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

                          E U R O P E

          Tuesday, May 25, 2021, Vol. 22, No. 98

                           Headlines



F R A N C E

FLAMINGO LUX II: Equity Treatment No Impact on Moody's B2 CFR


G E R M A N Y

CECONOMY AG: Moody's Affirms Ba1 CFR & Alters Outlook to Stable
DEUTSCHE LUFTHANSA: KB Holding Sells More Than Half of Stake
WIRECARD AG: Confidential Report Unveils EY's Audit Failings


I R E L A N D

CAIRN CLO VIII: Moody's Affirms B2 Rating on EUR9.3MM Class F Notes
EURO-GALAXY VII: Fitch Assigns Final B- Rating on Class F-R Debt
EURO-GALAXY VII: Moody's Assigns B3 Rating to Class F Notes
PRIMROSE RESIDENTIAL 2021-1: S&P Assigns B- Rating on G Notes
PROVIDUS CLO IV: Moody's Assigns B3 Rating to Class F Notes



I T A L Y

AIGIS BANCA: Banca Ifis Buys Healthy Assets Following Liquidation


L U X E M B O U R G

ARCELORMITTAL: Moody's Alters Outlook on Ba1 CFR to Positive


N E T H E R L A N D S

WABTEC TRANSPORTATION: Moody's Rates New Sr. Unsecured Notes 'Ba1'


N O R W A Y

NORWEGIAN AIR: Raises NOK6BB Capital, Set to Exit Restructuring


R U S S I A

ALMAZERGIENBANK: Fitch Affirms 'B+' IDR & Alters Outlook to Stable
NKO KRASNOYARSK: Placed Under Provisional Administration
PJSC KOKS: Fitch Affirms 'B' LT IDRs & Alters Outlook to Positive


S P A I N

AEDAS HOMES: S&P Assigns 'B+' Issuer Credit Rating, Outlook Stable


U N I T E D   K I N G D O M

LIBERTY STEEL: To Sell Several UK Assets Amid Credit Suisse Talks

                           - - - - -


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F R A N C E
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FLAMINGO LUX II: Equity Treatment No Impact on Moody's B2 CFR
-------------------------------------------------------------
Moody's Investors Service has given equity treatment to the
existing preferred equity certificates at Flamingo Lux II SCA
("Foncia" or "the company"), a direct parent of Foncia Management
SAS and the top entity of the new restricted group following the
dividend recapitalization in March 2021. The existing PECs at
Flamingo Lux II SCA (around EUR95 million outstanding following
completion of the dividend recapitalization) were previously
considered to be debt-like in nature and included in Moody's
calculations of Foncia's leverage. Moody's has concluded that the
PECs meet the requirements for equity treatment under Moody's
hybrid methodology.

All ratings including the B2 corporate family rating, B2-PD
probability default rating, and the Caa1 rating on the senior
unsecured notes of EUR250 million at Flamingo Lux II SCA are
unchanged. The outlook on all ratings remain negative.

As a result of the equity treatment given to the PECs,
Moody's-adjusted debt/EBITDA as of December 31, 2020 (pro forma the
dividend recapitalization and acquisitions closed in 2020) is 8.7x
instead of 9.0x previously.

COMPANY PROFILE

Headquartered in France, Foncia is a leading provider of
residential real estate services through a network of over 500
branches. The company, which is owned by a consortium led by
private equity fund Partners Group since 2016, generated revenue of
EUR962 million in 2020.




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G E R M A N Y
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CECONOMY AG: Moody's Affirms Ba1 CFR & Alters Outlook to Stable
---------------------------------------------------------------
Moody's Investors Service has changed the outlook of CECONOMY AG to
stable from negative. Concurrently, Moody's has affirmed the
company's Ba1 corporate family rating, its probability of default
rating at Ba1-PD and its Not Prime commercial paper rating.
Concurrently, the company's Ba1 long-term and NP short-term issuer
ratings have been withdrawn due to business reason.

"The stabilisation of the outlook reflects Ceconomy's resilient
sales performance during 2020 and the first half of its fiscal year
2021, ending in September despite the impact of ongoing store
lockdown restrictions, notably in Germany, its core market. While
margins are still low and earnings will be below our initial
expectations for fiscal 2021, we expect Ceconomy's debt-protection
metrics and liquidity to remain good for the rating category over
the next 12-18 months", says Guillaume Leglise, a Moody's Vice
President -- Senior Analyst and lead analyst for Ceconomy.

Moody's has decided to withdraw the ratings for its own business
reasons.

RATINGS RATIONALE

The rating action primarily reflects Moody's expectation that
Ceconomy's sales and earnings will recover over the next 12 to 18
months, reflecting improving trading conditions. Moody's expects
shopping restrictions will gradually ease in Europe, including in
Germany, during the second half of this year, while vaccine
rollouts will lift consumer confidence. Ceconomy has well managed
the pandemic and limited the impact that the crisis has had on its
operations and financials in the last 12 months. While the company
has been negatively affected by store lockdown restrictions during
Q2 (quarter ended March 31, 2021), its sales have been resilient
during the pandemic, thanks to strong online penetration. Demand
for the company's products has to some extent benefitted from lower
consumer spending on travel, leisure, and apparel due to
stay-at-home orders.

Moody's estimates that Ceconomy's leverage, as measured by
Moody's-adjusted gross debt to EBITDA, was around 2.8x at 31 March
2021, a low level for the rating category. The rating agency
expects the company's leverage will remain below 3.0x over the next
12 to 18 months, supported by improving sales and earnings, as well
as the maintenance of a low level of funded debt. While the
company's leverage is currently very close to Moody's upward rating
trigger, some other key credit metrics, such as absolute earnings
and margins, are still weak and constrain the rating for now.

Ceconomy's margins are weak and lower than rated peers, with an
EBIT margin of around 1.5% as adjusted by Moody's in the 12 months
to March 31, 2021. This low margin level reflects the company's
high-fixed cost structure and increased online penetration, which
dilutes the company's margins. After considering the negative
impact of prolonged lockdown restrictions Moody's now expects the
company's absolute EBIT to be below the rating agency's original
expectations for fiscal 2021, and well below the company's initial
EBIT guidance of EUR320-370 million published by the company in
December 2020. Moody's now expects the company's EBIT (as adjusted
by the company) to be between EUR220-250 million in fiscal 2021,
compared to EUR236 million in 2020, and well below the pre-crisis
levels (EUR402 million in fiscal 2019).

Ceconomy's corporate governance has been a credit weakness since
2018 because of the group's complex corporate structure, and
several management changes, including the recent appointment of a
new CEO, expected to start in August 2021. The management structure
will, however, become more streamlined with one CEO and one CFO for
both Ceconomy and its MediaMarktSaturn subsidiary. In addition,
Moody's positively views the acquisition of the Convergenta's
21.62% stake in MediaMarktSaturn, because it simplifies the group's
structure and it appears that the Kellerhals family (owner of
Convergenta) is now more aligned with the group's overall strategy.
While the transaction has a marginal negative impact in terms of
net debt, it unlocks substantial tax savings going forward.

Social risks are increasing because of changing consumer
preferences and spending patterns. The shift to online has
increased the margin pressure on incumbent retailers like Ceconomy.
The company will need to continue investing in digital and logistic
operations to improve the customer experience, especially in
stores, a key component of the company's operations and business
model. The company's new strategic initiatives announced in
December 2020 target further enhancement of its omnichannel
capabilities, but in the context of the continued coronavirus
outbreak, Moody's believes there are some execution risks on the
completion of these initiatives by 2023.

LIQUIDITY

Ceconomy has good liquidity. As at March 31, 2021, the company had
EUR901 million of cash and access to undrawn committed credit
facilities for a total of EUR2.7 billion, including the EUR1.7
billion tranche with KfW. On May 6, 2021, Ceconomy announced the
signing of new ESG-linked credit facilities for EUR1.06 billion,
with a consortium of 13 banks. These new facilities will become
effective once the existing syndicated credit lines with the
involvement of Kreditanstalt fuer Wiederaufbau (KfW, Aaa stable)
have been terminated, at the sole discretion of Ceconomy.

Ceconomy needs a large liquidity buffer because of the high
seasonality of its activities. Ceconomy recorded positive free cash
flow (FCF) generation in fiscal 2020 mostly because of large
working capital inflows (EUR297 million), reflecting its solid
sales performance in the second part of the year. Moody's expects a
reversal in working capital in 2021, which, together with weak
earnings, higher capital spending and some restructuring charges,
will lead to a negative FCF generation in fiscal 2021. However,
Moody's expects the company to generate positive FCF again from
fiscal 2022 as trading conditions normalise and earnings gradually
recover.

OUTLOOK RATIONALE

The stable outlook reflects Moody's expectations that trading
conditions will improve during the second half of 2021, supporting
the company's key credit metrics, which are expected to remain
adequate for the rating category in the next 12-18 months. Moody's
expects a gradual recovery of Ceconomy's profitability over time as
the company progresses in the execution of its medium-term
transformation plan. The outlook also assumes that the company will
maintain conservative financial policies and a good liquidity
profile.

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

Upward pressure could arise over time if (1) Ceconomy demonstrates
a sustainable margin enhancement with Moody's-adjusted EBIT margin
of around 3.5%, (2) the company's Moody's-adjusted (gross)
debt/EBITDA remains below 3.0x; and (3) its ratio of retained cash
flow to net debt (Moody's-adjusted RCF/net debt) remains
sustainably above 25%. Moody's would also expect Ceconomy to
maintain prudent financial policies and generate positive FCF on a
sustained basis.

Conversely, a negative rating action could arise if the macro
environment weakens and consumer spending is sustainably affected.
Sustained negative FCF generation and a weaker level of liquidity,
would also likely lead to downward pressure. Quantitatively,
downward pressure would likely occur if (1) Ceconomy's (gross)
leverage (including Moody's adjustments) is expected to be
sustainably above 4.0x; and (2) its RCF/net debt is below 20% on a
sustained basis.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Retail Industry
published in May 2018.

COMPANY PROFILE

Headquartered in Dusseldorf, Germany, Ceconomy is Europe's largest
consumer electronics retailer, operating two brands: Media-Markt
and Saturn. The company generated revenue of EUR21 billion in the
12 months to March 31, 2021. The company is listed on the Frankfurt
Stock Exchange and has four historical anchor shareholders: Haniel,
Meridian Stiftung, freenet AG, and Beisheim. Following an agreement
announced in December 2020, Convergenta is expected to become
Ceconomy's largest shareholder, with 25.9% of voting rights once an
agreed capital increase closes during the summer 2021. Ceconomy is
listed on the Frankfurt Stock Exchange and has a current market
capitalisation of around EUR1.9 billion.


DEUTSCHE LUFTHANSA: KB Holding Sells More Than Half of Stake
------------------------------------------------------------
William Wilkes at Bloomberg News reports that one of Germany's
wealthiest families is selling down the last major investment of
Heinz Hermann Thiele, three months after the billionaire
patriarch's death.

According to Bloomberg, the Thiele family's KB Holding GmbH sold
more than half its stake in Deutsche Lufthansa AG, Europe's biggest
airline, disposing of 33 million shares at a 9.80 euros each.
While that's a 9.8% discount to the stock's closing price the
previous day, the heirs likely broke even on the transaction given
the original purchase price, Bloomberg notes.

The retreat comes almost exactly a year since Mr. Thiele's
multibillion euro bet on the carrier fizzled as the German
government acquired a 20% stake in the airline as part of a EUR9
billion (US$11 billion) coronavirus bailout, massively diluting
private stockholders, Bloomberg states.  Mr. Thiele fought against
the bailout and hinted he might push Lufthansa toward bankruptcy by
upholding his opposition, before eventually acquiescing to the
terms, Bloomberg recounts.

The family's sale comes as Lufthansa prepares to raise about EUR3
billion in new equity to unwind some of its EUR9 billion state
bailout, Bloomberg relays.  Mr. Thiele died in February without
having completed making arrangements that would lighten his heirs'
inheritance-tax obligations, Bloomberg discloses.


WIRECARD AG: Confidential Report Unveils EY's Audit Failings
------------------------------------------------------------
Olaf Storbeck at The Financial Times reports that EY auditors
failed to scrutinize Wirecard's operations in Asia that lay at the
heart of the payment group's fraud, according to a confidential
report from the German parliament.

The classified report into EY's audit of Wirecard's 2018 results --
filed to parliament last week and seen by the FT -- also concluded
that Wirecard potentially violated international reporting
standards as it disclosed so little information about the size and
nature of the Asian business.

The findings from a special investigator for the German
parliament's inquiry committee add to the legal and reputational
woes for EY, which is facing an avalanche of lawsuits, the FT
notes.  Investors and creditors lost billions of euros when
Wirecard collapsed last summer in one of Europe's biggest
accounting frauds, the FT discloses.

The Asian "third-party acquiring" business on paper generated half
of Wirecard's revenue and all of its profits.  Last June, the
company disclosed that EUR1.9 billion in corporate cash linked to
that business did not exist and crashed into insolvency shortly
afterwards, the FT recounts.

An investigation by Wirecard's administrator later found that the
TPA business, notionally revenues derived from outsourced payments
handled by partners in Asia, probably did not exist at all, the FT
relays.

EY's work for Wirecard, which received unqualified audits for
almost a decade in the run-up to the collapse, is one focal point
of the parliamentary inquiry committee, the FT notes.

A team of auditors from Roedl & Partner led by Martin Wambach, the
parliamentary special investigator, dug through 90 gigabytes of EY
data that included internal working papers and 40,000 emails, the
FT states.

According to the FT, in the report Mr. Wambach found that the 2014
to 2016 audits suffered from serious shortcomings.  The firm failed
to spot fraud risk indicators, did not fully implement professional
guidelines and, on key questions, relied on verbal assurances from
executives, the FT relates.

In an addendum to that report, which focuses solely on the 2018
audit, Mr. Wambach argued that the data available at Wirecard, and
used by EY in its work, was not sufficiently detailed to check
individual transactions that were purportedly processed by the
Asian outsourcing partners, the FT relays.

According to the FT, Florian Toncar, an MP for the pro-business
Free Democrats, said: "The addendum consists of 50 pages of
dynamite for EY. The auditing shortcomings exceeded the committee's
worst expectations."  Mr. Toncar, a former Freshfields lawyer, told
the FT he would have believed such a failure to be "impossible".




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I R E L A N D
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CAIRN CLO VIII: Moody's Affirms B2 Rating on EUR9.3MM Class F Notes
-------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Cairn CLO VIII DAC:

EUR27,300,000 Class B-1 Senior Secured Floating Rate Notes due
2030, Upgraded to Aa1 (sf); previously on Jul 27, 2020 Affirmed Aa2
(sf)

EUR10,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2030,
Upgraded to Aa1 (sf); previously on Jul 27, 2020 Affirmed Aa2 (sf)

Moody's has also affirmed the ratings on the following notes:

EUR214,400,000 Class A Senior Secured Floating Rate Notes due
2030, Affirmed Aaa (sf); previously on Jul 27, 2020 Affirmed Aaa
(sf)

EUR23,900,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed A2 (sf); previously on Jul 27, 2020
Affirmed A2 (sf)

EUR18,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed Baa2 (sf); previously on Jul 27, 2020
Confirmed at Baa2 (sf)

EUR22,300,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed Ba2 (sf); previously on Jul 27, 2020
Confirmed at Ba2 (sf)

EUR9,300,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2030, Affirmed B2 (sf); previously on Jul 27, 2020 Confirmed at
B2 (sf)

Cairn CLO VIII DAC, issued in November 2017, is a collateralised
loan obligation (CLO) backed by a portfolio of mostly high-yield
senior secured European loans. The portfolio is managed by Cairn
Loan Investments LLP. The transaction's reinvestment period will
end in November 2021.

RATINGS RATIONALE

The rating upgrades on the Class B-1 and B-2 notes are primarily a
result of the benefit of the shorter period of time remaining
before the end of the reinvestment period in November 2021.

The affirmations on the ratings on the Class A, C, D, E and F notes
are primarily a result of the expected losses on the notes
remaining consistent with their current ratings after taking into
account the CLO's latest portfolio, its relevant structural
features and its actual over-collateralization (OC) levels.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base case,
Moody's analysed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR 348.47
million, defaulted par of EUR 2.0million, a weighted average
default probability of 23.59% (consistent with a WARF of 3130 over
a WAL of 4.82 years), a weighted average recovery rate upon default
of 45.26% for a Aaa liability target rating, a diversity score of
48 and a weighted average spread of 3.71%. The GBP-denominated
asset is hedged with cross-currency swaps, which Moody's also
modelled.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

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

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank and swap provider,
using the methodology "Moody's Approach to Assessing Counterparty
Risks in Structured Finance" published in June 2020. Moody's
concluded the ratings of the notes are not constrained by these
risks.

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

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
notes, in light of uncertainty about credit conditions in the
general economy. In particular, the length and severity of the
economic and credit shock precipitated by the global coronavirus
pandemic will have a significant impact on the performance of the
securities. CLO notes' performance may also be impacted either
positively or negatively by: (1) the manager's investment strategy
and behaviour; (2) divergence in the legal interpretation of CDO
documentation by different transactional parties because of
embedded ambiguities; and (3) the additional expected loss
associated with hedging agreements in this transaction which may
also impact the ratings negatively.

Additional uncertainty about performance is due to the following

Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which could
lengthen as a result of the manager's decision to reinvest in new
issue loans or other loans with longer maturities, or participate
in amend-to-extend offerings. Moody's tested for a possible
extension of the actual weighted average life in its analysis. The
effect on the ratings of extending the portfolio's weighted average
life can be positive or negative depending on the notes'
seniority.

Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.

Other collateral quality metrics: Because the deal can reinvest,
the manager can erode the collateral quality metrics' buffers
against the covenant levels. Moody's analysed the impact of
assuming the worse of reported and covenanted values for weighted
average rating factor, weighted average spread, weighted average
coupon and diversity score.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.


EURO-GALAXY VII: Fitch Assigns Final B- Rating on Class F-R Debt
----------------------------------------------------------------
Fitch Ratings has assigned Euro-Galaxy VII DAC final ratings.

      DEBT                  RATING               PRIOR
      ----                  ------               -----
Euro-Galaxy VII CLO DAC

A-1 XS1963039448     LT  PIFsf   Paid In Full    AAAsf
A-2 XS1963039877     LT  PIFsf   Paid In Full    AAAsf
A-R XS2337236140     LT  AAAsf   New Rating      AAA(EXP)sf
B XS1963040297       LT  PIFsf   Paid In Full    AAsf
B-1-R XS2337236223   LT  AAsf    New Rating      AA(EXP)sf
B-2-R XS2337236496   LT  AAsf    New Rating      AA(EXP)sf
C XS1963040537       LT  PIFsf   Paid In Full    Asf
C-R XS2337236579     LT  Asf     New Rating      A(EXP)sf
D XS1963040966       LT  PIFsf   Paid In Full    BBB-sf
D-R XS2337236652     LT  BBB-sf  New Rating      BBB-(EXP)sf
E XS1963041188       LT  PIFsf   Paid In Full    BB-sf
E-R XS2337236736     LT  BB-sf   New Rating      BB-(EXP)sf
F XS1963041428       LT  PIFsf   Paid In Full    B-sf
F-R XS2337236819     LT  B-sf    New Rating      B-(EXP)sf

TRANSACTION SUMMARY

This is a securitisation of mainly senior secured loans (at least
90%) with a component of senior unsecured, mezzanine, and
second-lien loans. The portfolio is actively managed by the
portfolio manager. Notes proceeds have been used to redeem the
existing notes, except the class Z and the subordinated notes,
which have not been reissued. The CLO envisages a 4.7-year
reinvestment period and an 8.7-year weighted average life (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors in the 'B'/'B-' category. The
Fitch weighted average rating factor (WARF) of the portfolio is
35.1.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the portfolio is 64.5%.

Diversified Asset Portfolio (Positive): The transaction has four
matrices corresponding to two maximum top 10 obligor limits at 15%
and 20%; and two maximum fixed rate asset limits at 0% and 7.5%,
respectively. The transaction also includes various concentration
limits, including the maximum exposure to the three largest
(Fitch-defined) industries in the portfolio at 40%. These covenants
ensure the asset portfolio will not be exposed to excessive
concentration.

Portfolio Management (Neutral): The transaction has a 4.7-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines. Currently the transaction is slightly below target par
and the aggregate collateral balance as of April 2021 is being
modelled in the cash-flow model of the stressed-case portfolio.

Deviation from Model-implied Rating (Negative): The ratings of all
classes are one notch higher than the model-implied rating (MIR).
When analysing the updated matrices with the stressed portfolio,
the notes showed a maximum breakeven default rate shortfall ranging
from -0.5% to -3.9% across the structure at the assigned ratings.

The ratings are supported by the good performance of the existing
CLO, as well as the significant default cushion on the identified
portfolio at the assigned ratings due to the notable cushion
between the covenants of the transactions and the portfolio's
parameters including the higher diversity (149 obligors) of the
portfolio.

All notes pass the assigned ratings based on the portfolio and the
coronavirus baseline sensitivity analysis that is used for
surveillance. The class F notes' deviation from the MIR reflects
Fitch's view that the tranche has a significant margin of safety
given the credit enhancement level at closing. The notes do not
present a "real possibility of default", which is the definition of
'CCC' in Fitch's Rating Definitions.

RATING SENSITIVITIES

This section provides insight into the model-implied sensitivities
the transaction faces when one assumption is modified, while
holding others equal. The modelling process uses the modification
of these variables to reflect asset performance in upside and
downside environments. The results below should only be considered
as one potential outcome, as the transaction is exposed to multiple
dynamic risk factors. It should not be used as an indicator of
possible future performance.

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

-- A 25% reduction of the mean default rate (RDR) across all
    ratings and a 25% increase in the recovery rate (RRR) across
    all ratings will result in an upgrade of no more than five
    notches across the structure, apart from the class A notes,
    which are already at the highest rating on Fitch's scale and
    cannot be upgraded.

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

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

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

-- A 25% increase of the mean RDR across all ratings and a 25%
    decrease of the RRR across all ratings will result in
    downgrades of up to five notches cross the structure.

Coronavirus Baseline Scenario Impact

Fitch carried out a sensitivity analysis on the target portfolio to
envisage the coronavirus baseline scenario. The agency notched down
the ratings for half of assets with corporate issuers on Negative
Outlook regardless of sector. This scenario shows resilience of the
assigned ratings, with a comfortable cushion across all the notes.

Coronavirus Downside Scenario Impact

Fitch also considers a sensitivity analysis that contemplates a
more severe and prolonged economic stress. The downside sensitivity
incorporates a single-notch downgrade to all Fitch-derived ratings
of assets with corporate issuers on Negative Outlook regardless of
sector. Under this downside scenario, all classes pass the current
ratings.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Euro-Galaxy VII CLO DAC

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

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

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

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


EURO-GALAXY VII: Moody's Assigns B3 Rating to Class F Notes
-----------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued by
Euro-Galaxy VII CLO DAC (the "Issuer"):

EUR248,000,000 Class A Senior Secured Floating Rate Notes due
2035, Assigned Aaa (sf)

EUR28,000,000 Class B-1 Senior Secured Floating Rate Notes due
2035, Assigned Aa2 (sf)

EUR10,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2035,
Assigned Aa2 (sf)

EUR25,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned A2 (sf)

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

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

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

RATINGS RATIONALE

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

As part of this reset, the Issuer has amended the base matrix and
modifiers that Moody's has taken into account for the assignment of
the definitive ratings. The issuer has also included the ability to
hold loss mitigation obligations.

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 performing par on the underlying portfolio is currently
EUR399.76m slightly below the target par amount of EUR400.00m.

PineBridge Investments Europe Limited ("PineBridge") will manage
the CLO. It will direct the selection, acquisition and disposition
of collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
four-year reinvestment period. Thereafter, subject to certain
restrictions, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk obligations 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: EUR399,757,991

Defaulted Par: EUR0 as of April 14, 2021

Diversity Score: 50

Weighted Average Rating Factor (WARF): 3066

Weighted Average Spread (WAS): 3.60%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 43.0%

Weighted Average Life (WAL): 8.5 years


PRIMROSE RESIDENTIAL 2021-1: S&P Assigns B- Rating on G Notes
-------------------------------------------------------------
S&P Global Ratings assigned ratings to Primrose Residential 2021-1
DAC's class A to G-Dfrd Irish RMBS notes. At closing, the
transaction also issued unrated class RFN, Z, X, and Y notes.

Primrose Residential 2021-1 is a static RMBS transaction that
securitizes a portfolio of loans totaling EUR851.8 million. The
portfolio consists of performing and reperforming owner-occupied
and buy-to-let mortgage loans secured over residential properties
in Ireland.

The securitization comprises two purchased portfolios, which were
previously securitized in two different RMBS transactions, ERLS
2019 PL1 and Grand Canal Securities 1 (GCS1). They aggregate assets
from three Irish originators. The loans in the ERLS 2019 PL1
subpool were originated by Permanent TSB PLC, and the loans in the
GCS1 subpool were originated by Irish Nationwide Building Society
and Springboard.

S&P said, "Our rating on the class A notes addresses the timely
payment of interest and the ultimate payment of principal. Our
ratings on the class B to G-Dfrd notes address the ultimate payment
of interest and principal." The timely payment of interest on the
class A notes is supported by the liquidity reserve fund, which was
fully funded at closing to its required level of 2.0% of the class
A notes' balance. Furthermore, the transaction benefits from the
ability to use principal to cover certain senior items.

Start Mortgages DAC and Mars Capital Finance Ireland DAC, the
administrators, are responsible for the day-to-day servicing. In
addition, the issuer administration consultant, Hudson Advisors
Ireland DAC, helps devise the mandate for special servicing, which
is being implemented by Start.

At closing, the issuer used the issuance proceeds to purchase the
beneficial interest in the mortgage loans from the seller. The
issuer grants security over all its assets in favor of the security
trustee. S&P considers the issuer to be bankruptcy remote under its
legal criteria.

There are no rating constraints in the transaction under its
structured finance operational, sovereign and counterparty risk
criteria.

  Ratings

  CLASS    RATING*   CLASS BALANCE (EUR)   CLASS SIZE (%)
  A        AAA (sf)      657.8                77.22
  B-Dfrd   AA (sf)        55.4                 6.50
  C-Dfrd   A (sf)         40.4                 4.74
  D-Dfrd   BBB (sf)       29.8                 3.50
  E-Dfrd   BB (sf)        29.8                 3.50
  F-Dfrd   B (sf)         12.8                 1.50
  G-Dfrd   B- (sf)        10.8                 1.27
  RFN      NR             17.1                 2.01
  Z-Dfrd   NR             15.0                 1.76
  X        NR              2.0                 0.23
  Y        NR              2.0                 0.23

*S&P's ratings address timely receipt of interest and ultimate
repayment of principal on the class A notes and the ultimate
payment of interest and principal on the other rated notes. S&P's
ratings on the class B-Dfrd to G-Dfrd notes also address the
payment of interest based on the lower of the stated coupon and the
net weighted-average coupon.

NR--Not rated.


PROVIDUS CLO IV: Moody's Assigns B3 Rating to Class F Notes
-----------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing debt issued by Providus
CLO IV Designated Activity Company (the "Issuer"):

EUR98,000,000 Class A-R Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aaa (sf)

EUR144,000,000 Class A Senior Secured Floating Rate Loan due 2034,
Definitive Rating Assigned Aaa (sf)

EUR30,000,000 Class B-1-R Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aa2 (sf)

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

EUR24,000,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned A2 (sf)

EUR30,000,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Baa3 (sf)

EUR20,200,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Ba3 (sf)

EUR11,600,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

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

As part of this reset, the Issuer will increase the target par
amount by EUR 200million to EUR400 million. In addition, the Issuer
has added base matrix and modifiers that Moody's has taken into
account for the assignment of the definitive ratings.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 90% ramped as of the closing date and
to comprise of predominantly corporate loans to obligors domiciled
in Western Europe. The remainder of the portfolio will be acquired
during the c.a. 5 month ramp-up period in compliance with the
portfolio guidelines.

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

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

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

Moody's 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.

Par Amount: EUR400,000,000

Diversity Score: 44*

Weighted Average Rating Factor (WARF): 3023

Weighted Average Spread (WAS): 3.55%

Weighted Average Coupon (WAC): 4.50%

Weighted Average Recovery Rate (WARR): 43.50%

Weighted Average Life (WAL): 8.5 years




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

AIGIS BANCA: Banca Ifis Buys Healthy Assets Following Liquidation
-----------------------------------------------------------------
Valentina Za and Giulia Segreti at Reuters report that Italy's
Banca Ifis has bought the healthy assets of Aigis Banca for 1 euro
(US$1.22) after Aigis was forced into liquidation by the insolvency
of Germany's Greensill Bank.

German financial services regulator BaFin in March shut down
Greensill Bank AG, which was part of Greensill Capital, the
collapsed London-based supply-chain finance group owned by
Australian financier Lex Greensill, Reuters recounts.

"The intervention of Banca Ifis will protect the savings of retail
customers, guarantee continuity of finance to businesses and
safeguard jobs," Reuters quotes Banca Ifis Chief Executive Frederik
Geertman as saying in a statement.

Milan-based Aigis was established only last December as a
specialist lender for small- and medium-sized enterprises (SMEs)
with a staff of 50 and three branches spread among Italy's
financial capital, Rome and the southern town of Bari.

At the behest of Italy's central bank, the Treasury on May 23
ordered Aigis to be put into liquidation, while transferring part
of its business to Ifis, which also specialises in SME lending, as
well as bad loan management.

Aigis is the first Italian casualty of Greensill's demise, which
also hit clients of Swiss bank Credit Suisse as well as steel
magnate Sanjeev Gupta's GFG Alliance and around two dozen German
towns, Reuters discloses.

Among assets being taken on by Venice-based Ifis, which is owned by
Italy's von Fuerstenberg family, are EUR300 million in loans to
SMEs backed by a state guarantee and EUR440 million in retail
customer deposits, Reuters states.

According to Reuters, Italy's depositor protection fund FITD is
taking part in the rescue and will provide EUR49 million that Ifis
said would help to ensure there is virtually no impact from the
acquisition on its core capital, earnings and asset quality.




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

ARCELORMITTAL: Moody's Alters Outlook on Ba1 CFR to Positive
------------------------------------------------------------
Moody's Investors Service has changed to positive from stable the
outlook on all ratings of ArcelorMittal ("group"). Concurrently,
Moody's affirmed the group's Ba1 corporate family rating, Ba1-PD
probability of default rating, its Ba1 senior unsecured rating and
the senior unsecured rating on its medium-term notes programme at
(P)Ba1, the short-term rating on its Commercial Paper at NP, and
its other short-term rating at (P)NP.

"The outlook change to positive recognizes ArcelorMittal's very
strong results for the first quarter of 2021 and our expectation of
a highly supportive market environment throughout 2021, at least,
supporting a further significant improvement in its credit
metrics", says Goetz Grossmann, a Moody's Vice President and
Moody's lead analyst for ArcelorMittal. "The achievement of
financial ratios in line with an investment grade rating, alongside
a prudent financial policy helping to maintain such metrics and a
strong liquidity profile could lead to an upgrade in the next few
quarters."

RATINGS RATIONALE

The change of the outlook to positive was prompted by
ArcelorMittal's substantially improved earnings in the first
quarter of 2021 (Q1 2021), with company-adjusted EBITDA increasing
to $3.2 billion from around $1 billion in Q1 2020, and Moody's
upward revised earnings forecast for the rest of this year. Besides
the strong Q1 2021 results, Moody's acknowledges the group's better
than expected cash flow generation, with consistent strong positive
Moody's-adjusted free cash flow (FCF) of $2.4 billion in the 12
months through March 2021 ($2.3 billion in 2019), albeit partly
driven by further working capital reductions and lower capital
spending. As a result, the group's reported net debt reduced to
$5.9 billion at the end of March 2021, over $3.5 billion lower than
a year earlier.

ArcelorMittal's ballooning earnings in Q1 2021 were fueled by a
rapid rebound in demand of key steel-using industries, driving
increased capacity utilization and an unprecedented surge in steel
prices since the second half of 2020. As steel prices continue to
rise from already record highs in many regions currently, Moody's
expects the positive momentum to last for some additional months
before easing into 2022. Significantly wider steel spreads through
2021 should, therefore, enable the group's Moody's-adjusted EBITDA
to surpass $12 billion this year, versus $3.1 billion in 2020, and
its Moody's-adjusted EBIT margin to reach 15% (0.2% in 2020). The
higher earnings will also boost ArcelorMittal's funds from
operations and support Moody's-adjusted FCF of close to $3 billion
in 2021, despite a substantial build-up in working capital,
increasing capital spending and moderately higher dividends than
last year. ArcelorMittal's credit metrics will, therefore, clearly
meet Moody's defined levels for a Baa3 rating in 2021, and likely
remain in line with an investment-grade rating also in 2022, as
indicated by the positive outlook.

Moody's decision on a possible upgrade over the next 12-18 months
will also take into consideration the group's demonstration of a
prudent financial policy, including its stance towards increasing
dividends and share repurchases. Considering its current guidance
of share buybacks to be limited to 50% of surplus FCF (after
dividends) and progressively growing base dividends, Moody's
expects ArcelorMittal's net debt to further reduce over the next
two years. This forecast also rests on the assumption of no larger
acquisitions in the foreseeable future. Moody's does not expect
ArcelorMittal to materially reduce its gross debt in the coming
years, which, however, could accelerate the de-leveraging to
sustainably below 3x gross debt/EBITDA (Moody's-adjusted). That
said, Moody's assessment of ArcelorMittal's adjusted leverage
continues to take into account large debt adjustments relating to
guarantees provided for joint ventures (while at-equity accounted
income remains unadjusted) and the rating agency's treatment of its
mandatorily convertible bonds as debt. The assessment also factors
in the group's significantly lower net leverage (Moody's-adjusted
net debt/EBITDA), which will reduce to around 1.5x in 2021, and --
if maintained below 2.5x -- would be in line with an investment
grade rating.

ESG CONSIDERATIONS

The rating action positively incorporates ArcelorMittal's
implementation of a conservative financial policy earlier this
year, which Moody's expects to allow the group to further reduce
its net debt and leverage over the next two to three years.

OUTLOOK

The positive outlook mirrors strong upward pressure currently
building on ArcelorMittal's rating. It indicates a likely upgrade
over the next few quarters, if ArcelorMittal's Moody's-adjusted net
leverage falls and could be sustained below 2.5x. An upgrade would
further require the group to adhere to a prudent financial policy
as shown by no excessive increases in shareholder returns and
positive free cash flow.

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

Upward pressure on the ratings would build, if ArcelorMittal's (1)
profitability improved sustainably, exemplified by Moody's-adjusted
EBIT margins of well above 6%, (2) net leverage could be reduced to
below 2.5x net debt?EBITDA, on a sustained basis, (3)
Moody's-adjusted (CFO - dividends) / debt ratios remained
consistently above 20%.

Moody's could downgrade ArcelorMittal's ratings, if (1) its net
leverage remained well above 3.5x Moody's-adjusted debt/EBITDA, (2)
its Moody's-adjusted (CFO-dividends) / debt ratio fell towards 15%,
(3) liquidity were to contract.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

ArcelorMittal is one of the world's largest steel companies, with
an annual production of over 70 million tons (mt) of crude steel,
steel shipments of 69 mt, $53 billion revenue and company-adjusted
EBITDA of $4.3 billion (8.1% margin) in 2020. The group operates in
more than 60 countries worldwide, with steelmaking operations in 17
countries on four continents. The group also operates iron ore and
coking coal mines in several geographies for its own consumption
and external sales.

ArcelorMittal's largest market is Europe, which accounted for 48%
of its sales in 2020 (18% of EBITDA). NAFTA accounted for 23% of
sales (10%), Brazil for 11% (21%), Africa and Commonwealth of
Independent States (ACIS, Eastern Europe and South Africa) for 10%
(10%) and mining for 8% (41%).




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

WABTEC TRANSPORTATION: Moody's Rates New Sr. Unsecured Notes 'Ba1'
------------------------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to Wabtec
Transportation Netherlands B.V.'s (WTN) new senior unsecured notes
due 2027. WTN is a wholly-owned subsidiary of Westinghouse Air
Brake Technologies Corporation (Wabtec). The notes will be fully
and unconditionally guaranteed on a senior unsecured basis by
Wabtec. The issuance does not impact Wabtec's other ratings,
including the existing Ba1 senior unsecured rating. The ratings
outlook is stable.

RATINGS RATIONALE

Wabtec's Ba1 senior unsecured rating reflects the company's
leadership position as a supplier to global transit markets.
Moody's expects the company to generate strong margins and cash
flow over the next several years. However, ratings also reflect
elevated leverage that heightens risk as the company operates in
highly cyclical markets.

The stable outlook reflects Moody's expectations for modest revenue
and earnings growth in 2021 and steady to modestly improving debt
metrics. Aided by debt repayment in 2021, Moody's expects
debt-to-EBITDA to approach 3.3x in 2022.

Environmental, Social and Governance (ESG) considerations are
moderate. Much of the company's workforce is unionized, presenting
modest social risk, while Wabtec's business is not materially
impacted by environmental risk. We believe Wabtec will engage in
balanced financial policies coming years, which limits governance
risk.

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

The rating could be upgraded if the company can reduce debt
materially, resulting in debt-to-EBITDA sustained below 3x. EBITA
margins consistently in the high-teens would also support higher
ratings, as would strong segment margins and free cash
contributions from all business lines.

The rating could be downgraded if EBITA margins fall below 12%, or
if free cash flow materially declines. Share repurchases that
exceed free cash flow could also lead to a downgrade, as would
debt-to-EBITDA that is sustained above 4.0x

The following summarizes the rating actions:

Assignments:

Issuer: Wabtec Transportation Netherlands B.V.

Senior Unsecured Regular Bond/Debenture, Assigned Ba1 (LGD4)

Outlook Actions:

Issuer: Wabtec Transportation Netherlands B.V.

Outlook, Assigned Stable

Westinghouse Air Brake Technologies Corporation (Wabtec) provides
technology-based products and services for the freight rail and
passenger transit industries. The company is also a leading
manufacturer of diesel-electric locomotives and supplier of
associated aftermarket parts and services and digital solutions.
Revenue in 2020 was approximately $7.6 billion

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




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

NORWEGIAN AIR: Raises NOK6BB Capital, Set to Exit Restructuring
---------------------------------------------------------------
Reuters reports that Norwegian Air is set to exit its restructuring
process next week after raising the NOK6 billion (US$714 million)
it targeted through the sale of perpetual bonds, new shares and a
rights issue, the company said on May 21.

Financed largely by debt, Norwegian Air grew rapidly, serving
routes across Europe and flying to North and South America,
Southeast Asia and the Middle East before the COVID-19 pandemic
plunged the budget airline into crisis.

According to Reuters, courts in Ireland and Norway had demanded the
airline raise at least NOK4.5 billion as part of a scheme to emerge
from bankruptcy protection in the two countries on May 26.

The private placement of new shares raised NOK3.73 billion and was
"significantly oversubscribed", Reuters quotes the firm as saying
in a statement.

The company said the perpetual bond sale added NOK1.88 billion from
current creditors, while the rights issue to existing shareholders
was oversubscribed and the final results expected to be settled on
May 25, Reuters notes.

The courts in Oslo and Dublin last month gave their approval for
Norwegian to sharply cut its debt by converting it to stock so long
as it raised the NOK4.5 billion, Reuters recounts.

With the pandemic still curbing travel, the company then decided to
try and raise an additional NOK1.5 billion to bolster resources as
it exits the restructuring process it began last December, Reuters
discloses.

The survival plan brings an end to Norwegian's long-haul business,
leaving a slimmed-down carrier focusing on Nordic and European
routes, Reuters states.




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

ALMAZERGIENBANK: Fitch Affirms 'B+' IDR & Alters Outlook to Stable
------------------------------------------------------------------
Fitch Ratings has revised the Outlook on JSB Almazergienbank's
(AEB) Long-Term Issuer Default Rating (IDR) to Stable from Negative
and affirmed the IDR at 'B+'.

The rating action follows the revision of the Outlook on the bank's
controlling shareholder, Russia's Republic of Sakha (Yakutia)
(BBB-/Stable).

KEY RATING DRIVERS

AEB's Long-Term IDRs of 'B+' and Support Rating of '4' capture a
limited probability of support from Sakha. Fitch believes that
Sakha may provide extraordinary capital support to AEB, in case of
need, given its direct 86% stake and its high degree of operational
and strategic control over the bank.

However, Fitch rates AEB four notches below Sakha, due to AEB's
limited strategic importance for the region and the low flexibility
of the local authorities to provide immediate extraordinary
support. Some ordinary liquidity support may be swiftly channeled
through Sakha-owned entities in case of stress.

The Outlook on AEB mirrors that on Sakha.

AEB's Viability Rating (VR) of 'b' is unaffected by this rating
action.

RATING SENSITIVITIES

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

-- AEB's IDRs are likely to be downgraded if Sakha is downgraded.
    A downgrade of AEB's IDRs may also be driven by evidence of
    Sakha's weakening propensity to provide support to the bank,
    for example, in case of a delay in providing sufficient
    capital support.

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

-- AEB's IDRs would likely be upgraded if Sakha is upgraded. AEB
    may also be upgraded if Fitch takes a view that Sakha's
    propensity to support AEB has strengthened, for example, due
    to a stronger record of timely support.

BEST/WORST CASE RATING SCENARIO

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

AEB's IDRs are driven by the rating of Sakha.

ESG CONSIDERATIONS

AEB has an ESG Relevance Score of '4' for Governance Structure in
view of significant exposure to related parties and Sakha's
involvement in the management of the bank at board level and in
particular in its business origination. This has a moderate
negative impact on the bank's credit profile due to potential
governance risks and involvement in directed financing, and is
relevant to the ratings in conjunction with other factors.

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


NKO KRASNOYARSK: Placed Under Provisional Administration
--------------------------------------------------------
The Bank of Russia, by virtue of its Order No. OD-914, dated May
21, 2021, revoked the banking license of the Krasnoyarsk-based
Limited Liability Company Non-Bank Credit Organization Krasnoyarsk
Territorial Settlement Center, or OOO NKO Krasnoyarsk Territorial
Settlement Center (Registration No. 3483-K; hereinafter, NKO
Krasnoyarsk Territorial Settlement Center).  The credit institution
ranked 367th by assets in the Russian banking system.  NKO
Krasnoyarsk Territorial Settlement Center is not a member of the
deposit insurance system.

The Bank of Russia made this decision in accordance with Clause 6.1
of Part 1 of Article 20 of the Federal Law "On Banks and Banking
Activities", based on the facts that NKO Krasnoyarsk Territorial
Settlement Center:

   -- failed to comply with the anti-money laundering and
counter-terrorist financing laws.

NKO Krasnoyarsk Territorial Settlement Center was involved in
conducting large-scale non-transparent transactions for payments
between individuals and illegal online casinos and bookmakers.

The Bank of Russia appointed a provisional administration to NKO
Krasnoyarsk Territorial Settlement Center for the period until the
appointment of a receiver4 or a liquidator.  In accordance with
federal laws, the powers of the credit institution's executive
bodies were suspended.


PJSC KOKS: Fitch Affirms 'B' LT IDRs & Alters Outlook to Positive
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Fitch Ratings has revised the Outlook of Russian pig iron company
PJSC Koks to Positive from Stable, while affirming the group's
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs)
at 'B'. It has also affirmed IMH Capital DAC's senior unsecured
notes rating at 'B'/RR4.

The Outlook revision is driven by Fitch's expectations of the
company's stronger cash flow generation and debt reduction in the
next three years, leading to deleveraging below or around Fitch's
positive rating sensitivity of 3.0x in 2021-2024.

Fitch expects the strong commodity price environment and increasing
sales to new customers to help EBITDA margins to increase to 25% in
2021 and to stabilise at 22% in the medium term, supporting EBITDA
at above RUB20 billion and gross debt repayment. An upgrade would
be subject to the absolute debt reduction.

The rating affirmation also reflects Fitch's expectation of the
company's strong market position in the pig iron segment, continued
efforts toward increased vertical integration and adequate
liquidity. Fitch's analysis treats the Tula-Steel plant, which is
operating near its full capacity, on a deconsolidated basis.

KEY RATING DRIVERS

Cash Generation to Drive Deleveraging: Koks' funds from operations
(FFO) gross leverage decreased to 4.5x in 2020 from 5.7x in 2019,
due to the strong price environment for pig iron and its input raw
materials, and a large intake of volumes by Tula-Steel, which is
also benefitting from high steel prices. Fitch expects leverage to
decrease to below 3x in 2021 and remain below or around 3x in
2022-2024 assuming the company will apply its solid free cash flow
generation for debt repayment.

Management aims to deleverage towards net debt/EBITDA of 2x in the
medium term (versus Fitch-calculated net debt/EBITDA of 3.8x at
end-2020).

Positive Market Dynamics: Environmental regulations in China are
leading to increasing use of merchant pig iron in electric
steelmaking, contributing to high pig iron prices in the medium
term. Koks' pig-iron exports to Europe and the US will be also
supported by local environmental policies restricting domestic pig
iron production, and insufficient pig iron supply on the global
market, since Koks diverted 1 million tonnes from global markets to
Tula-Steel.

Koks shifted its export sales of pig iron from Europe and the US to
Asia during 2020 due to suppressed steel demand in Europe, the US
and CIS. This shift focused on China, which represented 58% of
export volume sales in 2020 compared to 9% in 2019. Fitch expects
this trend to continue in the medium term.

Sales to Tula-Steel: Koks's pig iron plant, Tulachermet, and Tula
Steel plant, an entity under common shareholder control, are both
located nearby in the Tula region. Tula-Steel buys liquid pig iron
from Tulachermet at market prices. This material does not require
any cooling and casting before sale, which saves costs at both
plants. Through Tula-Steel Koks is now exposed to local rebar
demand in the Moscow region.

Fitch expects the demand for Tula-Steel products to remain strong
in the medium term as the plant's rebar is cheaper due to its close
proximity to end-customers.

Material Exposure to Related Party: Revenues from related parties
(mostly Tula-Steel) represented 58% of total sales in 2020. Other
transactions include sales routed through related-party traders. At
end-2020, Koks had a trade receivables balance with related parties
of RUB6.9 billion, marking a first year of relative overexposure to
a related party. At end-2020 Koks had an outstanding balance of
RUB21.4 billion of loans issued to Tula-Steel. Effective management
of related-party transactions on an arm's-length basis will
constitute an important consideration in the assessment of the
rating trajectory.

Tula-Steel Consolidation Considered: In Fitch's analysis Tula-Steel
is not consolidated in Koks' perimeter. Gazprombank provided RUB25
billion project financing, which was the only additional source of
funding to Koks' contribution to the project. Koks may consider
consolidating Tula-Steel when the plant generates enough cash flow
to start deleveraging to Koks' target level of considerably below
2.0x which will not be achieved by end-2021.

Koks does not guarantee Tula-Steel's external debt and Fitch
expects Tula-Steel to service its debt independently. In addition,
Fitch conservatively has not assumed any repayment of the RUB21.4
billion loans Koks provided to Tula-Steel before 2024 in Fitch's
forecast.

Full Integration Strategy Delayed: In 2020, Koks' self-sufficiency
in pig-iron production was 50% in coal and 64% in iron ore. Fitch
now expect the increase in coal production volumes, driven by the
expansion of the Tikhova mine's second stage, to start in 2025
compared with 2022 announced previously. This reflects the
management's decision to allocate more funds for the development of
its more profitable iron ore and pig iron segment. Butovskaya
mine's coal production was suspended in 2020 due to unfavorable
current market conditions for the mine's coal products (grade KO).

Koks now expects to reach 84% of coal self-sufficiency by 2030 (97%
in 2023 expected last year). Increasing iron ore production is
dependent on the development of a second mining level at its iron
ore mine, which Fitch expects to be launched in 2025, increasing
iron ore self-sufficiency to 100% by 2027.

Capex Flexibility: Maintenance capex is around RUB2 billion.
Management has publicly confirmed that development capex is
flexible and can be postponed if necessary. However, Fitch
forecasts capex to average 10% of sales or RUB13 billion in 2021
and RUB8 billion-10 billion in the following three years.
Management priority investments in 2021-2024 include construction
of the second mining level at the group's iron ore mine KMAruda and
new equipment at its main coking coal open-pit mine Uchastok
Koksovyi.

Strong Pig Iron Position: Koks is the largest Russian merchant pig
iron producer and one of the world's largest exporters of merchant
pig iron, with Asia, North America and Europe as key destinations.
The group's global market share declined to 8% in 2020 from 13% in
2019 due to higher-margin sales of most of its pig iron to
Tula-Steel. The group specialises in commercial pig iron and
focuses on increasing its presence in premium pig iron.

DERIVATION SUMMARY

Koks ranks behind its closest CIS metals and mining peers EVRAZ plc
(BB+/Stable), AO Holding Company METALLOINVEST (BB+/Stable) and
Metinvest B.V. (BB-/Stable) in terms of scale of operations,
operational diversification and share of value-added products.
Koks' scale is more comparable to Ukrainian pellet producer
Ferrexpo plc (BB-/Stable), while Koks' EBITDA margins are lower.

Koks' financial profile, including its financial leverage and
operational margins, ranks behind that of Evraz, METALLOINVEST and
Metinvest, but is in line with that of First Quantum Minerals Ltd.
(B/Stable).

KEY ASSUMPTIONS

-- USD/RUB rate of 74.1 in 2021, 71.5 in 2022 and 70 thereafter;

-- Realised prices to follow coking coal (USD135-140/t) and iron
    ore (USD70-125/t) prices from Fitch price deck over 2021-2024,
    adjusted for historical discounts;

-- Coal processed volumes in line with management's guidance;

-- EBITDA margin to improve to 25% in 2021 on increasing sales to
    new customers and high pig iron prices but to stabilise around
    22% over 2022-2024;

-- Average capex/sales about 10% and no dividends;

-- No financial support to Tula-Steel to cover Gazprombank's debt
    service;

-- Tula-Steel not consolidated;

-- Fitch conservatively does not assume repayment of a loan
    provided to Tula-Steel over 2021-2024.

Fitch's Key Recovery Analysis Assumptions

The recovery analysis assumes that Koks would be considered a going
concern in bankruptcy and that it would be reorganised rather than
liquidated.

Koks' recovery analysis assumes a going concern (GC) EBITDA at
RUB11 billion that incorporates a material drop in pig iron prices
as a result of the market downturn and moderate recovery driven by
cost and sales mix optimisation and subsequent market rebound.

Fitch used a post-restructuring enterprise value (EV)/GC EBITDA
multiple to calculate the post-reorganisation valuation. It
reflects a smaller scale but a strong market position in the global
merchant pig iron market, and volatility of the company's product
portfolio but with adequate growth prospects.

The senior unsecured loan participation notes rank pari passu with
other senior unsecured debt across the group.

After deduction of 10% for administrative claims and in accordance
with Fitch's "Country-Specific Treatment of Recovery Ratings Rating
Criteria", Fitch's waterfall analysis generated a Waterfall
Generated Recovery Computation (WGRC) for the senior unsecured
bonds in the 'RR4' band, indicating a 'B' instrument rating. The
WGRC output percentage on current metrics and assumptions was 50%.

RATING SENSITIVITIES

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

-- FFO gross leverage sustainably below 3x;

-- Enhanced business profile through larger scale and/or product
    diversification;

-- Effective management of related-party transactions on an
    arm's-length basis.

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

-- The rating is on Positive Outlook, and therefore a negative
    rating action is unlikely at least in the short term. However,
    failure to reduce FFO gross leverage to below 3x on a
    sustained basis would lead to the revision of the Outlook to
    Stable from Positive;

-- FFO gross leverage sustainably above 4.5x, driven by market
    deterioration, underperformance of new capacities or
    additional support to Tula-Steel;

-- Increasing reliance on short-term debt financing or tightening
    of liquidity with liquidity ratio falling below 1x;

-- FFO interest coverage falling below 2.0x.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: As of end-December 2020, the company had
liquidity with a RUB6 billion cash position and RUB41 billion
available credit lines to cover RUB11.4 billion of short-term debt
(of which RUB3.8 billion are rollover lines). In September 2020 the
company issued a USD350 million Eurobond to refinance the existing
Eurobond maturing in 2022 at a lower coupon rate. The company
estimates minimum cash balance necessary to sustain operations at
RUB2 billion.

ESG CONSIDERATIONS

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




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

AEDAS HOMES: S&P Assigns 'B+' Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term issuer credit rating
to Aedas Homes S.A. (Aedas), one of Spain's largest residential
real estate developers, and its 'BB-' issue rating to the
developer's EUR325 million senior secured bond. S&P's recovery
rating for this instrument is '2'.

S&P said, "The stable outlook reflects our view that the company´s
revenue should remain supported by the high level of pre-sales and
sustained demand for newly built residential units in the outskirt
areas of Spain´s main metropolitan areas, despite COVID-19 effects
on macroeconomic conditions and the Spanish housing market.

"Our assessment of Aedas' business is constrained by the inherent
volatility and cyclicality of the real estate developer industry.

"We believe property development is closely tied to economic cycles
and is an industry in which competition can be intense. This has
translated into a high degree of variability in historical sales
levels and property values in the industry, which we factor in our
assessment of Aedas. We estimate Aedas' EBITDA margin will be about
20% in the next 12 months. We understand Aedas maintains a clear
focus on cost control and is closely involved through the entire
life cycle of the development projects thanks to a significant
workforce. The company outsources the construction cycle to
individual contractors under turnkey contracts that are supervised
meticulously to ensure projects are delivered on time and on
budget. We believe Aedas' scale, product offering, and footprint is
comparable to its closest rated peers Via Celere Desarrollos
Inmobiliarios S.A. (B/Stable/--) and Neinor Homes S.A.
(B/Positive/--). We expect Aedas' EBITDA margins will be slightly
higher than those of its peers in fiscal 2021 (fiscal year ends
March 31), but we note that the company will not benefit in the
future from a stable source of rental income from a build-to-rent
portfolio like other players. At the same time, we believe Aedas'
business is weaker than Altareit SCA (BBB-/Stable/--) in terms of
scale (about EUR3 billion of revenue) and development-related
risks."

Aedas owns land with a total GAV about EUR2 billion and a GDV of
EUR5.2 billion, and will continue to focus its deliveries on the
outskirts of the main metropolitan cities of Spain.

Aedas is one of the largest residential developers in Spain and its
landbank would allow the construction of approximately 15,484
units. It is spread across the center of Spain, mainly Madrid
(30%), eastern Spain, mainly Valencia and Alicante (21%),
Andalucía (21%), Costa del Sol (16%), and Catalonia (12%), where
supply of newly built units remains limited and demand is supported
by good mortgage accessibility. S&P said, "We believe Aedas
develops good quality properties that typically incorporate common
spaces and are well adapted to the Spanish market. Projects are
normally in the outskirts of the cities with good transport links
to the city center, and are typically used as primary residences by
customers. We view positively that the company's landbank is fully
permitted and 92% is ready to build because it significantly
removes execution risk for planned deliveries. Aedas set up an
off-balance sheet land sourcing structure with its main shareholder
Castlelake to buy strategic land. The company's equity contribution
would amount to 10%-25% on a plot-by-plot basis and it has been so
far very limited (the total land feeder GAV is currently EUR17
million). Aedas also holds a right of first offer of up to 45% of
the remaining plots in the structure. We understand that the
vehicle has no debt with recourse to Aedas and that contributions
will remain residual in the near term."

High levels of pre-sales provide high visibility on cash flows.

As of February 2021, Aedas had an order book of about EUR1.2
billion, and 72% of target deliveries for fiscal 2021 are already
pre-sold. About 70% of the expected units to be delivered are
already completed, which supports revenue visibility for the year.
S&P said, "The level of pre-sales is significantly lower for
fiscals 2022 (24%) and 2023 (13%), but we expect these figures will
progressively increase toward the levels achieved in fiscal 2021
over the next quarters. Aedas focuses on the mid-to-high segment
(average selling price of about EUR340,000) and its customers are
typically domestic (historically about 90%). The focus on this type
of clients and product offering with common areas translated into a
limited disruption in sales during COVID-19 pandemic in 2020.
Aedas' cash collection process generates significant cash flow
needs for the company given customers pay 10% as an initial
deposit, another 10% during the construction phase, and the
remaining 80% at delivery. Aedas typically covers cash flow needs
with development loans that are cancelled at delivery. The
company's focus is on individuals, but it is starting to deliver
units to institutional investors. We expect that less than 100
units will be delivered to these investors in fiscal 2021 and that
it will remain focused on individuals in the near future."

Aedas exhibits lower leverage than other rated Spanish real estate
developers, with a gross debt to EBITDA expected at about 3x in the
next 12 months.

S&P said, "We value positively the company´s prudent approach
toward its balance sheet, with a target leverage that will allow a
maximum net loan to value of 20%, which should translate in normal
conditions into a reported net debt to EBITDA below 2.0x (or S&P
Global Ratings-adjusted gross debt to EBITDA being maintained at
below 3x). At the same time, we expect the company will maintain
EBITDA interest coverage comfortably above 5x in the same period.
After the successful bond issuance, Aedas will enjoy diversified
funding sources with an average maturity higher than three years
and will target that 60% of its gross debt at a fixed rate. These
debt characteristics are affected by the nature of Spanish
developer loans, which need to be classified as current liabilities
and are usually structured with floating rates. The average cost of
debt at March 31, 2021, was 2.87%.

"Our rating factors in the controlling stake (61%) of financial
sponsor Castlelake in Aedas, which could lead to a more aggressive
financial policy in the future.

"The main shareholder of the company are funds managed by
Castlelake. We note that the board of directors is mainly composed
of independent members and that Castlelake has only two seats.
However, we understand that Castlelake has no plans to relinquish
control in the intermediate term and its stake would give them the
right, among others, to take control of the board of directors.
Although it is not our base case, we believe that having a
financial sponsor as the main shareholder of the company, could
eventually push the company towards a more aggressive financial
strategy, deteriorating its credit metrics.

"The final rating is in line with the preliminary rating we
assigned on May 10, 2021.

"The stable outlook reflects our view that the company´s revenue
should remain supported by the high level of pre-sales and
sustained demand for newly built residential units in the outskirts
of Spain´s main metropolitan areas, despite COVID-19 effects on
macroeconomic conditions and the Spanish housing market.

"We estimate Aedas will maintain S&P Global Ratings adjusted debt
to EBITDA at about 3x over the next 12 months, with EBITDA interest
coverage comfortably above 5x."

S&P could lower its rating if Aedas' operating performance
deteriorates, for example, owing to a market downturn with a
significant decline in demand or prices in Aedas' units, and S&P
sees:

-- Debt to EBITDA increasing toward 5x;
-- EBITDA interest coverage falling below 2x; and
-- Liquidity position deteriorating significantly.

S&P said, "At the same time, if Castlelake's approach toward Aedas
became more aggressive, this would also prompt us to lower our
rating. This could happen if, for example, the company increases
materially the expected dividend payout so that Aedas' credit
metrics deteriorate significantly."

The likelihood of an upgrade is currently remote at this stage.
However, a positive rating action could follow a significant change
in the shareholding structure of Aedas, in which Castlelake would
relinquish control in the intermediate term. A positive rating
action would also require a conservative financial policy
consistent with a higher rating level.




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

LIBERTY STEEL: To Sell Several UK Assets Amid Credit Suisse Talks
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Reuters reports that tycoon Sanjeev Gupta's Liberty Steel Group
said on May 24 it would sell several UK assets and was holding
talks with Credit Suisse about a standstill deal for its Australian
unit after the collapse of Liberty's key lender Greensill Capital.

Mr. Gupta's family conglomerate had been seeking refinancing of its
cash-starved web of businesses in steel, aluminium and energy after
supply chain finance firm Greensill filed for insolvency in March,
Reuters relates.

According to Reuters, it said on May 24 it was planning to sell
three "non-core" UK plants as part of a major restructuring.

"As part of this restructuring, Liberty will look to sell its
aerospace and special alloys steel business in Stocksbridge,"
Reuters quotes the company as saying in a statement.

"Liberty has also already commenced the formal sale process of
Liberty Aluminium Technologies and Liberty Pressing Solutions," it
added.

The statement also said that after meetings in Dubai this weekend,
Gupta was in advanced discussions with Credit Suisse about a formal
standstill agreement about its Australian business, Reuters notes.

The agreement would hold until "refinancing is completed that will
repay CS out in full", it added.

Among the investors burnt in the widespread fallout from
Greensill's collapse were clients of Credit Suisse, who had
invested in a US$7.3 billion finance fund exposed to debt issued by
the finance firm, Reuters discloses.

Greensill Capital lent money to firms by buying their invoices at a
discount, but it collapsed in March after one of its main insurers
declined to renew its cover, Reuters recounts.



                           *********


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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Information contained herein is obtained from sources believed to
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