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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

          Wednesday, March 17, 2021, Vol. 22, No. 49

                           Headlines



B E L G I U M

LSF9 BALTA: Moody's Affirms B3 CFR Following Debt Exchange Offer


G E R M A N Y

GREENSILL BANK: Bafin Submits Insolvency Filing in Bremen Court


I R E L A N D

ROCKFORD TOWER 2021-1: Moody's Gives B3 Rating to Class F Notes


I T A L Y

[*] ITALY: May Ask AMCO to Handle Government-Backed Soured Loans


K A Z A K H S T A N

KAZAGRO NATIONAL: Moody's Ups LT Issuer Rating from Ba1


L U X E M B O U R G

ENDO LUXEMBOURG: Moody's Assigns B2 Rating to New Secured Notes


N O R W A Y

NORWEGIAN AIR: Norse Atlantic to Start Operations by Year-End


R U S S I A

RZD CAPITAL: Moody's Assigns Ba1 Rating to New Hybrid Notes


T U R K E Y

AKBANK TAS: Moody's Completes Review, Retains B2 Deposit Rating
DENIZBANK AS: Moody's Completes Review, Retains B3 Deposit Rating
EXPORT CREDIT: Moody's Completes Review, Retains B2 Rating
QNB FINANSBANK: Moody's Completes Review, Retains B1 Rating
SEKERBANK TAS: Moody's Completes Review, Retains Caa2 Rating

TURK EKONOMI: Moody's Completes Review, Retains B1 Deposit Rating
TURKIYE SINAI: Moody's Completes Review, Retains B3 Sr. Debt Rating
TURKIYE VAKIFLAR: Moody's Completes Review, Retains B2 Ratings


U N I T E D   K I N G D O M

CANADA SQUARE 2021-1: Moody's Gives Ba3 Rating to Class X Notes
GREENSILL: Deutsche Bank Acts as Broker for Fund Investors
JUPITER MORTGAGE: Moody's Gives 3 Note Classes 'Ca' Rating
STRATTON MORTGAGE 2021-2: Moody's Gives Ca Rating to 3 Note Classes
THORNTONS: Won't Reopen Stores After Lockdown, 600+ Jobs at Risk


                           - - - - -


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B E L G I U M
=============

LSF9 BALTA: Moody's Affirms B3 CFR Following Debt Exchange Offer
----------------------------------------------------------------
Moody's Investors Service affirmed the B3 corporate family rating
of LSF9 Balta Issuer S.a r.l. and B3-PD probability of default
rating. At the same time Moody's assigned a Caa1 rating to the new
guaranteed senior secured notes due 2024 issued by Balta as part of
the exchange offer settled on March 8, 2021. The Caa1 rating on the
existing senior secured notes will be withdrawn. The outlook was
changed to stable from negative.

The rating action reflects the successful completion of Balta's
debt exchange offer, addressing the refinancing risks, which
weighed on the ratings. It also takes into consideration Balta's
relatively solid operating performance since the summer, reflected
by the better than expected credit metrics for 2020. The rating
affirmation assumes a continued demand recovery and ongoing
efficiency improvements that will gradually reduce leverage to
below 6.5x over the next 12-18 months.

RATINGS RATIONALE

On March 8, 2021 the company completed the debt exchange offer
after receiving more than 99% consent from the noteholders,
extending the maturity of the notes and super senior revolving
credit facility (RCF) to 2024 from 2022. The transaction eases the
pressure on the liquidity and provides the company with additional
time to recover and stabilise its operations.

Since the second half of 2020 Balta's operating performance
benefited from a gradual demand recovery in rugs and residential,
as well as from a material improvement in profitability. The latter
was driven by a better product mix, lower raw material prices and
continued cost saving measures and initiatives. As a result the
company's adjusted EBITDA was down by 9% for 2020 from 2019 despite
a 16% revenue decline. The positive demand recovery in rugs and
residential was partially offset by its commercial division, which
continues to face significant challenges from the pandemic because
of its exposure to offices and hospitality.

While Moody's current macroeconomic outlook expects an economic
rebound in 2021, the pace of the recovery will vary by region and
end-markets. It will also highly depend on the development and
distribution of vaccines and effective pandemic management, which
remains uncertain. Moody's assumed that revenues for both rugs and
residential will recover largely to 2019 levels in 2021, however
the demand recovery for the commercial segment will be slow and
protracted. As a result, Moody's does not expect a full revenue
recovery to 2019 levels over the next 12-18 months. At the same
time Moody's expects the company to continue to drive productivity
improvements and proactively pass through raw material price
increases to customers that will help offset the higher cost
inflation in 2021. Based on these assumptions, Moody's adjusted
leverage is expected to decline to below 6.5x over the next 12-18
months from around 7.2x in 2020. The leverage is high, but in part
driven by the company's decision to maintain a large proportion of
its RCFs drawn for precautionary measures. Given the level of cash
on balance sheet the company could repay in full the drawn RCFs, in
which case leverage would decrease to below 6.0x over the next
12-18 months.

The B3 rating continues to be constrained by the company's
relatively small scale with limited product and end-market
diversification; some geographical and customer concentration;
exposure to raw material price and foreign currency volatility;
relatively lower profitability compared to some of its peers; and
limited track record of generating positive FCF.

At the same time, Balta's credit profile continues to be supported
by its established position in the soft flooring sector in most of
its key markets such as Germany, UK and France; high share of
renovation business, which tends to be less cyclical compared to
new construction; long-standing relationships with its key
customers; and solid manufacturing and distribution footprint,
enabling customer proximity and limiting transportation costs.

ESG CONSIDERATIONS

Balta is listed on the Euronext Brussels with around 50% of the
shares owned by funds controlled by Lone Star. The board of
directors consists of 8 members, of which 3 are independent. The
dividend pay-out policy is between 30% and 40% of net income
subject to the availability of distributable reserves and the
absence of any material external growth opportunities. There has
been no material dividend payments made since the listing in 2017.

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

LIQUIDITY PROFILE

Balta's liquidity profile is adequate, supported by EUR106 million
of cash on balance sheet at the end of December 2020 and EUR7
million of undrawn RCF out of $18 million Bentley RCF. The EUR61
million super senior RCF is fully drawn of which EUR6 million is
used for trade financing. The latter has one springing net leverage
covenant tested when the RCF is drawn by more than 30%. Moody's
expects the company to be compliant with its covenant. Moody's
believes that these sources of liquidity should comfortability
cover the working capital and capex needs over the next 12-18
months. While the FCF was positive in 2020, in part driven by the
working capital release and reduced capex, Moody's expects FCF to
be negative over the next 12-18 months. The working capital change
will reverse to a certain extent and the company's capital
investment plan over the next two to three years will constrain its
ability to generate positive FCF. The cash flow also continues to
be constrained by the high cost of debt and relatively low
margins.

STRUCTURAL CONSIDERATIONS

Balta's debt capital structure mainly consists of the new EUR233
million senior secured notes due in December 2024, a EUR61 million
super senior secured RCF due in June 2024, which benefits from the
same guarantor and collateral package as the notes, and a $18
million legacy borrowing base facility in favour of BPS Parent,
Inc., the indirect parent company of Bentley, due in January 2022.
The B3-PD is at the same level as the CFR, reflecting the use of a
50% recovery rate as is typical for transactions including both
bonds and bank debt. The senior secured notes are rated one-notch
below the CFR at Caa1 given the contractual subordination to the
RCFs (not rated).

RATING OUTLOOK

The stable outlook reflects the successful completion of the
exchange offer, which eases the pressure on the company's liquidity
and addresses the refinancing risks. It also reflects Moody's
expectation that the company will continue to drive efficiency
improvements that will maintain its current margins and decline
Moody's adjusted leverage to below 6.5x over the next 12-18
months.

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

The ratings could be upgraded if Moody's adjusted EBIT margin
increases sustainably in the mid-single to high single digit
percentage range; reduces Moody's-adjusted debt/EBITDA
substantially below 5.5x on a sustainable basis; and shows a track
record of material positive FCF.

The ratings could be downgraded if Moody's adjusted EBIT margin
remains sustainably below 5%; Moody's-adjusted debt/EBITDA exceeds
6.5x on a sustainable basis; and FCF remains negative for a
prolonged period or the liquidity weakens. The ratings could also
come under pressure if Moody's does not see any evidence of
sustained margin improvements and positive FCF generation over
time.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Consumer
Durables Industry published in April 2017.

COMPANY PROFILE

Headquartered in Sint-Baafs-Vijve, Belgium, Balta is one of the
leading manufacturers of soft-flooring products in Europe. In 2020
the company generated EUR562 million of revenue and EUR68 million
of company's adjusted EBITDA.



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

GREENSILL BANK: Bafin Submits Insolvency Filing in Bremen Court
---------------------------------------------------------------
Patricia Uhlig and Tom Sims at Reuters report that Germany's
financial regulator Bafin has submitted a filing to a court in
Bremen to start insolvency proceedings for Greensill Bank, a
spokeswoman for the court said on March 16.

Greensill Bank was locked down by BaFin this month with a warning
that there was an imminent risk that its debt would become
unmanageable, Reuters relates.  The regulator also questioned some
of the bank's financial accounts, Reuters discloses.

"We received an application from BaFin (Monday) evening to open
insolvency proceedings regarding Greensill Bank AG," a spokeswoman
for the district court told Reuters.

The bank's owner, Greensill Capital, entered insolvency after
losing insurance coverage for its debt repackaging business,
Reuters recounts.






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I R E L A N D
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ROCKFORD TOWER 2021-1: Moody's Gives B3 Rating to Class F Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Rockford
Tower Europe CLO 2021-1 DAC (the "Issuer"):

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

EUR20,000,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)

EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Assigned (P)Aa2 (sf)

EUR30,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)A2 (sf)

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

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

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

RATINGS RATIONALE

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

The Issuer is a managed cash flow CLO. At least 92.5% of the
portfolio must consist of senior secured obligations and up to 7.5%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds in
aggregate. The portfolio is expected to be 90% ramped as of the
closing date and to comprise predominantly of corporate loans to
obligors domiciled in Western Europe. The remainder of the
portfolio will be acquired during the 6-month ramp-up period in
compliance with the portfolio guidelines.

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

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.

In addition to the seven classes of notes rated by Moody's, the
Issuer will issue EUR34,475,000 Subordinated Notes due 2034 which
are not rated.

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 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:

Par Amount: EUR400,000,000

Diversity Score: 44

Weighted Average Rating Factor (WARF): 2925

Weighted Average Spread (WAS): 3.70%

Weighted Average Coupon (WAC): 3.70%

Weighted Average Recovery Rate (WARR): 43.50%

Weighted Average Life (WAL): 8.5 years



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

[*] ITALY: May Ask AMCO to Handle Government-Backed Soured Loans
----------------------------------------------------------------
Sonia Sirletti and Chiara Albanese at Bloomberg News report that
Italy may ask state-owned asset manager AMCO to handle a mounting
pile of government-backed soured loans issued to support businesses
during the pandemic, according to people familiar with the matter.

The government guaranteed almost EUR150 billion (US$179 billion) of
bank loans to small and medium-sized companies through a fund
managed by Mediocredito Centrale SpA, a state development bank
which is indirectly owned by the finance ministry, Bloomberg
discloses.

When an emergency suspension of loan repayments starts being lifted
in the next several months, banks are likely to lean on state
guarantees and transfer the risk to the fund, Bloomberg states.

Unlike MCC, AMCO has years of experience in buying and managing bad
loans, having played a key role in helping clean up piles of bad
debt accumulated by Italian banks during the last financial crisis,
Bloomberg notes.  It currently manages EUR34 billion in
non-performing loans, Bloomberg says.

According to Bloomberg, handing over the management of the loans to
AMCO, which is also owned by the finance ministry, will also allow
companies struggling to keep up with loan repayment to receive new
financing and reduce bankruptcies, the people said, asking not to
be identified because the discussions are still private and no
final decision has been made.

Italy expanded state guarantees on bank loans in March 2020,
seeking to avoid economic catastrophe as the pandemic shuttered
businesses, Bloomberg recounts.

A sudden surge in defaults on loans held by Italian banks could
trigger a credit crunch, just as the economy seeks to recover from
the pandemic slump, Bloomberg relays.  At the same time, the
Italian state is already contending with a heavy debt load,
forecast by the International Monetary Fund to reach 158% of gross
domestic product by the end of this year, Bloomberg notes.

"The end of moratorium will increase the role of state, which has
to manage billions of guarantees released amid the pandemic,"
Bloomberg quotes Domenico Torini, a partner at KPMG in Milan, as
saying.  "The loan management will be more complex, and it will be
crucial to help firms in finding financial innovative solutions to
reverse their debt crisis."




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K A Z A K H S T A N
===================

KAZAGRO NATIONAL: Moody's Ups LT Issuer Rating from Ba1
-------------------------------------------------------
Moody's Investors Service affirmed the long-term issuer ratings of
Baiterek National Management Holding, JSC (Baiterek) at Baa3 and
upgraded the long-term issuer ratings of KazAgro National
Management Holding JSC (KazAgro) to Baa3 from Ba1. Concurrently,
the rating agency upgraded KazAgro's short-term issuer ratings to
Prime-3 from Not Prime and its long-term National Scale Rating to
Aaa.kz from Aa2.kz. The outlooks on long-term issuer ratings of
Baiterek and KazAgro remain positive.

The rating action follows announced KazAgro's merger into Baiterek
with a transfer of all its assets and liabilities. On March 15,
2021, KazAgro will finalize the transfer of its asset and
liabilities to Baiterek whereupon KazAgro will cease to exist as a
separate legal entity later in the year [1]. Following the
completion of the transfer, Moody's will withdraw all KazAgro's
ratings.

RATINGS RATIONALE

The affirmation of Baiterek's ratings upon its merger with KazAgro
underlines Baiterek's strong public policy role and its high degree
of integration with the Kazakh government. It will further increase
Baiterek's systemic importance as a key government conduit
supporting diversification and development of the local economy.
Following completion of the merger, estimated consolidated
holding's assets will exceed 10% of the country's GDP (compared to
8% as of end 2020). Given that Baiterek's long-term issuer rating
is already positioned at level of the Government of Kazakhstan, the
merger has no impact on Baiterek's ratings.

The Baa3 issuer rating of Baiterek reflects the holding company's
strong links and importance to the Government of Kazakhstan.
Baiterek is a financial arm of the government, which uses the
holding company to provide financial support to the non-oil sectors
of the economy through a number of development institutions that
come under Baiterek's umbrella. The company participates in the
government's key economic development programmes. The rating
incorporates Baiterek's significant integration with the government
through its 100% ownership and involvement in Baiterek's business
activities, including control over the company's financial
performance and the approval of its key metrics.

KazAgro ratings' upgrade is driven by its merger with Baiterek,
which will benefit KazAgro's creditors, because following the
transfer of its assets and liabilities, the credit profile of
KazAgro's current debt will fully commensurate with Baiterek's
credit profile. As a result, Moody's upgraded KazAgro's Ba1
long-term issuer ratings by one notch to Baa3.

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

Baiterek's rating could be upgraded if Kazakhstan's sovereign
rating is upgraded, provided there is no weakening of the
institutional and financial links between the two.

A downgrade of Baiterek's rating is unlikely, given the positive
outlook on the company's long-term rating. The outlook could be
reversed to stable from positive if the sovereign rating outlook is
changed to stable.

LIST OF AFFECTED RATINGS

Issuer: Baiterek National Management Holding, JSC

Affirmations:

Short-term Issuer Ratings, Affirmed P-3

Long-term Issuer Ratings, Affirmed Baa3, Outlook Remains Positive

NSR Long-term Issuer Rating, Affirmed Aaa.kz

Outlook Action:

Outlook, Remains Positive

Issuer: KazAgro National Management Holding JSC

Upgrades and subsequent withdrawals:

Short-term Issuer Ratings, Upgraded to P-3 from NP, will be
withdrawn

Long-term Issuer Ratings, Upgraded to Baa3 from Ba1, Outlook
Remains Positive, will be withdrawn

NSR Long-term Issuer Rating, Upgraded to Aaa.kz from Aa2.kz, will
be withdrawn

Outlook Action:

Outlook, Remains Positive, will be withdrawn

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was
Government-Related Issuers Methodology published in February 2020.



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

ENDO LUXEMBOURG: Moody's Assigns B2 Rating to New Secured Notes
---------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to the new senior
secured notes being issued by Endo Luxembourg Finance I Company
S.a.r.l. ("collectively, Endo"), a finance subsidiary of Endo
International plc. Endo U.S. Inc. is a co-issuer of the new notes.
There is no change to Endo's existing ratings, including the B3
Corporate Family Rating, B3-PD Probability of Default Rating, B2
rating on the senior secured credit facilities and existing 1st
lien secured notes issued by Par Pharmaceuticals Inc., (a
subsidiary of Endo), or the Caa2 rating on the 2nd lien secured
notes and unsecured notes issued by Endo Finance LLC and Endo
Finance Co. There is no change to the SGL-3 Speculative Grade
Liquidity Rating. The outlook is stable.

Endo will be using proceeds from the proposed secured notes, along
with proceeds from its recently issued senior secured term loan to
refinance its existing term loan that matures in 2024. The
refinancing improves Endo's debt maturity profile, extending a
portion of its revolver expiration to March 2026 and making debt
maturities over the next 3-4 years more manageable with existing
and future cash flow.

The stable outlook reflects Moody's view that Endo's earnings will
decline in 2021 but that it's large cash balance will provide
adequate liquidity for operations and potential opioid-related
settlements. The stable outlook also incorporates the assumption of
a favorable patent litigation outcome on Vasostrict, the trial for
which is scheduled for July 2021.

Assignments:

Issuer: Endo Luxembourg Finance I Company S.a.r.l.

New 1st lien senior secured notes at B2 (LGD3)

RATINGS RATIONALE

Endo's B3 Corporate Family Rating reflects its persistently high
financial leverage and exposure to opioid-related litigation.
Despite growth in Endo's branded business in 2021, Moody's believes
that earnings will continue to decline due to ongoing challenges in
its US generics business. Moody's does not believe that the
generics business will return to growth for the foreseeable future
due to continued pricing pressure. Moody's also expects moderate
declines in the sterile injectables business driven by
normalization in demand for Vasostrict, which saw outsized use in
2020 as a treatment for COVID-19. The rating is also constrained by
product concentration risk as Vasostrict, Endo's largest product,
contributes more than 30% of Endo's earnings. Uncertainty around
patent litigation on Vasostrict exposes it to risk of earnings
declines that would increase financial leverage if generic
challengers are successful.

Endo's rating is supported by strong scale, good potential for
growth from its branded portfolio including the commercial launch
of Qwo for cellulite, and its balanced business mix between branded
and generic drugs. The ratings are also supported by Endo's high
cash balance and strong cash flow before litigation payments.

The SGL-3 Speculative Grade Liquidity Rating is supported by Endo's
unrestricted cash, which was around $1.2 billion at December 31,
2020. Moody's expects that Endo will generate cash flow prior to
litigation payments. Endo has nearly $360 million of litigation
payments remaining in 2021 -- related to vaginal mesh - roughly
half of which is already reserved in restricted cash. Endo has $300
million of revolver borrowings. A portion of the $1 billion
revolver is being extended and will still be subject to a 4.5x
secured net debt to EBITDA covenant that springs with any more
borrowings than it currently has. Endo would have modest cushion,
given shrinking EBITDA through 2021. $76 million of Endo's revolver
commitments will continue to mature in April 2022, with additional
maturities in 2024, and the remainder extending into 2026.

ESG considerations include high social risks for Endo reflected in
its high exposure to opioid-related litigation and residual
payments related to its surgical mesh products. Other risks include
the potential for disruption along a complex supply chain,
including plant closures, for instance, during a prolonged
pandemic. Governance considerations are its high financial leverage
in light of the opioid-related litigation exposure.

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

Materially negative developments related to Endo's opioid-related
litigation could lead to a downgrade. A negative outcome stemming
from ongoing patent litigation on its largest product, Vasostrict,
could also lead to a downgrade. A reduction in cash for
acquisitions or shareholder initiatives ahead of clarity on opioid
litigation could also lead to a downgrade.

The rating could be upgraded if debt/EBITDA is expected to be
sustained below 6.0x. Sustainable revenue and earnings growth,
reduced concentration in Vasostrict, and reduced uncertainty
related to the impact of opioid-related legal matters and
Vasostrict litigation would also be needed to support an upgrade.

Headquartered in Luxembourg, Endo Luxembourg Finance I Company
S.a.r.l. is a subsidiary of Endo International plc, which is
headquartered in Dublin, Ireland. Endo is a specialty
pharmaceutical company offering branded and generic drugs. Endo
generated approximately $2.9 billion in revenue for the twelve
months ended December 31, 2020.

The principal methodology used in this rating was Pharmaceutical
Industry published in June 2017.



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

NORWEGIAN AIR: Norse Atlantic to Start Operations by Year-End
-------------------------------------------------------------
Siddharth Vikram Philip at Bloomberg News reports that a group of
executives instrumental in Norwegian Air Shuttle ASA's failed
attempt to provide low-cost, trans-Atlantic travel are trying
again, this time with a new airline.

Norse Atlantic Airways aims to start operations by year-end,
Bloomberg relays, citing a statement on March 15.  It is 53% owned
by shipping entrepreneur Bjorn Tore Larsen, whose company OSM
Aviation provided flight crews for Norwegian Air before the carrier
filed for insolvency, Bloomberg discloses.

Mr. Larsen will serve as chief executive officer of Norse Atlantic,
while Norwegian Air founder Bjorn Kjos and former chairman Bjorn
Kise own 15% and 12% of the new company's shares, Bloomberg states.
The statement said Norse Atlantic will begin service in December
with nine leased Boeing Co. 787 Dreamliner jets, the same model
that Norwegian Air deployed on trans-Atlantic services, Bloomberg
notes.

Norse Atlantic said it will serve only profitable routes linking
destinations such as New York, Los Angeles, Miami, London, Paris
and Oslo, and that services to Asia could follow, according to
Bloomberg.




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R U S S I A
===========

RZD CAPITAL: Moody's Assigns Ba1 Rating to New Hybrid Notes
-----------------------------------------------------------
Moody's Investors Service has assigned a Ba1 rating to the proposed
junior subordinated ("hybrid") Swiss Franc-denominated loan
participation notes to be issued by, but with limited recourse to,
RZD Capital PLC, a public limited company incorporated under the
laws of Ireland. RZD Capital PLC will in turn on-lend the proceeds
to Russian Railways Joint Stock Company (RZD, Baa2 negative), which
will use them for financing or refinancing of its Eligible Green
Projects according to the published Framework. Therefore, the
noteholders will rely solely on RZD's credit quality to service and
repay the debt.

The existing ratings and outlooks of RZD and RZD Capital PLC remain
unchanged.

RATINGS RATIONALE

The Ba1 rating assigned to the proposed hybrid notes is two notches
below RZD's baa2 baseline credit assessment (BCA) and its Baa2
long-term issuer rating, which reflects Moody's view that the notes
will be deeply subordinated to the senior unsecured obligations of
RZD and will rank senior only to its common shares and pari passu
with its preferred shares. The notes will be perpetual and there
will be no events of default. The issuer may opt to defer coupon
payments on a cumulative basis.

The proposed hybrid notes will qualify for the "basket C" and a 50%
equity treatment of the borrowing for the calculation of credit
ratios by Moody's (please refer to Moody's Hybrid Equity Credit
methodology published in September 2018), subject to the continued
limited use and current specifics of the company's existing
preferred shares programme, which RZD uses solely for the purpose
of receiving the state funding from the National Wealth Fund for
its Far East infrastructure projects. Moody's also takes into
account that although there is a 500 basis points coupon step-up in
a change-of-control event, all senior creditors under RZD's
existing loan participation notes and bank loans are similarly
protected in the event that the hybrid can be called, while its
domestic senior rouble bonds do not contain any similar protection
solely because of the regulatory specifics and general practice in
the market. At the same time, Moody's notes that, if the protection
in a change-of-control event ever falls away from the company's
entire senior unsecured class of debt, (e.g. because all bank debt
and loan participation notes are repaid resulting in its senior
unsecured debt being comprised solely by domestic rouble bonds),
then notionally that would impact the equity classification for the
hybrid.

RZD's long-term issuer rating of Baa2 with a negative outlook
balances its fundamentally strong standalone credit profile against
the severity of the shock from the coronavirus pandemic. Along with
the company's strained operating and financial performance, Moody's
also notes the increasing role of the Government of Russia (Baa3
stable) in shaping up RZD's credit profile and leverage stemming
from the company's limited flexibility to scale down strategically
important investment projects and also recognizing state support
measures provided on the funding side. The agency, however, expects
RZD to be able to restore its strong standalone positioning with
its operations being back to normal in 2021-22, although the
recovery pace is subject to persisting uncertainties around the
evolution of the pandemic and the global economic outlook.

In particular, the rating continues to factor in a degree of
resilience against the macroeconomic decline and sovereign stress,
supported by the company's (1) viable business model and
strategically important market positioning as the monopoly owner
and provider of rail infrastructure services; diversified customer
base and significant share of export freight volume; (2)
conservative financial policy and strong liquidity; (3) improving
transparency and flexibility of tariff setting; and (4)
still-adequate metrics during the challenging 2020, which also
remain stronger compared with those of its European peers with
higher ratings. Moody's also takes into account the government's
historically rational approach towards RZD, which it expects to
continue.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook reflects the continued uncertain prospects for
the rail transportation market recovery, which along with reduced
flexibility to adjust its extensive investment programme may
constrain RZD's deleveraging in 2021-2022.

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

As the rating of the hybrid notes is positioned relative to RZD's
BCA, which is a starting point for rating junior instruments issued
by a government-related issuer, and the company's issuer rating,
the rating of the hybrid notes could be impacted by a change in the
baa2 BCA and Baa2 issuer rating of RZD, or by a re-evaluation of
its relative notching by Moody's.

The rating is unlikely to be upgraded in the short term. Over time,
upward rating pressure could emerge if Moody's were to upgrade the
Government of Russia's rating and raise the foreign-currency bond
country ceiling, and if RZD (1) improves its financial metrics,
notably its Moody's-adjusted leverage below 3.0x and funds from
operations/debt above 30%, while sustainably delivering on its
operations and capital programme; (2) preserves its strong
liquidity; and (3) continues to operate as a standalone entity,
with the government's decisions remaining consistently supportive
of the company's operations and credit profile.

The rating could be downgraded if (1) there is a downgrade of
Russia's sovereign rating or the foreign currency bond country
ceiling is lowered; or (2) there is evidence of the government's
negative interference in RZD's operations; and (3) there are clear
expectations that the company will not be able to maintain its
liquidity and financial profile compatible with its Baa2 rating by
2022, in particular if its financial metrics weaken beyond its
financial policy guidance with reported net debt/EBITDA exceeding
2.5x on a sustained basis, while Moody's-adjusted debt/EBITDA rises
sustainably above 4.0x.

PRINCIPAL METHODOLOGY

The methodologies used in this rating were Surface Transportation
and Logistics published in May 2019.

Russian Railways Joint Stock Company (RZD) is the 100% state-owned
monopoly owner and operator of Russia's rail infrastructure, and
provider of freight and passenger rail transportation services. In
the 12 months that ended June 2020, RZD generated revenue of
RUB2.36 trillion and adjusted EBITDA of RUB442 billion.



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

AKBANK TAS: Moody's Completes Review, Retains B2 Deposit Rating
---------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Akbank T.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.

Akbank's B2 long-term senior debt and local currency deposit
ratings reflect its b3 baseline credit assessment (BCA) as well as
the high probability of government support for this systemically
important bank, leading to one notch of uplift from the BCA.

Its b3 BCA is reflecting the bank's adequate core capital,
profitability and provisioning coverage against problem loans in a
very weak operating environment.

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

DENIZBANK AS: Moody's Completes Review, Retains B3 Deposit Rating
-----------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Denizbank 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.

Denizbank A.S.'s B3 long-term deposit ratings are based on the
bank's caa1 Baseline Credit Assessment and high probability of
affiliate support from its sole parent, Emirates NBD PJSC, which
results in one notch of uplift.

Banks's BCA of caa1 is constrained by Denizbank's weak asset
quality and profitability in a challenging and weak operating
environment. At the same time the bank's BCA is supported by
adequate liquidity and relatively low reliance on market funding.

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

EXPORT CREDIT: Moody's Completes Review, Retains B2 Rating
----------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Export Credit Bank of Turkey 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.

Export Credit Bank of Turkey's (Turk Exim) B2 long-term senior
unsecured ratings reflect the bank's BCA of b3 and Moody's
expectations of very high likelihood of support from the government
of Turkey, which results in one notch of uplift.

Turk Exim's b3 BCA is driven by modest profitability and
significant reliance on wholesale funding in a very weak operating
environment, counterbalanced by strong asset quality and adequate
capitalization.

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

QNB FINANSBANK: Moody's Completes Review, Retains B1 Rating
-----------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of QNB Finansbank AS 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.

QNB Finansbank A.S. (QNB Finansbank) local-currency deposit ratings
of B1, reflects the bank's baseline credit assessment (BCA) of b3
and very high likelihood of affiliate support from the parent -
Qatar National Bank (Q.P.S.C) (QNB, Aa3, baa1).

The bank's BCA of b3 is supported by its established franchise in
Turkey, solid capital and profitability despite the challenging
operating environment. These are counterbalanced by relatively weak
asset quality and reliance on the wholesale market for funding.

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

SEKERBANK TAS: Moody's Completes Review, Retains Caa2 Rating
------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Sekerbank T.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.

Sekerbank T.A.S.'s Caa2 deposit ratings reflect the bank's caa2
baseline credit assessment (BCA).

The bank's caa2 BCA reflects moderate profitability, elevated asset
risk and moderate capital levels in a weak operating environment,
counterbalanced by a satisfactory liquidity profile.

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

TURK EKONOMI: Moody's Completes Review, Retains B1 Deposit Rating
-----------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Turk Ekonomi Bankasi 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.

Turk Ekonomi Bankasi A.S.'s (TEB) local currency deposit rating of
B1 is driven by its b3 baseline credit assessment (BCA) and two
notches of uplift from affiliate support from BNP Paribas.

TEB's BCA is driven by increasing asset risk and modest
capitalisation in a very weak operating environment offset by
satisfactory profitability and parental funding supporting
liquidity.

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

TURKIYE SINAI: Moody's Completes Review, Retains B3 Sr. Debt Rating
-------------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Turkiye Sinai Kalkinma Bankasi 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.

Turkiye Sinai Kalkinma Bankasi A.S.'s (TSKB) B3 long-term senior
debt ratings are driven by its caa1 baseline credit assessment and
one notch of uplift from a high probability of government support.

The bank's caa1 BCA is driven by the bank's modest capitalisation
and high reliance on wholesale funding in a very weak operating
environment, balanced by the still low level of problem loans and
good profitability.

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

TURKIYE VAKIFLAR: Moody's Completes Review, Retains B2 Ratings
--------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Turkiye Vakiflar Bankasi T.A.O. 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.

Turkiye Vakiflar Bankasi T.A.O.'s (VakifBank) B2 long-term senior
debt and local currency deposit ratings are driven by its caa2
baseline credit assessment (BCA) as well as the positive impact of
government support.

The bank's caa2 BCA reflects moderate capital, increasing asset
risks, modest profitability and dependence on confidence-sensitive
funding in weak operating conditions, partly mitigated by
satisfactory profitability.

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



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

CANADA SQUARE 2021-1: Moody's Gives Ba3 Rating to Class X Notes
---------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to Notes
issued by Canada Square Funding 2021-1 PLC:

GBP205.6M Class A Mortgage Backed Floating Rate Notes due June
2058, Definitive Rating Assigned Aaa (sf)

GBP13.9M Class B Mortgage Backed Floating Rate Notes due June
2058, Definitive Rating Assigned Aa3 (sf)

GBP6.4M Class C Mortgage Backed Floating Rate Notes due June 2058,
Definitive Rating Assigned Aa3 (sf)

GBP3.5M Class D Mortgage Backed Floating Rate Notes due June 2058,
Definitive Rating Assigned A2 (sf)

GBP2.9M Class E Mortgage Backed Floating Rate Notes due June 2058,
Definitive Rating Assigned Baa2 (sf)

GBP9.3M Class X Mortgage Backed Floating Rate Notes due June 2058,
Definitive Rating Assigned Ba3 (sf)

Moody's has not assigned a rating to the GBP12.7M VRR Loan Note due
June 2058, the Class S1 Certificates due June 2058, the Class S2
Certificates due June 2058 and the Class Y Certificates due June
2058.

RATINGS RATIONALE

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

The portfolio of assets amount to approximately GBP245 million as
of January 31, 2021 pool cut off date. The Reserve Fund will be
partially funded to 1% of the Class A Notes balance at closing and
the total credit enhancement for the Class A Notes will be 12.39%.
The VRR Loan Note is a risk retention Note which receives 5% of all
available receipts, while the remaining Notes and Certificates
receive 95% of the available receipts on a pari-passu basis.

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

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

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

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

MILAN CE for this pool is 13.0%, which is in line with other UK BTL
RMBS transactions, owing to: (i) the WA current LTV for the pool of
70.4%; (ii) top 20 borrowers constituting 9.0% of the pool; (iii)
static nature of the pool; (iv) the fact that 95.6% of the pool are
interest-only loans; (v) the share of self-employed borrowers of
24.1%, and legal entities of 52.2%; (vi) the presence of 28.2% of
HMO and MUB loans in the pool; and (vii) benchmarking with similar
UK BTL transactions.

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

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

CURRENT ECONOMIC UNCERTAINTY:

The coronavirus 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 the UK 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.

PRINCIPAL METHODOLOGY

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

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

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

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

GREENSILL: Deutsche Bank Acts as Broker for Fund Investors
----------------------------------------------------------
Antonio Vanuzzo and Steven Arons at Bloomberg News report that
Deutsche Bank AG is acting as a broker for some investors who are
keen to sell their holdings in Credit Suisse Group AG's
supply-chain funds that bought products from Greensill Capital,
according to people familiar with the matter.

The German bank has contacted hedge funds and investment firms to
gauge interest for a deal, the people, as cited by Bloomberg, said,
declining to be identified because the information is private.
It's unclear how many investors are looking to sell and at what
price, Bloomberg notes.

Credit Suisse started liquidating US$10 billion of funds earlier
this month after insurance covering some of the debt packaged by
Greensill lapsed, Bloomberg relates.

The funds have a large exposure to receivables of GFG Alliance, a
private metal group owned by Sanjeev Gupta, Bloomberg discloses.
GFG said in February it was at risk of insolvency if Greensill
stopped funding its businesses, Bloomberg recounts.



JUPITER MORTGAGE: Moody's Gives 3 Note Classes 'Ca' Rating
----------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to RMBS
Notes issued by JUPITER MORTGAGE NO.1 PLC:

GBP2,327.0M Class A Mortgage Backed Floating Rate Notes due July
2060, Definitive Rating Assigned Aaa (sf)

GBP178.5M Class B Mortgage Backed Floating Rate Notes due July
2060, Definitive Rating Assigned Aa3 (sf)

GBP42.8M Class C Mortgage Backed Floating Rate Notes due July
2060, Definitive Rating Assigned A3 (sf)

GBP50.0M Class D Mortgage Backed Floating Rate Notes due July
2060, Definitive Rating Assigned Baa2 (sf)

GBP57.1M Class E Mortgage Backed Floating Rate Notes due July
2060, Definitive Rating Assigned Ba2 (sf)

GBP50.0M Class F Mortgage Backed Floating Rate Notes due July
2060, Definitive Rating Assigned B3 (sf)

GBP42.8M Class G Mortgage Backed Floating Rate Notes due July
2060, Definitive Rating Assigned Caa3 (sf)

GBP35.7M Class H Mortgage Backed Floating Rate Notes due July
2060, Definitive Rating Assigned Ca (sf)

GBP42.8 Class I Mortgage Backed Floating Rate Notes due July 2060,
Definitive Rating Assigned Ca (sf)

GBP42.8M Class X Mortgage Backed Floating Rate Notes due July
2060, Definitive Rating Assigned Ca (sf)

Moody's has not assigned a rating to the subordinated GBP28.6M
Class Z Mortgage Backed Rate Notes due July 2060.

RATINGS RATIONALE

The Notes are backed by a pool of UK residential mortgage loans
originated by NRAM Limited (NR)("NRAM"); GMAC-RFC Limited
(NR)("GMAC"); Mortgage Express (NR); Kensington Mortgage Company
Limited (NR)("Kensington"); Keystone Property Finance Limited
(NR)("Keystone"); Bradford & Bingley Plc (NR); Legal & General
Group Plc (NR)("L&G"); Close Brothers Limited (Aa3/P-1;
Aa2(cr)/P-1(cr)). The pool was acquired by Citibank N.A., London
Branch (Aa3/P-1; Aa3(cr)) from UKAR.

The securitised portfolio consists of 23,613 mortgage loans with a
current balance of GBP3,005 million. The VRR Loan Note is a risk
retention Note which receives 5% of all available receipts, while
the remaining Notes and certificates receive 95% of the available
receipts.

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

Moody's determined the portfolio lifetime expected loss of 4.25%
and a MILAN credit enhancement ("MILAN CE") of 20% related to
borrower receivables. The expected loss captures Moody's
expectations of performance considering the current economic
outlook, while the MILAN CE captures the loss Moody's expect the
portfolio to suffer in the event of a severe recession scenario.
Expected defaults and MILAN CE are parameters used by Moody's to
calibrate its lognormal portfolio loss distribution curve and to
associate a probability with each potential future loss scenario in
the ABSROM cash flow model to rate RMBS.

Portfolio expected loss of 4.25%: This is in line with the UK
non-conforming sector average and is based on Moody's assessment of
the lifetime loss expectation for the pool taking into account: (i)
the collateral performance of NRAM; GMAC; Mortgage Express;
Kensington; Keystone; Bradford & Bingley Plc; L&G; and Close
Brothers Limited(the originators); (ii) 9.8% of loans that were
previously restructured and 9.0% of loans in arrears in the
portfolio; (iii) the current macroeconomic environment in the UK
and the potential impact of future interest rate rises on the
performance of the mortgage loans; and (iv) benchmarking with
comparable transactions in the UK market.

MILAN CE of 20%: This is in line with the UK non-conforming sector
average and follows Moody's assessment of the loan-by-loan
information taking into account the following key drivers: (i) the
WA current LTV of 83.3; (ii) 9.8% of loans that were previously
restructured and 9.0% of loans in arrears in the portfolio; and
(iii) the historical performance of the loans.

CURRENT ECONOMIC UNCERTAINTY:

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

PRINCIPAL METHODOLOGY

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

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

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

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

Factors that would lead to a downgrade of the ratings include:
economic conditions being worse than forecast resulting in
worse-than-expected performance of the underlying collateral,
deterioration in the credit quality of the counterparties and
unforeseen legal or regulatory changes.

STRATTON MORTGAGE 2021-2: Moody's Gives Ca Rating to 3 Note Classes
-------------------------------------------------------------------
Moody's Investors Service has assigned definitive credit ratings to
the following Notes issued by Stratton Mortgage Funding 2021-2
PLC:

GBP1,236.8M Class A Mortgage Backed Floating Rate Notes due July
2060, Definitive Rating Assigned Aaa (sf)

GBP88.3M Class B Mortgage Backed Floating Rate Notes due July
2060, Definitive Rating Assigned Aa3 (sf)

GBP23.0M Class C Mortgage Backed Floating Rate Notes due July
2060, Definitive Rating Assigned A3 (sf)

GBP26.9M Class D Mortgage Backed Floating Rate Notes due July
2060, Definitive Rating Assigned Baa3 (sf)

GBP38.4M Class E Mortgage Backed Floating Rate Notes due July
2060, Definitive Rating Assigned Ba3 (sf)

GBP26.9M Class F Mortgage Backed Floating Rate Notes due July
2060, Definitive Rating Assigned B3 (sf)

GBP19.2M Class G Mortgage Backed Floating Rate Notes due July
2060, Definitive Rating Assigned Caa3 (sf)

GBP26.9M Class H Mortgage Backed Floating Rate Notes due July
2060, Definitive Rating Assigned Ca (sf)

GBP11.5M Class I Mortgage Backed Floating Rate Notes due July
2060, Definitive Rating Assigned Ca (sf)

GBP23.0M Class X Mortgage Backed Floating Rate Notes due July
2060, Definitive Rating Assigned Ca (sf)

Moody's has not assigned a rating to the subordinated GBP38.4M
Class Z Mortgage Backed Floating Rate Notes due July 2060.

RATINGS RATIONALE

The Notes are backed by a pool of UK residential mortgage loans
originated by NRAM Limited (NR) ("NRAM"); GMAC-RFC Limited (NR)
("GMAC"); Mortgage Express (NR); Kensington Mortgage Company
Limited (NR) ("Kensington"); Keystone Property Finance Limited (NR)
("Keystone"); Bradford & Bingley plc (NR); Legal & General Group
Plc (NR) ("L&G"); Close Brothers Limited (Aa3/P-1;
Aa2(cr)/P-1(cr)). The pool was acquired by Citibank, N.A., London
Branch (Aa3/P-1; Aa3(cr)) from UKAR.

The securitised portfolio consists of 14,126 mortgage loans with a
current balance of GBP1,617 million. The VRR Loan Note is a risk
retention Note which receives 5% of all available receipts, while
the remaining Notes and certificates receive 95% of the available
receipts.

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

Moody's determined the portfolio expected loss of 4.25% and a MILAN
credit enhancement ("MILAN CE") of 20% related to borrower
receivables. The expected loss captures our expectations of
performance considering the current economic outlook, while the
MILAN CE captures the loss we expect the portfolio to suffer in the
event of a severe recession scenario. Expected defaults and MILAN
CE are parameters used by Moody's to calibrate its lognormal
portfolio loss distribution curve and to associate a probability
with each potential future loss scenario in the ABSROM cash flow
model to rate RMBS.

Portfolio expected loss of 4.25%: This is in line with the UK
non-conforming sector average and is based on Moody's assessment of
the lifetime loss expectation for the pool taking into account: (i)
the collateral performance of NRAM; GMAC; Mortgage Express;
Kensington; Keystone; Bradford & Bingley plc; L&G and Close
Brothers Limited (the originators); (ii) 8.9% of loans that were
previously restructured and 9.2% of loans in arrears in the
portfolio; (iii) the current macroeconomic environment in the UK
and the potential impact of future interest rate rises on the
performance of the mortgage loans; and (iv) benchmarking with
comparable transactions in the UK market.

MILAN CE of 20%: This is in line with the UK non-conforming sector
average and follows Moody's assessment of the loan-by-loan
information taking into account the following key drivers: (i) the
WA current LTV of 82.90%; (ii) 8.9% of loans that were previously
restructured and 9.2% of loans in arrears in the portfolio; and
(iii) the historical performance of the loans.

Citibank, N.A., London Branch is appointed as cash manager, while
CSC Capital Markets UK Limited (NR) is appointed as back-up
servicer facilitator. To help ensure continuity of payments the
deal contains estimation language whereby the cash flows will be
estimated from the three most recent servicer reports should the
servicer report not be available.

As there is no swap in the transaction, Moody's has modelled the
spread taking into account the minimum margin covenant of SONIA +
2.5%. Due to uncertainty on enforceability of this covenant,
Moody's has taken the view not to give full credit to this
covenant. Instead, Moody's has stressed the interest rate of the
pool by assuming that loans revert to an SVR yield equal to SONIA +
2%.

CURRENT ECONOMIC UNCERTAINTY:

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

PRINCIPAL METHODOLOGY

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

THORNTONS: Won't Reopen Stores After Lockdown, 600+ Jobs at Risk
----------------------------------------------------------------
BBC News reports that chocolate maker Thorntons has said none of
its stores will reopen after coronavirus lockdowns are lifted.

The decision to close its 61 shops will put more than 600 jobs at
risk, BBC discloses.

According to BBC, the company said it had been badly hit by the
pandemic, which forced its stores to shut their doors during the
crucial Christmas and Easter holidays.

Thorntons has been on the High Street for more than a century but
these days history isn't enough to guarantee survival, BBC notes.

It was losing its way in the early 2000s with newer players, like
Hotel Chocolat, entering the scene, BBC recounts.  It also embarked
on a strategy of selling more chocolates through supermarkets and
closing unprofitable shops, BBC relays.

Italian food giant Ferrero bought the business in 2015 and has been
trying to turn it around ever since, BBC states.  Over the last
five years, it's shrunk from 252 to 61 stores, according to BBC.

But Ferrero has now thrown in the towel on Thorntons stores
altogether, betting that the brand's future is now online and on
the supermarket shelves, BBC relates.



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

Troubled Company Reporter-Europe is a daily newsletter co-
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