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

                          E U R O P E

          Tuesday, March 9, 2021, Vol. 22, No. 43

                           Headlines



A R M E N I A

YEREVAN CITY: Fitch Assigns 'B+' LongTerm IDRs, Outlook Stable


B E L G I U M

ONTEX GROUP: S&P Alters Outlook to Negative & Affirms 'BB-' ICR


D E N M A R K

DKT HOLDINGS: S&P Affirms 'B' ICR on Delayed Peak in Leverage


F I N L A N D

FERRATUM OYJ: Fitch Affirms 'B+' LongTerm IDR, Outlook Negative


F R A N C E

CMA CGM: S&P Raises ICR to 'BB-' on Stronger Credit Metrics
GROUPE RENAULT: S&P Affirms 'BB+/B' Ratings, Outlook Negative


I R E L A N D

BNPP AM EURO CLO 2018: Fitch Affirms B- Rating on Class F Notes
CVC CORDATUS IV: Moody's Gives B3 Rating on Class F-R Notes
GOLDENTREE CLO 5: Moody's Gives (P)B3 Rating on Class F Notes
GOLDENTREE LOAN 5: S&P Gives Prelim. B- Rating on Class F Notes
HARVEST CLO XVI: Fitch Assigns Final B- Rating on F-R Notes

HARVEST CLO XVI: Moody's Affirms B2 Rating on Class F-R Notes
INVESCO EURO CLO I: Fitch Affirms Final 'B-' Rating on F Notes
RRE 6 LOAN: S&P Assigns BB- Rating on EUR16MM Class D Notes
ST. PAUL VI: Moody's Gives (P)B3 Rating on Class F-R Notes


I T A L Y

[*] Fitch Takes Action on Sestante RMBS & Then Withdraws Ratings


M O N T E N E G R O

MONTENEGRO: S&P Cuts Sovereign Credit Ratings to B, Outlook Stable


P O L A N D

CYFROWY POLSAT: S&P Affirms 'BB+' ICR, Outlook Positive


S P A I N

DISTRIBUIDORA INTERNACIONAL: S&P Withdraws 'CCC-' LongTerm ICR


S W I T Z E R L A N D

CEVA LOGISTICS: S&P Hikes LongTerm ICR to 'BB-', Outlook Stable
GARRETT MOTION: S&P Withdraws 'D' LongTerm Issuer Credit Rating


T U R K E Y

TURKEY WEALTH: Fitch Alters Outlook on 'BB-' LT IDRs to Stable


U N I T E D   K I N G D O M

BLACKMORE BOND: MP Calls for Independent Report Into Scandal
GREENSILL CAPITAL: Credit Suisse to Liquidate Finance Funds
GREENSILL CAPITAL: Files for Administration, In Talks with Apollo
GREENSILL CAPITAL: GFG Alliance Halts Payments on Facilities
INTERNATIONAL PERSONAL: Fitch Affirms 'BB-' IDR, Outlook Negative

PROVIDENT FINANCIAL: Fitch Cuts LT Issuer Default Rating to BB
REGIS UK: Landlord Group Wants Restructuring Deal Revoked

                           - - - - -


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A R M E N I A
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YEREVAN CITY: Fitch Assigns 'B+' LongTerm IDRs, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has assigned the Armenian City of Yerevan Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDRs) of 'B+'
with Stable Outlook.

The ratings reflect Yerevan's Standalone Credit Profile (SCP) of
'bb-', resulting from a combination of a 'Vulnerable' risk profile
and a 'aaa' debt sustainability assessment. The IDRs are capped by
the Armenian sovereign ratings of 'B+'/Stable.

Yerevan is the capital of Armenia and its largest economic and
metropolitan area. As of 2020, the city's population was 1.1
million. The economy is dominated by the service sector and its
wealth metrics are modest compared with international peers. The
city's accounts are cash-based, and the budget framework covers a
single year.

KEY RATING DRIVERS

Risk Profile: 'Vulnerable'

This reflects a 'Weaker' assessment for five key risk factors -
revenue robustness; revenue adjustability; expenditure
adjustability; and liabilities and liquidity robustness and
flexibility - and a 'Midrange' assessment for one key risk factor
(expenditure sustainability).

The 'Vulnerable' assessment of Yerevan's risk profile also reflects
the high risk of a weakening of the city's ability to cover its
debt service needs over the scenario horizon (2021-2025), either
because of revenue falling short of expectations or expenditure
overshooting expectations, or an unanticipated rise in liabilities
or debt service requirements.

Revenue Robustness: 'Weaker'

Yerevan's operating revenue is mostly composed of transfers from
the central budget, which averaged 70% in 2016-2020. A small part
of the transfers is general purpose grants aimed at enhancing the
city's fiscal capacity, but the majority of transfers is earmarked
for particular spending or delegated mandates. Taxes averaged 16%
of operating revenue in 2016-2020 and the tax base comprises
various property taxes. These taxes are economically stable, but
they have limited scope for growth, particularly in the context of
low per capita income, which lags international peers.

Fitch assesses Yerevan's revenue robustness as 'Weaker' as most
revenue comes from a 'B+' rated sovereign counterparty. Prospects
for growth are limited by weak economic environment and disruptions
caused by the coronavirus pandemic. Fitch estimates Armenia's GDP
will shrink 6.2% in 2020 before recovering 3.2% in 2021.

Revenue Adjustability: 'Weaker'

The city's fiscal flexibility is limited by institutional
arrangements, according to which fiscal authority is concentrated
at the central government level. The later has monopolistic power
in setting tax rates or introducing new taxes. In addition to
collecting property taxes Yerevan also collects various fees and
charges, part of which could be adjusted by the city. The
proportion of charges and fees accounted for 12% of total revenue
in 2020, and some of them have already been set at a maximum level.
This means that a potential revenue increase would cover less than
50% of a reasonably expected decline of revenue, indicating the
city's limited flexibility to respond to negative economic
developments.

Expenditure Sustainability: 'Midrange'

Yerevan has prudent control over expenditure, resulting in a track
record of the expenditure dynamic closely correlated with revenue.
The city's responsibilities remain relatively stable through the
economic cycle. The largest spending item is education, which
accounted for 42% of total spending in 2019. It was followed by the
utility sector, which accounted for another 22% of expenditure.
Most spending is financed through transfers from the central
budget, which makes the city's budgetary policy dependent on the
decisions of the central government.

Expenditure Adjustability: 'Weaker'

Fitch assesses Yerevan's expenditure adjustability as low. Most
spending responsibilities are mandatory, with inflexible items
dominating expenditure. Therefore, the bulk of expenditure could be
difficult to cut in response to potential revenue shrinking. The
proportion of capital expenditure is low, averaging 9% of total
expenditure in 2016-2020, which does not provide for additional
spending flexibility. High infrastructure needs mean the city would
be unable to further cut its capex.

Liabilities & Liquidity Robustness: 'Weaker'

The development of the capital market in Armenia is at the initial
stage and the city has no real practice in debt management as it
retained its debt-free status as of the beginning of 2021. The
national legal framework sets strict limitations on the debt policy
and does not allow new debt to be incurred until existing debt
obligations are fully repaid. It allows FX debt to be incurred. The
city's ability to manage debt could be tested soon if it draws down
funding from international financial institution. Contingent risk
is limited by moderate debt at the city's municipal companies as
the city does not provide any guarantees.

Liabilities & Liquidity Flexibility: 'Weaker'

The city's largest source of liquidity is its accumulated cash
reserves. The total amount of liquidity is unrestricted, and the
city can use it to fund operating expenditure and the residual part
could be used to fund capex. Yerevan holds its cash in treasury
accounts, as deposits with commercial banks are prohibited under
the national legal framework. For extra liquidity the city could
borrow from the national treasury. As only limited forms of
liquidity are available and potential counterparty risk is caped at
'B+' Fitch assesses this factor at 'Weaker'.

Debt Sustainability: 'aaa category'

In its rating-case scenario Fitch assumes that the currently
debt-free city will start borrowing in 2021. However, the level of
indebtedness will remain moderate and will not lead to a serious
deterioration in debt sustainability metrics in 2021-2025. Fitch
expects the city's debt payback ratio - the primary metric of debt
sustainability assessment for Type B local and regional governments
(LRG) - will remain strong at under 5x, which corresponds to a
'aaa' assessment. The prudent secondary metrics also support the
assessment.

The actual debt service coverage ratio (operating balance-to-debt
service, including short-term debt maturities) will stay above 4x
during all the years of the rating case. The fiscal debt burden,
which will be gradually increase during 2021-2025 from its current
zero level, will remain moderate at below 50% over the rating
horizon. A strong assessment of all three metrics results in 'aaa'
debt sustainability for the city.

DERIVATION SUMMARY

Fitch classifies Yerevan as a type B LRG, which has to cover debt
service from cash flow on an annual basis. Yerevan's SCP is
assessed at 'bb-', reflecting a combination of a 'Vulnerable' risk
profile and debt sustainability metrics assessed in the 'aaa'
category under Fitch's rating case scenario. The 'bb-' SCP also
reflects the peer comparison. The IDRs are not affected by any
asymmetric risk or extraordinary support from the central
government, but they are capped by Armenia's sovereign IDRs at
'B+'.

KEY ASSUMPTIONS

Qualitative Assumptions and Assessments:

-- Risk Profile: 'Vulnerable'

-- Revenue Robustness: 'Weaker'

-- Revenue Adjustability: 'Weaker'

-- Expenditure Sustainability: 'Midrange'

-- Expenditure Adjustability: 'Weaker'

-- Liabilities and Liquidity Robustness: 'Weaker'

-- Liabilities and Liquidity Flexibility: 'Weaker'

-- Debt sustainability: 'aaa'

-- Support (Budget Loans): 'N/A'

-- Support (Ad Hoc): 'N/A'

-- Asymmetric Risk: 'N/A'

-- Sovereign Cap: 'B+'

-- Sovereign Floor: 'N/A'

QUANTITATIVE ASSUMPTIONS - ISSUER SPECIFIC

Fitch's rating case scenario is a "through-the-cycle" scenario,
which incorporates a combination of revenue, cost and financial
risk stresses. It is based on the 2016-2020 figures and 2021-2025
projected ratios. The key assumptions for the scenario include:

-- yoy 2.2% increase in operating revenue on average in 2021
    2025;

-- yoy 4.3% increase in operating spending on average in 2021
    2025;

-- net capital balance at a negative AMD10.3 billion on average
    in 2021-2025;

-- 2.8 % cost of debt and 10-year weighted average maturity for
    new debt.

RATING SENSITIVITIES

FACTORS THAT COULD, INDIVIDUALLY OR COLLECTIVELY, LEAD TO NEGATIVE
RATING ACTION/DOWNGRADE:

-- Negative rating action on Armenia's sovereign ratings would
    lead to negative action on Yerevan's ratings;

-- A material deterioration of the city's debt sustainability
    including a payback ratio sustainably above 5x according to
    Fitch's rating case would lead to negative rating actions on
    Yerevan's ratings.

FACTOR THAT COULD, INDIVIDUALLY OR COLLECTIVELY, LEAD TO POSITIVE
RATING ACTION/UPGRADE:

-- Positive rating action on Armenia's sovereign could lead to
    positive rating action on Yerevan's IDR provided the city's
    debt sustainability remains strong.

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.

LIQUIDITY AND DEBT STRUCTURE

The city has historically been free from debt and maintained its
debt-free status at the beginning of 2021. In 2017, the city signed
an energy efficiency agreement with European Investment Bank (EIB:
AAA/Stable), according to which EIB approved the provision of a
EUR7 million loan, which has not been drawn down to date. The city
plans to draw down EUR2 million of the funding in 2021 for the
purpose of modernisation and increasing energy efficiency in the
city's kindergartens. The loan was agreed under favourable terms,
for 22 years at six-month LIBOR +0.35%, but exposes the city to FX
and floating interest rate risks.

The city's liquidity position remains prudent. In 2020, the city's
cash reserves improved significantly to AMD23.6 billion from AMD1.4
billion in 2016 as Yerevan demonstrated a surplus budget in
2017-2020.

DISCUSSION NOTE

Committee date: March 3, 2021.

There was an appropriate quorum at the committee and the members
confirmed that they were free from recusal. It was agreed that the
data was sufficiently robust relative to its materiality. During
the committee no material issues were raised that were not in the
original committee package. The main rating factors under the
relevant criteria were discussed by the committee members. The
rating decision as discussed in this rating action commentary
reflects the committee discussion.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Yerevan's IDRs are capped by Armenia's sovereign IDRs.

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.




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B E L G I U M
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ONTEX GROUP: S&P Alters Outlook to Negative & Affirms 'BB-' ICR
---------------------------------------------------------------
S&P Global Ratings revised its outlook on hygiene manufacturer
Ontex Group to negative from stable. S&P affirmed its 'BB-' issuer
rating on Ontex, given its expectation that its S&P Global
Ratings-adjusted debt to EBITDA will likely remain at high end of
the 4x-5x range in 2021.

S&P said, "The negative outlook indicates that we could lower the
rating in the next six months if we see further deterioration of
the company's covenant headroom, or if Ontex doesn't refinance its
upcoming debt maturities, putting further pressure on its
liquidity."

Weaker-than-anticipated operating performance at Ontex will likely
reduce covenant headroom in first-half 2021.

In 2020, Ontex reported weaker-than-expected performance, with
revenue declining 8.5% versus 2019 to EUR2.087 billion, on the back
of lost contracts with some European retailers, mainly in the baby
diapers segment and foreign exchange rate headwinds from currencies
like the Brazilian real, Mexican peso, and Turkish lira. Exchange
rate headwinds also eroded profitability gains generated by lower
raw material indices and savings achieved from Ontex's T2G program.
S&P said, "Therefore, we calculate an S&P Global Ratings-adjusted
EBITDA margin of about 10.2% at the end of 2020, and adjusted debt
to EBITDA at the high end of the 4.5x-5.0x range for 2020. Ontex's
reported net leverage was 3.6x, and we calculate covenant headroom
of less than 10%. We believe tight covenant headroom will likely
persist in first-half 2021, as the company will report declining
results due to the full-year effect of contract losses in Europe
and very tough comparison with first-quarter 2020 results when
retail customers and consumers stockpiled personal hygiene products
in the early phase of the COVID-19 pandemic. We expect Ontex will
be able to meet its maintenance financial covenant test as it has a
track record of strict working capital management, prudent capital
expenditure (capex) allocation, and a supportive financial policy.
In 2020 Ontex suspended dividend payments, but no formal decision
has been taken yet on the payment of dividends in 2021."

S&P said, "We project that Ontex's S&P Global Ratings-adjusted debt
to EBITDA will remain at the high end of the 4.0x-5.0x range, due
to weaker-than-expected results from its T2G program.

"We believe that weak operating performance and the mixed success
of T2G program will decelerate Ontex's deleveraging trajectory. The
T2G program launched in mid-2019 will not deliver the expected
results (mainly in terms of additional sales and cost savings),
mainly in the manufacturing and commercial areas. As a result,
Ontex expects to reduce costs associated with this program to EUR60
million from the EUR85 million originally assumed, meaning that
remaining one-off costs linked to the T2G program will be about
EUR9 million over 2021-2022. Consequently, we lowered our
expectations on cost savings generated by the program and now
forecast that the company's S&P Global Ratings-adjusted EBITDA
margin will remain in the 10.0%-10.5% range in 2021."

The company's ongoing strategic review could entail
higher-than-expected costs and investments, putting additional
pressure on leverage.

Ontex reported declining organic sales over 2019-2020 due to
intensified price pressure in the European retail segment from
small local manufacturers and fierce promotional activities from
leading international brands, mainly in the baby care segment. This
resulted in the loss of some contracts with key customers not fully
compensated by new wins. Ontex plans to tackle this issue in its
ongoing strategic review aimed at turning around its European
business. In particular, Ontex intends to simplify its
organization, and exit nonprofitable and nonstrategic businesses.
The company's key focus is increasing customer proximity to improve
cost competitiveness and regain shares in the European market. In
addition, sales recovery should stem from accelerating sales in
high-growth product categories, such as adult incontinence and baby
pants, and increasing online sales through e-commerce partners and
Ontex's own subscription model. The pandemic has expedited the
growth of e-commerce with many consumers in Ontex's key countries
looking for best-price options. Ontex's online sales represent only
5% of total sales, which is materially below the market average of
about 11%. This is because Ontex's key retail customers have a
lower-than-average exposure to online sales.

The strategic review encompasses action plans the newly appointed
CEO is currently investigating and that will be announced in due
course. S&P said, "We expect the new strategic review will bring
some additional costs not included in our current base case due to
the lack of details. We believe the review will be neutral in terms
of leverage, but the current limited debt headroom increases the
risk that leverage could increase above 5.0x in case of a
heavier-than-expected restructuring program."

The refinancing of upcoming debt maturities is linked to
finalization of the company's strategic review, which could result
in further pressure on liquidity in case of delays.

Ontex has a sizeable amount of debt maturing in 2022, including its
EUR300 million revolving credit facility (RCF) and EUR600 million
term loan A (TLA), which are due in September next year. S&P said,
"The current rating on Ontex incorporates our view that the company
will be able to refinance its debt at least 12 months ahead of the
maturity. However, we understand the timing of the refinancing is
somewhat linked to the finalization of the strategic plan, which we
understand will be completed in the next two to three months at
latest. Therefore, any delay in the strategic review process and
identifying financial resources to fund the business could put
pressure on the company's liquidity and our 'BB-' rating."

S&P said, "The negative outlook on Ontex reflects our expectation
that the group's covenant headroom will remain below 10% in
first-half 2021 and that liquidity could come under pressures in
the next six months, if the company does not refinance its EUR600
million TLA and EUR300 million RCF due September 2022. While we
expect leverage will remain at the high end of 4x-5x range in 2021,
and free operating cash flow (FOCF) will be positive, we see the
risk that these metrics could deteriorate if the announced
strategic review is more expensive than currently expected.

"We could lower the rating in the next six months if we see further
deterioration on the company's covenant headroom, or failure to
refinance its upcoming debt maturities puts pressure on Ontex's
liquidity.

"In addition, we could lower the rating if the company's operating
performance continues to weaken, with no sign of recovery in
Europe, or if the company would need to incur substantial extra
costs and investments to turn around its European business. In this
case, we would likely observe leverage increasing and remaining
above 5.0x for a prolonged period and material FOCF deterioration.

"We could revise the outlook to stable if Ontex successfully
refinances its debt maturities and pressure on its covenant
headroom diminishes. At the same time, upside would also be
contingent on clearer action plans from the announced strategic
review and indications that the plan will not put pressure on
Ontex's leverage remaining comfortably in the 4x-5x range."




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D E N M A R K
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DKT HOLDINGS: S&P Affirms 'B' ICR on Delayed Peak in Leverage
-------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit rating
on TDC's parent, DKT Holdings ApS, a Danish telecom network
operator. S&P also affirmed its 'B+' issue rating on the notes and
term loans issued by TDC and its 'CCC+' issue rating on the
subordinated notes issued by DKT Finance ApS.

S&P said, "The stable outlook reflects our expectation of a
slowdown in the revenue decline, stable EBITDA, and negative free
operating cash flow due to continued high infrastructure
investments in 2021, with leverage remaining below 7.0x, or
10.0x-10.5x including shareholder loans.

"We expect continued pressure on TDC's topline, balanced by a
gradual rebound in the next 18 months and lower operating
expenditures.

"In 2020, TDC posted a revenue decline of about 5.6%, primarily
relating to subscriber losses in landline voice, TV, and digital
subscriber line (DSL), with the revenue decline in landline voice
and TV particularly acute at 13.1% and 12.3%, respectively. We
expect that 2021 and 2022 will remain challenging because the
likely revenue growth from network investments -- which should
ultimately result in higher average revenue per user (ARPU) in
mobile and upgrades of fixed broadband customers to fiber -- is
unlikely to outpace the revenue decline in legacy products.
However, we anticipate a slowdown of the revenue decline in the
next 18 months, leading to flat sales growth by the end of 2022 and
slight growth in 2023. TDC's inability to stabilize its revenue
decline, despite the significant network investments, could weaken
our assessment of its business. In the near term, we expect that
the revenue decline will, to a large extent, be balanced by cuts in
operating expenditure, particularly nonrecurring items, once the
separation of two business units, NetCo and OpCo, is completed.
This will lead to broadly flat S&P Global Ratings-adjusted EBITDA
in 2021-2022 compared to 2020, of about Danish krone (DKK) 6.2
billion.

"We expect continued high capex, negative working capital, and a
high interest burden to result in significantly negative free
operating cash flow (FOCF) in 2021.

"We have revised downward our estimate of FOCF before lease
payments to negative DKK1.7 billion-DKK1.8 billion in 2021 and to
between breakeven and negative DKK0.5 billion in 2022. This is due
to our expectation of higher capex, including spectrum payments, of
about DKK5.4 billion in 2021, representing about 34% of sales,
compared with about DKK4.1 billion in our previous forecast. The
revision of our forecast relates to TDC spreading the payments for
certain capex projects executed in the last quarter of 2020 over
2021. We expect that capex will continue on the 5G and fiber
networks to mitigate fierce domestic competition from alternative
infrastructure operators. We expect that capex will peak in 2021 at
33%-35% of sales, but that it will then decline, albeit to a high
level of 25%-30% of sales in 2022. In addition, we expect that
working capital changes will weigh on TDC's cash flows in 2021,
primarily due to the temporary liquidity support package from the
Danish state relating to the COVID-19 pandemic in 2020. This
includes the postponement of VAT and employee tax payments, which
we expect will result in a cash outflow of approximately DKK350
million in 2021.

"We expect leverage to increase in 2021, but remain within the
rating thresholds.

"The combination of negative FOCF and the absence of EBITDA growth
results in our expectation of an increase in leverage to about 6.5x
in 2021 from 5.9x in 2020 (to about 9.8x from 9.0x including
shareholder loans), before stabilizing at about 6.5x-6.6x in 2022.
This is close to the maximum threshold for the rating of nearly
7.0x. However, we expect that management would take measures, if
needed, to prevent leverage rising higher, for instance by cutting
discretionary spending. We take a positive view of the fact that
TDC suspended dividends in 2020."

TDC continues to have a strong market position despite tough
competition.

"We regard the Danish telecom market as highly competitive across
all segments, with four players in the mobile market and utility
companies competing in the fixed market. Despite these competitive
pressures, TDC has leading market shares in fixed broadband (45%),
pay-TV (51%), mobile (38%), and landline voice services (65%),
based on end-user subscriptions of consumer, business, and
wholesale customers. We expect continued pressure on market share
in the TV and broadband segments before fiber investments reach a
certain level in 2021 and 2022. However, investments and new brand
launches in the mobile market led to market share gains in the last
quarter of 2020, and we expect TDC's market shares to remain at
least stable in the next couple of years.

"The stable outlook reflects our expectation that the decline in
TDC's topline will slow down and gradually become flat in the next
18 months, and, coupled with lower operating and exceptional costs,
lead to broadly stable EBITDA in 2021-2022. The outlook also
reflects our forecast of adjusted leverage below 7.0x, despite
significantly negative FOCF in 2021 due to extensive capex."

The ongoing business initiatives carry meaningful execution risk,
due to the combination of heavy investments in network and content,
the separation of NetCo and OpCo, and a fiercely competitive
market. S&P could downgrade DKT Holdings if:

-- The revenue decline does not slow down and become flat by the
    end of 2022, for instance because of a market-share loss;

-- Adjusted debt to EBITDA increases toward 7.0x (10.0x-10.5x
    including shareholder loans);

-- Adjusted EBITDA cash interest coverage weakens to less than
    3x; or

-- There is no evidence of a transition to positive FOCF
    generation by 2022.

S&P views rating upside as remote due to TDC's aggressive financial
policy. Rating upside would require adjusted senior debt leverage
of or below 5.5x (8.0x-8.5x including shareholder loans) and
positive FOCF generation on a sustainable basis.




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F I N L A N D
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FERRATUM OYJ: Fitch Affirms 'B+' LongTerm IDR, Outlook Negative
---------------------------------------------------------------
Fitch Ratings has affirmed Ferratum Oyj's (Ferratum) Long-Term
Issuer Default Rating (IDR) at 'B+' with a Negative Outlook and the
long-term rating of the senior unsecured notes issued by Ferratum
Capital Germany GmbH (Ferratum Capital Germany) at 'B+'/RR4.

Ferratum is an online-focused consumer and SME finance company
operating in the high-cost credit sector with an international
footprint in 20 countries, including a strong presence in its
domestic market of Finland. The company, which is listed on the
prime standard segment of the Frankfurt Stock Exchange, also
incorporates a Malta-domiciled bank (Ferratum Bank p.l.c., not
rated) under its wider franchise.

KEY RATING DRIVERS

IDR

The Negative Outlook reflects Fitch's view that while near-term
rating pressures arising from the Covid-19 pandemic in 2020 have
somewhat abated, downside risk prevails over the short to medium
term, particularly with respect to franchise resilience and asset
quality strength. Fitch expects a gradual reduction in government
support measures over the coming months across various key markets,
resulting in a potential re-prioritisation of debt servicing at
consumer level as unemployment levels rise, placing pressure on key
financial metrics (most notably asset quality, profitability and
leverage).

Ferratum's business model is mainly based on the extension of
credit to individual consumers via its online lending offering.
This relatively capex-light business model has allowed the company
to build-up diverse geographic coverage in recent years, focusing
mainly on Central Europe but also other developing market economies
globally (mainly conducted via local market partnerships). Although
geographic expansion has historically been relatively
opportunistic, a refinement in its operational strategy has seen an
increased focus on market commonality of late, with the company
exiting a number of unprofitable markets (most recently Poland,
Russia, New Zealand and Canada).

While geographic diversification mitigates the exposure to interest
rate caps (and ultimately margin pressure) in select markets,
Fitch's company profile assessment remains weighed down by the risk
of regulatory intervention, which Fitch sees as heightened in the
current environment.

Following the onset of the Covid-19 pandemic in March 2020, the
company notably tightened approval criteria for existing clients in
an effort to protect its balance sheet, while also adopting a more
selective stance towards new business. Fitch considers the
company's underwriting response to the coronavirus pandemic as
adequate in the context of its business model. The resilience of
the risk management framework is likely to be tested over the short
to medium term, as the company eases stringent underwriting
measures adopted during 2020 to scale-up lending efforts and
pursues SME business on an incrementally larger scale (which Fitch
generally considers more risky than online consumer loans).

Our assessment of Ferratum's asset quality recognises a higher base
line level of loan impairments compared with commercial banks
(four-year historical average: 36.6% of loans), largely due to the
fact that the company focuses on consumers that fall outside the
scope of traditional banks, increasing credit risk. Relative to
Fitch's initial expectations at the onset of the Covid-19 pandemic,
Ferratum's asset quality held up reasonably well, with the loan
impairment ratio rising to 41.6% as at end-3Q20. Management
considers the current environment to have stabilised sufficiently
to pursue loan extensions under more normalised approval
parameters. However, Fitch still sees some downside risk to asset
quality over the short term arising from impairment
vulnerabilities.

Leverage remains elevated, with the gross debt to tangible equity
ratio at 6.6x at end-3Q20. This was a deterioration relative to
Ferratum's pre-pandemic leverage level (5.5x as at year-end 2019),
but leverage during the crisis has trended somewhat below Fitch's
initial base case projection of 8x (peak leverage through the
crisis: 1H20: 7.5x). In the absence of any extraordinary capital
support, Ferratum's ability to de-leverage over the short to medium
term will depend on its ability to profitably grow the balance
sheet, which Fitch considers as challenging in view of the
relatively weak macroeconomic backdrop in most of its key markets.

Earnings generation for 2020 was negatively affected by both a
tightening in approval criteria (leading to lower loan originations
and fee revenues) as well as the exiting of unprofitable markets.
Coupled with a rise in loan impairments, pre-tax profits notably
reduced in 3Q20 to EUR2 million (from EUR20 million in 3Q19),
although for the full year 2020 Fitch expects Ferratum to have
remained marginally profitable. Over the near term, Fitch
anticipates improved revenue generation (albeit still trailing
pre-pandemic levels). However, in Fitch's view, the risk of
earnings weakness (and curtailed capital accumulation capabilities)
prevails given the ongoing risks to asset quality.

Ferratum benefits from a largely unsecured funding profile,
comprising mainly online bank deposits and senior unsecured bonds.
While Fitch notes the shoring up of the deposit book and extension
of term maturities during the pandemic, Fitch's funding assessment
at group level remains weighed down by the limited fungibility of
funds across the group as well as the comparatively less sticky
nature of these deposits compared with traditional banks.

Liquidity is adequate (EUR267 million cash buffer at end-3Q20), but
the bulk of these funds are held with the Maltese Central Bank for
regulatory compliance purposes, with free liquidity being more
limited. The bonds issued by Ferratum Capital Germany (EUR180
million outstanding) mature in 2022 (EUR100 million) and 2023
(EUR80 million), which implies limited refinance risk over the
short term.

SENIOR UNSECURED NOTES

Ferratum Capital Germany's senior unsecured bonds are rated in line
with Ferratum's Long-Term IDR because Ferratum acts as the
guarantor of the bond issuance. The rating alignment reflects
Fitch's expectation of average recovery prospects of the senior
unsecured bonds, reflected in the assigned 'RR4' Recovery Rating.
The bonds constitute a direct and unsecured senior obligation of
Ferratum Capital Germany and rank pari passu with all present and
future senior unsecured obligations of the issuer.

Ferratum has an ESG Relevance Score of '4' for Exposure to Social
Impacts and Customer Welfare stemming from a business model focused
on high-cost consumer lending and hence exposure to shifts of
consumer or social preferences and to increasing regulatory
scrutiny. This has a moderately negative influence on the rating in
terms of impact on the pricing strategy, product mix, and targeted
customer base and is relevant to the ratings in conjunction with
other factors.

RATING SENSITIVITIES

IDR

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

-- A significant increase in leverage measured as debt to
    tangible equity above 8x;

-- A weaker franchise, arising from a sustained loss in
    revenue/operational losses, an adverse reputational event, or
    a significant tightening of regulatory requirements in key
    markets resulting in a significant loss of business or notable
    margin pressure could result in a downgrade;

-- Increased risk appetite leading to higher credit losses as the
    product mix evolves toward larger and longer-term origination
    (such as SME loans), notably if combined with looser
    provisioning standards, pressuring profitability and
    ultimately eroding Ferratum's capital base;

-- Signs of funding weakness in the form of a loss of retail
    deposits at Ferratum Bank or a loss of wholesale funding
    market access leading to higher refinancing risk;

-- Any sustained adverse operational developments at the Ferratum
    Bank level (either of a regulatory nature or with regard to
    customer confidence), thereby impacting the company's ability
    to effectively leverage its banking subsidiary as a market
    facing financial services provider;

-- The growth of Ferratum Bank in comparison with the rest of the
    group leading to increased structural subordination risk for
    wholesale creditors outside the bank

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

-- Materially lower leverage approaching 5x on a sustained basis;

-- A demonstrated franchise resilience through improved scale and
    pricing power without a marked increase in risk appetite.

-- A stabilisation in the operating environment, in turn
    translating to business model stability, better franchise
    entrenchment and asset quality improvements.

SENIOR UNSECURED NOTES

The senior unsecured notes' rating is primarily sensitive to
changes in Ferratum's Long-Term IDR. Changes to Fitch's assessment
of recovery prospects for senior unsecured debt in default (e.g.
the introduction of debt obligations ranking ahead of the senior
unsecured debt notes) could also result in the senior unsecured
notes' rating being notched below the IDR.

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

Ferratum Oyj: Exposure to Social Impacts: 4, Customer Welfare -
Fair Messaging, Privacy & Data Security: 4

Ferratum has an ESG Relevance Score of 4 for Exposure to Social
Impacts as a result of its exposure to the high-cost consumer
lending sector. As the regulatory environment evolves (including a
tightening of rate caps), this has a moderately negative influence
on the rating in terms of Fitch's assessment of Ferratum's business
model.

Ferratum has an ESG Relevance Score of 4 for Customer Welfare,
which arises in particular in the context of fair lending
practices, pricing transparency and the potential involvement of
foreclosure procedures as part of its focus on the high-cost
consumer credit segment. This has a moderately negative influence
on the rating in terms of Fitch's assessment of risk appetite and
asset quality.

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.




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

CMA CGM: S&P Raises ICR to 'BB-' on Stronger Credit Metrics
-----------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
France-based container liner CMA CGM to 'BB-' from 'B+' and the
issue rating on the group's senior unsecured debt to 'B' from
'B-'.

S&P said, "The stable outlook indicates that we expect CMA CGM to
maintain weighted-average, S&P Global Ratings-adjusted funds from
operations (FFO) to debt of at least 20%, our threshold for a 'BB-'
rating, because of sustained capacity discipline by industry
players and the group's financial policy precluding adjusted debt
from materially deviating from its current lowered level."

The COVID-19 pandemic and subsequent multiple national lockdowns
across the globe prompted a remarkable shift in consumption, toward
tangible goods from services.  Combined with the accelerated
penetration of e-commerce, bottlenecks in the air freight logistics
from lower availability of belly capacity of passenger aircraft,
congested marine ports, and shortage of containers, this triggered
a surge in container shipping freight rates toward the end of
2020.

Rates continued to strengthen into 2021.   In particular, the
freight rates on the main container liner trades--Transpacific and
Asia-Europe--hit record highs at the end of February 2021.
According to Clarksons Research, the Shanghai Containerized Freight
Index (SCFI) increased by close to 35% in 2020, compared with 2019,
to an average of 1,234 points. In the year to date, it has trended
between 2,700-2,900 points, far above its 10-year historical
average of 950 points.

Growth in global trade volumes also turned positive from the third
quarter of 2020, and has gained momentum in subsequent months.  
According to estimates by Clarksons Research, the global seaborne
container trade shrank by about 1% overall in 2020, but had seen a
7% decline in the first half of 2020. Global trade recovery
remained solid into the first quarter of 2021, despite the usual
seasonal slowdown. As a result, S&P now forecasts a recovery in
shipped volumes consistent with the global GDP growth of about 5%
in 2021.

S&P expects container liners to pursue their disciplined capacity
deployment, and that containership supply growth will remain muted
over the next several quarters.   There has been no incentive to
place new large orders, given the subdued contracting activity
since late 2015. Therefore, the containership order book is at a
historically low level--10% of the total global fleet. Ordering in
2021 is likely to be discouraged by a lack of clarity over the
costs and benefits of various technologies and fuels, because of:

-- Persistent funding constraints;

-- Potential pandemic-related disruptions;

-- More-stringent regulation of sulfur emissions (since January
2020, only 0.5% sulfur emission have been permitted); and

-- Broader considerations about greenhouse gas emissions in
general--particularly in the context of decarbonization.

Low levels of new orders have translated into much tighter supply
conditions.  S&P expects this to continue in 2021, underpinning
solid industry trading. Soon after the initial COVID-19 outbreak,
there was a withdrawal of sailings from China and container liners
continued to adjust capacities to demand trends in a timely manner
throughout 2020. These measures demonstrate industry players'
reactive supply management, which we consider normal in a sector
that has been through several rounds of consolidation in recent
years. The five largest container shipping companies now have a
combined market share of about 65%, up from 30% around 15 years
ago.

CMA CGM saw stronger-than-anticipated freight rates, enabling it to
outperform our October 2020 base case.   S&P now considers that the
group's average revenue per twenty-foot equivalent unit (TEU) grew
by as much as 7% in 2020, compared with 3% in our October 2020
review, and the extraordinarily strong first quarter of 2021
suggests that it will increase by up to 2% more in 2021 (against
our previous forecast of a rate decline of 0%-2%).

S&P said, "As a result, we estimate that CMA CGM's adjusted EBITDA
reached $6.0 billion-$6.1 billion in 2020.  This is well above our
previous base case of $5 billion and the $3.8 billion achieved in
2019. We now expect adjusted EBITDA of $6.5 billion-$6.6 billion
this year, compared with our October 2020 forecast of $4.5
billion-$5.0 billion, boosted by the extraordinarily strong first
quarter, and with freight rates dwindling to more-normal, but
profitable levels during the remainder of 2021. We expect CMA CGM
to keep a tight grip on cost control. Ceva Logistics AG, CMA CGM's
100%-owned subsidiary, is undergoing a major transformation and its
gradual operational recovery is likely to continue.

"We expect CMA CGM's credit measures to improve on the back of
EBITDA expansion and debt amortization from free operating cash
flow (FOCF).  We estimate that the group has reduced adjusted debt
by up to $1 billion in 2020 (to $17 billon-$17.5 billion). Strong
EBITDA, combined with a lower debt, is expected to have improved
CMA CGM's adjusted FFO to debt to 25%-30%, which is well above its
2018-2019 levels of 12%-13%.

"Our base case incorporates the current strong freight rates and
solid EBITDA prospects and indicates that the group's cash flow
generation will exceed capital expenditure (capex) and debt service
requirements.   This will help expand CMA CGM's liquidity cushion
for discretionary spending and against potential operational
underperformance or unforeseen setbacks. It is also expected to
support an improvement in adjusted FFO to debt to about 30% over
2021. We consider these levels sit comfortably within a significant
financial risk profile (it was previously aggressive) and a 'BB-'
rating.

"We do not view the EBITDA levels forecast for CMA CGM in 2020 and
2021 as sustainable.  Once the pandemic-related effects ease, we
anticipate that freight rates, currently extraordinarily high, will
drop to more normal levels during 2021. Furthermore, the container
liner industry is tied to cyclical supply-and-demand conditions,
which will likely translate to fluctuations in CMA CGM's EBITDA
performance. That said, we still believe that because of the recent
industry consolidation and more rational behavior by container
liners, the swings in freight rates will be flatter and their
peak-to-trough periods shorter. The pandemic's impact on the global
economy and trade in the next quarters is also still uncertain.

"Nevertheless, we expect CMA CGM to be able to turn its current
EBITDA into a lasting value of $5.0 billion-$5.5 billion.   The
group has demonstrated its ability to control cost per container
shipped--it has a strong track record of overachieving
cost-reduction targets in the past few years. This, combined with
industry players' stringent capacity management and CMA CGM's
ability to recover bunker price inflation, will help to
counterbalance the underlying industry's volatility. Furthermore,
we consider that the 'BB-' rating is contingent on a prudent
financial policy, underpinned by balanced investment decisions and
the deployment of excess cash flow to gradual debt reduction.

"The stable outlook indicates that we expect CMA CGM's EBITDA will
moderate to more sustainable levels of $5.0 billion-$5.5 billion
and the group will maintain a weighted-average adjusted FFO to debt
of at least 20%. We think this will be underpinned by the sustained
capacity discipline of the industry players and the group's
balanced financial policy.

"We could raise the rating if CMA CGM improved and sustained its
adjusted FFO-to-debt ratio above 25%, for example, by consistently
applying excess cash flows for debt reduction.

"We would also need to be convinced that management would stick to
a financial policy that would constrain financial leverage at the
current lowered levels or below. This means that CMA CGM will not
unexpectedly embark on any significant debt-financed fleet
expansion or mergers and acquisitions, and that shareholder
remuneration will remain prudent.

"We could lower the rating if CMA CGM's EBITDA plunged below $5.0
billion; for example, if trade volumes were much lower than we
anticipate and the industry's measures to adjust capacity to
sluggish demand were ineffective. This would result in worsened
freight rate conditions. Alternatively, we could lower the ratings
if CMA GGM was unable to offset fuel-cost inflation because of
unsuccessful pass-through efforts or a failure to realize cost
efficiencies. This would mean adjusted FFO to debt deteriorating to
less than 20%, with limited prospects of improvement.

"A downgrade would also be likely if we noted an unexpected shift
toward more-aggressive financial policy, resulting in credit
measures falling short of our rating guidelines."


GROUPE RENAULT: S&P Affirms 'BB+/B' Ratings, Outlook Negative
-------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+/B' long- and short-term
ratings on French automaker Groupe Renault as well as its 'BB+'
issue rating on the group's unsecured debt.

The negative outlook reflects the group's limited rating headroom
amid uncertain market recovery prospects in Europe in particular,
exacerbated by raw material cost inflation, and a potential
shortage of semiconductors. S&P sees this uncertainty as
underscored by the company's lack of guidance for 2021.

S&P said, "We believe that Renault will be able to reduce leverage
from the elevated level in 2020, thanks in part to profitability
gradually improving through 2022.  We expect that Renault's S&P
Global Ratings-adjusted debt to EBITDA will recover toward the 2019
level of 0.5x by 2022 from 10.9x in 2020. This reduction is
supported by our projection, under our updated base case, that
Renault's S&P Global Ratings-adjusted operating margin will likely
recover toward 6% in 2022 from a mere 1.3% in 2020. We see this
trend as hinging on recovering volume and pricing effects, but also
pressured by margin dilution from the shift toward a higher share
of electrified vehicles to comply with tighter carbon emission
regulations in Europe. We no longer expect profitability to reach
6% by the end of this year though, given our view of uncertain
market recovery prospects in Europe, where the group realizes the
bulk of its earnings. We don't believe that a potentially softer
recovery impairs Renault from strengthening its underlying
profitability, even without dividends paid by Nissan. Our scenario
includes ongoing restructuring charges in 2021 and 2022, albeit
lower than what the group posted in 2020."

Dividends from Renault's fully owned sales-financing business RCI
Banque will be a key pillar of the group's deleveraging.  The
European Central Bank (ECB) may lift its restrictions on European
banks' distribution of dividends in 2021, but unlikely before the
fourth quarter. S&P said, "In our base case, we assume Renault will
receive distributions from RCI of about EUR1 billion this year, and
annual dividends exceeding EUR500 million in 2022 and 2023. We note
that these dividends are not reflected in Renault's adjusted free
cash flow generation, but captured in the group's cash surplus."

S&P said, "Renault's progress on its cost-reduction plan supports
our margin projects and the improvement of automotive free cash
flow.  A critical share of cost economies the group has achieved so
far (EUR800 million) in the context of its EUR2 billion
cost-reduction plan launched in 2019 is on future research and
development (R&D). We see R&D costs and capital expenditure (capex)
as being on a declining trend from 2021. Net R&D and capex have
represented about 9%-10% of group revenue over the past four years.
One of the key assumptions in our updated base case is a gradual
reduction of these costs to 8% by 2023. This is made possible by
the completion of an investment cycle into platforms shared with
Nissan for products to be launched from 2023. We believe
convergence toward common platforms will deliver consistent
synergies and cost savings, which will likely reduce the margin
dilution we include in our projections for 2021-2022.

"We expect recovery of the group's automotive free cash flow will
be gradual, returning to positive figures in 2022.   For 2021, we
expect automotive free cash flow generation at Renault will remain
negative (at about EUR300 million-EUR400 million) after
consideration of restructuring charges and before considering any
dividend payable by RCI, after negative EUR4.3 billion in 2020."

S&P Global Ratings believes there remains high, albeit moderating,
uncertainty about the evolution of the coronavirus pandemic and its
economic effects.  Vaccine production is ramping up and rollouts
are gathering pace around the world. Widespread immunization, which
will help pave the way for a return to more normal levels of social
and economic activity, looks to be achievable by most developed
economies by the end of the third quarter. However, some emerging
markets may only be able to achieve widespread immunization by
year-end or later. S&P said, "We use these assumptions about
vaccine timing in assessing the economic and credit implications
associated with the pandemic. As the situation evolves, we will
update our assumptions and estimates accordingly."

The negative outlook reflects limited headroom in the current
rating along with headwinds to market recovery prospects in Europe
in particular, given the uncertain evolution of the COVID-19
pandemic. S&P sees Renault's 2021 performance as clouded by raw
material price increases and a potential shortage of semiconductors
for the global auto industry. This uncertainty is, in their view,
reflected in the absence of guidance by Renault for 2021.

S&P said, "We could lower the rating if the group struggled to
progress markedly toward an S&P Global Ratings-adjusted EBITDA
margin of about 6%, and achieve debt to EBTIDA below 3x and FOCF to
sales of 1% in 2022.

"We could revise our outlook on Renault to stable if the company
restores its EBITDA margin to above 6%, lowers its debt to EBITDA
below 3x, and posts FOCF to sales of 1%-2% in 2022."




=============
I R E L A N D
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BNPP AM EURO CLO 2018: Fitch Affirms B- Rating on Class F Notes
---------------------------------------------------------------
Fitch Ratings has assigned BNPP AM Euro CLO 2018 DAC's refinancing
notes final ratings and revised the Outlook on the class E and F
notes to Stable from Negative.

DEBT                    RATING               PRIOR
----                    ------               -----
BNPP AM Euro CLO 2018 DAC

A-R              LT  AAAsf   New Rating    AAA(EXP)sf
B-R              LT  AAsf    New Rating    AA(EXP)sf
C-R              LT  Asf     New Rating    A(EXP)sf
D-R              LT  BBB-sf  New Rating    BBB-(EXP)sf
E XS1857679499   LT  BB-sf   Affirmed      BB-sf
F XS1857679655   LT  B-sf    Affirmed      B-sf

TRANSACTION SUMMARY

BNPP AM Euro CLO 2018 DAC is a cash flow collateralised loan
obligation (CLO). The proceeds of the refinancing issue are being
used to redeem the existing notes. The portfolio is managed by BNP
Paribas Asset Management SAS. The refinanced CLO envisages an
unchanged reinvestment period ending in October 2022, and a
12-month weighted average life (WAL) extension.

KEY RATING DRIVERS

'B' Portfolio Credit Quality:

Fitch places the average credit quality of obligors in the 'B'
range. The Fitch-weighted average rating factor (WARF) of the
current portfolio is 35.01.

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) calculation has been updated as per
the Fitch latest criteria. The Fitch-weighted average recovery rate
(WARR) of the identified portfolio is 62.09.

Diversified Asset Portfolio:

The transaction has four Fitch matrices corresponding to the
combinations of two maximum top 10 obligor exposures of 15% and 24%
(currently 14.08%) and two maximum fixed-rated obligation exposures
of 0% and 5% (currently 3.2%). The transaction also includes limits
on exposure to the Fitch-defined largest industry at a covenanted
maximum 17.5% and the three-largest industries at 40%. These
covenants ensure that the asset portfolio will not be exposed to
excessive concentration.

Portfolio Management, WAL Extended:

On the refinancing date, the issuer has extended the WAL covenant
by one year and the Fitch matrix has been updated. The
transaction's reinvestment period ends in October 2022. The
reinvestment criterion is similar to 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.

Affirmation of Junior Notes:

The affirmation of the junior notes with Stable Outlook reflects
good performance. The transaction was above par by 15bp as of the
investor report on 29 January 2021. The transaction passed all
portfolio profile tests, collateral quality tests and coverage
tests. Exposure to assets with a Fitch-derived rating (FDR) of
'CCC+' and below was 4.47% (excluding un-rated assets).

The revision of the Outlooks on the class E, and F notes to Stable
from Negative is a result of a sensitivity analysis Fitch ran in
light of the coronavirus pandemic. Fitch has recently updated its
CLO coronavirus stress scenario to assume half of the corporate
exposure on Negative Outlook (32.33% of the portfolio) was
downgraded by one notch, instead of 100%. All notes show resilience
under this scenario.

Deviation from Model-Implied Ratings:

Fitch used a customised proprietary cash flow model to replicate
the principal and interest waterfalls and the various structural
features of the transaction, and to assess their effectiveness,
including the structural protection provided by excess spread
diverted through the par value and interest coverage tests.

The ratings of the class C-R and D-R notes are one notch higher
than the model-implied ratings (MIR). When analysing the updated
matrices with the stress portfolio, the class C-R and D-R show a
maximum shortfall of 0.71% and 2%, respectively, at the current
ratings. The class E and F notes show a maximum shortfall of up to
1.4% and 3%, respectively. The current ratings are, however,
supported by their credit enhancement, as well as the significant
default cushion on the identified portfolio at the assigned ratings
due to the notable cushion between the covenants of the transaction
and the portfolio's parameters. The notes pass the assigned ratings
with a significant cushion based on the identified portfolio and
the coronavirus 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% and an increase in the recovery rate (RRR) by 25% at all
    rating levels would result in an upgrade of up to six notches
    depending on the notes. Except for the class A-R notes, which
    are already at the highest 'AAAsf' rating, upgrades may occur
    in case of better-than-expected portfolio credit quality and
    deal performance, leading to higher credit enhancement and
    excess spread available to cover for losses 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 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. 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 Potential Severe Downside Stress

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 of the
current ratings across all classes of notes.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

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.


CVC CORDATUS IV: Moody's Gives B3 Rating on Class F-R Notes
-----------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued by CVC
Cordatus Loan Fund IV DAC (the "Issuer"):

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

EUR273,000,000 Class A-R Senior Secured Floating Rate Notes due
2034, Assigned Aaa (sf)

EUR31,800,000 Class B-1-R Senior Secured Floating Rate Notes due
2034, Assigned Aa2 (sf)

EUR11,200,000 Class B-2-R Senior Secured Fixed Rate Notes due
2034, Assigned Aa2 (sf)

EUR25,800,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned A2 (sf)

EUR29,900,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned Baa3 (sf)

EUR24,000,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned Ba3 (sf)

EUR12,300,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned B3 (sf)

RATINGS RATIONALE

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

The Issuer issued the refinancing notes in connection with the
refinancing of the following classes of notes: Class A Notes, Class
B-1 Notes, Class B-2 Notes, Class C Notes and Class D Notes, which
were refinanced in March 2019 and April 2017, and Class E Notes and
Class F Notes due 2030 which were refinanced in March 2019 (the
"Original Notes"), originally issued on December 17, 2014 (the
"Original Closing Date"). On the refinancing date, the Issuer has
used the proceeds from the issuance of the refinancing notes to
redeem in full the Original Notes.

On the Original Closing Date, the Issuer also issued EUR44.0
million of subordinated notes, which will remain outstanding. In
addition, the Issuer issued EUR8.7 million of additional
subordinated notes on the refinancing date. The terms and
conditions of the existing subordinated notes will be amended in
accordance with the refinancing notes' conditions.

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A-R Notes. The
class X Notes amortise by 12.5% or EUR125,000 over the first 8
payment dates.

As part of this reset, the Issuer has increased the target par
amount by EUR50 million to EUR438.6 million. In addition, the
Issuer has amended the base matrix and modifiers that Moody's has
taken into account for the assignment of the definitive ratings.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans. The underlying portfolio is expected to be approximately 99%
ramped as of the closing date.

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

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority. This CLO has also access to a
liquidity facility of EUR2.0 million that an external party
provides for four years (subject to renewal by one or two years).
Drawings under the liquidity facility are allowed to pay interest
in the waterfall and are reimbursed at a super-senior level.

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

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

Methodology Underlying the Rating Action:

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

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

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

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

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

Target Par Amount: EUR438,600,000

Diversity Score: 46

Weighted Average Rating Factor (WARF): 3044

Weighted Average Spread (WAS): 3.55%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 44.3%

Weighted Average Life (WAL): 8.5 years


GOLDENTREE CLO 5: Moody's Gives (P)B3 Rating on Class F Notes
-------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to Notes to be issued by GoldenTree
Loan Management EUR CLO 5 Designated Activity Company (the
"Issuer"):

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

EUR252,000,000 Class A Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

EUR36,000,000 Class B Senior Secured Floating Rate Notes due 2034,
Assigned (P)Aa2 (sf)

EUR27,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)A2 (sf)

EUR28,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Baa3 (sf)

EUR20,400,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Ba3 (sf)

EUR13,600,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)B3 (sf)

RATINGS RATIONALE

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

The Issuer is a managed cash flow CLO. At least 92.5% of the
portfolio must consist of senior secured obligations and up to 7.5%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 80% ramped as of the closing date and
to comprise of predominantly corporate loans to obligors domiciled
in Western Europe. The remainder of the portfolio will be acquired
during the six month ramp-up period in compliance with the
portfolio guidelines.

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

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A Notes. The
Class X Notes amortise by EUR250K over the payment dates starting
on the 2nd payment date.

In addition to the seven classes of Notes rated by Moody's, the
Issuer will issue EUR22,525,000 Subordinated Notes due 2034 which
are not rated.

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

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

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

Methodology underlying the rating action:

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

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

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

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

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

Par Amount: EUR400 million

Diversity Score: 49(*)

Weighted Average Rating Factor (WARF): 2975

Weighted Average Spread (WAS): 3.40%

Weighted Average Coupon (WAC): 3.50%

Weighted Average Recovery Rate (WARR): 44.5%

Weighted Average Life (WAL): 8.5 years


GOLDENTREE LOAN 5: S&P Gives Prelim. B- Rating on Class F Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to the
class X to F European cash flow CLO notes issued by Goldentree Loan
Management EUR CLO 5 DAC. At closing, the issuer will also issue
unrated subordinated notes.

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

-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

-- The transaction's legal structure, which S&P expects to be
bankruptcy remote.

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

Under the transaction documents, the rated notes will pay quarterly
interest unless there is a frequency switch event. Following this,
the notes will permanently switch to semiannual payment.

The portfolio's reinvestment period will end approximately 4.3
years after closing, and the portfolio's maximum average maturity
date will be eight and a half years after closing.

  Portfolio Benchmarks
                                                       Current
  S&P Global Ratings weighted-average rating factor   2,776.10
  Default rate dispersion                               571.83
  Weighted-average life (years)                           4.89
  Obligor diversity measure                             124.44
  Industry diversity measure                             22.13
  Regional diversity measure                              1.51

  Transaction Key Metrics
                                                       Current
  Total par amount (mil. EUR)                            400.0
  Defaulted assets (mil. EUR)                                0
  Number of performing obligors                            143
  Portfolio weighted-average rating derived
      from S&P's CDO evaluator                             'B'
  'CCC' category rated assets (%)                         2.84
  'AAA' weighted-average recovery (covenanted) (%)       37.11
  Covenanted weighted-average spread (%)                  3.40
  Reference weighted-average coupon (%)                   3.50

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

"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread (3.40%), the
reference weighted-average coupon (3.50%), and the covenanted
weighted-average recovery rates. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

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

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

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

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

S&P notes that the class F notes' available credit enhancement is
lower than other CLOs S&P has rated and that have been recently
issued in Europe. Nevertheless, based on the portfolio's actual
characteristics and additional overlaying factors, including S&P's
long-term corporate default rates and recent economic outlook, S&P
believes this class is able to sustain a steady-state scenario, in
accordance with its criteria. S&P's analysis reflects several
factors, including:

-- S&P's BDR at the 'B-' rating level is 20.1% versus a portfolio
    default rate of 15.5% if S&P was to consider a long-term
    sustainable default rate of 3.1% for a portfolio with a
    weighted-average life of 4.87 years.

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

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

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

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

The transaction securitizes a portfolio of primarily senior secured
leveraged loans and bonds, and is managed by GoldenTree Loan
Management II LP.

S&P said, "In addition to our standard analysis, to provide an
indication of how rising pressures among speculative-grade
corporates could affect our ratings on European CLO transactions,
we have also included the sensitivity of the ratings on the class X
to F notes to five of the 10 hypothetical scenarios we looked at in
our recent publication.

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

S&P Global Ratings believes there remains high, albeit moderating,
uncertainty about the evolution of the coronavirus pandemic and its
economic effects. Vaccine production is ramping up and rollouts are
gathering pace around the world. Widespread immunization, which
will help pave the way for a return to more normal levels of social
and economic activity, looks to be achievable by most developed
economies by the end of the third quarter. However, some emerging
markets may only be able to achieve widespread immunization by
year-end or later. S&P said, "We use these assumptions about
vaccine timing in assessing the economic and credit implications
associated with the pandemic. As the situation evolves, we will
update our assumptions and estimates accordingly."

  Ratings List

  Class   Prelim.    Prelim.    Interest        Credit
          rating     amount     rate            enhancement (%)
                   (mil. EUR)   
  -----   -------  ----------   --------        ---------------
   X      AAA (sf)     2.00     Three/six-month         N/A
                                EURIBOR plus 0.27%
   A      AAA (sf)   252.00     Three/six-month        37.00
                                EURIBOR plus 0.82%
   B      AA (sf      36.00     Three/six-month        28.00
                                EURIBOR plus 1.30%
   C      A (sf)      27.00     Three/six-month        21.25
                                EURIBOR plus 2.05%
   D      BBB (sf)    28.00     Three/six-month        14.25
                                EURIBOR plus 3.30%
   E      BB- (sf)    20.40     Three/six-month         9.15  
                                EURIBOR plus 5.25%
   F      B- (sf)     13.60     Three/six-month         5.75
                                EURIBOR plus 7.50%
   Sub. notes NR      22.525    N/A                      N/A

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



HARVEST CLO XVI: Fitch Assigns Final B- Rating on F-R Notes
-----------------------------------------------------------
Fitch Ratings has assigned Harvest CLO XVI DAC's refinancing notes
final ratings and affirmed the others. It has also revised the
Outlook on the sub-investment grade notes to Stable from Outlook
Negative.

       DEBT                    RATING              PRIOR
       ----                    ------              -----
Harvest CLO XVI DAC

A-RR XS2304366227      LT  AAAsf   New Rating    AAA(EXP)sf
B-1-RR XS2304367035    LT  AAsf    New Rating    AA(EXP)sf
B-2-RR XS2304367894    LT  AAsf    New Rating    AA(EXP)sf
C-RR XS2304368603      LT  Asf     New Rating    A(EXP)sf
D-RR XS2304373439      LT  BBB-sf  New Rating    BBB-(EXP)sf
E-R XS1890819011       LT  BB-sf   Affirmed      BB-sf
F-R XS1890817585       LT  B-sf    Affirmed      B-sf

TRANSACTION SUMMARY

Harvest CLO XVI DAC is a securitisation of mainly senior secured
loans (at least 90%) with a component of senior unsecured,
mezzanine and second-lien loans. Net proceeds from the refinancing
notes are being used to redeem the old notes. The refinanced CLO
envisages a further two-year reinvestment period ending in
April-2023 and a 7.13-year weighted average life (WAL).

KEY RATING DRIVERS

'B'/'B-' Portfolio Credit Quality

Fitch places the average credit quality of obligors in the 'B'/'B-'
range. As of 27 February 2021, the Fitch calculated weighted
average rating factor of the current portfolio is 35.3.

Recovery Inconsistent with Criteria (Negative)

Over 98% of 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 calculated weighted average recovery rate (WARR) of the
portfolio based on Fitch's current criteria is 62.74% and based on
recovery rate provision in the transaction documents it is 64.23%.
The latter is above the trustee reported WARR covenant of 64%.

As the recovery rate provision does not reflect the latest rating
criteria, the assets without recovery estimate or recovery rate by
Fitch can map to a higher recovery rate than in Fitch's current
criteria. In order to factor in this difference, Fitch has applied
a stress on the breakeven WARR of 1.5%, which is in line with the
average impact on the WARR of EMEA CLOs following the criteria
update.

Diversified Asset Portfolio

The transaction has a Fitch test matrix corresponding to maximum
exposure to the top 10 obligors at 20% and maximum fixed assets
limited at 10% of the portfolio. The transaction also includes
limits on the Fitch-defined largest industry at a covenanted
maximum 17.5% and the three largest industries at 40.00%. These
covenants ensure that the asset portfolio will not be exposed to
excessive concentration.

Portfolio Management:

On the refinancing date, the issuer has extended the WAL covenant
by one year to 7.13 years and the Fitch test matrix has been
updated. The transaction features a further two-year reinvestment
period. The reinvestment criterion is similar to 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.

Affirmation of Junior Notes

The affirmation of the junior notes with Stable Outlooks reflect
the transaction's stable performance. As per the trustee report
dated 29 January 2021, the transaction is below par by 149bp only.
All the coverage tests, Fitch related collateral quality test and
portfolio profile test, except for the Fitch 'CCC' limit test are
passing. The trustee-reported exposure to assets with a
Fitch-derived rating of 'CCC' is at 9.2% compared with the limit of
7.5%.

When analysing the updated matrix with the stress portfolio, the
class E and F notes showed a maximum breakeven default shortfall of
0.78% and 1.45%, respectively. Fitch accepted these shortfalls as
the current ratings are supported by their credit enhancement
levels, as well as the significant default cushion on the current
portfolio due to the notable cushion between the covenants of the
transaction and the portfolio's parameters. The notes pass the
current ratings with a significant cushion based on the current
portfolio and the coronavirus sensitivity analysis that is used for
surveillance.

Resilience to Coronavirus Stress

The Stable Outlooks the on investment-grade notes, and the revision
of the Outlooks on the class E and F notes to Stable from Negative
reflect the default rate cushion under the sensitivity analysis
Fitch ran in light of the coronavirus pandemic. Fitch has recently
updated its CLO coronavirus pandemic stress scenario to assume half
of the corporate exposure on the Negative Outlook is downgraded by
one notch instead of 100%.

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-RR notes, which are already at the highest 'AAAsf' rating
    and cannot be upgraded.

-- 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.

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

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

-- Downgrades may occur if the built 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 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 downside sensitivity
incorporates a single-notch downgrade to all Fitch-derived ratings
on Negative Outlook. All tranches show resilience to this scenario
at current rating levels.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Harvest CLO XVI DAC

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

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

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

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


HARVEST CLO XVI: Moody's Affirms B2 Rating on Class F-R Notes
-------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued by Harvest
CLO XVI DAC (the "Issuer"):

EUR273,000,000 Class A-R Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aaa (sf)

EUR22,000,000 Class B-1-R Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aa2 (sf)

EUR20,000,000 Class B-2-R Senior Secured Fixed Rate Notes due
2031, Definitive Rating Assigned Aa2 (sf)

EUR31,000,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned A2 (sf)

EUR27,000,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned Baa3 (sf)

At the same time, Moody's affirmed the outstanding notes which have
not been refinanced:

EUR24,000,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on Sep 18, 2020
Confirmed at Ba2 (sf)

EUR12,500,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed B2 (sf); previously on Sep 18, 2020
Confirmed at B2 (sf)

RATINGS RATIONALE

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

Moody's rating affirmation of the Class E-R Notes and Class F-R
Notes are a result of the refinancing, which has no impact on the
ratings of the notes.

The Issuer issued the refinancing notes in connection with the
refinancing of the following classes of notes: Class A-R Notes,
Class B-1-R Notes, Class B-2-R Notes, Class C-R Notes and Class D-R
Notes due 2031 (the "2018 Refinancing Notes"), previously issued on
September 18, 2018 (the "2018 Refinancing Date"). On the
refinancing date, the Issuer will use the proceeds from the
issuance of the refinancing notes to redeem in full the 2018
Refinancing Notes. The Issuer also issued EUR24 million Class E-R
Notes and EUR12.5 million Class F-R Notes on the 2018 Refinancing
Date and EUR45 million Subordinated Notes on the original closing
date on September 14, 2016, all of which will remain outstanding.

As part of this refinancing, the Issuer will extend the weighted
average life by 12 months to 7.3 years. It has also amended certain
definitions and minor features. In addition, the Issuer has amended
the base matrix and modifiers that Moody's has taken into account
for the assignment of the definitive ratings.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans. The portfolio is fully ramped up as of the closing date and
to be comprised predominantly of corporate loans to obligors
domiciled in Western Europe.

Investcorp Credit Management EU Limited will manage the CLO. It
will direct the selection, acquisition and disposition of
collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
reinvestment period which will end in April 2023. Thereafter,
subject to certain restrictions, purchases are permitted using
principal proceeds from unscheduled principal payments and proceeds
from sales of credit risk obligations.

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

The coronavirus pandemic has had a significant impact on economic
activity. Although global economies have shown a remarkable degree
of resilience to date and are returning to growth, the uneven
effects on individual businesses, sectors and regions will continue
throughout 2021 and will endure as a challenge to the world's
economies well beyond the end of the year. While persistent virus
fears remain the main risk for a recovery in demand, the economy
will recover faster if vaccines and further fiscal and monetary
policy responses bring forward a normalization of activity. As a
result, there is a heightened degree of uncertainty around Moody's
forecasts. Moody's analysis has considered the effect on the
performance of corporate assets from a gradual and unbalanced
recovery in European economic activity.

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

Methodology Underlying the Rating Action:

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

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

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

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

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

Performing par and principal proceeds balance: EUR431.5 million

Defaulted Par: EUR5.6 million as of January 14, 2021

Diversity Score: 55

Weighted Average Rating Factor (WARF): 3299

Weighted Average Spread (WAS): 3.6%

Weighted Average Recovery Rate (WARR): 44.0%

Weighted Average Life (WAL): 7.3 years


INVESCO EURO CLO I: Fitch Affirms Final 'B-' Rating on F Notes
--------------------------------------------------------------
Fitch Ratings has assigned Invesco Euro CLO I DAC's refinancing
notes final ratings and affirmed the existing junior notes.

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

A-1R XS2301385915     LT  AAAsf   New Rating     AAA(EXP)sf
A-2R XS2301386566     LT  AAAsf   New Rating     AAA(EXP)sf
B-R XS2301387291      LT  AAsf    New Rating     AA(EXP)sf
C-R XS2301387887      LT  Asf     New Rating     A(EXP)sf
D-R XS2301388422      LT  BBB-sf  New Rating     BBB-(EXP)sf
E XS1911621701        LT  BBsf    Affirmed       BBsf
F XS1911622188        LT  B-sf    Affirmed       B-sf

TRANSACTION SUMMARY

Invesco Euro CLO I DAC is a cash flow collateralised loan
obligation (CLO). The proceeds of this issuance will be used to
redeem the old notes, with a new identified portfolio comprising
the existing portfolio, as modified by sales and purchases
conducted by the manager. The portfolio is managed by Invesco
European RR L.P. The refinanced CLO envisages a further two-year
reinvestment period and a 7.33-year weighted average life (WAL).

KEY RATING DRIVERS

'B' Portfolio Credit Quality: Fitch places the average credit
quality of obligors in the 'B' range. The Fitch-weighted average
rating factor (WARF) of the current portfolio is 33.51.

High Recovery Expectations: At least 90% of 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)
calculation will be updated as per Fitch's latest criteria. The
updated WARR as of 2 March 2021 is 63.84.

Diversified Asset Portfolio: The transaction has two matrices
corresponding to two 10 largest obligors at 18% and 26.5% of the
portfolio balance. The transaction also includes limits on the
Fitch-defined largest industry at a covenanted maximum 17.5% and
the three largest industries at 40%. These covenants ensure that
the asset portfolio will not be exposed to excessive
concentration.

Portfolio Management: On the refinancing date, the issuer extended
the WAL covenant by one year to 7.33 years and the Fitch matrix has
been updated. The transaction features a two-year reinvestment
period. The reinvestment criterion is similar to 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.

Affirmation of Junior Notes: The affirmation of the junior notes
with Stable Outlooks reflect the transaction's good performance.
The transaction is 35bp above par with no defaulted assets. The
coverage test, collateral quality test and portfolio profile test
are passing. As per 2 March 2021, exposure to assets with a
Fitch-derived rating of 'CCC+' was 7.94%, slightly above the limit
of 7.50%.

When analysing the updated matrices with the stress portfolio, the
class E and F notes showed a maximum shortfall of 1.5% and 3.0% in
the hurdle rates, respectively. The current ratings are supported
by their credit enhancement, as well as the significant default
cushion on the identified portfolio due to the notable cushion
between the covenants of the transaction and the portfolio's
parameters. The notes pass the current ratings with a significant
cushion based on the current portfolio and the coronavirus
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 four notches depending on the notes. Except for the class
    A-R notes, which are already at the highest 'AAAsf' rating and
    cannot be upgraded, upgrades may occur in case of better than
    expected portfolio credit quality and deal performance,
    leading to higher credit enhancement and excess spread
    available to cover for losses on the remaining portfolio.

-- If the asset prepayment is faster than expected and outweighs
    the negative pressure of the portfolio migration, this could
    increase credit enhancement and put upgrade pressure on the
    non-'AAAsf' rated notes.

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

-- An increase of the RDR at all rating levels by 25% of the mean
    RDR and a decrease of the RRR by 25% at all rating levels will
    result in downgrades of no more than four notches depending on
    the notes. Downgrades may occur if the build-up of credit
    enhancement following amortisation does not compensate for a
    larger loss expectation than initially assumed due to
    unexpectedly high level of default and portfolio
    deterioration.

-- As the disruptions to supply and demand due to Covid-19 become
    apparent for other vulnerable sectors, loan ratings in those
    sectors would also come under pressure. Fitch will update the
    sensitivity scenarios in line with the view of its Leveraged
    Finance team.

Coronavirus 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.

Coronavirus Potential Severe Downside Stress Scenario

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

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Invesco Euro CLO I DAC

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

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

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

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


RRE 6 LOAN: S&P Assigns BB- Rating on EUR16MM Class D Notes
-----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to RRE 6 Loan
Management DAC's class A to D notes. The issuer also issued unrated
subordinated notes.

This is a European cash flow CLO transaction, securitizing a
portfolio of primarily senior secured leveraged loans and bonds.
The transaction is managed by Redding Ridge Asset Management (UK)
LLP.

The ratings assigned the notes reflect S&P's assessment of:

-- The diversified collateral pool, which consists primarily of
    broadly syndicated speculative-grade senior secured term
    loans and bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
    cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect
    the performance of the rated notes through collateral
    selection, ongoing portfolio management, and trading.

-- The transaction's legal structure, which is bankruptcy remote.

-- The transaction's counterparty risks, which are in line with
    S&P's counterparty rating framework.

Under the transaction documents, the rated notes pay quarterly
interest unless there is a frequency switch event. Following this,
the notes will permanently switch to semiannual payment.

The portfolio's reinvestment period ends approximately four years
after closing, and the portfolio's maximum average maturity date is
nine years after closing.

  Portfolio Benchmarks
                                                       Current
  S&P Global Ratings weighted-average rating factor   2,931.95
  Default rate dispersion                               499.27
  Weighted-average life (years)                           5.18
  Obligor diversity measure                              99.85
  Industry diversity measure                             20.85
  Regional diversity measure                              1.28

  Transaction Key Metrics
                                                       Current
  Total par amount (mil. EUR)                              400
  Defaulted assets (mil. EUR)                                0
  Number of performing obligors                            124
  Portfolio weighted-average rating
    derived from S&P's CDO evaluator                       'B'
  'CCC' category rated assets (%)                         5.74
  'AAA' actual weighted-average recovery (%)             36.81
  Covenanted weighted-average spread (%)                  3.74
  Reference weighted-average coupon (%)                      5

Workout obligations

Under the transaction documents, the issuer may purchase debt and
non-debt assets of an existing borrower offered in connection with
a workout, restructuring, or bankruptcy (workout obligations), to
maximize the overall recovery prospects on the borrower's
obligations held by the issuer.

The transaction documents limit the CLO's exposure to workout
obligations quarterly, and on a cumulative basis, may not exceed
10% of target par if purchased with principal proceeds.

The issuer may only purchase workout obligations provided the
following are satisfied:

-- Using principal proceeds or amounts designated as principal
proceeds, provided that

-- The obligation is a debt obligation,

-- It is pari passu or senior to the obligation already held by
the issuer,

-- Its maturity date falls before the rated notes' maturity date,

-- It is not purchased at a premium, and

-- The class A, B, and C par value tests are satisfied after the
acquisition or the performing portfolio balance exceeds the
reinvestment target par balance.

Using interest proceeds, provided that

-- The class C interest coverage test is satisfied after the
acquisition, and

-- The manager believes there will be enough interest proceeds on
the following payment date to pay interest on all the rated notes;
and/or

Using amounts standing to the credit of the supplemental reserve
account.

In all instances where principal proceeds or amounts designated as
principal proceeds are used to purchase workout obligations;

-- A zero carrying value is assigned to such workout obligations
until they fully satisfy the eligibility criteria (following which
the obligation will be subject to the same treatment as other
obligations held by the issuer);

-- All and any distributions received from such workout
obligations will be retained as principal and may not be
transferred into any other account; and

-- There may be instances where the transaction limits testing all
par value tests when purchasing workout obligations. As a result,
as part of its analysis, S&P has omitted any benefit received from
the class D par value and interest diversion tests.

The portfolio is well-diversified, primarily comprising broadly
syndicated speculative-grade senior secured term loans and senior
secured bonds. S&P said, "Therefore, we have conducted our credit
and cash flow analysis by applying our criteria for corporate cash
flow CDOs. As such, we have not applied any additional scenario and
sensitivity analysis when assigning ratings to any classes of notes
in this transaction."

S&P said, "In our cash flow analysis, we used the EUR400 million
target par amount, the covenanted weighted-average spread (3.74%),
the reference weighted-average coupon (5.00%), and the covenanted
weighted-average recovery rates as indicated by the collateral
manager. We applied various cash flow stress scenarios, using four
different default patterns, in conjunction with different interest
rate stress scenarios for each liability rating category. Our
credit and cash flow analysis indicates that the available credit
enhancement for the class A-2 to D notes could withstand stresses
commensurate with higher rating levels than those we have assigned.
However, as the CLO will be in its reinvestment phase starting from
closing, during which the transaction's credit risk profile could
deteriorate, we have capped our ratings assigned to the notes."

The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under S&P's current counterparty criteria.

S&P said, "Following the application of our structured finance
sovereign risk criteria, we consider the transaction's exposure to
country risk to be limited at the assigned ratings, as the exposure
to individual sovereigns does not exceed the diversification
thresholds outlined in our criteria.

"We consider that the transaction's legal structure is bankruptcy
remote, in line with our legal criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our assigned ratings
are commensurate with the available credit enhancement for the
class A-1, A-2, B, C, and D notes.

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A-1 to D notes
to five of the 10 hypothetical scenarios we looked at in our
publication."

S&P Global Ratings believes there remains high, albeit moderating,
uncertainty about the evolution of the coronavirus pandemic and its
economic effects. Vaccine production is ramping up and rollouts are
gathering pace around the world. Widespread immunization, which
will help pave the way for a return to more normal levels of social
and economic activity, looks to be achievable by most developed
economies by the end of the third quarter. However, some emerging
markets may only be able to achieve widespread immunization by
year-end or later. S&P said, "We use these assumptions about
vaccine timing in assessing the economic and credit implications
associated with the pandemic. As the situation evolves, we will
update our assumptions and estimates accordingly."

  Ratings Assigned

  Class    Rating*   Balance    Subordination (%)   Interest       

                    (mil. EUR)                       rate§
                               
  A-1      AAA (sf)   240.00      40.00         3/6-month EURIBOR
                                                   plus 0.87%
  A-2      AA (sf)     38.00      30.50         3/6-month EURIBOR
                                                   plus 1.40%
  B        A (sf)      40.00      20.50         3/6-month EURIBOR
                                                   plus 2.30%
  C        BBB- (sf)   26.00      14.00         3/6-month EURIBOR
                                                   plus 3.30%
  D        BB- (sf)    16.00      10.00         3/6-month EURIBOR
                                                   plus 6.25%
  Sub notes   NR       42.00        N/A               N/A

* The ratings assigned to the class A-1, and A-2 notes address
  timely interest and ultimate principal payments. The ratings
  assigned to the class B, C, and D notes address ultimate
  interest and principal payments.
§ The payment frequency switches to semiannual and the index
  switches to six-month EURIBOR when a frequency switch event
  occurs.
NR -- Not rated.
N/A -- Not applicable.
EURIBOR -- Euro Interbank Offered Rate.


ST. PAUL VI: Moody's Gives (P)B3 Rating on Class F-R Notes
----------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to refinancing notes to be issued by
St. Paul's CLO VI DAC (the "Issuer"):

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

EUR27,500,000 Class B-1-R Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)

EUR12,500,000 Class B-2-R Senior Secured Fixed Rate Notes due
2034, Assigned (P)Aa2 (sf)

EUR24,000,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)A2 (sf)

EUR27,000,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Baa3 (sf)

EUR21,000,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Ba3 (sf)

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

RATINGS RATIONALE

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

The Issuer will issue the notes in connection with the refinancing
of the following Classes of notes (the "Original Notes"): Class A-1
Notes, Class A-2A Notes, Class A-2B Notes, Class B Notes, Class C
Notes, Class D Notes and Class E Notes due 2030, originally issued
on June 22, 2016 (the "Original Issue Date"). The Class A-1 Notes,
Class A-2A Notes, Class A-2B Notes, Class B Notes, Class C Notes,
Class D Notes and Class E Notes due 2030 were refinanced on August
14, 2018.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be fully ramped up as of the closing date
and to comprise of predominantly corporate loans to obligors
domiciled in Western Europe.

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

In addition to the 7 classes of notes rated by Moody's, the Issuer
will issue EUR3,400,000 of Additional Subordinated Notes which are
not rated. On the Original Issue Date, the Issuer also issued
EUR42,300,000 of Subordinated Notes, which will remain
outstanding.

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

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

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

Methodology underlying the rating action:

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

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

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

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

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

Par Amount: EUR400,000,000

Diversity Score: 54

Weighted Average Rating Factor (WARF): 3075

Weighted Average Spread (WAS): 3.60%

Weighted Average Coupon (WAC): 3.75%

Weighted Average Recovery Rate (WARR): 43.50%

Weighted Average Life (WAL): 8.5 years




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

[*] Fitch Takes Action on Sestante RMBS & Then Withdraws Ratings
----------------------------------------------------------------
Fitch Ratings has taken rating actions on four Sestante Finance
transactions and subsequently withdrawn the ratings.

The rating action follows the failure of Commerzbank AG as swap
counterparty to take remedial action as envisaged by the
transactions' documents following the withdrawal of its rating on
March 4, 2021 for commercial reasons.

         DEBT                   RATING             PRIOR
         ----                   ------             -----
Sestante Finance S.r.l. - 4

Class A2 IT0004158157    LT  BBB-sf   Affirmed     BBB-sf
Class A2 IT0004158157    LT  WDsf     Withdrawn    BBB-sf
Class B IT0004158165     LT  CCsf     Affirmed     CCsf
Class B IT0004158165     LT  WDsf     Withdrawn    CCsf
Class C1 IT0004158249    LT  Csf      Affirmed     Csf
Class C1 IT0004158249    LT  WDsf     Withdrawn    Csf
Class C2 IT0004158264    LT  Csf      Affirmed     Csf
Class C2 IT0004158264    LT  WDsf     Withdrawn    Csf

Sestante Finance 2 S.r.l.

Class A IT0003760136     LT  AA-sf    Affirmed     AA-sf
Class A IT0003760136     LT  WDsf     Withdrawn    AA-sf
Class B IT0003760193     LT  BBB+sf   Affirmed     BBB+sf
Class B IT0003760193     LT  WDsf     Withdrawn    BBB+sf
Class C1 IT0003760227    LT  BB-sf    Affirmed     BB-sf
Class C1 IT0003760227    LT  WDsf     Withdrawn    BB-sf
Class C2 IT0003760243    LT  B+sf     Affirmed     B+sf
Class C2 IT0003760243    LT  WDsf     Withdrawn    B+sf

Sestante Finance S.r.l

Class A1 IT0003604789    LT  AA-sf    Affirmed     AA-sf
Class A1 IT0003604789    LT  WDsf     Withdrawn    AA-sf
Class B IT0003604839     LT  AA-sf    Affirmed     AA-sf
Class B IT0003604839     LT  WDsf     Withdrawn    AA-sf
Class C IT0003604854     LT  BBB+sf   Downgrade    AA-sf
Class C IT0003604854     LT  WDsf     Withdrawn    AA-sf

Sestante Finance S.r.l. – 3

Class A IT0003937452     LT  BBB+sf   Downgrade    Asf
Class A IT0003937452     LT  WDsf     Withdrawn    Asf
Class B IT0003937486     LT  Bsf      Affirmed     Bsf
Class B IT0003937486     LT  WDsf     Withdrawn    Bsf
Class C1 IT0003937510    LT  Csf      Affirmed     Csf
Class C1 IT0003937510    LT  WDsf     Withdrawn    Csf
Class C2 IT0003937569    LT  Csf      Affirmed     Csf
Class C2 IT0003937569    LT  WDsf     Withdrawn    Csf

TRANSACTION SUMMARY

Sestante Finance S.r.l. (SF1), Sestante Finance S.r.l. 2 (SF2),
Sestante Finance S.r.l. 3 (SF3) and Sestante Finance S.r.l. 4 (SF4)
were originated by Meliorbanca (part of the BPER Banca banking
group, BB/Stable/B) and are serviced by Italfondiario as master
servicer (MS2+) and doValue as primary and special servicer
(RPS2+/RSS1-).

Following confirmation from the issuers' agent that the swap
counterparty is not going to take remedial action, Fitch can no
longer de-link the rating of the notes from the swap counterparty's
rating. As Fitch no longer rate the swap counterparty, Fitch can no
longer maintain ratings on the notes.

KEY RATING DRIVERS

Swap Counterparty No Longer Eligible

Following Fitch's withdrawal of Commerzbank AG's ratings, the swap
counterparty is no longer eligible according to the transaction
documents. The transaction documents envisage swap counterparty
replacement or third-party guarantee as corresponding remedial
action, but Fitch understands that no action is going to be
implemented.

Failure by the swap counterparty to take remedial action
constitutes an additional termination event under the swap
agreement, giving the SPV issuers the right to terminate the swap
agreement itself, usually with a view to seek a replacement swap
counterparty (which in principle should be made possible by the
availability of the collateral posted by the current swap
counterparty). However, Fitch also understands that the SPV issuers
are not going to terminate the swap agreements.

Ratings Cannot be De-linked From Swap Counterparty

In addition to hedging interest rate risk, the swap counterparty
also provides credit enhancement as it guarantees a certain amount
of excess spread in addition to the interest amount due on the
collateralised notes, and it also pays part of the senior servicing
fees. Moreover, the collateral portfolios include a material
percentage of floating rate loans, ranging from 12.1% (SF4) to
18.1% (SF2), whose borrowers have the option to switch to fixed
rate every three years.

Following confirmation from the issuers' agent that the swap
counterparty is not going to take remedial action, Fitch can no
longer de-link the rating of the notes from the swap counterparty's
rating. As Fitch no longer rate the swap counterparty, Fitch can no
longer maintain ratings on the notes.

Use of SF3 Liquidity Line Non-Compliant

According to the transaction documents, SF3's liquidity facility
(LF) should be used to cover interest shortfalls on the mezzanine
notes regardless of any cumulative default trigger breach. However,
this is currently not the case as interest on the class C notes
remains unpaid despite the availability of the LF. Fitch
acknowledges that the current use of the LF is more protective for
the senior tranche, but it rates and maintains its ratings in
accordance with legal documentation, and the current analysis has
been run accordingly.

Highest Ratings at Sovereign Cap

The cap applied to Italian SF transactions constrains the highest
rating of the notes at 'AA-sf', whose Stable Outlook reflects that
on the sovereign rating (BBB-/Stable).

SF3 has an ESG Relevance Score of '5' for Governance due to the
ambiguity surrounding the current use of the liquidity facility,
which is not fully consistent with the transaction documents, and
this has a negative impact on the credit profile and is highly
relevant to the rating, resulting in a lower rating for the class A
notes.

RATING SENSITIVITIES

Not applicable.

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 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. Overall, 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.

ESG CONSIDERATIONS

Sestante Finance S.r.l. - 3: Transaction & Collateral Structure:
'5'

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.

Following the withdrawal of ratings for Sestante Finance, Fitch
will no longer provide the associated ESG Relevance Scores.




===================
M O N T E N E G R O
===================

MONTENEGRO: S&P Cuts Sovereign Credit Ratings to B, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings, on March 5, 2021, lowered its long-term foreign
and local currency sovereign credit ratings on Montenegro to 'B'
from 'B+'. At the same time, the short-term foreign and local
currency sovereign credit ratings were affirmed at 'B'. The outlook
is stable.

Outlook

The stable outlook reflects S&P's view that, despite the erosion of
Montenegro's fiscal space from the pandemic, there are no immediate
pressures from higher debt levels over the next 12 months.
Montenegro has accumulated sizable cash buffers through prefunding
and we estimate that these are enough to cover all upcoming
government debt payments in 2021. The stable outlook also assumes
that successful vaccine distribution in Montenegro and in Europe in
2021 will allow for a gradual re-opening of Montenegro's tourism
industry, which should support economic recovery over the medium
term.

Downside scenario

S&P said, "The ratings could come under pressure if Montenegro's
economy does not rebound as we expect over 2021-2022, in turn
further straining the already weak fiscal position. We could also
lower the ratings if the fiscal position continues to deteriorate
for other reasons, resulting in net general government debt
continuing to rise in contrast with our current expectations that
it will stabilize at under 80% of GDP. This could be the case if
the government is unable to control current spending over the
medium term or undertakes large additional debt-financed projects.
That said, we currently view imminent pressures on Montenegro's
debt sustainability as unlikely."

Upside scenario

S&P could raise the ratings if Montenegro's fiscal prospects
improve compared with its baseline expectations. This could be the
case if the tourism sector stages a faster comeback and underpins
higher growth, in turn supporting Montenegro's budgetary
performance and balance-of-payments position.

Rationale

Montenegro's tourism-dependent economy has been hit hard by the
COVID-19 pandemic and related containment measures. S&P said, "With
tourist arrivals down 80% year on year in 2020, we estimate the
economy contracted by 15.5%. In parallel, we estimate that
Montenegro's current account deficit surpassed 25% GDP on account
of the associated collapse in service receipts."

S&P said, "We believe the fallout from the COVID-19 pandemic has
caused lasting damage to Montenegro's already weak fiscal position.
We now estimate that Montenegro's net general government debt will
average just under 80% of GDP over the medium term, which is almost
20 percentage points higher than our pre-pandemic projections. We
consider this level elevated, particularly given the lack of
monetary policy flexibility stemming from the unilateral adoption
of the euro.

"We estimate that Montenegro's general government deficit amounted
to 10.5% of GDP last year but should gradually reduce toward 3% of
GDP in 2023. Even so, there are risks that the authorities might
not be able to control the level of current spending, given a
history of lax spending control and especially the heterogeneous
nature of the new governing coalition and its slim parliamentary
majority."

Positively, through pre-funding the authorities have accumulated
substantial cash buffers, which we estimate at 27% of GDP at
year-end 2020. These mainly stem from a successful EUR750 million
Eurobond placement in December 2020 and are enough to cover all
upcoming debt payments in 2021.

The COVID-19 pandemic has triggered an economic shock that is more
pronounced in tourism-dependent countries like Montenegro, with the
country's important tourism sector largely at a standstill over
most of 2020. The loss of tourism revenue has worsened an already
strained external position, resulting in a material loss of
economic output and significant fiscal damage. The country's high
fiscal debt burden limits its ability to absorb shocks, in
particular because Montenegro's currency regime limits monetary
policy flexibility.

Institutional and economic profile: Only partial recovery following
a large 15.5% economic contraction in 2020

-- S&P estimates that Montenegro's GDP contracted 15.5% in 2020
    as tourist arrivals almost dried up.

-- S&P believes the strength of the country's economic rebound
    is subject to numerous risks as the pandemic lingers, while
    the domestic vaccination program is off to a slow start.

-- The August 2020 elections ended the Democratic Party of
    Socialists' (DPS') three-decade rule, bringing a new diverse
    coalition of parties with a slim parliamentary majority into
    power.

S&P said, "We estimate Montenegro's economy contracted by 15.5% in
2020, with output suffering from substantially diminished
service-industry-related activity due to social-distancing measures
and closed borders. Notably, given Montenegro's tourism sector
accounts for an estimated 30% of GDP and 40% of current account
receipts, the COVID-19 pandemic has exposed the economy's
vulnerability to external developments."

In S&P's view, Montenegro has only limited policy headroom to
offset the economic effects of COVID-19. The country has no
monetary flexibility because it has unilaterally adopted the euro,
while fiscal space has been eroding in recent years, partly due to
the ongoing debt-financed construction of a highway to link the
coastal port of Bar with the Serbian border. The cost of the first
section has added about 20% of GDP to debt over the past three
years. The timeframe and financing arrangements for the additional
sections of the highway in the current environment are even more
uncertain given the country's strained fiscal stance.

Positively, while tourism remained mostly absent in 2020, foreign
direct investment (FDI) inflows were unexpectedly positive. In
particular, FDI flows into the utility and real estate sectors
remained dynamic, with inward FDI at about 10% of GDP -- supporting
several ongoing hospitality-related projects alongside investment
in energy transition to solar and wind power generation.
Furthermore, an uninterrupted flow of remittances, at about 7% of
GDP in 2020, supported current account receipts.

S&P said, "We expect the pace of economic recovery in Montenegro to
be only gradual. We forecast that Montenegro's economy will expand
by 6% in 2021 and return to 2019 levels of output in real terms
only in 2024. The forecast remains sensitive to the uncertain
situation regarding the pandemic and the risk of fresh containment
measures and possible delays in vaccination roll-out." In
particular, success in administering immunization programs, both
domestically and abroad, will determine the extent to which
Montenegro's economy can re-open for the important upcoming summer
tourist season.

The parliamentary election, held on Aug. 30, 2020, brought an end
to the longstanding parliamentary rule of the DPS. Instead a
three-block coalition, the blocks in themselves coalitions, was
formed in the election aftermath. Even though the three blocks are
united in their opposition to the DPS, they hold diverging views on
a range of policy priorities and have instated a technocratic
government to overcome partisan politics. Although the coalition
government has voiced plans to streamline public administration and
enhance transparency of budgetary allocation, execution could prove
difficult amid existing power structures and vested interests.

S&P said, "Given its fragmented nature and diverging policy views,
together with its thin majority in parliament, we believe the
current coalition could prove unstable. The new government is yet
to release its 2021 budget and concretize its economic policy
objectives, including the outline of a budgetary consolidation
agenda. Currently, the government is executing the 2021 budget on a
temporary financing basis expected to last at least through
first-quarter 2021.

"In our view, overall, Montenegro's institutions can be
characterized as developing. We consider that the orderly power
transfer in the aftermath of the 2020 parliamentary elections
represents an important precedent. That said, instances of
corruption and irregular adherence to rule of law have been
reported in the past and we believe they will continue to hamper
the business environment. Still, Montenegro's institutional setting
benefits from the country's status as an EU candidate. Reforms
implemented as part of the accession negotiations have the
potential to strengthen the country's policy frameworks and align
Montenegro with the EU's Acquis Communautaire. The incumbent
government has reiterated its commitment to Montenegro's EU path
following the election."

S&P considers Montenegro's plan for EU accession in 2025 as
optimistic. This is because S&P believes both domestic developments
and Euroscepticism among the existing member states could hamper
the process, since -- under EU rules -- member states will
ultimately have to unanimously approve Montenegro's membership
bid.

Flexibility and performance profile: A surge in public debt has
eroded policy space, especially given the lack of independent
monetary policy

-- S&P assesses the pandemic fallout as having caused lasting
    damage to Montenegro's public finances, since net general
    government debt exceeds 80% of GDP in 2020-2021.

-- Balance-of-payments vulnerabilities remain elevated given
    the current account deficit reached almost 26% of GDP in
    2020, while monetary flexibility is almost nonexistent.

-- The placement of a EUR750 million Eurobond in December
    2020 reduces short-term refinancing concerns.

S&P estimates that Montenegro's general government deficit reached
10.5% of GDP in 2020 due to a marked decline in government revenue
alongside discretionary spending initiatives. Through 2020, the
government deployed four fiscal support packages aimed at helping
households and the private sector survive COVID-19-induced
liquidity pressure. The chief measure includes the securing of 70%
of wages for all registered employees in sectors that had to close
due to the pandemic-related lockdown.

Montenegro's 2021 budget execution is on a temporary financing
basis for the first quarter, and as such budgetary allocations are
equivalent to those in 2020, while awaiting the finalization of the
new administration's budget plan and medium economic priorities.
S&P said, "We anticipate that the government will aspire to
consolidate its weakened fiscal position but forecast the fragility
of the economic recovery will require substantial fiscal support in
2021. Consequently, we forecast the fiscal deficit will reach 7% of
GDP this year, gradually tightening toward 3% of GDP in 2023,
supported by the rebounding economy and the government's
consolidation efforts."

In turn, S&P now forecasts Montenegro's net general government debt
will reach 82% of GDP in 2021, up from 58% in 2019, adding pressure
to its already constrained fiscal position. As the government
increasingly relies on net borrowing from the rest of the world,
the sustainability of Montenegro's external financing is
increasingly a function of the public sector's access to external
capital markets. A sudden loss of access to foreign financing
(which we currently do not project) would not only create a fiscal
cliff for public finances, but also likely drain foreign reserve
levels, and tighten overall financial conditions in a euroized
economy that lacks a lender of last resort.

Montenegro's government debt is primarily owed to foreign
creditors, with only a limited amount of domestic securities
issued. Associated risks are partially mitigated by the fact that
about 40% of government external debt is to official lenders under
generally favorable conditions. However, the debt-redemption
profile remains rather uneven, which is a function of the small
size of the government budget and Montenegro's economy. Authorities
issue benchmark-size instruments that are comparatively large as a
percentage of GDP, meaning repayments are high for those years with
Eurobond maturities.

S&P said, "We consider that Montenegro's favorable relationship
with the international financial institutions and its currently
ample liquidity are keeping short-term pressures in check in the
context of its widening financing needs. The proceeds of a Eurobond
issuance in December 2020 increased the government's cash position
to 27.5% of GDP at year-end 2020. We expect this will cover
borrowing needs for 2021, which include a EUR227 million Eurobond
redemption in March 2021. We also note that despite higher
leverage, Montenegro's interest expenditures will remain more
contained, averaging about 6% of government revenue through 2024."

Montenegro also remains vulnerable to balance-of-payment risks,
with a large net external liability position and persistent current
account deficits. Historically, the economy has relied
substantially on net inflows of foreign FDI into tourism and
associated real estate. S&P said, "We observe that FDI flows showed
resilience in 2020, with inward FDI in the region of 10% of GDP,
supporting ongoing investments, particularly within the utility
sector. In our base-case scenario, we expect FDI to be the key
driver in Montenegro's import bill, supporting the resumption of
several ongoing hospitality projects. We expect FDI will average
10% of GDP annually in 2021-2023, broadly in line with historical
trends, fueling rising imports. With current account receipts from
tourism only gradually returning to 2019 levels, we estimate that
the country's current account deficit will remain elevated at about
20% of GDP in 2021-2023, moving toward its historical average of
about 15% of GDP during the latter part of the forecast horizon."
As a response to COVID-19, the Central Bank of Montenegro extended
a 90-day loan payment moratorium to borrowers affected by
containment measures. Montenegro's unilateral adoption of the euro,
however, prevents its central bank from setting interest rates and
controlling the money supply, and restricts its ability to act as a
lender of last resort. Although the central bank has some options
to provide liquidity support to domestic banks, in S&P's view, its
inability to create additional liquidity in a stress scenario
effectively prevents it from fulfilling the function of lender of
last resort.

S&P said, "We also consider that the aftermath of the COVID-19
pandemic could pose risks for the country's banks, for instance, if
asset quality notably deteriorates when various support schemes are
gradually phased out. Positively, Montenegro's banking system has
entered the pandemic in a relatively strong position, with solid
capital levels, nonperforming loans (NPLs) at a low 5%, and ample
liquidity. The system is dominated by subsidiaries of foreign
banking groups, which typically have financial positions exceeding
those of solely domestic banking groups. In December 2020 the two
largest banks, CKB and Podgoricka Banka, completed their
anticipated merger, with the combined entity now accounting for
about 40% of sector assets. The banking system is largely funded by
domestic deposits providing some stability.

"We have so far observed no notable deposit flight and in our
base-case scenario we expect the situation will remain stable. We
still anticipate an increase in the level of NPLs as households and
corporates are affected by the economic fallout of the pandemic."
The rise in NPLs is likely to be felt with a lag as fiscal support
and loan moratoria are phased out. The central bank is in the
process of preparing an asset-quality review for all 13 banks with
the results due to be published by April 2021.

Environmental, social, and governance (ESG) factors relevant to the
rating action:

-- Health and safety

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  Downgraded; Ratings Affirmed  
                                To           From

  Montenegro
  Sovereign Credit Rating    B/Stable/B   B+/Negative/B
  Senior Unsecured              B             B+
  Transfer & Convertibility Assessment      AAA




===========
P O L A N D
===========

CYFROWY POLSAT: S&P Affirms 'BB+' ICR, Outlook Positive
-------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' rating on Polish telecom
Cyfrowy Polsat.

On Feb. 26, 2021, Cyfrowy Polsat announced that is has agreed to
sell Polkomtel Infrastruktura to Cellnex Telecom for Polish zloty
(PLN) 7.1 billion (EUR1.6 billion). The transaction is expected to
close by end-October 2021.

The outlook remains positive, reflecting the possibility of an
upgrade if, when the transaction closes, adjusted debt to EBITDA
declines to sustainably below 3.0x and free operating cash flow
(FOCF) to debt approaches 15%. An upgrade would also depend on its
view of the impact on the company's competitive position and FOCF
prospects following the sale of both its passive and active
infrastructure.

The infrastructure sale creates an opportunity for leverage
reduction but the impact is uncertain at this stage.

On May 25, 2020, Cyfrowy's shareholders passed a resolution for the
board to run the business in such a way that the group's net
leverage is less than 2.0x by the end of 2024. S&P said, "We view
the sale of Polkomtel Infrastruktura as an opportunity to execute
on that strategy. While the extent to which the PLN7.1 billion of
proceeds will be used for debt reduction is as yet unknown, we
think they could also be partly used for acquisitions and
additional dividend payments. We also believe that the MSA, which
is for 25 years, could have a big effect on leverage. This depends
on the contractual nature of future payments to Cellnex under the
MSA and our treatment of these payments, whether expensed or
capitalized. We continue to expect spectrum and license payments of
PLN1.6 billion-PLN1.7 billion over 2021-2022."

At this stage, S&P thinks selling Polkomtel Infrastruktura to
Cellnex Telecom will modestly weaken Cyfrowy's business risk
profile.

Compared with peers that maintain full ownership and control, the
sale creates a steady stream of cash outflows to a third party for
access to a critical asset and it exposes the group to unforeseen
price increases in the long term, at contract renewal. S&P said,
"We believe this is partly offset by the opportunity for both
operating and capital expenditure efficiencies, if more tenants
will cooperate. In addition, we do not think that Cyfrowy's
competitive position will erode significantly, given that its key
competitive advantage is based on its converged offering and
frequencies. However, our final view of the impact on Cyfrowy's
business risk profile will depend on the specific terms of the MSA,
the potential implications for the company's competitive
positioning, and the impact on FOCF prospects."

Sound EBITDA and revenue growth is supported by converged
services.

S&P said, "We expect that Cyfrowy will post low single digit EBITDA
growth in 2021-2022, on a like-for-like basis. Its revenue growth
prospects reflect continued good traction in its multiplay offering
and average revenue per user (ARPU) increases from upselling mobile
data packages. Cyfrowy's multiplay strategy has shown resilience to
the pandemic; the multiplay customer base increased by 5%
year-on-year as of Sept. 30, 2020, while the revenue generating
unit (RGU) per customer rose to 2.72, from 2.58, over the same
period. The multiplay strategy has also had a positive impact on
ARPU (a 2.5% increase) and churn, which stood at a record low of
6.1% in the third quarter of 2020. Furthermore, we expect that
Cyfrowy will be able to upsell its mobile data packages as it
continues to roll out its 5G network. As the 2020 5G auction was
delayed, Cyfrowy is currently the only telecom operator in Poland
able to offer 5G services based on its existing portfolio of
frequencies, and in early January 2021 its network covered 7
million people."

Revenue growth could be further supported by the media segment,
however limited in 2021 due to COVID-19.

Cyfrowy's media segment has strong advertisement growth
opportunities in 2021 (ad revenues are about 10% of total revenues)
given several large events such as the Olympics and the UEFA
European Football Championship. However, S&P remains cautious about
factoring in revenue growth from this segment given the
uncertainties as to whether these events will take place. Although
Cyfrowy's telecom segments remained resilient to the pandemic in
2020, advertising and sponsorship revenue declined by 34.5%
year-on-year in the second quarter. However, the company is already
seeing a strong recovery in this segment, which was flat
year-on-year during the second half of 2020.

S&P said, "Our base case has not materially changed since our last
research update, "Polish Telecom Cyfrowy Polsat 'BB+' Rating
Affirmed On Slow Deleveraging; Outlook Remains Positive," Oct. 9,
2020. However, we are not forecasting credit ratios beyond the
closing of the transaction because at this stage we do not know how
the proceeds will be used, or the specific terms of the MSA.

"The positive outlook indicates that we could upgrade Cyfrowy by
one notch if, after the sale of the infrastructure assets, adjusted
debt to EBITDA declines to sustainably below 3.0x and FOCF to debt
approaches 15%. An upgrade would also depend on our view of the
impact on the company's competitive positioning and FOCF prospects
following the sale of both passive and active infrastructure.

"We could raise the rating if Cyfrowy's adjusted debt to EBITDA
declined to sustainably below 3.0x and FOCF to debt approached 15%.
Rating uplift will ultimately depend on leverage post-closing, to
what extent we will expense or capitalize the costs relating to the
MSA, and our view of the impact on the company's business risk
profile following the sale of both passive and active
infrastructure.

"We could revise the outlook to stable if Cyfrowy's S&P Global
Ratings-adjusted debt to EBITDA remains above 3x, post-closing.
This could occur if the increase in lease liabilities more than
offsets any potential deleveraging from the sale of the
infrastructure assets, or if its business risk profile or operating
performance weaken beyond our expectations."




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

DISTRIBUIDORA INTERNACIONAL: S&P Withdraws 'CCC-' LongTerm ICR
--------------------------------------------------------------
S&P Global Ratings has withdrawn its 'CCC-' long-term issuer credit
ratings on Distribuidora Internacional de Alimentacion S.A. (DIA)
at the company's request. The outlook was negative at the time of
the withdrawal. At the same time, S&P withdrew its 'C' rating on
the company's senior unsecured notes, as well its recovery ratings
of '6' on these debt instruments.

The withdrawal follows DIA's plans to recapitalize and refinance
its capital structure by April 2021. Based on DIA's published press
release, the transaction involves converting the EUR200 million
super senior term loan and EUR300 million notes due April 2021 into
equity, and extending the EUR300 million notes due April 2023 to
June 2026, increasing the coupon to 5% from 0.875%. Under the
proposed transaction, the company expects to amend the EUR973
million syndicated facilities agreement, for example by extending
the maturity to December 2025 and increasing the margin to 325
basis points. Additionally, the transaction involves extending the
maturity of the bilateral loans, and reducing the additional super
senior debt basket.

The refinancing will improve the company's maturity profile,
extending maturities to 2025 or 2026, while reducing net debt by
EUR500 million. However, at the time of the withdrawal the
transaction had not closed.




=====================
S W I T Z E R L A N D
=====================

CEVA LOGISTICS: S&P Hikes LongTerm ICR to 'BB-', Outlook Stable
---------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
CEVA Logistics AG to 'BB-' from 'B+', following the same rating
action on CMA CGM, and the issue rating on CEVA's senior secured
debt to 'BB-' from 'B+'.

S&P said, "The stable outlook is aligned with that on the parent
and reflects our view that the group will maintain its weighted
average S&P Global Ratings-adjusted funds from operations (FFO) to
debt of at least 20%, our threshold for a 'BB-' rating.

"We expect CEVA to outperform our October 2020 base case, with 2021
EBITDA likely exceeding the level achieved in 2020.   We estimate
that the company achieved S&P Global Ratings-adjusted EBITDA of
above $600 million in 2020, compared with $513 million in 2019,
driven by the strength of freight yields (in a context of scarce
air cargo capacity) in the Air division, compensating for the
particularly weak second quarter of 2020 in the Contract Logistics
division as a result of lockdown measures in Europe and the U.S.
Timely cost-containment measures and benefits from the progressing
transformation plan have also contributed to the improvement in
earnings. We forecast that in 2021-2022, CEVA's adjusted EBITDA
will reach an average of $650 million-$750 million, underpinned by
the anticipated recovery in demand for contract logistics services,
normalized freight rates in container shipping, and gains from cost
efficiency and revenue maximization initiatives. Nevertheless, we
think that this improvement in EBITDA will not be sufficient to
turn free operating cash flows (after lease payments and capital
investments) positive in 2021. S&P Global Ratings believes there
remains high, albeit moderating, uncertainty about the evolution of
the coronavirus pandemic and its economic effects. Vaccine
production is ramping up and rollouts are gathering pace around the
world. Widespread immunization, which will help pave the way for a
return to more normal levels of social and economic activity, looks
to be achievable by most developed economies by the end of the
third quarter. However, some emerging markets may only be able to
achieve widespread immunization by year-end or later. We use these
assumptions about vaccine timing in assessing the economic and
credit implications associated with the pandemic. As the situation
evolves, we will update our assumptions and estimates
accordingly."

The debt reduction measures are having a positive effect on CEVA's
financial profile.   These included an early repayment of the $333
million senior bridge facility from a cash injection by CMA CGM in
the third quarter of 2020. S&P said, "In addition, we expect that
the $185 million drawing under CEVA's revolving credit facility due
2023 has been redeemed in 2020, as planned by CMA CGM under its
debt repayment initiatives. Strong free operating cash flow
generation by the parent, which we assume in our base case, will
likely trigger additional debt repayments at CEVA in 2021. We
anticipate that CEVA will be able to maintain the improved
financial risk profile, which we now see as consistent with the
significant category (from previously aggressive), while operating
with adjusted FFO to debt in excess of 20%."

CEVA's business risk profile remains weak.   This is because of
CEVA's participation in the highly fragmented logistics industry,
which is sensitive to macroeconomic conditions and has thin
margins. CEVA is also competing against larger and more profitable
players. These constraints are only partly offset by the company's
long-standing client relationships across broadly diversified end
markets and its markedly reduced exposure to underperforming
contracts. CEVA's low, albeit improving, margins and ongoing, but
diminishing, cash burn, reflected in the application of a negative
comparative rating analysis modifier, further constrain the
stand-alone credit profile (SACP) at 'b+'.

S&P said, "The stable outlook is aligned with that on the parent
and reflects our view that the group will maintain its weighted
average S&P Global Ratings-adjusted FFO to debt of at least 20%,
our threshold for a 'BB-' rating.

"We would lower the rating on CEVA if we downgraded the parent
because the group's adjusted FFO-to-debt metric declined below 20%
for a prolonged period. A downgrade would also be likely if we
noted an unexpected shift toward a more aggressive financial policy
at CMA CGM resulting in credit measures falling short of our rating
guidelines. Additionally, we could lower our rating on CEVA if we
changed our view on its status as a core group entity and its SACP
did not strengthen to 'bb-' in the meantime.

"We would raise our rating on CEVA following the same rating action
on the parent, if the group's adjusted FFO-to-debt ratio
comfortably exceeded 25% on a sustainable basis because, for
example, it consistently applied excess cash flows to debt
reduction."


GARRETT MOTION: S&P Withdraws 'D' LongTerm Issuer Credit Rating
---------------------------------------------------------------
S&P Global Ratings has withdrawn its D' (default) long-term issuer
credit ratings on Garrett Motion Inc. and its subsidiaries, along
with all issue ratings on the group's debt, at the company's
request.




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

TURKEY WEALTH: Fitch Alters Outlook on 'BB-' LT IDRs to Stable
--------------------------------------------------------------
Fitch Ratings has revised the Outlooks on Turkey Wealth Fund's
(TWF) Long-Term Foreign- and Local-Currency Issuer Default Ratings
(IDR) to Stable from Negative and affirmed the IDRs at 'BB-'.

The rating actions follow the revision of the Outlook on Turkey's
Long-Term IDRs to Stable from Negative.

KEY RATING DRIVERS

Fitch assesses TWF as a support driven entity and links its ratings
to the sovereign by applying a top- down approach, making its
ratings are sensitive to any sovereign rating action. TWF's mandate
is to contribute to sustainable growth of the national economy and
economic stability by managing state-owned assets. As a strategic
long-term investment arm and equity solutions provider of Turkey,
TWF's strategic objectives are aligned with the national economic
objectives.

Financial Profile Assessed as Weaker

Fitch expects TWF's leverage (net debt/EBITDA) to increase up to 8x
by 2025, due to equity investments predominantly in the energy,
petrochemicals and mining sectors in its rating case. However,
Fitch expects TWF's revenue to remain resilient with sufficient
liquidity, including risk cushion, for debt servicing.

DERIVATION SUMMARY

Fitch applied a top-down approach under its Government-Related
Entities Criteria due to TWF's strong linkages with its ultimate
sponsor, Turkey, and the sponsor's incentive to provide
extraordinary support to TWF in case of need, which yields an
overall support factor of 50 points. This warrants the equalisation
of TWF's IDR with that of Turkey, irrespective of TWF's 'b'
category Standalone Credit Profile.

RATING SENSITIVITIES

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

-- An upgrade of the sovereign would lead to a similar rating
    action for TWF, provided that overall support factors remain
    unchanged.

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

-- A downgrade of the sovereign would lead to a similar rating
    action for TWF. A weaker assessment of the overall support
    factors could result in TWF's ratings being notched down once
    from the sovereign ratings.

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.

SOURCES OF INFORMATION

COMMITTEE MINUTE SUMMARY

Committee date: March 3, 2021

There was an appropriate quorum at the committee and the members
confirmed that they were free from recusal. It was agreed that the
data was sufficiently robust relative to its materiality. During
the committee no material issues were raised that were not in the
original committee package. The main rating factors under the
relevant criteria were discussed by the committee members. The
rating decision as discussed in this rating action commentary
reflects the committee discussion

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Turkey

ESG CONSIDERATIONS

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




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

BLACKMORE BOND: MP Calls for Independent Report Into Scandal
------------------------------------------------------------
Amy Austin at FTAdviser reports that conservative MP Peter Gibson
is calling for an independent report into the Blackmore Bond
scandal to investigate exactly what went wrong while criticizing
the regulator as not being "fit for purpose".

Mr. Gibson, who chairs the all-party parliamentary group on
Personal Banking and Fairer Financial Services, said the Blackmore
Bond scandal provided further "irrefutable evidence" that the
Financial Conduct Authority is failing to regulate effectively,
FTAdviser relates.

Blackmore Bond raised millions of pounds from investors to fund
property developments between 2016 and 2018, but the company fell
into administration in April last year owing GBP46 million to
investors after several months of rocky waters in which it failed
to pay interest due to bondholders, FTAdviser recounts.

According to FTAdviser, Mr. Gibson said an independent report by
Dame Gloster -- who recently published her review into the FCA's
regulation of London Capital & Finance (LCF) -- or someone "equally
as robust" should be the next step.

He also said parliament should be prepared to scrutinize more
closely the work the FCA is doing saying it is currently "not
functioning as parliament wishes", FTAdviser notes.

However, the FCA retorted that neither the product or the provider
were regulated, therefore sat outside its remit, and it had taken
action where it could, FTAdviser discloses.

A spokesperson at the regulator pointed out that Blackmore Bond nor
the mini-bonds it sold were regulated by the FCA, FTAdviser
relays.

An FCA spokesperson, as cited by FTAdviser, said: "As a result of
steps taken by the FCA, Northern Provident Investments, which had
approved Blackmore's financial promotions for communication to the
public, withdrew its approval, preventing the promotion of the mini
bonds.

"In a separate FCA intervention, Amyma Ltd's website was taken
down.  Amyma Ltd no longer has permissions to conduct regulated
activities."

The FCA added it continued to monitor these matters closely,
FTAdviser notes.


GREENSILL CAPITAL: Credit Suisse to Liquidate Finance Funds
-----------------------------------------------------------
Brenna Hughes Neghaiwi and Abhinav Ramnarayan at Reuters report
that Credit Suisse said it is winding down its US$10 billion supply
chain finance funds, which were mostly invested in notes backed by
speciality finance firm Greensill Capital.

"The fund boards have now decided to terminate the funds. Credit
Suisse Asset Management's priority is to ensure a balance between a
timely liquidation of the funds and maximizing value for the
investors," Reuters quotes the Swiss bank's fund arm as saying.

Credit Suisse's asset management arm added in a statement that it
was closing the funds as a result of valuation uncertainties,
reduced availability of insurance coverage for new investments and
challenges in sourcing suitable investments, Reuters notes.

Switzerland's second-largest bank had on March 1 suspended
redemptions from the funds backing Greensill's lending operations
over concerns about being able to accurately value them, and on
March 3 said it was looking to return excess cash to shareholders,
Reuters recounts.

According to Reuters, Credit Suisse said the funds had experienced
"reduced availability of insurance coverage for new investments",
but declined to say if existing investments were protected.

How much money investors in the funds being closed recoup may
depend on the insurance coverage for the investments, Reuters
states.

The funds provide credit backed by blue chip companies but also
highly leveraged companies which are not rated by major credit
agencies, including Sanjeev Gupta's GFG Alliance, Reuters
discloses.


GREENSILL CAPITAL: Files for Administration, In Talks with Apollo
-----------------------------------------------------------------
Kaye Wiggins and Robert Smith at The Financial Times report that
Greensill Capital has filed for administration, in the latest stage
of the unravelling of a SoftBank-backed company that had sought a
US$7 billion valuation last year.

According to the FT, lawyers for Greensill appeared before a UK
court on March 8 in a move that potentially paves the way for the
US investor Apollo Global Management to buy some parts of the
ailing finance group's business.

Lawyers for Greensill said in court documents the company has
"fallen into severe financial distress" and can no longer pay its
debts, the FT relates.

Apollo, which has been in talks with the company for several days,
could then finalize a deal to take over some parts of Greensill
Capital, potentially within days, the FT relays, citing one person
familiar with the matter.

That deal is not likely to result in returns for shareholders in
Greensill Capital such as SoftBank's Vision Fund, which poured
US$1.5 billion into the company in 2019, the FT notes.

According to the FT, Greensill's lawyers said in court that Credit
Suisse, citing "events of default", had demanded repayment of a
US$140 million loan it provided to Greensill in October.  The
lawyers said that Greensill had "no conceivable way" of repaying
it, the FT notes.

Greensill specializes in supply chain finance, where businesses
borrow money to pay their suppliers.  It was thrown into crisis
last week after its main insurer refused to renew a US$4.6 billion
contract and Credit Suisse froze US$10 billion of funds linked to
the firm, depriving it of an important source of funding, the FT
recounts.

Greensill's lawyers said on March 8 that the loss of this insurance
contract "caused the real crunch", the FT relates.  They added that
Greensill had about US$5 billion of exposure to metals magnate
Sanjeev Gupta's GFG Alliance group of companies, which are
"currently experiencing financial difficulties", the FT notes.

According to the FT, people familiar with the matter said Apollo, a
US$455 billion US investment group, and its insurance affiliate
Athene, have been in talks about taking over some of Greensill's
supply chain financing contracts with blue-chip companies and some
parts of its operating platform.


GREENSILL CAPITAL: GFG Alliance Halts Payments on Facilities
------------------------------------------------------------
Michael Pooler, Robert Smith and Sylvia Pfeifer at The Financial
Times report that Sanjeev Gupta's GFG Alliance has stopped making
payments to Greensill Capital, the ailing finance group that helped
transform the former commodities trader into a leading player in
the global steel industry, according to people briefed on the
move.

The industrialist told senior colleagues on March 4 that he was not
intending to make payments on financing facilities from Greensill,
one of the people said, adding that one due on March 1 had not been
made, the FT relates.

The amount of borrowing that businesses within GFG, a loose
collection of Gupta-owned companies spanning metals to banking,
have with Greensill is unclear, the FT notes.

However, the supply chain finance group, which is backed by
SoftBank and advised by former UK prime minister David Cameron, has
in recent years provided billions in financing to the acquisitive
metals magnate, the FT states.

Founded by former banker Lex Greensill, the eponymous group was
plunged into crisis last week after its main insurer refused to
renew a US$4.6 billion contract and Credit Suisse froze US$10
billion of funds linked to the company, the FT recounts.  Private
equity firm Apollo remains in talks to buy parts of the business,
the FT relays.

Documents at UK Companies House show that Greensill took additional
security over the shares in holding companies above Gupta's
Australian assets on March 1, the FT discloses.

The turmoil at Greensill has triggered a wave of concern among
GFG's suppliers, local politicians and unions over its prospects,
the FT notes.

According to the FT, some suppliers to Liberty Steel, GFG's main
metals business, said they were examining their exposure to the
group.

Steve Turner, assistant general secretary at Unite union in the UK,
where GFG employs about 5,000 people, said he was seeking an urgent
meeting with Mr. Gupta, the FT relates.


INTERNATIONAL PERSONAL: Fitch Affirms 'BB-' IDR, Outlook Negative
-----------------------------------------------------------------
Fitch Ratings has affirmed International Personal Finance plc's
(IPF) Long-Term Issuer Default Rating (IDR) and senior unsecured
debt rating at 'BB-'; and Short-Term IDR at 'B'. The Outlook on the
Long-Term IDR is Negative.

KEY RATING DRIVERS

IDR

Similar to the rest of the sector, the Negative Outlook reflects
implications on the operating environment from the pandemic. Fitch
expects ongoing asset quality and collection pressures in line with
trends in unemployment, particularly in light of ongoing mobility
limitations and lockdowns in many of IPF's markets. Weaker
collections will weigh on profitability and hence internal capital
generation.

Regulatory risks, which are inherently high in IPF's business
model, have tended to be less predictable amid the pandemic. Many
governments imposed extraordinary and often not creditor-friendly
measures. These include debt-repayment moratoria (for instance in
Hungary and Romania) and ad-hoc interest rate caps in Poland and a
number of other jurisdictions. These issues are captured in Fitch's
ESG score of '4' for Social Impact.

IPF's IDRs are underpinned by low balance sheet leverage by
conventional finance company standards, its structurally profitable
business model, despite high impairment charges, and its
cash-generative and short-term loan book. The rating also captures
IPF's high-risk lending focus, evolving digital business, and
vulnerability to regulatory risks. IPF has a geographically
diversified loan book that allows it to mitigate pandemic-related
deteriorating conditions and regulatory restrictions in individual
markets.

IPF reported a net loss of GBP64 million in 2020, mainly due to a
26% drop in revenue from contracted lending activities and a
pandemic-related increase in its impairment charge to GBP250
million for the year. However, Fitch notes that the net loss
primarily relates to 1H20, with the company reaching break even in
2H20. Credit issued in 2020 was 43% lower yoy at GBP772 million,
resulting in a yoy reduction in average net receivables of 21% to
GBP778 million. The impaired loan ratio increased to 39% at
end-2020 (measured as Stage 3 gross receivables/total gross
receivables) from 31% at end-2019.

IPF's financial performance recovered in 2H20, helped by a rebound
in collections, but remained notably below that of 2H19 (GBP13
million profit before tax in 2H20 vs. GBP58 million in 2H19).
Management expects the company's performance to continue recovering
in 2021 amid growth of origination to around 30% higher than in
2020 and gradual improvement of collections.

Fitch expect that an increase in credit losses due to the ongoing
pandemic, coupled with continuing regulatory lending/pricing
restrictions in many markets, could restrain the recovery of IPF's
lending activity and hence profitability. Near-term downside risks
remain as mobility restrictions impact markets in various ways.

IPF's leverage remains adequate for a lending business focused on
high-risk customers and bearing significant impairment risks. IPF's
equity base fell by 15% in 2020 to GBP371 million but a reduction
in the asset base supported its leverage ratio, which remains a
credit strength, with gross debt/tangible equity at 2.5x at
end-2020.

IPF's unrestricted cash balance was around GBP116 million and an
undrawn credit facility comprised another GBP125million. IPF's
cash-generative and short-term loan portfolio (11 month average
maturity) underpins the liquidity position.

The bond exchange concluded in November 2020 allowed IPF to extend
maturity to 2025. The exchange reduces the near-term refinancing
risk, but its funding profile remains a weakness for IPF's credit
profile. Management aims to diversify funding by sources and by
maturities, which if realised would improve Fitch's assessment of
funding.

SENIOR DEBT

The rating of IPF's senior unsecured notes is in line with the
group's Long-Term IDR, reflecting Fitch's expectation for average
recovery prospects given that all of IPF's funding is unsecured.

ESG Governance Score - Social Impacts: IPF has an ESG Relevance
Score of '4' for Exposure to Social Impacts and Customer Welfare
stemming from the business model focused on high-cost consumer
lending, and hence exposure to shifts of consumer or social
preferences, and to increasing regulatory scrutiny, including
tightening of interest rate caps. Fitch views this as having a
moderate effect on the rating, with a direct impact on the pricing
strategy, product mix, and targeted customer base. It is relevant
to the ratings in conjunction with other factors.

RATING SENSITIVITIES

IDRs AND SENIOR DEBT

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

-- A weakening of solvency with leverage measured as gross debt
    to tangible equity exceeding 4x on a sustained basis in the
    current environment.

-- A marked deterioration of asset quality reflected in weaker
    collections, higher impairment cost or an increase in
    unreserved problem receivables.

-- Prolonged regulatory measures constraining new lending or debt
    servicing and therefore eroding earning capacity.

-- IPF's ratings also remain sensitive to a material
    deterioration of profitability or asset quality as its product
    mix evolves, for example as the digital proportion of the loan
    book grows or as loan maturities are extended.

-- IPF's senior unsecured debt rating is principally sensitive to
    a downgrade of the company's Long-Term IDR but also to
    material changes to Fitch's recovery expectations for the
    bonds.

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

-- An improvement in IPF's operating environment, stabilization
    of the company's performance and abating of asset quality
    risks would result in a revision of the Outlook to Stable from
    Negative.

-- Given the challenging operating environment, an upgrade of
    IPF's ratings is unlikely in the short to medium term and
    would require a material improvement in its funding profile
    via diversification by sources and removing maturity spikes,
    coupled with the recovery of the financial profile.

-- IPF's senior unsecured debt rating is principally sensitive to
    an upgrade of the company's Long-Term IDR.

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

International Personal Finance plc: Exposure to Social Impacts:
'4'

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


PROVIDENT FINANCIAL: Fitch Cuts LT Issuer Default Rating to BB
--------------------------------------------------------------
Fitch Ratings has downgraded Provident Financial plc's Long-Term
Issuer Default Rating (IDR) and senior unsecured long-term debt
rating to 'BB' from 'BB+'. The Outlook on Provident's Long-Term IDR
is Negative.

KEY RATING DRIVERS

The downgrade principally reflects Fitch's expectations that
Provident's consumer-credit division (CCD) will not return to
profitability in the medium term due to impact from the pandemic
and increasingly restrictive regulation in the high-cost credit
sector. As a result, Provident's franchise and business model will
be less diversified as it will continue to rely on its non-standard
credit-card subsidiary (Vanquis Bank Limited) and car-finance
business unit (Moneybarn) for revenue and profit generation.
Consequently, Fitch has revised Provident's company profile score
to 'bb' from 'bb+'.

Provident's ratings also consider Vanquis Bank's and Moneybarn's
historically sound profitability, adequate capitalisation and
liquidity profile and franchise strength in the non-standard
credit-card and car-finance markets in the UK. The ratings also
reflect the group's moderate scale (compared with higher-rated
non-bank lenders' and UK challenger bank peers'), inherently high
credit impairments and ongoing exposure to regulatory and political
developments in the UK non-standard credit markets.

CCD reported a GBP38 million pre-tax loss in 1H20. Lockdown
measures severely impacted group's ability to underwrite new
business since 2Q20 and this, in conjunction with a rapid
amortisation of the performing loan book, resulted in a reduced
earnings base and customer numbers, thus weakening CCD's franchise.
Despite management's stated focus on improving collection
performance, reduced underwriting volumes will, in Fitch's view,
likely negatively affect the outlook for CCD in the medium term.

In addition, regulatory developments in 2H20, in particular the
Financial Conduct Authority's review on "re-lending by high-cost
lenders", have, in Fitch's view, made it considerably more
challenging for Provident to restore meaningful profitability in
its CCD business. In its 3Q20 trading update Provident noted that
they are carrying out an operational review of CCD's business.
Fitch expects sub- and near-prime credit markets in the UK to
continue to be subject to a high risk of regulatory and political
measures, which could either limit business growth or have
financial implications for market participants.

Vanquis Bank's and Moneybarn's performance worsened in 2Q20,
primarily driven by increasing impairment charges. However, Fitch
expects the two divisions' performance to have improved in 2H20 as
a result of recovering lending volumes and lower impairment
charges. In the longer term Fitch expects Provident's lending yield
to narrow as the group migrates towards a lower-risk product mix.
Positively, decreasing impairment charges should support its
risk-adjusted margin and overall profitability.

Provident's wholesale borrowing declined in 2020 following the
GBP150 million repayment, including GBP75 million tender offer of
2023 bonds. Provident is subject to regulatory capital requirements
at both the group and Vanquis Bank level. The group's headroom
relative to minimum regulatory capital requirement remained
adequate in Fitch's view. This was helped by the amortisation of
the loan portfolio coupled with regulatory forbearance including
the abolition of counter-cyclical buffers and a postponed phasing
in of capital charge from the IFRS 9 transition. Provident's
regulatory capital requirement is high, particularly compared with
UK high street banks'. While Fitch expects management to continue
to maintain adequate headroom of capital above requirements, Fitch
expects leverage to increase as the operating environment
recovers.

Provident's funding base is well-diversified and includes retail
deposits (at Vanquis Bank) as well as various wholesale funding
sources. The group has manageable wholesale repayment needs in 2021
and 2022 of GBP98 million and GBP186 million respectively.
Provident has a sound record in accessing a variety of funding
markets in challenging market conditions, including recent
placements in early 2021. Retail deposits at Vanquis Bank provide
further stability to Provident's funding mix.

The ratings of Provident's senior unsecured notes are in line with
the group's Long-Term IDRs, reflecting Fitch's expectation of
average recovery prospects.

ESG - Social Impacts: Provident has an ESG Relevance Score of '4'
each for Exposure to Social Impacts and Customer Welfare stemming
from a business model focused on high-cost consumer lending. This
exposes the group to shifts of consumer or social preferences and
to increasing regulatory scrutiny, in particular on loans to
low-income individuals. This has a moderately negative influence on
the pricing strategy, product mix, and targeted customer base.

RATING SENSITIVITIES

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

-- Further adverse developments from the pandemic or regulatory
    developments in the UK high-cost credit sector.

-- Prolonged measures capping interest rates, constraining new
    lending or debt servicing and therefore eroding earnings
    capacity.

-- Significant deterioration of solvency as manifested in reduced
    regulatory capital headroom with capital ratio approaching
    regulatory capital requirement.

-- A notable weakening of liquidity profile.

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

-- The Outlook on the Long-Term IDR could be revised to Stable if
    pandemic-related disruptions abate and regulatory risks
    moderate, supporting a more stable business model,
    particularly if in conjunction with improved earnings and
    stable leverage.

-- Upside for the ratings is limited in the short term due to
    moderate scale (compared with higher-rated peers') and Fitch's
    unfavourable view on near-term prospects for the UK non
    standard credit markets.

The senior unsecured debt ratings are principally sensitive to a
change in Provident's Long-Term IDR and material changes to Fitch's
recovery expectations for the bonds.

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

Provident has an ESG Relevance Score of '4' each for Exposure to
Social Impacts: and Customer Welfare - Fair Messaging, Privacy &
Data Security. This is driven by its exposure to shifts of consumer
or social preferences or to regulatory measures. This has a
negative impact on the credit profile and is relevant to the rating
in conjunction with other factors.

On other ESG credit relevance scores the highest level is a '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.


REGIS UK: Landlord Group Wants Restructuring Deal Revoked
---------------------------------------------------------
Law360 reports that a group of landlords said at trial on March 3
that a restructuring arrangement struck in 2018 to try to save
now-collapsed beauty salon business Regis UK Ltd. was unfair and
should be revoked by the court.  

Marking the start of a six-day remote trial Peter Arden QC, counsel
for the landlords, urged High Court Judge Antony Zacaroli to
nullify the company voluntary arrangement inked in October 2018 for
Regis UK, which owns the Supercuts brand, Law360 relates.

According to Law360, he said there were serious concerns over the
way the restructuring proposal was developed and presented to
creditors and accused the company of resisting his clients'
demands.



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

Troubled Company Reporter-Europe is a daily newsletter co-
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Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
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Editors.

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