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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

          Friday, March 19, 2021, Vol. 22, No. 51

                           Headlines



B E L G I U M

TEAM.BLUE FINCO: Moody's Assigns First Time B3 Corp. Family Rating


F R A N C E

AIR FRANCE-KLM: Egan-Jones Keeps CC Senior Unsecured Ratings
ALMAVIVA SANTE: S&P Assigns 'B' Long-Term Ratings, Outlook Stable
IMERYS SA: Egan-Jones Keeps BB+ Senior Unsecured Ratings
NEXANS AS: Egan-Jones Upgrades Senior Unsecured Ratings to BB


G E O R G I A

BANK OF GEORGIA: Moody's Completes Review, Keeps Ba2 Ratings
LIBERTY BANK: Moody's Completes Review, Retains Ba3 Deposit Rating
TBC BANK: Moody's Completes Review, Retains Ba2 Deposit Rating


G E R M A N Y

THYSSENKRUPP AG: Moody's Affirms B1 CFR, Alters Outlook to Stable


I R E L A N D

AVOCA CLO XII: Fitch Assigns B-(EXP) Rating to F-R-R Debt
CARLYLE EURO 2016-2: Moody's Assigns B2 Rating to Class E-R Notes
CARYSFORT PARK: Moody's Assigns (P)B3 (sf) Rating to Class E Notes
CVC CORDATUS VII: Moody's Affirms B2(sf) Rating on Class F-R Notes
DARTRY PARK: S&P Assigns B- (sf) Rating on EUR$12MM Class E Notes

HAYFIN EMERALD V: S&P Assigns Prelim B- (sf) Rating on Cl. F Notes
SOUND POINT V: Moody's Assigns (P)B3 (sf) Rating to Class F Notes


I T A L Y

CREDITO VALTELLINESE: Egan-Jones Keeps B+ Senior Unsec. Ratings


L U X E M B O U R G

AI LADDER: Moody's Affirms B3 CFR, Alters Outlook to Positive


N E T H E R L A N D S

AIRBUS SE: Egan-Jones Keeps BB Senior Unsecured Ratings
REPSOL INTERNATIONAL: S&P Rates Sub. Hybrid Capital Securities BB+
SENSATA TECHNOLOGIES: Moody's Rates $500M Unsecured Notes 'Ba3'


N O R W A Y

HURTIGRUTEN GROUP: S&P Affirms 'CCC+' ICR on Term Loan Issuance
NORWEGIAN AIR: Shareholders Support Debt Restructuring Plan


R U S S I A

CHELYABINSK PIPE: Moody's Puts Ba3 CFR Under Review for Downgrade
TMK PAO: Moody's Affirms B1 CFR Following ChelPipe Acquisition


S W E D E N

ARISE AB: Egan-Jones Lowers Senior Unsecured Ratings to B
SAS AB: Egan-Jones Keeps C Senior Unsecured Ratings


T U R K E Y

TURKIYE IS BANKASI: Moody's Completes Review, Retains B3 Rating
YAPI VE KREDI: Moody's Completes Review, Retains B2 Deposit Rating


U N I T E D   K I N G D O M

BUSY BEES: S&P Affirms B- Issuer Rating After Completed Refinancing
BUY2LETCARS: Enters Administration Following FCA Restrictions
EUROSTAR: In Advance Talks Over Possible State-Backed Loans
GREENSILL: Credit Suisse Funds Fail to Get SoftBank Injection
INTERNATIONAL GAME: S&P Assigns 'BB' Rating on Sr. Secured Notes

LIBERTY GLOBAL: Egan-Jones Keeps B Senior Unsecured Ratings
OWENS-ILLINOIS: Egan-Jones Hikes Senior Unsecured Ratings to B-
RALPH & RUSSO: Goes Into Administration Due to Pandemic Impact
STONEGATE PUB: Moody's Completes Review, Retains B3 CFR
TRINITY SQUARE 2021-1: Fitch to Rate Class H Notes Final 'CCC'

VIRGIN ATLANTIC: Parent Company to Inject GBP100MM of New Funding


X X X X X X X X

[*] BOOK REVIEW: Bankruptcy and Secured Lending in Cyberspace

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TEAM.BLUE FINCO: Moody's Assigns First Time B3 Corp. Family Rating
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Moody's Investors Service has assigned a B3 corporate family rating
and B3-PD probability of default rating to team.blue Finco SARL
(team.blue), the holding company of the Belgium web services
provider. Moody's has also assigned B2 instrument ratings to the
proposed EUR825 million senior secured first lien term loan B and
the proposed EUR75 million senior secured revolving credit facility
issued by team.blue Finco SARL. The outlook on the ratings is
stable.

RATINGS RATIONALE

Team.blue's B3 CFR is primarily constrained by (1) its high
leverage of 8.2x Moody's adjusted debt to EBITDA pro forma for the
proposed transaction complemented by an additional PIK note outside
of the restricted group, (2) the acquisitive business strategy
which has the potential to delay deleveraging and inherently incurs
integration and execution risks, (3) the overall limited scale and
sole focus on the mass market in the highly competitive web
services industry with low barriers to entry, and (4) risks of
potentially aggressive financial policy under the partial ownership
of a private equity company.

Conversely, team.blue's CFR benefits from (1) the company's leading
market positions in selected European markets with a highly
competitive positioning in mass hosting, (2) the high share of
recurring revenues from subscription based contracts with upfront
payments that provide a high revenue visibility, (3) a
well-diversified customer base with high customer retention rates,
(4) high EBITDA-margins above 40% (Moody's adjusted) with potential
to increase from actioned upselling initiatives, and (5) adequate
liquidity from EUR40 million cash on balance sheet post
transaction, full availability under the EUR75 million revolving
credit facility as well as Moody's expectation of free cash flow
generation in excess of EUR40 million per year.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects our expectation that team.blue's credit
metrics will improve over the next 12-18 months driven by ongoing
revenue growth and margin expansion, while the company maintains a
strict discipline in terms of paid multiples for acquisitions that
do not increase leverage on a prolonged basis. Moody's also expect
the company to maintain its adequate liquidity.

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

Albeit unlikely at the moment, positive pressure could arise if:

Moody's adjusted debt/EBITDA moves sustainably below 6.0x

Moody's adjusted FCF/debt remains sustainably above 5%

Adequate liquidity and absence of major debt-funded acquisitions

Conversely, negative pressure could arise, if:

Moody's adjusted debt/EBITDA remains above 7.5x

Moody's adjusted FCF/debt turns negative

Any sign of weakening liquidity

STRUCTURAL CONSIDERATION

The B2 rating on the rated first lien instruments, one notch above
the CFR, reflects the seniority ranking above the unrated EUR225
million second lien term loan.

The debt security includes material assets of the company's
operations and the instruments are guaranteed by material
subsidiaries accounting for at least 80% of consolidated EBITDA.

LIQUIDITY

Team.blue's liquidity profile is adequate. Following the proposed
transaction the company will have around EUR40 million cash on
balance. In addition, the company has access to the undrawn
revolving credit facility (RCF) of EUR75 million due in 2027.
Moody's also expect the company to continue to generate solid free
cash flow (after interest payments) of at least EUR40 million per
year. The company primarily receives customer payments upfront but
with limited seasonality.

There is one financial covenant in the debt documentation only
tested when the RCF is drawn more than 40%, under which we expect
the company to retain solid capacity.

ESG CONSIDERATIONS

Moody's have considered in its analysis of team.blue the following
environmental, social and governance (ESG) considerations.

In terms of social considerations, the industry faces the risk of
data leakages from cyberattacks, which could harm the company's
reputation and ultimately affect revenue and profitability.
However, the company has taken all necessary measures to protect
its customers' data and has structures in place to prevent such
events.

In terms of governance, team.blue is a private company with the
software-focused private equity firm Hg having a significant stake
in the ownership. Financial policy is likely to be aggressive
across the period as illustrated by the very high starting
leverage. There is also a PIK note outside of the restricted group
that matures in 2029. Despite the company's deleveraging potential,
Moody's see a risk of debt-funded shareholder distributions because
the tolerance for leverage is high.

PRINCIPAL METHODOLOGY

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

The assigned rating is one notch below the scorecard-indicated
outcome for 2020 as a reflection of the company's financial
policy.

COMPANY PROFILE

Headquartered in Ghent, Belgium, team.blue Finco SARL (team.blue)
is a leading provider of digital presence enablement tools in
selected European markets. The company was formed by a merger of
Combell Group (Belgium), TransIP (Netherlands) and Register Group
(Italy) in 2019. Focusing primarily on the mass market with small
and medium enterprises (SME) as well as private individuals, the
company's product offering includes domain names registrations, web
hosting and related solutions. The company is owned by founders of
the predecessor companies as well as Hg Capital.

Over LTM December 2020 team.blue generated EUR320 million in
revenues and EUR157 million company adjusted EBITDA.



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AIR FRANCE-KLM: Egan-Jones Keeps CC Senior Unsecured Ratings
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Egan-Jones Ratings Company, on March 11, 2021 maintained its 'CC'
foreign currency and local currency senior unsecured ratings on
debt issued by Air France-KLM. EJR also maintained its 'C' rating
on commercial paper issued by the Company.

Headquartered in Tremblay-en-France, France, Air France-KLM offers
air transportation services.


ALMAVIVA SANTE: S&P Assigns 'B' Long-Term Ratings, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings assigning our 'B' long-term ratings to
France-based private hospital operator Almaviva Sante Developpement
SAS and its proposed EUR290 million senior secured term loan B
(TLB), with a recovery rating of '3' indicating its view of about
50% recovery (rounded estimate) in the event of a default.

The company is refinancing its capital structure with a proposed
EUR290 million term loan B (TLB) maturing in 2028; S&P forecasts
S&P Global Ratings-adjusted leverage remaining above 5x through
2022 but that positive free operating cash flow (FOCF) will
facilitate gradual deleveraging.

S&P said, "Our rating reflects our view of Almaviva's modest size
in the resilient French hospital market, sound profitability, and
structurally positive FOCF that will support gradual deleveraging
from 6.5x in 2021.   We have analyzed the group accounts
consolidated at the level of Almaviva Capital, which includes all
of the subsidiaries holding property and operating assets. Almaviva
is the fourth largest private clinic operator in France behind
market leaders, Ramsay Santé and ELSAN (together controlling
nearly 50% of the market in terms of revenue and facilities), and
Vivalto, whose revenue is about twice as large as Almaviva's. This
translates into only an approximate 4% share of the highly
fragmented market. We consider Almaviva to have a highly leveraged
capital structure, since we project the S&P Global Ratings-adjusted
debt to EBITDA will exceed 5x over the next two years. Our estimate
of debt includes the proposed EUR290 million TLB, about EUR70
million of other debt, and EUR220 million of real estate debt at
Almaviva Patrimoine (the subsidiary consolidating Almaviva's
property holdings). We also adjust for operating leases of EUR100
million and EUR10 million related to pension and postretirement
obligations. Our debt calculation excludes shareholder loans and
convertible bonds, which we do not treat as debt. We estimate
Almaviva's financial leverage at about 6.5x (pro rata the
contribution from Maymard acquisition, closed in March 2021)
followed by gradual deleveraging in line with disciplined financial
policy that aims at keeping leverage below 6x (excluding Almaviva
Patrimoine). We project our adjusted EBITDA metric at EUR105
million-EUR125 million over the next 12 months after EUR85
million-EUR90 million in 2020, amid organic growth and earnings
improvements from the ramp up of recently acquired clinics. As
such, we assume the company can generate annual FOCF--after capital
expenditure (capex), working capital requirements, and interest--of
EUR30 million-EUR40 million. Our estimate excludes increased
working capital needs of EUR60 million-EUR65 million in 2021 once
the group reverses the cash advance system implemented when the
pandemic started.

Almaviva's focus on acquiring facilities in France's most
attractive areas, while keeping two main clusters, underpins its
operating efficacy.   S&P said, "Almaviva's operations are
currently focused on two regions (Provence-Cote d'Azur and Île de
France) where we believe it is well positioned versus other private
hospital operators, with more than 30% of the market. However, it
remains exposed to significant competition from public hospitals.
This is somewhat mitigated by Almaviva's strong positions in the
ambulatory segment, which represented on average 73% of its total
stays in 2019, while the public sector predominantly focuses on
emergency care and treatment of long-term pathologies. Almaviva's
dense footprint also enables cost and revenue synergies mainly from
mutualization of resources, and close cooperation with local health
care authorities to structure services to meet their targets and
gain untapped authorizations. Moreover, we believe the dense
network allows for increased specialization of clinics, which is
valuable for patients. We note that Provence-Cote d'Azur and Île
de France are among France's most attractive regions, which helps
secure the recruitment of medical practitioners, key to volume
growth; the practitioners' turnover rate is lower than peers' at
about 1.3% on average." These two regions are densely populated,
relatively wealthy, demographically dynamic, and, in the south of
France, have a high share of elderly.

The stability of earnings is limited by Almaviva's exposure to
single-payer risk, but partly mitigated by France's supportive
reimbursement framework.   S&P said, "We believe Almaviva's
reliance on France's health care market increases the
susceptibility of its earnings to a change in domestic regulation,
a risk that internationally diversified groups do not face.
Almaviva is active mainly in medicine, surgery, and obstetrics
(MSO), which represents two-thirds of its revenue, with post-acute
care and rehabilitation accounting for about 14% of sales, and
dialysis about 8%. As such, about 90% of Almaviva's revenue comes
directly from the national social security system, with tariffs set
by the French government. Under the current framework, health care
authorities have capped the annual increase in the covered amount
at 2.4% for 2020-2022 (excluding COVID-19) and assumes 1.6% volume
growth. If the volume of procedures increases, such that spending
exceeds the limit set by the defined envelope, the price will fall
to compensate. That said, the current framework sets the minimum
guaranteed price increase at 0.2% per annum, which represents an
improvement from continuous reimbursement tariff cuts over
2010-2018. Operating in France has been a positive factor during
the pandemic, due to state support for the health care sector,
including pay rises and reimbursement for loss in activity after
the cancellation of non-essential medical activity. Although the
pandemic has shaken the predictability of revenue, we assume the
disruption should be temporary, and the reduced activity will
remain subsidized at 2019 levels until June 2021, due to the
extension of the minimum revenue guarantee scheme. This offers
strong protection for Almaviva's business model, unlike in other
European countries, such as Spain. That said, we believe France
will revert to strict containment of health care costs when the
pandemic is over, which will continue to constrain overall market
growth."

S&P said, "We assume that profitability will improve substantially
in the next 12-18 months, reflecting faster organic growth than the
market, and benefits from the progressive ramp-up of recently
acquired clinics.  Over the past few years, Almaviva has delivered
organic growth above the market average, at close to 6% in 2018 and
3% in 2019, compared with about 1.4% in the MSO market. We assume
growth will continue at similar rates supported by active
recruitment (80 doctors were recruited in 2020 for instance),
development of medicine activity, and untapped authorizations. To
complement organic growth, Almaviva has expanded through acquiring
small and often family owned clinics, which benefit from the
group's best practices and economies of scale. This however leads
to margin dilution, as highlighted by the S&P Global
Ratings-adjusted EBITDA plus rent margin falling to 17.4% in 2019
from 18.8% in 2018 after several clinic acquisitions. It usually
takes two to three years before acquisitions show a substantial
improvement of margins but they still provide strong upside
potential in the near term. We assume margins should improve toward
19%-20% in the next 12 months, positioning Almaviva favorably
relative to peers such as Vivalto (about 15% margin), thanks to the
ramp-up of productivity enhancement projects at acquired clinics,
which paused last year during the pandemic."

Almaviva's ownership of half of its clinics compares favorably with
peers operating with leases, since health care service providers
are price takers and rent adds to already high fixed costs, and
supports the 'B' ratings.  S&P said, "We understand the group could
opportunistically acquire real estate from leased clinics it
operates, which would strengthen its coverage ratios. For instance,
its acquisition of the Axium clinic in 2020 decreased rents by
about EUR2 million in 2021. We assume Almaviva's EBITDA can
comfortably cover fixed charges, including cash interest of EUR13
million-EUR14 million (excluding lease-related interest) and rental
payments of EUR17 million-EUR18 million, by more than 3.5x in the
next 12-18 months. This is broadly in line with closest peer
Vivalto Sante Investissement (B/Stable/--) but compares favorably
with that of ELSAN (B+/Stable/--) at 1.9x and Ramsay Generale de
Sante (BB-/Stable/--) at about 1.7x-2.0x. We assume the group's
property portfolio will remain mostly freehold and we will closely
monitor its real estate strategy, since sale-and-leaseback
transactions would represent a credit risk, in our view."

S&P said, "The stable outlook reflects our anticipation that
Almaviva's focus on delivering organic growth projects and
operating efficiency improvement should enable the group to deliver
earnings and cash flow growth, with S&P Global Ratings-adjusted
margins gradually improving to 19%-20%, despite funding pressures
in France. In our base case, we assume sound profitable growth
should translate into FOCF of about EUR30 million-EUR40 million per
annum and a fixed charge coverage ratio of about 3.5x supported by
the mainly freehold property model. We also believe the group will
maintain adjusted leverage below 6x throughout its investment
cycle, supported by a prudent external growth strategy."

S&P could consider lowering the rating if the group's credit
metrics weaken, including one or more of the following factors:

-- A more aggressive financial policy, causing adjusted debt to
EBITDA to be higher than S&P currently anticipates in its base
case.

-- Failure to achieve forecast growth, operating efficiencies, and
productivity gains, resulting in pressure on profitability.

-- Substantial working capital outflows or higher than forecast
capex that caused FOCF to materially deteriorate.

-- Deterioration of the fixed charge coverage below 2.2x.

-- Any material sale-and-leaseback transactions.

An upgrade would be contingent on:

-- Adjusted debt to EBITDA reducing and staying below 5x,
alongside the company's commitment to maintaining this level in the
future.

-- Almaviva building a solid track record of profitable growth and
consolidating its position in the industry, such that annual FOCF
is significantly higher than we currently anticipate.


IMERYS SA: Egan-Jones Keeps BB+ Senior Unsecured Ratings
--------------------------------------------------------
Egan-Jones Ratings Company, on March 10, 2021, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Imerys SA.

Headquartered in Paris, France, Imerys SA produces and distributes
chemicals, pigments, and additives.


NEXANS AS: Egan-Jones Upgrades Senior Unsecured Ratings to BB
-------------------------------------------------------------
Egan-Jones Ratings Company, on March 12, 2021, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Nexans AS to BB from BB-.

Headquartered in Paris, France, Nexans AS manufactures cables.




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BANK OF GEORGIA: Moody's Completes Review, Keeps Ba2 Ratings
------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of JSC Bank of Georgia 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.

JSC Bank of Georgia's (BoG) Ba2 local and foreign-currency deposit
ratings is driven by the bank's ba3 Baseline Credit Assessment and
one notch of government support uplift. Moody's incorporates a high
probability of support, in case of need, from the Government of
Georgia (Ba2), based on the bank's systemic importance as the
second-largest bank in Georgia by assets at the end of 2020.

The bank's ba3 BCA reflects its (1) strong profitability, driven by
its entrenched domestic market position, and (2) adequate
capitalisation levels. These strengths are counterbalanced by (1)
the bank's extensive lending in foreign currency and rapid credit
growth and (2) the bank's high deposit dollarisation constraining
the bank's funding profile. Market funding has increased in recent
years, although mitigated by adequate liquidity. Forbearance
measures taken by the National Bank of Georgia (NBG) in response to
the coronavirus pandemic have helped to defer immediate credit
losses, but ultimately a longer economic disruption will more
adversely affect loan quality, similarly to its local peers.
Nevertheless, the bank's strong capital position and capital relief
measures announced by the NBG have given the bank additional
capital headroom to absorb asset-quality deterioration.

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

LIBERTY BANK: Moody's Completes Review, Retains Ba3 Deposit Rating
------------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Liberty Bank JSC 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.

Liberty Bank JSC's (Liberty Bank) Ba3 long-term local- and
foreign-currency deposit ratings benefit from one notch of
government support uplift from the bank's b1 standalone Baseline
Credit Assessment (BCA). Moody's incorporates a moderate
probability of support, in case of need, from the Government of
Georgia (Ba2) based on the bank's market position as the
third-largest bank by deposits in Georgia and its importance to the
country's payment system because of its role in distributing state
pensions and welfare payments in the country.

The bank's b1 BCA is driven by (1) its adequate capital ratios, (2)
its diversified business profile towards that of a universal bank,
from being a consumer-focused lender, without a materially negative
impact on its risk-adjusted performance, (3) its strong earnings
generation capacity and (4) its granular deposit funding base and
solid liquidity. These strengths are partly offset by (1) its
rising exposure to currency-induced credit risks and single
borrower concentrations, (2) high asset risks reflecting an
unseasoned corporate portfolio and still large unsecured lending
portfolio. Forbearance measures taken by the National Bank of
Georgia (NBG) as a response to the coronavirus pandemic may help
defer immediate credit losses, but ultimately a longer economic
disruption will more adversely affect loan quality, similarly to
its local peers. However, the bank's adequate capital position and
capital relief measures announced by the NBG will give the bank
some additional capital headroom to absorb asset-quality
deterioration.

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

TBC BANK: Moody's Completes Review, Retains Ba2 Deposit Rating
--------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of JSC TBC Bank 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.

JSC TBC Bank's (TBC Bank) Ba2 local and foreign-currency deposit
ratings benefit from one notch of government support uplift.
Moody's incorporates a high probability of support, in case of
need, from the Government of Georgia (Ba2) based on the bank's
systemic importance as the largest bank in Georgia by assets at the
end of 2020.

The bank's ba3 BCA reflects (1) its strong and predictable
profitability, underpinned by its dominant position in Georgia; and
(2) its adequate capitalisation. However, these strengths are
counterbalanced by (1) the bank's elevated credit risks stemming
from extensive lending in foreign currency and rapid credit growth;
and (2) the bank's funding challenges due to high deposit
dollarisation. Forbearance measures taken by the National Bank of
Georgia (NBG) in response to the coronavirus pandemic may help
defer immediate credit losses, but ultimately a longer economic
disruption will more adversely affect loan quality, similarly to
its local peers. Nevertheless, the bank's strong capital position
and capital relief measures announced by the NBG will give the bank
additional capital headroom to absorb asset-quality deterioration.

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



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THYSSENKRUPP AG: Moody's Affirms B1 CFR, Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
rating and the B1-PD probability of default rating of German steel
and diversified industrial company thyssenkrupp AG ("tk" or
"group"). Moody's also affirmed the B1 ratings on the group's
senior unsecured debt instruments, including the (P)B1 euro debt
issuance programme rating and the NP/(P)NP short-term ratings. The
outlook on all ratings has been changed to stable from developing.

"The outlook stabilization follows tk's decision to develop its
Steel Europe (SE) business area on a standalone basis and prepare
it for a prospective independent business in the coming years. The
decision removes uncertainty regarding the group's future business
profile and strategy in the near term, which had been reflected in
the previous developing outlook", says Goetz Grossmann, Moody's
lead analyst for tk. "Furthermore, the outlook change reflects a
gradually improving operating performance and a reduction of
negative free cash flow generation, although the initiated
turnaround of the steel operations will require intense
restructuring. As a consequence of the ongoing implementation of
efficiency measures in all divisions combined with an improving
market environment, tk's operating performance and credit metrics
are expected to strengthen further over 2021-2022. The rating
affirmation also reflects tk's sound liquidity profile, which we
expect to comfortably cushion ongoing negative free cash flow
generation in the next 12-18 months."

RATINGS RATIONALE

The outlook change to stable recognizes tk's decision to continue
to operate the SE business on its own, which removes the previous
range of possible scenarios for the business, which had been
reflected in the developing outlook. While the group already ruled
out a sale of SE recently, the continuation of its restructuring
and preparation for becoming an independent business will likely
take time and, hence, provide strategic certainty at least for the
next 12-18 months, in Moody's view.

The decision means that tk's business profile remains exposed to
SE's mostly cyclical end-markets (e.g. automotive, construction)
and its susceptibility to volatile steel prices and feedstock
costs. At the same time, Moody's expects a strengthening global
economy, coupled with surging steel prices to support a marked
performance recovery at SE this year. Moody's further recognizes
management's continued restructuring of SE by tackling operational
inefficiencies and reducing overhead costs, for which it expensed
already EUR150 million in the fiscal year ended September 30, 2020
(2019/20). While remaining a drag on tk's earnings and cash flow
generation in the near term, the restructuring efforts should
eventually yield noticeable profitability and cash flow
improvements in the years to come. Moody's, therefore, expects tk's
credit metrics to remain weak for the B1 rating for some more
quarters, but to steadily recover as restructuring starts to bear
fruit and the group advances with the planned disposal,
discontinuation, restructuring or continuation in partnership of
certain underperforming businesses ("Multi-Tracks)". For instance,
this should enable tk to improve its currently negative
Moody's-adjusted EBITA margin to around 2% in 2021/22, which is at
the lower end of Moody's 1.5%-4% guidance for a B1 rating, before
widening towards 3% in 2022/23. Although Moody's does not
anticipate positive free cash flow (FCF) in the next two years,
which would be required for a higher rating, the group's
substantial cash position of over EUR10.6 billion as of December
31, 2020 will help absorb the continuing cash drain without
compromising its sound liquidity profile.

Besides covering negative Moody's-adjusted FCF of EUR2.3 billion in
aggregate until fiscal year-end 2022/23 (including restructuring
related cash outflows), Moody's expects tk to use its available
cash mainly for upcoming financial debt maturities of EUR2.7
billion during the same period. As a result, and combined with the
projected earnings growth, tk's Moody's-adjusted leverage will
significantly decline to around 5.5x gross debt /EBITDA by 2022/23,
assuming no change in its pension obligations (EUR8.3 billion as of
September 30, 2020). While gross leverage remains high for the B1
rating, Moody's also takes into account the group's much lower net
leverage reflecting its sizeable cash position, as shown by a
Moody's-adjusted net debt/EBITDA ratio declining to below 3x by
2022/23 from 5.4x in 2020/21.

The affirmation of the B1 CFR also incorporates the expectation
that tk will retain a prudent financial policy with a focus on
de-leveraging and no initiation of larger dividend payments or
other shareholder distributions in the foreseeable future. It
further pertains to the use of proceeds from additional asset
disposals and the stance to fund possible larger acquisitions,
which Moody's currently does not anticipate.

LIQUIDITY

Tk benefits from a sound liquidity profile, which materially
strengthened after the sale of the elevator business in July 2020
and strongly supports its rating. The EUR10.6 billion cash position
and EUR1.5 billion of available committed credit lines as of
December 31, 2020 provide significant capacity for the group to
fund Moody's forecast of nearly EUR2 billion cumulative negative
FCF and debt maturities of EUR1.7 billion (excluding leases) over
2020/21-2021/22.

Asset disposals in the group's Multi-Tracks segment, including its
around 19% retained stake in the sold elevator business, appear
likely and could lead to additional cash inflows in the next 12-18
months. However, such disposals are only qualitatively included in
Moody's liquidity assessment as no binding offers have been
received so far.

After the termination of a EUR2 billion syndicated credit facility
in September 2020, tk is not required to comply with any
maintenance covenants.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectation of a progressive
strengthening in tk's credit metrics and its FCF to reach
break-even over the next two to three years. It further
incorporates tk's strong liquidity profile and an expected prudent
financial policy with a focus on de-leveraging, but also in the
context of possible additional portfolio adjustments.

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

Moody's would consider to upgrade tk's ratings, if its (1)
profitability improved towards a 4% Moody's-adjusted EBITA margin,
(2) leverage declined towards 5x Moody's-adjusted gross
debt/EBITDA, (3) FCF turned positive, (4) liquidity remained
strong, while a sizeable cash buffer is maintained to accommodate
expected persistent high cash needs; all on a sustainable basis.
For a positive rating action, Moody's would also evaluate the
implications of possible ongoing portfolio adjustments for tk's
business and financial profile.

Moody's could downgrade the ratings, if tk's (1) Moody's-adjusted
EBITA margin did not recover to at least 1.5% by 2021/22, (2)
leverage remained above 4x Moody's-adjusted net debt/EBITDA until
the end of 2021/22, (3) negative FCF could not be reduced towards
break-even by 2022/23, (4) currently strong liquidity materially
weakened. Negative rating pressure could also build from a possible
shift towards a more shareholder-oriented financial policy.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Manufacturing
Methodology published in March 2020.

LIST OF AFFECTED RATINGS:

Affirmations:

Issuer: thyssenkrupp AG

Probability of Default Rating, Affirmed B1-PD

LT Corporate Family Rating, Affirmed B1

Commercial Paper, Affirmed NP

Senior Unsecured Medium-Term Note Program, Affirmed (P)B1

Other Short Term, Affirmed (P)NP

Senior Unsecured Regular Bond/Debenture, Affirmed B1

Outlook Actions:

Issuer: thyssenkrupp AG

Outlook, Changed To Stable From Developing

COMPANY PROFILE

Headquartered in Essen, Germany, thyssenkrupp AG is a diversified
industrial conglomerate operating in about 60 countries. In the 12
months ended December 31, 2020, tk reported revenue of EUR29
billion and negative company-adjusted EBIT of EUR1.5 billion from
continuing operations with around 103,000 employees (as of 31
December 2020). The group is active in capital goods manufacturing
through its Marine Systems (MS), Automotive Technology (AT) and
Industrial Components (IC) segments, as well as steel manufacturing
and steel related services through Steel Europe (SE) and Materials
Services (MX). In 2019/20, the group segmented certain
weak-performing business units as "Multi-Tracks" for sale, closure,
restructuring or continuation in partnerships.



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

AVOCA CLO XII: Fitch Assigns B-(EXP) Rating to F-R-R Debt
---------------------------------------------------------
Fitch Ratings has assigned Avoca CLO XII DAC's reset expected
ratings.

  DEBT                RATING  
  ----                ------  
Avoca CLO XII DAC

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

TRANSACTION SUMMARY

Avoca CLO XII DAC is a securitisation of mainly senior secured
obligations with a component of senior unsecured, mezzanine and
second-lien loans. Note proceeds will be used to redeem all
existing classes except the subordinated notes and to upsize the
existing portfolio with a new target par of EUR450 million. The
portfolio will be managed by KKR Credit Advisors (Ireland)
Unlimited Company. The collateralised loan obligation (CLO)
envisages a 4.5-year reinvestment period and an 8.5-year weighted
average life (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors in the 'B'/'B-' category. The
Fitch weighted average rating factor (WARF) of the identified
portfolio is 33.0, below the maximum WARF covenant for assigning
expected ratings of 34.0.

High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is 65.9%,
above the minimum WARR covenant for assigning expected ratings of
64.0%.

Diversified Asset Portfolio (Positive): The transaction will have
several Fitch test matrices corresponding to different top 10
obligors' concentration limits. The manager can interpolate within
and between the matrices. The transaction also includes various
concentration limits, including the maximum exposure to the three
largest (Fitch-defined) industries in the portfolio at 40%. These
covenants ensure the asset portfolio will not be exposed to
excessive concentration.

Portfolio Management (Neutral): The transaction has a 4.5-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.

Default Cushion at Ratings (Positive): Except for the class F-R-R
notes, the expected ratings of all the classes of notes are at or
higher than the model-implied rating (MIR). There is a default
cushion in the stress portfolio run as well as the identified
portfolio at the assigned ratings due to the notable cushion
between the covenants of the transaction and the portfolio's
parameters including a higher diversity (186 obligors) for the
identified portfolio. In addition, the ratings are supported by the
stable performance of the existing CLO.

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

RATING SENSITIVITIES

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

-- A reduction of the default rate (RDR) at all rating levels by
    25% of the mean RDR and an increase in the recovery rate (RRR)
    by 25% at all rating levels would result in an upgrade of up
    to five notches depending on the notes, except for the class
    A-RRR notes, which are already at the highest rating on
    Fitch's scale and cannot be upgraded.

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

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

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

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

Coronavirus Baseline Stress Scenario:

Fitch recently updated its CLO coronavirus stress scenario to
assume half of the corporate exposure on Negative Outlook is
downgraded by one notch instead of 100%. The Stable Outlooks on all
the notes reflect the default rate cushion in the sensitivity
analysis ran in light of the coronavirus pandemic.

Coronavirus Potential Severe Downside Stress Scenario:

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

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Avoca CLO XII DAC

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

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

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

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

CARLYLE EURO 2016-2: Moody's Assigns B2 Rating to Class E-R Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to Notes issued by Carlyle Global
Market Strategies Euro CLO 2016-2 Designated Activity Company (the
"Issuer"):

EUR3,000,000 Class X Senior Secured Floating Rate Notes due 2034,
Definitive Rating Assigned Aaa (sf)

EUR248,000,000 Class A-1-R Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aaa (sf)

EUR25,500,000 Class A-2A-R Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aa2 (sf)

EUR14,500,000 Class A-2B-R Senior Secured Fixed Rate Notes due
2034, Definitive Rating Assigned Aa2 (sf)

EUR28,000,000 Class B-R Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned A2 (sf)

EUR24,000,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Baa3 (sf)

EUR20,000,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Ba2 (sf)

EUR12,000,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

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

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A-1-R Notes. The
Class X Notes amortise by 12.5% or EUR375,000 over the first eight
payment dates, starting on the second payment date.

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 97% ramped as of the closing date and
to comprise of predominantly corporate loans to obligors domiciled
in Western Europe. The remainder of the portfolio will be acquired
during the c.a. 4 month ramp-up period in compliance with the
portfolio guidelines.

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

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: EUR400,000,000

Diversity Score: 50

Weighted Average Rating Factor (WARF): 3150

Weighted Average Spread (WAS): 3.85%

Weighted Average Coupon (WAC): 4.50%

Weighted Average Recovery Rate (WARR): 45.00%

Weighted Average Life (WAL): 8.5 years

CARYSFORT PARK: Moody's Assigns (P)B3 (sf) Rating to Class E Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to the notes to be issued by
Carysfort Park CLO DAC (the "Issuer"):

EUR1,500,000 Class X Senior Secured Floating Rate Notes due 2034,
Assigned (P)Aaa (sf)

EUR244,000,000 Class A-1 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

EUR40,000,000 Class A-2 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)

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

EUR26,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Baa3 (sf)

EUR23,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Ba3 (sf)

EUR12,000,000 Class E 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 90% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans. The underlying portfolio is expected to be 80% ramped as of
the closing date and to comprise of predominantly corporate loans
to obligors domiciled in Western Europe. The remainder of the
portfolio will be acquired during the six month ramp-up period in
compliance with the portfolio guidelines.

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

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A-1 Notes. The
Class X Notes amortise by EUR187,500 on the second payment date
over eight payment dates.

In addition to the seven classes of notes rated by Moody's, the
Issuer will issue EUR31,100,000 Subordinated Notes due 2034 which
are not rated.

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

The coronavirus 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:

Performing par: EUR400,000,000

Diversity Score: 48

Weighted Average Rating Factor (WARF): 3050

Weighted Average Spread (WAS): 3.5%

Weighted Average Coupon (WAC): 4.0%

Weighted Average Recovery Rate (WARR): 43.5%

Weighted Average Life (WAL): 8.5 years

CVC CORDATUS VII: Moody's Affirms B2(sf) Rating on Class F-R Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued by CVC
Cordatus Loan Fund VII Designated Activity Company (the "Issuer"):

EUR270,600,000 Class A-R-R Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aaa (sf)

EUR26,200,000 Class B-1-R-R Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aa2 (sf)

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

EUR30,800,000 Class C-R-R Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned A2 (sf)

EUR30,900,000 Class D-R-R Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned Baa3 (sf)

At the same time, Moody's affirmed the Class E-R and Class F-R
Notes which have not been refinanced:

EUR27,500,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on Oct 8, 2020
Confirmed at Ba2 (sf)

EUR13,200,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed B2 (sf); previously on Oct 8, 2020
Confirmed at B2 (sf)

RATINGS RATIONALE

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

The Issuer issued the refinancing notes in connection with the
refinancing of the following classes of Notes: the Class A-R Notes,
Class B-1-R Notes, Class B-2-R Notes, Class C-R Notes and Class D-R
Notes, (the "2018 Refinancing Notes"), previously issued on
September 14, 2018 (the "2018 Refinancing Date"). On the
refinancing date, the Issuer has used the proceeds from the
issuance of the refinancing notes to redeem in full the 2018
Refinancing Notes.

The Issuer also issued EUR27,500,000 Class E-R Senior Secured
Deferrable Floating Rate Notes due 2031, EUR 13,200,000 Class F-R
Senior Secured Deferrable Floating Rate Notes due 2031 on the 2018
Refinancing Date and EUR45,000,000 Subordinated Notes on the
original closing date on August 31, 2016, all of which will remain
outstanding.

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

As part of this refinancing, the Issuer has extended the weighted
average life by 15 months to 7.25 year. It has amended certain
Portfolio Profile Test, Eligibility Criteria, definitions and minor
features. In addition, the Issuer has amended the base matrix that
Moody's has taken into account for the assignment of the definitive
ratings.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior loans and senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second-lien loans and mezzanine loans after the
amendment. The portfolio is fully ramped up as of the refinancing
date.

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

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

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

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

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

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

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

Performing par and principal proceeds balance: EUR433.24 million

Defaulted Par: EUR4.0 million

Diversity Score: 47

Weighted Average Rating Factor (WARF): 2977

Weighted Average Spread (WAS): 3.55%

Weighted Average Recovery Rate (WARR): 42.50%

Weighted Average Life (WAL): 7.25 years

DARTRY PARK: S&P Assigns B- (sf) Rating on EUR$12MM Class E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned credit ratings to Dartry Park CLO DAC's
class X, A1, A2, B, C, D, and E refinancing notes. At closing, the
issuer also issued EUR52.09 million of unrated subordinated notes.

S&P said, "We consider that the target 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 Benchmarks
                                                       Current
  S&P Global Ratings weighted-average rating factor   2,791.90
  Default rate dispersion                               745.59
  Weighted-average life (years)                           3.97  
                                          (4.12 with reinvest)
  Obligor diversity measure                             119.05
  Industry diversity measure                             17.68
  Regional diversity measure                              1.25
  Weighted-average rating                                  'B'
  'CCC' category rated assets (%)                         8.09
  'AAA' weighted-average recovery rate                   37.43
  Floating-rate assets (max.; %)                          90.0
  Weighted-average spread (net of floors; %)              3.58

S&P said, "In our cash flow analysis, we used the EUR392 million
amortizing target par amount, a weighted-average spread of 3.50%,
the reference weighted-average coupon (4.00%), and the
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 A2, B and C
notes benefit from break-even default rate (BDR) and scenario
default rate cushions that we would typically consider to be in
line with higher ratings than those assigned. However, as the CLO
will have a reinvestment phase, during which the transaction's
credit risk profile could deteriorate, we have capped our ratings
on the notes.

"The class E notes' current BDR cushion is -1.11%. Based on the
portfolio's actual characteristics and additional overlaying
factors, including our long-term corporate default rates and the
class E notes' credit enhancement, this class is able to sustain a
steady-state scenario, in accordance with our criteria." S&P's
analysis further reflects several factors, including:

-- The class E notes' available credit enhancement, which is in
the same range as that of other CLOs we have rated and that have
recently been issued in Europe.

-- S&P's model-generated portfolio default risk, which is at the
'B-' rating level at 23.99% (for a portfolio with a
weighted-average life of 4.25 years) versus 13.17% if it was to
consider a long-term sustainable default rate of 3.1% for 4.25
years.

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

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

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

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

Elavon Financial Services is the bank account provider and
custodian. At closing, the documented replacement provisions are in
line with S&P's counterparty criteria for liabilities rated up to
'AAA'.

Under S&P's structured finance sovereign risk criteria, it
considers that the transaction's exposure to country risk is
sufficiently mitigated at the assigned ratings.

The issuer is bankruptcy remote, in accordance with S&P's legal
criteria.

The CLO is managed by Blackstone Ireland Ltd. Under S&P's "Global
Framework For Assessing Operational Risk In Structured Finance
Transactions," published on Oct. 9, 2014, the maximum potential
rating on the liabilities is 'AAA'.

S&P said, "Following our analysis of the credit, cash flow,
counterparty, operational, and legal risks, we believe our ratings
are commensurate with the available credit enhancement for each
class 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 D notes
to five of the 10 hypothetical scenarios we looked at in our
publication.

"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 E 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."

  Ratings List

  Class   Prelim. Rating   Amount (mil. EUR)
   X         AAA (sf)          2.45
   A1        AAA (sf)        248.00
   A2        AA (sf)          35.00
   B         A (sf)           26.00
   C         BBB (sf)         26.50
   D         BB- (sf)         24.50
   E         B- (sf)          12.00
   Sub notes NR               52.09

   NR--Not rated.


HAYFIN EMERALD V: S&P Assigns Prelim B- (sf) Rating on Cl. F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Hayfin Emerald CLO VI DAC's class A, B-1, B-2, C, D, E, and F
notes. At closing, the issuer will also issue unrated subordinated
notes.

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

The portfolio's reinvestment period will end approximately four
years after closing, and the portfolio's weighted-average life test
will be approximately eight and half years after closing.

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

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

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

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

  Portfolio Benchmarks
                                                       Current
  S&P Global Ratings weighted-average rating factor   2,919.54
  Default rate dispersion                               614.42
  Weighted-average life (years)                           4.93
  Obligor diversity measure                              98.74
  Industry diversity measure                             21.25
  Regional diversity measure                              1.23

  Transaction Key Metrics
                                                       Current
  Total par amount (mil. EUR)                            400.0
  Defaulted assets (mil. EUR)                                0
  Number of performing obligors                            119
  Portfolio weighted-average rating
      derived from S&P's CDO evaluator                     'B'
  'CCC' category rated assets (%)                         4.00
  'AAA' weighted-average recovery (%)                    34.44
  Covenanted weighted-average spread (%)                  3.65
  Reference weighted-average coupon (%)                   3.50
  
Loss mitigation loan mechanics

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

The purchase of loss mitigation loans is not subject to the
reinvestment criteria or the eligibility criteria. It receives no
credit in the principal balance definition. The cumulative exposure
to loss mitigation loans is limited to 10% of target par.

The issuer may purchase loss mitigation loans using either interest
proceeds, principal proceeds, or amounts in the collateral
enhancement account. The use of interest proceeds to purchase loss
mitigation loans are subject to (i) all the interest and par
coverage tests passing following the purchase, and (ii) the manager
determining there are sufficient interest proceeds to pay interest
on all the rated notes on the upcoming payment date. The use of
principal proceeds is subject to the transaction passing par
coverage tests and the manager having built sufficient excess par
in the transaction so that the principal collateral amount is equal
to or exceeds the portfolio's target par balance after the
reinvestment.

Rating rationale

S&P said, "Our preliminary ratings reflect our assessment of the
preliminary collateral portfolio's credit quality, which has a
weighted-average rating of 'B'. We consider that the portfolio will
primarily comprise broadly syndicated speculative-grade senior
secured term loans and senior secured bonds. Therefore, we
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 par amount,
the covenanted weighted-average spread of 3.65%, the reference
weighted-average coupon of 3.50%, and the covenanted
weighted-average recovery rates for 'AAA' rated notes. 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.

"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.

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

"At closing, we consider that the transaction's legal structure
will be bankruptcy remote, in line with our legal criteria.

"Our credit and cash flow analysis indicate that the available
credit enhancement for the class B-1 to F notes could withstand
stresses commensurate with higher rating levels than those we have
assigned. However, as the CLO is still in its reinvestment phase,
during which the transaction's credit risk profile could
deteriorate, we have capped our assigned ratings on the notes.

"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
the class A, B-1, B-2, C, D, E, and F 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 recent
publication. The results shown in the chart below are based on the
actual weighted-average spread, coupon, and recoveries.

"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."

Hayfin Emerald CLO VI is a European cash flow CLO securitization of
a revolving pool, comprising euro-denominated senior secured loans
and bonds issued mainly by speculative-grade borrowers. Hayfin
Emerald Management LLP will manage the transaction.

  Ratings List

  Class   Prelim    Prelim amount Sub (%)  Interest rate*
          Rating     (mil. EUR)
  A       AAA (sf)       242.00     39.50    Three/six-month
                                             EURIBOR plus 0.80%
  B-1     AA (sf)         31.20     29.20    Three/six-month
                                             EURIBOR plus 1.40%
  B-2     AA (sf)         10.00     29.20    1.75%
  C       A (sf)          23.60     23.30    Three/six-month
                                             EURIBOR plus 2.35%
  D       BBB (sf)        31.20     15.50    Three/six-month
                                             EURIBOR plus 3.50%
  E       BB- (sf)        21.60     10.10    Three/six-month
                                             EURIBOR plus 6.07%
  F       B- (sf)          8.40      8.00    Three/six-month
                                             EURIBOR plus 8.00%
  Sub     NR              35.80       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.
NR--Not rated.
N/A—-Not applicable.


SOUND POINT V: Moody's Assigns (P)B3 (sf) Rating to Class F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to the notes and a loan to be issued
by Sound Point Euro CLO V Funding Designated Activity Company (the
"Issuer"):

EUR2,000,000 Class X Senior Secured Floating Rate Notes due 2035,
Assigned (P)Aaa (sf)

EUR198,000,000 Class A Senior Secured Floating Rate Notes due
2035, Assigned (P)Aaa (sf)

EUR50,000,000 Class A Senior Secured Floating Rate Loan due 2035
Notes, Assigned (P)Aaa (sf)

EUR17,300,000 Class B-1 Senior Secured Floating Rate Notes due
2035, Assigned (P)Aa2 (sf)

EUR21,500,000 Class B-2 Senior Secured Fixed/Floating Rate Notes
due 2035, Assigned (P)Aa2 (sf)

EUR10,600,000 Class C-1 Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)A2 (sf)

EUR15,000,000 Class C-2 Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)A2 (sf)

EUR28,600,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)Baa3 (sf)

EUR20,250,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)Ba3 (sf)

EUR10,750,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)B3 (sf)

RATINGS RATIONALE

The rationale for the rating 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 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 80% ramped as of the closing date and
to comprise of predominantly corporate loans to obligors domiciled
in Western Europe. The remainder of the portfolio will be acquired
during the six months ramp-up period in compliance with the
portfolio guidelines.

Sound Point CLO C-MOA, LLC ("Sound Point") 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
Five-year reinvestment period. Thereafter, subject to certain
restrictions, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk obligations or credit improved obligations.

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A-1 Notes. The
Class X Notes amortise by 12.5% or EUR250,000 over the 8 payment
dates starting on the 2nd payment date.

In addition to the eight classes of notes rated by Moody's, the
Issuer will issue EUR35,400,000 of Subordinated Notes which are not
rated.

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

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

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

Methodology underlying the rating action:

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

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

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

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

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

Par Amount: EUR400,000,000

Diversity Score(1): 45

Weighted Average Rating Factor (WARF): 3000

Weighted Average Spread (WAS): 3.60%

Weighted Average Coupon (WAC): 4.75%

Weighted Average Recovery Rate (WARR): 44.0%

Weighted Average Life (WAL): 9.2 years



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

CREDITO VALTELLINESE: Egan-Jones Keeps B+ Senior Unsec. Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on March 9, 2021, maintained its 'B+'
the foreign currency and local currency senior unsecured ratings on
debt issued by Credito Valtellinese S.p.A..

Headquartered in Sondrio, Italy, Credito Valtellinese S.p.A.
operates as a commercial bank.





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

AI LADDER: Moody's Affirms B3 CFR, Alters Outlook to Positive
-------------------------------------------------------------
Moody's Investors Service has affirmed the B3 corporate family
rating and the B3-PD probability of default rating of AI Ladder
(Luxembourg) Subco S.a r.l (Laird). Concurrently Moody's has
affirmed the B2 ratings of the company's $750 million ($424 million
outstanding) equivalent backed senior secured first lien term loan
B and its $133 million backed senior secured revolving credit
facility. The outlook has been changed to positive from negative.

The outlook change to positive reflects the announcement that
DuPont de Nemours, Inc. (DuPont, Baa1 stable) has entered into a
definitive agreement with Advent International[1], to acquire
Laird's Performance Materials business for an enterprise value of
$2.3 billion. Based on LTM September 2020, the Performance
Materials business contributed approx. 80% to Laird's total EBITDA.
The transaction is expected to close in the third quarter of 2021,
subject to regulatory approvals and other customary closing
conditions. Following the acquisition, Laird's business activities
will consist of the Connectivity as well as Thermal Systems
divisions.

RATINGS RATIONALE

The proposed disposal of the Performance Materials business is
credit positive as Moody's expects the financial debt to be repaid
upon completion of the proposed transaction. This would basically
leave Laird free of financial debt.

The positive outlook reflects the opportunity for an upgrade if the
sale of its Performance Materials business is successfully
executed, Laird repays its financial debt as expected and the
remaining business will continue to be free cash flow generative.
However, positive rating pressure depends on Laird's longer term
business profile following the disposal of the materials business

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

Downward pressure could be exerted on the rating in the event of
weak operating performance of the remaining activities and
procurement of new financial debt material to the remaining
activities leading to an elevated leverage level. Likewise, a
negative rating action would be considered in case the liquidity
position deteriorates.

Upward rating pressure could arise if a successful closing of the
proposed transaction leads to a basically debt-free capital
structure, Laird's remaining activities continue to be free cash
flow generative and liquidity remains strong.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Moody's takes into account the impact of environmental, social and
governance (ESG) factors when assessing companies' credit quality.
Laird's ratings factor in its current private equity ownership,
illustrated by its high financial leverage pre closing of the
proposed transaction.

PRINCIPLE METHODOLOGY

The principal methodology used in these ratings was Manufacturing
Methodology published in March 2020.

PROFILE

AI Ladder (Luxembourg) Subco S.a r.l operating under the trade name
Laird (Laird) is a global engineering technology company which
generated revenue of $659 million in LTM September 2020. Following
the acquisition by Advent International the organisation has been
re-structured into three businesses which are run autonomously by
their respective management boards: (1) performance materials,
which accounted for approx. three-quarters of pro forma group
revenue, has the number one market position in customized
components that protect smart devices from electromagnetic
interferences and heat; (2) connectivity, which represented less
than one-fifth of pro forma revenue, provides wireless
opportunities for customers to connect electronics with security
and confidence through antennas, wireless modules and IoT (internet
of things) platforms; and (3) thermal systems, which represented
about one-tenth of the business in terms of revenue, with
commercial applications in active thermal management.



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

AIRBUS SE: Egan-Jones Keeps BB Senior Unsecured Ratings
-------------------------------------------------------
Egan-Jones Ratings Company, on March 12, 2021, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Airbus SE.

Headquartered in Leiden, Netherlands, Airbus SE manufactures
airplanes and military equipment.


REPSOL INTERNATIONAL: S&P Rates Sub. Hybrid Capital Securities BB+
------------------------------------------------------------------
S&P Global Ratings had assigned its 'BB+' long-term issue rating to
the proposed perpetual, optionally deferrable, and subordinated
hybrid capital securities to be issued by Repsol International
Finance B.V., a subsidiary of Repsol S.A. (BBB/Stable/A-2). The
hybrid instrument of EUR750 million is in line with the two
tranches issued last year. The proceeds will be mainly used to
strengthen the balance sheet and increase financial flexibility, as
well as for other general purposes.

The proposed securities will have intermediate equity content until
their first reset date (at least five years from the date of
issuance) because they meet our criteria in terms of subordination,
permanence, and deferability at the company's discretion during
this period.

S&P derives its 'BB+' issue rating on the proposed securities by
notching down from its 'bbb' stand-alone credit profile (SACP) for
Repsol S.A. The two-notch differential reflects our notching
methodology, which calls for deducting:

-- One notch for subordination because our long-term issuer credit
rating on Repsol S.A. is investment grade (that is, higher than
'BB+'); and

-- An additional notch for payment flexibility, to reflect that
the deferral of interest is optional.

S&P said, "The notching we apply to the SACP to derive the issue
rating on the proposed securities reflects our view that the issuer
is relatively unlikely to defer interest. Should our view change,
we may increase the number of notches we deduct.

"In addition, to reflect our view of the intermediate equity
content of the proposed securities, we allocate 50% of the related
payments on the securities as a fixed charge and 50% as equivalent
to a common dividend. The 50% treatment of principal and accrued
interest also applies to our adjustment of debt.

"Considering Repsol's recent liability management and replacement
of outstanding hybrids (the company plans to call the EUR0.4
billion remaining portion of its EUR1 billion hybrid issued in
2015), we understand that it remains committed to holding about
EUR3.25 billion of hybrid capital as a long-term part of its
capital structure. We may review the equity content of any
outstanding or future hybrid issuances if our view of Repsol's
intention toward its subordinated debt changes."

Key Factors In S&P's Assessment Of The Securities' Permanence

Repsol can redeem the securities for cash at any time during the
three months before the first interest reset date and on any coupon
payment date thereafter. Although the proposed security is undated,
it can be called at any time for tax, accounting, capital event, or
a substantial repurchase event. If any of these events occur,
Repsol intends, but is not obliged, to replace the instruments. S&P
said, "We understand that the interest to be paid on the proposed
securities will increase by 25 basis points (bps) no earlier than
10 years after issuance, and by a further 75 bps 20 years after
their first reset date. We consider the cumulative 100 bps as a
material step-up, which is currently unmitigated by any binding
commitment to replace the instruments at that time. In our view,
the cumulative 100 bp step-up motivates the issuer to redeem the
instruments on their second step-up date."

S&P said, "Consequently, we will no longer recognize the
instruments as having intermediate equity content after their first
reset date, because the remaining period until their economic
maturity would, by then, be less than 20 years. However, we
classify the instruments' equity content as intermediate until
their first reset date, as long as we think that the loss of the
beneficial intermediate equity content treatment would not cause
the issuer to call the instruments at that point. Repsol's
willingness to maintain or replace the instruments in the event
that we reclassify them as having no equity content is underpinned
by its statement of intent."

Key Factors In S&P's Assessment Of The Securities' Deferability

S&P said, "In our view, Repsol's option to defer payment on the
proposed security is discretionary. As such, it may elect not to
pay accrued interest on an interest payment date because it is not
obliged to do so. However, any outstanding deferred interest
payment, plus interest accrued thereafter, will have to be settled
in cash if Repsol declares or pays an equity dividend or interest
on equally ranking securities, and it redeems or repurchases shares
or equally ranking securities. However, once Repsol has settled the
deferred amount, it can still choose to defer on the next interest
payment date."

Key Factors In S&P's Assessment Of The Securities' Subordination

The proposed security and coupons are intended to constitute the
issuer's direct, unsecured, and subordinated obligations, ranking
senior to its common shares.


SENSATA TECHNOLOGIES: Moody's Rates $500M Unsecured Notes 'Ba3'
---------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to Sensata
Technologies B.V. ("Sensata") planned $500 million senior unsecured
notes offering due 2029. All other ratings within the group and the
stable outlook are unaffected, including ratings of Sensata's
subsidiary Sensata Technologies, Inc. ("Technologies"), as well as
Sensata's Ba2 corporate family rating, Ba2-PD probability of
default rating, Speculative Grade Liquidity Rating of SGL-1 and
Baa3 secured ratings under Technologies.

This new debt at Sensata will be guaranteed similar to the other
debt of Sensata and Technologies. Sensata plans to use the proceeds
from the notes for general corporate purposes, which may include
working capital, capital expenditures, the acquisition of other
companies, businesses or assets, strategic investments, the
refinancing or repayment of debt, and share repurchases.

Assignments:

Issuer: Sensata Technologies B.V.

Senior Unsecured Notes, Assigned Ba3 (LGD4)

RATINGS RATIONALE

Sensata's Ba2 corporate family rating consider its large size and
solid competitive position in the specialized and fragmented
sensors and controls market. Sensata also has long-standing
customer relationships and is often deeply entrenched in their
customer's products, owing to the critical nature of its offerings
and high switching costs. Restructuring actions Sensata has taken
in response to lower demand will help support EBITA margins, but
they will remain under pressure until demand conditions normalize.
The company also has very good liquidity as reflected by the SGL-1
Speculative Grade Liquidity Rating, supported by a high cash
balance of over $1.05 billion and Moody's expectation the company
will generate at least $300 million free cash flow in 2021. The
$1.05 billion cash balance reflects the anticipated proceeds from
this issuance, net of $400 million acquisition of telematics and
data insight provider Xirgo Technologies expected to close in
mid-March, and the first quarter 2021 repayment of $750 million of
6.25% senior notes due 2026.

Sensata's credit profile also reflects its large exposure to
cyclical end-markets, in particular the company's high
concentration in the automotive sector of roughly 60% of its
business, where a number of its customers' plants were shut down
for at least a portion of 2020. There is also an ongoing risk of a
market shift or technology disruption that could lead to a need for
higher investment and capital expenditures. Therefore, Sensata must
continually invest in R&D and technology to remain competitive. The
company also has a history of leveraging acquisitions.

Sensata's gross financial leverage will be relatively high at
around 5.6 times debt-to-EBITDA pro forma for the planned $500
million notes issuance and the acquisition of Xirgo, but the
proceeds will go to the balance sheet so net debt-to-EBITDA will be
flat at 3.2 times. Moody's expects gross leverage to improve to 5
times or below by FYE21 before improving further thereafter, driven
by anticipated recovery in a number of its markets. However,
Moody's also anticipates that Sensata will maintain a prudent
strategy around leverage and liquidity which, combined with its
market position and control over operating costs, will enable
Sensata to manage the cyclicality in the auto sector and its other
end markets.

Environmental, social, and governance considerations have been
factored into the ratings. Environmentally, Sensata is not at
significant risk of any environmental investigations or
settlements. Sensata's products offer environmentally friendly
solutions to its customers. Sensata's social risk is relatively
minimal with less than 1% of the workforce covered by collective
bargaining agreements and generally positive relations with its
employees. Governance risk is relatively low as the company is
publicly traded on the New York Stock Exchange and must adhere to
their standards.

The stable outlook reflects Moody's expectation that topline
pressure from very difficult end market conditions over the last
year will ease as the economy recovers, but that the company will
continue to mitigate some of the impact on its margins and cash
flow generation by realigning internal costs with external demand.
The stable outlook also considers Moody's expectation that the
company's liquidity will remain very good.

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

The rating could be upgraded if debt-to-EBITDA is sustained below
3.5 times, free cash flow-to-debt increases to above 15%, and EBITA
margins are maintained in excess of 20%.

The rating could be downgraded if Moody's expects debt-to-EBITDA
will be sustained over 4.25 times, free cash flow-to-debt falls to
under 10%, EBITDA-to-interest falls below 4.5 times, liquidity
weakens, or the company institutes a more aggressive financial
policy focusing on excessive shareholder returns.

Sensata Technologies B.V., Sensata Technologies UK Financing Co.
plc and Sensata Technologies, Inc., are indirect wholly-owned
subsidiaries of Sensata Technologies Holding plc, which is a global
manufacturer of sensors and controls products for the automotive,
industrial, HVAC, and aerospace markets. The company's products
include sensors measuring pressure/force/speed, thermal and
magnetic-hydraulic circuit breakers, and switches. Revenues for the
twelve month period ending December 31, 2020 were approximately
$3.05 billion.

The principal methodology used in this rating was Manufacturing
Methodology published in March 2020.



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

HURTIGRUTEN GROUP: S&P Affirms 'CCC+' ICR on Term Loan Issuance
---------------------------------------------------------------
S&P Global Ratings affirmed its 'CCC+' issuer credit rating on
Hurtigruten Group AS. S&P also affirmed its 'CCC+' issue ratings on
the group's existing EUR85 million revolving credit facility (RCF)
and EUR655 million TLB facilities, and its 'B-' issue rating on the
EUR300 million senior secured notes issued by Explorer II AS.

It is still uncertain when Hurtigruten will resume operations; its
ships could remain in warm lay-up until the third quarter (Q3) of
2021.

The group has had its operations suspended since late March 2020,
and its restart will largely depend on the reopening of European
borders, where most of its customers are based. Taking into account
the current vaccination rates in countries such as the U.K.,
Germany, and the Nordic region, which combined account for about
80% of its customer base, S&P's current base case envisions a
restart in sailings toward the end of Q2 or early Q3 in 2021.

S&P said, "Our updated forecast envisions continued weak earnings
and heavy cash outflows in 2021.   Following a lengthy halt in
operations, coupled with subdued trading volumes once sailings
resume, we expect a moderate recovery in topline compared to 2020
levels, when the pandemic did not greatly affect Q1 trading. We
anticipate that Hurtigruten's profitability metrics will remain
weak due to the lower utilization rates, redemption of additional
travel credit from previously cancelled bookings, and increased
discounting to boost demand. As a result, we expect adjusted debt
to EBITDA to remain well above 10x by the end of 2021.

"Our forecast incorporates our view that the global travel industry
will take several years to fully recover, although Hurtigruten
could recover quicker than some of its larger peers.

"We anticipate that global cruise demand will reflect trends in
global travel demand. Our latest estimate envisions that global air
traffic volumes will gradually pick up later in 2021, and we do not
expect the volumes to return to 2019 levels until 2024, when the
current health and safety concerns have been addressed and consumer
confidence has duly recovered. Health concerns could affect the
cruise sector more than other travel sectors, such as lodging, but
we think Hurtigruten's customer proximity, smaller vessels, and
premium offering should help alleviate some of these issues. This
should lead to a quicker recovery than for some of its larger
global peers that operate much larger vessels.

"We do not expect a liquidity shortfall in the short term, although
headroom is low due to no further availability under the current
debt baskets.   Hurtigruten ended 2020 with cash balances of EUR72
million, which were fully accessible thanks to a letter of credit
provided in December. The group recently raised additional
liquidity with a EUR46.5 million TLD instrument, with prospects to
further strengthen its position with the proceeds from the planned
sale and lease-back transaction on its Svalbard assets, which we
expect to close by the first half of 2021. We therefore consider
that Hurtigruten's current liquidity position will be enough to
cover operating and capital expenditure until operations resume,
even if that were to only happen in Q3 2021. That said, further
disruptions or delays to the restart of operations could lead to a
quick deterioration in liquidity and covenant headroom. Given that
all debt baskets under the documentation have been exhausted, in
such a scenario we think the group would require shareholder
funding to avoid a shortfall."

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 Q3. However, some emerging markets may only be able to
achieve widespread immunization by year-end or later. S&P said, "We
use these assumptions about vaccine timing in assessing the
economic and credit implications associated with the pandemic. As
the situation evolves, we will update our assumptions and estimates
accordingly."

S&P said, "The negative outlook reflects our forecast of continued
high leverage and cash outflows over the next 12 months, as well as
the still-high level of uncertainty around the timing and strength
of the recovery in revenue and earnings once operations restart
later in the year. Under our updated base case, we anticipate
subdued revenue and EBITDA in 2021, leading to adjusted debt to
EBITDA remaining above 10x until 2022."

S&P could lower the ratings if it sees an increased risk of default
in the next 12 months. This could occur if:

-- The length of disruption caused by COVID-19 exceeds S&P's
current base case, or if new bookings underperform our
expectations, leading to weaker-than-expected working capital
inflows. This could lead to a heightened risk of liquidity stress
or covenant breach over the next 12 months;

-- S&P was to view specific default events, such as the likelihood
of interest forbearance, a broader debt restructuring, or debt
purchases below par, as an increasing possibility; or

-- A potential delay in vaccination for the wider EU population,
especially in Germany, the U.K., and the Nordics, or further virus
outbreaks due to new variants, which could result in sailing
resuming later than we currently assume in our base case.

Although unlikely in the short term, S&P could revise the outlook
to stable if it had more certainty regarding the start date for
Hurtigruten's operations, as well as operating performance
approaching sustainable levels once sailings restart. An outlook
revision to stable would also depend on such a scenario translating
into a rapid uptick in net booking inflows, operating cash inflows,
and a swift improvement in its liquidity position and covenant
headroom.


NORWEGIAN AIR: Shareholders Support Debt Restructuring Plan
-----------------------------------------------------------
Victoria Klesty at Reuters, citing business news website E24,
reports that Norwegian Air's shareholders voted in favour of the
company's debt restructuring plan on March 18.

The vote was the first of several procedural hurdles the airline
faces as it battles to survive the coronavirus pandemic which has
decimated air travel, Reuters notes.

According to Reuters, more than 99% of shareholders supported the
so-called scheme of arrangement, E24 reported, which will be voted
on separately by several groups of creditors on March 18 and March
19.

If approved by enough creditors and Ireland's High Court, the plan
will enable Norwegian to raise new capital and emerge from
bankruptcy protection in Ireland and Norway in May, Reuters
states.

As announced last year, the survival plan puts a definitive end to
Norwegian's long-haul business, leaving a slimmed-down airline
focusing on Nordic and European routes, Reuters relays.

As part of the plan, the airline must raise NOK4 billion to NOK5
billion from new shares and hybrid capital, of which Norway's
government has said it is willing to contribute NOK1.5 billion,
Reuters discloses.




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

CHELYABINSK PIPE: Moody's Puts Ba3 CFR Under Review for Downgrade
-----------------------------------------------------------------
Moody's Investors Service placed Chelyabinsk Pipe Plant PJSC's
(ChelPipe) Ba3 Corporate Family Rating and Ba3 rating of the loan
participation notes issued by Chelpipe Finance DAC for the sole
purpose of financing a loan to ChelPipe, on review for downgrade.

The review of ChelPipe's ratings follows PAO TMK's (TMK)
announcement that it will acquire 86.54% shares in ChelPipe in a
debt financed transaction. TMK will pay RUB84.2 billion (over $1.1
billion) for the acquired stake using cash on its balance sheet and
acquisition financing, valuing 100% of the ChelPipe's equity at
over RUB97 billion and the enterprise value (including estimated
pro-forma net debt) at about RUB157 billion. The acquisition, for
which TMK had received all necessary approvals, including from the
Russian Federal Antimonopoly Service, is expected to close in the
next several days.

"The potential ownership by TMK is a negative for ChelPipe's
bondholders, given TMK's weaker credit profile taking into account
growing TMK's net leverage as a result of this transaction," stated
Denis Perevezentsev, Moody's Vice President - Senior Credit
Officer. "However, acquisition will allow to solidify TMK's
position in high value added OCTG market, augmented by ChelPipe's
industrial pipes offering, leading to a material strengthening of
the combined entities' scale, competitive position and their share
in the Russian pipes market."

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

ChelPipe's ratings were placed on review for downgrade based on
their potential ownership by TMK which has a weaker credit
profile.

Moody's review will focus on the pro forma capital structure of the
combined company, and whether LPNs issued by Chelpipe Finance DAC
are retired or remain outstanding. Moody's will withdraw ChelPipe's
CFR shortly after the transaction closing, which is likely to
happen over the next few days. In the case that ChelPipe's debt
remains outstanding, ChelPipe's LPNs would likely be equalized with
TMK's ratings. Otherwise, the possible ratings movement will depend
on Moody's view of the LPN's structural position in the combined
company's pro forma capital structure. When LPNs are retired,
Moody's will withdraw ratings assigned to Chelpipe Finance DAC.
Otherwise, Moody's will withdraw Chelpipe Finance DAC's rating if
it believes it lacks sufficient information to continue maintaining
ratings on ChelPipe's remaining outstanding debt following the
completion of TMK's acquisition. The completion of the transaction
is subject to customary closing conditions. The review should
conclude shortly after the acquisition closes.

The principal methodology used in these ratings was Steel Industry
published in September 2017.

LIST OF AFFECTED RATINGS:

On Review for Downgrade:

Issuer: Chelpipe Finance DAC

Backed Senior Unsecured Regular Bond/Debenture, Placed on Review
for Downgrade, currently Ba3

Issuer: Chelyabinsk Pipe Plant PJSC

Probability of Default Rating, Placed on Review for Downgrade,
currently Ba3-PD

LT Corporate Family Rating, Placed on Review for Downgrade,
currently Ba3

Outlook Actions:

Issuer: Chelpipe Finance DAC

Outlook, Changed To Rating Under Review From Stable

Issuer: Chelyabinsk Pipe Plant PJSC

Outlook, Changed To Rating Under Review From Stable

Headquartered in Russia, ChelPipe is one of the largest producers
of steel pipe products in Russia and globally. The company produces
seamless industrial and O&G pipes, LDP, welded pipes and trunk
pipeline systems. ChelPipe operates two pipe-rolling plants in
Russia, two trunk pipeline equipment producers in Russia and one in
the Czech Republic, scrap collection and processing businesses in
Russia, and a distribution network in Russia and Kazakhstan. In
2020, the company shipped 1.4 million tonnes of steel pipe
products, and generated revenue of RUB138 billion and
Moody's-adjusted EBITDA of RUB30 billion.

TMK PAO: Moody's Affirms B1 CFR Following ChelPipe Acquisition
--------------------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
rating, B1-PD probability of default rating of PAO TMK (TMK), one
of the world's largest producers of steel pipe products for the oil
and gas industry. Concurrently Moody's affirmed the B1 senior
unsecured rating of the notes issued by TMK Capital S.A., a wholly
owned subsidiary of TMK. The outlook for both entities has changed
to stable from positive.

The rating action follows the company's announcement on March 9
that it will acquire 86.54% shares in Chelyabinsk Pipe Plant PJSC
(ChelPipe) in a debt financed transaction. TMK will pay RUB84.2
billion (over $1.1 billion) for the acquired stake using cash on
its balance sheet and acquisition financing, valuing 100% of the
ChelPipe's equity at over RUB97 billion and the enterprise value
(including estimated pro-forma net debt) at about RUB157 billion.
The acquisition, for which TMK had received all necessary
approvals, including from the Russian Federal Antimonopoly Service,
is expected to close in the next several days.

"This acquisition will allow TMK to solidify its position in high
value added OCTG pipes, expanding the company's offering in the
industrial pipes, where ChelPipe has strong market positions,
leading to a material strengthening of TMK' scale, competitive
position and the share in the Russian pipes market" says Denis
Perevezentsev, a Vice President-Senior Credit Officer at Moody's.

"Taking into account that the transaction is funded out of TMK's
cash balances reinforced by acquisition financing, the transaction
will be leveraging to TMK, which to some extent will be offset by a
strong contribution of ChelPipe's cash flows and EBITDA into the
combined entities' financial metrics, resulting in the change of
the rating outlook to stable from positive."

RATINGS RATIONALE

TMK's acquisition of ChelPipe adds meaningful production volumes
increasing TMK's pro-forma shipments by about 50% (TMK's 2020
shipments: 2.8 million tonnes; ChelPipe's 2020 shipments: 1.4
million tonnes) expanding TMK's offering in the industrial pipes
(including high value added seamless pipes) along with the OCTG
pipes, which will allow TMK to increase its market share in pipes
in Russia to over 30% from over 20%. This acquisition adds scale
and improves TMK's competitive position in the Russian pipes
market, complementing TMK's existing assets. Overall the
transaction provides compelling strategic and cost benefits to TMK
as market situation in the OCTG segment has been improving with
Brent prices oscillating near $70 per barrel. OPEC+ limitations
somewhat constrain drilling volumes and pipe producers' ability to
raise prices and improve selling terms. The synergies to be
realized over the medium-term are assessed by TMK's management at
about 10% of TMK's EBITDA pre-acquisition. Despite these positives,
Moody's notes that low LDP's capacity utilization owing to a
project nature of this business will not allow to realize full
potential of the acquired assets over the short-term and will take
more time to add value to TMK's stakeholders.

TMK have funded the acquisition largely out of its excessive cash
balances as of year-end 2020 following the sale of 100% of shares
in its US-based subsidiary IPSCO Tubulars Inc. to Tenaris in
January 2020 for around $1.1 billion as well as owing to positive
free cash flow generation in 2020 supported by a working capital
release in Q4 2020. In 2021, these funds were augmented by cash
inflow from placement of local bonds in Q1 2021 of RUB20 billion
and utilization of part of its available credit facilities. The
acquisition will delay TMK's deleveraging, which Moody's had
initially expected would be driven by funds received from sale of
IPSCO Tubulars Inc. in January 2020, but will be offset by
contribution of ChelPipe's cash flows and EBITDA, meaningfully
increasing combined entities' scale. ChelPipe had a more modest
leverage as measured by Moody's adjusted debt/EBITDA of 2.9x as of
year-end 2020 compared with TMK's leverage of 5.8x, which will also
soften the negative impact of consolidation of RUB87 billion of
ChelPipe's debt (as adjusted by Moody's) as of year-end 2020 on
combined entities' leverage.

TMK's promissory notes, which were accounted for as other financial
assets and other non-current assets as of year-end 2020 of RUB16.7
billion, which Moody's expects to be redeemed in 2021, cash inflow
from the disposal of treasury shares to the controlling shareholder
of RUB16.5 billion spread over a few years, inflows to ChelPipe
from the disposal of a number of non-core assets, including
disposal of oilfield services business by the transaction closing
date, as well as positive free cash flows of about RUB9 billion
which Moody's expects the combined entities to generate in 2021,
will offset the negative impact of the acquisition on TMK's balance
sheet. Moody's estimates TMK to generate pro-forma EBITDA of about
RUB65 billion in 2021 and to have Moody's adjusted leverage of
about 4.2x-4.5x as of year-end 2021. Moody's estimates net
leverage, as measured by Moody's adjusted net debt/EBITDA of about
3.7x-4.0x as of year-end 2021. Moody's estimates that consolidation
of ChelPipe's full year results in 2022 and expansion of EBITDA
amid softening of oil production restrictions as per the OPEC+ deal
and improving business conditions should lead to EBITDA expanding
to about RUB70- RUB78 billion in 2022 with leverage contracting to
about 3.3x-3.5x by year-end 2022.

The B1 ratings were affirmed based on the material strengthening of
TMK's scale, competitive position and the share in the Russian
pipes market as well as the company's commitment to focus on
deleveraging post M&A with the existing target net leverage of 2.5x
intact.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

Steel is among the 11 sectors with an elevated credit exposure to
environmental risk, based on Moody's environmental risk heat map.
The global steel sector continues to face pressure to reduce CO2
and air pollution emissions and will likely incur costs to further
reduce these emissions, which could weigh on its profitability.
Additionally, the move to lighter-weight materials could lead to
lower intensity of steel usage. TMK has a fairly low exposure to
environmental risk, because the company's principal operations
include rolling and welding steel pipes, which have a significantly
lower environmental impact than steelmaking. Although TMK is
integrated into steelmaking, it produces steel via the electric arc
furnace route, which has a much lower carbon footprint than the
alternative blast furnace/basic oxygen furnace route. Environmental
projects are an essential component of TMK's development programs,
including its current strategic investment program. In 2020, TMK's
environmental expenditures totaled around $31 million and were
mainly focused on improving the environmental performance of
production processes, reducing water consumption, controlling air
pollution, and minimizing the amount of landfilled waste while
allocating necessary resources to these activities. Financing
environmental initiatives helps TMK's plants to comply with the
local environmental protection and safety laws, standards, and
regulations.

Governance risks are an important consideration for all debt
issuers and are relevant to bondholders and banks because
governance weaknesses can lead to a deterioration in a company's
credit quality, while governance strengths can benefit a company's
credit profile. Similarly to its domestic peers, TMK has a
concentrated ownership structure, with 95.6% of the company's
shares ultimately controlled by D.A. Pumpyanskiy. Concentrated
ownership structure creates the risk of rapid changes in the
company's strategy and development plans, revisions to its
financial policy and an increase in shareholder payouts that could
weaken the company's credit quality. The risk is mitigated by the
company's commitment to a conservative financial policy and
moderate shareholder distributions. Corporate governance function
is exercised through the oversight of independent members, which
make up five out of eleven of the board of directors' seats, as
well as via relevant board's committees chaired by independent
directors.

RATIONALE FOR STABLE OUTLOOK

The rating outlook was changed to stable from positive as a result
of the debt financed acquisition and inherent integration and
execution risks in TMK achieving the anticipated synergies and
returns on investment from this acquisition. The stable outlook
reflects Moody's expectation that a pick-up in net leverage
following acquisition will be offset by TMK's improved scale and
competitive position in the Russian pipe market, while the
continuing strong recovery in oil prices will contribute to
improving financial performance and deleveraging.

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

Moody's could upgrade TMK's ratings if the company were to (1)
reduce its leverage with Moody's-adjusted gross debt/EBITDA
trending toward below 3.5x; (2) generate sustainable positive
post-dividend free cash flow; and (3) maintain healthy liquidity.

Moody's could downgrade the ratings if (1) the company were unable
to reduce its leverage, with Moody's-adjusted gross debt/EBITDA
above 4.5x on a sustained basis; (2) the company fails to generate
positive free cash flow on a sustained basis; or (3) its liquidity
were to deteriorate. TMK's ratings could be downgraded if it has
much weaker than anticipated operating and financial performance
post acquisition that results in negative free cash flow
generation.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Steel Industry
published in September 2017.

COMPANY PROFILE

TMK is Russia's largest and one of the world's largest producers of
steel pipe products for the oil and gas industry, operating across
Russia, Romania and Kazakhstan. The largest share of TMK's
shipments comprises high-margin OCTG, including tubing, casing and
drill pipes, complemented with line, large-diameter and industrial
pipes, as well as an entire range of premium connections. In 2020,
TMK shipped 2.8 million tonnes of steel pipes, including around 2.0
million tonnes of seamless pipes. In 2020, the company generated
revenue of RUB223 billion and Moody's-adjusted EBITDA of RUB36
billion.



===========
S W E D E N
===========

ARISE AB: Egan-Jones Lowers Senior Unsecured Ratings to B
---------------------------------------------------------
Egan-Jones Ratings Company, on March 9, 2021, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Arise AB to B from B+. EJR also downgraded the
rating on commercial paper issued by the Company to B from A3.

Headquartered in Sweden, Arise AB is a wind power company which
develop, build and manage onshore wind farms for its own account
and on behalf of investors.


SAS AB: Egan-Jones Keeps C Senior Unsecured Ratings
---------------------------------------------------
Egan-Jones Ratings Company, on March 11, 2021, maintained its 'C'
foreign currency and local currency senior unsecured ratings on
debt issued by SAS AB. EJR also maintained its 'D' rating on
commercial paper issued by the Company.

Headquartered in Stockholm, Sweden, SAS AB offers air
transportation services.




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

TURKIYE IS BANKASI: Moody's Completes Review, Retains B3 Rating
---------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Turkiye Is 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 Is Bankasi's (Isbank) B3 long-term senior debt and local
currency deposit ratings reflect its caa1 baseline credit
assessment as well as the positive impact of government support.

The bank's caa1 BCA is driven by moderate consolidated capital and
relatively elevated stock of problem loans in a very weak operating
environment, mitigated by adequate profitability and liquidity.

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

YAPI VE KREDI: Moody's Completes Review, Retains B2 Deposit Rating
------------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Yapi ve Kredi 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.

Yapi ve Kredi Bankasi A.S.'s (Yapi Kredi) B2 long-term senior debt
and local currency deposit ratings are based on its b3 baseline
credit assessment as well as the positive impact of government
support.

The bank's b3 BCA is underpinned by the bank's sound risk
management and adequate profitability and liquidity, partly offset
by relatively high problem loans and moderate capital in a very
weak environment.

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
===========================

BUSY BEES: S&P Affirms B- Issuer Rating After Completed Refinancing
-------------------------------------------------------------------
S&P Global Ratings affirmed its long-term issuer rating on Eagle
Midco Ltd., the Busy Bees' (Eagle Midco) parent, at 'B-' and
removed the rating from CreditWatch with negative implications,
where S&P placed it on March 3, 2021.

Busy Bees has refinanced its existing debt by issuing a new GBP366
million senior secured term loan B (TLB), a EUR257 million (GBP220
million equivalent) senior secured TLB, and a GBP100 million
revolving credit facility (RCF).

S&P is also assigning final 'B-' issue ratings to the GBP366
million senior secured TLB and the EUR257 million senior secured
TLB. S&P plans to withdraw its ratings on the old debt instruments
once funding has closed and the facilities are repaid.

The transaction completion has removed Busy Bees' short-term
refinancing risk and moved its term maturity wall to March 2028.

The group raised approximately GBP586 million equivalent in
sterling and euro term loans and used the proceeds to repay the
existing senior secured facilities, maturing in May 2022, with a
modest (about GBP25 million) net repayment. As a result, its next
bullet payment will be in about seven years. The group also secured
a GBP100 million RCF maturing in September 2027, which will bolster
its liquidity position.

Busy Bees has a highly leveraged capital structure.   Post
transaction completion, Busy Bees' capital structure remains highly
leveraged. S&P said, "We factor this into our current rating. We
forecast the group's S&P Global Ratings-adjusted debt to EBITDA
will reduce to 7.0x-7.5x in 2021, from 8.2x at the end of financial
year 2020 (ending Dec .31,2020) based on current unaudited
management accounts. In our view, the extent of any future
deleveraging will depend on earnings recovery and expansion given
that we do not expect further debt repayments. Deleveraging could
be delayed if the group's post-pandemic recovery is slower or if it
pursues debt-funded acquisitions."

The group's shareholders have recently amended the shareholder loan
instruments and S&P now excludes these noncommon equity
instruments--issued outside the restricted group--from its adjusted
debt calculations.  These shareholder loan notes are issued by
Eagle HoldCo Ltd., the parent company of Eagle Midco Ltd., and sit
outside the restricted group. The shareholder loan agreement
includes a stapling clause that requires these loan notes to be
owned and sold together with common equity. Further to this:

-- These loan notes are held by the same parties holding common
equity, in similar proportion; and

-- There is a track record of financial support from Busy Bees'
financial sponsors, including no dividends or redemptions of the
shareholder loan instruments.

S&P said, "We therefore see a close alignment of economic interests
between the common equity holders and the noteholders group. In
addition, these notes do not carry an event of default clause, nor
do they require a periodic fixed cash payment, and are structurally
and contractually subordinated to the senior secured debt issued by
Eagle Midco Ltd. Therefore, we decided to exclude these notes from
our S&P Global Ratings-adjusted debt calculation, reducing the
amount from about GBP1,460 million to GBP1,040 million in 2021 (the
reduction being equal to the value of the outstanding loan notes
and payment-in-kind notes)."

FOCF generation will remain subdued in 2021 due to the unwinding of
working capital and an increase in capital expenditure (capex).  
S&P said, "We expect Busy Bees to report marginally positive FOCF
in 2021, up to GBP10 million, from about GBP50 million in 2020.
This decline is mostly caused by the reversal of tax and rent
deferrals achieved over the last year, which will come due in 2021,
resulting in a working capital outflow of GBP10 million-GBP20
million. In addition, we believe the company will resume its
organic expansion plans subject to operational recovery, increasing
the overall capex budget from about GBP15 million in 2020 to GBP25
million-GBP30 million in 2021. We estimate maintenance capex at
about GBP14 million-GBP15 million of this balance. After the
working capital rebalancing in 2021, we then expect reported FOCF
generation to return to more sustainable levels, reaching about
GBP30 million-GBP40 million in 2022."

The way Busy Bees has responded to previous operating accidents has
been satisfactory, although a change in frequency or severity could
damage the group's long-term reputation.  The group has experienced
occasional issues involving child health and safety incidents. The
incidents vary in severity and some have led to a self-directed
audit or best-practice review. On other occasions incidents have
involved law enforcement and the regulator undertaking
investigations. S&P said, "We view these events as isolated and
commensurate with the group's size, and not part of a track record
of systemic management, risk, or control deficiencies. The group
has satisfactorily addressed these incidents, in our view,
conducting internal investigations, dismissing personnel involved,
and upgrading its safety procedures. In our view, health, safety,
and wellbeing are at the core of the business offering and
reputation is a key competitive factor. While not our base case,
any increase in the severity or frequency of accidents or safety
issues could ultimately weigh on the ratings."

S&P said, "The stable outlook reflects our view that Busy Bees will
deleverage to 7.0x-7.5x in 2021, from 8.2x in 2020, on the back of
a recovery in operating performance and earnings expansion, despite
ongoing disruptions amid the pandemic. The stable outlook also
factors in our forecast for marginally positive FOCF after lease
payments in 2021, before expanding back to around GBP30
million-GBP40 million in 2021, or around 4%-6% FOCF to debt. A more
aggressive financial policy or a delayed post-pandemic recovery
could weigh on our base case.

"We could lower our ratings on Busy Bees if, in the next 12 months,
a slowdown in the pace of recovery, a higher burden of exceptional
costs than we expect, or further pandemic-related disruptions
weaken the group's operating performance and erode rating headroom.
This could render the sustainability of the group's capital
structure more uncertain, or see a deterioration in liquidity."

S&P could also lower the rating if:

-- Busy Bees reported negative FOCF after lease payments over the
next 12 months; or

-- The group pursues a more aggressive financial policy including,
for example, debt-funded acquisitions, that resulted in
persistently very high and unsustainable leverage.

S&P said, "Although we view rating upside as unlikely in the next
12 months, we could consider an upgrade if the group's ratios
recovered faster than we expect such that its S&P Global
Rating-adjusted debt to EBITDA fell sustainably below 5.5x, and
FOCF after lease payments materially exceeded our forecast." Any
upgrade would also be predicated on a financial policy commitment
to leverage being sustainably anchored in or below this range,
supported by a track record of deleveraging.


BUY2LETCARS: Enters Administration Following FCA Restrictions
-------------------------------------------------------------
Business Sale reports that car leasing firm Buy2LetCars has fallen
into administration a month after the Financial Conduct Authority
(FCA) placed restrictions on its parent company, Raedex Consortium
Ltd.

Buy2LetCars attracted investors by promising annual returns of up
to 11% on a minimum loan investment of GBP7,000 over the course of
three years.  Investments were used to buy new cars, before they
were leased to individuals with a poor credit history through
another subsidiary, Wheels4Sure.

According to Business Sale, in February 2021, the FCA banned the
company from arranging new leases with investor funds, saying: "We
have engaged with the firm on a number of occasions with regard to
regulatory issues, including the structure of its business and its
financial viability.  This has culminated in the action we took on
Friday, February 19, 2021."

While Raedex at the time criticized the FCA decision as "bizarre",
it has now fallen into administration, Business Sale notes.  RSM
Restructuring will act as administrators to Raedex and subsidiaries
Buy2LetCars and Rent 2 Own Cars Ltd., Business Sale discloses.

Following the administration, the FCA stated that all investors
would become creditors, Business Sale notes.

"On February 19, 2021, we imposed a number of restrictions on
Raedex requiring the firm to cease conducting regulated activities
because of serious concerns about its finances.  The restrictions
stopped Raedex from entering into any new car leases, while
allowing existing lease agreements to remain.  Buy 2 Let Cars Ltd
subsequently stated it was not accepting any new investment,"
Business Sale quotes the FCA as saying.

"Following the FCA's concerns, the directors of Raedex obtained
further financial accounting advice, the advice of insolvency
practitioners and, on March 15, 2021, appointed Graham Bushby and
Matt Haw of RSM Restructuring Advisory LLP as administrators over
Raedex, Buy 2 Let Cars Ltd and Rent 2 Own Cars Ltd."

In a statement, administrators RSM, as cited by Business Sale,
said: "Raedex will continue to trade in administration, subject to
the Restrictions.  Lease agreements between Raedex and its existing
customers remain in place; anyone leasing a vehicle from Raedex
should continue to pay their monthly payment in the normal way to
secure their ongoing usage of the vehicle."

"The Administrators are now evaluating the current financial
position and options for each of the Raedex Group companies.  They
will seek to achieve the best outcome for each company's creditors
as a whole.  It is too early for the Administrators to conclude how
much money they will be able to return to the creditors of each
company in the Raedex Group, or within what timeframe."


EUROSTAR: In Advance Talks Over Possible State-Backed Loans
-----------------------------------------------------------
David Keohane, Philip Georgiadis and Jim Pickard at The Financial
Times report that Eurostar is in advanced discussions to seal aid
from the UK and France and needs to finalize it by next month to
head off a looming cash crunch, said the head of SNCF, the
state-backed French rail group and largest shareholder in the
Channel Tunnel train operator.

"We are getting closer to the moment when Eurostar will have real
cash flow problems  .  .  .  By next month, we have to
conclude these discussions," said Jean-Pierre Farandou, SNCF chief
executive, in an interview with the FT.

According to the FT, Mr. Farandou said both the French and UK
governments were in "ongoing very advanced discussions" with
Eurostar over possible state-backed loans that would allow the
struggling train operator to get through the coronavirus crisis.

Eurostar, in which SNCF holds 55% of the shares, is at risk of
bankruptcy following a drop in travel since March 2020 of at least
95%, the FT states.

Shareholders, which also include Canadian institutional fund
manager Caisse de depot et placement du Quebec, Hermes
Infrastructure and the Belgian state rail operator, have already
pumped in EUR200 million to keep Eurostar afloat during the crisis,
but the company said this money was "finite", the FT discloses.

"We hope that it will be weeks [not months] because the financial
situation is going to be very difficult at the end of May, start of
June," the FT quotes Mr. Farandou, who would not be drawn on the
overall size of any French loan or whether it would go through SNCF
or directly to Eurostar, as saying.

SNCF has itself already received billions in French government
support after Eurostar traffic plummeted because of Covid-19 travel
restrictions, which came on the heels of prolonged strikes by
labour unions over reforms to pensions and the company itself, the
FT notes.

Eurostar, which has its headquarters in London, has held
conversations with the UK government over the possibility of a
state-backed commercial loan to help it through the disruption,
although there is no guarantee that there will be an agreement, the
FT relays, citing two people familiar with the discussions.

According to the FT, one of the people said Eurostar has discussed
GBP60 million of loans backed by UK Export Finance, which helps UK
companies access finance and was originally set up to support
businesses following Brexit.

People close to the discussions in France also warned that there
was no guarantee of an agreement with Eurostar, the FT recounts.


GREENSILL: Credit Suisse Funds Fail to Get SoftBank Injection
-------------------------------------------------------------
Robert Smith and Arash Massoudi at The Financial Times report that
Credit Suisse's controversial funds tied to Greensill Capital
failed to receive an emergency cash injection from SoftBank late
last year, deepening the problems now facing the Swiss bank's
clients.

SoftBank agreed to pump money into Greensill to cover debts at
troubled US construction company Katerra, one of the biggest
holdings in the Swiss lender's supply chain finance funds, the FT
relays, citing people familiar with the matter.

However, the funds, now at the centre of a scandal for Credit
Suisse, still contain Katerra debts even after SoftBank advanced
the money to Greensill, according to documents seen by the FT and
confirmed by people familiar with the matter.

SoftBank first invested in Katerra through its US$100 billion
Vision Fund in 2018, the FT recounts.

The construction group was also a client of Greensill, which
advanced companies funding linked to invoices in return for a fee,
the FT notes.  Greensill would then sell those loans, such as the
ones to Katerra, to outside investors like Credit Suisse, the FT
states.

The Katerra development suggests that the exposure of the US$10
billion Credit Suisse funds to SoftBank-linked companies may prove
more problematic than originally feared, the FT discloses.
Greensill sourced all of the assets that went into the funds,
including numerous debts from companies in SoftBank's Vision Fund,
the FT says.

The Swiss bank's decision this month to freeze the funds hastened
the demise of Greensill, which filed for administration last week,
the FT recounts.  Founded by Australian financier Lex Greensill,
the company was targeting a US$7 billion valuation only months ago
and counted former British prime minister David Cameron as an
adviser.

Katerra has never been listed by name in the Credit Suisse funds'
filings because the debt was channelled through an investment
vehicle called "Fairymead", according to documents seen by the FT.


Filings show that Credit Suisse's main supply-chain finance fund
still had more than US$100 million of Fairymead debt at the end of
January, one month after SoftBank's capital injection, making it
the US$6.8 billion fund's 10th largest exposure, the FT relays.
Fund documents from last year show that a smaller fund that could
invest in riskier assets also had exposure to Katerra, the FT
states.

As Katerra's problems escalated in December, Greensill agreed to
write off debts it was owed by the US construction group in return
for taking a small equity stake, the FT recounts.  In turn,
SoftBank injected cash into Greensill to cover the losses,
according to the FT.  At the time Katerra's chief executive Paal
Kibsgaard put the debts at about US$435 million, the FT notes.


INTERNATIONAL GAME: S&P Assigns 'BB' Rating on Sr. Secured Notes
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue-level and '3' recovery
ratings to International Game Technology PLC's (IGT) new
benchmark-size senior secured notes due 2026. The '3' recovery
rating reflects its expectation for meaningful (50% to 70%; rounded
estimate: 65%) recovery for noteholders in the event of a payment
default.

The company plans to use proceeds from the new notes and may use
revolver availability to redeem its 6.25% senior secured notes due
2022 ($1 billion outstanding) in whole or in part, and to pay
accrued interest, tender premiums, and transaction fees and
expenses. The proposed financing transaction does not affect S&P's
'BB' issuer credit rating since the transaction is largely debt for
debt. However, the transaction will modestly improve IGT's maturity
profile by extending a substantial portion of the company's 2022
debt maturities.

Issue Ratings - Recovery analysis

Key analytical factors:

-- IGT's capital structure comprises $1.05 billion and EUR625
million in total revolving commitments, a EUR1.5 billion term loan,
and several secured notes tranches. In addition, there is a notes
tranche issued at IGT's subsidiary, International Game Technology.
All of its debt issues have the same guarantors and IGT also
guarantees the notes issued at International Game Technology.

-- The collateral for the debt is a pledge of stock in
International Game Technology and IGT Lottery S.r.l. (a subsidiary
of IGT, formerly known as Lottomatica Holding S.r.l.) as well as
any intercompany loans in excess of $10 million. Although the notes
issued by International Game Technology only benefit from its and
its subsidiaries' stock and intercompany notes, S&P does not view
this limitation in the collateral relative to the rest of the
capital structure as significant enough to warrant a distinction in
recovery prospects between the International Game Technology notes
and the remaining debt at IGT.

-- S&P therefore assumes recovery prospects are aligned for all of
the debt in the company's capital structure.

Simulated default assumptions:

-- S&P's simulated default scenario contemplates a default
occurring in 2026 because of a significant decline in the installed
base of the company's gaming machines due to a significant loss in
market share, the loss of one or more major lottery contracts,
and/or a severe and sustained economic decline that leads to a
substantial drop in gaming machine yield and purchases of new
machines.

-- S&P assumes the total revolving credit facility commitment is
85% drawn at default.

Simplified waterfall:

-- Emergence EBITDA: About $1 billion

-- EBITDA multiple: 6.5x

-- Gross recovery value: $6.4 billion

-- Net recovery value after administrative expenses (5%): $6.2
billion

-- Value available for secured debt: $6.1 billion

-- Secured debt: $9.1 billion

    --Recovery expectation: 50% to 70% (rounded estimate: 65%)

Note: All debt amounts include six months of prepetition interest.


LIBERTY GLOBAL: Egan-Jones Keeps B Senior Unsecured Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company, on March 10, 2021, maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by Liberty Global plc. EJR also maintained its 'B'
rating on commercial paper issued by the Company.

Headquartered in London, United Kingdom, Liberty Global plc owns
interests in broadband, distribution, and content companies
operating outside the continental United States, principally in
Europe.


OWENS-ILLINOIS: Egan-Jones Hikes Senior Unsecured Ratings to B-
---------------------------------------------------------------
Egan-Jones Ratings Company, on March 8, 2021, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Owens-Illinois, Inc. to B- from CCC+. EJR also upgraded the
rating on commercial paper issued by the Company to B from C.

Headquartered in Harlow, United Kingdom, Owens-Illinois, Inc.
manufactures glass packaging products.


RALPH & RUSSO: Goes Into Administration Due to Pandemic Impact
--------------------------------------------------------------
Oliver Barnes at The Financial Times reports that UK fashion group
Ralph & Russo has fallen into administration, becoming the latest
casualty of a pandemic that has hit the luxury industry hard.

The womenswear brand, which enjoyed a string of endorsements from
celebrities including Beyonce and Angelina Jolie, on March 16 said
it had appointed Begbies Traynor and Quantuma as administrators,
the FT relates.

According to the FT, the company said the administrators will "now
investigate all possible options to secure the future of this
globally celebrated brand for the benefit of all stakeholders".

The luxury industry has suffered as global travel restrictions
halted the flow of Chinese tourists to London, Paris and Milan, the
FT discloses.

In the statement, Ralph, as cited by the FT, said the decision to
appoint administrators "will help refinance the business and allow
us all to do what we love best -- creating for our women across the
world."


STONEGATE PUB: Moody's Completes Review, Retains B3 CFR
-------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Stonegate Pub Company Limited 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.

Stonegate Pub Company Limited's (Stonegate or the company) B3
corporate family rating balances the company's long-term
refinancing last July and the continued impact of
coronavirus-driven restrictions which have prevented pubs from
trading during successive lockdowns. Cash preservation measures,
government support, and additional debt issuance have resulted in
adequate liquidity to weather the current lockdown, with
restrictions currently due to ease in mid-April with the re-opening
of pubs nationwide for outdoor service. The company's liquidity
will be further boosted upon re-opening through material working
capital inflow. Indoor service could resume the following month.
The pace and extent of Stonegate's recovery in credit quality
however remains uncertain, considering notably its exposure to city
centres, particularly in the Managed part of its estate, where
footfall could remain depressed for a still prolonged period.

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

TRINITY SQUARE 2021-1: Fitch to Rate Class H Notes Final 'CCC'
--------------------------------------------------------------
Fitch Ratings has assigned Trinity Square 2021-1 PLC's (TSQ2021-1)
notes expected ratings.

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

  DEBT              RATING  
  ----              ------
Trinity Square 2021-1

Class A    LT  AAA(EXP)sf   Expected Rating
Class B    LT  AA(EXP)sf    Expected Rating
Class C    LT  A(EXP)sf     Expected Rating
Class D    LT  BBB+(EXP)sf  Expected Rating
Class E    LT  BB+(EXP)sf   Expected Rating
Class F    LT  BB(EXP)sf    Expected Rating
Class G    LT  BB-(EXP)sf   Expected Rating
Class H    LT  CCC(EXP)sf   Expected Rating
Class X    LT  BB-(EXP)sf   Expected Rating
Class Z    LT  NR(EXP)sf    Expected Rating

TRANSACTION SUMMARY

TSQ2021-1 is a securitisation of legacy owner-occupied (OO) and
buy-to-let (BTL) mortgages originated by GE Money Home Lending
Limited (GEHMLL) and GE Money Mortgages Limited (GEMLL). The
transaction is a refinancing of the Trinity Square 2015-1 Plc (TSQ
2015-1) and Trinity Square 2016-1 Plc (TSQ 2016-1) issuance.

KEY RATING DRIVERS

Additional Coronavirus Assumptions: Fitch has applied coronavirus
assumptions to the mortgage portfolio (see EMEA RMBS: Criteria
Assumptions Updated due to Impact of the Coronavirus Pandemic).

The combined application of revised 'Bsf' representative pool
weighted average foreclosure frequency (WAFF) and revised rating
multiples resulted in a multiple to the current FF assumptions of
about 1.3x at 'Bsf'.

Performing Seasoned Loans: The weighted average portfolio seasoning
is high at 14 years, with origination concentrated between 2004 and
2014. The OO loans (94.8% of the pool) contain a high proportion of
self-certified, interest-only and loans with adverse credit
history. Fitch therefore applied its non-conforming assumptions to
this sub-pool.

Fitch has taken into account the better historical asset
performance compared with the average for the non-conforming sector
and the average annualised constant default rate since closing of
TSQ 2015-1 and TSQ 2016-1 when setting the originator adjustment
for the portfolio. This resulted in a positive originator
adjustment of 0.8x for the OO sub-pool and no adjustment for the
BTL sub-pool.

Interest Deferability: The interest payments for all notes except
the class A notes are deferrable at all times. In its analysis,
Fitch tested the ratings of the class A and B notes on a timely
basis and assessed the materiality of the interest deferability
exposure for the class C and D notes. Fitch considers the available
liquidity protection adequate for the respective ratings.
Nonetheless, the ratings of the mezzanine notes are constrained at
the 'Asf' rating category.

Purchased Portfolio: The portfolio is a purchased portfolio
acquired initially by Kensington Mortgage Company Limited (KMC)
from GE in August 2015 and subsequently sold to the seller
(Citibank N.A., London Branch) for this securitisation. Fitch notes
the indemnities offered by the seller are capped to GBP75 million
and for three years after closing. These limitations are mitigated
by the loans' 14 years of seasoning, the due diligence performed as
part of the current and 2015 purchases, and the absence of material
breaches of representations since 2015.

RATING SENSITIVITIES

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

-- Stable to improved asset performance driven by stable
    delinquencies and defaults would lead to increasing credit
    enhancement and potential upgrades. Fitch tested an additional
    rating sensitivity scenario by applying a decrease in the FF
    of 15% and an increase in the recovery rate (RR) of 15%. The
    impact on the subordinated notes could be an upgrade of up to
    two categories.

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

-- The broader global economy remains under stress from the
    coronavirus pandemic, with surging unemployment and pressure
    on businesses stemming from social-distancing guidelines.
    Government measures related to the coronavirus pandemic
    introduced a suspension on tenant evictions and mortgage
    payment holidays, both for up to three months. Fitch
    acknowledges the uncertainty of the path of coronavirus
    related containment measures and has therefore considered more
    severe economic scenarios.

-- As outlined in "Fitch Ratings Coronavirus Scenarios: Baseline
    and Downside Cases", Fitch considers a more severe downside
    coronavirus scenario for sensitivity purposes whereby a more
    severe and prolonged period of stress is assumed with a
    halting recovery from 2Q21. Under this scenario, Fitch assumed
    a 15% increase in WAFF and a 15% decrease in WARR. The results
    indicate downgrades of up to two categories.

-- The transaction's performance may be affected by changes in
    market conditions and economic environment. Weakening economic
    performance is strongly correlated to increasing levels of
    delinquencies and defaults that could reduce credit
    enhancement available to the notes.

-- Additionally, unanticipated declines in recoveries could also
    result in lower net proceeds, which may make certain notes'
    ratings susceptible to potential negative rating actions
    depending on the extent of the decline in recoveries. Fitch
    conducts sensitivity analyses by stressing both a
    transaction's base-case FF and RR assumptions, and examining
    the rating implications on all classes of issued notes.

BEST/WORST CASE RATING SCENARIO

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

CRITERIA VARIATION

Fitch conducted additional analysis to assess classes F, G and X
notes' ratings in scenarios where the prepayments profile is closer
to historical trends for the short to medium term and asset margin
compression is disapplied as not observable since TSQ 2015-1 and
TSQ 2016-1 closing. This constitutes a criteria variation with
respect to the standard Fitch prepayment assumption applied as part
of its cash flow analysis.

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by Deloitte LLP. The third-party due diligence described
in Form 15E focused on comparison and verification of certain
characteristics with respect to the mortgage loans and related
mortgaged properties in the data file. Fitch considered this
information in its analysis and it did not have an effect on
Fitch's analysis or conclusions.

DATA ADEQUACY

Fitch reviewed the results of a third-party assessment conducted on
the asset portfolio information and concluded that there were no
findings that affected the rating analysis.

Fitch conducted a review of a small targeted sample of GEHMLL and
GEMLL's origination files during the TSQ2016-1 rating process and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices,
and the other information provided to the agency about the asset
portfolio.

Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.

VIRGIN ATLANTIC: Parent Company to Inject GBP100MM of New Funding
-----------------------------------------------------------------
Philip Georgiadis at The Financial Times reports that Sir Richard
Branson's Virgin Group is set to pour GBP100 million of new funding
into Virgin Atlantic to help the carrier survive until mass travel
restarts as the Covid-19 pandemic abates.

According to the FT, the loan from Virgin Group, which owns 51% of
the airline, forms part of a GBP160 million support package that is
close to being finalized, Virgin Atlantic confirmed.  The deal also
includes payment deferrals with the company's creditors, the FT
notes.

"We continue to bolster our balance sheet in anticipation of the
lifting of international travel restrictions during the second
quarter of 2021," the FT quotes the airline as saying.  The GBP160
million financing will provide "further resilience against a slower
revenue recovery" this year.

Like the rest of the industry, Virgin Atlantic has been forced to
ground large parts of its fleet as the disruption caused by the
pandemic drags into a second year, the FT relays.

Mr. Branson raised eyebrows last year when he asked for government
support for his cash-strapped businesses, and unlike rivals
including British Airways and easyJet, Virgin did not access UK
government funds at the height of the crisis after the government
rebuffed an initial request for a bailout, the FT recounts.

Instead the airline put together a GBP1.2 billion private sector
rescue package last summer including GBP200 million of cash from
Virgin Group and GBP170 million of debt funding from US hedge fund
Davidson Kempner Capital Management, the FT discloses.

That financing was based on a forecast that people would begin to
travel again in significant numbers by this Easter, but the
earliest the UK's borders will open for non-essential travel is May
17, while US borders are still closed to many passengers, the FT
states.




===============
X X X X X X X X
===============

[*] BOOK REVIEW: Bankruptcy and Secured Lending in Cyberspace
-------------------------------------------------------------
Author: Warren E. Agin
Publisher: Bowne Publishing Co.
List price: $225.00
Review by Gail Owens Hoelscher

Red Hat Inc. finds itself with a high of 151 5/8 and low of 20 over
the last 12 months! Microstrategy Inc. has roller-coasted from a
high of 333 to a low of 7 over the same period! Just when the IPO
boom is imploding and high-technology companies are running out of
cash, Warren Agin comes out with a guide to the legal issues of the
cyberage.

The word "cyberspace" did not appear in the Merriam-Webster
Dictionary until 1986, defined as "the on-line world of computer
networks." The word "Internet" showed up that year as well, as "an
electronic communications network that connects computer networks
and organizational computer facilities around the world."
Cyberspace has been leading a kaleidoscopic parade ever since, with
the legal profession striding smartly in rhythm. There is no
definition for the word "cyberassets" in the current
Merriam-Webster. Fortunately, Bankruptcy and Secured Lending in
Cyberspace tells us what cyberassets are and lays out in meticulous
detail how to address them, not only for troubled technology
companies, but for all companies with websites and domain names.
Cyberassets are primarily websites and domain names, but also
include technology contracts and licenses. There are four types of
assets embodied in a website: content, hardware, the Internet
connection, and software. The website's content is its fundamental
asset and may include databases, text, pictures, and video and
sound clips. The value of a website depends largely on the traffic
it generates.

A domain name provides the mechanism to reach the information
provided by a company on its website, or find the products or
services the company is selling over the Internet. Examples are
Amazon.com, bankrupt.com, and "swiggartagin.com." Determining the
value of a domain name is comparable to valuing trademark rights.
Domain names can come at a high price! Compaq Computer Corp. paid
Alta Vista Technology Inc. more than $3 million for "Altavista.com"
when it developed its AltaVista search engine.

The subject matter covered in this book falls into three groups:
the Internet's effect on the practice of bankruptcy law; the ways
substantive bankruptcy law handles the impact of cyberspace on
basic concepts and procedures; and issues related to cyberassets as
secured lending collateral.

The book includes point-by-point treatment of the effect of
cyberassets on venue and jurisdiction in bankruptcy proceedings;
electronic filing and access to official records and pleadings in
bankruptcy cases; using the Internet for communications and
noticing in bankruptcy cases; administration of bankruptcy estates
with cyberassets; selling bankruptcy estate assets over the
Internet; trading in bankruptcy claims over the Internet; and
technology contracts and licenses under the bankruptcy codes. The
chapters on secured lending detail technology escrow agreements for
cyberassets; obtaining and perfecting security interests for
cyberassets; enforcing rights against collateral for cyberassets;
and bankruptcy concerns for the secured lender with regard to
cyberassets.

The book concludes with chapters on Y2K and bankruptcy; revisions
in the Uniform Commercial Code in the electronic age; and a
compendium of bankruptcy and secured lending resources on the
Internet. The appendix consists of a comprehensive set of forms for
cyberspace-related bankruptcy issues and cyberasset lending
transactions. The forms include bankruptcy orders authorizing a
domain name sale; forms for electronic filing of documents;
bankruptcy motions related to domain names; and security agreements
for Web sites.

Bankruptcy and Secured Lending in Cyberspace is a well-written,
succinct, and comprehensive reference for lending against
cyberassets and treating cyberassets in bankruptcy cases.



                           *********


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

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

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

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

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

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


                * * * End of Transmission * * *