ability to support banks in FC, could also lead to positive
    rating action on these banks' SRFs. However, only a multi
    notch upward revision of the banks' SRFs would lead to an
    upgrade of their LTFC IDRs as their VRs are already rated one
    (Ziraat, Vakifbank, TSKB) or two (Akbank, Isbank and YKB)
    notches above their respective SRFs.

LT IDRS AND SRS OF FOREIGN-OWNED BANKS

-- A positive change in Turkey's LT IDRs or Outlook would likely
    lead to similar actions on the banks' LT IDRs. A material
    improvement in Turkey's external finances or a marked increase
    in its net FX reserves position, resulting in a significant
    reduction in Fitch's view of government intervention risk in
    the banking sector, could lead to an upgrade of the banks'
    LTFC IDRs to the level of Turkey's LTFC IDR. However, given
    Turkey's large external vulnerabilities and very weak net FX
    reserves position, this would take time, in Fitch's view.

SUBORDINATED DEBT RATINGS

Subordinated debt ratings are primarily sensitive to changes in
banks' anchor ratings, namely their LTFC IDRs in the cases of
Garanti, Kuveyt Turk and Alternatifbank.

These ratings are also sensitive to a change in notching from the
banks' respective anchor ratings due to a revision in Fitch's
assessment of the probability of the notes' non-performance risk or
of loss severity in the case of non-performance.

SUBSIDIARY RATINGS

The ratings of these entities are sensitive to changes in the
Long-Term IDRs of their parents.

NATIONAL RATINGS

The National Ratings of all issuers in this review are sensitive to
changes in their respective LTLC IDRs and in their relative
creditworthiness to other Turkish issuers.

BEST/WORST CASE RATING SCENARIO

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

All banks included in this review have ratings linked to the
Turkish sovereign rating, given the ratings either rely on or are
sensitive to Fitch's assessment of sovereign support or country
risks. The financial subsidiaries' ratings are linked to those of
their respective parent banks.

ESG CONSIDERATIONS

The four state-owned commercial banks (Ziraat, Vakifbank, Emlak
Katilim, Vakif Katilim) have an ESG Relevance Score of '4' for
Governance Structure (in contrast to a typical Relevance Score of
'3' for comparable banks), due to potential government influence
over their boards' strategies and effectiveness in the challenging
Turkish operating environment, which has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors.

The Islamic banks (Emlak Katilim, Vakif Katilim, Kuveyt Turk, TFKB)
have an ESG Relevance Score of '4' for Governance Structure due to
their Islamic banking nature (in contrast to a typical ESG
Relevance Score of '3' for comparable conventional banks), which
has a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

These banks need to ensure compliance of their entire operations
and activities with sharia principles and rules. This entails
additional costs, processes, disclosures, regulations, reporting
and sharia audit. In addition, these banks an ESG Relevance Score
of '3' for Exposure to Social Impacts (in contrast to a typical ESG
Relevance Score of '2' for comparable conventional banks). This
reflects that Islamic banks have certain sharia limitations
embedded in their operations and obligations, although it only has
a minimal credit impact on the entities.

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




=============
U K R A I N E
=============

UKRAINE: Fitch Affirms 'B' LT Foreign Currency IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Ukraine's Long-Term Foreign-Currency
Issuer Default Rating (IDR) at 'B' with a Stable Outlook.

KEY RATING DRIVERS

Ukraine's 'B' IDRs reflect its track record of multilateral support
and a credible macroeconomic policy framework that has underpinned
a relatively high degree of resilience to the coronavirus shock.
Ukraine's human development indicators compare favourably with the
peer group, it has a net external creditor position of close to 13%
of GDP, and general government debt is somewhat lower than the 'B'
median. Set against these factors are weak governance indicators, a
high degree of legislative and judicial risk to policy
implementation, and low external liquidity relative to a large
sovereign external debt service requirement.

The Stable Outlook reflects expectations for gradual fiscal
consolidation and continuation of macroeconomic policies that
helped preserve broad stability in external finances during last
year's shock. The ability to issue Eurobonds and available domestic
liquidity has provided some limited space to manage a delay over
the next six months in completing the first review of the IMF
stand-by arrangement (SBA). The coronavirus shock temporarily
reversed improvements made in recent years in terms of a declining
debt burden and normalisation of growth prospects after the 2014-15
geopolitical and economic crises. At the same time, the political
position of the administration has weakened somewhat and recent
Constitutional Court policy reversals further underline the risks
to SBA compliance, which constrain the rating.

There has been slow progress against the first review of Ukraine's
USD5 billion IMF SBA (signed in June alongside a USD2.1 billion
disbursement) and Fitch considers there is sizeable risk to its
completion. In particular, parliamentary approval for
anti-corruption and judicial reform legislation will be
challenging. IMF prior actions in these areas were partly a
response to Constitution Court rulings in 4Q20 that restricted the
powers of the national anti-corruption agency and withdrew criminal
liability for false asset declarations. Fitch sees somewhat less
implementation risk to the other significant new SBA requirement to
reverse December's imposition of a temporary cap on gas prices. The
review had already been delayed by IMF concerns around the
replacement of the governor of the National Bank of Ukraine (NBU)
in July.

There would be greater political impetus to legislate remaining
prior actions in 2H21 as the need for at least staff-level SBA
approval to unlock other official and external financing would
become more acute (with USD2.2 billion external amortisation in
September and a spike in budget funding need towards year-end).
Government cash holdings of USD3 billion (USD1.8 billion in
foreign-currency), a lighter repayment schedule over the next six
months, and available domestic liquidity provide some financing
space. The government plans to front-end issuance in 2021 with a
greater focus on domestic financing. Fitch also assumes for 2021
one IMF disbursement of USD0.7 billion, USD1.5 billion of other
official financing, higher Eurobond issuance than the planned
USD1.4 billion, and a 0.2% of GDP drawdown on fiscal reserves.

Although the government received a USD0.6 billion EU
Macro-Financial Assistance disbursement and issued a USD0.6 billion
Eurobond in December, continued engagement with the IMF is key to
maintaining access to external financing over a longer period.
Domestic banks increased holdings of domestic government debt by
USD7.2 billion since February 2020 to 51% of the total as the
non-resident share fell 7pp, and there is some uncertainty around
their capacity to sustain such increases over time, despite current
ample liquidity and strong deposit growth.

The balance of payments has been resilient to the coronavirus
shock, and foreign exchange reserves increased to USD28.8 billion
in January 2021 from USD27.0 billion in February 2020. A very large
improvement in the terms of trade, sharp import contraction, and a
statistical change in the treatment of foreign investor losses
drove a 7pp improvement in the current account balance in 2020 to a
surplus of 4.4% of GDP, offsetting private sector capital
outflows.

Fitch forecasts the current account returns to deficits of 0.3% of
GDP in 2021 and 1.2% in 2022 due to recovering domestic demand and
less favourable terms of trade, but this will be more than
compensated by higher net FDI, portfolio and foreign-currency
deposit inflows. Fitch projects foreign exchange reserves at 4.5
months of current external payments at end-2022, compared with 3.4
months at end-2019, and the projected 'B' median of 4.3 months.
Ukraine's external liquidity ratio improved by around 12pp in
2018-2020 to 91% but is still below the peer group median of 116%.
Sovereign amortisations remain relatively high, averaging USD4.8
billion in 2021-2022, albeit down from USD7.0 billion in 2020.

GDP growth is estimated to have contracted by 4.2% in 2020,
compared with the 'B' median contraction of 4.5% and Fitch's
expectation at the previous review of 6.5%. The impact of the
Covid-19 shock and poor grain harvest (which subtracted 1pp from
GDP) was cushioned by firm wage growth, employment support
measures, robust remittances, a positive net trade contribution and
moderate monetary and fiscal stimulus. Fitch forecasts GDP growth
of 4.1% in 2021 driven by private consumption, higher agricultural
output and a partial recovery in investment. The second wave of
Covid-19 has been much more severe than the first but the mortality
rate is declining and Fitch assumes economic restrictions remain
limited. Fitch forecasts GDP growth edges down to 3.8% in 2022, in
line with declining economic slack and withdrawal of policy
stimulus.

Inflation rose to 6.1% in January, marginally above target, from an
average 2.4% in 10M20, driven by higher commodity and energy
prices, a weaker currency, and a 20% increase in the minimum wage
in January, with core inflation at 5.0%. Fitch anticipates a
further rise in inflation to 6.9% at end-2021 (with a 100bp policy
interest rate increase to 7% in line with NBU forward guidance)
falling back to within target at 5.3% at end-2022 but still above
the projected 'B' median of 4.0%. In Fitch's view, the replacement
last year of the NBU governor and a number of deputy governors has
increased the downside risk of looser monetary policy than assumed
in Fitch's forecast.

Fitch anticipates gradual fiscal consolidation in 2021-2022. The
general government deficit widened 3.5pp in 2020 to an estimated
5.5% of GDP, below the target of 7.5% and the 'B' median of 7.7%.
Revenues were supported by a shallower-than-expected recession, tax
efficiency gains, and some underspending on the support package.
Fitch forecasts the deficit narrows to 5.1% of GDP in 2021 as
further recovery in tax revenues more than offsets higher social
spending and lower dividend payments from state-owned companies
(which totalled 2.1% of GDP in 2020). Fitch's 2022 deficit forecast
of 3.7% of GDP assumes some moderate new tightening measures, and
will also be dependent on the availability of financing and extent
of IMF engagement.

General government debt rose 11.2pp in 2020 to 55.6% of GDP (62.8%
with guarantees), below the 'B' median of 63.8%. The 17%
depreciation of the hryvnia against the US dollar last year was a
contributory factor, with 62% of total debt foreign-currency
denominated, broadly in line with the peer group median of 61%.
Fitch projects general government debt stabilises at 54% of GDP in
2021-2022 and under Fitch's medium-term debt projections (which
assume average GDP growth of 3.4% and primary surplus of 0.3% of
GDP in 2023-2024) declines slightly to 53% at end-2024.

The political position of the administration has weakened somewhat,
as resistance to reform from vested interests and oligarchs has
held back reform legislation, and President Zelensky's polling
ratings have fallen to 23% from 29% in September last year.
Alongside the risk of further Constitutional Court policy
reversals, this also threatens to undermine approved reforms such
as the bank resolution framework and other aspects of the
anti-corruption agenda. In terms of the Russian-Ukrainian conflict,
substantial near-term progress towards a resolution is unlikely, in
Fitch's view.

Banking sector risks have steadily reduced in recent years but the
sector remains burdened by state-bank legacy problem loans. The
non-performing loan (NPL) ratio fell to 41.0% at end-2020 from
48.4% at end-2019, but Fitch expects a moderate worsening in asset
quality as regulatory forbearance expires this year. However, the
sector's very high NPL provisions ratio (98%), adequate core
capital ratio (15.7%), robust profitability (return on equity 20%),
and a more supportive legislative framework are expected to then
drive good progress towards targets to lower the NPL ratio by
around 20pp over the next three years. The deposit dollarisation
ratio fell 2pp in 2020 to 38% driven by strong local currency
deposit growth, but still compares unfavourably with the 'B' median
of 30%. The large share of state banks in the sector (53% of
assets) gives rise to contingent liability risk for the sovereign.

ESG - Governance: Ukraine has an ESG Relevance Score (RS) of 5 for
both Political Stability and Rights and for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption, as
is the case for all sovereigns. These scores reflect the high
weight that the World Bank Governance Indicators (WBGI) have in
Fitch's proprietary Sovereign Rating Model (SRM). Ukraine has a low
WBGI ranking at the 32nd percentile, reflecting the
Russian-Ukrainian conflict, weak institutional capacity, uneven
application of the rule of law and a high level of corruption.

RATING SENSITIVITIES

The main factors that could, individually or collectively, lead to
positive rating action/upgrade are:

-- External Finances: Further reduction in external financial
    vulnerabilities, for example due to a sustained increase in
    international reserves, strengthened external balance sheet
    and greater financing flexibility.

-- Public Finances: General government debt/GDP returning to a
    firm downward path over the medium term, for example due to
    post-coronavirus fiscal consolidation.

-- Macro and Structural: Increased confidence that progress in
    reforms will lead to improvement in governance standards and
    higher growth prospects while preserving improvements in
    macroeconomic stability.

The main factors that could, individually or collectively, lead to
negative rating action/downgrade:

-- Macro and External Finances: Increased external financing
    pressures, sharp decline in international reserves or
    increased macroeconomic instability, for example stemming from
    extended delays in the disbursements from the IMF programme
    due to deterioration in the consistency of the policy mix
    and/or reform reversals.

-- Public Finances: Persistent increase in general government
    debt, for example due to a more pronounced and longer period
    of fiscal loosening, economic contraction or currency
    depreciation.

-- Structural: Political/geopolitical shocks that weaken
    macroeconomic stability, growth prospects and Ukraine's fiscal
    and external position.

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

Fitch's proprietary SRM assigns Ukraine a score equivalent to a
rating of 'B' on the LTFC IDR scale.

Fitch's sovereign rating committee did not adjust the output from
the SRM to arrive at the final LTFC IDR.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LTFC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within
Fitch's criteria that are not fully quantifiable and/or not fully
reflected in the SRM.

BEST/WORST CASE RATING SCENARIO

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

KEY ASSUMPTIONS

Fitch does not expect resolution of the Russian-Ukrainian conflict
or escalation of the conflict to the point of compromising overall
macroeconomic performance.

Fitch assumes that the debt dispute with Russia will not impair
Ukraine's ability to access external financing and to meet external
debt service commitments.

ESG CONSIDERATIONS

Ukraine has an ESG Relevance Score of 5 for Political Stability and
Rights as WBGI have the highest weight in Fitch's SRM and are
highly relevant to the rating and a key rating driver with a high
weight. A major escalation of the conflict in the east of Ukraine
represents a risk.

Ukraine has an ESG Relevance Score of 5 for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
WBGI have the highest weight in Fitch's SRM and in the case of
Ukraine weaken the business environment, investment and reform
prospects; this is highly relevant to the rating and a key rating
driver with high weight.

Ukraine has an ESG Relevance Score of 4 for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
WBGI is relevant to the rating and a rating driver.

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

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




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

BARINGS EURO 2014-2: Fitch Affirms B- Rating on Class F-R Notes
---------------------------------------------------------------
Fitch Ratings has revised the Outlook on Barings Euro CLO 2014-2
DAC's class E-R to F-R notes to Stable from Negative, and affirmed
all ratings.

       DEBT                     RATING          PRIOR
       ----                     ------          -----
Barings Euro CLO 2014-2 DAC

A-1-R XS1613068789       LT  AAAsf  Affirmed    AAAsf
A-2-R XS1613069241       LT  AAAsf  Affirmed    AAAsf
B-1-R XS1613069670       LT  AAsf   Affirmed    AAsf
B-2-R XS1613071221       LT  AAsf   Affirmed    AAsf
C-R XS1613070926         LT  Asf    Affirmed    Asf
D-R XS1613072112         LT  BBBsf  Affirmed    BBBsf
E-R XS1613072971         LT  BBsf   Affirmed    BBsf
F-R XS1613073862         LT  B-sf   Affirmed    B-sf

TRANSACTION SUMMARY

Barings Euro CLO 2014-2 DAC is a securitisation of mainly senior
secured loans (at least 90%) with a component of senior unsecured,
mezzanine and second-lien loans. The portfolio is managed by
Barings (U.K.) Limited. The reinvestment period ends in May 2021.

KEY RATING DRIVERS

Resilient to Coronavirus Stress

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

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

Portfolio Performance

As of the latest investor report dated 29 January 2021, the
transaction was 1.19% below par and all portfolio profile tests,
coverage tests and collateral quality tests were passing, except
for the Fitch weighted average rating factor (WARF), Fitch weighted
average recovery rating (WARR) and Fitch 'CCC' portfolio profile
tests. As of the same report, the transaction had EUR11.8 million
of defaulted assets. Exposure to assets with a Fitch-derived rating
(FDR) of 'CCC+' and below was 13.51 % (excluding unrated assets).
Assets with an FDR on Negative Outlook made up 19.45% of the
portfolio balance.

'B'/'B-' Portfolio Credit Quality

Fitch assesses the average credit quality of the obligors in the
'B'/'B-' category. The Fitch WARF of the current portfolio is 35.75
(assuming unrated assets are CCC) - above the maximum covenant of
34.5, while the trustee-reported Fitch WARF was 36.19.

High Recovery Expectations

Senior secured obligations are 95.62% of the portfolio. Fitch views
the recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets.

Diversified Portfolio

The portfolio is well-diversified across obligors, countries and
industries. The top-10 obligors represent 14.15% of the portfolio
balance with no obligor accounting for more than 1.78%. Around
35.6% of the portfolio consists of semi-annual obligations but a
frequency switch has not occurred due to the transaction's high
interest coverage ratios.

Cash Flow Analysis

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

RATING SENSITIVITIES

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

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

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

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

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

Coronavirus Downside Sensitivity

Fitch has added a sensitivity analysis that contemplates a more
severe and prolonged economic stress caused by a re-emergence of
infections in the major economies. The downside sensitivity
incorporates a single-notch downgrade to all FDRs for assets that
are on Negative Outlook. In this case the model-implied ratings for
the class E and F notes would be one notch below their current
ratings.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

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's information or
conducted a review of origination files as part of its ongoing
monitoring.

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

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


BARINGS EURO 2018-2: Fitch Affirms B- Rating on Class F Notes
-------------------------------------------------------------
Fitch Ratings has revised the Outlook on Barings Euro CLO 2018-2
DAC's class E to F notes to Stable from Negative, and affirmed all
ratings.

      DEBT                      RATING         PRIOR
      ----                      ------         -----
Barings Euro CLO 2018-2 DAC

A-1 A XS1857759762      LT  AAAsf  Affirmed    AAAsf
A-1 B XS1859510221      LT  AAAsf  Affirmed    AAAsf
A-2 XS1857760265        LT  AAAsf  Affirmed    AAAsf
B-1 A XS1857761073      LT  AAsf   Affirmed    AAsf
B-1 B XS1860319034      LT  AAsf   Affirmed    AAsf
B-2 XS1857761586        LT  AAsf   Affirmed    AAsf
C-1 XS1857762394        LT  Asf    Affirmed    Asf
C-2 XS1860319620        LT  Asf    Affirmed    Asf
D XS1857763012          LT  BBBsf  Affirmed    BBBsf
E XS1857763525          LT  BBsf   Affirmed    BBsf
F XS1857763871          LT  B-sf   Affirmed    B-sf

TRANSACTION SUMMARY

Barings Euro CLO 2018-2 DAC.is a securitisation of mainly senior
secured loans (at least 90%) with a component of senior unsecured,
mezzanine and second-lien loans. The portfolio is managed by
Barings (U.K.) Limited. The reinvestment period ends in January
2023.

KEY RATING DRIVERS

Resilient to Coronavirus Stress

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

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

Portfolio Performance

As of the latest investor report dated 5 January 2021, the
transaction was 1.36% below par and all portfolio profile tests,
coverage tests and collateral quality tests were passing, except
for the reinvestment test, Fitch weighted average rating factor
(WARF) and 'CCC' portfolio profile tests. As of the same report,
the transaction had EUR9.4 million defaulted assets. Exposure to
assets with a Fitch-derived rating (FDR) of 'CCC+' and below was
17.49 % (excluding unrated assets). Assets with an FDR on Negative
Outlook made up 15.84% of the portfolio balance.

'B'/'B-' Portfolio Credit Quality

Fitch assesses the average credit quality of the obligors in the
'B'/'B-' category. The Fitch WARF of the current portfolio is 38
(assuming unrated assets are CCC) - above the maximum covenant of
35, while the trustee-reported Fitch WARF was 38.03.

High Recovery Expectations

Senior secured obligations are 96.73% of the portfolio. Fitch views
the recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets.

Diversified Portfolio

The portfolio is well-diversified across obligors, countries and
industries. The top-10 obligors represent 16.93% of the portfolio
balance with no obligor accounting for more than 2%. Around 35.7%
of the portfolio consists of semi-annual obligations but a
frequency switch has not occurred due to the transaction's high
interest coverage ratios.

Cash Flow Analysis

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

RATING SENSITIVITIES

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

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

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

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

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

Coronavirus Downside Sensitivity

Fitch has added a sensitivity analysis that contemplates a more
severe and prolonged economic stress caused by a re-emergence of
infections in the major economies. The downside sensitivity
incorporates a single-notch downgrade to all FDRs for assets that
are on Negative Outlook. In this case the model-implied ratings for
the class E and F notes would be one notch below their current
ratings.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

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's information or
conducted a review of origination files as part of its ongoing
monitoring.

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

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


CARLYLE GLOBAL 2014-2: Fitch Affirms B- Rating Class E-R Notes
--------------------------------------------------------------
Fitch Ratings has affirmed Carlyle Global Market Strategies Euro
CLO 2014-2 DAC and revised the Outlooks on the class D and E notes
to Stable from Negative.

       DEBT                    RATING          PRIOR
       ----                    ------          -----
Carlyle Global Market Strategies Euro CLO 2014-2 DAC

A-1-R XS1898114118      LT  AAAsf  Affirmed    AAAsf
A-2A-R XS1898114464     LT  AAsf   Affirmed    AAsf
A-2B-R XS1898114894     LT  AAsf   Affirmed    AAsf
B-1-R XS1898115271      LT  Asf    Affirmed    Asf
B-2-R XS1898115511      LT  Asf    Affirmed    Asf
C-R XS1898115867        LT  BBBsf  Affirmed    BBBsf
D-R XS1898116162        LT  BBsf   Affirmed    BBsf
E-R XS1898116246        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 CELF Advisors LLP.

KEY RATING DRIVERS

Stable Asset Performance

Asset performance has been stable since Fitch's last review. It is
below par by 1.6% as calculated by Fitch as of the 3 February 2021
investor report. All coverage tests and collateral quality tests
are passing. Exposure to assets with a Fitch-derived rating of
'CCC+' and below is 9.0% (or 10.7% 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 to
the 7.5% limit. There are no assets reported as defaulted in the
portfolio.

Resilient to Coronavirus Stress

The affirmation reflects the broadly stable portfolio credit
quality since the last review. The revision of the Outlooks on the
class D and E notes to Stable from Negative and the Stable Outlooks
on all other tranches 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. The Fitch weighted average rating factor
(WARF) calculated by Fitch of the current portfolio as of 20
February 2021 is 36.59 and by the trustee is 36.82, below the
maximum covenant of 37.0. The Fitch WARF would increase to 38.13
after applying the coronavirus stress.

High Recovery Expectations

Senior secured obligations make up 99.1% 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
reported by the trustee at 64.6% as of 3 February 2021.

Portfolio Well Diversified

The portfolio is well diversified across obligors, countries and
industries. The top 10 obligor concentration is no more than 14.0%
and no obligor represents more than 1.6% of the portfolio balance.

RATING SENSITIVITIES

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

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

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

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

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

Coronavirus Potential Severe Downside Stress Scenario

Fitch has added a sensitivity analysis that contemplates a more
severe and prolonged economic stress caused by a re-emergence of
infections in the major economies. The potential severe downside
stress incorporates the following stresses: applying a notch
downgrade to all the corporate exposure on Negative Outlook. This
scenario results in a one-notch downgrade for the sub-investment
grade 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

Carlyle Global Market Strategies Euro CLO 2014-2 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.


GREENSILL CAPITAL: Seeks Protection on Australian Insolvency Regime
-------------------------------------------------------------------
Jamie Smyth, Robert Smith and Laurence Fletcher at The Financial
Times report that Greensill Capital has sought protection from
Australia's insolvency regime, as the finance group races to strike
a rescue deal and another fund severed ties.

The company is hoping to invoke "safe harbour" protection in
Australia, which shields directors from personal liability for a
company trading while insolvent, the FT says, citing people
familiar with the matter.

Greensill specializes in supply chain finance, where businesses
borrow money to pay their suppliers.  It has been left scrambling
after Credit Suisse on March 2 suspended US$10 billion of funds
linked to the firm, which counts former UK prime minister David
Cameron as an adviser, the FT relates.

On March 2, Swiss fund firm GAM said it would liquidate the US$840
million fund it co-managed with Greensill and end its five-year
business relationship with the group, the FT recounts.

On March 1, Credit Suisse froze US$10 billion of funds that invest
supply-chain finance obligations arranged by Greensill, citing
"considerable uncertainties" in their valuation, plunging the
company into chaos, the FT discloses.

While the bulk of Greensill's business is based in London, its
parent company is registered in the Australian city of Bundaberg,
the hometown of its founder Lex Greensill, the FT states.

James Roland, a partner at Gadens, a law firm in Sydney, said that
Australia's "safe harbour" regime was intended to encourage formal
restructuring of distressed entities, the FT relates.

The decision to invoke safe harbour was first reported by
Australian Financial Review, which said Grant Thornton had been
appointed as a restructuring adviser, the FT notes.

According to the FT, Greensill is in talks with Apollo Global
Management, the US$455 billion private equity and distressed
investment firm, to rescue parts of the business and keep its
funding lines open for blue-chip clients.


LONDON CAPITAL: FCA Senior Execs Face Pay Cuts Due to Collapse
--------------------------------------------------------------
Kate Beioley at The Financial Times reports that senior executives
at the Financial Conduct Authority will have their pay cut as a
result of the handling of the GBP236 million collapse of London
Capital & Finance, the watchdog's chairman said on March 1.

Charles Randell told MPs probing the collapse of the minibond
issuer in 2019, that the board had decided to reduce "higher pay
packages" as well as cutting executive bonuses, the FT relates.

The watchdog has come in for stinging criticism for its role in the
scandal, most recently in December from an independent review led
by former judge Dame Elizabeth Gloster, the FT notes.

Mr. Randell, who became chairman in 2018, said that despite senior
management having performed "outstandingly" in response to the
Covid-19 pandemic, the board had decided to "reduce higher pay
packages" for members of the executive committee and cut "average
levels" of executive pay, the FT relates.

The FCA announced in December that it would not pay bonuses to
those executives involved in the LCF case after the publication of
the damning Gloster report, the FT recounts.

Gloster, a former Court of Appeal judge, found the FCA "did not
effectively supervise and regulate" the minibond issuer, the FT
discloses.

Some 11,600 customers' savings were wiped out in 2019 when LCF went
into administration, having sold unregulated minibonds to investors
who were in many cases first-time investors or retirees, the FT
relays.

LCF advertised its products with returns as high as 8% and in some
cases erroneously claimed to come with individual savings account
status despite being unprotected, unregulated investments, the FT
notes.


[*] UK: To Create GBP5BB Grant Program for Pandemic-Hit Companies
-----------------------------------------------------------------
Ellen Milligan at Bloomberg News reports that the U.K. is set to
create a GBP5 billion (US$7 billion) grant program to help
businesses that have been hard hit by the pandemic.

According to Bloomberg, the "Restart" program will mostly apply to
retail, hospitality and leisure -- the industries that have been
impacted most by the series of lockdowns imposed in the last year.
The plan will be announced today, March 3, as part of the release
of the national budget, Bloomberg relays, citing a statement from
the Treasury department.

Prime Minister Boris Johnson announced a roadmap out of lockdown
earlier this month, prioritizing the return of schools and outdoor
activities over reopening stores, bars and restaurants, Bloomberg
recounts.  Shuttering much of the economy has pushed the U.K. into
its worst recession in 300 years and a raft of government support
measures has led to a surge in debt, Bloomberg notes.

Under the new program, non-essential retail businesses will be
eligible for up to GBP6,000 per location to help them reopen and
start trading safely as the economy emerges out of the nationwide
lockdown, Bloomberg states.

Gyms, pubs, hairdressers and hotel restaurants -- which will open
later or will be more impacted by restrictions -- will get up to
GBP18,000 per location, Bloomberg discloses.



                           *********


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.


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