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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 16, 2021, Vol. 22, No. 48

                           Headlines



F R A N C E

BURGER KING: Moody's Completes Review, Retains B3 CFR
FONCIA MANAGEMENT: Fitch Assigns 'B(EXP)' LT IDR, Outlook Stable
YOUNI 2019-1: Moody's Ups EUR6.8M Class F Notes Rating from B1(sf)


I R E L A N D

ADIENT PLC: S&P Places 'B+' Rating on CreditWatch Positive
AURIUM CLO V: Moody's Gives (P)B3 (sf) Rating to Class F Notes
AURIUM CLO V: S&P Assigned Prelim B-(sf) Rating to Class F Notes
DRYDEN 29 2013: Moody's Affirms B1(sf) Rating on Class F Notes
ROCKFORD TOWER 2021-1: S&P Assigns Prelim B-(sf) Rating to F Notes

[*] IRELAND: New Examinership Scheme to Leave Significant Problems


L U X E M B O U R G

TRINSEO MATERIALS: Moody's Gives Ba2 Rating to New $750M Term Loan


N E T H E R L A N D S

AERCAP GLOBAL: Moody's Affirms Ba1 Rating on Jr. Subordinated Bond


N O R W A Y

HURTIGRUTEN GROUP: Moody's Affirms Caa1 CFR, Alters Outlook to Neg.


S P A I N

BBVA CONSUMO 11: Moody's Gives (P)B1 (sf) Rating to EUR150MM Notes
FOODCO BONDCO: Moody's Completes Review, Retains Caa2 CFR
[*] SPAIN: Approves EUR1BB Plan to Help Companies Pay Down Debts


S W E D E N

IGT HOLDING: Moody's Affirms B2 CFR on Solid Profitability


T U R K E Y

NUROL INVESTMENT: Moody's Completes Review, Retains Caa2 Rating
TURK TELEKOM: S&P Affirms 'BB-/B' Ratings, Outlook Stable


U K R A I N E

UKRAINE: S&P Affirms 'B' LT Sovereign Rating, Outlook Stable


U N I T E D   K I N G D O M

GREENSILL: Borrowed EUR100MM from Sister Bank Prior to Collapse
LOOKERS: Accounting Watchdog Launches Probe Into Deloitte Audit
PROVIDENT FINANCIAL: Consumer Credit Division at Risk of Closure

                           - - - - -


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F R A N C E
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BURGER KING: Moody's Completes Review, Retains B3 CFR
-----------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Burger King France SAS and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on March 10, 2021 in
which Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.

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

Key rating considerations.

The B3 corporate family rating of Burger King France SAS (BK
France) reflects (1) the long international track record and global
awareness of the Burger King (BK) brand, for which the company owns
exclusive rights in France; (2) its attractive portfolio of
restaurants, with good locations and lease terms, and the
significant sales upside offered by the conversion of Quick
restaurants into BK restaurants; (3) its consistent execution of
restaurant openings and conversions strategy, which has resulted in
earnings growth and reduction in leverage; and (4) its adequate
liquidity, reinforced by the state-guaranteed loan raised in June
2020, which will allow it to weather the continuing shutdown of its
restaurant lobbies, and to continue rolling out its expansion
strategy in the aftermath of the coronavirus pandemic.

The rating is constrained by (1) the adverse impact that the
restaurant shutdowns, because of the coronavirus pandemic, had on
BK France's credit metrics in 2020 and continue to have in early
2021; (2) the uncertainty over the longer-term sustainability of
sales uplift achieved for recently converted restaurants; (3) the
execution risk of future conversions and openings in the context of
a highly competitive market and challenging macroeconomic
environment; and (4) the uncertainty related to the timing and use
of proceeds from the anticipated sale of the remaining Quick
restaurants.

The principal methodology used for this review was Restaurant
Industry published in January 2018.

FONCIA MANAGEMENT: Fitch Assigns 'B(EXP)' LT IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has assigned Foncia Management SAS (Foncia) an
expected Long-Term Issuer Default Rating (IDR) of 'B(EXP)' with a
Stable Outlook. It has also assigned Foncia's senior secured
facilities an expected 'B+(EXP)' rating with a Recovery Rating of
'RR3' (51%) and senior unsecured facilities an expected 'CCC+(EXP)'
rating with a Recovery Rating of RR6 (0%).

The ratings reflect Foncia's leading market position within the
fragmented, French residential real estate services (RRES) market,
the recurring nature of the majority of its revenues, its sticky
customer and contract base, and stable demand for its services,
even in recent adverse market conditions. Foncia's scale provides a
distinct advantage compared with its competitors. The ratings are
restricted by Foncia's high leverage with FY21 funds from
operations (FFO) gross debt leverage ratio expected at 8.4x,
decreasing to 6.7x in FY24.

The assignment of final ratings is contingent on the successful
placement of the long-term financing, with final finance
documentation conforming to information already received.

KEY RATING DRIVERS

Stable EBITDA Margins: Foncia's main business segments include
lease management (LM, over 30% of FY20 revenues) where Foncia
manages dwellings on behalf of landlords, joint property management
(JPM, over 30%) managing common areas in jointly-owned residential
buildings and the more variable property brokerage (over 13%). Of
these three, the highest margins are commanded by LM which
encompasses highly profitable ancillary services like rental
guarantees.

Consolidated EBITDA margins have historically been around 22%.
Fitch expects these to improve to around 27% in the next three
years following the implementation of efficiency measures,
including further digitalisation of internal processes.

Recurring Revenue Provides Visibility: Around 80% of revenues
(mainly from LM and JPM, together RRES) are recurring and largely
independent of economic cycles, which contributes to the stability
and visibility of the group's financial profile. The brokerage
division in France is the most volatile and has been affected by
physical difficulties in conducting transactions during the
lockdown period. The brokerage segment is exposed to adverse
changes in customer sentiment (particularly if the post-pandemic
labour market deteriorates, affecting volumes and values of
units).

Concentration on France: Around 90% of Foncia's FY20 revenue was
generated in France. Foncia is a market leader in RRES business
with a presence across the country, especially in large cities with
strong development potential. Foncia holds an estimated 13% market
share and manages 1.5 million dwellings - two times higher than its
closest competitor. Market fundamentals are positive with a steady
growth of dwelling volumes by around 1% per year.

Regulatory Risk: RRES operations in France operate within various
regulatory frameworks. Changes in regulations, intended to protect
smaller market participants like private landlords, tenants or
apartment buyers, could adversely impact margins of the residential
property servicing companies including Foncia. On the other hand,
increasing regulatory obligations limit competition as smaller
companies lack the scale to cope with this increasing burden while
remaining profitable.

Acquisitive Growth: The fragmented nature of the RRES market
provides opportunities for business consolidation. Foncia has been
growing since 2016 with a revenue CAGR of around 7%, mainly driven
by acquisitions. Fitch expects the ongoing acquisition strategy to
remain largely unchanged as a pillar of Foncia's growth strategy.

Acquisitions entail execution risk. However, Foncia has a positive
track record of integrating newly acquired bolt-on companies, aided
by a designated integration team. A key platform to extracting
synergies from acquisitions and expand the business's fees and
profit is the ongoing digitalisation of the group's operations
(including capturing cross-selling opportunities and internal
operating cost efficiencies).

High Leverage But Robust FCF: Fitch forecasts opening FFO gross
leverage in FY21 to reach 8.4x. Over the rating horizon leverage is
forecast to decrease to 6.7x aided mainly by margin improvement.
Although free cash flow (FCF) generation capacity is robust, more
rapid deleveraging will be constrained by the need to maintain the
acquisitive growth strategy.

DERIVATION SUMMARY

Foncia's rating derivation to peers is more a function of the
characteristics of a broad peer group than specific companies.
Fitch used peers from Fitch's business services market portfolio.
The key characteristics of the peer group include: (i) generally
strong recurring revenue streams and/or stable customer base; (ii)
a focus on a single geographical market; (iii) defensible market
positions and reputational value; (iv) potential exposure to future
regulatory risk; (v) growth strategy dependent on tuck-in
acquisitions; and (vi) high but sustainable leverage supported by
moderate cash flow. Foncia commands higher margins and has a
stronger competitive position than some of its peers, but it is
also more reliant on ongoing M&A to meet growth targets.

KEY ASSUMPTIONS

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

-- Revenue CAGR of 7.8% from FY21 to FY24 supported by ongoing
    M&A;

-- Excluding Covid-19's impact on FY21, over 1.0% annual organic
    growth;

-- Revenues and EBITDA arising from acquisitions made during a
    given year are annualized;

-- EUR690 million spent on M&A activity during FY21 to FY24 at 7x
    EBITDA multiple, 25% EBITDA margins, and financed mostly from
    cash flow with the remainder through drawing the revolving
    credit facility (RCF).

Recovery Ratings Assumptions

The recovery analysis assumes that Foncia would be reorganised as a
going concern (GC) in bankruptcy rather than liquidated.

GC EBITDA: Fitch has estimated a GC EBITDA for Foncia of EUR200
million. In Fitch's view, default would be the result of an
impairment of the core RRES business segment leading to a
diminished market position possibly as a result of regulatory
changes.

Multiple: An EV multiple of 6.0x EBITDA is applied to the GC EBITDA
to calculate a post-reorganisation enterprise value. The multiple
is explained by (i) low customer churn; (ii) stable demand for
Foncia's services; and (iii) highly recurring revenues.

Estimated Creditor Claims: Fitch has included EUR9 million
super-senior loans at the operating companies' level. The senior
secured RCF of EUR438 million would be fully-drawn upon default.
The remaining pari passu senior secured instruments include a
proposed term loan B and a senior secured note totalling EUR1,675
million. Junior debt includes a senior unsecured note of EUR250
million.

After deducting 10% for administrative claims, Fitch's principal
waterfall analysis generated a ranked recovery for the all-senior
secured capital structure of 'RR3' and 'RR6' for the senior
unsecured notes. The estimated waterfall generated recovery
computation is 51% and 0%, respectively.

RATING SENSITIVITIES

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

-- FFO leverage sustainable below 6.5x

-- FFO interest coverage sustainable above 3.0x

-- FCF (pre-M&A) approaching a double-digit margin

-- Successful delivery of efficiency/cost-saving programmes

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

-- FFO leverage sustainable above 8.0x

-- FFO interest coverage sustainable below 2.0x

-- FCF margin (pre-M&A) sustainably below 0%

-- Regulatory changes adversely impacting revenues and/or
    margins.

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

Satisfactory Liquidity: Each element (except for the RCF) of the
new financing will be structured as a bullet repayment with
long-dated maturities and no amortising tranches. After the
completion of this refinancing, Foncia will have access to EUR438
million of the RCF. Given Foncia's strong ability to generate FCF,
Fitch considers liquidity sufficient, even if treating EUR20
million of cash as restricted due to intra-year working capital
needs.

YOUNI 2019-1: Moody's Ups EUR6.8M Class F Notes Rating from B1(sf)
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of four Classes
of Notes in Youni 2019-1. The rating action reflects the increased
levels of credit enhancement for the affected Notes. Moody's has
also affirmed the rating of the Notes that had sufficient credit
enhancement to maintain the current rating on the affected Notes.

EUR20.5M Class B Notes, Affirmed Aaa (sf); previously on Mar 26,
2020 Upgraded to Aaa (sf)

EUR11.7M Class C Notes, Upgraded to Aaa (sf); previously on Mar
26, 2020 Upgraded to Aa2 (sf)

EUR11.5M Class D Notes, Upgraded to Aa2 (sf); previously on Mar
26, 2020 Upgraded to A1 (sf)

EUR5.1M Class E Notes, Upgraded to Aa3 (sf); previously on Mar 26,
2020 Affirmed Baa3 (sf)

EUR6.8M Class F Notes, Upgraded to Baa1 (sf); previously on Mar
26, 2020 Affirmed B1 (sf)

RATINGS RATIONALE

Increase in Available Credit Enhancement

Sequential amortization, coupled with continuously robust
prepayment led to the increase in the credit enhancement available
in this transaction.

For instance, the credit enhancement for Classes C, D, E and F
increased to 67.3%, 44.6%, 34.6% and 21.1% from 36.1%, 24.0%, 18.7%
and 11.6% since the last rating action in March 2020.

The performance of the transaction has been in line with Moody's
expectations. Since the last rating action in March 2020, total
delinquencies have increased, and currently stand at 3.34% of
current pool balance. Cumulative defaults currently stand at 6.24%
of original pool balance.

Moody's assumption for the default probability of the original
balance is 9.9%, translating into default probability of the
current balance of 11.6%. Moody's also maintained the assumption
for the fixed recovery rate and the portfolio credit enhancement at
25% and 32.5%, respectively.

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 consumer assets from a gradual and unbalanced
recovery in economic activity in France.

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 Consumer Loan-Backed ABS" published in July
2020.

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

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

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



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I R E L A N D
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ADIENT PLC: S&P Places 'B+' Rating on CreditWatch Positive
----------------------------------------------------------
S&P Global Ratings placed all its ratings on Adient PLC on
CreditWatch with positive implications. The recovery ratings remain
unchanged.

Adient has announced an agreement sell its Yanfeng Adient Seating
Co. Ltd. (YFAS) joint venture in China for $1.5 billion ($1.4
billion after tax). Adient expects the deal to close in the second
half of 2021 subject to regulatory approval.

The company plans to use the proceeds to repay debt. S&P expects
this, combined with its forecast for improving margins due to
operational improvements and commercial discipline, may support a
higher rating by transaction close.

At transaction close, S&P could upgrade Adient to 'BB-' from 'B+'
based on its expectation that the company will use the sale
proceeds to repay debt and for permanent leverage reduction.

The CreditWatch positive placement follows Adient's announcement
that it plans to sell its YFAS joint venture in China for $1.5
billion and deploy the proceeds to repay debt.   S&P expects the
announced post-close debt repayment, combined with improving EBITDA
margins and increasing free cash flow, will improve credit
metrics.

S&P said, "We expect lower leverage, expanded EBITDA margins, and
stronger free cash flow to offset the decline in scale and
diversification.   Pro forma for the sale of YFAS, Adient will
continue to have a dominant, though smaller, position in the
Chinese auto seating market. This does not change our view that
Adient will continue to be a major seating supplier with
significant market share and a diversified global customer base. We
expect the company to use its greater independence to gain share
with new electric vehicle companies while still serving traditional
auto manufacturers. We assume Adient will receive fewer joint
venture dividends pro forma for the sale. However, concurrent with
the sale, Adient will acquire YFAS' 50% ownership of Chongqing
Yanfeng Adient Automotive Components Co. Ltd. We expect the
increased consolidated sales and high-margin EBITDA will largely
offset the loss of dividends. Additionally, free cash flow could
increase due to significantly lower interest expense after debt
repayment.

"The CreditWatch placement reflects at least a 50% chance we will
raise our ratings on Adient in the second half upon the close of
the transaction. At that time, we will closely assess the company's
post-close capital structure and credit metrics. We could raise our
rating on Adient if the transaction closes and it uses the proceeds
to pay down debt, as planned. We expect this would allow the
company to sustain debt to EBITDA below 4x and free operating cash
flow to debt above 5%.

"Alternatively, if the transaction fails to close, we would
reassess Adient's progress on deleveraging independent of the
sale."


AURIUM CLO V: Moody's Gives (P)B3 (sf) Rating to Class F Notes
--------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to refinancing notes to be issued by
Aurium CLO V Designated Activity Company (the "Issuer"):

EUR172,800,000 Class A Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

EUR100,000,000 Class A Senior Secured Floating Rate Loan due 2034,
Assigned (P)Aaa (sf)

EUR25,750,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)

EUR12,750,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Assigned (P)Aa2 (sf)

EUR36,300,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)A2 (sf)

EUR27,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Baa3 (sf)

EUR22,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Ba3 (sf)

EUR14,300,000 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 will issue 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, Class D Notes, Class E
Notes and Class F Notes due 2032 (the "Original Notes"), previously
issued on April 4, 2019 (the "Original Closing Date"). On the
refinancing date, the Issuer will use the proceeds from the
issuance of the refinancing notes to redeem in full the Original
Notes.

On the Original Closing Date, the Issuer also issued EUR40,750,000
of Subordinated Notes, which will remain outstanding. The terms and
conditions of the subordinated notes will be amended in accordance
with the refinancing notes' conditions.

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 is fully ramped up as of the closing
date and comprises predominantly corporate loans to obligors
domiciled in Western Europe.

Spire Management Limited ("Spire") 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, credit improved obligation and unscheduled principal
proceeds.

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 European 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:

Target Par Amount: EUR440,000,000

Defaulted Asset: EUR0 as of January 29, 2021 [1]

Diversity Score: 44 (*)

Weighted Average Rating Factor (WARF): 2850

Weighted Average Spread (WAS): 3.55%

Weighted Average Coupon (WAC): 4.50%

Weighted Average Recovery Rate (WARR): 42.50%

Weighted Average Life (WAL): 8.5 years

AURIUM CLO V: S&P Assigned Prelim B-(sf) Rating to Class F Notes
----------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Aurium
CLO V DAC's class A Loan, A, B-1, B-2, C, D, E, and F notes. At
closing, the issuer will also issue EUR40.75 million of unrated
subordinated notes.

The transaction is a reset of an existing Aurium CLO V transaction,
which originally closed in April 2019. The issuance proceeds of the
refinancing notes will be used to redeem the refinanced notes
(class A, B-1, C, D, E, and F notes) and pay fees and expenses
incurred in connection with the reset.

Under the transaction documents, the issuer can purchase workout
loans, which are assets of an existing collateral obligation held
by the issuer offered in connection with bankruptcy, workout, or
restructuring of the obligation, to improve the related collateral
obligation's recovery value.

Workout loans allow the issuer to participate in potential new
financing initiatives by the borrower in default. This feature aims
to mitigate the risk of other market participants taking advantage
of CLO restrictions, which typically do not allow the CLO to
participate in a defaulted entity's new financing request. Hence,
this feature increases the chance of a higher recovery for the CLO.
While the objective is positive, it can also lead to par erosion,
as additional funds will be placed with an entity that is under
distress or in default. This may cause greater volatility in our
ratings if the positive effect of the obligations does not
materialize. In S&P's view, the presence of a bucket for workout
obligations, the restrictions on the use of interest and principal
proceeds to purchase those assets, and the limitations in
reclassifying proceeds received from those assets from principal to
interest help to mitigate the risk.

The purchase of workout loans is not subject to the reinvestment
criteria or the full eligibility criteria as is the case with
standard collateral obligations. However, such purchases are
subject to documented workout loan acquisition eligibility
criteria, which include specific eligibility conditions and workout
loan profile tests.

The issuer may purchase workout loans using interest proceeds,
principal proceeds, or amounts in the supplemental reserve account.
The use of interest proceeds to purchase workout loans is subject
to:

-- The manager determining that there are sufficient interest
proceeds to pay interest on all the rated notes on the upcoming
payment date; and

-- Following the purchase of a workout obligation, all coverage
tests must be satisfied.

The use of principal proceeds is subject to:

-- The manager having built sufficient excess par in the
transaction so that the collateral principal amount is equal to or
exceeds the portfolio's reinvestment target par balance after the
reinvestment; or

-- If the above condition is not satisfied: (i) the obligation
meets the documented restructured obligation eligibility criteria,
(ii) the par value tests are satisfied after the reinvestment,
(iii) the obligation ranks pari passu with or senior to the
relevant collateral obligation, and (iv) the obligation to be
acquired is not a warrant.

Workout loans purchased with principal proceeds that have limited
deviation from the eligibility criteria will receive collateral
value credit in the principal balance definition and for
overcollateralization carrying value purposes. Workout loans that
do not meet this version of the eligibility criteria will receive
zero credit. Workout loans purchased with interest or supplemental
reserve proceeds can be designated as declared principal proceeds
workout loans subject to the same limited deviation from the
eligibility criteria requirement. Declared principal proceeds
workout loans also receive collateral value credit and this
designation is irrevocable.

If a workout loan was purchased with principal proceeds at a time
when the collateral principal amount was below the reinvestment
target par balance, all amounts from such workout loan will be
credited to the principal account until the principal balance of
the related collateral obligation and the greater of the principal
proceeds used to purchase such workout loan and the
overcollateralization carrying value of such workout loan have been
recovered.

If a workout loan was purchased with principal proceeds at a time
when the collateral principal amount was above the reinvestment
target par balance or such workout loan was purchased with interest
or supplemental reserve proceeds, the amounts above the carrying
value can be recharacterized as interest or supplemental reserve
amounts at the manager's discretion. This aims to protect the
transaction from par erosion by capturing the carrying value from
any workout distributions as principal account proceeds.

The cumulative exposure to workout loans purchased with principal
is limited to 5% of the target par amount. The cumulative exposure
to workout loans purchased with principal and interest is limited
to 10% of the target par amount.

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

  Portfolio Characteristics

  S&P Global Ratings weighted-average rating factor   2,679.14
  Default rate dispersion                               671.79
  Weighted-average life (years)                           4.67
  Obligor diversity measure                             110.70
  Industry diversity measure                             19.30
  Regional diversity measure                              1.21
  Weighted-average rating                                  'B'
  'CCC' category rated assets (%)                         3.93
  'AAA' weighted-average recovery rate                   36.40
  Floating-rate assets (%)                               93.40
  Weighted-average spread (net of floors; %)              3.62

S&P said, "In our cash flow analysis, we modelled the target par
amount of EUR440 million, a weighted-average spread of 3.55%, the
reference weighted-average coupon of 4.50%, and the minimum
weighted-average recovery rates as indicated by the collateral
manager. We applied various cash flow stress scenarios, using four
different default patterns, in conjunction with different interest
rate stress scenarios for each liability rating category.

"Our credit and cash flow analysis shows that the class B-1, B-2,
C, D, and E notes benefit from break-even default rate (BDR) and
scenario default rate (SDR) cushions that we would typically
consider to be in line with higher ratings than those assigned.
However, as the CLO will be in reinvestment phase until July 2025,
during which the transaction's credit risk profile could
deteriorate, we have capped our preliminary ratings on the notes.

"For the class F notes, our credit and cash flow analysis indicates
that the available credit enhancement could withstand stresses that
are commensurate with a 'CCC+' rating. However the recommendation
is to apply our 'CCC' rating criteria, to assign a 'B-' rating to
this class of notes.

The one notch of ratings uplift (to 'B-') from the model generated
results (of 'CCC+'), reflects several key factors, including:

-- Credit enhancement comparison: S&P noted that the available
credit enhancement for this class of notes is in the same range as
other CLOs that it rates, and that have recently been issued in
Europe.

-- Portfolio characteristics: The portfolio's average credit
quality is similar to other recent CLOs.

-- S&P's model generated BDR at the 'B-' rating level of 24.30%
(for a portfolio with a weighted-average life of 4.67 years),
versus if it was to consider a long-term sustainable default rate
of 3.1% for 4.67 years, which would result in a target default rate
of 14.50%.

-- S&P also noted that the actual portfolio is generating higher
spreads and recoveries versus the covenanted thresholds that it has
modelled in its cash flow analysis.

S&P said, "For us to assign a rating in the 'CCC' category, we also
assessed (i) whether the tranche is vulnerable to non-payments in
the near future, (ii) if there is a one in two chance for this note
to default, and (iii) if we envision this tranche to default in the
next 12-18 months.

"Following this analysis, we consider that the available credit
enhancement for the class F notes is commensurate with the 'B-
(sf)' preliminary rating assigned.

"Citibank, London Branch is the bank account provider and
custodian. The transaction participants' documented replacement
provisions are in line with our counterparty criteria for
liabilities rated up to 'AAA'.

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

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

"Spire Management Ltd. is the collateral manager. Under our "Global
Framework For Assessing Operational Risk In Structured Finance
Transactions," published on Oct. 9, 2014, the maximum potential
rating on the liabilities is 'AAA'.

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

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

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

  Ratings List

  Class   Prelim.   Prelim. amount Interest rate*      Sub (%)
          rating      (mil. EUR)
  A       AAA (sf)      172.80      Three/six-month      38.00
                                    EURIBOR plus 0.79%
  A Loan  AAA (sf)      100.00 Three/six-month      38.00
                                    EURIBOR plus   0.79%
  B-1     AA (sf)        25.75 Three/six-month      29.25
                                    EURIBOR plus 1.30%
  B-2     AA (sf)        12.75 1.75%                29.25
  C       A (sf)         36.30 Three/six-month      21.00
                                    EURIBOR plus 2.35%
  D       BBB (sf)       27.50 Three/six-month      14.75
                                    EURIBOR plus 3.50%
  E       BB- (sf)       22.00 Three/six-month       9.75
                                    EURIBOR plus 6.16%
  F       B- (sf)        14.30 Three/six-month       6.50
                                    EURIBOR plus 9.36%
  Sub     NR             40.75      N/A                   N/A

*The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event
occurs.
EURIBOR--Euro Interbank Offered Rate.
N/A--Not applicable.
NR--Not rated.


DRYDEN 29 2013: Moody's Affirms B1(sf) Rating on Class F Notes
--------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Dryden 29 Euro CLO 2013 Designated Activity
Company:

EUR23,600,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2032, Upgraded to A2 (sf); previously on Dec 8, 2020 A3
(sf) Placed Under Review for Possible Upgrade

EUR20,800,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Baa2 (sf); previously on Dec 8, 2020
Baa3 (sf) Placed Under Review for Possible Upgrade

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

EUR230,000,000 Class A Senior Secured Floating Rate Notes due
2032, Affirmed Aaa (sf); previously on Jul 24, 2020 Affirmed Aaa
(sf)

EUR21,600,000 Class B-1 Senior Secured Floating Rate Notes due
2032, Affirmed Aa2 (sf); previously on Jul 24, 2020 Affirmed Aa2
(sf)

EUR40,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2032,
Affirmed Aa2 (sf); previously on Jul 24, 2020 Affirmed Aa2 (sf)

EUR21,600,000 Class E Mezzanine Secured Deferrable Floating Rate
Notes due 2032, Affirmed Ba2 (sf); previously on Jul 24, 2020
Affirmed Ba2 (sf)

EUR12,800,000 Class F Mezzanine Secured Deferrable Floating Rate
Notes due 2032, Affirmed B1 (sf); previously on Jul 24, 2020
Affirmed B1 (sf)

Dryden 29 Euro CLO 2013 Designated Activity Company, issued in
December 2013, is a collateralised loan obligation (CLO) backed by
a portfolio of mostly high-yield senior secured European and US
loans. The portfolio is managed by PGIM Limited. The transaction's
reinvestment period will end in July 2022.

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

RATINGS RATIONALE

The rating upgrades on the Class C and D notes are primarily due to
the update of Moody's methodology used in rating CLOs, which
resulted in a change in overall assessment of obligor default risk
and calculation of weighted average rating factor (WARF). Based on
Moody's calculation, the WARF is currently 3175 after applying the
revised assumptions as compared to the trustee reported WARF of
3457 as of January 2021 [1].

The rating affirmations on the Class A, B-1, B-2, E and F notes
reflect the expected losses of the notes continuing to remain
consistent with their current ratings after taking into account the
CLO's latest portfolio, its relevant structural features and its
actual over-collateralization (OC) levels as well as applying
Moody's revised CLO assumptions.

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

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

Performing par and principal proceeds balance: EUR400 million

Defaulted Securities: Nil

Diversity Score: 54

Weighted Average Rating Factor (WARF): 3175

Weighted Average Life (WAL): 6.03 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.90%

Weighted Average Coupon (WAC): 4.58%

Weighted Average Recovery Rate (WARR): 43.00%

Par haircut in OC tests and interest diversion test: Nil

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

The coronavirus 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 global 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.

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which could
lengthen as a result of the manager's decision to reinvest in new
issue loans or other loans with longer maturities, or participate
in amend-to-extend offerings. The effect on the ratings of
extending the portfolio's weighted average life can be positive or
negative depending on the notes' seniority.

Other collateral quality metrics: Because the deal can reinvest,
the manager can erode the collateral quality metrics' buffers
against the covenant levels.

ROCKFORD TOWER 2021-1: S&P Assigns Prelim B-(sf) Rating to F Notes
------------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Rockford
Tower Europe CLO 2021-1 DAC's class A, B-1, B-2, C, D, E, and F
notes. At closing, the issuer will issue subordinated notes.

The preliminary ratings 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 we expect to be
bankruptcy remote.

-- The transaction's counterparty risks, which we expect to be in
line with our counterparty rating framework.

  Portfolio Benchmarks
                                              Current
  S&P weighted-average rating factor         2,807.15
  Default rate dispersion                      564.20
  Weighted-average life (years)                  5.43
  Obligor diversity measure                     98.57
  Industry diversity measure                    22.42
  Regional diversity measure                     1.21

  Transaction Key Metrics
                                              Current
  Portfolio weighted-average rating
    derived from our CDO evaluator                  B
  'CCC' category rated assets (%)                5.00
  Covenanted 'AAA' weighted-average recovery (%)35.34
  Covenanted weighted-average spread (%)         3.70
  Covenanted weighted-average coupon (%)         3.70
  
Loss mitigation obligations

Under the transaction documents, the issuer can purchase loss
mitigation obligations, which are assets of an existing collateral
obligation held by the issuer offered in connection with
bankruptcy, workout, or restructuring of such obligation, to
improve the recovery value of such related collateral obligation.

Loss mitigation obligations allow the issuer to participate in
potential new financing initiatives by the borrower in default.
This feature aims to mitigate the risk of other market participants
taking advantage of CLO restrictions, which typically do not allow
the CLO to participate in a defaulted entity's new financing
request. Hence, this feature increases the chance of a higher
recovery for the CLO. While the objective is positive, it can also
lead to par erosion, as additional funds will be placed with an
entity that is under distress or in default. S&P said, "This may
cause greater volatility in our ratings if the positive effect of
such obligations does not materialize. In our view, the presence of
a bucket for loss mitigation obligations, the restrictions on the
use of interest and principal proceeds to purchase such assets, and
the limitations in reclassifying proceeds received from such assets
from principal to interest help to mitigate the risk."

The purchase of loss mitigation obligations is not subject to the
reinvestment criteria or the eligibility criteria. The issuer may
purchase loss mitigation obligations using interest proceeds,
principal proceeds, or amounts in the collateral enhancement
account. The use of interest proceeds to purchase loss mitigation
obligations is subject to:

-- The manager determining that there are sufficient interest
proceeds to pay interest on all the rated notes on the upcoming
payment date; and

-- Following the purchase of such loss mitigation obligation, all
coverage tests shall be satisfied.

The use of principal proceeds is subject to:

-- Passing par coverage tests;

-- The manager having built sufficient excess par in the
transaction so that the aggregate collateral balance is equal to or
exceeds the portfolio's reinvestment target par balance after the
reinvestment; and

-- The obligation purchased has a par value greater than or equal
to its purchase price.

Loss mitigation obligations that have limited deviation from the
eligibility criteria will receive collateral value credit for
overcollateralization carrying value purposes. Loss mitigation
obligations that do not meet this version of the eligibility
criteria will receive zero credit. To protect the transaction from
par erosion, any distributions received from loss mitigation
obligations either purchased with the use of principal proceeds or
given overcollateralization carrying value credit will form part of
the issuer's principal account proceeds and cannot be
recharacterized as interest. Any other amounts can form part of the
issuer's interest account proceeds. The manager may, at their sole
discretion, elect to classify amounts received from any loss
mitigation obligations as principal proceeds.

The cumulative exposure to loss mitigation obligations purchased
with principal is limited to 5% of the target par amount. The
cumulative exposure to loss mitigation obligations purchased with
principal and interest is limited to 10% of the target par amount.

Rating rationale

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments. The portfolio's
reinvestment period will end approximately 4.2 years after
closing.

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 CDOs.

"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread (3.70%), the
reference weighted-average coupon (3.70%), and the target minimum
weighted-average recovery rates as indicated by the collateral
manager. We applied various cash flow stress scenarios, using four
different default patterns, in conjunction with different interest
rate stress scenarios for each liability rating category.

"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."

Until the end of the reinvestment period on July 20, 2025, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained.

S&P said, "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 and framework 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 A to E notes. Our credit and cash flow analysis indicates
that the available credit enhancement for the class B-1, B-2, C, D
and E 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.

"For the class F notes, our credit and cash flow analysis indicates
that the available credit enhancement could withstand stresses that
are commensurate with a 'CCC+' rating. However, we have applied our
'CCC' rating criteria resulting in a 'B-' rating to this class of
notes.

The one notch of ratings uplift (to 'B-') from the model generated
results (of 'CCC+'), reflects several key factors, including:

-- Credit enhancement comparison: S&P noted that the available
credit enhancement for this class of notes is in the same range as
other CLOs that we rate, and that have recently been issued in
Europe.

-- Portfolio characteristics: The portfolio's average credit
quality is similar to other recent CLOs.

S&P said, "Our model generated break even default rate at the 'B-'
rating level of 27.47% (for a portfolio with a weighted-average
life of 5.43 years), versus if we were to consider a long-term
sustainable default rate of 3.1% for 5.43 years, which would result
in a target default rate of 16.83%.

"We also noted that the actual portfolio is generating higher
spreads and recoveries versus the covenanted thresholds that we
have modeled in our cash flow analysis.

"For us to assign a rating in the 'CCC' category, we also assessed
(i) whether the tranche is vulnerable to nonpayments in the near
future, (ii) if there is a one-in-two chance for this note to
default, and (iii) if we envision this tranche to default in the
next 12-18 months.

"Following this analysis, we consider that the available credit
enhancement for the class F notes is commensurate with the 'B-
(sf)' rating assigned.

"Taking the above factors into account and following our analysis
of the credit, cash flow, counterparty, operational, and legal
risks, we believe that our preliminary ratings are commensurate
with the available credit enhancement for all the rated classes of
notes.

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

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

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

The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds, and it will be managed by Rockford Tower
Capital Management LLC.

  Ratings List

  Class   Prelim.    Prelim. amount   Interest     Credit
          rating      (mil. EUR)      rate (%)   enhancement (%)
  A       AAA (sf)      248.000      3mE + 0.80     38.00
  B-1     AA (sf)        20.000      3mE + 1.25     29.25
  B-2     AA (sf)        15.000      1.75           29.25
  C       A (sf)         30.000      3mE + 2.35     21.75
  D       BBB (sf)       28.000      3mE + 3.45     14.75
  E       BB- (sf)       20.000      3mE + 5.96      9.75
  F       B- (sf)        12.000      3mE + 7.86      6.75
  Sub     NR             34.475      N/A              N/A

  NR--Not rated.
  N/A--Not applicable.
  3mE--Three-month Euro Interbank Offered Rate.


[*] IRELAND: New Examinership Scheme to Leave Significant Problems
-------------------------------------------------------------------
Samantha McCaughren at Independent.ie reports that a new low-cost
examinership scheme will leave businesses with significant
problems, if an option to exit from leases and other onerous
contracts is not included, the Small Firms Association (SFA) has
told the Government.

A public consultation seeking views on the proposed "Summary Rescue
Process" -- a restructuring framework for small and micro companies
-- is currently underway, Independent.ie discloses.  The new
process is based on a report from the Company Law Review Group
(CLRG), Independent.ie notes.

According to the SFA, the CLRG report indicates that its committee
considered the question of whether the process should include a
mechanism by which onerous contracts might be repudiated,
Independent.ie relays.

Some members of the CLRG committee working on the scheme considered
the matter to be "too complex an issue to be dealt with in a
simplified process aimed at smaller companies", Independent.ie
states.  Others considered that "repudiation should be available
where it is necessary to ensure the survival of the company".

The report did not reach any conclusion on the issue nor make any
recommendation on this point, Independent.ie says.

"In many cases the greatest threat to solvency faced by SMEs is the
burden of onerous contracts, most particularly leases with passing
rent exceeding market rent," read that SFA submission.

"This will be especially the case in the aftermath of Covid-19
restrictions, when it may reasonably be expected that the market
rents in some sectors and for some categories of property will fall
below those agreed prior to the emergence of Covid-19."

It said this would put existing businesses at a significant
disadvantage to new entrants and companies that have used the
examinership process to reduce their passing rent, Independent.ie
notes.

"If the proposed scheme omits a mechanism to address the future
liabilities associated with onerous contracts, in a similar manner
to the examinership process, then many businesses that otherwise
could be made viable will fail."

The SFA said that this would only impact on other creditors,
according to Independent.ie.




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

TRINSEO MATERIALS: Moody's Gives Ba2 Rating to New $750M Term Loan
------------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to the new $750
million guaranteed senior secured incremental B-2 term loan
facility of Trinseo Materials Operating S.C.A. Trinseo Materials
Operating S.C.A. is a subsidiary of public company Trinseo S.A.
("Trinseo"). Trinseo will also extend the maturity of its $375
million revolver as part of this new issuance and assigned at Ba2.
Proceeds from the new facility will be used along with additional
debt and cash to fund the acquisition of the PMMA business of
Arkema for roughly $1.4 billion. The closing of the transaction is
expected to occur in mid-2021. Trinseo's outlook is negative.

"The PMMA acquisition will roughly quadruple the sales of Trinseo's
Engineered Materials business, but the company's debt will double,"
stated John Rogers, Senior Vice President at Moody's and lead
analyst on Trinseo. "Trinseo intends to sell its synthetic rubber
business to accelerate the reduction in leverage, to the extent
that proceeds exceed management's expectations and significantly
reduce debt, Moody's could potentially return Trinseo's outlook
back to stable."

Ratings assigned:

Trinseo Materials Operating S.C.A. (co-borrower:Trinseo Materials
Finance, Inc)

Guaranteed senior secured term loan and revolver at Ba2 (LGD3)

RATINGS RATIONALE

The Ba2 rating on Trinseo's incremental B-2 secured term loan
reflects its first lien on Trinseo's assets and that it will be
pari passu with Trinseo's existing first lien term loan and the new
revolver. The company's first lien debt is rated one notch above
the Ba3 Corporate Family Rating (CFR) at Trinseo S.A.

Trinseo's Ba3 CFR is supported by its size in terms of revenues and
assets, significant and sustainable market positions in each of its
segments, relatively stable profitability in its specialty
businesses and an experienced management team with a track record
of conservative financial management.

Management is taking significant actions to limit the negative
impact from a credit standpoint by slashing the dividend, halting
share repurchases and focusing on free cash flow generation to
accelerate debt reduction after the acquisition. Trinseo also
expects to generate $50 million of cost synergies over three years
and an additional $25 million in synergies from converting the
business to Trineso's ERP system. Trinseo's management expects to
significantly accelerate debt reduction with the sale of its
synthetic rubber business in 2021 and then use free cash flow to
reduce unadjusted net leverage back to the mid-2x range by 2023.

Trinseo is acquiring the polymethyl methacrylates ("PMMA") and
activated methyl methacrylates businesses from Arkema. PMMA is a
transparent plastic used in a wide range of applications, including
many that overlap with Trinseo's existing compounded resins
businesses (both product lines will become part of the Engineered
Material segment). The business is vertically back integrated into
the monomer MMA, via a production facility in Europe and a long
term cost-based contract in the US. While PMMA is normally
associated acrylic sheet products, Arkema's PMMA business generates
the majority of its profitability from the sale of compounded
resins used in higher-value applications in auto, lighting, medical
and electronics markets. The Arkema business suffers from
relatively low growth in the US and Europe. Trinseo expects to
generate faster growth by expanding sales into Asia.

Trinseo's Speculative Grade Liquidity rating of SGL-1 reflects
excellent liquidity primarily supported by a cash balance, of
roughly $300 million subsequent to the acquisition and the
expectation that free cash flow will remain positive despite the
slow recovery in demand in Europe. Additionally, the company will
have access to a $375 million revolver maturing in 2026 and a $150
million A/R securitization that is expected to have no outstanding
borrowings and should not be limited by available collateral. The
facility will have a springing covenant in its revolver, which
requires the company to maintain a pro forma first lien net
leverage ratio at a level that has yet to be determined, if greater
than 30% is drawn. The company will likely have no difficulty in
meeting this covenant over the next 12-18 months due to its
elevated cash balance.

The negative outlook reflects the integration

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

An upgrade to the rating is highly unlikely over the next 2-3 years
due to the additional debt incurred to fund the acquisition of the
PMMA business. However, the CFR could be upgraded if Trinseo's
businesses, excluding Polystyrene and Feedstocks, consistently
generates EBITDA of over $450 million, balance sheet debt falls to
roughly $1.5 billion and free cash flow remains above $150 million.
This would also imply that leverage during the next downturn would
not rise above 4x. The rating could be downgraded, if leverage
remains above 4.5x in 2023 or if the company fails to generate free
cash flow on a sustained basis.

ESG CONSIDERATIONS

Environmental, social and governance (ESG) factors are important
considerations in Trinseo's credit quality. The company is exposed
to environmental and social risks typical for a large, diversified
chemical company. The company has below average exposure to
environmental liabilities as they have an indemnification from Dow
(Baa2 stable) on all liabilities prior to the carve-out from Dow in
2010. However, Trinseo does have exposure to styrene, which is
"reasonably anticipated to be a human carcinogen" by the US
regulatory authorities. Given the size of the company's styrene
operations this is a modest credit negative and increases
environmental and social risk.

Moody's noted that many chemicals have received the same
designation or a more severe designation - known to be a human
carcinogen - with minimal impact on the chemical's use in
industrial applications. The concern for styrene, and most other
industrial chemicals, is that consumer behavior can be influenced
by partisan public relations campaigns and non-scientific studies.
In Moody's view, the largest end-use that could be at risk given
this designation would be for polystyrene used in food contact
applications - food packaging and disposable cups and cutlery.
However, this is a small portion of Trinseo's polystyrene business
(about 10%).

Recycling of plastics is a rising social risk causing many
packaging and consumer productions companies to reassess their
package designs and materials. Moody's believes that certain
plastics like polystyrene and PVC may be deselected in these
applications over time in order to lower the cost and increase the
quality of recycled plastics. While polystyrene is easy to recycle
on its own, it can significantly degrade the performance of
recycled plastic when comingled with polyethylene and
polypropylene.

Trinseo's governance-related risks are lower than average as it has
an independent board of directors, detailed reporting requirements,
management's a track record of support for a relative conservative
amount of balance sheet debt (1-2x leverage at the peak of the
cycle).

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

Trinseo S.A. is the world's largest producer of styrene butadiene
(SB) latex, the third largest global producer of polystyrene and a
leading producer of engineered polymer blends. Trinseo is also the
largest European producer of SSBR rubber (solution styrene
butadiene rubber) but this business is expected to be divested to
accelerate the reduction in balance sheet subsequent to the
acquisition of Arkema's PMMA business. Trinseo is expected to have
revenues of $3-4 billion depending on petrochemical feedstock
prices.



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AERCAP GLOBAL: Moody's Affirms Ba1 Rating on Jr. Subordinated Bond
------------------------------------------------------------------
Moody's Investors Service has affirmed the Baa3 backed long-term
issuer rating of AerCap Holdings N.V. and the Baa3 senior unsecured
ratings of subsidiaries AerCap Ireland Capital D.A.C., AerCap
Global Aviation Trust (senior unsecured shelf (P)Baa3) and
International Lease Finance Corporation. The outlooks remain
negative. This follows AerCap's announcement that it will acquire
GE Capital Aviation Services (GECAS) from General Electric Company
(GE) for approximately $30 billion.

Affirmations:

Issuer: AerCap Global Aviation Trust

Junior Subordinated Regular Bond/Debenture, Affirmed Ba1 (hyb)

Senior Unsecured Shelf, Affirmed (P)Baa3

Issuer: AerCap Holdings N.V.

Issuer Rating, Affirmed Baa3

Junior Subordinated Regular Bond/Debenture, Affirmed Ba2 (hyb)

Senior Unsecured Shelf, Affirmed (P)Baa3

Issuer: AerCap Ireland Capital D.A.C

Senior Unsecured Regular Bond/Debenture, Affirmed Baa3

Senior Unsecured Shelf, Affirmed (P)Baa3

Issuer: Delos Finance SARL

Senior Secured Bank Credit Facility, Affirmed Baa2

Issuer: ILFC E-Capital Trust I

Pref. Stock Preferred Stock, Affirmed Ba1 (hyb)

Issuer: ILFC E-Capital Trust II

Pref. Stock Preferred Stock, Affirmed Ba1 (hyb)

Issuer: International Lease Finance Corporation

Pref. Stock Preferred Stock, Affirmed Ba2 (hyb)

Senior Unsecured Regular Bond/Debenture, Affirmed Baa3

Outlook Actions:

Issuer: AerCap Global Aviation Trust

Outlook, Remains Negative

Issuer: AerCap Holdings N.V.

Outlook, Remains Negative

Issuer: AerCap Ireland Capital D.A.C

Outlook, Remains Negative

Issuer: Delos Finance SARL

Outlook, Remains Negative

Issuer: ILFC E-Capital Trust I

Outlook, Remains Negative

Issuer: ILFC E-Capital Trust II

Outlook, Remains Negative

Issuer: International Lease Finance Corporation

Outlook, Remains Negative

RATINGS RATIONALE

Moody's affirmed AerCap's ratings in expectation that the company's
proposed acquisition of GECAS will enhance its already strong
competitive positioning in commercial aircraft leasing, based on
increased earnings and cash flow generating power from a larger
high-quality fleet and increased customer base. AerCap's ratings
also reflect the company's continued commitment to strong liquidity
and capital management, including raising additional funding in
order to maintain a liquidity sources to uses ratio of at least
150% at closing and reducing leverage post-closing to meet its 2.7x
target adjusted debt-to-equity ratio. The outlook remains negative,
reflecting the execution risks associated with AerCap's need to
raise significant acquisition financing, as well as Moody's
expectation that the current downturn in the airline industry will
result in elevated risks to AerCap's earnings, cash flow, and
liquidity and capital positions until a recovery in air travel
demand strengthens airlines operations and increases their need for
leased aircraft.

AerCap will acquire GECAS for total consideration including 111.5
million of newly issued AerCap shares, $24 billion of cash and $1
billion of AerCap notes and/or cash. Based on an AerCap share price
of $45, the transaction consideration has a value of approximately
$30 billion. GE has agreed to purchase $1 billion of subordinated
or senior notes from AerCap, resulting in a net cash payment to GE
of $24 billion. At closing, GE will have a 46% minority stake in
AerCap and will be entitled to nominate two directors to AerCap's
Board of Directors. The transaction is expected to close in the
fourth quarter of 2021, subject to AerCap shareholder and
regulatory approvals in multiple jurisdictions.

The transaction will significantly increase AerCap's operational
scale, making the company the largest aircraft leasing franchise
globally. AerCap's assets totaled $42 billion at December 31, 2020,
while GECAS had assets of $36 billion at the same date. Because
AerCap has successful prior experience integrating large
acquisitions, Moody's expects that the company's integration of the
GECAS fleet and operations will be manageable.

The transaction will improve the risk characteristics of AerCap's
fixed-wing aircraft fleet. AerCap's combined fleet of over 2,000
aircraft will have a lower percentage of wide-body aircraft
(approximately 40% versus 47% currently); wide-bodies are more
challenging lease assets because they have a smaller user base and
are more costly to acquire, maintain and transition than
narrow-body aircraft. Further fleet improvements are embedded in
the combined order book of 493 new-technology primarily narrow-body
aircraft, which will further AerCap's transition to a fleet
comprised of the most efficient and in-demand commercial aircraft.
Importantly, nearly all of AerCap's new deliveries through 2022 are
committed to leases, while just a modest number of GECAS new
deliveries have yet to be committed to leases.

AerCap's operational diversity will increase with the addition of
GECAS' over 900 owned and managed aircraft engines and over 300
owned helicopters. Moody's expects that AerCap's pro forma customer
concentrations will decline, reflecting an increase in customers to
approximately 300 from 200 currently, which should reduce the
company's performance volatility.

AerCap has obtained commitments for $24 billion of bridge financing
from banks to fund its payment to GE at closing. The large cash
payment reflects the fact that GECAS has immaterial debt capital of
its own that will carry over into the combined entity. A credit
challenge associated with the transaction includes AerCap's need to
raise longer-term debt capital to replace the bridge financing.
AerCap's larger post-transaction scale will significantly increase
its exposure to the confidence-sensitivity of the debt capital
markets, a liquidity constraint given the specialized nature of
aircraft leasing and its high exposure to the weakened airline
industry.

Additionally, the transaction will have an uncertain effect on
AerCap's debt-to-equity leverage at closing, given the potential
fluctuations in the company's share price that will drive the value
of the shares AerCap issues to GE as part of the transaction
consideration. AerCap remains committed to a 2.7x adjusted
debt-to-equity leverage ratio, which is consistent with Moody's
investment-grade criteria. Moody's expects that AerCap will take
steps to reduce leverage to that level should it be necessary
post-closing, though the length of time required to do so is
uncertain, which could affect Moody's rating.

The negative outlook reflects the execution risks associated with
AerCap's transaction funding requirements as well as Moody's
expectation that the deep global downturn in the airline industry
elevates risks to AerCap's earnings, cash flow, and liquidity and
capital positions until airlines' demand for leased aircraft rises
in connection with a recovery in air travel volumes. Moody's base
case expectation is that air travel volumes will reach about 50% of
2019 levels by the end of 2021 and rise to approximately 90% by the
end of 2023.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The rating action reflect the negative effects on
AerCap of the breadth and severity of the downturn in aviation, and
the deterioration in credit quality, profitability, capital and
liquidity it has triggered. The rating actions also reflect
AerCap's governance as a key ratings consideration, given the
company's acquisition of GECAS will result in changes to its
ownership and board representation.

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

Moody's could revise AerCap's outlook to stable if: 1) the company
demonstrates material progress raising required transaction
financing; 2) recovery in the aviation sector, as indicated by
trends in air travel volumes, is expected to be consistent with or
stronger than Moody's base case; and 3) the company's share price
trends support an expectation that AerCap's financial flexibility
remains sound, as reflected by our anticipation that adjusted
debt-to-tangible net worth leverage (Moody's adjusted) at closing
will be less than 3.5x.

AerCap's ratings could be upgraded if: 1) the company's GECAS
acquisition execution and integration risks are well managed; 2)
the strength of recovery in air travel volumes exceeds Moody's base
case; 3) the company is expected to generate consistently stronger
and more stable profitability and cash flow ratios compared to
peers; 4) the company continues to demonstrate effective liquidity
management post-acquisition, during the aviation sector downturn as
well as post-recovery; 5) fleet integration, residual value risks
and exposure concentrations are well managed including through the
downturn; and 6) the company's debt-to-tangible net worth leverage
ratio declines to less than 3.0x (Moody's adjusted).

AerCap's ratings could be downgraded if: 1) liquidity coverage
(Moody's sources-to-uses over a one-year horizon) declines to less
than 150% during the downturn or less than 120% long-term; 2)
recovery in air travel volumes declines materially below Moody's
base case; 3) revenues weaken and costs increase to the extent that
the company will be unable to generate materially improved profits
and operating cash flow by the end of 2023; 4) debt-to-tangible
equity leverage increases to more than 3.8x (Moody's adjusted); 5)
the company's competitive positioning otherwise weakens.

The principal methodology used in these ratings was Finance
Companies Methodology published in November 2019.



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HURTIGRUTEN GROUP: Moody's Affirms Caa1 CFR, Alters Outlook to Neg.
-------------------------------------------------------------------
Moody's Investors Service affirmed the corporate family rating of
Hurtigruten Group AS at Caa1 and its probability of default rating
at Caa1-PD. Concurrently, the rating agency affirmed at Caa1 the
ratings assigned to the company's existing senior secured bank
facilities, consisting of a EUR655 million guaranteed term loan B
due 2025 and an EUR85 million guaranteed revolving credit facility
due 2024, as well as the rating of the EUR300 million guaranteed
senior secured note due 2025 issued by Explorer II AS, an indirect
subsidiary of Hurtigruten Group AS, the owner of Norwegian cruise
operator Hurtigruten AS. The rating outlook on all ratings was
changed to negative from stable.

RATINGS RATIONALE

The change in outlook reflects Hurtigruten's diminishing liquidity
currently sufficient for approximately six months of operations,
although further liquidity is anticipated from a pending asset
sale. Moody's further notes continuing uncertainty with respect to
the timing of the removal of social distancing restrictions,
vaccination progress and resumption of travel and specifically
cruising. Counterbalancing these concerns, there appears to be
significant pent up demand for leisure travel and for Hurtigruten's
cruises in particular.

Hurtigruten reported cash holdings of EUR80 million at March 1,
2021 which Moody's estimates would provide just over six months of
liquidity based on the company's cash burn rate of EUR13 million
per month. However, Hurtigruten anticipates additional proceeds
from the sale of real estate assets on Svalbard which should
improve its liquidity position for potentially several more months.
Still, Moody's notes that the latest EUR46.5 million tranche of
term loan placed on March 1, 2021 [1]exhausted all the permitted
baskets under Hurtigruten's existing debt agreements.

Moody's believes the evolution of the recovery remains highly
uncertain and poses a significant risk to Hurtigruten's credit
profile. Despite current progress in vaccinations in the UK and
reducing numbers of infections, the timing of lifting of travel
restrictions is unclear and could be further delayed should new
variants of the virus emerge. In addition, the vaccination pace
appears to be slower in the European Union where close to 60% of
Hurtigruten's customers originate.

Hurtigruten expects its business to bounce back once social
distancing restrictions are removed and tourism can resume. The
company indicated that during the summer of 2020 when pandemic
abated temporarily it saw a quick pick up in demand which was
subsequently curtailed by the second wave of infections.

Hurtigruten's corporate family rating of Caa1 continues to reflect
Moody's expectations of extremely high leverage in 2021 and 2022
which may lead to an unsustainable capital structure if not
materially improved thereafter. The CFR further incorporates the
company's (1) moderate scale; (2) high operational leverage, with a
high fixed-cost structure and sizeable exposure to bunker fuel
price volatility; (3) leveraged capital structure, reflecting
substantial debt-financed capital spending; and (4) high risk
appetite. More positively, the rating incorporates Hurtigruten's
well-established competitive positioning and differentiated offer
in the niche Norwegian and expedition cruise markets. Also, the
company has significantly reduced its costs to limit current cash
burn to EUR13 million per month.

STRUCTURAL CONSIDERATIONS

Hurtigruten's capital structure primarily consists of a EUR655
million senior secured TLB maturing in 2025 and an EUR85 million
senior secured RCF due in 2024, as well as the new EUR105 million
and EUR46.5 million term loans due 2023. Both the TLB and the RCF
rank pari passu and are rated Caa1, in line with the CFR. Both
instruments are secured by substantially all assets of the group,
including ship mortgages over ten vessels. The new term loans also
rank pari passu with the RCF and the TLB and benefit from the same
security.

The EUR300 million bond issued by Explorer II AS, an indirect
subsidiary of Hurtigruten Group AS, will mature in 2025 and is
rated Caa1. It is secured on the two newbuild vessels received by
Hurtigruten in 2019. Because this debt instrument is secured by
specific vessels, Moody's views it as ranking pari passu with the
RCF and TLB.

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

Although considered unlikely in the near term, positive pressure on
the rating could occur once greater clarity with respect to
cruising demand is available and the expected leverage of the
company reduces sustainably to well below 10.0x debt/EBITDA.

Conversely, Moody's could downgrade the ratings if Hurtigruten's
liquidity profile is further weakened, for example by failure to
complete the asset sale in Svalbard as anticipated, or if the
company fails to evidence recovery in bookings, leading to a
potentially further distressed capital structure.

PRINCIPAL METHODOLOGY

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

Headquartered in Tromso, Norway, Hurtigruten is a cruise ship
operator that offers cruises along the Norwegian coast, expedition
cruises including the Arctic and Antarctica, as well as land-based
Arctic experience tourism in Svalbard. In 2020, Hurtigruten
reported revenues of EUR269 million (2019: EUR609 million) and
company-adjusted EBITDA of negative EUR2.7 million (2019: EUR145
million).



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S P A I N
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BBVA CONSUMO 11: Moody's Gives (P)B1 (sf) Rating to EUR150MM Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the notes to be issued by BBVA Consumo 11, FT ("the
issuer"):

EUR2,350 million Series A Fixed Rate Asset Backed Notes due Dec
2033, Assigned (P)Aa1 (sf)

EUR150 million Series B Fixed Rate Asset Backed Notes due Dec
2033, Assigned (P)B1 (sf)

RATINGS RATIONALE

The transaction is a static cash securitisation of Spanish
unsecured consumer loans originated by Banco Bilbao Vizcaya
Argentaria, S.A. (BBVA) (A3 senior unsecured/ A3(cr), A2 bank
deposits). The portfolio consists of consumer loans used for
several purposes, such car acquisition, property improvement and
other undefined or general purposes. BBVA also acts as servicer,
collection account bank and issuer account bank provider of the
transaction.

The underlying assets consist of consumer loans with mostly fixed
rates (98.8% of the pool) and a total outstanding balance of
approximately € 2,643 million. As of 23rd of February 2021, the
provisional portfolio has 306,682 loans with a weighted average
interest of 6.8%. The portfolio is highly granular with the largest
and 20 largest borrower representing 0.004% and 0.062% of the pool,
respectively. The portfolio also benefits from a good geographic
diversification and good weighted average seasoning of 17.5 months.
No loans in grace period due to moratoriums will be securitised at
closing. The final portfolio will be selected at random from the
provisional portfolio to match the final note issuance amount.

The transaction benefits from credit strengths such as a strong
artificial write-off, which traps the available excess spread to
cover any losses when the loan has been six months in arrears.
Interest and principal on Class B are fully subordinated to Class A
and the amortization of the notes is fully sequential. No interest
rate risk as both interest on the asset and the notes are fixed.

However, Moody's notes that there is a risk of yield compression as
96.7% of the loans in the pool has the option of an automatic
discount on the loan interest rate as a result of the future cross
selling of other products. Various mitigants have been put in place
in the transaction structure, such as performance-related triggers
to stop the amortisation of the reserve fund. Commingling risk is
mitigated by the transfer of collections to the issuer account bank
within two days and the high rating of BBVA. If BBVA's long term
deposit rating is downgraded below Baa1, it will either transfer
the issuer account to an eligible entity or guarantee the
obligations of BBVA.

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 Spanish 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.

Moody's analysis focused, amongst other factors, on (i) an
evaluation of the underlying portfolio of consumer loans and the
eligibility criteria; (ii) historical performance provided on
BBVA's total book and past consumer loan ABS transactions and
performance of previous BBVA Consumo deals; (iii) the credit
enhancement provided by subordination, excess spread and the
reserve fund; (iv) the liquidity support available in the
transaction by way of principal to pay interest; and (vi) the
overall legal and structural integrity of the transaction.

MAIN MODEL ASSUMPTIONS

Moody's determined a portfolio lifetime expected mean default rate
of 4.5%, expected recoveries of 15.0% and a portfolio credit
enhancement ("PCE") of 17.0%. The expected defaults and recoveries
capture our expectations of performance considering the current
economic outlook, while the PCE captures the loss we expect the
portfolio to suffer in the event of a severe recession scenario.
Expected defaults and PCE 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
its ABSROM cash flow model to rate consumer ABS transactions.

The portfolio expected mean default rate of 4.5% is in line with
recent Spanish consumer loan transaction average and is based on
Moody's assessment of the lifetime expectation for the pool taking
into account (i) historic performance of the loan book of the
originator, (ii) good performance track record on most recent BBVA
consumo deals with cumulative 3m+ arrears below 3.95%, (iii)
benchmark transactions, and (iv) other qualitative considerations.

Portfolio expected recoveries of 15% is in line with recent Spanish
consumer loan average and are based on Moody's assessment of the
lifetime expectation for the pool taking into account (i) historic
performance of the loan book of the originator, (ii) benchmark
transactions, and (iii) other qualitative considerations such as
quality of data provided.

The PCE of 17.0% is in line with other Spanish consumer loan peers
and is based on Moody's assessment of the pool taking into account
the relative ranking to originator peers in the Spanish auto loan
market. The PCE of 17.0% results in an implied coefficient of
variation ("CoV") of 51%.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in July
2020.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:

Factors or circumstances that could lead to an upgrade of the
ratings of the Notes would be (1) better than expected performance
of the underlying collateral; or (2) a lowering of Spain's
sovereign risk leading to the removal of the local currency ceiling
cap.

Factors or circumstances that could lead to a downgrade of the
ratings would be (1) worse than expected performance of the
underlying collateral; (2) deterioration in the credit quality of
BBVA; or (3) an increase in Spain's sovereign risk.

FOODCO BONDCO: Moody's Completes Review, Retains Caa2 CFR
---------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Foodco Bondco, S.A.U. and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on March 10, 2021 in
which Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.

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

Key rating considerations.

The Caa2 corporate family rating of Foodco Bondco, S.A.U.
(Telepizza) factors in (1) the detrimental impact of the
coronavirus pandemic on the company's operating and financial
performance, with leverage estimated to peak at double-digit values
in 2020 and to remain elevated in 2021; (2) the limited visibility
on its operating model, strategy and credit metrics because of the
ongoing negotiations with Yum! Brands regarding the terms and
conditions of the master franchise agreement on the Pizza Hut
brand; (3) the intense competition with other pizza and non-pizza
delivery operators and substitute products, particularly in Spain;
and (4) its exposure to an unstable operating environment in Latin
America and cost inflation, which creates the potential for
earnings volatility.

Telepizza's credit profile remains supported by (1) its strong
brand awareness and position as the number one competitor in the
pizza delivery market in Spain, Portugal and a number of Latin
American countries; (2) the growth and diversification potential
stemming from its strategic alliance with Yum! Brands; (3) its
asset-light and vertically integrated business model, which
enhances the resilience of its profit margins; (4) its improved
liquidity following the arrangement of new financing, which has
also abated the risk of debt restructuring; and (5) the ongoing
recovery in its financial and operating performance as the
coronavirus pandemic is gradually brought under control.

The principal methodology used for this review was Restaurant
Industry published in January 2018.

[*] SPAIN: Approves EUR1BB Plan to Help Companies Pay Down Debts
----------------------------------------------------------------
Jeannette Neumann at Bloomberg News reports that Spain's government
approved an EUR11 billion (US$13 billion) plan to help companies
pay down debts accumulated during the pandemic, Economy Minister
Nadia Calvino said.

According to Bloomberg, Mr. Calvino told journalists during a
televised news conference on March 12 the package, which has three
parts, will leave companies better poised for the economic
recovery.

Under the plan, the central government in Madrid will channel EUR7
billion in cash transfers to regional authorities, which will then
distribute the aid to companies based on how much their revenue has
dropped, among other factors, Bloomberg discloses.  One billion
euros will be allocated to a separate restructuring and
recapitalization fund, Bloomberg states.

The government of Socialist Prime Minister Pedro Sanchez has also
pledged EUR3 billion to cover potential debt restructuring for
firms that have tapped the country's state-backed loan guarantee
program, Bloomberg relates.

Spanish companies have borrowed more than EUR120 billion in
state-backed loans since authorities launched the plan a year ago
to help them stay afloat during the crisis, Bloomberg notes.

Banks will design the restructuring plans with the firms, and the
state will assume its share of a "haircut," for instance, or other
forms of debt relief, Bloomberg relays.




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S W E D E N
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IGT HOLDING: Moody's Affirms B2 CFR on Solid Profitability
----------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating of IGT Holding III AB (IFS). Moody's has also affirmed IFS'
probability of default rating at B2-PD. At the same time, Moody's
has assigned B2 instrument ratings to the new SEK11.8 billion
senior secured term loan (B1 and B2) and the new SEK2.175 billion
senior secured revolving credit facility issued by IGT Holding IV
AB. The outlook on all ratings remains negative.

The affirmation of the B2 ratings reflects the robust operating
performance of IFS over the recent quarters with solid
profitability levels and positive free cash flow generation that
lead to a good deleveraging in 2020. However, the outlook remains
negative considering a relatively high financial leverage of 6.4x
as of 2020 pro forma for the proposed refinancing and uncertainties
regarding a timely deleveraging back to the requirements for the B2
rating category over the next quarters. Deleveraging could be
delayed in absence of profitability improvements over the next
quarters or in case of a continuation of debt-funded acquisitions
or further shareholder distributions.

The senior secured term loans (B1 and B2) will predominantly be
used to refinance IFS' existing term loans, financing of
acquisitions and pay a shareholder distribution to private equity
owners EQT Partners and TA Associates. Moody's consider the
carve-out of Workwave from the restricted group a credit negative
as it effectively reduces revenue and EBITDA and the value of the
restricted group.

RATINGS RATIONALE

The B2 CFR positively reflects (1) the company's solid track record
with both steady organic license sales growth over the last three
years and growth from acquisitions, (2) the company's leading
market positions in defined industry verticals (3) the very high
renewal rates and strong level of recurring revenue, (4) the
company's ability to provide more tailored solutions as a
specialised provider; and the opportunities for margin expansion
and possibly more sales channels, provided by the development of
its partner network, increased share of outsourced consulting work,
as well as the ongoing measures to standardise and centralise
maintenance and consulting work.

IFS' B2 CFR is constraint by (1) the company's scale as
medium-sized provider of operational enterprise application
software provider with a focus on defined industry verticals (2)
the challenges associated with competing with both larger and more
integrated enterprise software providers, such as SAP SE (SAP, A2
stable), in some sectors, particularly for large global customers,
as well as with other specialised market participants, (3) an
aggressive financial policy evinced by ongoing debt-funded
acquisitions and shareholder distributions.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects the still-high leverage — a level
that is high for the current B2 rating — following the
debt-funded shareholder distribution and acquisitions and the
execution risks related to the ambitious growth plan which might
defer the expected deleveraging. The outlook could change to stable
if the company is able to reduce leverage below 6.0x and maintain
FCF/debt at least around 5.0%, both on a sustained basis.

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

While unlikely at this time, the rating could be upgraded if IFS'
Moody's-adjusted debt/EBITDA reaches 4.5x and FCF (after cash
interest)/debt approaches 10% while the company maintains good
liquidity.

The rating is weakly positioned and relies on significant
deleveraging in 2021. It could be downgraded if IFS' Moody's
adjusted debt/EBITDA does not fall below 6.0x within the next 12
months, FCF (after cash interest)/debt falls to the
low-single-digit percentages or liquidity weakens. Any further
debt-funded acquisitions could also strain the rating.

LIQUIDITY

Moody's view IFS' liquidity as adequate. Moody's expect the company
to maintain cash on balance above SEK500 million following the
transaction. This is complemented by the fully undrawn SEK2,175
million RCF due in 2027 and our expectation of positive free cash
flow generation. There is a springing net leverage covenant for the
RCF, tested quarterly, if the RCF is drawn more than 40%. Moody's
expect the company to maintain sufficient capacity.

STRUCTURAL CONSIDERATIONS

The B2 instrument ratings of IFS are in line with the CFR,
reflecting the pari passu capital structure and given that the
facilities Moody's rate essentially represent the entire debt
capital structure at the company. Guarantors for the facilities
Moody's rate represent at least 80% of EBITDA and the security
comprises shares, bank accounts, intercompany receivables, and,
where possible, a general and floating charge over assets.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Moody's take into account the impact of ESG factors when assessing
the companies' credit quality. In the case of IFS, the main ESG
related drivers are as follows.

IFS is not significantly affected by environmental matters, but has
some exposure to social risks in terms of privacy and data
protection of the infrastructure, in which the company's software
is installed and which aggregates and processes significant amounts
of sensitive data. Moody's acknowledge that the company has proper
control systems and processes implemented to prevent such an
event.

In terms of governance, IFS follows an aggressive financial policy
under its private equity ownership. EQT Partners has, despite the
ambitious growth plan, put a high leverage on the company and
further evinced high tolerance for leverage with the mostly
debt-funded acquisition as well as repeated debt-funded shareholder
distribution since 2019.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Software
Industry published in August 2018.

COMPANY PROFILE

IGT Holding III AB (IFS) is an enterprise software provider with a
focus on enterprise resource planning, enterprise asset management
and field-service management solutions. The company serves defined
industry verticals including manufacturing, aerospace and defence,
energy and utilities, service companies and construction. EQT
Partners acquired a controlling stake in the company in 2015, which
was followed by a full delisting and take-private in 2016. In 2020
EQT sold IFS from its fund VII to its fund VIII and IX for an
enterprise value in excess of EUR3.0 billion and TA Associates
became minority shareholder of the company.

In fiscal year 2020, IFS generated SEK7.0 billion in revenue (pro
forma for acquisitions and before the carve-out of Workwave), with
company adjusted EBITDA of SEK2.1 billion.



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

NUROL INVESTMENT: Moody's Completes Review, Retains Caa2 Rating
---------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Nurol Investment Bank A.S. and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on March 8, 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.

Nurol Investment Bank's (Nurolbank's) Caa2 long-term issuer ratings
reflect the bank's caa2 baseline credit assessment (BCA).

The caa2 BCA is supported by the bank's adequate profitability,
counterbalanced by lack of business diversification, concentration
risks (borrower and sector) and dependence on wholesale funding.

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

TURK TELEKOM: S&P Affirms 'BB-/B' Ratings, Outlook Stable
---------------------------------------------------------
S&P Global Ratings affirmed its 'BB-/B' long- and short-term
ratings on Turk Telekom.

The stable outlook reflects its stable outlook on Turkey and its
expectation that Turk Telekom will maintain solid operational
performance.

Turk Telecom's strategy focuses on a converged offering, which
supports strong earnings growth.

Turk Telekom demonstrated strong performance in 2020, despite the
impact of COVID-19, with overall revenue growth at 20% supported by
increasing ARPU across all segments and 25% revenue growth in
broadband due to strong subscriber growth. Turk Telekom is the
dominant player in Turkey's fixed-line broadband with a 61% retail
market share as of third-quarter 2020. Turk Telekom also has an
increasing presence in fiber, with access to more than 80% of
households through fixed voice lines as of Sept. 30, 2020. As a
result, we expect Turk Telekom to continue benefiting from growth
in broadband household penetration in Turkey, which stood at 66% as
of third-quarter 2020, and from increasing demand for higher
broadband speeds and corporate data. S&P said, "We also expect Turk
Telekom to benefit from increasing revenue from TV services, along
with growth in mobile data supported by price increases. We expect
its strategy--focused on a converged offering--to help increase
customer retention, maintain solid growth in revenue and cash flow,
and offset competitive pressure and the volatile macroeconomic
environment."

S&P said, "We expect Turk Telekom's credit metrics will continue
improving in 2021-2022 on the back of solid operating performance.

"We believe Turk Telekom can pass most of its inflationary pressure
on to customers and maintain relatively stable margins, given its
dominant position in fixed-line services, increasing scale in
mobile, and cost-efficiency initiatives. As a result, we expect
debt to EBITDA will decline to 1.2x-1.3x in 2021-2022 from 1.5x in
2020. This is in line with our understanding that the company would
like to maintain reported net debt to EBITDA below 1.5x in the
medium term (1.15x reported net debt to EBITDA as of year-end 2020,
which translates into S&P Global Ratings-adjusted debt to EBITDA of
1.5x). We expect Turk Telekom will continue to generate strong FOCF
due to its leading position in the higher-margin fixed-line
segment. Consequently, we expect the FOCF-to-debt ratio to approach
or exceed 20% in 2021-2022 and FFO to debt to exceed 60%."

Turk Telekom offsets foreign exchange exposure through extensive
hedging.

S&P said, "Almost all of Turk Telekom's debt is hedged through
derivatives and hard currency cash. However, we note that hedges
could be less effective in case of strong lira depreciation,
although we acknowledge that the company has improved the
effectiveness of its hedges through restructuring in the fourth
quarter of 2020. Turk Telekom also has exposure to foreign-exchange
risk because around 50% of its capital expenditure (capex) is
denominated in hard currencies, although almost all of its revenue
and EBITDA are in lira. In our base case, we expect the annual
average exchange rate to depreciate to Turkish lira (TRY) 7.4 to $1
in 2021 from TRY7.0 in 2020, followed by depreciation to TRY7.7 in
2022. A weaker lira than we factor into our base case would
translate into higher capex in lira. The same applies to operating
expenditure, although to a lesser extent, since only 10% is
denominated in hard currencies.

"The stable outlook on Turk Telekom reflects our stable outlook on
Turkey (unsolicited foreign currency B+/Stable/B; local currency
BB-/Stable/B), and our expectation of the company's continued solid
operational performance. Our current assessment of Turk Telekom's
stand-alone credit profile reflects our expectation that our
adjusted debt-to-EBITDA ratio will be in the 1.2x-1.5x range in
2021-2022, with FOCF to debt above 15% and FFO to debt higher than
45%.

"A negative rating action on the sovereign could trigger the same
action on Turk Telekom. We could also downgrade Turk Telekom if we
revised down our T&C assessment on Turkey, due to deterioration in
Turkish corporations' access to domestic and external liquidity, or
if we believed the business risk of operating in Turkey had
materially increased.

"We could upgrade Turk Telekom if we took the same action on the
sovereign and revised up the T&C assessment."




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

UKRAINE: S&P Affirms 'B' LT Sovereign Rating, Outlook Stable
------------------------------------------------------------
On March 12, 2021, S&P Global Ratings affirmed its global scale
long-term foreign and local currency sovereign ratings on Ukraine
at 'B' and its Ukraine national scale ratings at 'uaA'. S&P also
affirmed the short-term ratings at 'B'. The outlook on the
long-term ratings is stable.

Outlook

The stable outlook balances the risks to Ukraine's economy from
continued delays in accessing concessional financing, the weak
external environment, and the potential for a reversal of past
reforms, against the country's external buffers.

S&P said, "We could raise the ratings over the next year if we
anticipate that public finances would consolidate faster than we
currently forecast. This could result from a stronger economic
recovery and discretionary policies. The rating could also benefit
should Ukraine's external liquidity metrics outperform our
projections.

"We could lower the ratings if disruptions to funding from
concessional programs or capital markets over the next year call
into question the government's ability to meet debt service
obligations." Such disruptions could happen if the government
backtracks on key reforms, such as ensuring the independence of the
National Bank of Ukraine (NBU), which acts as both the monetary
authority and financial system regulator.

Rationale

The ratings on Ukraine are constrained by its low per capita income
and developing institutions.

Stronger macroeconomic management since 2015 and augmented foreign
exchange (FX) reserves support S&P's sovereign ratings on Ukraine.
The ongoing implementation of reforms helps the government access
commercial debt markets and receive concessional funding from
international financial institutions (IFIs).

The public health situation remains challenging, with the third
wave of COVID-19 infections pushing hospitalization rates above
those seen early last year. Meanwhile, Ukraine's vaccination
rollout remains at an earlier stage than most European peers',
implying potential risks to S&P's baseline projection of an
accelerating recovery this year.

Institutional and economic profile: Vested interests and endemic
corruption continue to thwart reform progress and confound
Ukraine's relations with international creditors

-- Ukraine's economy will rebound with 4.0% growth in 2021 after
contracting 4.2% in real terms in 2020.

-- Epidemiological considerations--in particular, the slow pace of
inoculations and vaccine hesitancy amid rising infections and virus
variants--remain a significant risk.

-- S&P anticipates that the legislature will close gaps in
anti-corruption laws over the course of the year, enabling one
disbursement in 2021 under the stalled $5 billion IMF program and
unlocking other concessional loans.

S&P projects real GDP growth of 4.0% for Ukraine during 2021 versus
a contraction of 4.2% in 2020, reflecting a gradual stabilization
of the public health situation, and a recovery in demand. Unlike
many other European countries, Ukraine's GDP proved relatively
resilient to the global pandemic last year, since services sectors
at most risk due to social distancing (arts, entertainment,
recreation, retail, accommodation, and food services) make up only
about 2% of gross value added (GVA). On the other hand, industrial
and agricultural production, which together account for one-third
of GVA, have continued to expand with little disruption. A
noteworthy exception to the weakness in services last year was
Ukraine's booming information technology sector,
which--unconstrained by lockdowns--saw exports increase 20%.

For 2021, S&P projects a solid recovery beginning in the second
quarter. Remittance inflows and government support measures,
including pension and wage hikes, should all support a rebound in
consumption that will only be partially offset by a recovery in
imports.

The key risk to our forecast remains uncertainty about the
distribution and take-up of vaccines. Like in many emerging
economies, Ukraine's initial rollout has been slow primarily on
account of lagged deliveries. Moreover, vaccine hesitancy is high,
with nearly half of the population not in favor of inoculation.

Epidemiological considerations pose the most important risk to
S&P's macro projections. Authorities have secured 25 million doses
so far through various sources, enough to immunize 30% of the
population with two doses. However, vaccine delivery is likely to
remain slow. Ukraine is set to receive 2.3 million doses--of 8
million secured--via the World Health Organization's COVID-19
Vaccines Global Access (COVAX) facility in first-half 2021, enough
to administer two doses per person to 2.7% of its population.

Vested interests continue to confound Ukraine's relations with
international creditors. A $5 billion program agreed with the IMF
last year has stalled following rulings by Ukraine's constitutional
court that rolled back previously implemented anti-corruption
reforms. A push to tighten legislative loopholes is currently
underway. These efforts include reinstating criminal liability for
falsified electronic declarations and amending the law on the
National Anti-Corruption Bureau to prevent the premature dismissal
of its head, alongside reforms to the judiciary. S&P views the
recently imposed sanctions by the Biden administration in the U.S.
on oligarch Igor Kolomoisky as a strong renewal of western backing
for President Zelensky's reform agenda.

Opposition from within the president's party has eroded the
government's effective parliamentary majority and could yet
frustrate efforts to end the stalemate and unlock concessional
financing. However, in S&P's base case it anticipates that a cross
party consensus--motivated partly by the need to avoid abrupt
fiscal tightening--will enable the passage of the requisite laws.
Even with further delays to tranches, the government's continued
market access and liquidity buffers will allow it to continue to
service debt during the year.

Flexibility and performance profile: Although S&P doesn't identify
elevated risks to debt service this year, relations with official
creditors will remain vital to meet large budget financing needs.

-- Import compression, continued external demand for Ukraine's
agricultural and services exports, and favorable terms of trade
have supported a record current account surplus, alongside a change
in accounting methodology.

-- External buffers against balance-of-payment risks have
strengthened and we project that FX reserves, net of required
reserves, will cover four months of current account payments on
average through 2023.

-- The NBU has hiked interest rates on rising inflationary
pressures after several cuts over the course of 2020.

The general government deficit widened to an estimated 5.5% of GDP
in 2020, lower than budgeted by 2 percentage points. Revenue intake
outperformed our expectations owing to strong consumption dynamics
and improvements in administration. Measures from the government to
support the economy included higher unemployment benefits, pension
top-ups, and minimum wage hikes. The government also ramped up
infrastructure spending during the year although delays in official
financing implied some curtailment of spending. In 2021, the
government has penciled in a deficit of 5.3% of GDP, which factors
in continued capital expenditure and another 20% minimum wage
hike.

Relative to 2019 and 2020, the government faces a lighter
FX-denominated amortization schedule totaling $5.5 billion (nearly
4% of GDP) in 2021. Of this, S&P expects nearly $3 billion of
domestically issued FX bonds, mostly held by domestic banks, to be
fully rolled over along with maturing hryvnia bonds.

Considering the still-elevated deficit this year, concessional
financing will remain important. S&P's projections incorporate one
further IMF tranche in 2021 of $0.7 billion, in turn unlocking
further World Bank and EU concessional loans of about $1.5 billion.
Even then, it projects the government will issue the equivalent of
$5 billion-$6 billion in fresh commercial debt this year, both
domestically and abroad.

Higher inflationary pressures will aid government debt dynamics.
Despite the headline deficit barely reducing in 2021 and
considering projected FX depreciation on 60% of the debt stock, net
general government debt will remain at about 60% of GDP. Inflation
was below the NBU's 5% target for much of 2020, averaging 2.7%
during the year but rising over the target in recent months thanks
to increasing food and energy prices. This prompted a
50-basis-point (bps) interest rate hike in early 2021 after
cumulative 750 bps cuts in the previous year. After cutting their
holdings of hryvnia-denominated government bonds through last year,
nonresidents have increased their holdings to about 18% of total
local currency government debt (excluding NBU holdings) in recent
months, though still down from a peak of nearly one-third in
February 2020.

GDP warrants represent more of a risk to interest costs rather than
a sizeable contingent liability in our opinion. In 2021, the debt
management office will pay out $40 million (0.02% of GDP) based on
2019 growth. Based on our growth and deflator projections, we
calculate payoffs on warrants of $250 million (0.2% of GDP) in 2023
and $136 million (0.1% of GDP) in 2024.

There is a residual risk for Ukraine's government balance sheet
related to the 2013 $3 billion Eurobond, which was not restructured
in 2015 and is held by Russia. In the event of a court ruling
against Ukraine and its refusal to pay in full, legal or technical
constraints on Ukraine's commercial debt service to other creditors
could potentially apply.

In 2020, Ukraine ran a record current account surplus, due in part
to a change in the accounting treatment of losses on foreign
investment. Stripping this effect out, the current account remains
in surplus thanks to import compression; continued external demand
for Ukrainian agricultural exports (which account for more than
one-fifth of the export basket); favorable terms of trade; and
lower volumes of energy imports. The external services surplus
widened to 3% of GDP. S&P expects the current account balance to
return to deficit as domestic demand and import growth revive.
Moreover, the volume of Russian gas transiting through Ukraine will
continue to decline over the forecast period.

Nonperforming loans (NPLs) in the Ukrainian banking system reduced
to 41% as of December 2020 from 49% the year before. This was due
to the write off of legacy NPLs, mainly by the four state-owned
banks, with the largest declines at PrivatBank. S&P forecasts NPLs
in the system will reduce to about 20% by year-end 2022 as write
offs of legacy NPLs, fully provisioned, will outweigh asset-quality
deterioration due to COVID-19 and seasoning of loans in 2021.

S&P said, "We expect the rehabilitation of state-owned banks will
continue in line with the government's aim of reducing its
ownership in the sector to 25%. It intends to do this via the sale
of PrivatBank and minority stakes in Oschadbank, Ukreximbank, and
Ukrgazbank. We view the International Finance Corporation's recent
loan to Ukrgazbank, convertible into a stake in the bank's capital,
as a step in this direction."

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

  Ratings Affirmed

  Ukraine

  Sovereign Credit Rating          B/Stable/B
  Ukraine National Scale            uaA/--/--
  Transfer & Convertibility Assessment      B
  Senior Unsecured                          B
  Senior Unsecured                          D





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

GREENSILL: Borrowed EUR100MM from Sister Bank Prior to Collapse
---------------------------------------------------------------
Kaye Wiggins, Olaf Storbeck and Robert Smith at The Financial Times
report that Greensill Capital borrowed almost EUR100 million from
its sister bank in Germany in the months leading up to its
collapse, raising further questions about the stricken lender's
governance and regulatory oversight.

The London-based finance group, which fell into administration,
established a revolving credit facility of EUR110 million at
Greensill Bank in July 2020, the FT relays, citing a witness
statement from founder Lex Greensill provided to the High Court in
London last week.  By February this year, EUR90 million was
outstanding, the FT notes.

Loans to related parties, which are prone to conflicts of interest,
are subject to stringent regulatory requirements under German law,
the FT states.  Such lending must be done under market conditions
and with the unanimous backing of the lender's management and
supervisory boards, according to the FT.

It is unclear if Greensill Bank adhered to these rules, the FT
says.

BaFin earlier this month froze the operations of the Bremen-based
bank and filed a criminal complaint with prosecutors, accusing the
lender's management of potential accounting manipulation, the FT
recounts.

Greensill Bank, which has raised EUR3.5 billion of deposits from
retail clients and municipalities, is expected to be formally wound
down soon, the FT relays, citing people familiar with the matter.

While the bank's retail deposits would be covered by a guarantee
scheme, the prospect of the lender's collapse has sent shockwaves
through German municipalities, which held up to EUR500 million not
covered by this deposit insurance, the FT discloses.

Since 2019, the lender has been under scrutiny from both BaFin and
a private-sector watchdog that oversees the deposit insurance
scheme of the private banking sector in Germany, as questions over
the rampant growth of its balance sheet and its credit exposure
grew, the FT notes.

BaFin created a task force in the summer of 2020 that investigated
the bank, and in the second half of the year hired KPMG to conduct
a forensic audit, the FT relates.

During the audit, the lender "was unable to provide evidence of the
existence of receivables in its balance sheet that it had purchased
from the GFG Alliance Group", BaFin, as cited by the FT, said
earlier this week, referring to the industrial group of metals
magnate Sanjeev Gupta.  BaFin added that there was "an imminent
risk that the bank will become over-indebted".


LOOKERS: Accounting Watchdog Launches Probe Into Deloitte Audit
---------------------------------------------------------------
Oliver Ralph and Peter Campbell at The Financial Times report that
the UK's accounting watchdog has launched a probe into Deloitte's
auditing of Lookers, after the car dealership disclosed more than
GBP25 million of accounting irregularities stretching back over
several years.

The Financial Reporting Council said on March 12 that its
enforcement unit would probe the 2017 and 2018 audits, without
giving further details, the FT relates.

According to the FT, Deloitte said it was taking the investigation
seriously and "fully co-operating" with the FRC, adding that "audit
quality is our priority and we are committed to maintaining the
highest professional standards".

After uncovering potential fraud within the company last March,
Lookers appointed Grant Thornton to investigate its books, the FT
recounts.

The resulting probe found accounting errors stretching back across
2017, 2018 and 2019, the FT discloses.

In November, the Grant Thornton investigation revealed a total of
GBP25.5 million missing from accounts over several years, with
discrepancies in almost a dozen different areas, from "fictional
transactions" to staff car schemes and the allocation of bonus
payments, the FT relays.

Deloitte, the dealership group's auditor since 2006, resigned from
the business after the 2019 results, which include the
restatements, were published last November, the FT notes.

In its resignation letter, which was made public two months ago, it
said it had raised concerns over financial controls with the
business following the 2017 and 2018 audits, according to the FT.

Deloitte said in the letter it believed there was a "considerable
gap" between Lookers' accounting controls and those in equivalent
companies, and asked for changes to be made, the FT relates.

According to the FT, while auditing the company's 2019 results,
Deloitte said the changes it found "fell short of what was
committed", and that the "quality and timeliness" of financial
information flowing from Lookers' divisions to its head office
"requires improvement".

It therefore decided to resign after the 2019 results -- which were
heavily delayed by the Grant Thornton investigation -- were
published, the FT states.

BDO is now the dealership group's auditor, the FT notes.


PROVIDENT FINANCIAL: Consumer Credit Division at Risk of Closure
----------------------------------------------------------------
Nicholas Megaw at The Financial Times reports that Provident
Financial, Britain's largest specialist subprime lender, warned on
March 15 that it was being investigated by the UK financial
regulator and said it may have to close one of its divisions due to
the volume of customer complaints.

According to the FT, Provident said it intended to set up a "scheme
of arrangement" to deal with historic complaints about its consumer
credit division, which includes its traditional "home credit"
business.  It expects to spend about GBP65 million on the scheme,
which would deal with complaints about any loans issued before
December 2020, the FT discloses.

Provident said the Financial Conduct Authority, the UK regulator,
did not approve of the proposal because claimants would not receive
the full value of their complaint, the FT relates.  It argued that
the alternative would be to place the business into administration
or liquidation, in which case claimants would receive nothing, the
FT notes.

Bradford-based Provident has provided doorstep credit through a
network of agents since the 19th century, but the business has been
lossmaking since an attempt to modernize it in 2017 went wrong and
led to a pair of profit warnings, the FT relays.  The company now
generates the bulk of its profit from other businesses such as its
credit card arm, the FT states.



                           *********


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

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Editors.

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