/raid1/www/Hosts/bankrupt/TCREUR_Public/210408.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Thursday, April 8, 2021, Vol. 22, No. 65

                           Headlines



F R A N C E

CARE BIDCO: Fitch Gives First-Time 'B(EXP)' LT IDR, Outlook Stable
[*] FRANCE: Finance Minister Cuts 2021 GDP Growth Forecast to 5%


G E R M A N Y

GREENSILL BANK: Insolvency Lawyer Eyes Coordinated Administration


I R E L A N D

AURIUM CLO V: Fitch Affirms B- Rating on Class F Notes
BARINGS EURO 2016-1: Fitch Affirms B- Rating on Class F-R Notes
BNPP AM EURO: Fitch Affirms B- Rating on Class F Notes
HARVEST CLO VII: Fitch Affirms B- Rating on Class F-R Notes
JUBILEE CLO 2019-XXIII: Fitch Affirms B- Rating on Class F Notes

PENTA CLO 4: Fitch Affirms B- Rating on Class F Notes
[*] IRELAND: CLRG Seeks View on Scheme to Rescue Small Businesses


I T A L Y

ALITALIA SPA: Faces Cash Crunch Amid EU Negotiations Stalemate


N E T H E R L A N D S

ATHORA NETHERLANDS: Fitch Assigns BB Rating to Tier 2 Euro Notes
D-RT GROUP: Declared Bankrupt, 1,000+ Jobs Affected


R U S S I A

[*] Bank of Russia Wants Retail, SME Loan Revamp Extended 'Til July


S W I T Z E R L A N D

CREDIT SUISSE: Overhauls Leadership Following Archegos Losses


U N I T E D   K I N G D O M

SOUTH SPRING: Branston Hall Hotel Put Up for Sale
TI AUTOMOTIVE: Moody's Gives B3 Rating to New Sr. Unsecured Notes
[*] UK: Airlines Face Uncertainty After Gov't Holds Off Travel

                           - - - - -


===========
F R A N C E
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CARE BIDCO: Fitch Gives First-Time 'B(EXP)' LT IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has assigned Care Bidco S.A.S. a first-time Long-Term
Issuer Default Rating (IDR) of 'B(EXP)' with Stable Outlook. In
addition, Fitch has assigned a senior secured instrument rating of
'B+(EXP)' (RR3/63%) in relation to its planned senior secured
first-lien loans.

The ratings are subject to the completion of the proposed
acquisition of the company by CVC Capital Partners with the capital
structure established in line with the information provided to us
as part of this rating process.

The assigned 'B(EXP)' IDR balances Cooper's established and strong
market positions in selected regional Over-The-Counter (OTC)
consumer health markets, its specialist brand portfolio with access
to a protected and regulated retail channel as supplier to
pharmacies, with its limited size, regional concentration, and a
very high opening financial leverage, which - if viewed in
isolation - would not be commensurate with the assigned rating.

Our Stable Outlook therefore assumes a deleveraging path over the
next two years, based on the group's above- average profitability
and strong cash conversion compared to consumer peers, and a
careful near-term capital allocation creating some headroom under
the assigned rating.

KEY RATING DRIVERS

Defensive Business Underpinned by Secular Growth. Cooper's rating
is supported by its established and strong market positions in
selected regional OTC consumer health markets, its specialist brand
portfolio with access to a protected and regulated retail channel
as supplier to pharmacies, balancing its limited scale and
geographic diversification. Together with Fitch's assumption of an
increasing demand for OTC consumer health products, as a result of
an ageing population, focus on prevention and healthy lifestyle, as
well as reimbursement pressures for existing medicines, Fitch
expects Cooper to continue its organic growth track record assuming
annual revenue growth rates of 5%-7%, particularly as the company
advances its brand and portfolio management applying principles
from the consumer goods industry, in addition to executing bolt-on
product acquisitions.

High Opening Leverage Constrains Rating. Fitch's rating is however
constrained by its high opening financial leverage at FFO Net
Leverage starting at around 8.5x post transaction, which - if
viewed in isolation - is not aligned with the assigned 'B(EXP)'
IDR. Therefore, the rating is predicated upon a steady and gradual
deleveraging path post acquisition bringing FFO Net leverage to
below 7.5x by FY2023, hence aligning the leverage profile with the
assigned rating. Fitch's Stable Outlook assumes some financial
discipline and a conservative capital allocation leading to gradual
deleveraging over this period.

Profitable, Cash Generative Operations. Based on Fitch's solid
organic growth assumption, Fitch expects Cooper's EBITDA margins to
gradually increase towards 33% (from 31% in FY2020) over Fitch's
rating horizon to 2024, which Fitch considers above-average for
consumer OTC producers and reflects the protected specialist nature
of the business as supplier into a select and regulated retail
channel (pharmacies) as well as improving operating leverage,
active portfolio and brand management, and a broadening of
distribution channels including online. Fitch views the cash
generation in the business as strong with normalised free cash flow
(FCF) in the low to mid- teens adding to financial flexibility
despite the high financial leverage.

Selective M&A Anticipated, Moderate Execution Risks. Fitch expects
continued, but selective M&A to grow the business size and
diversification benefiting from scale economies and positive
operational leverage; therefore, Fitch has modelled combined
acquisition spending of EUR72 million over Fitch's four-year rating
case to 2024. Fitch expects acquisitions to focus on product
transactions, acquiring established brands that can be integrated
into the existing platform and sold alongside the current portfolio
as well as inorganic growth that improves geographic reach in
select regions to broaden access to Cooper's brands. Fitch expects
there to be a gradual and measured approach to such an M&A strategy
to limit associated execution risks.

Limited COVID Impact, Resilient Trading. As seen with many pharma
and consumer health players, Cooper overall experienced a limited
impact from the pandemic on its performance, as key retail channels
for its products remained unaffected by lockdowns. However, in line
with its peers, Fitch observes some shifts in demand pattern as
consumers adjusted their lifestyles under lockdown; this has led to
some working capital volatility - aligned with the wider sector -
which Cooper is currently working through, although it should not
have any material detrimental impact on the group's solid FCF
profile.

Specialist Retail Channels, Subject to Regulation. Fitch views the
Continental European pharmacy sector, which is the main retail
channel for Cooper, as highly fragmented with small specialist
local players. In Cooper's core markets (France, Netherlands,
Italy, and increasingly Iberia) this sector is highly regulated and
protected, offering barriers to entry and protecting Cooper's
business model. This, however, also constrains growth potential, as
the pharmacy sector in these countries overall displays limited
growth prospects.

In Fitch's view, Cooper's organic growth therefore needs to be
rooted in portfolio optimisation, brand development, and optimised
distribution, in addition to positive secular trends for the sector
such as greater consumerisation of consumer health products, an
ageing population, focus on prevention and healthy lifestyle.
Nevertheless, Cooper's business model, as main OTC supplier into
pharmacies, is subject to regulatory risk affecting the sector, in
addition to other developing retail channels for consumer health
OTC products, including online. Fitch views, however, such risks as
limited and project a stable regulatory environment for Cooper's
core markets over Fitch's rating horizon to 2024.

DERIVATION SUMMARY

Fitch rates Cooper according to its Ratings Navigator framework for
consumer companies, overlaying it some specific aspects applicable
for its healthcare focus. Under this framework, Fitch recognises
that its operations are driven by marketing investments, a
well-established and diversified distribution network and moderate
importance of R&D-led innovation capability.

Compared with its closest sector peers, Cooper is rated in line
with Sunshine Luxembourg VII SARL (Galderma) (B/Negative) and
Oriflame Investment Holding Plc (B/Stable) as Cooper's smaller
scale and less diversified business profile is offset by its
superior profitability, stronger cash flow generation and lower
financial risk profile with an FFO gross leverage of around 8.0x by
end-2022 compared to around 9.0x-10.0x at Galderma and Oriflame.

Relative to pharma company Antigua Bidco Limited (Atnahs)
(B+/Negative), Cooper is comparable in size and diversification
while Atnahs has higher EBITDA margins and lower leverage,
reflected in the one-notch rating differential. At the same time,
Fitch rates Cooper in line with Nidda BondCo GmbH (Stada)
(B/Stable), as its smaller size is balanced by its higher
profitability and stronger FCF generation and supported by its
similar business model and leverage.

KEY ASSUMPTIONS

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

-- Revenue growth of 10.5% in 2021 driven by gradual recovery
    from the COVID-19 impact starting from Q2 2020, new
    distribution contracts with HRA and full year effect of
    acquisitions, and 5%-7% afterwards supported by 3%-4% of
    organic growth and new acquisitions.

-- EBITDA margin to gradually improve towards 32.1% by 2024
    mainly supported by higher share of higher margin products.

-- Capex at 2% to 2.5% of sales.

-- EUR24 million of acquisitions per annum.

-- No dividends.

RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that Cooper would remain a going
concern in the event of restructuring and that it would be
reorganized rather than liquidated. Fitch has assumed a 10%
administrative claim in the recovery analysis.

Fitch assumes a post-restructuring pro forma EBITDA of EUR125
million on which Fitch bases the enterprise value. Fitch assumes a
distressed multiple of 6.0x, reflecting the group's premium market
positions and protected business model in the French core markets.

Fitch assumes Cooper's multicurrency revolving credit facility
(RCF) would be fully drawn in a restructuring, ranking pari passu
with the rest of the first senior secured lien.

Our waterfall analysis generates a ranked recovery for first lien
senior creditors in the 'RR3' band, indicating a 'B+' instrument
rating assigned to the senior secured facilities, one notch above
the IDR. This results in a waterfall generated recovery computation
(WGRC) output percentage of 63% based on current metrics and
assumptions for the senior secured first lien loans.

RATING SENSITIVITIES

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

-- Profitable and cash generative growth of the business
    combining organic with selective external growth, leading to
    EBITDA margins remaining robust at around current levels
    (above 30%);

-- Solid profitability supporting continued strong cash
    conversion with healthy FCF margins (in double digits as
    percentage of sales);

-- A more conservative financial policy leading to FFO Gross
    Leverage sustained below 6.0x.

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

-- Deteriorating organic and/or unsuccessful inorganic growth
    leading to a gradual weakening EBITDA margins and FCF (moving
    into single digits as percentage of sales);

-- Inability or lack of commitment to delever to below FFO Gross
    Leverage of 8.0x by FY2023, and further down thereafter on a
    sustained basis.

ESG Considerations

The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: Fitch views Cooper's liquidity as strong. After a
more modest projected positive FCF generation constrained by the
transaction costs related to the current acquisition, Fitch
projects that the company will generate strong FCF at around 15% of
sales. In Fitch's liquidity analysis Fitch has excluded EUR25
million of cash which Fitch deems to be restricted for daily
operations and, therefore not available for debt service. Fitch
projects that the committed RCF of EUR160 million will remain
undrawn over the rating horizon.

The proposed debt structure will be concentrated albeit with long-
dated maturities with the RCF coming due in 2027, the Term Loan B
coming due in 2028 and the second lien maturing in 2029.

[*] FRANCE: Finance Minister Cuts 2021 GDP Growth Forecast to 5%
----------------------------------------------------------------
James Regan at Bloomberg News reports that France's economy will
rebound less than previously expected this year due to the latest
four-week nationwide lockdown aimed at halting a surge in
coronavirus cases.

French Finance Minister Bruno Le Maire cut the country's 2021 GDP
growth forecast to 5% from 6%, following an 8.1% contraction last
year, Bloomberg News discloses.  A Bloomberg survey in March showed
economists were expecting the economy to expand 5.7%.

"Closing education establishments and 150,000 stores is essential
to slow the spread of the virus, but these measures will have an
impact on the French economy," Mr. Le Maire told Le Journal du
Dimanche newspaper in an interview published on April 4.  "This
estimate is both sincere and cautious."

President Emmanuel Macron sought to avoid a third nationwide
lockdown to protect the economy but was forced to announce tighter
restrictions across the country, Bloomberg News relates.  More
contagious, deadlier variants have accelerated the spread of the
virus, and the vaccination campaign is yet to have a significant
impact after getting off to a slow start, Bloomberg News states.

The new lockdown came into force on April 3 after a week that saw
more than 200,000 new coronavirus cases and almost 5,500 patients
in intensive care, Bloomberg News relays.  As well as stores
closing, schools will remain shut for three weeks including the
holiday period, Bloomberg News notes.

According to Bloomberg News, Mr. Le Maire said government
assistance to businesses impacted by the lockdown would cost around
EUR11 billion (US$12.9 billion) in April, including EUR5 billion
for a solidarity fund, EUR4 billion for furlough, EUR1 billion for
exemptions in social charges and EUR1 billion to compensate fixed
costs.

The finance minister, as cited by Bloomberg News, said the lower
growth forecast means government debt will rise to around 118% of
GDP, instead of 115%.  The public deficit is now forecast to reach
9% this year, compared with a previous estimate of 8.5%, Bloomberg
News states.

ECB Governing Council member and Bank of France Governor Francois
Villeroy de Galhau has urged the European Union to implement a
joint recovery fund urgently to help countries cope with the impact
of Covid-19, Bloomberg News discloses.

Mr. Le Maire echoed the call in Le Journal du Dimanche, saying
Europe must not delay, Bloomberg News notes.  The finance minister
said France was due to receive EUR5 billion from the EUR750 billion
fund in July but this was now unlikely, according to Bloomberg.




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

GREENSILL BANK: Insolvency Lawyer Eyes Coordinated Administration
-----------------------------------------------------------------
Nicholas Comfort, Jonathan Browning, and Ellen Milligan at
Bloomberg News report that the lawyer handling the insolvency of
Greensill Capital's bank in Germany has asked his counterparts in
the U.K. and Australia to cooperate on sifting through what's left
of the supply chain finance firm.

The administrators should work together on securing and managing
the firm's assets, according to a spokesman for Michael Frege, the
lawyer handling the insolvency of Greensill Bank AG, Bloomberg
relays.

According to Bloomberg, Mr. Frege filed a lawsuit in London to
safeguard the legal position of the bank, the spokesman said on
March 31.  The case was filed earlier last week, according to court
records.

Greensill collapsed after key backers walked away over concerns
about the valuation of its accounts, Bloomberg recounts.  In
Germany, a group of lenders that runs a deposit insurance fund is
seeking EUR2 billion (US$2.35 billion) from Greensill Bank while
uninsured depositors such as municipalities also want their money
back, Bloomberg discloses.




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I R E L A N D
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AURIUM CLO V: Fitch Affirms B- Rating on Class F Notes
------------------------------------------------------
Fitch Ratings has revised the Outlook on Aurium CLO V DAC class D,
E and F notes to Stable from Negative.

Aurium CLO V DAC

     DEBT                RATING          PRIOR
     ----                ------          -----
A XS1951297115    LT  AAAsf   Affirmed   AAAsf
B1 XS1951297461   LT  AAsf    Affirmed   AAsf
B2 XS1951297545   LT  AAsf    Affirmed   AAsf
C XS1951297974    LT  Asf     Affirmed   Asf
D XS1951298352    LT  BBB-sf  Affirmed   BBB-sf
E XS1951298600    LT  BB-sf   Affirmed   BB-sf
F XS1951298865    LT  B-sf    Affirmed   B-sf

TRANSACTION SUMMARY

Aurium CLO V DAC is a cash flow CLO mostly comprising senior
secured obligations. The transaction is still within its
reinvestment period and is actively managed by Spire Management
Limited.

KEY RATING DRIVERS

Resilient to Coronavirus Stress (Positive)

The Stable Outlooks for all tranches reflect the resilience at
their current ratings in the sensitivity analysis Fitch ran in
light of the coronavirus pandemic. The affirmations reflect mostly
stable portfolio credit quality since Fitch last reviewed the
transaction in September 2020. Fitch has recently updated its CLO
coronavirus stress scenario to assume half of the corporate
exposure on Negative Outlook is downgraded by one notch instead of
100%.

Asset Performance Stable (Neutral)

Asset performance has been stable since Fitch's last review. The
portfolio remains just below its target par by 0.04% as of the 26
February 2021 investor report. The transaction was passing all
coverage tests and the Fitch collateral quality test. Exposure to
assets with a Fitch-derived rating of 'CCC+' and below has been
stable around 3.4%, below a limit of 7.5%. The manager has reported
no exposure to defaulted assets.

'B' Credit Quality Portfolio (Positive)

Fitch places the average credit quality of the obligors in the 'B'
category. The Fitch weighted average rating factor (WARF), as
calculated by Fitch, of the current portfolio as of 27 March 2021
was 31.95, while that calculated by the trustee was 32.1, both
below the maximum covenant of 33. The Fitch WARF would increase to
33.75 after applying the coronavirus stress.

High Recovery Expectations (Positive)

Senior secured obligations represent 95.77% of the portfolio. 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 current portfolio was
reported by the trustee at 64.9% as of 26 February 2021, versus a
covenanted minimum of 62.9%.

Diversified Portfolio (Positive)

The portfolio is well-diversified across obligors, countries and
industries. The top 10 obligor concentration is no more than 17.5%
and no single obligor represents more than 2.28% of the portfolio
balance.

RATING SENSITIVITIES

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

-- At closing, Fitch used 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 through natural credit
    migration, but also through reinvestments.

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

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

-- Downgrades may occur if the build-up of credit enhancement
    following amortisation does not compensate for a larger loss
    than initially assumed due to unexpectedly high levels of
    default and portfolio deterioration. As disruptions to supply
    and demand due to the pandemic become apparent, loan ratings
    in those affected sectors will also come under pressure. Fitch
    will update the sensitivity scenarios in line with the view of
    its leveraged finance team.

Coronavirus 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 a single-notch downgrade to all corporate
exposures on Negative Outlook. This scenario results in downgrades
of no more than one notch.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

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

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.

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

BARINGS EURO 2016-1: Fitch Affirms B- Rating on Class F-R Notes
---------------------------------------------------------------
Fitch Ratings has affirmed Barings Euro CLO 2016-1 DAC 's notes and
revised the Outlook on the class B-1-R, B-2-R, C-R and D-R notes to
Positive from Stable.

Barings Euro CLO 2016-1 DAC

       DEBT                  RATING         PRIOR
       ----                  ------         -----
A-1-R XS1713458476    LT  AAAsf  Affirmed   AAAsf
A-2-R XS1713457668    LT  AAAsf  Affirmed   AAAsf
B-1-R XS1713457072    LT  AAsf   Affirmed   AAsf
B-2-R XS1713456348    LT  AAsf   Affirmed   AAsf
C-R XS1713455704      LT  Asf    Affirmed   Asf
D-R XS1713455027      LT  BBBsf  Affirmed   BBBsf
E-R XS1843462224      LT  BBsf   Affirmed   BBsf
F-R XS1843462141      LT  B-sf   Affirmed   B-sf

TRANSACTION SUMMARY

Barings Euro CLO 2016-1 DAC is a cash flow CLO comprising senior
secured obligations. The transaction is out of its reinvestment
period and is managed by Barings (U.K.) Limited.

KEY RATING DRIVERS

Deleveraging of Capital Structure: The transaction's reinvestment
period finished on 27 July 2020. The class A-1-R and A-2-R notes
have been partially repaid, increasing the credit enhancement on
the notes.

Fitch has revised the Outlooks on the class B1-R, B2-R, C-R, and
D-R notes to Positive due to the transaction's deleveraging. The
transaction is not able to reinvest proceeds unless the weighted
average rating factor (WARF)and weighted average recovery rate
(WARR) tests are maintained or improved, and the weighted average
life test and Fitch 'CCC' tests are satisfied after reinvestment.
The cushions at the ratings are expected to increase as the
transaction continues to de-leverage.

Portfolio Deterioration: As of the latest investor report dated 26
February 2021, the transaction was 1.54% below par. By Fitch's
calculations the WARF , WARR and weighted average spread (WAS)
collateral quality tests were failing. All portfolio profile tests
were passing except the Fitch 'CCC' obligations tests. Exposure to
assets with a Fitch-derived rating (FDR) of 'CCC+' and below was
17.91%.

Resilient to Coronavirus Stress: All notes show resilience to the
coronavirus baseline sensitivity analysis that Fitch ran in light
of the pandemic, except the class F notes, which displayed a
marginal shortfall.

Fitch recently updated its CLO coronavirus stress scenario to
assume that half of the corporate exposure on Negative Outlook is
downgraded by one notch instead of 100%.

'B'/'B-' Portfolio Credit Quality: Fitch assesses the average
credit quality of the obligors in the 'B'/'B-' category. The Fitch
WARF of the current portfolio is 38.83 (assuming unrated assets are
'CCC'), significantly above the maximum covenant of 35.00.

High Recovery Expectations: Senior secured obligations make up
95.73% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets.

Diversified Portfolio: The portfolio is diversified across
obligors, countries and industries. The top 10 obligors represent
17.02% of the portfolio balance, with no obligor accounting for
more than 2.40%.

Deviation from Model-Implied Ratings: Fitch used a customised
proprietary cash flow model to replicate the principal and interest
waterfalls and the various structural features of the transaction,
as well as to assess their effectiveness, including the structural
protection provided by excess spread diverted through the par value
and interest coverage tests. The transaction was modelled using the
current portfolio based on both the stable and rising interest-rate
scenarios and the front-, mid- and back-loaded default timing
scenarios as outlined in Fitch's criteria.

Based on the current portfolio analysis, the model-implied ratings
(MIR) for the class B-1-R, B-2-R, C-R, D-R, and E-R notes are one
notch above the current ratings. However, Fitch has deviated from
the MIR given the breakeven default rate cushions are limited, and
for the class E-R notes in particular, sensitive to changes in the
portfolio's performance.

RATING SENSITIVITIES

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

-- A reduction of the default rate (RDR) by 25% at all rating
    levels 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 notes, which are already at the highest
    rating on Fitch's scale and cannot be upgraded, upgrades may
    occur in case of better-than-expected portfolio credit quality
    and deal performance, leading to higher credit enhancement and
    excess spread available to cover for losses in the remaining
    portfolio. If the asset prepayment is faster than expected and
    outweighs the negative pressure of the portfolio migration,
    this could increase credit enhancement and put upgrade
    pressure on the non-'AAAsf' rated notes.

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

-- An increase of the RDR by 25% at all rating levels and a
    decrease of the RRR by 25% at all rating levels will result in
    downgrades of up to six notches depending on the notes.

-- Downgrades may occur if the build-up of credit enhancement
    following amortisation does not compensate for a larger loss
    expectation than initially assumed due to unexpectedly high
    levels of default and portfolio deterioration. As disruptions
    to supply and demand due to Covid-19 become apparent for other
    vulnerable sectors, loan ratings in those sectors would also
    come under pressure. Fitch will update the sensitivity
    scenarios in line with the view of its leveraged finance team.

Coronavirus Downside Sensitivity

Fitch has added a sensitivity analysis that contemplates a more
severe and prolonged economic stress caused by a re-emergence of
infections in the major economies. The downside sensitivity
incorporates a single-notch downgrade to all FDRs for assets that
are on Negative Outlook. In this case, the MIR for the class E and
F notes would be one notch below their current ratings.

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

Barings Euro CLO 2016-1 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.

BNPP AM EURO: Fitch Affirms B- Rating on Class F Notes
------------------------------------------------------
Fitch has revised the Outlook on BNPP AM Euro CLO 2019 DAC's class
C to F notes to Stable from Negative. All ratings have been
affirmed.

BNPP AM Euro CLO 2019 DAC

      DEBT                 RATING          PRIOR
      ----                 ------          -----
A XS2014456474      LT  AAAsf   Affirmed   AAAsf
B-1 XS2014457019    LT  AAsf    Affirmed   AAsf
B-2 XS2014457795    LT  AAsf    Affirmed   AAsf
C XS2014458330      LT  A+sf    Affirmed   A+sf
D XS2014458926      LT  BBB-sf  Affirmed   BBB-sf
E XS2014459148      LT  BB-sf   Affirmed   BB-sf
F XS2014459494      LT  B-sf    Affirmed   B-sf
X XS2014455740      LT  AAAsf   Affirmed   AAAsf

TRANSACTION SUMMARY

The transaction is a cash flow CLO comprising mostly senior secured
obligations. The transaction is still in its reinvestment period
and is actively managed by the manager.

KEY RATING DRIVERS

Resilient to Coronavirus Stress

The affirmations of all notes and the Outlook revision reflect the
resilience of the portfolio to the sensitivity analysis Fitch ran
in light of the coronavirus pandemic. Fitch has recently updated
its CLO coronavirus stress scenario to assume half of the corporate
exposure on Negative Outlook is downgraded by one notch (floored at
CCC+) instead of 100%.

Improved Portfolio Quality

The portfolio's weighted average credit quality is 'B'/'B-'. By
Fitch's calculation, the current portfolio's weighted average
rating factor (WARF) is 34.6, an improvement from Fitch's
calculated WARF of 35.5 in the last review in October 2020. Assets
with a Fitch-derived rating (FDR) on Negative Outlook make up 31%
of the portfolio balance. The portfolio WARF would increase by
1.7pp in Fitch's coronavirus baseline analysis. Assets with a FDR
in the 'CCC' category or below account for about 4.8% of the
collateral balance, including 0.9% unrated assets.

The transaction is slightly above par. The transaction is passing
all tests including the 'CCC' test. The portfolio is diversified
with the top 10 obligors and the largest obligor at below 15% and
2% respectively.

The portfolio comprises solely senior secured obligations, which
have more favourable recovery prospects than second-lien, unsecured
and mezzanine assets. Fitch's weighted average recovery rate of the
current portfolio based on the investor report is 65.2%.

RATING SENSITIVITIES

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

-- At closing, Fitch used 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. This is because the portfolio
    credit quality may still deteriorate, not only by natural
    credit migration, but also because of reinvestment.

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

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

-- Downgrades may occur if build-up of the notes' credit
    enhancement following amortisation does not compensate for a
    higher loss expectation than initially assumed due to
    unexpectedly high levels of default and portfolio
    deterioration. However, this is not Fitch's base-case
    scenario.

Coronavirus Downside Sensitivity

Fitch has added a sensitivity analysis that contemplates a more
severe and prolonged economic stress in the major economies. The
downside sensitivity applies a single-notch downgrade to the FDRs
of the corporate exposures on Negative Outlook (floored at CCC+).
This sensitivity has no rating impact on the class A to C notes but
results in a one-notch downgrade for the class D to F notes.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

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

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.

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

HARVEST CLO VII: Fitch Affirms B- Rating on Class F-R Notes
-----------------------------------------------------------
Fitch Ratings has revised the Outlook on Harvest CLO VII DAC's
class E and F notes to Stable from Negative. All ratings have been
affirmed.

Harvest CLO VII DAC

      DEBT               RATING          PRIOR
      ----               ------          -----
A-R XS1533920309   LT  AAAsf  Affirmed   AAAsf
B-R XS1533921455   LT  AAsf   Affirmed   AAsf
C-R XS1533918667   LT  Asf    Affirmed   Asf
D-R XS1533917693   LT  BBBsf  Affirmed   BBBsf
E-R XS1533917263   LT  BBsf   Affirmed   BBsf
F-R XS1533919475   LT  B-sf   Affirmed   B-sf

TRANSACTION SUMMARY

Harvest CLO VII DAC is a cash flow CLO mostly comprising senior
secured obligations. The transaction is still in the reinvestment
period, which is scheduled to end on 12 April 2021, and is actively
managed by the manager.

KEY RATING DRIVERS

Stable Asset Performance

Asset performance has been stable since Fitch's last review in
September 2020. The transaction was 220bp below target par as of
the latest investor report dated 26 February 2021. However, as of
the same report, the transaction was passing all coverage tests,
Fitch collateral quality tests and portfolio profile tests except
for weighted average life, weighted average spread, Fitch weighted
average recovery rating (WARR) and weighted average rating factor
(WARF), which were slightly failing.

Exposure to assets with a Fitch-derived rating of 'CCC+' and below
is 7.33% (excluding unrated names which Fitch treats as 'CCC' but
for which the manager can classify as 'B-' up to 10% of the
portfolio), below the 7.5% limit.

Resilient to Coronavirus Stress

The affirmations reflect a broadly stable portfolio credit quality
since September 2020. The Stable Outlook on all notes reflects the
default-rate cushion in the sensitivity analysis Fitch ran in light
of the coronavirus pandemic. Fitch has recently updated its CLO
coronavirus stress scenario to assume half of the corporate
exposure on Negative Outlook is downgraded by one notch instead of
100%.

'B'/'B-' Portfolio

Fitch places the average credit quality of the obligors in the
'B'/'B-' category. The Fitch WARF calculated by Fitch of the
current portfolio is 34 (assuming unrated assets are CCC) while the
Fitch WARF as of the last investor report was 33.65, both above the
maximum covenant of 33. The Fitch WARF would increase by 1.45 after
applying Fitch's baseline coronavirus stress.

High Recovery Expectations

Senior secured obligations comprise 98.6% of the portfolio. Fitch
views the recovery prospects for these assets as more favourable
than for second-lien, unsecured and mezzanine assets. In the latest
investor report, the Fitch WARR of the current portfolio was 64.4%,
just below the minimum covenant of 64.5%.

Diversified Portfolio

The portfolio is well-diversified across obligors, countries and
industries. The top 10 obligor concentration is 17.9%, and no
obligor represents more than 2% of the portfolio balance.

RATING SENSITIVITIES

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

-- At closing, Fitch used a standardised stressed 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. This is because the portfolio
    credit quality may still deteriorate, not only by natural
    credit migration, but also because of reinvestment.

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

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

-- Downgrades may occur if build-up of the notes' credit
    enhancement following amortisation does not compensate for a
    larger loss expectation than initially assumed due to
    unexpectedly high levels of default and portfolio
    deterioration. As disruptions to supply and demand due to
    Covid-19 become apparent, loan ratings in affected sectors
    would also come under pressure. Fitch will update the
    sensitivity scenarios in line with the view of its leveraged
    finance team.

Coronavirus Severe Downside Scenario

Fitch has added a sensitivity analysis that contemplates a more
severe and prolonged economic stress caused by a re-emergence of
infections in the major economies. The severe downside stress
incorporates a single-notch downgrade to all the corporate exposure
on Negative Outlook. This scenario would result in a downgrade of
no more than one notch across the capital structure.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

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

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.

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

JUBILEE CLO 2019-XXIII: Fitch Affirms B- Rating on Class F Notes
----------------------------------------------------------------
Fitch Ratings has affirmed Jubilee CLO 2019-XXIII Designated
Activity Company and revised the Outlooks on the class B to F notes
to Stable from Negative.

Jubilee CLO 2019-XXIII DAC

     DEBT               RATING           PRIOR
     ----               ------           -----
A XS2075328943    LT  AAAsf   Affirmed   AAAsf
B XS2075329677    LT  AAsf    Affirmed   AAsf
C XS2075330097    LT  Asf     Affirmed   Asf
D XS2075330683    LT  BBB-sf  Affirmed   BBB-sf
E XS2075331228    LT  BB-sf   Affirmed   BB-sf
F XS2075331731    LT  B-sf    Affirmed   B-sf

TRANSACTION SUMMARY

The transaction is a cash flow CLO, mostly comprising senior
secured obligations. It is within its reinvestment period and is
actively managed by Alcentra Limited

KEY RATING DRIVERS

Stable Asset Performance: Asset performance has been stable since
the previous review. As per the trustee report on 10 March 2021,
the deal is above target par by 35bp and there is no exposure to
defaulted assets in the portfolio. All coverage tests, portfolio
profile tests and Fitch-related collateral quality tests are
passing except for the Fitch weighted average rating factor test
(WARF) and weighted average recovery rate (WARR) test, which are
failing marginally.

Exposure to assets with a Fitch-derived rating of 'CCC+' and below
as calculated by Fitch as of 27 March 2021 is 4.66% (or 7.95%
including the unrated names, which Fitch treats as 'CCC' per its
methodology, while the manager can classify as 'B-' for up to 10%
of the portfolio) compared with the 7.5% limit. In the September
2020 review, the exposure to 'CCC' category assets represented 7%
(or 9.3% including unrated names) of the portfolio. Therefore,
overall asset credit quality has improved since the last review.

Resilience to Coronavirus Stress: The affirmation reflects the
broadly stable portfolio credit quality since the last review. The
Stable Outlooks on the class A notes and the revision of the
Outlooks on the class B, C, D and E notes to Stable from Negative
reflect the default rate cushion or a small shortfall for the class
D notes in the sensitivity analysis Fitch ran in light of the
coronavirus pandemic. Fitch recently updated its CLO pandemic
stress scenario to assume that half of the corporate exposure on
the Negative Outlook is downgraded by one notch rather than 100%.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors to be in the 'B'/'B-' category. At 13 March, the
Fitch-calculated WARF of the portfolio was 36.11.

High Recovery Expectations: Senior secured obligations make up
99.5% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. As per the latest trustee report, the Fitch WARR
of the portfolio was 64.4%.

Portfolio Well Diversified: The portfolio is well diversified
across obligors, countries and industries. The top 10 obligor
concentration is no more than 15.9%, and no obligor represents more
than 2.0% of the portfolio balance. The top Fitch industry and top
three Fitch industry concentrations are also within the defined
limits of 17.5% and 40.0%, respectively.

RATING SENSITIVITIES

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

-- At closing, Fitch used 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 through natural credit
    migration, but also through reinvestments.

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

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

-- Downgrades may occur if the build-up of credit enhancement
    following amortisation does not compensate for a larger loss
    expectation than initially assumed due to unexpectedly high
    levels of default and portfolio deterioration. As the
    disruptions to supply and demand due to the pandemic become
    apparent, loan ratings in those sectors will also come under
    pressure. Fitch will update the sensitivity scenarios in line
    with the view of its Leveraged Finance team.

Coronavirus Downside Sensitivity

Fitch has added a sensitivity analysis that contemplates a more
severe and prolonged economic stress caused by a re-emergence of
infections in the major economies. The downside sensitivity
incorporates a single-notch downgrade to all Fitch-derived ratings
on Negative Outlook. For this transaction this scenario would
result in downgrades of no more than one notch across the ratings.

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

Jubilee CLO 2019-XXIII 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.

PENTA CLO 4: Fitch Affirms B- Rating on Class F Notes
-----------------------------------------------------
Fitch Ratings has revised the Outlook on Penta CLO 4 DAC's class E
to F notes to Stable from Negative. All ratings have been
affirmed.

Penta CLO 4 DAC

      DEBT                RATING         PRIOR
      ----                ------         -----
A XS1814398829     LT  AAAsf  Affirmed   AAAsf
B-1 XS1814399637   LT  AAsf   Affirmed   AAsf
B-2 XS1814400237   LT  AAsf   Affirmed   AAsf
C XS1814400823     LT  Asf    Affirmed   Asf
D XS1814401631     LT  BBBsf  Affirmed   BBBsf
E XS1814402100     LT  BBsf   Affirmed   BBsf
F XS1814402365     LT  B-sf   Affirmed   B-sf

TRANSACTION SUMMARY

Penta CLO 4 DAC is a securitisation of mainly senior secured loans
(at least 90%) with a component of senior unsecured, mezzanine and
second-lien loans. The portfolio is managed by Partners Group (UK)
Management Ltd. The reinvestment period ends in June 2022.

KEY RATING DRIVERS

Resilient to Coronavirus Stress

The Stable Outlook on all notes reflect the default-rate cushion in
the sensitivity analysis Fitch ran in light of the coronavirus
pandemic. The affirmation reflects the broadly stable portfolio
credit quality since July 2020.

Fitch has recently updated its CLO coronavirus stress scenario to
assume half of the corporate exposure on Negative Outlook is
downgraded by one notch, instead of 100%.

Portfolio Performance

As of the latest investor report dated 5 March 2021, the
transaction was 0.93% below par and the transaction was passing all
portfolio profile tests, coverage tests and collateral quality
tests. As of the same report, the transaction had only one
defaulted asset. Exposure to assets with a Fitch-derived rating
(FDR) of 'CCC+' and below was 6.91 % (excluding unrated assets).
Assets with an FDR on Negative Outlook made up 11.72% of the
portfolio balance.

'B'/'B-' Portfolio Credit Quality

Fitch places the average credit quality of the obligors in the
'B'/'B-' category. The Fitch weighted average rating factor (WARF)
of the current portfolio is 35.81 (assuming unrated assets are
'CCC') - below the maximum covenant of 36, while the
trustee-reported Fitch WARF was 35.3.

High Recovery Expectations

Senior secured obligations represent 98.6% of the portfolio. Fitch
views the recovery prospects for these assets as more favourable
than for second-lien, unsecured and mezzanine assets.

Diversified Portfolio

The portfolio is well-diversified across obligors, countries and
industries. The top 10 obligors represent 12.4% of the portfolio
balance with no obligor accounting for more than 1.51%. Around
35.6% of the portfolio consists of semi-annual obligations but a
frequency switch has not occurred due to the transaction's high
interest coverage ratios.

Cash Flow Analysis

Fitch used a customised proprietary cash flow model to replicate
the principal and interest waterfalls and the various structural
features of the transaction, as well as to assess their
effectiveness, including the structural protection provided by
excess spread diverted through the par value and interest coverage
tests. The transaction was modelled using the current portfolio
based on both the stable and rising interest-rate scenarios and the
front-, mid- and back-loaded default timing scenarios as outlined
in Fitch's criteria. In addition, Fitch tested the current
portfolio with a coronavirus sensitivity analysis to estimate the
resilience of the notes' ratings. The coronavirus sensitivity
analysis was only based on the stable interest-rate scenario but
included all default timing scenarios.

RATING SENSITIVITIES

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

-- The transaction features a reinvestment period and the
    portfolio is actively managed. At closing, Fitch used 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's credit quality may still deteriorate, not only
    through natural credit migration, but also through
    reinvestments.

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

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

-- Downgrades may occur if the build-up of credit enhancement
    following amortisation does not compensate for a larger loss
    than initially assumed due to unexpectedly high levels of
    defaults and portfolio deterioration. As disruptions to supply
    and demand due to the pandemic become apparent, loan ratings
    in those vulnerable sectors will also come under pressure.
    Fitch will update the sensitivity scenarios in line with the
    view of its leveraged finance team.

Coronavirus Downside Sensitivity

Fitch has added a sensitivity analysis that contemplates a more
severe and prolonged economic stress caused by a re-emergence of
infections in the major economies. The downside sensitivity
incorporates a single-notch downgrade to all FDRs for assets that
are on Negative Outlook. In this case the model-implied rating for
the class E notes would be one notch below its current rating.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

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

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.

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

[*] IRELAND: CLRG Seeks View on Scheme to Rescue Small Businesses
-----------------------------------------------------------------
Barry O'Halloran at The Irish Times reports that new proposals to
rescue small businesses in the wake of the Covid-19 crisis must
focus on those with viable futures, a leading insolvency
practitioner has warned.

According to The Irish Times, the Company Law Review Group (CLRG)
has been seeking views on proposals for a scheme to rescue
financially-troubled small businesses that avoids the need for
court hearings but, like examinership, gives the enterprise
temporary protection from creditors.

The scheme will become a fixed part of Irish insolvency law but is
expected to play a key role in aiding businesses grappling with
liabilities they are likely to face as the pandemic passes and the
Government's financial supports are withdrawn, The Irish Times
discloses.

David Van Dessel, partner, financial advisory at accountants
Deloitte, which has made a submission on the proposals to the CLRG,
warned at the weekend that candidates for the scheme "must be
viable businesses" with a reasonable prospect of survival, The
Irish Times relates.

"And they should only be allowed access the process within a
certain period of time," he said, adding that this would remove the
temptation for some businesses to use the system repeatedly.

As a further safeguard against this, Mr. Van Dessel, as cited by
The Irish Times, said that the companies who so use the system
should be obliged to report this to the Office of the Director of
Corporate Enforcement.

The CLRG proposes that the "Summary Rescue Process" should be apply
to companies that satisfy two of the following requirements: annual
turnover of up to EUR12 million, a balance sheet total of up to
EUR6 million, or 50 or fewer workers, The Irish Times states.

The directors should vote to enter the process on the advice of an
insolvency practitioner that their business has a reasonable
prospect of survival, according to The Irish Times.

Mr. Van Dessel explained that this would eliminate the need to hire
an independent expert and to go to court, The Irish Times relays.

Once the process begins, he says that the company should simply
notify the courts, and there should be an immediate moratorium on
creditors taking any action against the entity, The Irish Times
notes.

He also argued against excluding some creditors from the process,
The Irish Times states.  The CLRG proposed excluding the Revenue,
meaning that any debt due to it would have to be settled in full,
The Irish Times says.




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

ALITALIA SPA: Faces Cash Crunch Amid EU Negotiations Stalemate
--------------------------------------------------------------
Alberto Brambilla and Chiara Albanese at Bloomberg News report that
Italy's bankrupt airline Alitalia SpA is running out of cash just
as negotiations with the European Union to create a new national
carrier are at a standstill.

Alitalia, which has been under administration since 2017, paid its
11,000 workers only half their March salaries, Bloomberg relates.
The pandemic dealt the final blow to the loss-making airline that
for years has been kept afloat by more than EUR5 billion (US$5.9
billion) of public money, Bloomberg notes.

Yet, the government's plan to create a new, smaller carrier from
the ashes of Alitalia has run into opposition from the European
Union, which demands a clear separation between the assets and
personnel of the bankrupt airline and its replacement, called ITA,
Bloomberg discloses.

The EU's antitrust chief, Margrethe Vestager, insists that the new
company pay market rates for Alitalia's name and its prized takeoff
and landing slots at Milan's Linate airport, Bloomberg relays,
citing Italian media.

On the line are the EUR3 billion Italy is ready to inject into the
new company, Bloomberg states.  That money, as well as previous
funding, risk being deemed illegal state aid which the ailing
Alitalia wouldn't be able to repay, forcing it to shut down,
according to Bloomberg.

"A new strategy" is needed "in light of the stalemate in the
negotiations with the EU," Bloomberg quotes Economic Development
Minister Giancarlo Giorgetti as saying on March 30 after meeting
Alitalia's administrators.




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

ATHORA NETHERLANDS: Fitch Assigns BB Rating to Tier 2 Euro Notes
----------------------------------------------------------------
Fitch Ratings has assigned Athora Netherlands N.V.'s proposed dated
subordinated Tier 2 euro notes a 'BB' rating.

The notes are rated three notches below Athora Netherlands'
Long-Term Issuer Default Rating (IDR) of 'BBB', which has a Stable
Outlook, comprising two notches for expected recovery and one for
moderate non-performance risk.

The proposed issue is replacing EUR250 million of subordinated debt
issued by Athora Netherlands' subsidiary SRLEV N.V., which was
announced to be called on its first call date on 15 April 2021.

KEY RATING DRIVERS

The notes will be issued by Athora Netherlands, the Dutch holding
company of the Athora Group, with a fixed coupon, a maturity of
10.25 years and a call date 5.25 years after the issue. The coupon
will reset to the five-year mid-swap rate plus a margin on the call
date. The notes will rank pari passu with themselves and junior to
Athora Netherlands' unsecured unsubordinated obligations. The level
of subordination is reflected in Fitch's 'poor' baseline recovery
assumption for the issue.

The notes include a mandatory interest deferral feature, which will
be triggered if any solvency capital requirement or minimum capital
requirement applicable to Athora Netherlands and/or its
subsidiaries is not met, or if the relevant regulator has notified
Athora Netherlands and/or its subsidiaries in writing that payments
under the notes have to be deferred. Fitch regards this feature as
leading to moderate non-performance risk.

The notes are expected to qualify for 100% regulatory capital
recognition under Solvency II. The notes receive 100% equity credit
in Fitch's Prism Factor-Based Model, due to the application of the
agency's 'regulatory override' approach. However, given that it is
a dated instrument, the notes are treated as 100% debt in Fitch's
financial debt leverage calculation.

Fitch views the proposed issue as neutral to capital adequacy, and
to have only a marginal impact on Athora Group's financial debt
leverage as Fitch expects the issuance amount to be between EUR250
million and EUR300 million. Fixed-charge coverage is likely to be
positively affected as the new issue is expected to pay lower
interest than the notes it is replacing.

RATING SENSITIVITIES

Factor that may, collectively or individually, result in a negative
rating action/downgrade:

-- A downgrade of Athora Group's ratings.

Factor that may, collectively or individually, result in a positive
rating action/an upgrade:

-- An upgrade of Athora Group's ratings.

ESG CONSIDERATIONS

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

BEST/WORST CASE RATING SCENARIO

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

D-RT GROUP: Declared Bankrupt, 1,000+ Jobs Affected
---------------------------------------------------
Toby Sterling at Reuters reports that D-RT Group, the parent of
Dutch tour operator D-reizen, has been declared bankrupt, a court
spokesman said on April 6, potentially affecting more than 1,000
employees.

The Netherlands has largely avoided corporate bankruptcies during
the pandemic as employers are able to receive government support to
continue paying employees, Reuters discloses.

"This is a pitch black day for us," Reuters quotes CEO Jan Henne de
Dijn as saying in a statement.

Mr. Henne de Dijn and another executive bought D-RT Group from
German firm Raiffeisen Touristik Group GmbH on Dec. 23, 2020, and
had been in talks with creditors to avoid bankruptcy, Reuters
relates.

Details of the bankruptcy, which was ordered by a court in Haarlem,
have not been published, according to Reuters.

A court spokesman referred questions about whether the company
would be liquidated or restructured to curators, who could not be
reached for immediate comment, Reuters notes.




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

[*] Bank of Russia Wants Retail, SME Loan Revamp Extended 'Til July
-------------------------------------------------------------------
Creditors should make a decision to restructure a retail loan when
the borrower (or their family member) has a confirmed case of
COVID-19 or their income has declined to an extent that the
borrower is no longer capable to service the debt, as explained in
the Bank of Russia's information letter sent to all creditors.

According to the regulator, loan repayment holidays, mortgage
repayment holidays, and banks' in-house restructuring programmes
have turned out to be rather efficient anti-crisis instruments as
they have helped reduce borrowers' default risks and enabled a
large number of people facing hardships to recover solvency and
resume their loan repayments.

Specifically, 72% of borrowers have been able to resume their
scheduled payments after the expiry of the loan repayment holidays
under Federal Law No. 106-FZ (to make the first payment after the
holidays) and 74% of borrowers have been able to do so after the
termination of banks' own loan restructuring programmes.  In
addition, 86% of the borrowers who were granted mortgage repayment
holidays under Federal Law No. 353-FZ have successfully resumed
their scheduled payments.  These data are based on the Bank of
Russia's survey of 76 credit institutions.

Nonetheless, although the number of loan restructuring applications
from individuals has been continuously decreasing, it is still
significant.  Changes in loan agreements are required primarily by
the lowest-income households.

As regards small and medium-sized enterprises (SMEs), 66 banks
surveyed by the regulator report a rise in the number of loan
restructuring applications, since a large number of businesses have
not yet fully restored their operations, among other things.

The Bank of Russia believes that loan restructuring as a support
measure for households and businesses is still relevant and should
be extended.

The regulator emphasises that the usage by banks of their own
restructuring programmes is merely advisable.




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

CREDIT SUISSE: Overhauls Leadership Following Archegos Losses
-------------------------------------------------------------
Brenna Hughes Neghaiwi and Matt Scuffham at Reuters report that
Credit Suisse said on April 6 it will take a CHF4.4 billion (US$4.7
billion) hit from dealings with Archegos Capital Management,
prompting it to overhaul the leadership of its investment bank and
risk divisions.

According to Reuters, the scandal-hit bank now expects to post a
loss for the first quarter of around CHF900 million.  It is also
suspending its share buyback plans and cutting its dividend by two
thirds, Reuters notes.

Switzerland's No. 2 bank, which has dumped over US$2 billion worth
of stock to end exposure to the New York investment fund run by
former Tiger Asia manager Bill Hwang, said Chief Risk and
Compliance Officer Lara Warner and investment banking head Brian
Chin were stepping down following the losses, Reuters relates.

The Archegos hit eclipses the bank's CHF2.7 billion net profit last
year, with questions over how its exposure to Hwang became so big
remaining unanswered, Reuters discloses.

It is the second major scandal for Credit Suisse in just over a
month after the collapse of Greensill Capital, with the bank's
shares down by a quarter since March 1, Reuters notes.

The bank's board has launched an investigation into the Archegos
losses and also begun a probe into its US$10 billion supply chain
funds which invested in bonds issued by Greensill, Reuters
recounts.

Proposed bonuses for executive board members have been scrapped and
outgoing chairman Urs Rohner, who has presided over the bank since
2011, will forgo his CHF1.5 million chair fee for the year, Reuters
notes.

Incoming chairman Antonio Horta-Osorio, currently CEO of Britain's
Lloyds Bank, is being kept apprised of the investigations, which
are being led by a "very senior member" of the board, Reuters
relays, citing a source familiar with the matter said.

The bank said Christian Meissner, who ran investment banking at
Bank of America before joining Credit Suisse last year, would be
appointed chief of the investment bank from May 1, Reuters notes.
Joachim Oechslin will resume on an interim basis the role of chief
risk officer, which he held previously until February 2019, while
Thomas Grotzer will become interim global head of compliance,
Reuters discloses.

Ms. Warner and Mr. Chin are paying the price for a year in which
Credit Suisse's risk management protocols have come under harsh
scrutiny, Reuters states.  JPMorgan Chase & Co analysts estimate
that combined losses from the Archegos and Greensill scandals could
add up to US$7.5 billion, according to Reuters.

Archegos fell apart late last month when its debt-laden bets on
stocks of certain media companies unraveled, Reuters recounts.
Credit Suisse and other banks, which acted as Archegos' brokers,
had to scramble to sell the shares they held as collateral and
unwind the trades, Reuters discloses.

The episode, along with Greensill, adds to pressure on CEO
Gottstein who has been trying to move Credit Suisse on from an
earlier string of bad headlines spanning a spy scandal that ousted
predecessor Tidjane Thiam to a US$450 million write-down on a hedge
fund investment, Reuters notes.




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

SOUTH SPRING: Branston Hall Hotel Put Up for Sale
-------------------------------------------------
Business Sale reports that Branston Hall Hotel, a popular
Lincolnshire wedding venue, has been put up for sale for GBP4
million as a going concern.

The Grade-II Listed hotel, located in Branston near Lincoln, dates
back to 1885 and is being marketed by specialist business property
advisor Christie & Co., Business Sale discloses.

The news comes just months after the hotel's parent company South
Spring Limited fell into administration, appointing RSM
Restructuring Advisory as administrators, Business Sale notes.

According to Business Sale, commenting on the sale, Gavin Webb,
senior business agent at Christie & Co, stated that the venue
offers a significant opportunity for potential new owners looking
to invest in and reopen the business following the easing of
COVID-19 lockdown restrictions.

Branston Hall Hotel was originally a family home and was used as an
RAF hospital during WWII.  Currently, it is being run as a
52-bedroom hotel and includes a lounge, restaurant, leisure
facilities and conference rooms.


TI AUTOMOTIVE: Moody's Gives B3 Rating to New Sr. Unsecured Notes
-----------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to TI Automotive
Finance Plc.'s proposed senior unsecured notes, and upgraded TI
Group Automotive Systems L.L.C.'s senior secured bank credit
facility rating to Ba3 from B1. The B1 corporate family rating and
B1-PD Probability of Default Rating at TI Group are unaffected. TI
Group's Speculative Grade Liquidity Rating remains SGL-2. The
rating outlook remains positive.

The debt issuance will be leverage neutral as the proceeds will
repay secured debt at the TI Group level. However, adding this new
class of senior unsecured notes will provide first-loss absorption
for claims during a reorganization. With new obligations in a
first-loss position and a meaningfully lower amount of secured
debt, the expected loss for the secured class is lower, resulting
in an upgrade of the secured debt class to Ba3.

RATINGS RATIONALE

TI Group's ratings reflect its market and technological leadership
position in automotive fluid systems (fluid storage, carrying and
delivery systems), highly diverse and balanced customer and
geographic exposures and solid margin profile supported by a
flexible cost structure. The company's ability to easily pivot to
electrified applications, including battery electric vehicle
thermal products and systems and hybrid electric vehicle thermal
products and systems and pressure resistant fuel tanks, should
continue driving greater content per vehicle over time. TI Group's
advancing technologies resulted in nearly half of 2020's new
business wins coming from electric vehicle platforms, highlighting
good balance between traditional internal combustion engine
revenues and evolving focus towards electric propulsion

Debt-to-EBITDA is expected to fall to the 3x-range (after Moody's
standard adjustments) by year-end 2021 with free cash flow positive
but lower than 2020's level due to growth in working capital and
capital expenditures, and resumption of the dividend policy.
Moody's anticipates margins to rebound over the next couple of
years along with continued growth in global light vehicle volumes.

The positive outlook incorporates Moody's expectation for margins
to sustain a trajectory back to levels generated before the
pandemic by late-2022, while generating free cash flow consistent
with that timeframe despite higher growth spending. The outlook
also considers TI Group's success in capturing similar-margin new
business across all platforms, including electric vehicles as they
steadily gain market share.

TI Group's liquidity is good, supported by Moody's expectations of
cash in the EUR400 million - EUR430 million range and availability
under the revolving credit facility. Cash on hand was approximately
EUR486 million and the $225 million revolving credit facility was
fully available at December 31, 2020. Moody's anticipates free cash
flow generation of approximately EUR70 million in 2021 as
recovering global automotive production will likely consume cash in
the first half of 2021.

The senior secured rating was upgraded to Ba3 from B1 (the CFR
level) at TI Group to reflect the reduced expected loss for the
senior secured class as a result of the new senior unsecured notes
and the considerably lower relative amount of secured claims. The
secured debt rating incorporated a one-notch override down from the
Loss Given Default model outcome. Moody's anticipates that as the
company's European business grows or if the credit profile of the
company weakens, obligations treated as secured claims or the
amount of secured debt would grow.

The following ratings/assessments are affected by the action:

Rating Assigned:

Issuer: TI Automotive Finance Plc.

New Senior Unsecured Notes, Assigned at B3 (LGD5)

Ratings Upgraded:

Issuer: TI Group Automotive Systems L.L.C.

Senior Secured Term Loan B, Upgraded to Ba3 (LGD3) from B1 (LGD3)

Senior Secured Revolving Credit Facility, Upgraded to Ba3 (LGD3)
from B1 (LGD3)

Outlook Actions:

Issuer: TI Automotive Finance Plc.

Outlook Assigned, Positive

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

The ratings could be upgraded with improving earnings that provide
the expectation of continued, solid free cash flow, along with debt
reduction such that debt-to-EBITDA is sustained below 2.5x and
EBITA-to-interest sustained over 4.5x. Important considerations for
any upgrade would be good liquidity and financial policies that
balance shareholder returns with capital reinvestment and debt
reduction. The ratings could be downgraded with the expectation of
EBITA-to-interest under 3.5x, debt-to-EBITDA sustained above 4x
into 2021, or a deteriorating liquidity profile. The ratings could
also be downgraded if shareholder distributions or acquisitions
result in leverage expected to be sustained at the above
threshold.

TI Group's products and services are exposed to material
environmental risks from increasing regulations on carbon
emissions. Automotive manufacturers have accelerated their focus on
electrified products to meet increasingly stringent regulatory
requirements. As automotive sales shift to hybrid electric and
battery electric vehicles, TI Group is shifting its product mix
more towards thermal cooling and heating products and plastic and
pressure-resistant fuel tanks. Nonetheless, even with this gradual
shift to electrification, internal combustion engines will maintain
a meaningful presence in vehicle powertrains over the next decade.

The principal methodology used in these ratings was Automotive
Supplier Methodology published in January 2020.

TI Group Automotive Systems, L.L.C., a subsidiary of TI Fluid
Systems plc, is a leading global manufacturer of fluid storage,
carrying and delivery systems primarily serving automotive OEMs of
light vehicles. Fuel Tank and Delivery Systems represent roughly
45% of revenues with Fluid Carrying Systems 55%. Revenues for the
year ended December 31, 2020 were approximately EUR2.8 billion. TI
Fluid Systems plc has been majority owned by affiliates of and
funds advised by Bain Capital, LP since 2015.

[*] UK: Airlines Face Uncertainty After Gov't Holds Off Travel
--------------------------------------------------------------
Siddharth Philip, Tim Ross and Christopher Jasper at Bloomberg News
report that the U.K. government told Britons to hold off on
planning foreign holidays this summer, deflating the hopes of an
airline industry desperate to get flying again before another high
season slips by.

According to Bloomberg, while confirming that restaurants, pubs and
shops in England will reopen next week, Prime Minister Boris
Johnson said it's not yet clear that non-essential international
travel can resume safely as planned on May 17.

The move extends the uncertainty facing an airline industry reeling
from over a year of Covid-19 restrictions that have shaken balance
sheets and forced carriers to raise cash to stay afloat, Bloomberg
notes.

Speaking at a press conference on April 5, Mr. Johnson said he was
hopeful that foreign travel could resume by the target date, if
virus surges in other countries can be contained, Bloomberg
relates.

When the U.K. does reopen, a "traffic-light" system will be used to
classify countries into green, amber and red based on factors such
as virus infection rates and vaccination levels, Bloomberg states.


The government, as cited by Bloomberg, said category decisions for
specific destinations will be made based on data and evidence
"closer to the time".

Mr. Johnson's office said travelers from green countries will still
have to take virus tests before departing and after arriving,
Bloomberg notes.  Quarantine and self-isolation rules will apply to
passengers entering the country from places on the red and amber
lists, according to Bloomberg.

"The announcement does not provide the clarity we were seeking on
the roadmap back towards normality," Bloomberg quotes Tim
Alderslade, chief executive officer of Airlines UK, a trade group
including British Airways, Ryanair Holdings Plc, EasyJet Plc and
tour operator TUI AG's airline unit, as saying.  "We await further
details but the measures indicated, including the potential for
multiple tests for travelers even from ‘green countries,' will
prevent meaningful travel even to low-risk destinations."

A second summer lost to the coronavirus crisis would likely trigger
a spate of airline failures and bankruptcy filings, alongside a
repeat of 2020's bailouts, job cuts, and jetliner deferrals and
cancellations, Bloomberg relays, citing consultants IBA Group.
European carriers especially have felt the pain that's set in
because of rising cases and fresh lockdowns, Bloomberg recounts.

Leisure-focused airlines usually take in cash from summer bookings
during the first three months of the year, as they gear up
operations, Bloomberg notes.  Summer is also when revenue typically
bulges from people going on annual holidays, Bloomberg states.

"Any prolonged closure of U.K. airports' key destinations in Europe
in particular will have major financial impacts that the government
will need to mitigate," Bloomberg quotes Karen Dee, CEO of the
Airport Operators Association, as saying in an emailed statement.

Airlines protested the government's two-test requirement, whch will
drive up travel costs for tourists even from green countries,
Bloomberg relates.

Digital Covid passports, based on proof of a vaccine, a negative
test or immunity for those who have recovered, could eventually
eliminate the need for the assessments, but the idea is
controversial, Bloomberg notes.



                           *********


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.

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