---

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

                          E U R O P E

          Thursday, March 11, 2021, Vol. 22, No. 45

                           Headlines



F R A N C E

SPCM SA: Moody's Upgrades CFR to Ba1 & Alters Outlook to Stable


G E O R G I A

GEORGIA CAPITAL: Moody's Rates $50MM Notes B2, Outlook Stable


I R E L A N D

BLACKROCK CLO VII: Moody's Affirms B2 Rating on Class F Notes
BLACKROCK EUROPEAN VII: Fitch Gives Final B- Rating on Cl. F Notes
SCULPTOR CLO I: Moody's Gives (P)B3 Rating on Class F-R Notes


N E T H E R L A N D S

GREEN STORM 2021: Moody's Gives (P)Ba1 Rating on Class E Notes


U N I T E D   K I N G D O M

ANGUS STEAKHOUSE: In Talks With Landlords, On Brink of Collapse
ANTIGUA BIDCO: Fitch Affirms 'B+' LongTerm IDR, Outlook Negative
DISCOVERY LIMITED: Moody's Completes Review, Retains Ba3 Rating
GREENSILL CAPITAL: IAG Says No Net Insurance Exposure to Policies
GREENSILL CAPITAL: Sale Talks With Athene Holding Stalls

LONDON CAPITAL: Parliament Quizzes Bailey in Collapse Probe
SEAFOOD PUB: Oakman Group Buys Six Pubs Out of Administration
TULLOW OIL: In Debt Refinancing Talks, Faces Insolvency Risk
VICTORIA PLC: S&P Rates New EUR250MM Secured Notes 'BB-'

                           - - - - -


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

SPCM SA: Moody's Upgrades CFR to Ba1 & Alters Outlook to Stable
---------------------------------------------------------------
Moody's Investors Service has upgraded SPCM SA's corporate family
rating and Probability of Default Rating to Ba1 and Ba1-PD from Ba2
and Ba2-PD respectively. Concurrently Moody's upgraded SPCM's
senior unsecured notes to Ba1 from Ba2. The outlook changed to
stable from positive.

RATINGS RATIONALE

The upgrade of SPCM's rating reflects our expectation that SPCM
will maintain Moody's adjusted gross debt / EBITDA at around 3x
through the cycle and that the company will maintain FCF around
break even levels through investment cycles. Furthermore, the
upgrade recognizes the company's track record of swift deleveraging
following periods of elevated capital expenditure and SPCM's
resilient business model.

SPCM's continues to reflect its leading position in polyacrylamide
(PAM) used in the water treatment process, mineral extraction,
paper process, and the oil industry. SPCM's market share is
estimated to be around 48% with its next largest competitor
accounting for around 10% of market share. Notwithstanding its
focus on PAM the company serves a number of end-markets. The
relatively defensive water treatment markets for municipalities
(24% on an LTM Sep-20 basis) and industrial waste-water treatment
(20%) combined account for around 44% of revenues.

Despite an exposure to more cyclical end-markets like the oil & gas
industry (combined 22% of revenues), where SPCM's products are used
as a drag reducer in fracking and as a viscosity modifier in
enhanced oil recovery, this has been offset by stable demand in
SPCM's other customer industries. Therefore, the company's leverage
in 2020 will only have increased by less then a turn to around 3.4x
from 2.7x in 2019. Moody's estimates that SPCM's revenues in 2020
will have decreased by around 10%, while SPCM's EBITDA margin has
benefitted from lower raw material prices somewhat mitigating the
negative impact of lower volumes. At the same time SPCM's EBITDA
has been negatively impacted by one-off restructuring charges
related to a headcount reduction of its activities in the oil & gas
sector initiated in response to the declining oil prices. During
2020 SPCM has substantially reduced its capital expenditure and
Moody's estimate that SPCM's FCF/debt in 2020 will be strong, in
the range of 8%-10%. In the longer term we expect the company to
modulate capital expenditures in order to maintain FCF generation
at or around break-even levels in order to facilitate organic
growth in line with the growth of underlying end markets.

SPCM's sales have reached their trough levels in Q2 and Q3 2020 and
will gradually increase in 2021, supported by broader recovery of
its sales to cyclical sectors and continued solid demand from
municipal waste water treatment. However, the company's raw
material bill and hence its EBITDA margin are closely tied to
propylene and acrylonitrile prices. Despite SPCM being able to pass
through raw material price increases to its customers, recent raw
material price increases will represent a headwind to EBITDA
generation in 2021. Hence, Moody's only forecasts a moderate
deleveraging to around 3x in 2021, however this level is well in
line with the Ba1 rating.

LIQUIDITY PROFILE

At this stage SPCM has a strong liquidity profile. As of September
2020 the company had EUR405 million cash on balance sheet and
access to an undrawn EUR350 million revolving credit facility.
These sources in combination with expected FFO generation of around
EUR400 million should be more than sufficient to accommodate swings
in working capital, upcoming debt maturities and capital
expenditures, which we estimate to be below EUR300 million in
2021.

STRUCTURAL CONSIDERATIONS

The $500 million unsecured senior notes due 2025 are rated Ba1, in
line with the CFR, and rank in line with the EUR350 million
unsecured RCF (unrated), the remaining EUR700 million unsecured
notes and EUR180 million of EIB Loan. The company's unsecured notes
are not benefiting from any opco guarantees. They have incurrence
covenants, limiting the company's ability to incur additional
indebtedness and pay dividends. However, the notes are structurally
subordinated to the liabilities of SPCM's operating subsidiaries,
an increase of these liabilities might affect Moody's notching
practices in the future.

RATING OUTLOOK

The stable outlook on SPCM's rating reflects Moody's expectation
that the company will maintain Moody's adjusted gross leverage
around 3x through the cycle and adjusted EBITDA margins in the
range of 13% -14% under midcycle conditions

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

Moody's could upgrade SPCM's rating if the company's leverage would
move towards 2.5x and establishes a track record of maintaining
RCF/debt in the mid-twenties' percentage range, while maintaining
FCF at around break-even levels.

Conversely Moody's could downgrade SPCM's rating, if leverage would
consistently remain above 3.5x or FCF would be strongly negative
for a prolonged period of time. A structural decline in the
company's EBITDA margins, pointing to a decrease in the company's
ability to adjust pricing or increasing competitive pressure would
also likely result in a downgrade of SPCM's rating.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Chemical
Industry published in March 2019.

PROFILE

SPCM SA (SPCM) is the parent holding company of the SNF Group
(SNF). SNF, headquartered in Andrezieux, France, is the world's
largest chemical company producing polyacrylamide. PAM is a
water-soluble chemical used as flocculant to separate suspended
solids from liquids, as viscosity modifiers to alter the thickness
of liquids, and as drag reducers to decrease pressure drop in
segments of pipes. In 2020 the company is expected to generate
revenues of around EUR3 billion. In 2019 the company employed
around 6,600 people globally.




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

GEORGIA CAPITAL: Moody's Rates $50MM Notes B2, Outlook Stable
-------------------------------------------------------------
Moody's Investors Service has affirmed JSC Georgia Capital's
('GCAP') probability of default and corporate family rating at
B2-PD and B2 respectively. Concurrently the agency has affirmed the
B2 instrument rating of the $300 million of senior unsecured notes
issued by GCAP and assigned a B2 rating to the $50 million tap
under the existing notes. The outlook has been changed to stable
from negative.

RATINGS RATIONALE

The affirmation of GCAP's rating at B2 and the change in outlook to
stable was prompted by (i) the material improvement in operating
performance of GCAP's underlying investments during the second half
of calendar year 2020, (ii) a significant reduction in market value
leverage, (iii) a disciplined capital allocation during the
pandemic, and a (iv) a stronger business outlook for the next 12 to
18 months than back in June 2020 when we revised our outlook to
negative.

The operating performance of all of GCAP's underlying investments
apart from the water utility business recovered sharply during the
second half of 2020. The improvement in operating performance was
both driven by higher revenue and improved profitability. At the
aggregated level, GCAP's private portfolio of investments posted
revenue growth of 4.7% in Q3 2020 and 5.1% in Q4 2020 respectively.
Aggregated EBITDA of private investments grew 4.5% in Q3 2020 and
1% in Q4 2020. GCAP's water utility business posted a 14.9% / 28.2%
decline in revenue in Q3 / Q4 2020 respectively due to weak
consumption from corporate clients and low water inflows at the
Zhinvali reservoir. Moody's positively note the new regulatory
water tariff for the period 2021 to 2032 that will allow up to 38%
increase in allowed revenue from water sales.

The strong improvement in profitability in H2 2020 alongside an
improvement in valuation multiples in line with the broader market
and the exchange offer for GHG led to a significant improvement in
GCAP's gross asset values. Gross asset value increased to GEL 2.9
billion in December 2020 from GEL1.8 billion in March 2020 with the
revaluation of GHG and the increase in GCAP's stake in this asset
post exchange offer accounting for the largest share of improvement
(GEL563 million positive impact on GAV). Market value leverage also
improved markedly to around 30% in December 2020 from 47% in March
2020 (40% pro forma of the exchange offer and pre revaluation) as
GCAP significantly reduced its capital allocation to protect its
balance sheet since the start of the pandemic. GCAP's MVL of 30%
offers sufficient headroom in comparison to Moody's downgrade
trigger of 40% and also against the risk of a deterioration in
valuation multiples across the broader market over the next 12 to
18 months.

GCAP has swiftly reacted to the coronavirus pandemic by adjusting
its capital allocation and by focusing on reducing its operating
expenses. GCAP made investments of GEL 195 million in 2020
(including GEL138 million of non-cash capital allocation), a
significant reduction in comparison to the investments of GEL 358
million made in 2019. Operating expenses were reduced to GEL32.1
million in 2020 (including share based payments) from GEL34 million
in 2019. GCAP has confirmed in its Q4 earnings call that capital
allocation in 2021 will remain at a low level. Moody's expect GCAP
to allocate around $35 million of the bond proceeds to investments
for its education and renewable energy business. The remainder will
be kept on balance sheet to strengthen the group's liquidity
profile. This is important in the context of a still weak dividend
cover, albeit Moody's expect dividend distribution to improve going
forward as its investments continue to benefit from improving
operating conditions.

The business outlook for GCAP's underlying investments is more
settled than it was back in June 2020 when we changed the outlook
to negative. Georgia has seen a consistent reduction in coronavirus
infections since a peak reached early December 2020. This has
enabled a gradual reopening of the economy. Preliminary data from
the National Statistics Office indicates that Georgia's economy
shrank by 6.1% in 2020, as the global coronavirus pandemic weighed
on the country's small, open economy. Going forward, our sovereign
team expects gradual reopening of Georgia's borders - quarantine
free travel is currently only available to three member states of
the European Union (Aaa stable) - combined with a significant base
effect, to drive a partial recovery in real GDP growth of around
4.8% in 2021.

LIQUIDITY

GCAP's liquidity is adequate. GCAP had GEL 284 million ($86
million) of liquidity (including cash, loans issued and marketable
securities) on balance sheet at year-end 2020 (21% decline y-o-y)
mainly as a result of a lower dividend stream (GEL30 million
dividend income versus GEL122 million in 2019). The cash position
compares to operating expenses of GEL30 million p.a. and net
interest expense of around GEL40 million p.a. GCAP has no
short-term maturities and expects dividend income of at least GEL60
million in 2021.

The liquidity at underlying investments increased sharply in 2020
to GEL392 million at year-end 2020 from GEL183 million at year-end
2019. This was supported by strong underlying operating cash flow
generation (GEL376 million operating cash flow in FY20 versus
GEL230 million in FY19) and the issuance of a green bond at the
utilities business. There are no material short-term maturities at
portfolio level that cannot be covered from cash on balance sheet.

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

Positive pressure on the rating is not anticipated in the
short-term due to the remaining uncertainties related to
coronavirus pandemic. Longer term positive pressure could arise if
JSC Georgia Capital would demonstrate a prolonged track record of
successfully managing a portfolio of investments with a good
balance between defensive / growth investments as well as between
listed / private assets whilst generating value. Moody's would
expect the issuer to maintain a market value leverage of below 35%
at all times during the market cycle and an interest cover
sustainably well in excess of 2.0x to consider a higher rating. The
maintenance of a strong liquidity position over time would also be
a requirement for a higher rating.

Negative pressure would arise on the rating if JSC Georgia Capital
fails to maintain its MVL below 40% and if its interest cover would
remain sustainably below 2.0x leading to a deterioration of Georgia
Capital's liquidity position. Any cash calls or support
requirements for underlying investments would also lead to negative
pressure on Georgia Capital's rating.

PRINCIPAL METHOOLOGY

The principal methodology used in these ratings was Investment
Holding Companies and Conglomerates published in July 2018.




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

BLACKROCK CLO VII: Moody's Affirms B2 Rating on Class F Notes
-------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued by
BlackRock European CLO VII Designated Activity Company (the
"Issuer"):

EUR240,000,000 Class A-R Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aaa (sf)

EUR30,000,000 Class B-1-R Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aa2 (sf)

EUR18,000,000 Class B-2-R Senior Secured Fixed Rate Notes due
2031, Definitive Rating Assigned Aa2 (sf)

EUR7,000,000 Class C-1-R Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned A2 (sf)

EUR20,000,000 Class C-2-R Senior Secured Deferrable Fixed Rate
Notes due 2031, Definitive Rating Assigned A2 (sf)

EUR23,000,000 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:

EUR22,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on Dec 14, 2018
Definitive Rating Assigned Ba2 (sf)

EUR12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed B2 (sf); previously on Dec 14, 2018
Definitive Rating Assigned 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 Notes and the Class F
Notes is primarily a result of the refinancing, which has no impact
on the ratings of these notes.

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-1 Notes, Class C-2 Notes and
Class D Notes due 2031 (the "Original Notes"), previously issued on
December 14, 2018 (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 EUR22,000,000
Class E Senior Secured Deferrable Floating Rate Notes due 2031,
EUR12,000,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2031 and EUR39,250,000 Subordinated Notes due 2031, which will
remain outstanding.

As part of this refinancing, the Issuer has extended the weighted
average life to 7.5 years. It also amended certain concentration
limits, definitions and minor features. In addition, the Issuer
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 obligations, second-lien loans, high yield bonds and
mezzanine obligations. The underlying portfolio is expected to be
fully ramped as of the closing date.

BlackRock Investment Management (UK) Limited ("BlackRock IM") 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 2.35 year reinvestment period. Thereafter, subject to
certain restrictions, purchases are permitted using principal
proceeds from unscheduled principal payments and proceeds from
sales of credit impaired obligations.

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

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

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

Methodology Underlying the Rating Action:

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

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

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

Moody's modelled 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.

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

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

Performing par and principal proceeds balance: EUR395,078,141

Defaulted Par: EUR6,110,339 as of February 9, 2021

Diversity Score: 54

Weighted Average Rating Factor (WARF): 3151

Weighted Average Spread (WAS): 3.70%

Weighted Average Coupon (WAC): 4.50%

Weighted Average Recovery Rate (WARR): 42.50%

Weighted Average Life (WAL): 7.50 years

BLACKROCK EUROPEAN VII: Fitch Gives Final B- Rating on Cl. F Notes
------------------------------------------------------------------
Fitch Ratings has assigned BlackRock European CLO VII DAC's
refinancing notes final ratings and affirmed the class E and F
notes.

      DEBT                     RATING              PRIOR
      ----                      ------             -----
BlackRock European CLO VII DAC

A XS1904670665         LT  PIFsf   Paid In Full    AAAsf
A-R XS2304369247       LT  AAAsf   New Rating      AAA(EXP)sf
B-1 XS1904671986       LT  PIFsf   Paid In Full    AAsf
B-1-R XS2304370096     LT  AAsf    New Rating      AA(EXP)sf
B-2 XS1904672794       LT  PIFsf   Paid In Full    AAsf
B-2-R XS2304370682     LT  AAsf    New Rating      AA(EXP)sf
C-1 XS1904673339       LT  PIFsf   Paid In Full    Asf
C-1-R XS2304371227     LT  Asf     New Rating      A(EXP)sf
C-2 XS1904673925       LT  PIFsf   Paid In Full    Asf
C-2-R XS2304371904     LT  Asf     New Rating      A(EXP)sf
D XS1904674733         LT  PIFsf   Paid In Full    BBB-sf
D-R XS2304372548       LT  BBB-sf  New Rating      BBB-(EXP)sf
E XS1904675110         LT  BBsf    Affirmed        BBsf
F XS1904675383         LT  B-sf    Affirmed        B-sf

TRANSACTION SUMMARY

BlackRock European CLO VII DAC is a cash flow collateralised loan
obligation (CLO). On the refinancing closing date, the proceeds of
the issuance were used to redeem the class A to D notes and
re-issue them at lower spreads. The portfolio is managed by
BlackRock Investment Management (UK Limited). The refinanced CLO
envisages a further 2.4-year reinvestment period and a 7.5-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 35.

High Recovery Expectations: At least 90% of the portfolio comprises
senior secured obligations. Fitch views the recovery prospects for
these assets as more favorable than for second-lien, unsecured and
mezzanine assets. The Fitch-weighted average recovery rate (WARR)
of the identified portfolio is 63% according to Fitch's latest
criteria assumptions.

Diversified Asset Portfolio: The transaction's Fitch matrix caps
maximum exposure to the top 10 obligors at 16% and 23% and maximum
fixed assets at 12.5% 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 40.0%.
These covenants ensure that the asset portfolio will not be exposed
to excessive concentration.

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

WAL Extended: The transaction features a 2.35-year reinvestment
period and on the refinancing date, the issuer extended the
weighted average life (WAL) covenant to 7.5 years. 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 Ratings of the Junior Notes:

The affirmation of the junior notes with Stable Outlooks reflect
the transaction's good performance and the notes' resilience under
Fitch's coronavirus baseline scenario. The transaction is slightly
below par by 24bp as of the investor report on 5 January 2021. All
portfolio profile tests (except the Fitch CCC test), collateral
quality tests and coverage tests passed. Exposure to assets with a
Fitch-derived rating (FDR) of 'CCC+' and below was 8.7% using
portfolio composition as of 5 January and ratings as of 27
February(excluding non-rated assets).

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-R notes, which are already at the highest rating on Fitch's
    scale 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 will
    result in downgrades of no more than six 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 Baseline Scenario

Fitch recently updated its CLO coronavirus stress scenario to
assume half of the corporate exposure on Negative Outlook is
downgraded by one notch instead of 100% (floor at 'CCC'). The
Stable Outlooks on all the notes reflect the tranche resilience in
the sensitivity analysis ran in light of the coronavirus pandemic.


Coronavirus Downside Scenario

The CLO coronavirus downside scenario assumes all corporate
exposure on Negative Outlook is downgraded by one notch (floor at
'CCC'). In this scenario, no ratings would be downgraded

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

BlackRock European CLO VII DAC

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

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

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

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


SCULPTOR CLO I: 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
Sculptor European CLO I DAC (the "Issuer"):

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

EUR246,000,000 Class A-R Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

EUR38,000,000 Class B-1-R Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)

EUR28,000,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)A2 (sf)

EUR25,600,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Baa3 (sf)

EUR19,600,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Ba3 (sf)

EUR14,000,000 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 refinancing notes in connection with the
refinancing of the following classes of notes: 2019 Class A Notes,
2019 Class B Notes, 2019 Class C Notes, 2019 Class D Notes and 2019
Class E Notes due 2030 (the "2019 Refinancing Notes" and, together
with the Class F Notes, the "Refinanced Notes"), previously issued
on September 4, 2019 (the "2019 Refinancing Date "), which were
issued in connection with the refinancing of the following classes
of notes: Original Class A Notes, Original Class B Notes, Original
Class C Notes, Original Class D Notes, Original Class E Notes and
Original Class F Notes due 2030 (the "2016 Notes"), previously
issued on December 15, 2016 (the "Original Issue Date"). On the
refinancing date, the Issuer will use the proceeds from the
issuance of the refinancing notes to redeem in full the Refinanced
Notes.

On the Original Issue Date, the Issuer also issued EUR42,000,000 of
subordinated notes, which will remain outstanding. In addition, the
Issuer will issued EUR3,700,000 of additional subordinated notes on
the refinancing date. All subordinated notes are not rated.

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 EUR250,000 over the 8 payment dates,
starting on the first payment date.

As part of this reset, the Issuer will extend the reinvestment
period to 4.27 years and the weighted average life to 8.5 years. It
will also amend certain concentration limits, definitions and minor
features. In addition, the Issuer will amend the base matrix and
modifiers that Moody's will take into account for the assignment of
the definitive ratings.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans. The underlying portfolio is expected to be fully ramped as
of the closing date so there will be no effective date defined.

Sculptor Europe Loan Management 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. Thereafter, subject to certain restrictions,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit risk
obligations or credit improved obligations.

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

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

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

Methodology Underlying the Rating Action:

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

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

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

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

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

Target Par Amount: EUR400,000,000

Diversity Score: 58

Weighted Average Rating Factor (WARF): 3050

Weighted Average Spread (WAS): 3.50%

Weighted Average Coupon (WAC): 3.65%

Weighted Average Recovery Rate (WARR): 43.50%

Weighted Average Life (WAL): 8.5 years




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

GREEN STORM 2021: Moody's Gives (P)Ba1 Rating on Class E Notes
--------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to Notes
to be issued by Green STORM 2021 B.V.:

EUR []M Senior Class A Mortgage-Backed Notes 2021 due 2068,
Assigned (P)Aaa (sf)

EUR []M Mezzanine Class B Mortgage-Backed Notes 2021 due 2068,
Assigned (P)Aa1 (sf)

EUR []M Mezzanine Class C Mortgage-Backed Notes 2021 due 2068,
Assigned (P)Aa2 (sf)

EUR []M Junior Class D Mortgage-Backed Notes 2021 due 2068,
Assigned (P)A1 (sf)

EUR []M Subordinated Class E Notes 2021 due 2068, Assigned (P)Ba1
(sf)

RATINGS RATIONALE

The Notes are backed by a 5-year revolving pool of Dutch
residential mortgage loans originated by Obvion N.V. (NR). The
mortgage loans in this portfolio qualify as energy efficient under
the Green Bond Principles and the Climate Bond Low Carbon Housing
Standards and relate to residential buildings that belong to the
top 15% of the Dutch residential mortgage market in terms of energy
efficiency or refurbished houses that have shown at least a 30%
improvement in energy efficiency, selected under certain Green
Eligibility Criteria.

The portfolio of assets amount to approximately EUR595.9 million as
of December 2020 pool cut-off date. The transaction benefits from a
non-amortising reserve fund, funded at 1.0% of the total Class A to
D Notes' amount at closing, building up to 1.3% by trapping
available excess spread. Credit enhancement for Class A Notes is
provided by 6.0% subordination, the non-amortising reserve fund,
and excess spread. The transaction represents the 52nd issuance out
of the STORM label.

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

According to Moody's, the transaction benefits from various credit
strengths such as a granular portfolio and a non-amortising reserve
fund. However, Moody's notes that the transaction features some
credit weaknesses such as an unrated servicer and a long revolving
period. Various mitigants have been included in the transaction
structure such as performance triggers which will stop the
revolving period if pool performance deteriorates.

Moody's determined the portfolio lifetime expected loss of 0.6% and
Aaa MILAN credit enhancement ("MILAN CE") of 7.4% related to
borrower receivables. The expected loss captures our expectations
of performance considering the current economic outlook, while the
MILAN CE captures the loss we expect the portfolio to suffer in the
event of a severe recession scenario. Expected defaults and MILAN
CE are parameters used by Moody's to calibrate its lognormal
portfolio loss distribution curve and to associate a probability
with each potential future loss scenario in the ABSROM cash flow
model to rate RMBS.

Portfolio expected loss of 0.6%: This is in line with the Dutch
RMBS sector and is based on Moody's assessment of the lifetime loss
expectation for the pool taking into account: (i) the availability
of the NHG-guarantee for 11.0% of the loan parts in the pool at
closing, which can reduce during the replenishment period to 8.0%;
(ii) the performance of the seller's precedent transactions; (iii)
benchmarking with comparable transactions in the Dutch RMBS market;
(iv) the current economic conditions in the Netherlands; and (v)
historical recovery data of foreclosures received from the seller.

MILAN CE of 7.4%: This is in line with the Dutch RMBS sector
average and follows Moody's assessment of the loan-by-loan
information taking into account the following key drivers: (i) the
percentage of the NHG-guaranteed loans (11.0%), which can reduce
during the replenishment period to 8.0%; (ii) the replenishment
period of five years during which there is a risk of deterioration
in pool quality through the addition of new loans; (iii) the
Moody's calculated weighted average current loan-to-market-value
(LTMV) of 70.3%, which is slightly lower than LTMVs observed in
other Dutch RMBS transactions; (iv) the proportion of interest-only
loan parts (40.1%); and (v) the weighted average seasoning of 3.8
years.

CURRENT ECONOMIC UNCERTAINTY:

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 our
forecasts. Moody's analysis has considered the effect on the
performance of consumer assets from a gradual and unbalanced
recovery in Dutch 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.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
December 2020.

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

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

Factors that may cause an upgrade of the ratings of the Notes
include significantly better than expected performance of the pool
together with an increase in credit enhancement of Notes.

Factors that may lead to a downgrade of the ratings of the Notes
include, significantly higher losses compared to our expectations
at closing, due to either a significant, unexpected deterioration
of the housing market and the economy, or performance factors
related to the originator and servicer.




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

ANGUS STEAKHOUSE: In Talks With Landlords, On Brink of Collapse
---------------------------------------------------------------
Business Sale reports that London's popular Angus Steakhouse chain
has appealed to landlords for rent concessions, after COVID-19
pushed the GBP32 million turnover restaurant to the brink of
administration.

The steakhouse chain has hired KPMG to negotiate agreements with
landlords, Business Sale relates.

Angus Steakhouse, which is popular among London tourists and West
End theatregoers, is owned by the Noble Organisations leisure
group.

According to Business Sale, the chain is asking that landlords for
its five locations forego rent payments until trading can resume
post-lockdown.  Landlords have also been asked to agree to
restaurants moving to daily rates of rent payment, rather than
quarterly, once they have reopened, Business Sale states.

While the majority of landlords are reported to have agreed to the
terms, KPMG have stated that there remains "significant
uncertainty" over whether they will all agree, Business Sale notes.
In the event that terms are not agreed with all landlords, KPMG
says the chain would have insufficient funding and would go into
administration, Business Sale discloses.  KPMG had given landlords
until 5:00 p.m. on March 10 to respond, Business Sale notes.

Founded in the 1960s, Angus became an iconic London restaurant
chain during the 1970s and 80s, with its prominent West End
presence making it popular among theatregoers.  However, in recent
years the chain has struggled due to changing consumer tastes as
well as huge competition from the fast casual dining sector,
Business Sale relays.

In its most recent accounts, for the year ending October 31 2018,
Angus reported a 10% drop in turnover, from GBP35.6 million in 2017
to GBP32 million, Business Sale discloses.  On these sales, the
company turned a post-tax profit of just GBP557,000, down from
GBP1.3 million a year earlier, according to Business Sale.

Like many in the restaurant sector, COVID-19 has exacerbated
Angus's pre-existing problems, Business Sale states.  Cashflow has
been heavily impacted by successive lockdowns, while the chain's
reliance on the tourism sector has left it doubly exposed, with
international travel dramatically reduced even when restaurants
have been able to open, according to Business Sale.


ANTIGUA BIDCO: Fitch Affirms 'B+' LongTerm IDR, Outlook Negative
----------------------------------------------------------------
Fitch Ratings has affirmed Antigua Bidco Limited's (Atnahs)
Long-Term Issuer Default Rating (IDR) at 'B+', with Negative
Outlook. Fitch has also affirmed Atnahs' senior secured debt rating
at 'B+'/'RR4' following completion of an add-on of EUR58 million to
the company's term loan B (TLB).

Atnahs is a UK-based specialty pharma focused on acquiring and
managing branded off-patent drugs. The 'B+' IDR of Atnahs balances
its limited size and diversification as well as moderately high
leverage with strong profitability and cash generation.

The Negative Outlook reflects uncertainty over Atnahs' medium- to
long-term operating performance due to higher-than-initially
expected market pressures experienced by some of the company's
products. It also captures the risk of higher operating costs and
M&A disbursements in connection with Atnahs' intention to bring
in-house some marketing and distribution functions. Fitch views
these developments as increasing execution risk for the company's
growth strategy and potentially leading to structurally higher
leverage, which could put pressure on the 'B+' rating.

KEY RATING DRIVERS

Operating Uncertainty Drives Negative Outlook: The Negative Outlook
reflects the risk of continuing underperformance in Atnahs' product
portfolio after expected weaker results for FY21 (year-end March),
particularly if market challenges persist. It also factors in
uncertainty over the materiality of the impact on the credit
profile of changes to the company's business model. Fitch would
revise the Outlook to Stable pending clarity over management's
medium-term measures, investments to improve the portfolio
performance and successful shift to direct ownership of its
commercial platform.

Increasing Execution Risks: The 'B+' rating is predicated on a
disciplined and consistent selection of earnings-accretive M&A
targets, which until now has focused on drug intellectual property
(IP) rights while keeping most supply-chain functions outsourced,
which bear lower execution risk than outright corporate
acquisitions. The recent intention by Atnahs to shift its strategy
towards operating its own commercial platform directly would give
it greater control over distribution of its products but would also
result in execution risks in the short-to-medium term over its
ability to develop and maintain this function.

Leverage Potentially Higher: Management indicated that the
envisaged strategic changes could lead to a shift in operating
profitability to or below 45%, from a previously expected 48%-50%.
Although profitability remains very high, it could lead to lower
projected earnings, increasing funds from operations (FFO) gross
leverage to 6.0x, from an estimated 5.0x in FY21. In the absence of
sustained operational improvement, this financial risk profile
would no longer be in line with a 'B+' rating, as reflected in the
Negative Outlook.

Strong FCF: The 'B+' IDR remains anchored in Atnahs' strong free
cash flow (FCF), which Fitch forecasts at GBP30 million-GBP65
million a year, leading to an FCF margin of around 25%. Fitch
expects FCF to be reinvested in product additions and portfolio
expansion as shareholders pursue their asset-development strategy,
rather than towards debt prepayment. However, Fitch takes a
positive view of Atnahs' strong internal liquidity, which allows
the company to self-fund much of its growth to sustain operating
cash flow as well as maintain adequate financial flexibility.

Constrained by Scale: Despite the completion of numerous product
additions, Atnahs remains a small-scale pharmaceutical company.
Until the business materially gains scale (for example with sales
in excess of GBP1 billion), Fitch does not expect an upgrade over
the rating horizon to FY23. Fitch also views the company's narrow
product portfolio as a rating constraint, although Fitch expects
this to ease, particularly if Atnahs continues to make medium-sized
to large acquisitions.

DERIVATION SUMMARY

Fitch rates Atnahs based on and conducts peer analysis using its
global navigator framework for innovative pharmaceutical companies.
Fitch considers Atnahs' 'B+' rating against other asset-light
scalable niche pharmaceutical companies such as Cheplapharm
Arzneimittel GmbH (B+/Stable), IWH UK Finco Ltd (Theramex,
B/Stable) and Nidda Bondco GmbH (B/Stable). Lack of business scale
and a concentrated brand portfolio, albeit benefiting from growing
product and wide geographic diversification within each brand,
constrain the IDR to the 'B' rating category.

Atnahs and Cheplapharm traditionally have almost equally high and
stable operating and cash flow margins. The difference in the
Outlooks reflects Atnahs' slightly weaker performance during the
pandemic and risks connected with bringing in-house a higher share
of marketing and distribution in key markets over time, which may
affect overall profitability and leverage profile. Both companies
have been operating an asset-light business model. However,
Cheplapharm has greater rating headroom derived from its robust
operating performance, combined with stable profitability and lower
financial risk.

The difference with lower rated Theramex is mainly due to the
latter's marketing-intensive operation with overall weaker
operating profitability and cash flow generation that is further
disrupted by the pandemic, suggesting a less resilient drug
portfolio.

KEY ASSUMPTIONS

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

-- Sales of existing branded legacy products to decline 5%-6% per
    year up to FY23;

-- Sales of in-house developed products to increase to GBP20
    million by FY23 from around GBP7 million in FY19, supported by
    product extensions and launches in new markets;

-- M&A of product IPs and commercial infrastructure assets
    projected at around GBP94 million in FY21 and a further GBP70
    million a year until FY24. Bolt-on acquisitions at average
    enterprise value (EV)/sales multiple of 3.0x-3.5x with 5%
    projected annual sales decline for acquired businesses;

-- M&A to be financed from internal cash flows and EUR105 million
    of revolving credit facility (RCF) following completion of the
    TLB add-on;

-- EBITDA margin declining towards 43% by FY24 from 50% in FY19
    following the decision to take parts of sales and distribution
    activities in-house;

-- Trade working capital outflows estimated at GBP5 million-GBP40
    million, reflecting mainly inventory transfers of new
    products; and

-- Maintenance capex estimated at 1%-4% of sales per year, which
    includes support for product technical transfers and earn-out
    compensation agreed with drug IP sellers.

KEY RECOVERY ASSUMPTIONS

Atnahs' recovery analysis is based on a going-concern (GC)
approach. This reflects the company's asset-light business model
supporting higher realisable values in a financial distress
compared with balance- sheet liquidation.

Potential distress could arise primarily from material revenue
contraction following volume losses and price pressure given
Atnahs' exposure to generic pharmaceutical risks, possibly also in
combination with inability to manage the cost base of a rapidly
growing business.

For the GC EV calculation, Fitch estimates an EBITDA of about GBP70
million. This post-restructuring GC EBITDA reflects organic
portfolio earnings post-distress and implementation of possible
corrective measures. The updated GC EBITDA also takes into account
contribution from recently closed acquisitions and a structural
shift in the cost structure toward taking some distribution and
marketing functions in-house.

Fitch has applied a 5.0x distressed EV/EBITDA multiple in line with
Atnahs' estimated threshold for drug acquisitions, which would
appropriately reflect the company's minimum valuation multiple
before considering value added through portfolio and brand
management.

After deducting 10% for administrative claims, Fitch's principal
waterfall analysis generated a ranked recovery in the 'RR4' band
for the all senior secured capital structure, comprising the senior
secured TLB of EUR672 million and the EUR105 million RCF Fitch
assumes to be fully drawn prior to distress, and ranking equally
among themselves.

This indicates a 'B+'/'RR4' instrument rating for the senior
secured debt with an output percentage based on current metrics and
assumptions at 45%.

RATING SENSITIVITIES

Factor that could, individually or collectively, lead to upgrade:

-- Fitch does not envisage an upgrade to the 'BB' rating category
    in the medium term until Atnahs reaches a more sector-critical
    size with revenue in excess of GBP1 billion, combined with
    conservative FFO gross leverage at around 4.0x and FCF
    remaining strong.

Factor that could, individually or collectively, lead to a revision
of the Outlook to Stable

-- Evidence of consistent and successful business strategy
    leading to stable organic portfolio performance and increasing
    underlying EBITDA with FCF trending to GBP75 million, in
    combination with FFO gross leverage strengthening to below
    5.5x (net: 5.0x) by FY23.

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

-- Unsuccessful management of individual pharmaceutical IP rights
    leading to permanent material loss of revenue and EBITDA, with
    EBITDA margins declining below 45%;

-- (Cash flow from operations - capex)/total net debt falling
    below 5%; and

-- FFO gross leverage sustainably above 5.5x, or net leverage
    above 5.0x, signalling a more aggressive financial policy,
    departure from current acquisition principles or operational
    challenges.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: Liquidity headroom is comfortable following
completion of the TLB add-on of EUR58 million and consequently the
EUR105 million RCF becoming fully available, together with
projected FCF of GBP30 million-GBP65 million a year.

Fitch regards refinancing risk as limited given its TLB is not due
until 2026. Intrinsically cash-generative operations and adequate
leverage expectations in the medium term would also facilitate
refinancing in adverse market conditions.

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.


DISCOVERY LIMITED: Moody's Completes Review, Retains Ba3 Rating
---------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Discovery Limited and other ratings that are associated
with the same analytical unit. The review was conducted through a
portfolio review discussion held on February 25, 2021 in which
Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.

This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.

Key rating considerations

Discovery's Ba3 global scale and A1.za national scale long-term
issuer (LT Issuer) ratings reflect the group's very strong
franchise in South Africa and its growing global footprint through
its Vitality brand and platform, its strong profitability and
significant noninsurance fee income from Discovery Health, moderate
exposure to local investments because of the capital-light nature
of its business, and good capitalisation. These strengths are
partially offset by the group's substantial business exposure to
South Africa and the challenging operating environment, the
pressure on the profitability of its Vitality Life business in the
UK due to very low interest rates and complexity inherent in its
shared value insurance model, including integrating Discovery Bank
more comprehensively into the group.

The principal methodology used for this review was Life Insurers
Methodology published in November 2019.

GREENSILL CAPITAL: IAG Says No Net Insurance Exposure to Policies
-----------------------------------------------------------------
Jamie Smyth, Ian Smith and Kana Inagaki at The Financial Times
report that Insurance Australia Group said it had no "net insurance
exposure" to policies sold to Greensill Capital on March 9 in
response to a 10% share price slide on concerns over its links to
the collapsed London-based finance group.

According to the FT, the Australian insurer told investors the sale
of its 50% stake in BCC, a Sydney-based trade-credit insurer, to
Japan's Tokio Marine in 2019 had eliminated its exposure to
policies sold to Greensill, a supply-chain finance company.

The market update followed a trading halt announced by IAG on
Australia's stock market after its shares sold off on news that
Greensill had filed for administration in the UK and Australia, the
FT relates.

IAG, as cited by the FT, said it put in a place a transitional
arrangement following the sale of BCC to Tokio in April 2019 that
lasted until the end of June 2019, whereby the Japanese insurer
retained the risk for any new policies underwritten, net of
reinsurance.

IAG, Tokio Marine and the Japanese insurer's wholly owned
subsidiary BCC provided trade credit insurance to Greensill, whose
implosion is threatening tens of thousands of jobs among its
customers in the UK and Australia, the FT discloses.

Last week, Greensill lost a legal battle aimed at forcing the
insurers to extend two policies covering US$4.6 billion of working
capital financing -- a ruling that precipitated its collapse, the
FT relays. Credit Suisse also froze US$10 billion of funds linked
to the firm, depriving it of an important source of funding, the FT
notes.

According to court documents released last week, Tokio Marine
notified Greensill of its decision to stop coverage in July after
it discovered that an underwriter at BCC had exceeded his risk
limits, insuring amounts that added up to more than A$10 billion,
the FT discloses.  The underwriter was dismissed, the FT says.


GREENSILL CAPITAL: Sale Talks With Athene Holding Stalls
--------------------------------------------------------
Noor Zainab Hussain, Pamela Barbaglia and Praveen Paramasiva at
Reuters, citing Bloomberg News, report that Greensill Capital's
talks to sell parts of its business to annuities provider Athene
Holding Ltd have paused.

According to Reuters, the report said the talks between Athene,
which agreed to merge with Apollo Global Management Inc. on March
8, and Greensill have stalled due to a breakdown in discussions
with front-end technology supplier Taulia.

The Wall Street Journal late on March 9 reported that JPMorgan
Chase & Co was teaming up with Taulia and that the U.S. bank would
provide US$3.8 billion to fund deals to former Greensill clients on
Taulia's platform, Reuters relates.

The Journal, citing people familiar with the matter, said that an
Apollo deal was now unlikely after the entry of JPMorgan, Reuters
notes.

According to Reuters, a Taulia spokesperson confirmed the U.S. firm
held conversations with Apollo over their plans to purchase parts
of Greensill, adding Taulia wanted to continue giving clients
"flexibility in the source of funding for early payments."

Taulia's business model, which is based on multi-bank financing to
reduce risk for clients and make them less dependant on a single
financial institution, became a key stumbling block in negotiations
with Greensill, Reuters relays, citing a source familiar with the
matter.

Greensill Capital filed for insolvency on March 8 after losing
insurance coverage for its debt repackaging business and said in
its court filing that its largest client, GFG Alliance, had started
to default on its debts, Reuters recounts.


LONDON CAPITAL: Parliament Quizzes Bailey in Collapse Probe
-----------------------------------------------------------
Caroline Binham at The Financial Times reports that more pressure
has been heaped on Bank of England governor Andrew Bailey by
parliamentarians after they demanded he clarify "apparent
contradictions" in testimony he gave over a GBP236 million
retail-investment scandal.

The committee's intervention follows an unusual war of words
between Bailey and a former Court of Appeal judge appointed to
investigate the 2019 collapse of London Capital & Finance, which
pushed high-risk mini bonds on pensioners and first-time investors,
the FT relates.  Mr. Bailey was head of the Financial Conduct
Authority at the time, the FT notes.

The Treasury select committee on March 8 insisted Mr. Bailey
clarify whether he pressed Dame Elizabeth Gloster to remove his
name when it came to her official findings on who at the watchdog
was responsible for regulatory failings over the collapse of LCF,
which was regulated by the FCA although the products it sold were
not, the FT discloses.

During a bruising hearing last month, Mr. Bailey told the committee
he was "angry" that Gloster had suggested he had made legal
representations to stop personal responsibility for FCA failings
being attributed to him by name, the FT recounts.

Mr. Bailey insisted his lawyer had been responding to Gloster's
"very different" draft report -- not the final version -- which
talked about "personal culpability" as opposed to overall
responsibility, according to the FT.

The committee on March 9 also demanded Mr. Bailey detail exactly
what lessons he had learnt over the affair, which prompted both a
criminal and regulatory investigation as well as Gloster's own
inquiry into FCA failings, the FT relays.

The LCF scandal cast the FCA in a bad light but also left the UK's
financial compensation scheme and the Treasury with questions to
answer, with thousands of customers yet to be compensated, the FT
states.


SEAFOOD PUB: Oakman Group Buys Six Pubs Out of Administration
-------------------------------------------------------------
Business Sale reports that The Oakman Group has acquired six pubs
formerly operated by Seafood Pub Company, which fell into
administration last year.

According to Business Sale, Seafood Pub Company will now become
Oakman's third brand (along with Oakmans Inns and Beech House) and
will be overseen by original founder Joycelyn Neve.

Founded by Neve in 2010, the Seafood Pub Company originally
operated 10 pubs across Yorkshire and Lancashire, but fell into
administration after being unable to access government financial
support during the COVID-19 pandemic, Business Sale relates.

The six sites being acquired are the Alma Inn in Colne, Derby Arms
in Longridge, the Fleece Inn in Addingham, the Forest Inn in Fence,
the Farmers Arms in Great Eccleston and the Fenwick Arms in
Claughton, Business Sale discloses.


TULLOW OIL: In Debt Refinancing Talks, Faces Insolvency Risk
------------------------------------------------------------
Nathalie Thomas at The Financial Times reports that Tullow Oil said
it was confident of reaching a "mutually satisfactory" refinancing
agreement with lenders by the end of June but warned that failure
to secure a deal could lead to a "significant risk" of insolvency
proceedings.

According to the FT, the Africa-focused oil company, which is still
dealing with the fallout from a torrid 2019, is in negotiations
with existing and new lenders to try to secure its future after
forecasting a liquidity shortfall in April 2022, when it is due to
repay US$650 million of senior debt.

Under terms attached to a key lending facility, Tullow has to prove
at twice-yearly tests that it will have sufficient funds to meet
its financial commitments for the following 18 months, the FT
discloses.  It has submitted information to lenders that it
believes will satisfy the requirements of a test that was due last
month but faces further redeterminations in September and March
2022, for which it is forecasting "a potential failure of these
tests", the FT relates.

The group, which has been led since July by Rahul Dhir after its
previous chief executive Paul McDade departed at the end of 2019,
has been in discussions over the possibility of raising fresh funds
or adjusting the terms and maturity dates of its existing loans,
the FT relays.  Its net debt stood at US$2.4 billion at the end of
2020, the FT states.

Mr. Dhir has promised to update the market on the refinancing talks
by the end of June but the company on March 10 presented its
full-year financial statements on a going concern basis reflecting
"the board's confidence in the group's ability to implement a
refinancing proposal", the FT recounts.

This was despite the inclusion of a warning that if no refinancing
proposal has been implemented by September, and refinancing
discussions are no longer continuing by then, "there would be a
significant risk of the group entering into, or being in,
insolvency proceedings", the FT notes.

Tullow Oil plc is a multinational oil and gas exploration company
founded in Tullow, Ireland with its headquarters in London, United
Kingdom.  Tullow has a primary listing on the London Stock
Exchange.


VICTORIA PLC: S&P Rates New EUR250MM Secured Notes 'BB-'
--------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue rating to the proposed
EUR250 million senior secured notes that Victoria PLC
(BB-/Negative) intends to issue. The transaction follows the EUR500
million senior secured notes issuance that Victoria completed on
Feb. 25, 2021.

S&P said, "We anticipate that the company will use the proceeds,
along with cash proceeds from the recently issued 2026 notes, to
fully repay its remaining outstanding 2024 notes. We believe this
is consistent with the group's ambition to consolidate Europe's
fragmented flooring products sector and penetrate the U.S. market.
The recovery rating on the proposed notes is '3', reflecting our
expectation of meaningful recovery prospects (50%-70%; rounded
estimate: 50%) but constrained by the large amount of outstanding
debt and the company's prior-ranking revolving credit facility
(RCF).

"For fiscal 2021 and fiscal 2022 (ending March 31), we forecast
Victoria will generate GBP35 million-GBP45 million of free
operating cash flow and maintain S&P Global Ratings-adjusted debt
to EBITDA within the 4.5x-5.0x range. This level of debt leverage
leaves little room for underperformance under the current rating."

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



                           *********


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

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

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

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

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

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


                * * * End of Transmission * * *