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

                          E U R O P E

          Wednesday, April 28, 2021, Vol. 22, No. 79

                           Headlines



F R A N C E

GFG ALLIANCE: Three Plants in France Put Into Administration


I R E L A N D

AURIUM CLO VI: Moody's Assigns (P)B3 Rating to EUR14.6M Cl F Notes
BARINGS EURO 2018-3: Fitch Affirms B- Rating on Class F Notes
HARVEST CLO XXI: Moody's Affirms B2 Rating on EUR9.4M Cl. F Notes
HAYFIN EMERALD VI: Moody's Gives B3 Rating to EUR8.4M Cl. F Notes
HAYFIN EMERALD VI: S&P Assigns B- (sf) Rating to Class F Notes

ION CORPORATE: S&P Rates New $350MM Senior Secured Notes 'B'
ST. PAUL'S X: Moody's Assigns B3 Rating to EUR12M Class F Notes
ST. PAUL'S X: S&P Assigns B- (sf) Rating on EUR12MM Class F Notes
[*] IRELAND: Ailing SMEs May Write Down Tax Debts Under Proposal


I T A L Y

CAPITAL MORTGAGE 2007-1: S&P Affirms 'CCC- (sf)' Rating on C Notes


N E T H E R L A N D S

ATRIUM EUROPEAN: Moody's Rates New Subordinated Notes 'Ba2'
HELIX HOLDCO: Moody's Withdraws Caa2 CFR Following Debt Repayment


P O L A N D

ZABRZE: Fitch Lowers LongTerm IDRs to 'BB', Outlook Stable


P O R T U G A L

LUSITANO MORTGAGES NO. 5: S&P Affirms B(sf) Rating on D Notes


R U S S I A

UZAUTO MOTORS: S&P Assigns 'B+' Rating on Senior Unsecured Debt


S P A I N

CODERE SA: Creditors Set to Take Over as Part of Restructuring
FTA SANTANDER 3: Moody's Ups EUR1105M Cl. B Notes Rating to B2 (sf)
NEINOR HOMES: S&P Assigns 'B' Long-Term ICR, Outlook Positive
TDA RMBS: Fitch Affirms C Rating on 21 Tranches of 4 RMBS
VIA CELERE: Fitch Puts Final BB Rating on EUR300MM Sr. Sec. Notes



U N I T E D   K I N G D O M

CAFFE NERO: To Reopen St Neots Branch in Coming Weeks
DEBENHAMS PLC: Announces Final Closing Dates for 52 Stores
DOWSON 2021-1: Moody's Assigns B1 Rating to GBP13.1M Class E Notes
DOWSON 2021-1: S&P Assigns BB+ (sf) Rating on Class E Notes
G4S PLC: S&P Lowers ICR to 'B' After Sale to Allied Universal

LIBERTY STEEL: Sanjeev Gupta Running Out of Time to Save Business
LIBERTY STEEL: U.K. Parliamentary Committee Begins Inquiry

                           - - - - -


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

GFG ALLIANCE: Three Plants in France Put Into Administration
------------------------------------------------------------
Diana Kinch at S&P Global report that Alvance Aluminium, part of
the GFG Alliance Group, confirmed April 26 that its three
downstream engineering businesses in France have been placed into
voluntary administration on structural market changes and a lack of
working capital.

This follows the collapse of GFG Alliance's major financier,
Greensill Capital, in March, S&P Global notes.

According to S&P Global, the reported existence of a EUR2 million
(US$2.42 million) loan from the French government to support one of
the businesses was not immediately confirmed.

GFG Alliance said a French court approved the judicial
administration status of the three businesses April 23, S&P Global
relates.  They are the Poitou iron and aluminum foundries and the
Chateauroux aluminum wheels factory, which has been France's
biggest aluminum wheel maker, S&P Global states.

"All three businesses have faced structural changes in their
markets which have been compounded by Covid-19 and a reduction in
working capital support available from GFG Alliance following the
collapse of Greensill Capital," S&P Global quotes a GFG spokesman
as saying in an emailed statement.  "We welcome the tribunal's
decision, which we believe to be in the best interests of the
workers and will provide the best chances of a sustainable outcome
for the businesses.  We will provide the administrator with any
help and support required in taking the process forward."

All three engineering sites now in administration had been
loss-making since their acquisitions in 2018 (for the wheels
operation) and 2019 (for the foundries) by GFG Alliance, which
planned to turn them around and create greener operations as part
of the group's broader industrial development strategy, S&P Global
relays.

According to sources close to the parent group, GFG Alliance has
pumped almost EUR44.5 million into these operations to keep them
solvent, S&P Global notes.  However, the sources said they suffered
from shrinkage of orders because of the coronavirus pandemic, and
their position became unsustainable after the collapse of Greensill
Capital, a major financier of GFG Alliance, in March, S&P Global
discloses.

Specialist aluminum sector publication Alcircle reported April 26
that the French government is guaranteeing a EUR2 million emergency
loan to the aluminum wheels plant for cash flow until a buyer is
found or until French carmakers take the volumes they committed to
when the plants were first bought by Alvance, S&P Global recounts.
The plant's situation is expected to be reviewed in June under the
judicial administration, S&P Global says.

According to S&P Global, sources said GFG Alliance has been in
discussions with unions and other stakeholders at the Poitou iron
foundry since December 2020 about the winding down of the business,
following a 75% downturn in contracted orders from principal
customers and the pandemic's major impact on the automotive
industry.  These talks, however, were recently suspended at the
request of the unions, S&P Global notes.




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

AURIUM CLO VI: Moody's Assigns (P)B3 Rating to EUR14.6M Cl F Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to refinancing notes and loan to be
issued by Aurium CLO VI Designated Activity Company (the
"Issuer"):

EUR129,000,000 Class A Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

EUR150,000,000 Class A Senior Secured Floating Rate Loan due 2034,
Assigned (P)Aaa (sf)

EUR35,000,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)

EUR10,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Assigned (P)Aa2 (sf)

EUR31,500,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)A2 (sf)

EUR28,100,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Baa3 (sf)

EUR22,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Ba3 (sf)

EUR14,600,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)B3 (sf)

RATINGS RATIONALE

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

The Issuer will issue the refinancing notes and loan in connection
with the refinancing of the following classes of notes: Class A
Notes, Class B Notes, Class C Notes, Class D Notes and Class E
Notes due 2032 (the "Original Notes"), previously issued on July 3,
2020 (the "Original Closing Date"). On the refinancing date, the
Issuer will use the proceeds from the issuance of the refinancing
notes and loan to redeem in full the Original Notes.

On the Original Closing Date, the Issuer also issued EUR27 million
of subordinated notes, which will remain outstanding. The terms and
conditions of the subordinated notes will be amended in accordance
with the refinancing notes' conditions.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be fully ramped up as of the closing date
and comprises predominantly corporate loans to obligors domiciled
in Western Europe.

Spire Management Limited ("Spire") will manage the CLO. It will
direct the selection, acquisition and disposition of collateral on
behalf of the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's 4.5-year
reinvestment period. Thereafter, subject to certain restrictions,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit risk
obligations, credit improved obligation and unscheduled principal
proceeds.

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

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

Moody's regard 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: EUR450,000,000

Defaulted Asset: EUR0 as of Feb. 12, 2021 [1]

Diversity Score: 47 (*)

Weighted Average Rating Factor (WARF): 2780

Weighted Average Spread (WAS): 3.50%

Weighted Average Coupon (WAC): 4.50%

Weighted Average Recovery Rate (WARR): 42.50%

Weighted Average Life (WAL): 8.5 years

BARINGS EURO 2018-3: Fitch Affirms B- Rating on Class F Notes
-------------------------------------------------------------
Fitch Ratings has affirmed Barings Euro CLO 2018-3 DAC and revised
the Outlooks on the class D notes to Stable from Negative.

Barings Euro CLO 2018-3 DAC

      DEBT                  RATING         PRIOR
      ----                  ------         -----
A-1 XS1914503377    LT  AAAsf   Affirmed   AAAsf
A-2 XS1914504003    LT  AAAsf   Affirmed   AAAsf
B-1 XS1914504425    LT  AAsf    Affirmed   AAsf
B-2 XS1914505158    LT  AAsf    Affirmed   AAsf
C XS1914505745      LT  Asf     Affirmed   Asf
D XS1914507014      LT  BBB-sf  Affirmed   BBB-sf
E XS1914506800      LT  BB-sf   Affirmed   BB-sf
F XS1914507527      LT  B-sf    Affirmed   B-sf

TRANSACTION SUMMARY

The transaction is a cash flow CLO, mostly comprising senior
secured obligations. The transaction is still within its
reinvestment period and is actively managed by Barings (U.K.)
Limited.

KEY RATING DRIVERS

Stable Asset Performance: Barings Euro CLO 2018-3 DAC was below par
by 1.2% as of the latest investor report dated 31 March 2021. All
portfolio profile tests, collateral quality tests and coverage
tests were passing except for the Fitch and another agency's 'CCC'
test (13.67% versus a limit of 7.5%) and the Fitch and another
agency's weighted average rating factor (WARF) test (36.48 versus a
limit of 35). The manager classifies two assets for EUR9 million as
defaulted.

Resilient to Coronavirus Stress: The affirmation reflects the
broadly stable portfolio credit quality since May 2020. The Stable
Outlooks on all investment grade notes reflect the default rate
cushion in the sensitivity analysis ran in light of the coronavirus
pandemic. The Negative Outlooks on the class E and F notes reflect
the tranches' lack of resilience under Fitch's baseline scenario
sensitivity. 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 assesses the average credit quality of
the obligors in the 'B'/'B-' category. The Fitch WARF calculated by
Fitch (assuming unrated assets are CCC) and by the trustee for
Barings Euro CLO 2018-3 DAC's current portfolio were 36.86 and
36.48, respectively, above the maximum covenant of 35.00. The Fitch
WARF would increase by 1.5 after applying the coronavirus stress.

High Recovery Expectations: Senior secured obligations comprise at
least 97% 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 by Fitch's calculation is 61.7%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration is no more than 13.5%, and no obligor represents more
than 1.8% 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 customized 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
    unexpected high level of default and portfolio deterioration.
    As the disruptions to supply and demand due to the Covid-19
    disruption become apparent for other sectors, loan ratings in
    those sectors would also come under pressure. Fitch will
    update the sensitivity scenarios in line with the view of
    Fitch's Leveraged Finance team.

-- 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 would result in a maximum one-notch
    downgrade 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 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.

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 XXI: Moody's Affirms B2 Rating on EUR9.4M Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing Notes issued by Harvest
CLO XXI DAC (the "Issuer"):

EUR210,000,000 Class A-1 Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aaa (sf)

EUR30,000,000 Class A-2 Senior Secured Fixed Rate Notes due 2031,
Definitive Rating Assigned Aaa (sf)

EUR38,400,000 Class B-1 Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aa2 (sf)

EUR6,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2031,
Definitive Rating Assigned Aa2 (sf)

EUR28,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned A2 (sf)

EUR23,600,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned Baa3 (sf)

At the same time, Moody's affirmed the ratings of the outstanding
notes which have not been refinanced:

EUR24,400,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on Sep 21, 2020
Confirmed at Ba2 (sf)

EUR9,400,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2031, Affirmed B2 (sf); previously on Sep 21, 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.

Moody's rating affirmation of the Class E Notes and the Class F
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 test date by 9 months to June 2028 and has amended
certain definitions and minor features. In addition, the Issuer has
amended the base matrix and modifiers that Moody's has taken into
account for the assignment of the definitive ratings.

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

Investcorp Credit Management EU 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 October 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 the global economic activity.

Moody's regard 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: EUR391.67 million

Defaulted Par: EUR4.96 million

Diversity Score: 52

Weighted Average Rating Factor (WARF): 3062

Weighted Average Spread (WAS): 3.70%

Weighted Average Recovery Rate (WARR): 44.00%

Weighted Average Life (WAL) Test Date: June 2028

HAYFIN EMERALD VI: Moody's Gives B3 Rating to EUR8.4M Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Hayfin Emerald CLO
VI DAC (the "Issuer"):

EUR242,000,000 Class A Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aaa (sf)

EUR31,200,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aa2 (sf)

EUR10,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Definitive Rating Assigned Aa2 (sf)

EUR23,600,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned A2 (sf)

EUR31,200,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Baa3 (sf)

EUR21,600,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Ba3 (sf)

EUR8,400,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2034, Definitive Rating Assigned 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 senior secured obligations and up to 10%
of the portfolio may consist of unsecured senior 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
four to six weeks following the closing date, in compliance with
the portfolio guidelines.

Hayfin Emerald Management LLP ("Hayfin") will manage the CLO. It
will direct the selection, acquisition and disposition of
collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
4.25 years 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.

In addition to the seven classes of notes rated by Moody's, the
Issuer issues EUR35,800,000 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 corporate assets from a gradual and unbalanced
recovery in global economic activity.

Moody's regard 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: EUR400m

Diversity Score: 46

Weighted Average Rating Factor (WARF): 3163

Weighted Average Spread (WAS): 3.65%

Weighted Average Recovery Rate (WARR): 43.10%

Weighted Average Life (WAL): 8.5 years

HAYFIN EMERALD VI: S&P Assigns B- (sf) Rating to Class F Notes
--------------------------------------------------------------
S&P Global Ratings assigned its 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 also issued 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 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  2,932.37
  Default rate dispersion                              604.54
  Weighted-average life (years)                          4.89
  Obligor diversity measure                             98.74
  Industry diversity measure                            20.44
  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 our CDO evaluator                       'B'
  'CCC' category rated assets (%)                        4.00
  'AAA' weighted-average recovery (%)                   34.17
  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 ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'. The diversified collateral pool primarily comprises 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 consider that the transaction's documented counterparty
replacement and remedy mechanisms 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 ratings, as the exposure to individual
sovereigns does not exceed the diversification thresholds outlined
in our criteria.

"The transaction's legal structure is 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 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   RATING     AMOUNT    SUBORDINATION  INTEREST RATE*
                    (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.


ION CORPORATE: S&P Rates New $350MM Senior Secured Notes 'B'
------------------------------------------------------------
S&P Global Ratings assigned its 'B' issue-level and '4' recovery
ratings to ION Corporate Solutions Finance Srl's proposed $350
million senior secured notes due 2028. The '4' recovery rating
indicates our expectation for average (30%-50%; rounded estimate:
40%) recovery for the first-lien debtholders in the event of a
default. All existing ratings, including its 'B' issuer credit
rating on ION Corporate Solutions Finance Ltd. (B/Stable/--) are
unchanged.

S&P said, "We expect ION Corporate will use the net note proceeds
to repay about $312 million of its $2.1 billion secured term loan.
We expect it will use the remaining proceeds for general corporate
purposes, including near-term acquisitions or shareholder
distributions. The additional $38 million of debt does not change
our view of the company's credit quality, and we expect that the
company's low-single-digit percent revenue growth and improving
EBITDA margins--primarily from the realization of cost reductions--
will reduce leverage to the high-5x area by year-end 2021 and to
the mid-5x area by year-end 2022.

"We could lower our rating on ION Corporate if its sales decline
because of weakening macroeconomic conditions, service disruptions,
or missteps in cost reductions result in material EBITDA margin
compression, such that adjusted leverage exceeds the mid-6x area or
free cash flow to debt is below the mid-single-digit percent area.
Also, we could lower the rating if the company pursues
debt-financed acquisitions or shareholder returns causing adjusted
leverage to exceed the mid-6x area or free cash flow to debt to
decline below the mid-single-digit percent area."

Issue Ratings--Recovery Analysis

Key analytical factors

-- S&P's simulated default scenario analysis for ION Corporate
contemplates a default in 2024 as the company faces increased
competition in the financial software market because of a lack of
cross-selling capabilities, poorly executed sales strategies, or
service disruptions. This could lead to rapid losses or
cancellations in contracts, severely hurting its EBITDA.

-- S&P values the company as a going concern, applying a 6x EBITDA
multiple to an assumed distressed emergence EBITDA level based on
its niche competitive position.

-- The valuation multiple is consistent with that of similar
software companies and rated peers in the industry.

Simulated default assumptions

-- Simulated year of default: 2024
-- EBITDA at emergence: $167 million
-- EBITDA multiple: 6x

Simplified waterfall

-- Net enterprise value (after 5% administrative costs): $951.2
million

-- Valuation split (obligors/nonobligors): 50%/50%

-- First-lien debt: $2.18 billion

  --Recovery expectations: 30%-50% (rounded estimate: 40%)

All debt amounts include six months of prepetition interest.


ST. PAUL'S X: Moody's Assigns B3 Rating to EUR12M Class F Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued by St.
Paul's CLO X DAC (the "Issuer"):

EUR245,000,000 Class A Senior Secured Floating Rate Notes due
2035, Assigned Aaa (sf)

EUR26,000,000 Class B-1 Senior Secured Floating Rate Notes due
2035, Assigned Aa2 (sf)

EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2035,
Assigned Aa2 (sf)

EUR23,500,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned A2 (sf)

EUR29,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned Baa3 (sf)

EUR21,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned Ba3 (sf)

EUR12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned B3 (sf)

RATINGS RATIONALE

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

As part of this reset, the Issuer has amended the base matrix and
modifiers that Moody's has taken into account for the assignment of
the definitive ratings.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans. The underlying portfolio is approximately 95% ramped as of
the closing date.

Intermediate Capital Managers Limited 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 and credit improved obligations. Additionally, the
issuer has the ability to purchase loss mitigation obligations
using principal proceeds subject to a set of conditions including
satisfaction of the par coverage tests.

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 regard 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

Defaulted Par: EUR6,099,231 as of March 22, 2021

Diversity Score: 50

Weighted Average Rating Factor (WARF): 3155

Weighted Average Spread (WAS): 3.70%

Weighted Average Coupon (WAC): 4.50%

Weighted Average Recovery Rate (WARR): 43.5%

Weighted Average Life (WAL): 8.5 years

ST. PAUL'S X: S&P Assigns B- (sf) Rating on EUR12MM Class F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned credit ratings to St. Paul's CLO X
DAC's class A, B-1, B-2, C, D, E, and F reset notes. At closing,
the issuer had EUR41.3 million of unrated subordinated notes
outstanding from the existing transaction.

The transaction is a reset of the existing St. Paul's CLO X, which
closed in March 2019. The issuance proceeds of the refinancing
notes has been used to redeem the refinanced notes (class A, B-1,
B-2, C-1, C-2, D, E, and F notes of the original St. Paul's CLO X
transaction), and pay fees and expenses incurred in connection with
the reset.

The reinvestment period, originally scheduled to last until October
2023, was extended to April 2025. The covenanted maximum
weighted-average life will be 8.5 years from closing.

Under the transaction documents, the manager can purchase loss
mitigation obligations in connection with the default of an
existing asset with the aim of enhancing the global recovery on
that obligor. The manager can also exchange defaulted obligations
for other defaulted obligations from a different obligor with a
better likelihood of recovery.

S&P said, "We consider that the closing date portfolio is
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 collateralized debt obligations."

Portfolio Benchmarks

S&P performing weighted-average rating factor   2,985.02
Default rate dispersion                           665.00   
Weighted-average life (years)                       4.57
Obligor diversity measure                         107.18

Industry diversity measure                         20.08          
          
Regional diversity measure                          1.25
Weighted-average rating                                B
'CCC' category rated assets (%)                     7.38
'AAA' weighted-average recovery rate               36.09
Floating-rate assets (%)                           95.47
Weighted-average spread (net of floors; %)          3.89

S&P said, "In our cash flow analysis, we modelled a par collateral
size of EUR398.66 million, a weighted-average spread covenant of
3.70%, the reference weighted-average coupon covenant of 4.50%, and
the minimum weighted-average recovery rates as indicated by the
collateral portfolio. 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 show that the class B-1, B-2, C,
and D 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
is still in its reinvestment phase, during which the transaction's
credit risk profile could deteriorate, we have capped our ratings
on the notes. The class A and E notes withstand stresses
commensurate with the currently assigned ratings. In our view, the
portfolio is granular in nature, and well-diversified across
obligors, industries, and assets.

"For the class F notes, our credit and cash flow analysis indicates
that the available credit enhancement could withstand stresses that
are commensurate with a 'CCC+' rating." However, following the
application of S&P's 'CCC' rating criteria it has assigned a 'B-'
rating to this class of notes. The one-notch uplift (to 'B-') from
the model generated results (of 'CCC+'), reflects several key
factors, including:

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

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

-- S&P model generated BDR at the 'B-' rating level of 27.10% (for
a portfolio with a weighted average life of 4.57 years), versus a
generated BDR at 14.17% if it was to consider a long-term
sustainable default rate of 3.1% for 4.57 years, which would result
in a target default rate of 14.17%.

-- The actual portfolio is generating higher spreads and
recoveries versus the covenanted thresholds that we have modelled
in S&P's cash flow analysis.

-- For S&P to assign a rating in the 'CCC' category, it also
assessed (i) whether the tranche is vulnerable to non-payments in
the near future, (ii) if there is a one in two chance for this note
to default, and (iii) if it 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 F notes is commensurate with the 'B-
(sf)' rating assigned.

The Bank of New York Mellon, London Branch is the bank account
provider and custodian, while J.P. Morgan AG is the asset swap
counterparty. The documented downgrade remedies are in line with
our counterparty criteria.

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

"The issuer is bankruptcy remote, in accordance with our legal
criteria.

"The CLO is managed by Intermediate Capital Managers Ltd. We
currently have two European CLOs from the manager under
surveillance. Under our "Global Framework For Assessing Operational
Risk In Structured Finance Transactions," published on Oct. 9,
2014, the maximum potential rating on the liabilities is 'AAA'.

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

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

"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."

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."

-- Environmental, social, and governance (ESG) credit factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to the following industries:
manufacture or marketing of anti-personnel mines, cluster weapons,
depleted uranium, nuclear weapons, white phosphorus, and biological
and chemical weapons. Accordingly, since the exclusion of assets
from these industries does not result in material differences
between the transaction and our ESG benchmark for the sector, no
specific adjustments have been made in our rating analysis to
account for any ESG-related risks or opportunities."

Ratings List

CLASS  RATING  AMOUNT  INTEREST RATE*   SUBORDINATION
              (MIL. EUR)      (%)
A    AAA (sf)  245.00  Three-month EURIBOR   38.54
                          plus 0.80%
B-1   AA (sf)   26.00  Three-month EURIBOR   28.26
                          plus 1.60%
B-2   AA (sf)   15.00    2.00%               28.26
C     A (sf)    23.50  Three-month EURIBOR   22.36
                          plus 2.55%
D    BBB- (sf)  29.00  Three-month EURIBOR   15.09
                          plus 3.75%
E    BB- (sf)  21.50  Three-month EURIBOR     9.70
                         plus 6.36%
F    B- (sf)   12.00  Three-month EURIBOR     6.69
                         plus 8.79%
Subordinated NR  41.30    N/A          N/A

*The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

EURIBOR--Euro Interbank Offered Rate.
N/A--Not applicable.
NR--Not rated.


[*] IRELAND: Ailing SMEs May Write Down Tax Debts Under Proposal
----------------------------------------------------------------
Mark Paul at The Irish Times reports that a Government Minister has
suggested it will be possible for taxes owed by struggling small
businesses to be written down in new "examinership-lite" proposals
that could be enacted before the summer.

According to The Irish Times, Robert Troy, Minister of State at the
Department of Enterprise, says he will bring proposals to Cabinet
this week for a so-called "summary rescue" process for SMEs.  This
would allow insolvent SMEs to restructure debts using a fast-track
administrative process, without the huge expense of going to court,
which makes the current examinership system too costly for many
SMEs, The Irish Times notes.

Revenue is a priority creditor under insolvency law and gets paid
ahead of most other creditors when a business goes bust, although
in practice judges often sanction tax write-down deals in a full
court-administered examinership, The Irish Times states.

At an online briefing on April 23 hosted by Isme, a lobby group for
small and medium-sized enterprises, Mr. Troy was asked by solicitor
Barry Lyons if Revenue debts would be included in the new low-cost
scheme, The Irish Times relays.  It is understood that Revenue has
raised concerns behind the scenes about State taxes potentially
being written down under the examinership-lite process, The Irish
Times notes.

Mr. Lyons has previously advocated on behalf of Isme for tax
write-downs in examinership-lite.  Mr. Troy responded to him by
saying that the solicitor and the SME community "will be happy"
with his proposals regarding Revenue debts, The Irish Times
relates.

Mr. Troy, as cited by The Irish Times, said he hoped a Bill for the
summary rescue system would be enacted into law "before the summer
recess".




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

CAPITAL MORTGAGE 2007-1: S&P Affirms 'CCC- (sf)' Rating on C Notes
------------------------------------------------------------------
S&P Global Ratings raised to 'BBB (sf)' from 'BB (sf)' its credit
rating on Capital Mortgage S.r.l. series 2007-1's class B notes. At
the same time, S&P has affirmed its 'AA (sf)' ratings on the class
A1 and A2 notes, and its 'CCC- (sf)' rating on the class C notes.

S&P said, "The upgrade follows the implementation of our revised
criteria and assumptions for assessing pools of Italian residential
loans. It also reflects our full analysis of the most recent
information that we have received and the transaction's current
structural features.

"Upon expanding our global RMBS criteria to include Italian
transactions, we placed our rating on the class B notes under
criteria observation. Following our review of the transaction's
performance and the application of our updated criteria for rating
Italian RMBS transactions, the rating is no longer under criteria
observation.

"Our analysis considers the transaction's sensitivity to the
potential repercussions of the coronavirus outbreak. We have tested
the sensitivity of extending recovery timing assumptions by six
months considering the temporary halt on foreclosures. We have also
run a sensitivity analysis assuming higher defaults."

This transaction has a reserve fund, with a EUR37.2 million target
amount, which is meant to be available to mitigate defaults.
However, it has been fully depleted since the April 2010 payment
date. On the last interest payment date the reserve fund has
started to build up again and stands at EUR274,090.

S&P said, "Taking into account the results of our updated credit
and cash flow analysis, the available credit enhancement for the
class A1 and A2 notes is sufficient to withstand the stresses that
we apply at a 'AAA' rating level. However, our structured finance
sovereign risk criteria and our counterparty criteria constrain our
ratings on these classes of notes at 'AA (sf)'. We have therefore
affirmed our 'AA (sf)' ratings on the class A1 and A2 notes.

"In our cash flow analysis, the class B notes, following the
increased credit enhancement, are able to withstand the stresses
that we apply at a 'BBB' rating level. We have also considered the
available credit enhancement, the notes' relative subordination in
the capital structure, and the likelihood of the class B notes'
interest being deferred as a result of the transaction's structural
features. Since our previous review, cumulative defaults have
increased to 14.16% from 13.98%. The interest deferral trigger is
set at 15%. We believe the breach of the interest deferral trigger
for this tranche--which is set at 15%--is still sufficiently remote
at 'BBB'. We have therefore raised to 'BBB (sf)' from 'BB (sf)' our
rating on the class B notes.

"The class C notes' interest is already being deferred, as the
trigger was hit when the cumulative default ratio reached 7%. Given
the aforementioned improvement of the pool's credit profile, this
class has been paying timely interest since January 2020.

"We believe the likelihood of repayment of the class C notes
depends on favorable business, financial, and economic conditions,
such as interest rates, which can affect interest payments for the
class A and B notes, cash from the swap, as well as a potential
deterioration in performance, which can reduce available funds."

Increasing interest rates and deteriorating performance could
affect the issuers' ability to pay timely interest on the class C
notes. If the amount taken by the swap provider, or three-month
EURIBOR (Euro Interbank Offered Rate) should increase, and the
transaction's performance were to worsen, then either or all of
these scenarios could result in a missed interest payment for the
class C notes. S&P has therefore affirmed its 'CCC- (sf)' rating on
the class C notes, in accordance with our "Criteria For Assigning
'CCC+', 'CCC', 'CCC-', And 'CC' Ratings."

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."

Capital Mortgage's series 2007-1 securitizes a pool of performing
mortgage loans, which Banca di Roma originated, that are secured on
Italian residential properties.




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

ATRIUM EUROPEAN: Moody's Rates New Subordinated Notes 'Ba2'
-----------------------------------------------------------
Moody's Investors Service has affirmed the Baa3 long-term issuer
rating and the Baa3 senior unsecured ratings of Atrium European
Real Estate Limited (Atrium). It has also affirmed the Baa3
long-term issuer rating and senior unsecured rating of Atrium
Finance Issuer B.V., both backed by Atrium. Subsequently, it has
assigned a Ba2 rating to the new subordinated (hybrid) notes to be
issued by Atrium. The outlook on the ratings of both entities has
been changed to stable from negative.

RATINGS RATIONALE

Atrium's Baa3 long-term issuer rating confirmation reflects the
company's leading market position as shopping centre operator in
Central and Eastern Europe (CEE) focused on the economically
dynamic cities of Warsaw and Prague (55% of portfolio value). The
company operational track record is solid characterized by positive
like-for-like rental evolution and capital value accretion through
an active portfolio management and redevelopment activities. Other
key strengths underpinning the rating include an ample unencumbered
asset base of more than 70%, its moderate leverage, a solid
fixed-charge coverage and a long-dated debt-maturity profile with
no material refinance needs in the next 18 months.

Over the next 3-5 years the company targets a diversification into
the residential segment, which Moody's view as credit enhancing
considering its defensive nature and solid long-term fundamentals,
driven by noncyclical factors like urbanisation, shrinking
household size and lagging supply in Poland, notably in Warsaw.
Moody's understand that Atrium will fund its expansion into the
build-to-rent residential segment in line with its financial policy
and with a substantial share of own capital.

Credit challenges to the rating are the still difficult operating
environment for retail landlords across Europe with demand for
space remaining subdued next to prevailing bankruptcies' risk in
the retail sector. Both could erode occupancy in the next 12-18
months or make Atriums to offer further concessions to keep or
attract tenants. Other rating challenges are the company's Russia
(Baa3 stable) exposure, representing around 10% of asset value and
about 20% of net rental income, which is earmarked for disposal in
the medium term but in the meanwhile could potentially introduce
some earnings and valuations volatility.

The Ba2 rating assigned to the subordinated (hybrid) notes to be
issued by Atrium reflects the deeply subordinated nature of the
hybrid notes. The subordinate hybrid notes qualify for a Basket C
or 50% equity treatment under Moody's methodology. The hybrid issue
is a perpetual deeply subordinated debt instrument that is treated
as a preferred equivalent under Moody's methodology. If preferred
shares begin to be issued in the same jurisdiction by similar
issuers -- the equity credit assigned would be revisited. The
Interest rate has resettable fixed interest rate periods over time
but there is no step up in interest rate beyond 1% over the initial
credit spread and no step up before year ten. There is optional
deferral, which is cumulative. Any deferred interest must be paid
if there is a payment on junior or parity instruments. There is
also a 5% step up upon a Change of Control and a rating downgrade
to a non-investment grade rating in respect of that Change of
Control.

RATIONALE FOR STABLE OUTLOOK

The outlook change to stable from negative reflects Moody's view
that the company's bolstered balance sheet and ample liquidity will
allow Atrium to successfully navigate through the prevailing
coronavirus-driven business disruptions while preserving credit
ratios commensurate with its current Baa3 guidance. Moody's also
note the group's commitment to a financial policy of maintaining
its reported loan-to-value LTV at below 40%.

The company has undertaken several measures to protect credit
metrics including the announced placement of new hybrid notes and
the introduction of a scrip dividend which was subscribed by the
company's main shareholder Gazit in 2020. Atrium has also
successfully concluded and plans further non-core assets disposals
with the bulk of proceeds being earmarked to reduce financial
leverage. As of December 31, 2020, Moody's-adjusted gross
debt/total assets stood at 40.1%, with a Moody's-adjusted Net
debt/EBITDA of 10.7x and a Moody's-adjusted fixed charge coverage
of 2.5X.

Once the health crisis has been brought under control, Moody's
expect the recovery of the sales and footfall at Atrium's shopping
centres to be fuelled by strong long term economic and property
market fundamentals of its core markets Poland (A2 stable) and the
Czech Republic (Aa3 stable).

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

A rating upgrade could materialize under a stabilized operating
environment for retail real estate in CEE and if Atrium:

Maintains a large-scale and diversified portfolio of high-quality
and dominant shopping centres in major cities of highly rated
countries while showing a strong operational performance as
measured by like-for-like rental growth, footfall, overall retail
sales, retail sales per square meter and occupancy cost ratio for
retailers

Maintains a Moody's-adjusted gross debt/total assets below 40%,
with financial policies that support that level and limit the
payment of special dividends, together with a declining trend of
Moody's-adjusted net debt to EBITDA towards the levels reported
before the coronavirus pandemic

Maintains a Moody's-adjusted fixed-charge coverage sustained above
3.5x

Maintains a Moody's-adjusted unencumbered assets / gross assets
around their current levels

Conservative funding of the company diversification strategy into
the residential segment

Negative rating pressure could develop if contrary to Moody's
expectations a return to more normal operating conditions with a
large part of Atrium's gross leasable area (GLA) back into
operations doesn't occur by the summer, resulting in a high level
of retailer distress, sustained weakening of occupancy and pressure
on cash flows due to rent concessions. Other factors that could
lead to a downgrade include:

Structural deterioration of operating environment for retail
landlords in CEE translating into sustained decline of
like-for-like rental growth, footfall and retail sales with rising
vacancy

Moody's-adjusted leverage sustained above 45% with an increasing
trend of net debt to EBITDA from current levels or Moody's-adjusted
fixed-charge coverage sustained below 2.5x

A sharp and persistent deterioration in local currencies against
the euro, which would force the company to heavily discount rents
on a long-term basis

If material execution risks would arise as the company diversifies
into the residential segment or if these investments are funded
substantially with debt

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

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

Governance risks that Moody's consider in Atrium's credit profile
include the company's concentrated ownership in its key shareholder
Gazit, who controls around 72% of the shares and could eventually
limit a broader access to equity capital. This risk is partially
mitigated by the company's track record of good corporate
governance and its public listing on the Vienna and Amsterdam stock
exchanges.

LIST OF AFFECTED RATINGS:

Issuer: Atrium European Real Estate Limited

Affirmations:

LT Issuer Rating, Affirmed Baa3

Senior Unsecured Regular Bond/Debenture, Affirmed Baa3

Assignments:

Subordinate Regular Bond/Debenture, Assigned Ba2

Outlook Actions:

Outlook, Changed To Stable From Negative

Issuer: Atrium Finance Issuer B.V.

Affirmations:

BACKED LT Issuer Rating, Affirmed Baa3

BACKED Senior Unsecured Regular Bond/Debenture, Affirmed Baa3

Outlook Actions:

Outlook, Changed To Stable From Negative

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was REITs and Other
Commercial Real Estate Firms published in September 2018.

CORPORATE PROFILE

Atrium owns a EUR2.5 billion portfolio of 26 shopping centres
totalling around 809,000 thousand square metres (sqm). In 2020, the
company generated around EUR139 million of annual rent after a
EUR26 million negative rental income impact from Covid-19-related
rent relief and tenant support. The company is focused on the more
stable CEE countries of Poland and Czech Republic where 85% of its
centres by value are located. The average value of the company's
shopping centres is EUR94 million, with an average size of around
31,100 sqm.

Atrium is based in Jersey, Channel Islands, and has a dual public
listing on the Vienna and Amsterdam stock exchanges, with a market
capitalization of around EUR1.1 billion as of April 19, 2021.

HELIX HOLDCO: Moody's Withdraws Caa2 CFR Following Debt Repayment
-----------------------------------------------------------------
Moody's Investors Service has withdrawn the Caa2 corporate family
rating and a Caa2-PD probability of default rating of Helix Holdco
S.A. (Hema). Concurrently, Moody's has withdrawn the B2 rating of
the EUR42 million guaranteed private placement notes due 2025
issued by Hema B.V., the Caa2 rating of the EUR305 million
guaranteed senior secured notes due 2025 issued by HEMA Bondco I
B.V. and the Ca rating of the EUR120 million senior pay-in-kind
Notes due 2026 issued by Helix Holdco S.A.. The stable outlook has
been withdrawn from Hema B.V., HEMA Bondco I B.V., and Helix Holdco
S.A.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.
Moody's notes that all outstanding debt at Hema B.V. was repaid
after the acquisition of Hema B.V. was completed by a consortium of
Dutch investors on 2nd February.

COMPANY PROFILE

Hema is a general merchandise retailer, operating a network of 774
stores as at the beginning of March 2020 principally in Benelux
with a presence in France, Germany, Spain, Austria and the UK. In
2019, Hema generated net sales of EUR1.3 billion and adjusted
EBITDA of EUR105 million.



===========
P O L A N D
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ZABRZE: Fitch Lowers LongTerm IDRs to 'BB', Outlook Stable
----------------------------------------------------------
Fitch Ratings has downgraded the Polish City of Zabrze's Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'BB'
from 'BB+'. The Outlooks are Stable.

The downgrade reflects Zabrze's high spending pressure, which
together with lower operating revenue growth prospects following
the pandemic, may hinder the recovery of the city's operating
results in the medium term. This could leading to weaker debt
ratios than before the pandemic that are no longer commensurate
with those of 'BB+' peers. The city's Standalone Credit Profile
(SCP) has been lowered to 'bb' from 'bb+' to reflect the
deterioration in the debt metrics.

Zabrze is a medium-sized city by Polish standards, located in the
Slaskie region and is part of the Silesia Metropolis (more than two
million inhabitants). It benefits from being located at a
crossroads of the main Polish rail and road corridors. Zabrze's tax
base is diversified but weaker than other Polish cities. GDP per
capita in 2018 for the Gliwicki sub-region, where Zabrze is
located, was 118% of the national average but Fitch believes this
may be an over-estimate of Zabrze's performance.

KEY RATING DRIVERS

Risk Profile: 'Midrange'

Zabrze's 'Midrange' risk profile is in line with the majority of
other Fitch-rated Polish cities. It combines a 'Weaker' assessment
of revenue adjustability and a 'Midrange' assessment of the
remaining factors (revenue robustness, expenditure sustainability
and adjustability, as well as liabilities and liquidity
framework).

The assessment reflects Fitch's view that there is a reasonably low
risk that Zabrze's debt service coverage by the operating balance
will weaken unexpectedly over the forecast horizon (2021-2025),
either because of revenue falling short of expectations or spending
being above expectations, or an unanticipated rise in
liabilities/debt service requirements.

Revenue Robustness: 'Midrange'

Zabrze's revenue sources are stable, as current transfers accounted
for 48% of operating revenue in 2016-2020, with the majority of
transfers from the Polish state budget (A-/Stable). Tax revenue
accounted for 38% of Zabrze's operating revenue, of which more than
90% was not dependent on economic cycles. Zabrze's tax base is
diversified but weaker than other Polish cities. Until 2020 the
city had a record of operating revenue growth (CAGR of 5.3% in
2015-2019) below nominal national GDP growth (5.7%).

In 2020 the city's revenue was affected by the central government's
decisions to cut personal income tax (PIT) rates, as a result of
which PIT revenue fell by 3.3% to PLN219 million. The city's
decision to grant tax relief to companies affected by the pandemic
resulted in a loss of PLN4.3 million of local taxes in 2020. As a
result, the city's tax revenue rose by only 0.2% in 2020 versus
4.2% on average in 2015-2019. Fitch expects only a gradual rebound
of the city's tax revenue in the medium term, which may not be
strong enough to compensate the increasing cost pressure.

Revenue Adjustability: 'Weaker'

Income tax rates are set by the central government, as are the
majority of current transfers. Zabrze has low flexibility on local
taxes as their rates are constrained by ceilings set in national
tax regulations. With tax revenue per capita below the average for
Polish cities, Zabrze is entitled to equalisation subsidies, but
these are low relative to the city's budget (PLN22 million or 2% of
total revenue in 2020).

In 2020, the city received PLN68 million of revenue from asset
sales, above the PLN35 million average annually in 2015-2029.
Revenue from assets sales is stronger than in many other
Fitch-rated cities but this source of revenue may prove
unsustainable if the economic downturn is prolonged.

Expenditure Sustainability: 'Midrange'

The city's expenditure sustainability is underpinned by
non-cyclical responsibilities such as education, public transport,
municipal services, administration and others. However, Zabrze has
a higher share of inflexible costs in its budget than other
Fitch-rated cities. Consequently, it has been more affected by the
central government's decisions to increase teachers' salaries and
cut personal income taxes from November 2019. The city's results
were further dragged down by PLN7 million of one-off cost items
relating to solid waste settlements following the court ruling.

Zabrze aims to keep operating spending growth broadly in line with
operating revenue growth over the long term. However, rebuilding
its previous operating results, after the deterioration in 2020,
will be linked to the recovery of the tax revenue growth dynamics
and may take longer than higher-rated Polish cities with higher
spending flexibility.

Expenditure Adjustability: 'Midrange'

The city could reduce about 5%-10% of its operating expenditure and
about a quarter of its capex, which averages 12% of total
expenditure. However, cost-cutting measures proved difficult in the
pandemic year, when opex growth outpaced operating revenue growth.
Inflexible costs (approaching 90% of the total) result mainly from
mandatory responsibilities in education, family benefits, social
care, administration and public safety.

The city's capex could total PLN690 million in 2021-2025 and
average 12% of total expenditure, being almost equally split
between investments co-financed from own sources (the most
flexible), investments co-financed by EU and contributions to the
city's companies that perform investments for the city and have the
lowest spending flexibility.

Liabilities & Liquidity Robustness: 'Midrange'

Zabrze's debt is made up of bonds (51% of total with final maturity
up to seven years), loans from European Investment Bank (EIB;
AAA/Stable) (46%) and preferential loans and loans from local banks
(4%). The EIB loans will remain the main source of financing for
the city's capex in 2021, supporting a long and smooth repayment
schedule until 2042. Zabrze's debt is in Polish zloty and at
floating rates, which exposes the city to interest-rate risk as
Polish cities are not allowed to use derivatives.

The lockdown measures negatively affected some of the municipal
companies and Zabrze provide them with extra funds to allow them to
service their debt obligations. As a result, in 2020 Fitch included
more transitions in other Fitch classified debt, which totaled
PLN177 million.

Beside the debt of the city's football stadium company and
sell-and-buy back transactions (relating to the stadium and the
football club Gornik Zabrze), from 2020 Fitch also included Gornik
Zabrze's guaranteed debt (about PLN23 million) and municipal
hospital debt (about PLN25 million) to highlight that the debt is
serviced from the city's budget. The city's obligations are
included in the city's long-term projections for capex or opex.

Liabilities & Liquidity Flexibility: 'Midrange'

Fitch assesses the city's liquidity framework as 'Midrange' given
the absence of emergency liquidity support from upper government
tiers and the lack of banks rated above 'A+' in the Polish market.
Zabrze frequently uses its committed low-cost liquidity lines (with
a limit of PLN50 million) provided by ING Bank Slaski S.A.
(A+/Negative) to manage liquidity. This policy results in low
levels of cash at year-end and Fitch assumes this will continue in
the following years. Liquidity has not been additionally strained
by the economic downturn triggered by the pandemic.

Debt Sustainability: 'bbb category'

Under Fitch's rating case, Fitch projects that after deteriorating
to about 30x in 2020-2021 (when excluding some one-off expenditure
in 2020), the city's payback ratio (net adjusted debt to operating
balance), , could recover to an average of 16x in 2023-2025,
corresponding to a 'bbb' assessment. Fitch projects the city's net
adjusted debt to increase to almost PLN750 million at end-2025 from
PLN664 million in 2020, but to remain stable, at about 70% of
operating revenue, which is compatible with a 'aa' debt
sustainability. The latter will counterbalance the city's weak
synthetic coverage ratio of below 1x. All these metrics result in
an overall debt sustainability of 'bbb'.

The coronavirus pandemic and the containment measures implemented
in Poland had a higher economic impact on the city of Zabrze than
Fitch initially expected when the pandemic started. The city's
operating balance declined from PLN47 million in 2019 to PLN13
million or PLN20 million when excluding PLN7 million of one off
cost items.

The city received lower than budgeted revenue following the central
government's decisions to cut PIT rates and the city's decision to
grant tax reliefs to companies affected by the pandemic, but
incurred higher operating expenditure in view of the central
government's decisions to increase teachers' salaries, as well as
the court ruling on settlements of solid waste obligations (PLN7
million).

As a result, the city's payback ratio deteriorated to about 55x in
2020 (33x when excluding the one-off items), below 18x in 2020-2021
Fitch projected at the start of the pandemic.

In Fitch's view, Zabrze's relatively rigid cost structure, together
with weaker tax base than in other Fitch-rated cities, will drag on
the recovery of the city's operating results in the medium term.
Together with the city's planned capital expenditure (PLN700
million in total in 2021-2025, 60% financed from capital revenue),
this will lead to Zabrze's debt payback ratio reaching about 16x in
2023-2025 rather than 13x before the pandemic started.

DERIVATION SUMMARY

Zabrze's 'bb' SCP reflects a 'Midrange' risk profile and a 'bbb'
debt sustainability assessment. Zabrze's SCP assessment is mainly
due to its primary metric and also factors in positioning among
peers in the same rating category. The city's IDRs are not affected
by any asymmetric risk or extraordinary support from the Polish
state.

Under Fitch's Rating Criteria for Local and Regional Governments
(LRG) Fitch classifies Zabrze - like all other Polish LRGs - as
Type B as it covers debt service from its cash flows on an annual
basis.

KEY ASSUMPTIONS

Qualitative assumptions and assessments and their respective change
since the last review on 23 October 2020 and weight in the rating
decision:

-- Risk Profile: 'Midrange, Unchanged with Low weight'

-- Revenue Robustness: 'Midrange, Unchanged with Low weight'

-- Revenue Adjustability: 'Weaker, Unchanged with Low weight'

-- Expenditure Sustainability: 'Midrange, Unchanged with Low
    weight'

-- Expenditure Adjustability: 'Midrange, Unchanged with Low
    weight'

-- Liabilities and Liquidity Robustness: 'Midrange, Unchanged
    with Low weight'

-- Liabilities and Liquidity Flexibility: 'Midrange, Unchanged
    with Low weight'

-- Debt sustainability: 'bbb, Deteriorated with High weight'

-- Support (Budget Loans): 'N/A, Unchanged with Low weight'

-- Support (Ad Hoc): 'N/A, Unchanged with Low weight'

-- Asymmetric Risk: 'N/A, Unchanged with Low weight'

-- Sovereign Cap: 'N/A, Unchanged with Low weight'

-- Sovereign Floor: 'N/A, Unchanged with Low weight'

QUANTITATIVE ASSUMPTIONS - ISSUER SPECIFIC

Fitch's rating case is a "through-the-cycle" scenario, which
incorporates a combination of revenue, cost and financial risk
stresses. It is based on 2016-2020 figures and 2021-2025 projected
ratios. The key assumptions for the scenario include:

-- 3.9% yoy increase in operating revenue on average; with
    moderate weight;

-- 3.2% yoy increase in operating expenditure on average; with
    high weight;

-- Net capital balance deficit of PLN54 million a year on
    average; with moderate weight;

-- Average 2.9% cost of debt in 2021-2025; with low weight;

-- Other Fitch classified debt will follow a declining trend in
    line with the repayment schedule; no new guarantees or support
    letters to be issued; with low weight.

QUANTITATIVE ASSUMPTIONS - SOVEREIGN RELATED

Quantitative assumptions - sovereign-related (note that no weights
are included as none of these assumptions were material to the
rating action)

Figures as per Fitch's sovereign actual for 2020 and forecast for
2021 and 2022, respectively:

-- GDP per capita (US dollar, market exchange rate): 15,558,
    17,259, 18,886

-- Real GDP growth (%): -2.72, 4.06, 4.73

-- Consumer prices (annual average % change): 3.66, 2.42, 3.04

-- General government balance (% of GDP): -7.22, -5.68, -3.69

-- General government debt (% of GDP): 58.87, 62.25, 62.26

-- Current account balance plus net FDI (% of GDP): 2.63, 2.94,
    0.53

-- Net external debt (% of GDP): 16.29, 12.31, 8.53

-- IMF Development Classification: EM

-- CDS Market Implied Rating: n/a

RATING SENSITIVITIES

FACTOR THAT COULD, INDIVIDUALLY OR COLLECTIVELY, LEAD TO NEGATIVE
RATING ACTION/DOWNGRADE:

-- Debt payback ratio rising above 17x on a sustained basis under
    Fitch's rating case.

FACTOR THAT COULD, INDIVIDUALLY OR COLLECTIVELY, LEAD TO POSITIVE
RATING ACTION/UPGRADE:

-- Debt payback ratio remains lower or equal to 15x on a
    sustained basis under Fitch's rating case.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance
and Infrastructure 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 three 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.

DISCUSSION NOTE

Committee date: 21 April 2021

There was an appropriate quorum at the committee and the members
confirmed that they were free from recusal. It was agreed that the
data was sufficiently robust relative to its materiality. During
the committee no material issues were raised that were not in the
original committee package. The main rating factors under the
relevant criteria were discussed by the committee members. The
rating decision as discussed in this rating action commentary
reflects the committee discussion.

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.



===============
P O R T U G A L
===============

LUSITANO MORTGAGES NO. 5: S&P Affirms B(sf) Rating on D Notes
-------------------------------------------------------------
S&P Global Ratings raised its credit rating on Lusitano Mortgages
No. 5 PLC's class B notes to 'AA (sf)' from 'A (sf)'. At the same
time, S&P has affirmed its 'AA (sf)', 'BBB (sf)', and 'B (sf)'
ratings on the class A, C, and D notes, respectively.

S&P said, "The rating actions follow the implementation of our
revised criteria and assumptions for assessing pools of Portuguese
residential loans. They also reflect our full analysis of the most
recent information that we have received and the transaction's
current structural features.

"Upon expanding our global RMBS criteria to include Portuguese
transactions, we placed our ratings on the class B, C, and D notes
under criteria observation. Following our review of the
transaction's performance and the application of our updated
criteria for rating Portuguese RMBS transactions, the ratings are
no longer under criteria observation.

"Our weighted-average foreclosure frequency (WAFF) assumptions have
decreased due to the calculation of the effective loan-to-value
(LTV) ratio (70.8%), which is based on 80% original LTV (OLTV)
ratio and 20% current LTV (CLTV) ratio. Under our previous
criteria, we used only the OLTV ratio (78.39% as of the latest
review). Our WAFF assumptions also declined because of the
transaction's decrease in arrears. In addition, our
weighted-average loss severity (WALS) assumptions remain in line
with our previous review, as the seasoning of the assets is high,
supporting a low indexed CLTV ratio."

Table 1

Credit Analysis Results

RATING  WAFF (%)  WALS (%)  CREDIT COVERAGE (%)
AAA    12.96    5.44    0.71
AA     9.13    3.56    0.33
A     7.19    2.00    0.14
BBB    5.64    2.00    0.11
BB     4.00    2.00    0.08
B     2.85    2.00    0.06

WAFF--Weighted-average foreclosure frequency.
WALS--Weighted-average loss severity.

Arrears are low, currently at 1.39% of the outstanding collateral
balance. Cumulative defaults are relatively high at 8.19% of the
original pool balance, but the level has stabilized. S&P said, "Our
analysis also considers the transaction's sensitivity to the
potential repercussions of the coronavirus outbreak. Of the pool,
19.23% of loans are on payment holidays under a moratorium scheme,
which is slightly below the market average of 20%-30%. In our
analysis, we considered the potential liquidity and loss risks the
payment holidays could present should they become arrears or
default in the future."

S&P's operational, counterparty, and legal risk analyses remain
unchanged since its last review. Therefore, the ratings assigned
are not capped by any of these criteria.

The notes have been amortizing on a pro rata basis since the
December 2020 interest payment date (IPD). Therefore, the available
credit enhancement for all classes of notes has increased since our
previous review due to the previous sequential amortization.

S&P said, "The analytical framework in our structured finance
sovereign risk criteria assesses a security's ability to withstand
a sovereign default scenario. These criteria classify this
transaction's sensitivity as low. Therefore, the highest rating
that we could assign to the tranches in this transaction is six
notches above the unsolicited sovereign rating on Portugal, or
'AA'. For this reason, despite our analysis indicating that the
credit enhancement available for the class A and B notes is
commensurate with a higher ratings, we have affirmed our 'AA (sf)'
rating on the class A notes, and we have raised to 'AA (sf)' our
rating on the class B notes. We also consider that the ratings
assigned to these classes of notes can be delinked from the swap.

"Our analysis indicates that the available credit enhancement for
the class C and D notes is commensurate with the ratings currently
assigned. These tranches show some tail-end risk due to negative
carry under our cash flow model. In our opinion, the tail-end risk
is mitigated by various positive factors that we considered in our
analysis. In affirming these classes of notes, we have considered
the good performance of the collateral, with a low arrears level;
the increase in credit enhancement since our last review; the
reserve fund being at its required level; and the principal
borrowing mechanism to pay interest on the notes. Moreover, since
the March interest payment date, the transaction is amortizing pro
rata. Therefore, we have affirmed our 'BBB (sf)' and 'B (sf)'
ratings on the class C and D notes, respectively."

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."




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

UZAUTO MOTORS: S&P Assigns 'B+' Rating on Senior Unsecured Debt
---------------------------------------------------------------
S&P Global Ratings has assigned its 'B+' rating to the senior
unsecured notes issued by Uzbekistan-based UzAuto Motors JSC (UAM;
B+/Stable/B). S&P aligned the rating on the notes to the long-term
issuer credit rating because the notes will not be structurally or
contractually subordinated to any other debt instrument after the
issuance. Moreover, the notes will be placed by the company, rather
than through subsidiary, further limiting subordination risk.

UAM will use the proceeds of the notes to finance its sizeable
capital investments program. This relate mainly to the Global
Emerging Markets platform, which entails equipment renewal to
retire old models and start production of General Motors models
designed for emerging markets. The company will also partially
refinance its outstanding debt. This transaction should extend the
group's maturity profile while providing additional liquidity to
the group.




=========
S P A I N
=========

CODERE SA: Creditors Set to Take Over as Part of Restructuring
--------------------------------------------------------------
Irene Garcia Perez at Bloomberg News reports that Jupiter Fund
Management Plc and Invesco Asset Management are set to take over
Codere SA as part of a deal to restructure the gaming firm's debt,
according to people familiar with the matter.

The Madrid-based company reached an agreement with a group of
creditors, also including PGIM Ltd. and Davidson Kempner Capital
Management, Bloomberg relays, citing the people, who asked not to
be named because the information is private.  It entails converting
about EUR350 million (US$422 million) of debt into equity, and
bondholders providing EUR225 million of new funds to boost Codere's
liquidity, the company said in a filing on April 23, Bloomberg
discloses.

The gaming group has been heavily hit by Covid-19, as most of its
sites in Spain, Italy and Latin America have either closed or
operated with restrictions since March last year, Bloomberg
recounts.  Losses rose to EUR237 million in 2020, up from EUR67
million a year earlier, Bloomberg states.  The firm already
extended the maturity of its debt and raised new super-senior debt
in the summer to counter the negative impact of site closures,
Bloomberg discloses.

The deal needs support from more than 75% of bondholders, Bloomberg
notes.  If completed, Codere will transfer operations to a new
holding company, of which bondholders will control a 95% stake,
according to Bloomberg.


FTA SANTANDER 3: Moody's Ups EUR1105M Cl. B Notes Rating to B2 (sf)
-------------------------------------------------------------------
Moody's Investors Service has upgraded and affirmed the ratings of
Notes in four FTA Santander RMBS transactions. The upgrades reflect
the better than expected performance and increased levels of credit
enhancement for the affected Notes.

Issuer: FTA RMBS Santander 3

EUR5395M Class A Notes, Affirmed Aa1 (sf); previously on Dec 27,
2018 Upgraded to Aa1 (sf)

EUR1105M Class B Notes, Upgraded to B2 (sf); previously on Dec 27,
2018 Affirmed Caa1 (sf)

Issuer: FTA SANTANDER HIPOTECARIO 3

EUR613M Class A1 Notes, Upgraded to Ba1 (sf); previously on May
14, 2016 Upgraded to Ba3 (sf)

EUR1540M Class A2 Notes, Upgraded to Ba1 (sf); previously on May
14, 2016 Upgraded to Ba3 (sf)

EUR420M Class A3 Notes, Upgraded to Ba1 (sf); previously on May
14, 2016 Upgraded to Ba3 (sf)

Issuer: FTA SANTANDER HIPOTECARIO 8

EUR640M Class A Notes, Affirmed Aa1 (sf); previously on Apr 25,
2018 Upgraded to Aa1 (sf)

EUR160M Class B Notes, Upgraded to B2 (sf); previously on Sep 16,
2015 Downgraded to B3 (sf)

Issuer: FTA SANTANDER HIPOTECARIO 9

EUR487.5M Class A Notes, Affirmed Aa1 (sf); previously on Dec 27,
2018 Affirmed Aa1 (sf)

EUR162.5M Class B Notes, Upgraded to Ba3 (sf); previously on Dec
27, 2018 Upgraded to B1 (sf)

The maximum achievable rating is Aa1 (sf) for structured finance
transactions in Spain, driven by the corresponding local currency
country ceiling of the country.

RATINGS RATIONALE

The upgrades of the ratings of the Notes are prompted by the better
than expected collateral performance and increase in credit
enhancements for the affected tranches. For instance, cumulative
defaults have remained largely unchanged in the past year, below
are the exact figures for each transaction:

(i) FTA RMBS SANTANDER 3, to 2.87% from 2.66%.

(ii) FTA SANTANDER HIPOTECARIO 3, to 8.71% from 8.68%.

(iii) FTA SANTANDER HIPOTECARIO 8, to 5.52% from 5.36%.

(iv) FTA SANTANDER HIPOTECARIO 9, to 2.71% from 2.59%.

Moody's affirmed the ratings of the classes of Notes that had
sufficient credit enhancements to maintain their current ratings.

Key Collateral Assumption Revised

As part of the rating actions, Moody's reassessed its lifetime loss
expectations and recovery rates for the portfolios reflecting their
collateral performances to date.

Moody's revised its expected loss assumptions as follows:

(i) FTA RMBS SANTANDER 3, to 4.87% from 8.73%.

(ii) FTA SANTANDER HIPOTECARIO 3, to 7.01% from 7.33%.

(iii) FTA SANTANDER HIPOTECARIO 8, to 5.90% from 6.31%.

(iv) FTA SANTANDER HIPOTECARIO 9, to 4.67% from 5.18%.

All as a percentage of the original pool balance for each
transaction. The expected loss and MILAN CE assumptions of FTA RMBS
Santander 3 were proportionally reduced the most because the
performance of the transaction's pool has been better than expected
and comparable to those of other deals in the series. At closing
the pool consisted of 20.3% renegotiated loans that Moody's
considered to be riskier.

Moody's has also assessed loan-by-loan information as a part of its
detailed transaction review to determine the credit support
consistent with target ratings levels and the volatility of future
losses. As a result, Moody's has revised the MILAN CE assumptions
of each transaction as follows:

(i) FTA RMBS SANTANDER 3, to 19.0% from 27.0%.

(ii) FTA SANTANDER HIPOTECARIO 3, to 18.0% from 19.0%.

(iii) FTA SANTANDER HIPOTECARIO 8, to 18.0% from 20.0%.

(iv) FTA SANTANDER HIPOTECARIO 9, to 18.0% from 22.0%.

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

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

PRINCIPAL METHODOLOGY

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

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

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

Factors or circumstances that could lead to an upgrade of the
ratings include: (i) performance of the underlying collateral that
is better than Moody's expected; (ii) an increase in the Notes'
available credit enhancement; (iii) improvements in the credit
quality of the transaction counterparties; and (iv) a decrease in
sovereign risk.

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

NEINOR HOMES: S&P Assigns 'B' Long-Term ICR, Outlook Positive
-------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to Spanish residential real estate developer Neinor Homes S.A. and
its 'B+' issue rating to its EUR300 million senior secured bond.

S&P said, "The positive outlook indicates that we may raise the
ratings within the next 12 months if Neinor reduces leverage
quicker than we currently anticipate, with S&P Global
Ratings-adjusted debt to EBITDA moving toward 4x, while maintaining
EBITDA interest coverage of at least 3x.

"Our assessment of Neinor's business risk profile captures the
highly cyclical and fragmented nature of Spain's real estate
development industry.

"We view the market as subject to the country's economy, and
mortgage lending availability and terms. The impact of pandemic on
the economy and labor market could result in deterioration of
individuals' disposable income and more muted demand for Neinor's
products. That said, Neinor's position as one of the largest
residential developers in Spain has resulted in resilient operating
performance despite COVID-19. The company benefits from an owned
land bank with a book value (pro-forma the recent acquisition of
Quabit) of about EUR1.6 billion, located in regions that benefit
from a demand-supply imbalance, including Madrid, Malaga, and
Barcelona. The company pre-sold 2.0% more units in 2020 than 2019,
already securing 75% of total 2021 deliveries and 49% of 2022
deliveries and supporting cash flow visibility and predictability.
At the same time, Neinor maintained access to development loan
financing at historically comparable rates, despite market
instability. This enabled the company to maintain its production
cycle and it remains on track to achieve a targeted delivery of
about 2,500 units per year on average in the next two years. This
is broadly comparable with its Spanish peers such as Via Celere,
which delivered close to 2,000 units in 2020. However, it remains
small compared to other European peers, such as Altareit or Taylor
Wimpey, which delivered close to 10,000 and 14,000 units annually.
The top-five Spanish developers represented less than 10% of the
country's total units delivered in 2020.

"We expect demand for Neinor's products to remain resilient over
the next 12-24 months, thanks to its focus on mainly large Spanish
cities.

"Although COVID-19 hit Spain's economy hard, the residential real
estate segment and, most notably, demand for new dwellings, has
remained stable. We forecast price growth in the Spanish housing
market of about 1.4% in 2021 versus 3.7% in 2019. However, demand
and price trends are not homogenous across the Iberian Peninsula,
with larger metropolitan cities benefiting from the historical
trend of city densification and urbanization. Neinor's land bank is
concentrated on Spain's largest cities and their surrounding areas.
It includes Madrid (32% of gross asset value), Malaga (26%),
Barcelona (9%) Northern Spain (13%), and Valencia (10%), where
demand-supply imbalances support price stability, despite lower
economic prospects as a result of the pandemic. In addition,
recently acquired Quabit will diversify Neinor's offering into a
more affordable segment, with a lower average selling price of
about EUR200,000-EUR230,000 compared with its current EUR280,000
(based on the current order book), enlarging the potential customer
base. Our rating also takes into account the company's low
cancellation rate of only 1%, which compares favorably to the
15%-20% of traditional single-family homebuilders."

Neinor's leverage will likely dip in 2021 due to the recent
acquisition of Quabit and planned debt issuance, but S&P expects it
will return below 5.0x in 2022.

S&P said, "On Jan. 11, 2021, the company announced the acquisition
of Quabit, and our assessment considers the successful closing of
the transaction, which we expect in the coming weeks. Quabit's more
leveraged capital structure and the recently issued EUR300 million
bond will increase the company's S&P Global Ratings-adjusted ratio
of gross debt to EBITDA above 5.0x in 2021 from 3.3x at year-end
2020. That said, we expect the company will reduce leverage below
5.0x in 2022, on the back of sustained demand for its products and
stable prices, which is in line with its strategy. Neinor's high
pre-sales rates--with 75% and 49% of total deliveries already sold
for 2021 and 2022, respectively--support cash flow visibility. As a
result, we expect Neinor will continue generating positive free
operating cash flow (FOCF), albeit at a lower level than previous
years, including our forecasts for over EUR200 million of land
acquisitions per year. We understand the company has no need to
acquire land plots, given its already large land bank, but will
selectively take advantage of any market opportunities to build its
development pipeline. Therefore, we believe the company's credit
metrics may improve more quickly than we currently anticipate.
Furthermore, we do not deduct cash on the balance sheet from our
debt calculation, in line with our criteria for the rating
assessment. However, we note sufficient cash on Neinor's balance
sheet of EUR250 million at year-end 2020."

Complementing its residential development operations, Neinor has a
servicing agreement with Kutxabank to manage its existing and
future portfolio of real estate assets until May 2022.

S&P said, "We understand the contract is currently under
negotiations and the company expects it to be renewed prior to
contract maturity. This servicing agreement provides stable and
recurring cash flow, since most fee revenue is fixed based on the
amount of assets under management. This business line represents an
EBITDA contribution of about EUR10 million per year. Similarly, the
company aims to develop its build-to-rent business line by
developing and holding a rental platform. It expects the rent
yielding portfolio will contribute about 20% of group EBITDA by
2024.

"The positive outlook indicates that we may raise the ratings
within the next 12 months if the company deleverages faster than we
expect under our base-case scenario, with debt to EBITDA moving
toward 4.0x and EBITDA interest coverage of at least 3x on a
sustainable basis."

The above scenario could be the case if the company integrates
Quabit successfully and expected synergies materialize quickly, or
if it takes a more prudent approach in land acquisitions.

An upgrade will also depend on Neinor maintaining a high level of
pre-sales for upcoming deliveries to offset economic uncertainties
in the Spanish housing real estate market.

S&P could revise the outlook to stable if Neinor fails to reach and
sustain debt to EBITDA close to 4x, or if EBITDA interest coverage
decreases significantly to below 3.0x. This would most likely
result from a deterioration in operating performance, which would
harm the company's profitability, or debt-funded land acquisitions
that delay its deleveraging strategy. A material deterioration of
Neinor's liquidity cushion would also be credit negative.


TDA RMBS: Fitch Affirms C Rating on 21 Tranches of 4 RMBS
---------------------------------------------------------
Fitch Ratings has affirmed 21 tranches of four Spanish
non-conforming RMBS transactions from the TdA series.

        DEBT                   RATING         PRIOR
        ----                   ------         -----
TDA 25, FTA

Class A ES0377929007     LT  Csf    Affirmed   Csf
Class B ES0377929015     LT  Csf    Affirmed   Csf
Class C ES0377929023     LT  Csf    Affirmed   Csf
Class D ES0377929031     LT  Csf    Affirmed   Csf

TDA 24, FTA

Series A2 ES0377952017   LT  CCCsf  Affirmed   CCCsf
Series B ES0377952025    LT  Csf    Affirmed   Csf
Series C ES0377952033    LT  Csf    Affirmed   Csf
Series D ES0377952041    LT  Csf    Affirmed   Csf

TDA 27, FTA

Class A2 ES0377954013    LT  CCCsf  Affirmed   CCCsf
Class A3 ES0377954021    LT  CCCsf  Affirmed   CCCsf
Class B ES0377954039     LT  Csf    Affirmed   Csf
Class C ES0377954047     LT  Csf    Affirmed   Csf
Class D ES0377954054     LT  Csf    Affirmed   Csf
Class E ES0377954062     LT  Csf    Affirmed   Csf
Class F ES0377954070     LT  Csf    Affirmed   Csf

TDA 28, FTA

Class A ES0377930005     LT  Csf    Affirmed   Csf
Class B ES0377930013     LT  Csf    Affirmed   Csf
Class C ES0377930021     LT  Csf    Affirmed   Csf
Class D ES0377930039     LT  Csf    Affirmed   Csf
Class E ES0377930047     LT  Csf    Affirmed   Csf
Class F ES0377930054     LT  Csf    Affirmed   Csf

TRANSACTION SUMMARY

The four transactions comprise Spanish residential mortgages
serviced by retail banks as follows:

TdA 24 is serviced by Liberbank, S.A. (BB+/B/Rating Watch
Positive), Union de Creditos para la Financiacion Inmobiliaria EFC,
SAU (Credifimo) an entity that is owned by Caixabank, S.A. (BBB+/
Negative/F2)) and Caixabank, S.A. with shares of around 63.5%,
29.6% and 6.9% of the current non-defaulted portfolio balance,
respectively.

TdA 25 is serviced by Credifimo and Banco de Sabadell, S.A.
(BBB-/Stable/F3) with shares of around 90.4% and 9.6%,
respectively.

TdA 27 is serviced by Banco Bilbao Vizcaya Argentaria, S.A.
(BBB+/Stable/F2), Caixabank, S.A., Kutxabank, S.A. (BBB+/Stable/F2)
and Credifimo with shares of 37.8%, 22.0%, 21.7% and 18.5%,
respectively.

TdA 28 is serviced by Banco Bilbao Vizcaya Argentaria, S.A. and
Credifimo with shares of 59.9% and 40.1%, respectively.

KEY RATING DRIVERS

All Ratings In Distressed Categories: The highest rating currently
assigned to the notes is 'CCCsf'. As Fitch's sector-specific RMBS
criteria do not explicitly include assumptions for rating scenarios
below 'Bsf', the analysis has been performed in accordance with
Fitch's Global Structured Finance Criteria. The rating analysis
follows an approach that projects the portfolio's expected
performance based on the current circumstances. Outstanding senior
swap termination payments (if any), liquidity facility repayments
due by the SPVs and structural features have been incorporated to
determine which distressed rating applies to each class of notes.

Weak Asset Performance: The transactions were issued at or around
the peak of the previous Spanish real estate cycle. The loan
portfolios have therefore experienced falling market prices and low
realised recovery rates on the substantial foreclosure activity
that occurred after the financial and sovereign crisis. Cumulative
defaults for all transactions are above the average 6.2% for other
Fitch-rated Spanish RMBS. This is partly explained by weaker
origination standards, as a significant part of these portfolios
was underwritten by Credifimo, a specialised lender targeting
mainly non-prime low-income borrowers. As a result, reserve funds
are fully depleted and principal deficiency ledgers remain large,
resulting in negative credit enhancement (CE) for all notes.

TdA 24 and TdA 27

Principal Deficiency Ledgers Constrain Ratings: The notes'
amortisation deficits remain elevated as reserve funds are fully
depleted and new defaults cannot be provisioned for with available
excess spread. Currently, principal deficiency ledgers represent
approximately 49.2% and 30.7% of the outstanding collateralised
notes balance for TdA 24 and TdA 27, respectively. Fitch believes
the transactions carry a substantial credit risk that implies
default is a real possibility for the senior notes and inevitable
for the mezzanine and junior notes.

Fitch expects TdA 27's class A2 notes could be fully repaid in the
next year if the strictly sequential amortisation of the notes is
maintained, as reflected by the 'CCCsf' rating. This transaction
has been under liquidation since 2016 with no accelerated asset
sale implemented by the trustee.

TdA 25 and TdA 28

Default Appears Inevitable: The notes' ratings are deeply
distressed because Fitch views default on all the notes as
inevitable, as reflected by ratings at 'Csf'. The balance of
performing collateral represents only 35.7% and 51.5% of the notes'
balance as of December 2020 for TdA 25 and TdA 28, respectively.
The swap termination process was initiated back in 2019 and TDA 28
has fully met its swap termination cost using cash collections from
the portfolio and drawing on liquidity facilities. EUR2.6 million
remains outstanding for TDA 25 as of December 2020.

Both transactions are implementing an accelerated liquidation of
the assets, including performing, defaulted and real-estate-owned
positions. The final liquidation date of both SPVs may occur
shortly, subject to completion of the competitive bidding process
on the assets that mandates amongst other conditions at least five
different bids for consideration.

ESG Factors

TDA 24, FTA has an ESG Relevance Score of 4 for Transaction &
Collateral Structure due to payment interruption risk, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors. In addition, it has an
ESG Relevance Score of 4 for Transaction Parties & Operational Risk
due to the very volatile and weak underwriting and servicing
standards of one of the lenders involved Credifimo, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

TDA 25, FTA has an ESG Relevance Score of 4 for Transaction &
Collateral Structure due to payment interruption risk, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors. In addition, it has an
ESG Relevance Score of 4 for Transaction Parties & Operational Risk
due to the very volatile and weak underwriting and servicing
standards of one of the lenders involved Credifimo, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

TDA 27, FTA has an ESG Relevance Score of 4 for Transaction &
Collateral Structure due to payment interruption risk, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors. In addition, it has an
ESG Relevance Score of 4 for Transaction Parties & Operational Risk
due to the very volatile and weak underwriting and servicing
standards of one of the lenders involved Credifimo, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

TDA 28, FTA has an ESG Relevance Score of 4 for Transaction &
Collateral Structure due to payment interruption risk, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors. In addition, it has an
ESG Relevance Score of 4 for Transaction Parties & Operational Risk
due to the very volatile and weak underwriting and servicing
standards of one of the lenders involved Credifimo, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

RATING SENSITIVITIES

TdA 24:

Development that may, individually or collectively, lead to
positive rating action/upgrade:

-- For the class A2 notes, a significant increase in recoveries
    on defaults that compensates negative CE and future credit
    losses, all else being equal.

Developments that may, individually or collectively, lead to
negative rating action/downgrade:

-- For the class A2 notes, continued low recoveries on defaults
    and negative excess spread that lead to further deterioration
    in CE.

-- The SPV is unable to meet the timely payment of interest on
    the notes if cash collections from the assets are low and the
    payable interest rate on the notes is greater than zero.

-- A longer-than-expected coronavirus crisis that erodes
    macroeconomic fundamentals and the mortgage market in Spain
    beyond Fitch's current base case and downside sensitivities.
    CE ratios unable to fully compensate the credit losses and
    cash flow stresses associated with the current ratings
    scenarios, all else being equal.

TdA 25, TdA 28:

Development that may, individually or collectively, lead to
positive rating action/upgrade:

-- Larger than expected sale proceeds on the securitized
    portfolios that result in higher principal payments to the
    rated tranches.

Developments that may, individually or collectively, lead to
negative rating action/downgrade:

-- For the class A notes in both transactions, a lower than
    expected sale proceeds on the securitised portfolio that
    result in lower principal payments to the rated notes.

-- The SPVs are unable to meet the timely payment of interest on
    the notes if large senior termination costs are still
    outstanding, cash collections from the assets are low and the
    payable interest rate on the notes is greater than zero.

-- A longer-than-expected coronavirus crisis that erodes
    macroeconomic fundamentals and the mortgage market in Spain
    beyond Fitch's current base case and downside sensitivities.
    CE ratios unable to fully compensate the credit losses and
    cash flow stresses associated with the current ratings
    scenarios, all else being equal.

TdA 27:

Development that may, individually or collectively, lead to
positive rating action/upgrade:

-- For the class A2 notes, a significant increase in recoveries
    on defaults that compensates negative CE and future credit
    losses, all else being equal.

Developments that may, individually or collectively, lead to
negative rating action/downgrade:

-- For the class A2 notes, a switch to pro-rata amortisation with
    the class A3 notes subject to late stage arrears increasing
    over 6% of the non-defaulted portfolio balance (0.5%
    currently).

-- For the class A3 notes continued low recoveries on defaults
    and negative excess spread that will lead to further
    deterioration in CE.

-- The SPV is unable to meet the timely payment of interest on
    the senior notes if large senior termination costs are still
    outstanding, cash collections from the assets are low and the
    payable interest rate on the notes is greater than zero.

-- A longer-than-expected coronavirus crisis that erodes
    macroeconomic fundamentals and the mortgage market in Spain
    beyond Fitch's current base case and downside sensitivities.
    CE ratios unable to fully compensate the credit losses and
    cash flow stresses associated with the current rating
    scenarios, all else being equal.

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

TDA 24, FTA, TDA 25, FTA, TDA 27, FTA, TDA 28, FTA

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. 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.

Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the TDA 24, FTA, TDA 25, FTA,
TDA 27, FTA, TDA 28, FTA initial closing. The subsequent
performance of the transactions over the years is consistent with
the agency's expectations given the operating environment and Fitch
is therefore satisfied that the asset pool information relied upon
for its initial rating analysis was adequately reliable.

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.

ESG CONSIDERATIONS

TDA 24, FTA: Transaction & Collateral Structure: 4, Transaction
Parties & Operational Risk: 4

TDA 25, FTA: Transaction & Collateral Structure: 4, Transaction
Parties & Operational Risk: 4

TDA 27, FTA: Transaction & Collateral Structure: 4, Transaction
Parties & Operational Risk: 4

TDA 28, FTA: Transaction & Collateral Structure: 4, Transaction
Parties & Operational Risk: 4

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.

VIA CELERE: Fitch Puts Final BB Rating on EUR300MM Sr. Sec. Notes
-----------------------------------------------------------------
Fitch Ratings has assigned a final rating of 'BB'/'RR3' to Spanish
housebuilder Via Celere Desarrollos Inmobiliarios, S.A.'s EUR300
million senior secured notes and affirmed its Long-Term Issuer
Default Rating (IDR) at 'BB-'. The Outlook on the IDR is Stable.

The IDR reflects Via Celere's solid business profile, which
benefits from its large owned land bank and its vertically
integrated business model, with in-house design and construction
capabilities. The high leverage (FY20 - the financial year to
end-December 2020 - funds from operations (FFO) net leverage: 3.7x)
is a rating constraint, although Fitch expects this to improve over
the next three years when the first build-to-rent (BTR) portfolio
is completed and sold. The traditional build-to-sell (BTS) division
constitutes the backbone of the business and is expected to deliver
around 1,500 units in each of the next two years.

KEY RATING DRIVERS

Solid Business Profile: Via Celere is a Spain-focused homebuilder
resulting from the merger of different small market participants
over the past fifteen years. The company targets the mid to
mid-high value residential segment in the largest cities of Spain.
The availability of land, sourced through past acquisitions and
business aggregations, is a credit strength. With 21,189 units
owned at end-FY20, Via Celere has more than ten years' equivalent
of production, based on the 1,932 units delivered through the year.
The company has a vertically integrated business model, enabling
the management to oversee each phase of developments, from land
sourcing to urban planning to project and construction management.

Large Land Bank Available: More than half of the land owned is
fully permitted or under construction (12,563 units), while 6,195
units constitutes strategic land - land suitable for development
with pending planning. The 2,431 remaining units are allocated to
the initial BTR portfolio. Around 80% of the total land bank by
units and gross asset value is in five of the six most populated
provinces of Spain (Madrid, Barcelona, Valencia, Malaga and
Sevilla). These provinces have local communities that contributed
to more than 60% of the total Spanish GDP for 2019.

Low Cancellation Rate: Via Celere's marketing process of new
developments starts six to twelve months before getting the full
license (the final step of planning permission, when construction
works can start). When the license is obtained, Via Celere locks
down the pre-sales by getting the purchaser to sign a sale and
purchase agreement, obtaining an upfront, non-reimbursable, payment
of 10% of the total value from its customers. An additional 10% is
then received monthly until the delivery date. Upfront payments
deter clients from walking away from reservations and in FY20 only
18 contracts were cancelled (FY20 net sales: 1,155 units).

Pre-Sales Provide Revenue Visibility: Via Celere initiates new
residential schemes once planning permission is obtained and
financing is procured. Financial institutions usually require
30%-50% pre-sales to grant developer financing for each new scheme:
this being a further incentive for Via Celere to achieve a similar
threshold. The non-refundable nature of the deposits together with
the pre-sales strategy partly de-risks the development pipeline and
provides high revenue visibility. At end-2020 the orderbook had
2,844 units (or EUR762 million), covering 78%, 67% and 41% of the
management's targeted sales for each of the next three years (FY21
to FY23), respectively.

High Leverage Expected to Improve: FFO gross and net leverage
ratios at end-2020 are high at 5.0x and 3.7x, respectively.
Pro-forma for the EUR300 million notes issuance, the FFO gross
leverage will increase further to around 7.4x. Fitch views the
increase in leverage as temporary, given the company's ability to
generate positive operating cash flow aided by the availability of
land. The cash generated by the BTR division can be lumpy, and
subject to the life cycle of each project development, including
its value and timing of its sale to institutional investors, and
therefore the BTS business offers a more stable backbone to the
group's profile.

Fitch forecasts the BTS business to generate FFO of EUR40
million-50 million annually in FY21-FY23, assuming around 1,500
units are delivered each year. This equates to FFO net leverage of
below 1.0x at end-FY24, when Fitch expects the first two BTR
portfolios to be delivered and monetised.

Senior Secured Rating: Under Fitch's Corporate Recovery Ratings and
Instrument Ratings Criteria updated on 9 April 2021, the secured
debt of a company with a 'BB-' IDR can be rated up to two notches
from the IDR with a recovery rating of 'RR2'. Like other 'BB-'
rated Spanish homebuilders, Via Celere's secured debt has a
one-notch uplift to 'BB' and a 'RR3' Recovery Rating, reflecting
the significant volatility of collateral values in this asset class
in Spain

DERIVATION SUMMARY

Via Celere is a merger of various smaller Spanish entities from
over the past 15 years. The owned land bank (21,189 units at
end-FY20) is a distinctive feature, making the company the largest
owner of land out of its domestic peers, with Neinor Homes S.A.
(BB-/Stable) being the second largest with around 16,600 units
owned. As opposed to its UK-based peer Miller Homes Group Holdings
plc (BB-/Stable), Via Celere does not hold options to buy land (a
common practice in the UK). In Spain, rather, the seller may offer
deferred payment terms to the buyer of the land, thus limiting the
homebuilder's cash outflow at the time of the acquisition.

Some of the largest Spanish housebuilders with a good availability
of land are now exploring the BTR segment as it allows them to sell
a whole development in bulk, reducing the stock of land previously
amassed. Via Celere's approach to BTR has a speculative component
as the company does not have pre-sale agreements with investors
when it starts its projects. Neinor Homes is also dedicating its
construction expertise and land bank to BTR but, unlike Via Celere,
it intends to keep the BTR assets on its balance sheet, becoming a
rental operator for such properties.

Via Celere's output is typically a mid- to mid-high-value segment
of large multi-family condominium built in prominent cities with an
average selling price (ASP) of EUR316,000 (Neinor Homes' ASP:
EUR280,000). The products offered by Via Celere differ from that
offered by Miller Homes' whose focus is on single-family homes in
selected regions of the UK away from London. In this regard, Via
Celere's output is more similar to that of the German homebuilder
CONSUS Real Estate AG (B-/Stable), which is well represented in
central city locations across Germany. The creation of a dedicated
portfolio to be sold to institutional investors is also common to
both Via Celere and Consus, although the German housebuilder was
forward-selling its developments ahead of completion before its
current ownership by ADO Properties SA.

The capital structure of Via Celere, following the EUR300 million
issuance, is similar to that of Neinor Homes, which also issued its
inaugural EUR300 million senior secured notes in April 2021.
Similarly, the two Spanish housebuilders might reduce the size of
their developer loans over time, depending on their ability to
generate adequate free cash flow. Miller Homes' FFO net leverage is
lower than Via Celere (FY19: 1.7x). This reflects the more
established nature of its business, considering that Via Celere
only recently established its "platform" to deliver future growth
and potential for deleverage. Consus's weaker financial profile is
the result of delayed profits.

Each peer has different financial policies. Rather than penalise a
company for its private equity ownership and assume that cash will
be extracted out of the group, despite new bonds' permitted
distribution mechanisms, Fitch has been transparent in disclosing
and, where appropriate, replicating management's intentions to
target certain financial policies over the rating horizon.

If Via Celere's management accelerated improvements in financial
metrics it could warrant an upgrade as detailed in the rating
sensitivities. Equally, if dividend payouts and use of cash changed
and worsened metrics, the ratings could be downgraded. For these
Spanish homebuilders, Fitch's forecasts - which its forward-looking
ratings are based on - depend on maintaining or increasing FY20
operational capacity, sales momentum, and disciplined ASPs,
providing visibility on gross margins and resultant financial
policy.

KEY ASSUMPTIONS

-- Land spend limited to partially replenish the land bank used
    in future developments, halving the over 20,000 units
    currently available;

-- 1,425 units sold (BTS) per year in FY21 and FY22 at an average
    selling price of EUR276,000 per unit;

-- First BTR portfolio to be completed and delivered in FY23;

-- Larger dividends will be paid in FY23, resulting from the BTR
    monetization.

RATING SENSITIVITIES

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

-- Successful completion and delivery of the BTR portfolio by
    FY24, materially improving the group's net debt position for
    the long term;

-- FFO net leverage sustainably below 2.0x.

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

-- Failure to reduce FFO net leverage below 3.5x by the time the
    first BTR portfolio is expected to be delivered (FY23);

-- Shareholder-friendly policy leading to a deterioration of the
    leverage metrics.

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

Abundant Liquidity: The prospective EUR300 million secured notes
issuance will add meaningful liquidity to Via Celere. The only debt
maturing in the next five years - before the new notes due in March
2026 - will be the development loans taken by the company to fund
each development, which are typically repaid when the units are
delivered. Fitch forecasts the company to maintain a solid cash
balance over the next four years given the strong cash flow
generation aided by the limited land bank spending.



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

CAFFE NERO: To Reopen St Neots Branch in Coming Weeks
-----------------------------------------------------
Julian Makey at The Hunts reports that coffee firm Caffe Nero will
reopen its St Neots branch in the "coming weeks" after a full
refurbishment, the company has said.

There was surprise in the town when the cafe closed its doors
suddenly a few weeks ago.

Caffe Nero, which has around 1,000 outlets worldwide and employs
about 5,000 people, has said the lockdowns caused by the
coronavirus pandemic had "decimated" trade, The Hunts relates.

According to The Hunts, the firm, which also has a branch in
Huntingdon, has had to close branches temporarily because of the
pandemic and has been involved in a Company Voluntary Arrangement
(CVA) restructuring which would see rent cuts and changes to
leases.  It has also been facing a takeover bid, The Hunts notes.

A spokesman for Caffe Nero, as cited by The Hunts, said: "Having
reached an agreement to remain at the site, the store is currently
undergoing a full refurbishment and will reopen in the coming weeks
when that is complete.

"All the store team have remained with Caffe Nero and will be able
to return to the store when it re-opens."


DEBENHAMS PLC: Announces Final Closing Dates for 52 Stores
----------------------------------------------------------
Elias Jahshan at Retail Gazette reports that Debenhams has
announced the final closing dates for 52 of its stores less than a
fortnight after they reopened with the easing of lockdown
restrictions on non-essential retail.

On April 12, the department store chain reopened 97 stores in
England and Wales to complete its final closing down sale as part
of its liquidation process, and would continue to trade for a
limited number of weeks until the stock in the stores is fully
cleared, Retail Gazette relates.

According to Retail Gazette, Debenhams said at the time that the
stores would start to close permanently from May 2, with the stock
clearance completed and final store closures to take place by May
15.

This week, the collapsed retailer confirmed the location of stores
across England and Wales that would shut down on May 2, May 4 and
8, Retail Gazette notes.

In total, 52 stores will shut down for good, leaving 45 to continue
trading until May 15, Retail Gazette states.

Debenhams went into liquidation in December, after an
administration process that started in April failed to secure any
buyers to save the department store chain, Retail Gazette
recounts.

Debenhams' administrators said the Scottish Government's lockdown
exit timeline did not align with those expected in other parts of
the UK, prompting it to make the decision to not reopen its
Scottish stores briefly as it has done so in England and Wales,
Retail Gazette relays.

The department store also plans to briefly reopen its remaining
four stores in Northern Ireland, with administrators confirming
that it would do so when the country's lockdown on non-essential
retail is lifted on April 30, Retail Gazette says.

With all of Debenhams' stores closing down permanently as part of
the liquidation and wind-down process, it means up to 12,000 staff
would not have their jobs saved, according to Retail Gazette.

That administration was also the second of its kind that Debenhams
had launched within the space of 12 months, Retail Gazette notes.

The first administration in 2019 was followed up by CVA that saw it
close down scores of stores immediately after the Christmas trading
season that year, Retail Gazette recounts.


DOWSON 2021-1: Moody's Assigns B1 Rating to GBP13.1M Class E Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to Notes issued by Dowson 2021-1 plc:

GBP199.8M Class A Floating Rate Notes due March 2028, Definitive
Rating Assigned Aaa (sf)

GBP29.4M Class B Floating Rate Notes due March 2028, Definitive
Rating Assigned Aa2 (sf)

GBP23.5M Class C Floating Rate Notes due March 2028, Definitive
Rating Assigned A3 (sf)

GBP16.2M Class D Floating Rate Notes due March 2028, Definitive
Rating Assigned Ba1 (sf)

GBP13.1M Class E Floating Rate Notes due March 2028, Definitive
Rating Assigned B1 (sf)

GBP11.8M Class F Floating Rate Notes due March 2028, Definitive
Rating Assigned Caa2 (sf)

GBP29.3M Class X Floating Rate Notes due March 2028, Definitive
Rating Assigned Caa2 (sf)

RATINGS RATIONALE

The Notes are backed by a static pool of UK auto finance contracts
originated by Oodle Financial Services Limited ("Oodle") (NR). This
is the third public securitisation transaction sponsored by Oodle.
The originator will also act as the servicer of the portfolio
during the life of the transaction.

The portfolio of auto finance contracts backing the Notes consists
of Hire Purchase ("HP") agreements granted to individuals resident
in the United Kingdom. Hire Purchase agreements are a form of
secured financing without the option to hand the car back at
maturity. Therefore, there is no explicit residual value risk in
the transaction. Under the terms of the HP agreements, the
originator retains legal title to the vehicles until the borrower
has made all scheduled payments required under the contract.

The portfolio of assets amount to approximately GBP293,857,799 as
of March 18, 2021 pool cut-off date. The portfolio consisted of
33,990 agreements mainly originated in 2020 and predominantly made
of used (99%) vehicles distributed through national and regional
dealers as well as brokers. It has a weighted average seasoning of
10.3 months and a weighted average remaining term of 3.9 years.

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

The transaction's main credit strengths are the significant excess
spread, the static and granular nature of the portfolio, and
counterparty support through the back-up servicer (Equiniti Gateway
Limited (NR)), interest rate hedge provider (BNP Paribas (Aa3(cr)/
P-1(cr)) and independent cash manager (Citibank N.A., London Branch
(Aa3(cr)/ P-1(cr)). The structure contains specific cash reserves
for each asset-backed tranche which cumulatively equal 1.34% of the
pool and will amortise in line with the notes. Each tranche reserve
will be purely available to cover liquidity shortfalls related to
the relevant Note throughout the life of the transaction and can
serve as credit enhancement following the tranche's repayment. The
Class A reserve provides approximately 7 months of liquidity at the
beginning of the transaction. The portfolio has an initial yield of
17.17% (excluding fees). Available excess spread can be trapped to
cover defaults and losses, as well as to replenish the tranche
reserves to their target level through the waterfall mechanism
present in the structure.

However, Moody's notes some credit weaknesses in the transaction.
First, the pool includes material exposure to higher risk
borrowers. For example, some borrowers may previously have been on
debt management plans, received county court judgments within
recent years, or currently be in low level arrears on other
unsecured contracts. Although these features are reflected in the
originator's scorecard, and exposure to the highest risk borrowers
(risk tiers 6-8 under the originator's scoring) is limited at 8.9%
of the pool, the effect is that the pool is riskier than a typical
benchmark UK prime auto pool. Second, operational risk is higher
than a typical UK auto deal because Oodle is a small, unrated
entity acting as originator and servicer to the transaction. The
transaction envisages certain structural mitigants to operational
risk such as a back-up servicer, independent cash manager, and
tranche specific cash reserves, which cover approximately 7 months
of senior fees, swap payments and interest on Class A Notes at deal
close. Third, the structure does not include principal to pay
interest for any class of Notes. Therefore, timely payment of
interest on the Notes depends on excess spread and the tranche
specific cash reserves combined with the back-up servicing
arrangement. Fourth, the historic vintage default and recovery data
is limited, reflecting Oodle's short history (it began lending
meaningful amounts in its current form in 2018). The portfolio
performance data covers approximately four years.

Moody's analysis focused, among other factors, on (i) an evaluation
of the underlying portfolio; (ii) historical performance
information; (iii) the credit enhancement provided by
subordination, by the excess spread and the tranche reserves; (iv)
the liquidity support available in the transaction through the
tranche reserves; (v) the back-up servicing arrangement of the
transaction; (vi) the independent cash manager and (vii) the legal
and structural integrity of the transaction.

Moody's determined portfolio lifetime expected defaults of 17.0%,
expected recoveries of 30.0% and a Aaa portfolio credit enhancement
("PCE") of 40.0% related to the borrower receivables. The expected
default captures Moody's expectations of performance considering
the current economic outlook, while the PCE captures the loss
Moody's expect the portfolio to suffer in the event of a severe
recession scenario. Expected defaults and PCE are parameters used
by Moody's to calibrate its lognormal portfolio default
distribution curve and to associate a probability with each
potential future default scenario in its ABSROM cash flow model.

The portfolio expected mean default level of 17.0% is higher than
other UK auto transactions and is based on Moody's assessment of
the lifetime expectation for the pool taking into account (i) the
higher average risk of the borrowers, (ii) the historic performance
of the loan book of the originator, (iii) benchmark transactions
and (iv) other qualitative considerations.

The PCE of 40.0% is higher than the average of its UK auto peers
and is based on Moody's assessment of the pool taking into account
the higher risk profile of the pool borrowers and relative ranking
to originator peers in the UK auto and consumer markets. The PCE of
40% results in an implied coefficient of variation ("CoV") of
29.7%.

CURRENT ECONOMIC UNCERTAINTY:

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

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

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
December 2020.

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

Factors that would lead to an upgrade of the ratings of Class B-X
Notes include significantly better than expected performance of the
pool together with an increase in credit enhancement of Notes.

Factors that would lead to a downgrade of the ratings include: (i)
increased counterparty risk leading to potential operational risk
of (a) servicing or cash management interruptions and (b) the risk
of increased swap linkage due to a downgrade of swap counterparty
ratings; and (ii) economic conditions being worse than forecast
resulting in higher arrears and losses.

DOWSON 2021-1: S&P Assigns BB+ (sf) Rating on Class E Notes
-----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Dowson 2021-1
PLC's (Dowson) asset-backed floating-rate class A, B, C, D, E,
F-Dfrd, and X-Dfrd notes.

The class X-Dfrd notes are excess spread notes. The proceeds from
the class X-Dfrd notes were used to fund the initial required cash
reserves, the premium portion of the purchase price, and pay
certain issuer expenses and fees (including the cap premium).

Dowson 2021-1 is the third public securitization of U.K. auto loans
originated by Oodle Financial Services Ltd. S&P also rated the
first and second securitization, Dowson 2019-1 PLC and Dowson
2020-1 PLC, which closed in September 2019 and March 2020,
respectively.

Oodle is an independent auto lender in the U.K., with a focus on
used car financing for prime and near-prime customers.

The underlying collateral comprises U.K. fully amortizing
fixed-rate auto loan receivables arising under hire purchase (HP)
agreements granted to private borrowers resident in the U.K. for
the purchase of used and new vehicles. There will be no personal
contract purchase (PCP) agreements in the pool. Therefore, the
transaction will not be exposed to residual value risk.

Collections will be distributed monthly with separate waterfalls
for interest and principal collections, and the notes will amortize
fully sequentially from day one.

A dedicated reserve ledger for each class A, B, C, D, E, and F-Dfrd
notes is in place to pay interest shortfalls for the respective
class over the transaction's life, any senior expense shortfalls,
and once the collateral balance is zero or at legal final maturity,
to cure any principal deficiencies. The required reserve amount for
each class amortizes in line with the outstanding note balance.

A combination of note subordination, the class-specific cash
reserves, and any available excess spread provides credit
enhancement for the rated notes.

Commingling risk is partially mitigated by sweeping collections to
the issuer account within two business days, and a declaration of
trust is in place over funds within the collection account. S&P
said, "However, due to the lack of minimum required ratings and
remedies for the collection account bank, we have assumed one week
of commingling loss in the event of the account provider's
insolvency. We consider that the transaction is not exposed to any
setoff risk because the originator is not a deposit-taking
institution, has not underwritten any insurance policies for the
borrowers, and there are eligibility criteria preventing loans to
employees of Oodle from being in the securitization."

Oodle is the initial servicer of the portfolio. A moderate severity
and portability risk along with a moderate disruption risk
initially caps the maximum potential ratings on the notes at 'AA'
in the absence of a back-up sevicer. However, following a servicer
termination event, including insolvency of the servicer, the
back-up servicer, Equiniti Gateway, will assume servicing
responsibility for the portfolio. S&P said, "We have therefore
incorporated a three-notch uplift, which achieves maximum potential
ratings on the notes at 'AAA' under our operational risk criteria.
Therefore, our operational risk criteria do not constrain our
ratings on the notes."

The assets pay a monthly fixed interest rate, and all notes pay
compounded daily sterling overnight index average (SONIA) plus a
margin subject to a floor of zero. Consequently, these classes of
notes will benefit from an interest rate cap.

Interest due on the all classes of notes, other than the most
senior class of notes outstanding, is deferrable under the
transaction documents. Once a class becomes the most senior,
interest is due on a timely basis. S&P said, "However, although
interest can be deferred, our ratings on the class A, B, C, D, and
E notes address timely payment of interest and ultimate payment of
principal. Our ratings on the class F-Dfrd and X-Dfrd notes address
the ultimate payment of interest and ultimate payment of
principal."

The transaction also features a clean-up call option, whereby on
any interest payment date when the outstanding principal balance of
the assets is less than 10% of the initial principal balance, the
seller may repurchase all receivables, provided the issuer has
sufficient funds to meet all the outstanding obligations.
Furthermore, the issuer may also redeem all classes of notes at
their outstanding balance together with accrued interest on any
interest payment date on or after the optional redemption call date
in September 2023.

S&P said, "Our ratings on the transaction are not constrained by
our structured finance sovereign risk criteria. We expect that the
remedy provisions at closing will adequately mitigate counterparty
risk in line with our counterparty criteria. The legal opinions
adequately address any legal risk in line with our criteria."

Ratings

CLASS    RATING     AMOUNT (MIL. GBP)
A        AAA (sf)   199.80
B        AA- (sf)    29.40
C        A (sf)      23.50
D        BBB (sf)    16.20
E        BB+ (sf)    13.10
F-Dfrd   CCC (sf)    11.80
X-Dfrd   CCC (sf)    29.30


G4S PLC: S&P Lowers ICR to 'B' After Sale to Allied Universal
-------------------------------------------------------------
S&P Global Ratings lowered the issuer credit rating on G4S PLC and
the issue rating on its senior unsecured debt to 'B' from 'BBB-'.
S&P also removed the ratings from CreditWatch, where S&P placed
them with negative implications on Feb. 26, 2021.

The rating action follows the announcement that Allied Universal
Topco LLC has completed its acquisition of G4S PLC.

S&P said, "We consider G4S to be a core operating subsidiary of
Allied Universal because we consider it to be a key earnings
generator for the combined group going forward, contributing about
50% of the group's revenue. The ratings and outlook therefore
mirror those on Allied Universal.

"We align the stable outlook on G4S with that on Allied Universal
following its takeover of G4S. It reflects our view that S&P Global
Ratings-adjusted debt to EBITDA will be sustained at 8x, reflecting
the company's acquisitive growth strategy. It also reflects that
Allied Universal will maintain sufficient liquidity to manage its
operations while successfully integrating G4S during a potentially
challenging labor market."

S&P could lower the ratings on G4S if:

-- Adjusted EBITDA margins and free operating cash flow (FOCF)
decline more than S&P's currently expect, on a sustained basis;
and

-- The group becomes increasingly reliant on its revolving credit
facility borrowing to fund operations.

This could occur if Allied Universal has difficulty integrating
G4S, employee turnover increases, bill or pay rates deteriorate, or
Allied Universal experiences market share losses due to poor
service quality and reputational damage. S&P could also lower the
rating if Allied Universal pursues debt-funded dividends or
nonaccretive mergers and acquisitions.

S&P said, "We could raise our rating if it reduces its leverage
below 7.5x on a sustained basis, with FOCF to debt of about 1%-3%.
However, we think this is unlikely given its financial sponsor
ownership and the associated releveraging risk. In addition, we
could raise the rating if the company materially expands into the
more profitable security technology segment."


LIBERTY STEEL: Sanjeev Gupta Running Out of Time to Save Business
-----------------------------------------------------------------
Simon Jack at BBC News reports that the time is fast approaching
when the government's resolve to save the UK's third largest steel
maker will be tested.

Sanjeev Gupta is desperately seeking a source of operating cash to
replace the collapsed financier Greensill Capital which kept
Liberty Steel owners GFG (Gupta Family Group) Alliance afloat, the
BBC notes.

According to the BBC, company sources admit they are looking at
selling current inventory for short-term cash with a view to buying
it back when needed -- a practice it insists is not uncommon.

Speaking to the BBC last week, Business Secretary Kwasi Kwarteng
said: "We should take him at his word and give him time to find
finance."

But time is running out as "victims" of the Greensill collapse
prepare their claims to liquidate some of the assets Gupta pledged
to Greensill to keep the cash flowing, the BBC notes.

Applications to compel the liquidation (winding up orders) of three
Liberty Steel group companies have been filed and were originally
due to be heard by a judge next week, the BBC relates.

Insolvency experts say winding up orders are the "nuclear option"
for creditors trying to get their money back and their very
existence will severely hamper Mr. Gupta's own attempts to save the
business, the BBC notes.

Alex Jay from Stewarts Law told the BBC: "Winding up petitions are
one of the most aggressive steps in a creditors' armoury -- they
can lead to the end of a company's life and carry other very
draconian legal consequences.  The fact that petitions are being
pursued against the Liberty businesses means that creditors plainly
think they need to move quickly and urgently to protect their
position.

"The winding up petitions add significant pressure and urgency to
any rescue measures that are being considered.  Any external
financers will also be looking very closely at the winding up
proceedings, in particular, what is being alleged, and what is
owed, and this may be an obstacle to securing new finance."

Mr. Gupta knows full well how damaging this is.  In a letter to the
business secretary dated 20 April he refers to them as "damaging
actions pursued by some parties".

The date for the hearing of these applications was originally
scheduled for early May but the BBC understands that timeframe is
expected to slip due to new COVID-related rules designed to prevent
the hasty liquidation of firms damaged by the pandemic, the BBC
discloses.

According to the BBC, Mr. Gupta is expected to say that Liberty
fits that description as orders from aerospace customers plunged as
international travel collapsed.

However, people familiar with the matter say the creditors' real
concern is not falling aerospace orders but that no-one seems to be
able to locate GBP3 billion of finance that creditors allege
Greensill advanced to Mr. Gupta and remains unpaid and unaccounted
for Mr. Gupta denies any wrongdoing and maintains his business
dealings have been transparent throughout, the BBC relates.

However, the government has already turned down a request from Mr.
Gupta for a taxpayer bailout of GBP170 million citing concerns
about the "opaque" nature of his metal empire, the BBC recounts.

In any event, if the court applications are granted, the
government's hand may be forced.

A winding up order would see the appointment of an official
receiver tasked with liquidating the company, which employs 5,000
people, according to the BBC.  At that point, the government would
have to decide whether it would instruct the receiver to keep the
company going at tax payer expense, the BBC states.


LIBERTY STEEL: U.K. Parliamentary Committee Begins Inquiry
----------------------------------------------------------
Eddie Spence at Yahoo!Finance reports that a U.K. parliamentary
committee has begun an inquiry into Sanjeev Gupta's Liberty Steel
after the collapse of the company's biggest lender pushed it to the
brink.

According to Yahoo!Finance, the Business, Energy and Industrial
Strategy Committee will probe the financial support governments
have given to the steelmaker, as well as the role of supply chain
financing in its current difficulties.

Liberty, a division of Gupta's GFG Alliance, was forced to ask the
U.K. for a GBP170 million (US$236 million) bailout after lender
Greensill Capital fell into administration, Yahoo!Finance recounts.
The request was rejected, Yahoo!Finance notes.

The inquiry, which will hold its first session in late May, will
also examine whether Liberty Steel should be saved from collapse,
Yahoo!Finance discloses.  Already three French units of the broader
group have been put into voluntary administration, while others in
France and Belgium have sought protection from their creditors,
Yahoo!Finance relays.




                           *********


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,
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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
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Information contained herein is obtained from sources believed to
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                * * * End of Transmission * * *