/raid1/www/Hosts/bankrupt/TCREUR_Public/210505.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Wednesday, May 5, 2021, Vol. 22, No. 84

                           Headlines



C R O A T I A

3 MAJ: Net Loss Up 24.9% to HRK8.8MM in First Quarter 2021


F I N L A N D

FROSN-2018 DAC: DBRS Confirms B(high) Rating on Class E Notes


F R A N C E

HOLDING SOCOTEC: Moody's Rates New EUR800MM Sr. Sec. Term Loan 'B2'
IM GROUP: Moody's Affirms B3 CFR & Alters Outlook to Positive


G E O R G I A

LIBERTY BANK: S&P Withdraws 'B/B' Issuer Credit Ratings


G E R M A N Y

MAHLE GMBH: Moody's Rates New EUR2B Senior EMTN Programme '(P)Ba1'
NEW VAC: Moody's Affirms Caa1 CFR & Alters Outlook to Stable
PACCOR HOLDINGS: Moody's Lowers CFR to B3, Outlook Stable


G R E E C E

PUBLIC POWER: S&P Alters Outlook to Positive, Affirms 'B' ICR


I R E L A N D

CROSTHWAITE PARK: Moody's Gives (P)B3 Rating to EUR15M Cl. E Notes
MADISON PARK VI: Moody's Affirms B3 Rating to EUR12.8M Cl. F Notes


L U X E M B O U R G

FAGE INTERNATIONAL: S&P Affirms 'B+' ICR, Alters Outlook to Stable
ION TRADING: Moody's Rates New Guaranteed Sr. Secured Notes 'B3'


N E T H E R L A N D S

PEER HOLDING III: S&P Alters Outlook to Pos., Affirms 'B+' LT ICR


R O M A N I A

ROMCAB TARGU: Receives Another Bankruptcy Request from Valtecia


R U S S I A

SPASSKIYE: Bank of Russia Terminates Provisional Administration


S P A I N

RURAL HIPOTECARIO VII: Moody's Hikes EUR23.7M Class C Notes to Ba2


S W E D E N

SAS AB: S&P Downgrades ICR to 'CCC' on Risk of Liquidity Shortfall


U N I T E D   K I N G D O M

TULLOW OIL: Moody's Puts Caa1 CFR Under Review for Upgrade
TULLOW OIL: S&P Rates New $1.8BB Senior Secured Notes 'B-'
WIGAN ATHLETIC: Fans Get Back Money Raised During Administration
[*] UK: Co. Insolvencies Down to Lowest Level in More Than 30 Years
[*] UK: Two Fifth of Scottish Businesses May Run Out of Cash


                           - - - - -


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C R O A T I A
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3 MAJ: Net Loss Up 24.9% to HRK8.8MM in First Quarter 2021
----------------------------------------------------------
SeeNews reports that Croatian shipyard 3. Maj said its net loss
expanded by 24.9% year-on-year to HRK8.8 million (US$1.4
million/EUR1.2 million) in the first quarter of 2021.

According to SeeNews, the company said in an interim financial
statement operating revenue soared to HRK65.9 million in
January-March, compared with HRK4.5 million in the like period of
2020, while operating costs jumped to HRK74.7 million from HRK10.6
million.

3 Maj is part of troubled Croatian shipbuilding group Uljanik.  The
group also includes Uljanik Shipyard, along with smaller
subsidiaries.

In May 2019, a Croatian court decided to launch bankruptcy
proceedings against Uljanik Shipyard and the Uljanik Group at the
request of the government's financial agency, citing the companies'
overdue debt, SeeNews relates.

3 Maj avoided the launch of bankruptcy proceedings in September
2019 after the government decided to issue guarantees for a HRK150
million loan from state-owned development bank HBOR to the
shipbuilding company, SeeNews recounts.




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F I N L A N D
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FROSN-2018 DAC: DBRS Confirms B(high) Rating on Class E Notes
-------------------------------------------------------------
DBRS Ratings GmbH downgraded its ratings on the Class A2 and Class
B notes of FROSN-2018 DAC (the Issuer) as follows:

-- Class A2 to AA (low) (sf) from AA (high) (sf)
-- Class B to A (sf) from A (high) (sf)

DBRS Morningstar confirmed the ratings on the remaining classes as
follows:

-- Class RFN at AAA (sf)
-- Class A1 at AAA (sf)
-- Class C at BBB (high) (sf)
-- Class D at BB (high) (sf)
-- Class E at B (high) (sf)

DBRS Morningstar changed the trends on the Class A1 through E notes
to Negative from Stable. The trend on Class RFN remains Stable.

The rating downgrades are to align DBRS Morningstar's ratings
following the increased drawdown of the capex facility. In its last
review, DBRS Morningstar considered the possibility of the capex
loan being prepaid at the first loan maturity given the limited
usage of the capex facility then. As such, only part of the capex
facility was considered when analyzing the senior loan at the last
review. However, the sponsor has extended the senior loan as well
as stepped up capex spending since then; thus, DBRS Morningstar has
now included the full capex facility in its analysis hence the
downgrade on the Class A2 and B notes.

The Negative trend changes were driven by the continuous
performance deterioration since the last review. This is mainly
evidenced by the increasing of vacancy to 42.8% from 37.9% at the
last review. However, given the October 2020 valuation has
concluded a slightly higher market value (MV) and the increased
capex spending from the sponsor, DBRS Morningstar considers that a
performance pick-up is still possible thus did not revise its
underwriting assumption at this review. Nevertheless, should the
portfolio's performance continue its downward trajectory in the
next 12 months, DBRS Morningstar will revise its underwriting,
which could result in further downgrades.

The Issuer is a securitization of one floating-rate EUR 590.9
million senior commercial real estate loan, which was advanced by
Morgan Stanley and Citibank, N.A., London Branch. The loan
refinanced the existing indebtedness of the borrowers as well as
providing capex to the underlying collateral. The collateral
consisted of 63 mixed office and retail properties located
throughout Finland. As of the Q1 2021 interest payment date, only
47 assets remained, with a total EUR 320.8 million senior loan
balance.

As mentioned above, the performance of the remaining portfolio
continues to trend down. Based on the Q1 2021 servicer report, the
gross rental income (GRI) amounts to EUR 43.4 million with a high
vacancy rate of 42.8%. The same assets generated a total EUR 56.4
million at issuance and EUR 48.8 million at the last review. The
increasing vacancy level is particularly concerning. In DBRS
Morningstar's view, to lease up these empty office spaces in a
post-Coronavirus Disease (COVID-19) era in a market continuously
seeing new supplies would be particularly difficult, hence the
Negative trends. Should the vacancy remain high in the next 12
months, DBRS Morningstar would likely revise its vacancy
underwriting assumption, which was already increased to 24.5% from
4.5% during the last review.

Also at last review, DBRS Morningstar took into consideration the
disposals of 15 properties which had been announced by then.
However, besides these 15 properties, the Hiukkavaara asset was
also sold in Q2 2020. As such, DBRS Morningstar has removed the
disposed asset's cash flow and value and arrived at a new net cash
flow of EUR 28.1 million and DBRS Morningstar value of EUR 339.4
million. The DBRS Morningstar value represents a value hair-cut of
36.2% to the latest CBRE valuation.

The capex spending has picked up, evidenced by further drawn down
of the senior capex facility. A further EUR 4.4 million capex
facility has been utilized since the last review. Based on a 65%
loan-to-cost covenant, DBRS Morningstar estimated an additional EUR
6.8 million has been spent since the last review, when only EUR 4.5
million capex work was taken out. This is, however, still a
distance away from the EUR 21.3 million budget at issuance.

The senior loan's cash trap covenants provide some protections for
the noteholders. Currently, the senior loan is in cash trap and
DBRS Morningstar expects that the loan will remain in cash trap in
the coming months. The cash trapped proceeds will be deducted from
net debt calculation and be held in a cash trap account. DBRS
Morningstar has queried the servicer on the possible usage of these
cash trapped proceeds.

As commented in its "European CMBS Transactions' Risk Exposure to
Coronavirus (COVID-19) Effect" commentary, DBRS Morningstar thinks
the short-term impact of the coronavirus on office properties is
relatively more limited. This is evidenced by a high collection
rate (90%+ since April 2020, when a 81% collection rate was
recorded) reported by the borrower. As the current haircut on the
portfolio MV largely exceeds DBRS Morningstar's coronavirus-linked
office sector medium-term value decline assumption, which is based
on DBRS Morningstar's moderate macroeconomic scenarios, DBRS
Morningstar did not make any coronavirus-related value adjustment
in its analysis.

The senior loan has been extended to February 2022 and can be
further extended for another year provided the borrowers have
procured the hedging for the extended period. The final maturity of
the notes is on 21 May 2028, approximately five years after the
date of the fully extended senior loan maturity.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an economic contraction, leading to sharp
increases in unemployment rates and income reductions for many
tenants and borrowers. DBRS Morningstar anticipates that vacancy
rate increases and cash flow reductions may arise for many CMBS
borrowers, some meaningfully. In addition, commercial real estate
values will be negatively affected, at least in the short term,
impacting refinancing prospects for maturing loans and expected
recoveries for defaulted loans.

Notes: All figures are in Euros unless otherwise noted.





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F R A N C E
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HOLDING SOCOTEC: Moody's Rates New EUR800MM Sr. Sec. Term Loan 'B2'
-------------------------------------------------------------------
Moody's Investors Service has upgraded the corporate family rating
to B2 from B3 and the probability of default rating to B2-PD from
B3-PD of Soco 1 SAS (Socotec or the company). Concurrently, Moody's
has assigned a B2 instrument rating to the proposed EUR800 million
senior secured term loan B (split in EUR550 million EUR tranche and
$300 million USD tranche) and a B2 instrument rating to the
proposed EUR125 million senior secured revolving credit facility,
all issued by Holding Socotec SAS, a subsidiary of Soco 1 SAS. The
outlook on Soco 1 SAS and Holding Socotec SAS remains stable.

The proceeds from the proposed EUR800 million senior secured term
loan B will be used to refinance the existing debt, payback EUR40
million to the shareholders and pay transaction fees.

RATINGS RATIONALE

The rating action reflects the following interrelated drivers

The good recovery of the operating performance post the 1st
COVID-19 wave and strong cash flow generation in 2020 thanks to
good working capital management

Moody's expectation that the company will be able to generate
profitable organic growth going forward as it adapted its
commercial initiatives towards activities with growth potential
even in the context of the pandemic

The structural improvement in the credit profile since 2017 as
illustrated by an increasing scale, a better diversification and
margin improvement which will translate into positive free cash
flow generation (FCF) going forward

Good liquidity

High leverage post contemplated refinancing with a Moody's
adjusted debt / EBITDA forecasted at 6.0x by the end of 2021,
Moody's adjusted debt includes factoring and earn out / put and
call options linked to past acquisitions

The ratings continue to reflect (1) the company's leading position
in niche markets (asset integrity in construction and
infrastructure sectors); (2) its large customer base with limited
concentration and high retention rates; (3) its good track record
of growth through the cycle and the resilient nature of a majority
of its activities; (4) the track record of margin improvement
resulting from the completion of a large reorganization program and
the accretive effect of past acquisitions and (5) positive
long-term growth prospects of the testing, inspection and
certification (TIC) market.

The ratings are still constrained by (1) Socotec's high leverage;
(2) the expectation that future debt-financed bolt-on acquisitions
in the context of a fragmented market may limit deleveraging; (3)
still some concentration in France and exposure to the cyclical
nature of the construction market despite the improvement in
diversification in recent years; and (4) the competitive nature of
the TIC market, with large global and regional competitors,
partially offset by barriers to entry.

OUTLOOK

The stable outlook reflects Moody's expectation that the long-term
growth outlook of the industry is sustained with no significant
increase in competitive pressure. The stable outlook also assumes
that while the company will likely continue its M&A activity,
reasonable size, funding mix and acquisition multiples will not
result in the Moody's adjusted debt / EBITDA remaining above 6x.

LIQUIDITY

Socotec's liquidity is good supported by (1) a cash on balance of
around EUR120 million at end of March 2021, including the effect of
the contemplated transaction, (2) a new proposed senior secured
revolving credit facility of EUR125 million undrawn at closing of
the contemplated transaction, (3) expected positive free cash flow
in the next 12-18 months and (4) long dated maturities at closing
of the contemplated refinancing.

The starting cash balance is notably supported by around EUR60
million cash inflow from a new factoring program put in place in Q1
2021.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Governance risks for Socotec could arise from potential failures in
internal controls, which would result in a reputational damage and,
as a result, could harm its credit profile. Socotec's ratings also
factor in its private-equity ownership which implies a relative
aggressive financial policy given its tolerance for a high leverage
and pursuit of debt funded M&A.

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

Upward rating pressure could develop if the company improves its
Moody's-adjusted leverage to below 5.0x on a sustainable basis,
whilst improving its levels of cash generation with FCF/debt
increasing towards 10% and maintaining good liquidity.

The ratings could be downgraded if the company's operating
performance deteriorates, if Moody's-adjusted leverage remains
above 6.0x on a sustainable basis, if FCF/debt remains in the low
single digits on a sustainable basis or if liquidity concerns
arise. Negative rating pressure could also arise in the event of
significant debt-funded acquisitions or shareholder distribution
leading to increased leverage.

STRUCTURAL CONSIDERATIONS

The proposed EUR800 million senior secured term loan B (split in
EUR550 million EUR tranche and $300 million USD tranche) and the
proposed EUR125 million senior secured revolving credit facility
are pari passu and rated B2 in line with the CFR in the absence of
any significant liabilities ranking ahead or behind.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Socotec is a player in the Testing Inspection Certification (TIC)
market with a strong positioning in France and presence in other
European countries (notably the UK, Germany and Italy) and the US.
The company provides services aiming at ensuring the integrity and
performance of its clients' assets, the people's safety and the
compliance with regulatory standards in force relating to quality,
sanitation, health, safety and the environment.

IM GROUP: Moody's Affirms B3 CFR & Alters Outlook to Positive
-------------------------------------------------------------
Moody's Investors Service has changed the outlook of IM Group SAS
(Isabel Marant), the owner of French luxury apparel retailer Isabel
Marant, to positive from negative. Concurrently, Moody's has
affirmed the company's B3 corporate family rating, its B2-PD
probability of default rating and the B3 backed senior secured
notes due 2025.

"The change of outlook to positive reflects Isabel Marant's good
operational execution during the coronavirus pandemic, and our
expectation that its credit metrics will strongly improve in 2021"
says Guillaume Leglise, a Moody's Assistant Vice President and lead
analyst for Isabel Marant. "Despite continued challenging trading
conditions in 2021, notably in Europe, we expect the company's
earnings to recover significantly over the next 18 months,
reflecting the sales contribution from new stores opened in the
last 12 months and solid wholesale orders to date" adds Mr
Leglise.

RATINGS RATIONALE

The rating action is primarily driven by Moody's expectation that
Isabel Marant's (IM) key credit metrics will strongly recover over
the next 12 to 18 months, reflecting improving trading conditions
as well as the contribution of new stores opened in the past 12
months. At the end of 2020, the company's leverage
(Moody's-adjusted debt/EBITDA) was in excess of 8.0x, reflecting
the impact of the pandemic on earnings and the additional debt
needed to finance working capital requirements. However, Moody's
expects IM's leverage will improve to below 5.5x in the next 12
months, mostly reflecting improving trading conditions and the
company's strong development in direct retail. Further positive
rating action is likely where Moody's has greater confidence that
this deleveraging will occur, and the company will generate
stronger, sustainable levels of positive free cash flow (FCF).
Moody's expects to have greater certainty as the company reports
its performance over the next few quarters.

The company benefits from a solid order book from wholesale
customers as of the end of March 2021, which gives some visibility
on 2021 sales and earnings. In addition, IM will benefit from its
good geographic mix, with more than 30% of its sales outside
Europe, notably in the US and China, which in 2021 have so far been
less affected by shopping restrictions. In Europe, Moody's expects
lockdown restrictions to gradually ease during the second part of
the year.

IM's B3 CFR reflects its (i) balanced distribution channels and
geographically diversified footprint; (ii) asset-light business
model because of the predominance of wholesale operations, which
provide good revenue visibility; (iii) solid profitability compared
to apparel peers and despite the impact of the coronavirus
pandemic; (iv) good earnings recovery prospects because of its
retail expansion strategy and growing luxury fashion industry; and
(v) adequate liquidity.

At the same time, IM's rating is constrained by (i) the
still-difficult trading conditions in 2021 because of the shopping
restrictions in Europe; (ii) the company's exposure to high fashion
risk in the fast-moving and competitive luxury fashion segment;
(iii) its limited scale and relatively narrow brand focus; and (iv)
some key person risk considerations stemming from a high reliance
on the company's founder and main designer, Ms Isabelle Marant.

IM's liquidity is adequate. On December 31, 2020, the company had
around EUR55 million of cash. Moody's expects IM's free cash flow
(FCF) will be limited in 2021 because of high capital expenditures
and working capital needs related to new store openings. However,
Moody's expects FCF to be around EUR20 million per year thereafter,
reflecting new stores contribution and recovery in sales. The
company does not have any significant debt maturities, until the
notes mature in February 2025. The EUR30 million State-guaranteed
loans will gradually amortise till May 2026 (c. EUR6 million per
year).

Overall, Moody's considers social risk to be moderate for the
apparel retail industry. Changes in customer behavior, notably the
shift to online, creates challenges. This risk is mitigated by the
fact that IM has already developed strong omni-channel
capabilities, with online sales representing around 27% of the
company's 2020 revenue. As an apparel retailer, IM is also subject
to social factors such as responsible sourcing, product and supply
sustainability, privacy and data protection.

RATIONALE FOR THE POSITIVE OUTLOOK

The positive outlook reflects Moody's view that IM's sales and
earnings will strongly recover over the next two years, owing to
more normalized trading conditions and a growing contribution from
directly operated stores. The positive outlook also incorporates
Moody's expectations that IM will generate positive free cash flows
and maintain an adequate liquidity profile over the next 18
months.

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

Upward rating pressure could arise if IM continues to execute on
its strategy and deliver sustained growth in sales and earnings. An
upgrade would also require IM to generate positive free cash flow,
reduce leverage (as adjusted by Moody's) sustainably below 5.5x and
achieve adjusted EBITA/interest expense above 1.5x.

Conversely, negative rating pressure could arise if there is
evidence that IM's sales and earnings are facing operational
pressures or a decline in operating margins. Quantitatively, an
adjusted debt/EBITDA ratio remaining sustainably above 6.5x could
trigger a downgrade or if liquidity deteriorates because of
negative free cash flow for an extended period of time.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was the Apparel
Methodology published in October 2019.

COMPANY PROFILE

Headquartered in Paris, France, IM Group SAS is a holding company,
owner of Isabel Marant, a French luxury apparel company, designing
and distributing women ready-to-wear products (dress, T-shirts,
bags, shoes) and accessories (belts, jewelry). Founded by Ms
Isabelle Marant in 1994, the company's products are offered through
two main lines, Isabel Marant (55% of revenues) and "Isabel Marant
Etoile" (42% of revenues). IM is part of the Federation Francaise
de la Mode and takes part of shows during the Paris Fashion Week
since 1994. The company reported EUR156 million of revenue and
EUR35.7 million of EBITDA in 2020.

IM is 51% owned by the French private equity company Montefiore
Investment since 2016, while the remaining 49% is owned by the
company's founders and managers.



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G E O R G I A
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LIBERTY BANK: S&P Withdraws 'B/B' Issuer Credit Ratings
-------------------------------------------------------
S&P Global Ratings withdrew its 'B/B' long- and short-term issuer
credit ratings on Liberty Bank JSC. The outlook at the time of the
withdrawal was stable.

The ratings on Liberty Bank balanced its established retail
position and relatively modest foreign exchange exposure with the
bank's aggressive growth plans to diversify its business profile,
and potential related risks. Liberty Bank is the third-largest bank
in Georgia, with a market share of about 5%. It operates in a
competitive sector dominated by the two largest banks, which
jointly control over 70% of the system.




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G E R M A N Y
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MAHLE GMBH: Moody's Rates New EUR2B Senior EMTN Programme '(P)Ba1'
------------------------------------------------------------------
Moody's Investors Service has assigned a (P)Ba1 rating on the new
EUR2 billion senior unsecured euro medium term note programme of
German automotive parts supplier MAHLE GmbH. The outlook on the
rating is stable.

RATINGS RATIONALE

The provisional (P)Ba1 rating of the euro medium term note
programme is aligned with MAHLE's corporate family rating of Ba1.
The group financial debt is funded mainly at the parent company
level, with intercompany loans and a cash pool to provide liquidity
to the operating subsidiaries. Instruments issued under the
programme are senior unsecured and rank pari passu with existing
notes issued by MAHLE, the Schuldscheindarlehen (SSD) and other
bank debt. The financial debt is, however, structurally
subordinated to trade payables and pension liabilities at the
operating subsidiaries.

Moody's assigned a first-time CFR of Ba1 to MAHLE on April 07,
2021. The CFR reflects as positives the company's (1) size & scale
as one of the world's 25 largest tier 1 automotive parts suppliers,
with annual revenues of around EUR12 billion during the years
2016-19 and a well-diversified Original Equipment Manufacturer
(OEM) customer base, (2) top 3 market position in its main product
categories of engine systems and coolings, filtration and engine
peripherals and thermal management, (3) positive strategic
alignment with a dual strategy to address the disruptive automotive
industry trend of electrification by using cash flow generated in
the internal combustion engines (ICE) business to further broaden
and grow its exposure to electric vehicle platforms and products
that are not dependent on the powertrain (4) conservative financial
policy, as reflected in a history of relatively low financial
leverage and modest shareholder distributions, and (5) good
liquidity profile.

The rating reflects as negatives the company's (1) exposure to the
cyclicality of automotive production, which has passed its peak in
2018 and is expected to return to previous peak levels only at
around mid-decade, (2) relatively low margins, given the highly
competitive sector environment, and weak free cash flow generation
over the last few years, (3) relatively low exposure to automotive
aftermarket business, which is less cyclical and more profitable,
(4) high investment needs into R&D and capex to make the product
portfolio more independent from ICEs, and (5) challenges related to
carbon transition, given the high dependency on products for
internal combustion engines.

OUTLOOK

The stable outlook reflects the expectation of a continued recovery
in global light vehicle sales after a trough in 2020, and a
recovery of MAHLE's revenues at least in line with market volumes.
The execution of cost saving measures should help to recover
margins into a range of 4%-6% (Moody's adjusted EBITA) and reduce
debt/EBITDA (Moody's adjusted) to a maximum of 3x by 2022, which is
commensurate for the Ba1 CFR.

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

Moody's would consider an upgrade should MAHLE achieve sustainably
Debt/EBITDA (Moody's adjusted) below 2.0x, EBITA margins (Moody's
adjusted) above 7%, and positive free cash flow (FCF). Negative
pressure could arise for MAHLE if debt/EBITDA (Moody's adjusted)
failed to improve to below 3x, EBITA margins remained below 4%
(Moody's adjusted), FCF sustained negative, or liquidity weakened.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Automotive
Supplier Methodology published in January 2020.

COMPANY PROFILE

MAHLE GmbH, headquartered in Stuttgart, Germany, is one of the top
25 global automotive parts suppliers. MAHLE's three main business
segments are Thermal management (36% of 2020 sales), Engine Systems
and Components (24%) and Filtration and Engine Peripherals (19%).
In 2020, MAHLE generated revenues of around EUR9.8 billion. MAHLE,
which employed around 72.000 employees and produced in around 160
locations worldwide in 2020, is owned by the MAHLE Foundation.

NEW VAC: Moody's Affirms Caa1 CFR & Alters Outlook to Stable
------------------------------------------------------------
Moody's Investors Service has affirmed the Caa1 corporate family
rating and Caa1-PD probability of default rating of New VAC
Intermediate Holdings BV as well as the Caa1 guaranteed senior
secured bank credit facilities ratings of VAC Germany Holdings
GmbH, a Germany domiciled wholly owned subsidiary of VAC. The
outlook on VAC and VAC Germany Holdings GmbH has been changed to
stable from negative.

The stabilization of the outlook and ratings affirmation reflects
Moody's expectation of a continued recovery in sales and
profitability during 2021 that will support earnings and a
significant reduction in leverage. The rating action also takes
into consideration an improvement in VAC's liquidity position and
the company's successful implementation of cost reduction and
operational efficiency measures that helped to contain its
profitability and free cash flow amid a challenging market
environment in 2020.

RATINGS RATIONALE

The rating action is primarily driven by Moody's expectation that
VAC's credit metrics will improve over the next 12 to 18 months on
ongoing demand recovery across its core end-markets following weak
order intake in 2019 and 2020. After weak performance as
illustrated by significant increase in leverage to 30.1x
Moody's-adjusted debt/EBITDA as of end-2019 primarily on 72% EBITDA
contraction due to challenges faced by the company's end-markets in
2019, the company's operations were negatively impacted by the
demand shock that caused a sharp decline in orders particularly in
April-August, resulting in further decline in revenue by 7% in
2020. However, VAC managed to maintain its profitability, measured
as company-reported contribution and EBITDA margins of around 42%
and around 14%, respectively, through procurement and spending
control, continuous production costs reduction and production
efficiency measures. The rating agency expects a strong recovery in
VAC's order intake and sales in 2021, as already seen in late 2020
and continuing in Q1 2021. During the three months ended March 31,
2021, the company's revenue and company-reported EBITDA expanded by
10% and 77%, respectively. A sharp increase in company's reported
EBITDA was driven by improved fixed costs absorption on higher
order intake and improved cost base, demonstrating the company's
ability to maintain recently achieved efficiency improvements amid
buoyant demand growth. In March 2021, the company's monthly order
intake reached a record high level of EUR48 million, April's actual
orders are expected to significantly outperform budget. More
positive rating action however hinges to VAC showing a sustainable
recovery in earnings also beyond 2021, that will allow it to
materially reduce financial leverage to around or below 7x
Moody's-adjusted debt/EBITDA.

VAC's Moody's-adjusted debt/EBITDA is estimated at around 26x as of
end-December 2020. Assuming some cooling off in the order intake
from the end of Q2 2021, Moody's expects VAC's leverage to improve
to 10x-12x by end 2021, and further down to 7.5x-8.5x range in
2022, which would position VAC more strongly in the rating
category. This mostly reflects Moody's expectation that demand
conditions will continue to recover across the company's core
end-markets, as seen in recent months.

VAC's liquidity is adequate. In 2020, the company generated modest
single digit but positive FCF owing to significant efforts to
reduce net working capital and a material reduction in capital
spending compared to normal level. In late 2020, VAC procured
additional EUR70 million financing to bolster its liquidity
cushion. Out of the total EUR70 million, EUR50 million is drawn,
but the proceeds have not been used yet, and the remaining
available EUR20 million can be drawn down if required until
November 2022. These liquidity sources together with the fully
available USD30 million (EUR25 million equivalent) guaranteed
senior secured revolving credit facility and funds from operations
that Moody's expect the company to generate will comfortably
accommodate seasonal working capital swings, cover planned capital
spending, including R&D spending, as well as upcoming debt
maturities of around EUR4 million. The available revolving credit
facility is subject to a springing leverage covenant of 5.35x, to
be tested if drawings exceed 35% of the facility. Moody's expects
the company to be compliant with its covenant. No significant debt
repayments are due until 2025 when the company's term loans
mature.

The Caa1 rating continues to be constrained by the company's high
leverage, partly because of sizeable pension obligations, its
modest size for a higher rating category, ongoing restructuring
costs that weigh on the company's profitability and FCF, though
expected to gradually phase out in the medium-term.

At the same time, VAC's credit profile continues to be supported by
the company's good market position in special magnetic materials
and components which are often core for its customers' products,
good margins as cost initiatives take hold and the expectation of
long-term growth in end-markets.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectation that VAC will be
able to gradually restore its profit margins to historical levels,
significantly reduce leverage, generate modest free cash flow and
that the company will maintain at least adequate liquidity over the
next 18 months.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

The company is controlled by the private equity company Apollo
Global Management, LLC. As is often the case with private
equity-sponsored deals, governance practices are less transparent,
financial policies tend to favour shareholders over creditors, the
shareholder has a higher tolerance for leverage, as illustrated by
VAC's high leverage. However, in the near term, the company
foresees no dividend distribution and targets deleveraging instead.
Moody's understanding is that large M&A deals, although not
excluded, are unlikely in the near term.

STRUCTURAL CONSIDERATIONS

VAC's capital structure comprises a USD225 million guaranteed
senior secured first-lien term loan and a USD30 million guaranteed
senior secured revolving credit facility, which rank pari passu
with each other, and a recently procured EUR70 million (currently
EUR50 million drawn) senior secured first-lien term loan. The new
financing is borrowed by a subsidiary that is outside of the
restricted group under the rated instruments, but shares largely
the same security package and is guaranteed by the same operating
companies. In addition, the new financing benefits from a pledge
over certain land that is not accessible to the original lenders,
which makes it rank first in the priority of claims in an
enforcement scenario. Given the size of the new loan and respective
pledge amount, both the revolver and the original term loan
comprise most of the debt in the capital structure before giving
effect to the pension, which aligns the instruments' ratings with
the CFR. However, in the event the drawings on the new facility
increase or the increase in the value of respective security, the
instruments' ratings could be notched down from the CFR rating,
reflecting material size of higher ranking debt, including trade
payables, which are aligned with the most senior material debt
class.

VAC Germany Holdings GmbH (the German borrower) and New VAC US LLC
(the US borrower) hold instrument ratings that are consistent with
the CFR. Under a default scenario, Moody's expect the recovery of
the credit facility to be in line with that represented by the CFR
partly because of the guarantee from New VAC Intermediate Holdings
BV.

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

The ratings could be upgraded if the company's Moody's-adjusted
EBITA margin increases sustainably above 8%, its Moody's-adjusted
gross debt/EBITDA reduces below 7.0x on a sustainable basis, and
the company generates meaningful positive FCF and maintains an
adequate liquidity profile with sufficient covenant headroom at all
times.

The ratings could be downgraded if the company's FCF remains
negative for a prolonged period of time, its liquidity weakens,
including tightening covenant headroom under the revolving credit
facility.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

New VAC Ultimate Holdings BV (VAC) is the top holding company in
the organization structure. The Caa1 corporate family rating (CFR)
is under the guarantor of the issued debt New VAC Intermediate
Holdings BV. This entity lies below New VAC Ultimate Holdings BV,
which in turn is the indirect parent of the co-borrowers VAC
Germany Holding GmbH and New VAC US LLC.

The company focuses on special magnetic materials and components,
and serves key global markets, including automotive systems,
industrial automation and the medical community. Headquartered in
Hanau, Germany, the company reports in euros. The company operates
manufacturing facilities in the Americas, Europe and Asia. In 2020,
VAC generated revenue of EUR335.5 million and EBITDA (as adjusted
by the company) of EUR46.4 million.

PACCOR HOLDINGS: Moody's Lowers CFR to B3, Outlook Stable
---------------------------------------------------------
Moody's Investors Service has downgraded PACCOR Holdings GmbH's
corporate family rating to B3 from B2 and its probability of
default rating to B3-PD from B2-PD. PACCOR is a German rigid
plastic packaging manufacturer. Concurrently, Moody's has
downgraded to B3 from B2 the rating on the company's EUR437 million
(including the April 2021 EUR120 million add-on) guaranteed senior
secured first lien term loan B due 2025, and on its EUR50 million
guaranteed senior secured revolving credit facility due 2024.
Finally, Moody's has downgraded to Caa2 from Caa1 the rating on the
EUR70 million guaranteed senior secured second lien term loan due
2026 issued by PACCOR Packaging GmbH. The outlook on the ratings is
stable.

Proceeds from the EUR120 million add-on to the term loan B together
with a EUR15 million cash equity injection from financial sponsor
Lindsay Goldberg will be used to fund the acquisition of Miko Pac
N.V. (Miko Pac), the packaging division of Belgian group Miko N.V.,
and to repay EUR20 million of drawings under its RCF.

"The downgrade to B3 primarily reflects the operating performance
deviation relative to our expectations when we assigned the B2
rating, caused by a combination of lower volumes growth, delays in
achieving the expected profitability improvement, and higher than
anticipated restructuring costs. More recently, the deviation was
largely driven by the impact of the coronavirus pandemic. PACCOR's
leverage, which was already high for the B2 rating category, has
further deteriorated in 2020, while its free cash flow remained
negative," says Donatella Maso, a Moody's Vice President - Senior
Analyst and lead analyst for PACCOR.

"While the acquisition of Miko Pac is marginally deleveraging and
enhances the group's scale and diversification, it does not fully
offset PACCOR's weak credit metrics and exposes the company to
execution risks in the integration of this asset," adds Ms Maso.

RATINGS RATIONALE

In 2020, PACCOR's revenues were severely impacted by lockdowns and
social distancing measures caused by the coronavirus pandemic due
to the company's exposure to the HORECA channel and its presence in
foodservice, resulting in a 13% decline compared with 2019. While
the EBITDA loss, estimated by management to be around EUR8 million,
was largely offset by operational efficiencies, the lack of
improvement in earnings prevented the company from reducing
leverage below the 6.0x maximum tolerance for the previous B2
rating. Furthermore, the company incurred in higher than expected
cash restructuring costs which continued to weigh on its free cash
flow.

Management expects that the HORECA related EBITDA lost in 2020 will
not be fully recovered before 2023 and its growth in the next two
years will be fueled by synergies to be achieved through the
implementation of its restructuring plan. This plan is expected to
generate around EUR24 million of incremental EBITDA by 2023. Even
when trading conditions normalize with the reopening of the HORECA
channel, the company will continue to face challenges to grow
organically in end markets such as foodservice and personal care
due to ongoing regulatory and consumer pressures for more
sustainable packaging. Furthermore, the sharp and material increase
in prices for plastic resins since Q4 2020 will likely result in
temporary margin compression due to the time lag in passing through
the increases to customers in the current competitive environment,
potentially delaying the targeted profitability improvements.

While the acquisition of Miko Pac will strengthen PACCOR's business
and competitive profile, by increasing the scale of the group,
broadening its product portfolio with limited customer overlap and
by offering opportunities to expand outside Europe, its integration
adds further complexity to the execution of the restructuring plan.
Moody's also notes that the acquisition is marginally deleveraging
(around 0.5x), as the sponsor has injected EUR15 million of equity
to partly fund the transaction, and that it is expected to deliver
at least EUR4 million of cost synergies.

Pro forma for the acquisition, PACCOR's leverage, as adjusted by
Moody's, remains very high at 7.5x. In calculating EBITDA, Moody's
has not considered certain costs as non-recurring. As such, Moody's
2020 adjusted EBITDA and pro forma for Miko Pac's acquisition
amounted to EUR83 million, compared to the EUR98 million indicated
by PACCOR.

The company's ability to reduce leverage from current levels will
depend on the successful implementation of its restructuring plan,
while integrating Miko Pac. Furthermore, incremental capex and cash
restructuring costs, albeit expected to significantly reduce from
2022, will continue to weigh on the company's free cash flow, which
will remain weak over the next 12 to 18 months.

The B3 rating also reflects the company's position as a leading
Pan-European rigid plastic converter, with a strong market share in
dairy, food service with tumblers and convenience food niches in
Europe, benefiting from a well-invested asset base of 15 sites
across Western and Eastern Europe, and one in North America; a
moderately diversified customer base, with the 10 largest customers
representing 40% of 2020 revenue, although fairly concentrated
within certain sub segments; and its presence in resilient
end-markets, such as food and beverages.

However, the B3 rating remains constrained by the highly fragmented
and competitive nature of the plastic packaging industry, with
persistent pricing pressure, requiring continued focus on
innovation, product wins and cost control to grow volume and
protect profitability; the company's exposure to volatile raw
material and input prices, particularly plastic resins, mitigated
by pass-through clauses present in c.80% of contracted revenue,
although with a lag; a degree of exposure to increasing consumer
awareness and regulatory focus on plastic recyclability, resulting
in volume losses or incremental costs; and its weak credit metrics
including a EBIT/interest coverage ratio below 1x and a weakening
liquidity.

LIQUIDITY

Moody's views PACCOR's liquidity profile as adequate, albeit
weakening. It is underpinned by (1) approximately EUR22 million of
cash on balance sheet pro forma for the refinancing transaction;
(2) a EUR50 million RCF fully available; (3) several factoring
arrangements, both on and off balance sheet, which are expected to
be renewed on an ongoing basis; and (4) no material debt maturities
until 2025. Given the negative free cash flow generation of around
EUR12 million in 2021, Moody's expects that the company will have
to draw on the RCF to cover this shortfall.

The RCF has a net senior leverage springing covenant (7.47x) to be
tested only when drawings exceed 35% of the total commitment.
Moody's expects the company to maintain a satisfactory headroom
under this covenant in the next 12-18 months.

STRUCTURAL CONSIDERATIONS

The company's B3-PD PDR is in line with the CFR, reflecting the
assumption of a 50% family recovery rate, because of the all-bank
debt structure and the absence of financial maintenance covenants.

The B3 instrument ratings on the increased EUR437 million
senior-secured term loan B due 2025 and on the EUR50 million
senior-secured RCF due 2024 are also in line with the CFR,
reflecting the relatively limited size of the EUR70 million second
lien, rated at Caa2. The debt facilities are secured by pledges
over shares, certain bank accounts and receivables, and they are
guaranteed by all material subsidiaries representing at least 80%
of EBITDA. The first lien and the RCF rank pari passu, but ahead of
the second lien upon enforcement. Moody's also notes the presence
of a EUR153 million shareholder loan (including capitalized
interests) due in 2029, which benefits from equity treatment under
Moody's methodologies.

RATIONALE FOR STABLE OUTLOOK

While initial leverage is high at around 7.5x, the stable outlook
reflects Moody's view that PACCOR will be able to improve its
EBITDA and gradually reduce leverage over the next 12 to 18 months.
The stable outlook also assumes no further material debt funded
acquisitions or shareholders distributions, as well as the
maintenance of an adequate liquidity profile.

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

Upward pressure on the ratings could develop if (1) the company
demonstrates sustained revenue and profit growth, while
successfully executing its restructuring plan and the integration
of Miko Pac; (2) its Moody-adjusted debt/EBITDA falls below 6.0x on
a sustained basis; (3) its free cash flow is positive on a
sustained basis; and (4) liquidity remains adequate.

Negative pressure on the ratings could arise if (1) the company's
operating performance deteriorates; (2) its Moody-adjusted
debt/EBITDA remains sustainably above 7.0x; or (3) its liquidity
materially weakens.

LIST OF AFFECTED RATINGS

Downgrades:

Issuer: PACCOR Holdings GmbH

LT Corporate Family Rating, Downgraded to B3 from B2

Probability of Default Rating, Downgraded to B3-PD from B2-PD

Issuer: PACCOR Packaging GmbH

BACKED Senior Secured Bank Credit Facility, Downgraded to B3 from
B2

BACKED Senior Secured Bank Credit Facility, Downgraded to Caa2
from Caa1

Outlook Actions:

Issuer: PACCOR Holdings GmbH

Outlook, Changed To Stable From Negative

Issuer: PACCOR Packaging GmbH

Outlook, Changed To Stable From Negative

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass and Plastic Containers Methodology
published in September 2020.

COMPANY PROFILE

Headquartered in Dusseldorf, Germany, PACCOR Holdings GmbH is a
producer of rigid plastic packaging for food and non-food within
consumer goods end markets. In 2020, pro forma for Miko Pac's
acquisition, PACCOR generated revenue for EUR619 million and EBITDA
of EUR83 million (as Moody's adjusted). Since August 2018, the
company is owned by private equity sponsor Lindsay Goldberg.



===========
G R E E C E
===========

PUBLIC POWER: S&P Alters Outlook to Positive, Affirms 'B' ICR
-------------------------------------------------------------
S&P Global Ratings revised its outlook on Greece-based Public Power
Corp. S.A. (PPC) to positive from stable, affirmed its 'B' issuer
credit rating, and affirmed its 'B' issue rating on the company's
notes.

The positive outlook indicates that S&P could upgrade PPC if it
took a similar action on Greece or if it revised upward PPC's
stand-alone credit profile (SACP).

On April 23, 2021, S&P raised the long-term sovereign credit rating
on Greece to 'BB' from 'BB-' with a positive outlook, reflecting
improved governance effectiveness.

The Greek government's capacity to provide extraordinary support to
Public Power Corp. (PPC) has increased, and S&P notes lower country
risk that could benefit PPC's business performance and financial
metrics.

The positive outlook reflects the Greek government's increasing
capacity to support PPC if needed. The outlook revision on PPC
follows a similar action on Greece on April 23, 2021. The expected
rapid enhancement in Greece's economic and budgetary performance
translates into increasing capacity to support PPC if needed. S&P
said, "Moreover, we expect lowering country risk to improve PPC's
performance and financial metrics over the medium term. We would
view any further structural reforms to enhance the business
environment as beneficial to PPC's operations within the country
and the implementation of its new strategic plan."

S&P said, "PPC's 2020 results are in line with our expectations,
with an improved cost profile and positive operating cash flows
leading to rapid leverage reduction and ratios commensurate with
the current rating level. PPC's strong results highlights the
company's strategic shift toward greener generation and customer
centricity, as well as structural reforms implemented within the
Greek energy sector. The company reported EBITDA at EUR885 million
in 2020, EUR552 million higher than 2019 and broadly in line with
our expectations for a 170% year-over-year rise. The increase is
mainly attributable to improved operating margins, which increased
to 19% in 2020 from 7% in 2019." Operating expense reduction came
from:

-- Lower carbon dioxide emissions from inferior coal-based
production;

-- Lower natural gas and wholesale prices;

-- Lower payroll costs;

-- The abolition of Nouvelle Organisation du Marche de
l'Electricite auctions--under which PPC has been selling
electricity generated by its lignite and hydropower plants to other
suppliers at below-cost prices over the past three years--having a
positive effect of about EUR150 million-EUR200 million on EBITDA;
and

-- Tariff adjustments approved in September 2019 in the retail
business.

S&P said, "Based on our preliminary adjusted metrics, FFO to debt
improved to 13.2% in 2020 from 3% in 2019 and debt to EBITDA
decreased to 5.9x in 2020 from 14.1x in 2019. We will closely
monitor the advancement of the partial sale of HEDNO distribution
activities, as well as PPC's strategic plan implementation and
actions to achieve its publicly stated net debt to EBITDA target of
3.5x.

"We note improvements in PPC's capital structure and liquidity
profile, with better access to capital markets, as demonstrated by
Q1 2021 bond issuances. In March 2021, PPC issued its first
sustainability-linked notes, followed by a tap issuance for a total
of EUR775 million due 2026 at an interest rate of 3.875%. PPC has
used part of the issuance to repay existing loans from Greek banks
and improve its debt maturity profile while lowering its average
cost of debt. The company will use the remainder to finance its
investment plan and focus on gas and renewable generation and
distribution networks. PPC also signed a second receivables
securitization on April 9, 2021, establishing an over 90 days past
due receivables securitization program for up to EUR325 million.

"Our positive outlook on PPC mirrors our positive outlook on
Greece. This reflects our view that improved economic prospects in
the country have enhanced the government's capacity to provide PPC
with timely extraordinary support."

S&P could raise the long-term rating by one notch if:

-- S&P raised its rating on Greece to 'BB+', all other factors
remaining unchanged; or

-- S&P revised upward PPC's SACP to 'b+'. This would depend on
consistent solid performance in all of its business lines and
stronger credit metrics, such as FFO to debt staying sustainably
above 15% and debt to EBITDA below 5x, along with the successful
delivery of its transformation plan and improved business
fundamentals.

S&P could revise the outlook to stable if it took the same action
on the outlook on Greece.




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

CROSTHWAITE PARK: Moody's Gives (P)B3 Rating to EUR15M Cl. E Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to refinancing debt to be issued by
Crosthwaite Park CLO DAC (the "Issuer"):

EUR149,000,000 Class A-1A Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

EUR151,000,000 Class A-1A Senior Secured Floating Rate Loan due
2034, Assigned (P)Aaa (sf)

EUR10,000,000 Class A-1B Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

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

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

EUR22,500,000 Class B-1 Deferrable Floating Rate Notes due 2034,
Assigned (P)A2 (sf)

EUR10,000,000 Class B-2 Deferrable Fixed Rate Notes due 2034,
Assigned (P)A2 (sf)

EUR31,250,000 Class C Deferrable Floating Rate Notes due 2034,
Assigned (P)Baa3 (sf)

EUR26,250,000 Class D Deferrable Floating Rate Notes due 2034,
Assigned (P)Ba3 (sf)

EUR15,000,000 Class E 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.

Interest and principal payments due to the Class A-1B Notes are
subordinated to interest and principal payments due to the Class
A-1A Notes the Class A-1A Loan. The Class A-1A Notes' and Class
A-1A Loan's payments are pro rata and pari passu.

As part of this reset, the Issuer will amend the base matrix and
modifiers that Moody's will take 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 expected to be fully ramped as
of the closing date.

Blackstone Ireland 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 4.3-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 loans 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 debt 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 debt' performance is subject to uncertainty. The debt'
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 debt'
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: EUR500,000,000

Defaulted Par: EUR0 as of March 3, 2021

Diversity Score: 55

Weighted Average Rating Factor (WARF): 3050

Weighted Average Spread (WAS): 3.45%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 44.5%

Weighted Average Life (WAL): 8.5 years

MADISON PARK VI: Moody's Affirms B3 Rating to EUR12.8M Cl. F Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned a
definitive rating to refinancing notes issued by Madison Park Euro
Funding VI DAC (the "Issuer"):

EUR 237,300,000 Class A Senior Secured Floating Rate Notes due
2030, Definitive Rating Assigned Aaa (sf)

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

EUR34,800,000 Class B-1 Senior Secured Floating Rate Notes due
2030, Affirmed Aa2 (sf); previously on Jul 1, 2020 Affirmed Aa2
(sf)

EUR10,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2030,
Affirmed Aa2 (sf); previously on Jul 1, 2020 Affirmed Aa2 (sf)

EUR25,400,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed A2 (sf); previously on Jul 1, 2020
Affirmed A2 (sf)

EUR22,400,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed Baa2 (sf); previously on Jul 1, 2020
Confirmed at Baa2 (sf)

EUR29,400,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed Ba2 (sf); previously on Jul 1, 2020
Confirmed at Ba2 (sf)

EUR12,800,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed B3 (sf); previously on Jul 1, 2020
Downgraded to 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.

Moody's rating affirmations of the Class B-1 Notes, Class B-2
Notes, Class C Notes, Class D Notes, Class E Notes and 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 12 months to August 30, 2026. It has also
amended certain definitions including the definition of "Adjusted
Weighted Average Rating Factor". In addition, the Issuer has
amended the base matrix and associated modifiers that Moody's have
taken into account for this rating action.

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.

Credit Suisse Asset Management 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
remaining reinvestment period which will end in October 2021.
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.

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:

Performing par and principal proceeds balance: EUR396.2 million

Defaulted Par: EUR3.9 million

Diversity Score (1): 57

Weighted Average Rating Factor (WARF): 3253

Weighted Average Spread (WAS): 3.70%

Weighted Average Recovery Rate (WARR): 44.35%

Weighted Average Life test date: August 30, 2026



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

FAGE INTERNATIONAL: S&P Affirms 'B+' ICR, Alters Outlook to Stable
------------------------------------------------------------------
S&P Global Ratings revised its outlook back to stable from negative
and affirmed its 'B+' long-term issuer credit rating on FAGE
International S.A. (Fage).

The stable outlook signifies that S&P expects the group to build on
its solid brand position and benefit from growing sales volumes
supported by the positive effect of lockdown restrictions and new
yogurt categories.

Restrictions linked to the pandemic support consumption of Greek
yogurt, and benefit staple food producers such as Fage. During
2020, the company saw a 7.5% uptick in volume and revenue grew 5.5%
to close of $521.3 million. Given that lockdown restrictions remain
in place, S&P expects further, but less intense growth in 2021, at
least until the vaccine has been more widely deployed in some of
Fage's main markets.

Because yogurt is seen as an easy snack that can also be used for
cooking and baking, sales in the U.S. retail yogurt market
increased, for the first time in about four years. During the
pandemic, consumers have been eating and cooking more at home and
both the U.S. market, which represents 60% of Fage's sales, and the
European market have seen good growth momentum. The total U.S.
retail market sales of yogurt grew about 3.9% in 2020. S&P expects
this trend to continue and that Fage will benefit from increases in
volume and revenue, at least in the first part of 2021, despite
potential pricing pressures. As volumes grew in 2020, more
consumers switched to larger packs, which cost less per unit of
yogurt. This was less profitable for Fage.

As the situation normalizes, S&P expects sales momentum to slow
down. Fage will have to launch new products to maintain volume
growth and offset pricing pressures. In the first quarter of 2020,
before the pandemic affected the market, Fage had already started
to experience positive volume growth (up 8.5%, compared with the
first quarter in 2019). It achieved this through new products that
cater for changing consumer needs.

From late 2017 to early 2019, demand for Fage's products had been
hit by a shift in consumer preferences. Operating results in 2018
and 2019 were hit by a clear preference for products that had lower
sugar content and for plant-based products in Europe and the U.S.
In response, Fage exploited demand for products that had
high-quality protein content. It introduced new yogurt products
that were free of genetically modified ingredients and were
low-fat, lactose-free, or had no added sugar.

S&P said, "We expect competition in the dairy products market to
remain fierce and anticipate that consumers' preferences will
continue to shift over time. Fage relies on its solid brand, which
makes it a leader in the Greek yogurt category. We assume that it
will be able to maintain a solid pipeline of new products that
respond to changing consumers' needs."

That said, the company's concentration on one product type and in
milk ingredients carries risks and exposes it to fast-changing
consumer trends and volatility in raw material prices. More than
95% of the company's product offering is yogurt (including both
plain and flavored Greek yogurt) and most of its raw material costs
are milk and other dairy-derived ingredients. This exposure to
difficult market conditions and fluctuation in milk prices can
cause its operating performance and cash generation to deteriorate
rapidly. In 2020, the price of cow's milk remained low--milk prices
at Fage's U.S. facility decreased by 12.5% overall. Low prices for
raw materials, combined with the effect on operating expenses of
halting promotional activities, boosted adjusted EBITDA to $113.9
million in 2020, from $84.7 million the previous year. S&P said,
"That said, we expect adjusted absolute EBITDA to be more moderate
going forward as inflation affects commodity prices and milk prices
and promotional activities ramp up. We forecast that adjusted
EBITDA will average $102 million-$110 million in 2021-2023, leading
to adjusted debt to EBITDA of 3.8x-4.0x over the same period."

The stable outlook indicates that Fage is likely to see further
growth sales in key geographies like the U.S., given that consumers
are still eating at home more often because of the ongoing
restrictions. Fage should also benefit from its improved product
mix and build on its solid brand position to offset the lower
average prices in plain yogurts, and the increasing cost of both
raw materials and promotional activities. S&P said, "We anticipate
that debt to EBITDA will remain 3.8x-4.0x and interest coverage
ratios will be about 4.5x-5.0x over the next 12-18 months. We also
assume that Fage will generate positive FOCF, even if it increases
capital expenditure (capex) to support the reorganization of its
footprint in Europe."

S&P said, "We would consider lowering the rating if the group's
operating performance weakened severely, ending the positive trend
so that reported adjusted debt to EBITDA moved closer to 4.5x-5.0x,
or if its free operating cash flow (FOCF) generation reduced to
close to zero. This could occur if new products are unsuccessful;
demand for plain yogurt reduces in 2021 to pre-pandemic levels; and
the group continues to face fierce competitive pressure, preventing
it from passing on price increases to the end-customer.

"We could raise the ratings on FAGE if it demonstrates the ability
to generate recurring healthy FOCF, and to maintain adjusted debt
to EBITDA of closer to 3x."


ION TRADING: Moody's Rates New Guaranteed Sr. Secured Notes 'B3'
----------------------------------------------------------------
Moody's Investors Service has assigned a B3 instrument rating to
the new proposed guaranteed senior secured notes to be issued by
ION Trading Technologies S.a.r.l. Concurrently, Moody's has
affirmed ION Trading Technologies Limited's (IONTT) B3 Corporate
Family Rating and B3-PD Probability of Default Rating. Furthermore,
Moody's has affirmed ION Trading Technologies S.a.r.l's B3
instrument rating on the existing EUR1,750 million guaranteed
senior secured first lien term loan due 2028, the B3 instrument
rating on the $1,650 million guaranteed senior secured first lien
term loan due 2028 and the B3 instrument rating on the EUR30
million guaranteed senior secured revolving credit facility due
2026. The outlook on ION Trading Technologies Limited and ION
Trading Technologies S.a.r.l is stable.

The proceeds of the proposed new senior secured notes will be used
to fund the acquisition of DASH Financial Technologies LLC (DASH),
pay transaction fees and expenses as well as to finance general
corporate purposes.

RATINGS RATIONALE

The rating action reflects the benefits of the DASH acquisition
which complements IONTT's product range in the options segment,
with limited customer overlap and cross-selling potential of the
offering to IONTT's existing customer base. The rating remains
constraint by IONTT's high leverage pro forma for the mostly
debt-funded acquisition of DASH at 6.5x (Moody's adjusted) expected
in 2021 and the risk that IONTT might continue to perform
debt-funded acquisitions or pays out dividends which could delay
expected deleveraging.

The rating action positively reflects IONTT's strong EBITDA- margin
above 50% (Moody's adjusted), its sticky customer base with a high
share of recurring revenues in a market that Moody's expect to grow
around 5% annually, primarily driven by increased outsourcing of
proprietary software to third party providers such as IONTT. In
addition, the company generates positive free cash flow with its
asset-light business model. Absent of further debt-funded
acquisition, the rating is strongly positioned in the B3 rating
category. Continued deleveraging and a successful integration of
the DASH acquisition could result in positive rating pressure over
the next quarters.

LIQUIDITY

IONTT's liquidity is good. ION had a cash balance of around EUR131
million as of December 2020 and full availability under a EUR30
million guaranteed revolving credit facility, which matures in
2026. The liquidity is further supported by Moody's expectation of
positive FCF in 2021 of around EUR300 million. The credit
facilities are covenant-lite, with a springing net first-lien
leverage covenant on the revolving credit facility that is tested
if it is drawn by EUR15 million or more.

STRUCTURAL CONSIDERATIONS

The B3 ratings of the credit facilities are in line with the
existing facilities' ratings and the CFR, reflecting the fact that
they are the only financial instruments in the capital structure.
Guarantors for the facilities Moody's rate represent at least 80%
of EBITDA and the security comprises shares, bank accounts,
intercompany receivables, and, where possible, a general and
floating charge over assets.

OUTLOOK

The stable outlook reflects Moody's expectation of stable profit
generation and a continuous reduction in leverage over the next few
quarters, combined with IONTT's good liquidity. The stable outlook
does not factor in further debt-funded acquisitions or any
shareholder distributions. Moody's estimate that Moody's-adjusted
gross debt/EBITDA will fall below 6.5x in the next 12-18 months.

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

Positive rating pressure could develop over time if IONTT reduces
adjusted leverage towards 6.5x (after the capitalisation of
software development costs) on a sustained basis, while preserving
its strong margins, with FCF/debt approaching 10%; and returns to a
more conservative financial policy.

Conversely, negative rating pressure could materialise if adjusted
leverage increases above 7.5x (after the capitalisation of software
development costs) in the next 12-18 months, the group does not
make voluntary debt prepayments, it generates negative FCF, its
liquidity deteriorates or it pursues further debt-funded
shareholder returns or acquisitions without first meeting Moody's
leverage requirements for a B3 rating.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

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

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

In terms of governance, IONTT follows an aggressive financial
policy under its private equity ownership. ION Investment Group
has, despite the ambitious growth plan, put a high leverage on the
company and further evinced high tolerance for leverage with the
mostly debt-funded acquisition as well as repeated shareholder
distribution since 2018.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

ION Trading Technologies Limited, owned by ION Investment Group, is
a global provider of trading software and services, mainly for the
fixed income, currencies, equities, derivatives and commodities
markets. It sells its solutions primarily to banks, hedge funds,
brokers and other financial institutions. Moody's expects the
company's revenues to approximate EUR973 million in 2021.



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

PEER HOLDING III: S&P Alters Outlook to Pos., Affirms 'B+' LT ICR
-----------------------------------------------------------------
S&P Global Ratings revised the outlook to positive from negative on
value retailer Action's (an operating subsidiary of Peer Holding
III B.V.) parent Peer Holding III B.V. and affirmed its 'B+'
long-term issuer credit rating.

The positive outlook reflects the possibility of an upgrade once
current COVID-19-related uncertainty abates and if operating
performance remains robust, debt to EBITDA stays less than 5.0x,
and the company and its owners continue with the historical
financial policy of S&P Global Ratings-adjusted leverage not
exceeding that level.

Action has seen robust performance to date, benefitting from
pent-up demand despite COVID-19 related disruption, which S&P
expects will continue.

The majority of Action's stores were closed or traded only a
partial assortment of goods during the extensive lockdowns in
second-quarter 2020 and, to a lesser extent, at year-end-2020 and
in early 2021. The company saw strong growth in like-for-like sales
after the first lockdown, mostly offsetting pandemic interruption.
S&P said, "In our view, this was largely spurred by strong demand
and structurally better performance, while the surge also improved
profitability due to inherent operating leverage. In addition, the
company quickly set-up click-and-collect channels in selected
regions, partly compensating for the mandatory closure of on-site
sales areas. Action suffered a less severe hit from the second and
third lockdowns as most stores were open and some were selling
their full assortment of goods. However, other locations were only
allowed to trade essential products, representing about 40%-70% of
respective assortments (depending on the region), which negatively
affected sales. We therefore anticipate that Action's earnings
growth momentum will continue in 2021, fueled by the sales boost
once stores are fully operational."

The company's leading discounter position in Belgium, Luxembourg,
and the Netherlands (Benelux), improving scale, and geographical
diversification will support earnings resilience. Action is a
leading general merchandise discounter in Benelux while its rising
geographical diversification provides growth potential and
increasing scale. The company operates in larger European markets
such as France and Germany and recently entered the Czech Republic,
Poland, Italy, and Austria. The strong sales growth of over 20%
during 2016-2019 includes like-for-like store sales growth and
store expansion, supporting our view of the group's unique value
proposition and a consumer shift toward discount retailers.

Action is unrivaled in retail store expansion and maintaining
profitability. Action went from 406 stores in 2013 to 1,700 in
2020, with 200 openings a year during 2016-2019 and over 150 last
year, while maintaining near constant profitability margins. All
newly opened stores turned profitable almost immediately, with a
very low historical payback period on investment of about one year.
Furthermore, efficient inventory management and a high cash flow
conversion rate support funding of new store openings without
increasing financial risk. With plans to enter neighboring European
markets and still-material gaps in large retail markets, such as
France and Germany, S&P believes that the group has compelling
growth potential over the medium term.

S&P said, "The expansion strategy means material investment needs
and execution risk remain. Although existing warehouses have
sufficient capacity to cover projects planned for 2021, we expect
that additional investment would be needed to support further
expansion throughout Europe, which we understand will likely occur.
In addition, the already tested click-and-collect channel and new
store openings could require additional capital expenditure
(capex). Given the rapid expansion into new markets such as the
Czech Republic, Poland, Italy, or potentially Spain, we also see
general execution risk relating to immediately meeting different
consumer tastes throughout Europe and undertaking future expansion
profitably. At the same time, we acknowledge that recent entries
into France, Germany, Poland, and Austria were successful and well
accepted by customers."

The consumer shift toward discount retailers benefits Action in an
otherwise competitive market. Discount retailers like Action, B&M
Value Retail (U.K.), and Dollar General (U.S.) have expanded
considerably over the past five years through their low-price
offerings. S&P said, "We forecast COVID-19-related unemployment and
low wage growth for the next two years, which increases the appeal
of discount stores. The ramp-up of e-commerce in selective markets
(mostly click and collect) will also support footfall and benefit
the store channel. That said, we see intense competition from
specialty stores and food discounters selling general merchandise.
Food-discounters such as Aldi and Lidl have expanded their nonfood
assortment and wield significant scale and negotiating power with
suppliers to achieve very competitive prices in a market where this
is a main differentiation point for customers."

Quick deleveraging potential is limited by financial policy and
frequent dividend recapitalizations. Commensurate with the
financial policy of its owners, funds owned by private-equity
sponsor 3i, Action has a track record of frequent dividend payouts.
Over the past five years, three major dividend recaps pushed S&P
Global Ratings-adjusted leverage to about 5x debt to EBITDA, but
Action has consistently deleveraged to about 4.5x within about a
year of each transaction, solely through its operating performance
and growth. Although this reflects strong underlying fundamentals,
S&P believes the financial policy of frequent debt-funded
distributions to the owner prevents creditworthiness improvement
for now.

Comparatively strong free operating cash flow (FOCF) generation
supports the rating. Given Action's solid profitability and
efficient working capital management, we see the group as very cash
generative. S&P said, "We do not net the EUR550 million in cash on
the balance sheet at year-end 2020 from our calculation of adjusted
debt, in light of frequent recapitalizations. Nevertheless, with
FOCF to debt consistently above 10%, even during disrupted trading
last year, we see the group as comparatively better positioned than
peers with similar business and financial risk profiles.
Consequently, we applied a one-notch comparable rating
adjustment."

S&P said, "The positive outlook reflects that we could upgrade
Action after COVID-19-related disruption to retail businesses in
Europe abates if the company and its owners continue with the
historical financial policy, sales growth remains strong, and cash
generation and margins are robust. It also reflects an expected
debt to EBITDA of about 4.0x-5.0x, depending on the timing of the
next recapitalization."

S&P could raise its rating on Action over the next 12-18 months,
if:

-- Abating risk of COVID-19-related store closures and business
disruption remove uncertainty over current trading prospects.

-- The company's financial policy remains consistent with the
historical track record and any re-leveraging events contain
adjusted debt to EBITDA at close to 5.0x.

-- It shows strong cash generation with consistently increasing
FOCF after leases from the roughly EUR220 million last year.

-- It reports strong revenue growth and stable profitability as
per the historical track record.

S&P could affirm the rating and revise its outlook to stable over
the next 12-18 months, if:

-- Operating performance falls short of our base case such that
revenue growth collapses or profitability materially declines.

-- The group does not consistently increase its FOCF after leases
compared with 2020.

-- A more aggressive financial policy or unexpected earnings
shortfall result in leverage rising to materially above 5.0x.




=============
R O M A N I A
=============

ROMCAB TARGU: Receives Another Bankruptcy Request from Valtecia
---------------------------------------------------------------
Andrei Chirileasa at Romania-Insider.com reports that Romanian
cable producer Romcab Targu Mures (MCAB), currently under judicial
reorganization, announced in a note to investors that it faces
another bankruptcy request from local firm Valtecia Development.

According to Romania-Insider.com, Romcab says it has no idea what
the request is about but admits Valtecia had previously filed other
bankruptcy requests -- either rejected by Court or dropped by the
firm itself.

Romcab's shares returned to trading at the beginning of March this
year, after a local court approved the company's reorganization
plan agreed with its creditors, Romania-Insider.com relates

The company's management made several encouraging announcements in
the last month, including a potential loan that could help the
company recover faster, Romania-Insider.com discloses.




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

SPASSKIYE: Bank of Russia Terminates Provisional Administration
---------------------------------------------------------------
On April 22, 2021, the Bank of Russia terminated activity of the
provisional administration appointed to manage Joint-stock Company
Insurance Group Spasskiye Vorota-M (hereinafter, the insurer).

The provisional administration established facts of
operations/transactions conducted to withdraw the insurer's liquid
assets (property) and recognise property (real estate) in its
balance sheet at an exaggerated value, as well as a deficiency in
strictly controlled forms.

The provisional administration filed a relevant complaint to the
law enforcement agencies regarding the facts detected.

The provisional administration carried out an analysis of the
insurer's financial standing and revealed that it lacked sufficient
property (assets) to fuflill all its obligations to its creditors.

On April 22, 2021, the Arbitration Court of Moscow recognised the
insurer as insolvent (bankrupt) and initiated a bankruptcy
proceeding against it.  The State Corporation Deposit Insurance
Agency was appointed as receiver.

More details about the work of the provisional administration are
available on the Bank of Russia website.

Settlements with the insurer's creditors will be made in the course
of the bankruptcy proceeding as its assets are sold (enforced).
The quality of these assets is the responsibility of the insurer's
former management and owners.



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

RURAL HIPOTECARIO VII: Moody's Hikes EUR23.7M Class C Notes to Ba2
------------------------------------------------------------------
Moody's Investors Service has upgraded and affirmed the ratings of
Notes in TDA CAM 4, FTA and RURAL HIPOTECARIO VII, FTA, Spanish
RMBS transactions. The upgrades reflect the better than expected
performance and increased levels of credit enhancement for the
affected Notes.

Issuer: TDA CAM 4, FTA

EUR1952M Class A Notes, Affirmed Aa1 (sf); previously on Dec 27,
2018 Affirmed Aa1 (sf)

EUR48M Class B Notes, Upgraded to Aa1 (sf); previously on Dec 27,
2018 Upgraded to Aa2 (sf)

Issuer: RURAL HIPOTECARIO VII, FTA

EUR957.1M Class A1 Notes, Affirmed Aa1 (sf); previously on Jun 29,
2018 Affirmed Aa1 (sf)

EUR19.2M Class B Notes, Upgraded to Aa3 (sf); previously on Jun
29, 2018 Upgraded to A1 (sf)

EUR23.7M Class C Notes, Upgraded to Ba2 (sf); previously on Jun
29, 2018 Upgraded to Ba3 (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) TDA CAM 4, FTA, to 3.37% from 3.35%.

(ii) RURAL HIPOTECARIO VII, FTA, to 1.33% from 1.32%.

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.

(i) TDA CAM 4, FTA, to 1.47% from 1.83%.

(ii) RURAL HIPOTECARIO VII, FTA, to 0.65% from 0.93%.

All as a percentage of the original pool balance for each
transaction.

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 maintained unchanged the MILAN CE
assumption of each transaction as follows:

(i) TDA CAM 4, FTA, 8.0% unchanged.

(ii) RURAL HIPOTECARIO VII, FTA, 7.5% unchanged.

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.



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

SAS AB: S&P Downgrades ICR to 'CCC' on Risk of Liquidity Shortfall
------------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit ratings on
Scandinavian airline SAS AB to 'CCC' from 'B-'.

The negative outlook on SAS reflects the likelihood of a potential
liquidity crisis over the next 12 months in the absence of
unforeseen positive developments.

Lower-than-anticipated European air passenger traffic and SAS'
weaker-than-expected performance has put a dent in the airline's
creditworthiness. The new wave of pandemic-related lockdown
measures and travel restrictions, as well as the emergence of new
virus variants, decelerated recovery in European air traffic
demand. Although the approval of several vaccines has yielded more
normal social and economic activity, their rollout across the EU is
complex and slow. Furthermore, their efficacy against new variants,
which appear to be more transmissible, has raised questions. S&P
said, "We now believe that European air passenger traffic (measured
by revenue passenger kilometers; RPK) and revenue will be 30%-50%
of 2019 levels, versus our previous forecast of 40%-60%. That said,
we stand by our previous forecasts for global traffic.
Nevertheless, these developments lead us expect that SAS' RPK will
be on the lower end of the range of the revised projections for
European traffic demand."

S&P said, "SAS will likely end fiscal 2021 with negative EBITDA, as
adjusted by S&P Global Ratings. Under our previous base case, we
anticipated adjusted EBITDA of up to SEK3 billion. We do not think
that the cost-saving measures under SAS' SEK4 billion efficiency
program, including the completed headcount redundancies and salary
freezes, and the ongoing government support via furloughing schemes
will make up for the weaker demand in air traffic. The airline's
liquidity issue is exacerbated by the estimated lease amortization
payments of SEK3 billion. At the same time, we believe SAS reached
the lowest point in the working capital development—outflow of
SEK3.7 billion-- in the first quarter of the fiscal year. This is
when the lion's share of the COVID-19-related passenger ticket
refunds were made; we expect only an insignificant amount of
refunds will have been outstanding as of Jan. 31, 2021."

The accelerated cash burn in operating activities poses a risk of
liquidity shortfall. As of Jan. 31, 2021, SAS had SEK4.7 billion
cash on balance, compared with SEK10.2 billion as of Oct. 31, 2020,
which included the fully drawn NOK1.5 billion Norwegian-guaranteed
credit facility. SAS announced at end-March that it had secured
financing on all Airbus aircraft deliveries until late in the
second quarter of fiscal 2022 through a sale and leaseback
agreement and funding of pre-delivery payments for 2022 deliveries.
Though we expect that SAS has yet to exhaust the full potential of
its divestments, S&P views a mounting risk of a near-term liquidity
crisis due to the delayed recovery in the operating performance.
This is further heightened by the recent announcement on the ruling
by the European Court of Justice that SAS cannot claim force
majeure over the 2019 pilot strike, potentially translating into an
obligation for the airline to reimburse up to 380,000 passengers
whose flights were canceled as a result of the strike.

S&P said, "We continue to see a low likelihood of extraordinary
government support for SAS in a distressed situation. In our view,
the airline's importance for and link with the Scandinavian
governments remains limited. We considered the airline's recent
debt restructuring as akin to default. The transaction was set as a
condition for the recapitalization plan, and it has demonstrated
that Swedish and Danish governments (which jointly hold a 43.6%
cumulative equity share in SAS post-recapitalization versus 29%
previously) are primarily interested in SAS' operations and its
status as a large employer and connectivity provider to and within
Scandinavia. We do not think the governments are as interested in
the airline's credit standing. Therefore, we do not apply any
notching to reflect government support to our 'ccc' assessment of
the airline's stand-alone credit profile."

Environmental, social, and governance (ESG) credit factors for this
credit rating change:

-- Health and safety.

The negative outlook reflects the likelihood that, in the absence
of unforeseen positive developments, SAS runs into a liquidity
crisis over the next 12 months.

S&P said, "We could downgrade SAS if we view an imminent credit or
payment crisis, or that the airline participates in transactions
considered akin to default.

"We could take a positive rating action if SAS implements
unforeseen liquidity restorative measures or air traffic demand
picks up beyond our expectations such that operating cash flow
(after leases) improves materially, translating to an improved
ratio of liquidity sources to uses of more than 1.2x over the next
12 months."




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

TULLOW OIL: Moody's Puts Caa1 CFR Under Review for Upgrade
----------------------------------------------------------
Moody's Investors Service has assigned and placed under review for
upgrade a B3 Senior Secured rating to Tullow Oil plc's proposed
$1,800 million senior secured notes due in 2026. Moody's also
placed under review for upgrade Tullow Oil plc's Caa1 Corporate
Family Rating and the Caa1-PD Probability of Default Rating,
following the announcement of the launch of the Senior Notes and of
the refinancing of the existing debt of Tullow Oil.

The Caa2 Senior Unsecured rating of the senior unsecured notes due
in 2022 and 2025 remains unchanged at Caa2.

The $1,800 million proposed issuance, together with $630 million of
cash available, will be used to repay $1,430 million of outstanding
RBL, the $300 million convertible notes due in July 2021 and the
$650 million unsecured notes due in April 2022.

The review will focus on (i) the successful completion of the
envisaged refinancing of Tullow Oil and (ii) the completion of
hedges of 75% of the production for the next two years and 50% for
the third year, at a floor price which Moody's considers to be
sufficient to protect Tullow's balance sheet in a low oil price
scenario, identified at approximately $55/bbl.

In the event of a successful completion of the refinancing and
build-up of the commodity hedges, the Corporate Family Rating will
be likely upgraded to B3, the Probability of Default to B3-PD and
the Senior Secured rating to B2. The outlook on all the ratings was
changed to under review for upgrade from negative, with the
exception of the unsecured notes due 2022 and 2025. In the event of
a successful transaction, Moody's expects that the unsecured notes
due 2022 would be repaid, whilst the rating of the unsecured notes
due 2025 would remain unchanged at Caa2.

RATINGS RATIONALE

The rating action is based on Moody's expectation that the proposed
refinancing will lead to a deleveraging of the capital structure
and to a substantial improvement in the liquidity profile of Tullow
Oil.

In the context of the transaction, Tullow will refinance its debt
facilities (with the exception of the $800 million Senior unsecured
notes due 2025) and apply approximately $630 million of cash
resources towards debt reduction, leading to a pro-forma reduction
in Moody's adjusted leverage of 0.75x. In 2021, Moody's adjusted
leverage will remain around 5x but it will decline rapidly
thereafter, driven by expected growth in production, improvement in
the oil pricing environment and mandatory debt and lease
amortizations.

In 2021, Moody's expects the company's production to decline to
around 54-57 kboepd (after having deducted 6kboepd production of
the disposed assets in Equatorial Guinea and Gabon) as a result of
the insufficient investments in development to sustain production
in the last few years in Ghana. Assuming an average Brent price of
$55/bbl and a unit operating cost of around $13.5/boe, Moody's
estimates that Tullow would post Moody's-adjusted EBITDA of around
$700-725 million in 2021. Given the substantial interest payments
and capex investments, Moody's expects a neutral to marginally
negative free cash flow generation in 2021.

The drilling campaign, that Tullow started in Ghana at the
beginning of 2021, will enhance the production profile of the
company in 2022 (although Moody's highlights that it does not
expect the company to return to a production level similar to 2020
earlier than 2024) and thereafter, leading to a progressive
improvement in EBITDA and free cash flow generation. Moody's
expects that the development of these reserves will generate the
financial resources needed to deleverage the balance sheet, in line
with the stated guidance provided by the company of a net leverage
target of 1x-2x, and to allocate to shareholder returns, even
though Moody's does not expect any shareholder distribution in the
medium term.

Moody's factors in some execution risk related to the drilling
campaign and it highlights the difficulties experienced by Tullow
Oil up to 2019 in its Ghanaian operations. At the same time, it
positively views the operational improvements seen in 2020 in terms
of uptime, water injection and gas offtake, which have sustained
the production of the assets and allowed the company to deliver its
production guidance in 2020, notwithstanding the impact of the
coronavirus pandemic and Opec+ production cuts in Gabon.

The rating action also reflects the recent change in management
strategy and, more specifically, the renewed focus of the company
towards operational efficiency, cost efficiency and the increase in
allocation of capital investments towards producing assets rather
than to riskier exploration and early stage developments.

The rating agency continues to highlight the high concentration of
Tullow's assets in Ghana, the low cost nature of its reserves and
the relatively short life of its 2P reserves of around 9.5 years,
underlining the need to bring new resources to production to offset
the decline rates of mature fields.

LIQUIDITY

Pro-forma for the closing of the transaction, Tullow should have
approximately $175 million of cash available (of which $130 million
are restricted) and full availability under the $500 million RCF
(the RCF has additional $100 million of availability for letters of
credit). This figure excludes the $89 million of upfront
consideration of the disposal of the Equatorial Guinea assets,
received in March 2021, $46 million of upfront consideration of the
disposal of Dussafu and $75 million of the deferred consideration
of the Uganda disposal, expected to be received in Q2 2021.

The new capital structure will not have any maintenance covenant.
The RBL contained a net gearing covenant and a liquidity forecast
test, where Moody's had factored substantial covenant breach risk
in 2021. The new RCF is subject to an annual redetermination,
linked to a formula calculated on the basis of the NPV of the 2P
reserves.

The hedging requirement of 75% of the production for the next two
years and 50% for the third year, put in place in the context of
the refinancing, will act as significant protection to Tullow's
liquidity against a possible decline in oil prices. However,
Moody's highlights that there is some execution risk at this stage,
as the hedging requirement is significant and the market for
hedges, at relatively high prices, has been difficult in recent
months.

Following the successful execution of the refinancing and the
repayment of the RBL, convertible bond and 2022 senior unsecured
notes, Tullow will not have any debt maturing before December 2024,
with the exception of $100 million yearly amortization of the
Senior Secured Notes from June 2022, that Moody's expects to be
financed with available cash resources and free cash flow
generation.

STRUCTURAL CONSIDERATIONS

The RCF and the new Senior Secured Notes will be guaranteed by all
the subsidiaries of Tullow Oil and secured by essentially all the
assets and reserves of the group (at least 95% of the NPV of 2P
Reserves of the Group at closing). While they rank pari passu, in
an enforcement scenario the RCF ranks ahead of the Senior Secured
Notes. Consequently, Moody's has assigned a B3 rating on the $1,800
million Senior Secured First Lien notes due in 2026, one notch
above the Caa1 CFR.

The Caa2 rating on the $800 million Senior Unsecured notes is one
notch below the Caa1 CFR. The notes are senior unsecured guaranteed
obligations and are subordinated in right of payment to all
existing and future senior secured obligations of the guarantors,
including their obligations under RCF and the Senior Secured
Notes.

Given the increase in the amount of secured debt ranking ahead of
the senior unsecured notes, following the proposed refinancing, it
is unlikely that the review will result in an upgrade of the Senior
Unsecured instrument rating.

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

In the event of a successful completion of the refinancing and
build-up of the commodity hedges, the Corporate Family Rating will
be likely upgraded to B3, the Probability of Default to B3-PD and
the Senior Secured rating to B2, assuming that no material event
deteriorates the company's operations, profitability, free cash
flow generation or the liquidity profile.

Before placing the ratings under review for upgrade, Moody's had
previously stated that:

The ratings could be downgraded should the liquidity position of
the group deteriorate post RBL redetermination, the covenants under
the RBL be breached and/or further weakening of the operating
performance.

Ratings could also be downgraded if the proceeds of the Uganda
disposal were distributed to shareholders or used for other
corporate purposes, other than debt repayment, beyond the RBL
redetermination expected to conclude in January 2021.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Independent
Exploration and Production Industry published in May 2017.

PROFILE

Headquartered in London (UK), Tullow Oil plc is an independent
exploration and production oil and gas company, with its main
operated and non-operated production assets located in West Africa
(Ghana, Gabon, Cote d'Ivoire) as well as contingent resources in
Kenya and Guyana. The company holds 53 licences across 11
countries. In 2021, Moody's expects an average production (on a
working interest basis) of approximately 54-57 thousand barrels of
oil equivalent. As year-end of 2020, the group's 2P (proved plus
probable) reserves amounted to 260 million barrels of oil
equivalent. Tullow Oil is listed on the London, Irish and Ghana
Stock Exchanges.

TULLOW OIL: S&P Rates New $1.8BB Senior Secured Notes 'B-'
----------------------------------------------------------
S&P Global Ratings placed its long-term issuer credit rating on
U.K.-headquartered Tullow Oil (Tullow) on CreditWatch with positive
implications.

S&P said, "We will resolve the CreditWatch placement when the
refinancing has been completed, and provided it closes as planned,
we expect to raise our issuer rating on Tullow to 'B–' from
'CCC+'. We also assigned a 'B–' issue rating to the proposed $1.8
billion senior secured notes due 2026.

"Provided the refinancing closes as planned, we expect to raise our
long-term issuer rating on Tullow to 'B-'. On April 29, 2021,
Tullow announced its plans to issue $1.8 billion of senior secured
notes and to use the proceeds, together with cash on balance sheet,
to repay its $1.4 billion outstanding under its reserve-based
lending (RBL) facility, $300 million convertible notes due 2021,
and $650 million unsecured notes due 2022. The transaction will
remove liquidity concerns, because following the transaction, the
next substantial maturity will be in 2025, when the $800 million
unsecured notes are due. We view the transaction as a refinance,
rather than a distressed exchange offer. This is because we believe
that investors receive adequate compensation--there is no debt
haircut, and the new notes will be secured and are expected to bear
a higher coupon than existing instruments, subject to market.

"Our expectation of higher oil prices and rebound in production
should result in positive free operating cash flow (FOCF) and
improved capital structure.Under our base-case scenario, we expect
S&P Global Ratings-adjusted EBITDA of about $720 million-$770
million in 2021, and $930 million-$980 million in 2022, translating
into positive FOCF. Even though we expect production in 2021 to
decline, it should rebound in 2022, as Tullow invests in the
development of its fields. Our forecast factors in our Brent oil
price assumption of $60 per barrel (/bbl) for the rest of 2021 and
in 2022. Positive FOCF will support gradual reduction in the
adjusted debt over time, and we anticipate adjusted debt-to-EBITDA
will decline to 4x-4.3x by 2022, the level we see as sustainable
and in line with the 'B-' rating. According to Tullow, it plans to
reduce net debt to $1 billion-$1.5 billion (from $2.4 billion at
the end of 2020), and net debt to EBITDAX (earnings before
interest, taxes, depreciation, amortization, and exploration
expense) to 1x-2x (from 3x at the end of 2020) by 2025.

"Over the next few years, we expect Tullow will focus on improving
the performance of the existing assets, while keeping costs under
control. In 2020, the company announced a new strategy of focusing
on development of existing assets with only limited exploration
activity (which is inherently riskier). We therefore expect that
the main growth in Tullow's business will come from its existing
assets in Ghana. In the nonoperated portfolio, we anticipate
broadly stable production volumes over the next few years. Future
growth opportunities, which are still under consideration, include
the development of Tullow's assets in Kenya, where about 25% of the
company's resources are located. Overall, we expect Tullow's
capital expenditure (capex; including exploration) will be about
$250 million-$350 million per year in 2021-2022, but will remain
flexible. We believe that this level of capex will support the
replenishment of Tullow's reserves and allow for production to
increase.

"The CreditWatch placement signals that we will likely raise our
issuer rating on Tullow to 'B-' following the completion of the
refinancing."


WIGAN ATHLETIC: Fans Get Back Money Raised During Administration
----------------------------------------------------------------
BBC Sport reports that Wigan Athletic fans have been given back the
GBP171,000 they raised to keep the club going when it was first put
into administration last summer.

Without money raised by the supporters in the initial weeks of the
administrators taking control, it is likely the club would have
gone bust as it covered "essential costs" such as travel and
accommodation to away games and stewards' fees, BBC notes.

The club was bought by Bahrain businessman Abdulrahman Al-Jasmi in
March, BBC recounts.

The administrators have now written to Wigan's official supporters'
club confirming the money was being paid back as promised, BBC
relates.


[*] UK: Co. Insolvencies Down to Lowest Level in More Than 30 Years
-------------------------------------------------------------------
The Times reports that company insolvencies in England and Wales
fell to their lowest level in more than thirty years during the
first three months of this year, as government support measures
helped businesses hit by the pandemic to ward off bankruptcy.

Britain suffered its sharpest fall in economic output in more than
three centuries last year, but government-backed lending schemes
enabled companies to borrow more than GBP75 billion to navigate
cashflow problems, The Times relates.

The number of businesses declared insolvent sank to 2,384 in the
first quarter of 2021 from 3,053 in the final three months of 2020,
the lowest number in seasonally adjusted data that goes back to the
first quarter of 2011, The Times discloses.



[*] UK: Two Fifth of Scottish Businesses May Run Out of Cash
------------------------------------------------------------
Emma Newlands at The Scotsman reports that two fifths of Scottish
businesses fear they will run out of cash within the next six
months, according to new data -- with the "really worrying" figures
prompting a call for more government support.

Glasgow-based business development firm Frejz has cited the
Business Insights and Conditions Survey (Bics), which found that
39.3% of companies' cash reserves won't last beyond half a year,
The Scotsman notes.

The survey is run by the Office for National Statistics, and sought
the views of more than 1,200 businesses across Scotland between
April 6 and 18.

According to The Scotsman, about a fifth of respondents said their
reserves would last between one and three months, 16% between four
and six months, and 2.7% said they'd be out of money within just a
few weeks.

Frejz said the statistics show the need for more government support
in the form of loans and grants -- and called for more to be done
in linking new and diversifying businesses with angel investors
across the country to help them expand, The Scotsman relates.

Furthermore, the survey found that 20.6% of firms responding said
they were unsure about how long their cash reserves would last, and
3.1% said their coffers were empty as things stood, The Scotsman
states.  About four in ten said their finances would last beyond
the six-month mark, The Scotsman notes.

According to The Scotsman, Finlay Kerr, managing director of Frejz,
described the figures as "really worrying", adding that they "show
the severity of the cashflow challenges facing so many Scottish
businesses".

He added: "While it might feel like things are getting back to
normal after the pandemic, it’s clear that for thousands of
businesses there are still significant problems to be solved."

The Bics figures follow Red Flag Alert data from business rescue
and recovery specialist Begbies Traynor, which found that 38,000
businesses in Scotland were showing "significant" financial
distress after a jump in the opening months of 2021, The Scotsman
relates.

The firm discovered a 45% year-on-year rise in the early signs of
such distress, adding that the figures suggested that many firms
are only managing to survive thanks to government life support --
and seeing an "enormous quantity of financial trouble being stored
up" for when support measures come to an end, The Scotsman notes.

Mr. Kerr, as cited by The Scotsman, said Scottish businesses now
need help "taking the next step, accessing grants and loans, and
pitching to investors who can help secure their immediate future
and increase potential going forward".



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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