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

                          E U R O P E

          Wednesday, June 9, 2021, Vol. 22, No. 109

                           Headlines



F R A N C E

DERICHEBOURG: S&P Assigns 'BB' LongTerm ICR, Outlook Stable
FAURECIA SE: Fitch Alters Outlook on 'BB+' LT IDR to Stable
SOLINA GROUP: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable


G E R M A N Y

LOWEN PLAY: Moody's Cuts CFR to Caa1 on Refinancing Risk
WIRECARD AG: Lithuania's Central Bank Revokes Finolita License


G R E E C E

PIRAEUS FINANCIAL: S&P Rates New Tier 1 Capital Securities 'CCC-'


I R E L A N D

BARINGS CLO 2015-1: Fitch Raises Class F Notes to 'Bsf'
BLACKROCK CLO III: Moody's Gives (P)B3 Rating to Class F-R Notes
CARLYLE EURO 2021-1: Moody's Assigns B3 Rating to Class E Notes
CASTLE PARK: Fitch Raises Class E Debt Rating to 'BB-sf'
DRYDEN 73 EURO: Fitch Affirms B- Rating on Class F Notes

ICON PLC: Moody's Assigns Ba1 CFR & Alters Outlook to Stable
MADISON PARK V: Fitch Affirms B- Rating on Class F Notes
MADISON PARK V: Moody's Affirms B2 Rating on EUR8.1M Class F Notes


I T A L Y

AUTOSTRADE PER L'ITALIA: Fitch Affirms 'BB+' LT IDR, On Watch Pos.
COMDATA SPA: Moody's Assigns 'Caa3' CFR, Outlook Stable
GOLDEN GOOSE: S&P Assigns 'B-' LongTerm ICR, Outlook Stable


L U X E M B O U R G

ARENA LUXEMBOURG: Moody's Affirms B1 CFR, Outlook Negative


N E T H E R L A N D S

Q-PARK HOLDING: Moody's Lowers CFR to B1, Outlook Negative


S P A I N

TDA CAM 9: Fitch Affirms CC Rating on 2 Note Classes


S W E D E N

REDHALO MIDCO: Moody's Assigns 'B3' CFR, Outlook Stable


U N I T E D   K I N G D O M

EMERALD 2: Moody's Affirms B2 CFR Following Kohlberg Acquisition
FCE BANK: Moody's Assigns Ba2 Bank Deposit Ratings
FOOTBALL INDEX: Court Selects March 26 as Dividend Cut-Off Date
GREENSILL CAPITAL: Ex-Civil Servant Defends Dual Employment
LENDY: Investors Face Withdrawal Delays Due to New Legal Claim

VITAL INFRASTRUCTURE: Goes Into Administration
[*] UK: Unprecedented Number of Insolvencies Expected in NI

                           - - - - -


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F R A N C E
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DERICHEBOURG: S&P Assigns 'BB' LongTerm ICR, Outlook Stable
-----------------------------------------------------------
S&P Global Ratings assigned its 'BB' long-term issuer credit rating
to Derichebourg and its 'BB' issue ratings to the company's
proposed EUR300 million unsecured notes, due 2028.

French recycler Derichebourg will enhance its domestic position on
its plans to acquire local competitor Groupe Ecore.

In S&P's view, the recycling market's recovery in fiscal 2021
(ending September 30) will allow Derichebourg to restore its credit
metrics following the initial dampening effect of the announced
acquisition, with improved profitability and material

The stable outlook reflects Derichebourg's ability to complete the
acquisition by end-December 2021 and to restore its financial
leverage on the back of recovery in the French economy.

Derichebourg's credit quality reflects its resilient business,
dominant position in the French recycling market, and material free
operating cash flow (FOCF). S&P said, "We consider the company's
leading position in the French ferrous recycling market will
further improve on the completion of the acquisition of its local
competitor, Groupe Ecore. We believe that Derichebourg's business
will continue to grow with the medium-term shift toward reducing
the economic impact of CO2 emission intensity and more recycling.
Furthermore, the company has a track record of stable profitability
and material positive cash flow, which are expected to remain
intact starting fiscal 2022. The 'BB' rating reflects our
assumption that the company will complete the Ecore acquisition by
end-December 2021, then fully integrate Ecore over the following
6-12 months, as well as maintain S&P Global Ratings-adjusted debt
to EBITDA below 3x, which is expected already on a proforma basis
starting fiscal 2022."

Derichebourg's leading position in a commodity sector, stable
profitability, and modest business diversification underpin our
fair business risk assessment. S&P said, "We estimate that
Derichebourg, following the acquisition, will become the leading
ferrous recycler in France, with about 30% of the market. The
leading market position is underpinned by the company's 282 yards
across the country (pro forma), supported by a logistic backbone
and blue-chip customers, such as ArcelorMittal. The French market
is viewed as a mature industry, with small players, with mostly
limited bargaining power and on the other hand a small handful of
sizable players, including Suez and Veolia. Over the past few
years, Derichebourg benefited from a very stable profitability
thanks to its focus on gross profits, rather than volumes. While we
consider the market to be attractive in the medium term, upheld by
the government's support of recycling, we don't anticipate the
entry of new players. Also, we consider Derichebourg's
diversification into its multiservices segment, which we believe
can contribute up to 15% of the group's EBITDA and provides stable
profits from longer-term contracts, albeit on lower margins than
its core activities'."

Derichebourg's post-transaction capital structure, leverage below
3x on average, and supportive financial policy to deleverage are
key considerations in our intermediate financial risk assessment.
With the completion of the acquisition, the company's overall gross
debt will increase to about EUR750 million (excluding about EUR250
million leases) and the cash position will exceed EUR250 million.
S&P said, "Our base-case assumption is that the company will post
annual EBITDA of around EUR370 million over the next two years and
reported discretionary cash flow (after capital expenditure [capex]
and dividends) well above EUR100 million. We assume the company
will use its excess cash to reduce leverage. While the company is
not committed to specific gearing objectives, we recognize
positively its intention to reduce its leverage in the coming years
to historical levels (its reported net debt to EBITDA was about 1x
on average over the past five years, versus an estimate of 3x post
the acquisition)."

S&P said, "We view the Ecore acquisition as supportive of the
rating, with low execution risks and supported by the company's
successful record of inorganic growth in recent years. Ecore's
operations focus mainly on ferrous recycling (about 80% of volumes
sold) and nonferrous material (7%), mainly in France, and it should
generate EBITDA of about EUR80 million in fiscal 2021, according to
our base-case estimates. The consolidation of the French market
post the acquisition will likely make the market more attractive,
with a clear leading player, since Derichebourg's market share will
climb to 30%-35% from 15%-20% currently). Moreover, the integrated
company will have even better geographic coverage, enabling
Derichebourg to further process Ecore's feedstock to added-value
products such as copper wires. We view very limited integration
risk since Ecore's business is similar to Derichebourg and does not
require complex integration processes. We note that Derichebourg
has a good track record of furthering its recycling outreach, as it
did with Bartin in 2016 and Lyrsa in 2019."

The stable outlook reflects Derichebourg's ability to complete the
Ecore acquisition by end-December 2021 and to restore its historic
financial leverage over time, with help from the overall recovery
of the French economy.

S&P said, "Under our base case, we expect a proforma EBITDA of
EUR370 million-EUR380 million in 2021 (consolidating Ecore's
results for the full year), with potential further improvement in
fiscal 2022 depending on the recovery in the market and realized
synergies. These factors will support deleveraging to 3x and
better. We view debt to EBITDA of 2x-3x, together with positive
FOCF, as commensurate with the current rating."

Upside scenario

In S&P's view, a positive rating action in the coming 12 months
will hinge on:

-- Completion of the acquisition (with no material remedies), and
no changes in the perception of the ability to integrate the new
assets within 6-12 months.

-- No changes in the projection of a recovery of the French
economy.

-- Adjusted debt to EBITDA reducing below 3x, and the company's
willingness to maintain it between 2x-3x over time.

Downside scenario

At this stage, S&P sees limited pressure on the rating. It could
materialize, though, if leverage markedly exceeded 3x. This could
occur if the company:

-- Deviates from the current business model, focusing more on
volumes rather than on profitability, leading to volatile
profitability and cash flows.

-- Embarks on large debt-funded acquisition with limited EBITDA
contribution.

-- Shifts from the current prudent financial policy, with higher
allocation of cash flow to capex or dividends.


FAURECIA SE: Fitch Alters Outlook on 'BB+' LT IDR to Stable
-----------------------------------------------------------
Fitch Ratings has revised Faurecia S.E.'s Outlook to Stable from
Negative, while affirming the auto parts group's Long-Term Issuer
Default Rating (IDR) at 'BB+'.

The Outlook revision reflects Faurecia's better-than-expected
resilience during the pandemic and Fitch's expectations that key
credit metrics will recover swiftly to levels that are commensurate
with the ratings. In particular, Fitch expects the operating margin
to rebound to 5%-6% in 2021 and the free cash flow (FCF) margin to
be positive again, although the still uncertain economic
environment, including the slow recovery from the pandemic in some
markets, and negative effect from the current semiconductor
shortage, could delay the rebound in Faurecia's earnings by a few
quarters.

KEY RATING DRIVERS

Earnings Resilience: Operating margin fell to 0.9% in 2020, from 6%
in 2019, but Fitch deems this as a robust performance in light of
the 17.5% drop in revenue. Fitch expects profitability to rebound
to 5.5% in 2021, as sales recover and the group maintains its
cost-saving efforts, and further to more than 7% by 2023. The group
has recently stepped up its fixed-cost reduction measures, which
should offset the dilution of operating margin from the
consolidation of Clarion in the short term, because of its lower
profitability than Faurecia's, and restructuring and integration
costs.

Positive Impact from New Businesses: Clarion's order backlog is
strengthening, in particular with new customers, and will support
an improvement of operating margin, which Fitch expects to increase
gradually towards 7% by 2025, from negative in 2020. Faurecia's
hydrogen business has also recently recorded an increase in new
orders but Fitch believes that a more significant revenue increase
could take longer to materialise.

Recovering FCF: Faurecia's FCF margin has been at the low end of
Fitch's range for a 'BB+' rating, leaving limited rating headroom
following an increase in leverage from the Clarion acquisition.
Faurecia's FCF margin took another hit from the pandemic and was a
negative 1.7% in 2020, despite a reduction in investments and cut
in dividends. However, Fitch expects the improvement in underlying
funds from operations (FFO) and a gradual decline in capex margin
to bolster the FCF margin to around 1% in 2021 and further to
around 2% by 2023.

Leverage Declining: Fitch expects positive FCF and higher
underlying FFO to reduce FFO net leverage to around 2x at end-2021.
This follows an increase to 3.2x at end-2020 from 1.8x at end-2019
as the impact from the pandemic was compounded by the fully
debt-funded Clarion acquisition. Fitch's base case includes some
further deleveraging to about 1.5x by end-2023.

Impact from Microchip Shortage: The current semiconductor shortage
is constraining global vehicle production and Faurecia's revenue
and earnings, especially at the Clarion business group. Fitch
expects the shortage to ease in 2H21 but microchip supply could
remain tight well into 2022. Furthermore, this issue could be
compounded by further supply chain bottlenecks reported by various
companies in the sector. The long-term effect of the shortage on
the automotive industry is yet unclear but could lead some
suppliers to increase inventories of some critical parts,
constraining working-capital improvement.

Electric Vehicle Risk: The risk of lost revenue and earnings
stemming from the growth of electric vehicles (EV) with no exhaust
line is significant for Faurecia's clean mobility division.
However, Fitch believes this should be mitigated in the
short-to-medium term by the growth of hybrid vehicles that have
both a combustion engine and an electric powertrain and by the
company's ambitious targets to increase business in the profitable
off-highway and heavy truck segments.

Large Global Supplier: The 'BB+' rating of Faurecia is supported by
its diversification, size as one of the top-10 global tier-one
automotive suppliers and leading positions in its key markets. Its
large and diversified portfolio of products and systems is a
strength in the global automotive sector, which is being reshaped
by the development of global platforms and the acceleration of new
technologies and demand from large global manufacturers. However,
Faurecia still has limited exposure to the more stable replacement
market as well as somewhat lower customer diversification and a
portfolio of lower value-added products than stronger global auto
suppliers.

DERIVATION SUMMARY

Faurecia's business profile compares adequately with that of auto
suppliers at the low-end of the 'BBB' category. The share of
aftermarket business, which is less volatile and cyclical than
sales to original equipment manufacturers (OEMs), is smaller than
at tyre manufacturers such as CGE Michelin (A-/Stable) and
Continental AG (BBB/Stable). Faurecia's portfolio has fewer
products with higher added-value and material growth potential than
other leading and innovative suppliers such as Robert Bosch GmbH
(F1+), Continental and Aptiv PLC (BBB/Stable). However, similar to
other large and global suppliers, it has a broad and diversified
exposure to leading international OEMs, as well as a global reach.

With an EBIT margin of 6%-7%, excluding the impact of the
coronavirus pandemic in 2020-2021, profitability is lower than that
of investment grade-rated peers such as Aptiv, Nemak, S.A.B. de
C.V. (BBB-/Stable) and Schaeffler AG (BB+/Stable), but better than
Tenneco, Inc. (B+/Stable). Faurecia's FCF is weak compared with
that of auto suppliers rated 'BB+'/'BBB-' in Fitch's portfolio.
However, Fitch projects net leverage to decline to levels in line
with Schaeffler's and Dana's but still higher than that of Aptiv.

No country-ceiling, parent/subsidiary or operating environment
aspects affect the rating.

KEY ASSUMPTIONS

-- Global vehicle production to increase 12%-15% in 2021 and in
    low single digits over the medium term;

-- Organic revenue growth above vehicle production growth up to
    2024;

-- Operating margin to recover to 5.5% in 2021 and increase
    further to about 7.5% by 2024, including restructuring costs
    and Fitch's adjustments for leases;

-- Modest working-capital outflows in 2021-2024;

-- Annual capex at around 7.5% of sales in 2021 and declining
    moderately to about 7% by 2024;

-- Dividend payment resumption of EUR140 million in 2021, and
    pay-out ratio of 25%-30% through to 2024;

-- No share buybacks for the next three years;

-- Acquisitions on average at EUR0.3 billion per year in 2021
    2024.

RATING SENSITIVITIES

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

-- EBIT margin above 7.5% (2020: 0.9%, 2021E: 5.5%, 2022E: 6.7%);

-- FCF margin above 1.5% (2020: -1.7%, 2021E: 0.9%, 2022E: 1.4%);

-- FFO net leverage below 1.5x (2020: 3.2x, 2021E: 2.0x, 2022E:
    1.8x).

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

-- EBIT margin below 5%;

-- FCF margin below 0.5%;

-- FFO net leverage above 2.5x.

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

Sound Financial Flexibility: Liquidity is supported by EUR2.8
billion of readily available cash at end-2020, after Fitch's
adjustments for minimum operational cash of about EUR0.3 billion.
Liquidity is further bolstered by a committed and fully undrawn
EUR1.5 billion revolving credit facility with a five-year maturity
and two one-year extension options. Faurecia also retains access to
the euro commercial paper markets via its EUR1.3 billion
programme.

Unbalanced Working Capital Structure: Faurecia's balance sheet
included a substantial amount of trade account payables of EUR6
billion at end-2020. Payables outstanding increased to more than
165 days at end-2020, from 105-125 days in 2017-2019. Some of the
impact was due to the fall in revenue during the pandemic boosting
the payable ratio. Another reason for the higher payable days ratio
than peers' is the non-recognition of the SAS business and
Faurecia's monolith sales in group revenue while the associated
payables are on its balance sheet. Adjusting the payable ratio for
these sales makes Faurecia more comparable with its peer group.

Diversified Debt Structure: Faurecia's debt structure consists
mainly of five euro-denominated unsecured bonds for a total nominal
amount of EUR3.8 billion and several euro and US dollar tranches of
Schuldscheindarlehen for an EUR0.7 billion-equivalent nominal
amount. Faurecia also raises debt through various bank credit
lines, including at the level of its subsidiaries and can use
account receivables factoring (several receivables securitisation
programmes in different countries) to fund its working-capital
needs.

ISSUER PROFILE

Faurecia is a France-based leading Tier-1 automotive original
equipment supplier, the fifth-largest in Europe and ninth largest
globally with nearly EUR15 billion in sales in 2020. It sells
components and systems in four strategic business lines: seating,
interiors, clean mobility and Clarion Electronics.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch views the profit-and-loss item - restructuring costs - as
operating costs.

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.


SOLINA GROUP: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to Solina Group Holding, Solina's holding company, and its 'B'
issue rating to the proposed senior secured TLB, which has a '3'
(50%) recovery rating.

S&P said, "The stable outlook reflects our view that Solina's
resilient operating model should enable it to sustain a profitable
growth trajectory and solid cash flow, allowing S&P Global
Ratings-adjusted leverage to improve comfortably below 7.0x and
cash interest coverage of funds from operations (FFO) of about 3.5x
by 2022.

"We assume Solina's leverage will peak this year after the proposed
transaction, followed by gradual deleveraging from 2021. We base
this on the group's resilient positioning on the ingredient
solutions market with somewhat limited exposure to the hotels,
restaurants, and catering (horeca) channel, and expected
profitability gains from the group's recent initiatives. Astorg
announced its acquisition of a majority stake in Solina in May
2021, alongside management. To support the transaction, Solina is
issuing a new EUR567.5 million senior secured term loan B (TLB) and
a EUR100 million RCF, and we project these issuances will lead to
an S&P Global Ratings-adjusted debt-to-EBITDA ratio of about 7x and
FFO cash interest coverage of about 3.5x in 2021. We estimate
adjusted debt will amount to EUR618 million following the proposed
transaction, which represents an increase of about EUR90 million
compared with year-end 2020 (excluding the non-common equity
instruments). This includes the proposed EUR567.5 million TLB,
about EUR39 million of lease-related debt, about EUR7 million of
other debt (comprising mainly local bank debt rolled over from past
acquisitions) and EUR3 million of pension-related liabilities. We
exclude both the convertible bonds and the preferred shares from
our debt metrics, since we view them as non-debt-like. We project
our adjusted EBITDA metric at EUR85 million-EUR90 million in 2021,
from EUR67 million in 2020, fueled mainly by contribution from
recent acquisitions and rebound of its food service-exposed channel
starting second-quarter 2021, strengthening to EUR95 million-EUR100
million in 2022 further benefitting from targeted strategic
initiatives on innovation and cost savings. As a result, we
anticipate gradual deleveraging with adjusted debt to EBITDA
falling to about 6.5x in 2022.

Solina should be able to maintain strong earnings over 2021,
despite the impact of COVID-19 on the horeca channel, mitigating
the higher leverage from the proposed buyout. Solina reported
resilient operating performance in 2020, maintaining margins
broadly stable, despite some exposure to the horeca channel through
its business-to-business (B2B) and food service segments where
sales decreased respectively by 1.3% and 27.7% for the year (based
on Solina's 2019 scope of consolidation). Its Nutrition channel
(about 7% of sales in 2019) was also negatively affected by the
pandemic because some key customers sell via diet shops and fitness
centers. Margin resilience was supported by Solina increasing its
focus on cost control to counter potential pressure on
profitability caused by volume decline during the pandemic, its
flexible cost structure, as well as ability to temporarily cut
costs relating to travel, vacancies, and marketing. In addition,
the group benefitted from a positive mix, with the high margin
butchers' channel reporting record growth of 7.5%. Sales for B2B
and food service segments were still below budget by respectively
1.5% and 14.7% for the four months to end-April 2021, although the
group showed strong signs of recovery in March and April. S&P said,
"We assume gradual normalization of sales toward prepandemic levels
starting in the second quarter of the year as governments relax
restrictions in Solina's core markets. In parallel, we assume
EBITDA margins will reduce to prepandemic levels as volumes
normalize, reflecting management's actions to strongly invest in
research and development (R&D), sales, and marketing to support the
group's new initiatives, as well as some cost inflation related to
raw materials."

Solina has consistently completed debt-financed bolt-on
acquisitions that contributed to its business diversity and size,
although S&P sees limited headroom for a significant debt-funded
acquisition at the rating level. Solina completed three
acquisitions last year, benefitting both its geographical and
segment diversification. In first-half 2020, the group entered the
North American market through the acquisition of Canadian Berthelet
(offering liquids for sweet products such as pie filings and jam--a
new product category for the group) and reinforced its position in
the butchery industry in Germany through the acquisition of
Hagesüd. More recently, it also gained access to a customer list
of large multinationals through its acquisition of U.K.-based food
coatings producer Bowman Ingredients, while Solina historically had
mostly relationships with midsize players. Its business model makes
it relatively easy to offer its products to customers of the
acquired entity and vice versa. For instance, Solina has identified
several cross-selling initiatives over the next three years from
leveraging Bowman's expertise in breadcrumbs and gluten-free, while
also offering Solina's solutions to Bowman's customers. Solina has
so far demonstrated a strong ability to quickly and successfully
integrate acquisitions without major setbacks, including by
achieving synergies from common procurement and cost savings. S&P
said, "However, we see limited headroom for a significant
debt-funded acquisition over the coming two years, due to high
starting leverage. We believe the group is likely to continue to
further consolidate its European footprint and accelerate its
development in North America through bolt-on deals in the next 12
months. Maintaining leverage at this level will depend on it
consistently generating free operating cash flow (FOCF) in line
with our base case to self-fund bolt-on acquisitions and maintain a
disciplined financial policy including a conservative approach on
multiples paid. We understand from management and financial
sponsors that if the group were to take on larger acquisitions,
these would not be solely debt-financed."

Solina's ongoing strategic initiatives on cost savings and margin
focus will support margin expansion in the next 12 months. S&P
said, "We assume Solina's profitability could improve up to 16% by
2022 compared with about 14.7% in 2019 (pre-pandemic). This
improvement will mainly stem from cost savings relating to the
closure, at end-2021, of a low-volume distribution center in
Dortmund (inherited from its Hagesud acquisition), and the closure
of a U.K. site at Bowman, replaced by the recently constructed
Poland factory. The company opened its new site in Poland in 2019
with the intention to expand its capabilities in Europe, gain
better access to customers, increase its production capacity, and
drive cost savings. We understand the production at the site will
ramp up in second-half 2021, despite some delays due to the
pandemic. We assume limited restructuring costs in relation to
these operations. At the same time, the group is focusing on margin
improvement in some regions where pricing upside initiative and
refocus on higher-margin value-added offers could bring significant
uplift." For instance, the group has reinforced its margin focus in
the Netherlands, bringing already positive results in the four
months to end-April 2021, with margin being up by 400 basis points
(bps) there and above budget compared with the same period last
year. The initiative will be replicated in Romania, which will
further benefit from progressive normalization of output and its
newly constructed plant by the end of the year, following the fire
that occurred in February 2019.

S&P said, "We assume Solina's investments in premiumization,
innovation, and commercial performance will continue to mitigate
declining core meat end markets. We think this will drive intrinsic
organic growth close to its historical level of 3%, if we set aside
the rebound in food service sales related to the easing of lockdown
measures. Solina's seasonings business is highly focused on the
meat end-market, which faces long-term declining consumption trends
in Western Europe, with flattish volumes especially in red meat.
This is mitigated by premiumization in value, where Solina is well
placed to capture growth because it has developed more elaborate
and healthier recipes for a range of products. In particular, the
group is addressing the growing trend for health and wellness by
investing in clean ingredients with improved nutritional value
(including organic, natural, clean label, allergen free, low fat,
sugar, and sodium solutions), which is embedded in its
environmental, social, and governance strategy. We also note the
group's success in adapting to new trends ranging from snacking to
vegetarian food, as these niche end-markets offer higher growth
prospects than the overall consumer foods industry. For instance,
vegetarian alternative proteins should yield about 12%-15% over
2019-2024 compared with 0%-1% for the processed meat and seafood
markets in the same period. The group launched its Nextera brand
for plant-based meat substitutes in 2019, with turnover almost
doubling between 2019 and 2020. This is supported by Solina's
strong innovation capabilities and decentralized R&D model allowing
it to work in collaboration with its customers and adapt to local
tastes. At the same time, the group is investing in a new factory
in Russia, which should open in fourth-quarter 2021 or
first-quarter 2022 to increase its market share there, as proximity
is key to creating new customer relationships given the group's
unique value proposition. It also recently reinforced its sales
organization there. Therefore, we believe Solina is well-positioned
to gain additional contracts in the region and benefit from access
to emerging markets.

"We forecast Solina will generate about EUR25 million in 2021,
dented by exceptional capital expenditure (capex), increasing to
EUR40 million in 2022, given normalizing capex and working capital
discipline. Solina has relatively low recurring capex needs at
about 3% of sales. That said, the group increased its investment in
2020-2021, reflecting exceptional capacity expansion plans and
compliance capex. In fact, the group is building two new plants in
Russia and Romania, investing in its research center,
digitalization projects, and spending to maintain compliance and
safety requirements. As a result, we assume capex will remain high
at about EUR30 million-EUR35 million in 2021, declining to EUR20
million-EUR25 million in 2022. Our forecast also factors in annual
working capital requirements of about EUR5 million-EUR7 million,
reflecting business growth. Solina is exposed to relatively limited
seasonality and has an history of disciplined working capital
management.

Solina's in-house R&D capabilities and tailor-made approach are
clear business strengths.Solina is the second-largest player behind
com.spglobal.ratings.services.article.services.news.xsd.MarkedData@6f4a6d5f
(BBB+/Stable/A-2) in the European seasoning market, but its
operations are relatively limited, with expected EBITDA of close to
EUR95 million-EUR100 million by 2022, compared with close to EUR1
billion in 2020 for Kerry. This is somewhat offset by Solina's
long-standing relationships with midsize players as it provides
tailor made and integrated solutions ranging from R&D formulation
to industrial solutions, which we continue to view as the group's
main competitive advantage over the bigger players. For instance,
Solina has developed more than 20,000 customized recipes. The group
also has exposure to various customers within B2B, butchers, and
the food service industry, which translates into low customer
concentration, with the top 10 customers generating about 10% of
sales.

Margins have proven resilient to date, demonstrating Solina's
ability to efficiently manage the volatile raw material prices
inherent in the agribusiness and commodity food industry. This is
supported by the group's strong ability to use various mechanisms,
such as changing its recipes, with R&D allowing value optimization,
or using substitutes. In fact, Solina refreshes about 25% of its
B2B portfolio solutions each year. The group has some ability to
pass through cost increases to customers, reflecting that its
solutions are only a small part of its customers' total cost of
sales, but they bring unique characteristics that make it possible
for their customers to significantly increase final selling prices.
On average, Solina's solutions account for less than 5% of total
product costs.

S&P said, "The stable outlook reflects our view that Solina should
be able to deliver profitable revenue growth, continue to improve
its operating performance, and generate FOCF of EUR25 million-EUR40
million over the next 12-18 months. This reflects the resilience of
Solina's positioning on ingredients solutions for retail and
professional customers, gradual normalization of the performance of
the horeca channel where it has a more limited exposure, as well as
cost savings. Under our base case, we project Solina will reduce
adjusted debt to EBITDA to about 6.5x by the end of 2022 and
maintain FFO interest coverage at about 3.5x.

"We could consider lowering the rating if the group's credit
metrics deteriorate due to weak operating performance from loss of
customers, competitive pressures, inability to pass on raw material
price increases, or unexpected integration problems resulting in
pressure on profitability." This could include one or more of the
following factors:

-- The group does not manage to deleverage after the transaction
in line with S&P's base case.

-- FOCF turns negative for a prolonged period, arising from higher
working capital outflows or capex than we currently anticipate.

-- A more aggressive financial policy, causing adjusted debt to
EBITDA to rise persistently above 7x.

-- Deterioration of the FFO cash interest coverage ratio toward
2x.

S&P said, "We could raise the rating if we see the group's margin
(after capitalized development costs) approaching 17% on a
sustainable basis or if the group reaches a significantly larger
scale in the ingredients industry across several European
countries. We would look for rising market shares in existing
businesses and successful expansion into new segments and
geographic areas, combined with a sizable increase in absolute
EBITDA, enabling FOCF significantly above what we currently
anticipate. We could also raise our rating if we saw adjusted debt
to EBITDA falling to 4x-5x on a sustainable basis with a clear
commitment from the financial sponsor to maintain a very
conservative financial policy."




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

LOWEN PLAY: Moody's Cuts CFR to Caa1 on Refinancing Risk
--------------------------------------------------------
Moody's Investors Service has downgraded Safari Beteiligungs GmbH's
("Lowen Play") corporate family rating to Caa1 from B3.
Concurrently, Moody's has downgraded Lowen Play's probability of
default rating to Caa1-PD from B3-PD and the EUR350 million
guaranteed senior secured notes due 2022, issued by Safari Holding
Verwaltungs GmbH, to Caa1 from B3. The outlook on all entities
remains negative.

RATINGS RATIONALE

The rating action reflects the increasing refinancing risk with
debt maturing in August 2022, the uncertainty of future EBITDA
levels under the new regulatory regime and the deterioration of
liquidity in the last twelve months as a result of
longer-than-expected restrictions due to the coronavirus. It also
reflects the weak position of the company to face potential further
lockdowns, under a stress scenario.

Moody's considers the refinancing risk to have materially
increased. This is because Lowen Play has been materially impacted
by coronavirus-related restrictions as it generates nearly all its
revenues from retail arcades, which have been closed since November
2020 in Germany following previous closures in March-May 2020. This
seven-month lockdown and a lack of visibility on reopening dates
and the impact of new regulations made it difficult for the company
to access capital markets and refinance its existing capital
structure, whereby there are debt maturities in 2022.

Lowen Play will reopen its arcade network under new operating rules
that are unfavorable to the company. In particular, the unlocking
machine-related card feature has been rolled out on the remaining
half of the machine park since February 2021. Moody's expects
profitability to decrease because this feature prevents customers
to play several machines at the same time. For example, the
company's EBITDA declined by 17% year-on-year to EUR91 million in
2019 following its partial implementation in November 2018. The
reduction of multi to single concession in several federal states
is another change that is expected to negatively impact the
company's EBITDA. Management communicated that around 20% of the
company's machines will likely be reduced, and a further 7% are at
risk. Overall, Moody's forecasts an EBITDA (including IFSR16) of
EUR95-105 million in 2022.

Moody's expects that the company will have to raise more debt than
the EUR350 million existing bonds due to the full drawdown on the
RCF combined with the need to maintain sufficient liquidity in the
business. Given the uncertainty regarding EBITDA post-reopening
(i.e. compared to 2019), this raises the question of the
sustainability of the capital structure over the longer term.
Unfavorable refinancing conditions could further weigh on free cash
flow, which Moody's expects will remain negative in the next 12-18
months post-reopening and could further limit the company's
capacity to face further external shocks.

LIQUIDITY

Moody's considers Lowen Play's liquidity to be weak. The company
reported EUR66 million of cash and cash equivalents as of December
2020, which includes the fully drawn EUR40 million RCF. Under
Moody's base case scenario (i.e. full reopening in July 2021),
Moody's forecasts the company will have a cash consumption of
around EUR60-70 million in 2021, excluding state aid. This means
that Moody's estimates that the company would have been at risk of
running out of cash without the EUR42 million state aid received in
the second quarter of 2021. An estimation reinforced by the going
concern in the latest annual report.

Under the loan documentation, the super senior RCF is subject to a
springing maximum leverage covenant, set at 4.67x, to be tested
when the RCF is drawn by more than 40%. Moody's calculates that the
company breached this covenant in December 2020, triggering a
drawstop event (but not an event of default). Moody's expects the
company to remain in breach until September 2022, in the absence of
any refinancing.

STRUCTURAL CONSIDERATIONS

Lowen Play's PDR is in line with the CFR, reflecting Moody's
assumption of a 50% family recovery rate as is customary for a
capital structure comprising of bonds and bank debt. The Caa1
rating on the 2022 senior secured notes is also in line with the
CFR. These are secured by pledges over shares and receivables and
guaranteed operating subsidiaries. The notes rank pari passu with
the super senior RCF because they share substantially similar
security and guarantees, though they are subordinated upon
enforcement under the provisions of the intercreditor agreement.
Moody's also note the presence of a EUR173 million shareholder
loan, which is treated as equity.

OUTLOOK RATIONALE

The negative outlook reflects the uncertainty with regards to the
company's refinancing prospects. It also reflects the risk that the
terms of this refinancing might negatively impact Lowen Play's
credit profile. Moody's expects that the company's leverage, as
measured by Moody's adjusted gross debt/EBITDA, will remain around
6.0x in 2022.

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

Positive rating pressure could arise if:

- The company successfully refinances debt maturities falling due
in 2022;

- Moody's-adjusted EBIT/Interest remains sustainably above 1.0x;

- Moody's-adjusted FCF returns to being sustainably positive.

Negative rating pressure could arise if:

- The company fails to refinance in due time, or refinance under
unfavorable terms as such that concerns around the sustainability
of the capital structure arise.

- Free cash flow remains negative and liquidity becomes a
concern.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Gaming
Methodology published in October 2020.

COMPANY PROFILE

Lowen Play is the second largest gaming arcade operator in Germany.
The company has also eight gaming arcades in the Netherlands, and
an online gaming platform in Germany. In 2020, Lowen Play was
heavily impacted by coronavirus and reported revenues of EUR183
millionand EBITDA (excluding IFRS 16) of EUR55 million.


WIRECARD AG: Lithuania's Central Bank Revokes Finolita License
--------------------------------------------------------------
Richard Milne at The Financial Times reports that Lithuania's
central bank has revoked the license of a local fintech implicated
in the Wirecard scandal because of major breaches of
anti-money-laundering and counter-terrorist financing rules.

Prosecutors in Munich suspect that UAB Finolita Unio, a fintech
registered in Lithuania's capital Vilnius, was used to steal more
than EUR100 million from Wirecard just before the German payments
company collapsed, the FT reported last month.

The Bank of Lithuania said Finolita had treated
anti-money-laundering and counter-terrorist financing rules
"irresponsibly", failing to assess the risks of its customers as
well as negligently checking their identities and beneficial
owners, the FT relates.

The Lithuanian central bank contacted local payment companies in
June 2020 after the German financial regulator belatedly
acknowledged problems at Wirecard, which went bust shortly
afterwards, the FT recounts.

It identified issues at Finolita, and began a formal investigation
in the autumn of 2020, the FT discloses.  The probe found Finolita
failed to comply with rules on international sanctions and
"inadequately monitored" operations of people related to the
company, the FT relays.

German prosecutors suspect that part of a EUR100 million loan
granted by Wirecard in March 2020 to a subsidiary of Finolita's
owner, Singapore-based Senjo Group, and processed by the Lithuanian
fintech, was channelled to Wirecard's now fugitive
second-in-command, Jan Marsalek, according to the FT.

Finolita said the revocation of its licence was "extremely severe",
especially because it had notified the central bank of the
suspicious payments and was in the middle of selling itself to new
investors, having already transferred voting rights from Senjo to
an independent trustee, the FT notes.




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

PIRAEUS FINANCIAL: S&P Rates New Tier 1 Capital Securities 'CCC-'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'CCC-' issue rating to a proposed
issuance of noncumulative, subordinated, Additional Tier 1 (AT1)
capital securities by Greece-based Piraeus Financial Holdings S.A.
(Piraeus; B-/Stable/B).

S&P said, "The rating primarily reflects the higher default risk we
see in this AT1 instrument than we already factor into our 'B-'
issuer credit rating. Contrary to Piraeus Financial Holdings S.A.'s
subordinated and senior instruments, we could envisage a scenario
where the holding would skip coupon payment on the AT1 without
being in a distressed situation."

As for the terms and conditions, Piraeus could suspend coupon
payment at the bank's discretion or if the supervisory authority
directs Piraeus to exercise its discretion accordingly. Coupon
suspension is mandatory if the amount of distributable items is
insufficient to cover coupon payments or if the bank does not
comply with the minimum regulatory solvency requirements.

S&P said, "In our view, the higher default risk also stems from
Piraeus' relatively contained forecasted regulatory capital buffers
compared to its regulatory capital requirement. We expect Piraeus
will keep a thin maximum distributable amount buffer for 2021--it
stood at 165 basis points (bps) at end-2020 and close to 300 bps at
end-March 2021 pro forma the share capital increase. As such, we
will continue to monitor the group's capitalization, since it could
lead to a materially higher risk of coupon nonpayment.

"We note that Piraeus has missed coupon payments on its €2
billion convertible bond (CoCo) twice in the past three years,
leading to the conversion of the CoCo into ordinary shares.

"For those reasons, we concluded that the default risk of AT1 is
consistent with our 'CCC+' definition. In accordance with our
criteria for hybrid capital instruments, we then deduct two notches
because the notes are contractually subordinated, to arrive at our
'CCC-' issue rating on the notes.

"Our view of these notes as having intermediate equity content is
based on several factors. In particular, the issuance will comprise
regulatory AT1 capital instruments and will have no coupon step-up.
In addition, the notes will be able to absorb losses on a
going-concern basis.

"The issuance of this hybrid instrument has no material effect on
our assessment of the group's capitalization. This is because we
already acknowledged in our previous forecasts that this expected
issuance would be coupled with further de-risking initiatives,
leading the capitalization to remain under pressure despite this
issuance, in our view. However, we see this as a positive step
toward the completion of Piraeus' clean-up strategy, in line with
the bank's target to bring nonperforming exposures below 10% within
the next 12 months."




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

BARINGS CLO 2015-1: Fitch Raises Class F Notes to 'Bsf'
-------------------------------------------------------
Fitch Ratings has upgraded Barings CLO 2015-1 DAC's notes except
for the class A notes, which are affirmed.

     DEBT                 RATING          PRIOR
     ----                 ------          -----
Barings Euro CLO 2015-1 DAC

A-1R XS1699954514   LT  AAAsf  Affirmed   AAAsf
A-2R XS1699955164   LT  AAAsf  Affirmed   AAAsf
A-3 XS1268551410    LT  AAAsf  Affirmed   AAAsf
B-1R XS1699955917   LT  AAAsf  Upgrade    AAsf
B-2R XS1699956485   LT  AAAsf  Upgrade    AAsf
C-R XS1699957020    LT  AAsf   Upgrade    Asf
D-R XS1699957707    LT  Asf    Upgrade    BBBsf
E XS1268557292      LT  BB+sf  Upgrade    BBsf
F XS1268557458      LT  Bsf    Upgrade    B-sf

TRANSACTION SUMMARY

Barings Euro CLO 2015-1 DAC is a cash-flow collateralised loan
obligation securitising a portfolio of mainly European leveraged
loans and bonds. The reinvestment period of the transaction expired
in October 2019 and the portfolio is managed by Barings (UK)
Limited.

KEY RATING DRIVERS

Amortisation Supports Upgrades

The upgrades reflect the deleveraging of the transaction since the
reinvestment period ended in October 2019. Due to amortisation
credit enhancement for the class A-1R/A-2R and A3 notes has
increased to 50% from 41.3% and 40.4%, respectively.

As the transaction is currently outside its reinvestment period
reinvestment of sale proceeds of credit risk obligations,
credit-improved obligations and from unscheduled principal proceeds
is constrained by the transaction's high 'CCC' exposure.
Reinvestment of those proceeds is only allowed if the 'CCC'
exposure in the portfolio, post reinvestment-period expiry, is
lower than 7.5%. The reported Fitch 'CCC' exposure is 16.08% as per
the April 2021 investor report.

Performance Stable Since Last Review

The transaction was below par by 85bp as of the latest investor
report dated 14 April 2021. The transaction is currently failing
its Fitch weighted average rating factor (WARF) and rating recovery
(WARR) tests and the Fitch 'CCC' test. In addition, it is also
failing the WARF and WARR tests and the 'CCC' test of another
agency. The transaction is passing all other collateral quality
tests, portfolio quality tests and coverage tests. The manager has
classified five assets in the portfolio as defaulted.

'B'/'B-' Portfolio

Fitch assesses the average credit quality of the obligors in the
'B'/'B-' category. The Fitch WARF and the WARF calculated by the
trustee for Barings Euro CLO 2015-1 are 37.97 and 38.54,
respectively, above the maximum covenant of 36. The
Fitch-calculated WARF would increase by 0.74 after applying the
baseline coronavirus stress.

High Recovery Expectations

Senior secured obligations currently comprise 94.96% of the
portfolio . Fitch views the recovery prospects for these assets as
more favourable than for second-lien, unsecured and mezzanine
assets. In the latest investor report, the Fitch WARR of the
current portfolio was 58.4%, below the minimum covenant of 58.9%.

Diversified Portfolio

The portfolio is well-diversified across obligors, countries and
industries. The top 10 obligor concentration is 18.3%, and no
obligor represents more than 2.3% of the portfolio balance.

Deviation from Model-implied Ratings: For the class C, D and F
notes, the ratings are one notch higher than the model-implied
ratings. The rating deviation reflects only a small default-rate
cushion at the model-implied ratings, which however could swiftly
be eroded by deterioration in the portfolio's performance.

RATING SENSITIVITIES

Resilient to Coronavirus Stress

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

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

-- A reduction of the default rate (RDR) at all rating levels by
    25% of the mean RDR and an increase in the recovery rate (RRR)
    by 25% at all rating levels would result in an upgrade of up
    to four notches depending on the notes. Except for the class A
    and B notes, which are already at the highest 'AAAsf' rating,
    upgrades may occur if the portfolio's quality remains stable
    and notes continue to amortise, leading to higher credit
    enhancement across the structure.

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

-- An increase of the RDR at all rating levels by 25% of the mean
    RDR and a decrease of the RRR by 25% at all rating levels will
    result in downgrades of no more than five notches depending on
    the notes. While not Fitch's base case , downgrades may occur
    if build-up of the notes' credit enhancement following
    amortisation does not compensate for a larger loss expectation
    than initially assumed due to unexpectedly high levels of
    defaults and portfolio deterioration.

-- As disruptions to supply and demand due to Covid-19 become
    apparent for other sectors, loan ratings in those sectors
    would also come under pressure. Fitch will update the
    sensitivity scenarios in line with the view of its leveraged
    finance team.

Coronavirus Severe Downside Stress

Fitch has added a sensitivity analysis that contemplates a more
severe and prolonged economic stress caused by a re-emergence of
Covid-19 infections in the major economies. This downside
sensitivity incorporates a single-notch downgrade to all
Fitch-derived ratings for assets that are on Negative Outlook. This
sensitivity has had no rating impact across the structure.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

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

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

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


BLACKROCK CLO III: Moody's Gives (P)B3 Rating to Class F-R Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to refinancing notes to be issued by
BlackRock European CLO III Designated Activity Company (the
"Issuer"):

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

EUR36,000,000 Class B-R Senior Secured Floating Rate Notes due
2035, Assigned (P)Aa2 (sf)

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

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

EUR22,500,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)Ba3 (sf)

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

RATINGS RATIONALE

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

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 100% ramped as of the closing date and
to comprise of predominantly corporate loans to obligors domiciled
in Western Europe.

BlackRock Investment Management (UK) Limited ("BlackRock") will
continue 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.

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

Par Amount: EUR400,000,000

Diversity Score: 53

Weighted Average Rating Factor (WARF): 3125

Weighted Average Spread (WAS): 3.50%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 43.50%

Weighted Average Life (WAL): 8.5 years

Moody's has addressed the potential exposure to obligors domiciled
in countries with local currency ceiling (LCC) of A1 or below. As
per the portfolio constraints and eligibility criteria, exposures
to countries with LCC of A1 to A3 cannot exceed 10% and obligors
cannot be domiciled in countries with LCC below A3.

CARLYLE EURO 2021-1: Moody's Assigns B3 Rating to Class E Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Carlyle Euro CLO
2021-1 DAC (the "Issuer"):

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

EUR37,000,000 Class A-2A Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aa2 (sf)

EUR5,000,000 Class A-2B Senior Secured Fixed Rate Notes due 2034,
Definitive Rating Assigned Aa2 (sf)

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

EUR25,200,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Baa3 (sf)

EUR22,800,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Ba3 (sf)

EUR10,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

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

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

CELF Advisors LLP ("CELF Advisors") 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 approximately
4.5-year reinvestment period. Thereafter, subject to certain
restrictions, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk obligations or credit improved obligations.

In addition to the seven classes of notes rated by Moody's, the
Issuer issued EUR38,600,000 Subordinated Notes due 2034 which are
not rated.

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

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

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

Methodology underlying the rating action:

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

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

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

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

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

Par Amount: EUR400,000,000

Diversity Score: 46

Weighted Average Rating Factor (WARF): 3033

Weighted Average Spread (WAS): 3.82%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 43.0%

Weighted Average Life (WAL): 8.5 years

CASTLE PARK: Fitch Raises Class E Debt Rating to 'BB-sf'
--------------------------------------------------------
Fitch Ratings has upgraded four tranches of Castle Park CLO
Designated Activity Company and affirmed the other tranches.

     DEBT                   RATING          PRIOR
     ----                   ------          -----
Castle Park CLO Designated Activity Company

A-1-R XS1571957197    LT AAAsf   Affirmed   AAAsf
A-2A-R XS1571957510   LT AAAsf   Affirmed   AAAsf
A-2B-R XS1571957783   LT AAAsf   Affirmed   AAAsf
B-R XS1571957940      LT AAAsf   Upgrade    A+sf
C-R XS1571958161      LT A+sf    Upgrade    BBB+sf
D XS1139269887        LT BBB-sf  Upgrade    BB+sf
E XS1139270034        LT BB-sf   Upgrade    Bsf

TRANSACTION SUMMARY

The transaction is a cash flow CLO mostly comprising senior secured
obligations. The transaction is out of its reinvestment period and
the portfolio is currently amortising. It is managed by Blackstone
Ireland Limited.

KEY RATING DRIVERS

Amortisation Supports Upgrades: The upgrades reflect the
significant deleveraging of the transaction since the last review
the class A-1-R notes have paid-down by EUR77.57 million,
increasing credit enhancement to 80.35% from 58.09%. The
transaction has been out of its reinvestment period since January
2019 and the manager could not reinvest sale proceeds of credit
risk obligations, credit-improved obligations and from unscheduled
principal proceeds due to the breach of several collateral quality
tests.

As per the trustee report dated 17 May 2021, the portfolio
exhibited a weighted average life (WAL) of 3.28 years against the
WAL threshold of 2.84 years. In addition, the following test
breaches constrain reinvesting in new assets: Fitch weighted
average rating factor (WARF), and another agency's WARF and 'CCC'
limit tests. As such, Fitch's analysis was prepared from the
current portfolio. The manager has made some discretionary sales
since the last review.

Stable Portfolio Performance: As of the latest investor report
available, the transaction is below par by 1.83% only, due to one
defaulted asset in the portfolio. All coverage tests, Fitch related
collateral quality test (other than WARF and WAL test) and
portfolio profile tests are passing.

Deviation from Model-implied Rating: The model-implied rating for
the class C-R notes is one notch above the assigned rating and two
notches above the assigned rating for the class D and E notes. The
deviation is motivated by the low default rate cushion under the
coronavirus scenario. Moreover, the two junior tranches are more
exposed to increased obligor concentration risk. Towards the tail
end of the transaction, individual obligors may represent a
significant portion of the portfolio. If these assets
under-perform, it may have an adverse impact on the portfolio
performance.

Portfolio More Concentrated: The portfolio has become more
concentrated as it continues to amortise but remains diversified.
The top 10 obligors' exposure is 25.6% (last review: 19.4%) and the
largest single obligor represents 3.01% (last review 2.2%) of the
portfolio balance. The exposure to the top Fitch industry and top
three industries are also within the defined portfolio profile test
limits. Exposure to individual obligors and industries could
increase disproportionately as the portfolio continues to
amortise.

Asset Credit Quality: 'B/B-' Category Portfolio Credit Quality:
Fitch assesses the average credit quality of obligors to be in the
'B'/'B-' category. The Fitch WARF test was reported at 34.85
against a maximum of 34.00. Fitch's updated calculation as of 29
May 2021 shows a small decline to 34.65.

High Recovery Expectations: 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
current portfolio is reported by the trustee at 62.5% as of 17 May
2021 compared with a minimum of 60.6%.

RATING SENSITIVITIES

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

-- A reduction of the default rate (RDR) at all rating levels by
    25% of the mean RDR and an increase in the recovery rate (RRR)
    by 25% at all rating levels would result in an upgrade of one
    to five notches across the structure.

-- Except for the class A-1-R, A-2-R and B-R notes, which are
    already at the highest rating on Fitch's scale and cannot be
    upgraded, upgrades may occur should the portfolio quality
    remains stable and notes continue to amortise leading to
    higher credit enhancement across the structure.

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

-- An increase of the RDR at all rating levels by 25% of the mean
    RDR and a decrease of the RRR by 25% at all rating levels will
    result in downgrades of up to four notches, depending on the
    notes. While not Fitch's base case scenario, downgrades may
    occur if build-up of the notes' credit enhancement following
    amortisation does not compensate for a higher loss expectation
    than initially assumed due to unexpected high level of default
    and portfolio deterioration.

-- As the disruptions to supply and demand due to the Covid-19
    disruption become apparent for other sectors, loan ratings in
    those sectors would also come under pressure. Fitch will
    update the sensitivity scenarios in line with the view of its
    Leveraged Finance team.

Resilient to Coronavirus Stress

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

Coronavirus Potential Severe Downside Stress Scenario:

Fitch has added a sensitivity analysis that contemplates a more
severe and prolonged economic stress caused by a re-emergence of
infections in the major economies. The potential severe downside
stress incorporates the following stresses: applying a notch
downgrade to all the corporate exposure on Negative Outlook. This
scenario does not result in downgrades across the capital
structure.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Castle Park CLO Limited

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.


DRYDEN 73 EURO: Fitch Affirms B- Rating on Class F Notes
--------------------------------------------------------
Fitch Ratings has revised Dryden 73 Euro CLO 2018's class C and D
notes to Stable from Negative Outlook, while affirming all
ratings.

      DEBT                RATING          PRIOR
      ----                ------          -----
Dryden 73 Euro CLO 2018 B.V.

A-1 XS2063331974   LT  AAAsf   Affirmed   AAAsf
A-2 XS2063332600   LT  AAAsf   Affirmed   AAAsf
B-1 XS2063333244   LT  AAsf    Affirmed   AAsf
B-2 XS2063333913   LT  AAsf    Affirmed   AAsf
C-1 XS2063334481   LT  Asf     Affirmed   Asf
C-2 XS2063335298   LT  Asf     Affirmed   Asf
D XS2063335702     LT  BBB-sf  Affirmed   BBB-sf
E XS2063336429     LT  BB-sf   Affirmed   BB-sf
F XS2063336346     LT  B-sf    Affirmed   B-sf

TRANSACTION SUMMARY

Dryden 73 Euro CLO 2018 B.V. is a cash-flow CLO mostly comprising
senior secured obligations. The transaction is within its
reinvestment period and is actively managed by the collateral
manager.

KEY RATING DRIVERS

Coronavirus Stress Sensitivity:

The affirmation reflects the portfolio's broadly stable credit
quality over the last 12 months. Tranches A to C show a healthy
default-rate cushion in the sensitivity analysis Fitch ran in light
of the coronavirus pandemic, which is reflected in the Stable
Outlook. While the class D notes show a small shortfall. Fitch has
revised the Outlook on the class D notes to Stable as the shortfall
is small and driven by a back-loaded default scenario, which is not
an imminent risk. The class E and F notes still show large
shortfalls in the coronavirus stress scenario and hence remain on
Negative Outlook.

This rating action follows the recent update of Fitch's CLO
coronavirus stress scenario to assume half of the corporate
exposure on Negative Outlook is downgraded by one notch, instead of
100%.

Deviation from Model-Implied Ratings

Based on the current portfolio analysis, the class E and F notes'
ratings are one notch above their respective model-implied ratings.
At the current rating level both tranches show a small shortfall
driven by the back-loaded default timing scenario, which is not an
imminent risk. In Fitch's view, both notes are compatible with
their current ratings given the stable portfolio performance.
Further, the class F notes' credit enhancement provides a safety
margin to the notes. 'CCC' means that default is a possibility and
this is not the case for the class F notes.

Stable Asset Performance

The portfolio's weighted average credit quality is 'B'/'B-' and
above par. As per the latest investor report dated 30 April 2021,
the transaction was passing all portfolio profile tests, coverage
tests and collateral quality tests except for Fitch- calculated
weighted average rating factor (WARF), which it slightly failed. As
at 29 May 2021, the Fitch-calculated WARF of the portfolio was
35.35, slightly higher than the trustee-reported WARF of 30 April
2021 of 35.15, owing to rating migration and unrated assets, which
Fitch treated as 'CCC'. As of 29 May 2021 exposure to assets with a
Fitch-derived rating (FDR) of 'CCC+' and below was 7.3% (excluding
unrated assets) and 8.4% (including unrated assets) against the
limit of 7.5%.

High Recovery Expectations

The portfolio comprises 93.5% of 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 current portfolio is
62.5% as per the report.

Diversified Portfolio

The portfolio is well-diversified by obligor, country and industry.
The top 10 obligor concentration is 20.64% and no obligor
represents more than 2% of the portfolio balance. As per Fitch's
calculation the largest industry is business services at 16% of the
portfolio balance, against a limit of 17.5%.

RATING SENSITIVITIES

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

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

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

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

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

Coronavirus Downside Sensitivity

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

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

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

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

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


ICON PLC: Moody's Assigns Ba1 CFR & Alters Outlook to Stable
------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 corporate family
rating and a Ba1-PD probability of default rating to ICON Plc, and
has concurrently withdrawn the long-term issuer rating of Baa3. At
the same time, the rating agency has assigned a Ba1 instrument
rating to the new USD4 billion senior secured term loan B and to
the new USD300 million senior secured multi currency revolving
credit facility made available to ICON Luxembourg S.a.r.l. and
other co-borrowers. The outlook on ICON has changed to stable from
ratings under review, and the outlook on all other ratings is
stable.

The rating action concludes the review on ICON's ratings initiated
on February 26, 2021, following the announced acquisition of PRA
Health Sciences, Inc. (PRA) on February 24 in a cash and stock
transaction valued at approximately USD12 billion. The transaction
is expected to close in July 2021.

RATINGS RATIONALE

The Ba1 rating assigned reflects ICON's improved market position as
a pure-play contract research organisation (CRO). The combined
group will become the second largest CRO in the world, with broader
capabilities, technological and therapeutic breadth, including a
leading position in functional solutions as well as in
decentralised and hybrid trials. Also, the agency believes the
combined group improves ICON's customer concentration which
previously Moody's considered a credit challenge.

At the same time, the rating considers the high financial leverage
following the closing of the transaction with Moody's adjusted
gross leverage of 6.5x for the last twelve months to March 2021,
pro forma the combined group and new capital structure at closing,
which the agency expects will close at 5.4x at end-2021.
Furthermore, it considers some execution risks around the
integration of PRA into ICON because of the size and global
footprint of both companies. ICON will have to maintain a high
level of operating performance while successfully integrating PRA.

Moody's believes ICON is committed to deleveraging over next 24
months with a financial policy targeted to repay a portion of its
TLB with all available free cash flow (FCF). Moody's has assumed
share buy-backs and material acquisitions will be on hold until the
company reaches its financial target of company adjusted net debt
to EBITDA below 2.5x by the end of 2023. Moody's estimates that
ICON will generate annual Moody's adjusted FCF of around $700
million to $850 million over the next 2 years which the agency
assumes will be used to repay debt, therefore the rating agency
estimates that Moody's adjusted gross leverage will trend towards
3x by 2023.

RATING OUTLOOK

The stable outlook reflects the agency's expectations of good
operating performance and an adequate integration of PRA while ICON
delivering on its commitment to deleverage through debt repayments
with available FCF, with Moody's adjusted gross leverage trending
towards 3x by 2023.

LIQUIDITY PROFILE

ICON has excellent liquidity, including Moody's expectations of
cash and marketable securities of $400 million at closing of the
transaction ($943 million as of March 31, 2021), and access to an
undrawn $300 million revolving credit facility (RCF) due in 2026.
The new RCF includes a springing financial covenant set at a
consolidated net leverage of 5.75x until June 30, 2023, then
decreasing to 4.5x thereafter, tested only when the RCF is drawn by
more than 30%. Moody's anticipates the company to have significant
capacity against this threshold, if tested.

In Moody's forecast horizon through 2023, the agency has assumed
that working capital requirements normalized at around $100 million
per year and capital expenditure will represent around 2.4% of
revenue. Moreover, Moody's assumes that the company will not pursue
opportunistic share buybacks like in the recent past because these
will be secondary to debt repayment under the company's financial
policy.

STRUCTURAL CONSIDERATIONS

The probability of default rating (PDR) of Ba1-PD reflects the use
of a 50% family recovery assumption, consistent with a capital
structure, including a mix of bond and bank debt. The Ba1 rating
assigned to the USD4,000 million term loan B (TLB), and the USD300
million RCF reflects their pari passu ranking, with upstream
guarantees from significant subsidiaries of ICON Plc that account
for at least 80% of consolidated EBITDA. The security package
consists of first priority liens over substantially all assets of
the borrower and the guarantors, subject to customary exceptions.

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

Upward pressure could arise if ICON reduces its leverage
(Moody's-adjusted gross debt/EBITDA) below 3x on a sustained basis;
and if its Moody's-adjusted FCF to debt trends towards 20% while
maintaining a good operating performance.

Conversely, downward pressure could develop if operating
performance deteriorates following the PRA acquisition, leading to
a delay in deleveraging (Moody's-adjusted gross debt/EBITDA)
remaining above 4x on a sustained basis; if there is a significant
change in the company's financial policy which aims to repay debt
with available FCF; or there is a significant deterioration in the
business prospects for or market conditions of the CRO industry.

LIST OF AFFECTED RATINGS:

Issuer: ICON Luxembourg S.a.r.l.

Assignments:

Senior Secured Bank Credit Facilities, Assigned Ba1

Outlook Action:

Outlook, Assigned Stable

Issuer: ICON Plc

Assignments:

Probability of Default Rating, Assigned Ba1-PD

LT Corporate Family Rating, Assigned Ba1

Withdrawals:

LT Issuer Ratings, Withdrawn , previously rated Baa3

Outlook action:

Outlook, Changed To Stable From Rating Under Review

Issuer: PRA Health Sciences, Inc.

Assignment:

Senior Secured Bank Credit Facility, Assigned Ba1

Outlook action:

Outlook, Assigned Stable

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

ICON Plc is a globally operating CRO. The company provides
outsourced development services to the pharmaceutical,
biotechnology and medical device industries. ICON specialises in
the strategic development, management and analysis of programmes
that support clinical development, from compound selection to Phase
1-4 clinical studies. The company was founded in 1990 in Dublin,
Ireland, where it is headquartered. Following the acquisition of
PRA Health Sciences, Inc. (PRA) the company has materially
increased its scale and scope of activities with a combined
headcount of around 35,000 employees across the globe. Moody's
estimates that the combined group had pro forma revenue of $6.3
billion and Moody's adjusted EBITDA of $973 million for the last
twelve months to March 2021.

MADISON PARK V: Fitch Affirms B- Rating on Class F Notes
--------------------------------------------------------
Fitch Ratings has assigned Madison Park Euro Funding V DAC's
refinancing notes final ratings and affirmed the other
non-refinancing notes.

       DEBT                    RATING              PRIOR
       ----                    ------              -----
Madison Park Euro Funding V B.V.

Class A XS1578107820     LT  PIFsf  Paid In Full   AAAsf
Class A-R XS2339509809   LT  AAAsf  New Rating     AAA(EXP)sf
Class B1 XS1578108398    LT  AAsf   Affirmed       AAsf
Class B2 XS1589879961    LT  PIFsf  Paid In Full   AAsf
Class B2-R XS2339510484  LT  AAsf   New Rating     AA(EXP)sf
Class C XS1578108638     LT  Asf    Affirmed       Asf
Class D XS1578108984     LT  PIFsf  Paid In Full   BBBsf
Class D-R XS2339511292   LT  BBBsf  New Rating     BBB(EXP)sf
Class E XS1578109362     LT  BBsf   Affirmed       BBsf
Class F XS1578109289     LT  B-sf   Affirmed       B-sf

TRANSACTION SUMMARY

Madison Park Euro Funding V DAC is a cash flow collateralised loan
obligation (CLO). On the refinancing closing date, the proceeds of
the issuance were used to redeem the class A, B2 and D notes and
re-issue them at lower spreads. The portfolio is managed by Credit
Suisse Asset Management Limited. The refinanced CLO envisages a
one-year reinvestment period and a 5.9-year weighted average life
(WAL).

KEY RATING DRIVERS

'B'/'B-' Portfolio Credit Quality: Fitch places the average credit
quality of obligors in the 'B'/'B-' range. The Fitch-weighted
average rating factor (WARF) of the current portfolio is 34.56.

High Recovery Expectations: Of the portfolio, 98.1% 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 current portfolio is 61.3% as per Fitch's latest recovery
assumptions, compared with the trustee-reported WARR (based on the
recovery rate provision in the transaction documents) of 59.5%.

Diversified Asset Portfolio: The transaction's Fitch matrices cap
the maximum exposure to the top 10 obligors at 20% and maximum
fixed assets at 0% and 15% of the portfolio. The transaction also
includes limits on the Fitch-defined largest industry at a
covenanted maximum 15.0% and the second- and fifth-largest
industries at 12% and 10%, respectively. These covenants ensure
that the asset portfolio will not be exposed to excessive
concentration.

Portfolio Management: The transaction features a one-year
reinvestment period and WAL covenant of 5.9 years. The reinvestment
criterion is similar to 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.

Cash Flow Analysis: Fitch used a customised proprietary cash flow
model to replicate the principal and interest waterfalls and the
various structural features of the transaction, and to assess their
effectiveness, including the structural protection provided by
excess spread diverted through the par value and interest coverage
tests.

Affirmation of Non-refinancing Notes: The affirmation of the class
B1, C, E and F notes with Stable Outlooks reflect the transaction's
good performance and the notes' resilience under Fitch's
coronavirus baseline scenario. The transaction was below par by
33bp as of the investor report on 6 May 2021. The transaction is
currently failing its Fitch WARF and WARR test. In addition, it is
failing the weighted average spread and weighted average coupon
test and another agency's WARF test. The transaction is passing all
other collateral quality tests, portfolio profile tests and
coverage tests.

Deviation from the Model-implied Ratings: The class E notes' rating
is one notch higher than the model-implied rating. The class E
notes showed a maximum break-even default rate short fall of 1.24%
when analysing the updated matrices proposed by the manager under
the Fitch stressed portfolio analysis. The ratings across the
capital structure are supported by the comfortable cushion at the
assigned ratings based on the current portfolio and the coronavirus
baseline scenario and the stable performance of the portfolio.

RATING SENSITIVITIES

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

-- A reduction of the default rate (RDR) at all rating levels by
    25% of the mean RDR and an increase in the recovery rate (RRR)
    by 25% at all rating levels would result in an upgrade of up
    to five notches depending on the notes, except for the class A
    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. This is because the portfolio
    credit quality may still deteriorate, not only by natural
    credit migration, but also because of reinvestment.

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

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

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

Coronavirus Baseline Stress Scenario

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

Coronavirus Severe Downside Stress Scenario

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

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

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

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

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


MADISON PARK V: Moody's Affirms B2 Rating on EUR8.1M Class F Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued by Madison
Park Euro Funding V DAC (the "Issuer"):

EUR181,300,000 Class A Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aaa (sf)

EUR10,000,000 Class B2 Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aa2 (sf)

EUR15,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned Baa2 (sf)

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

EUR24,000,000 Class B1 Senior Secured Floating Rate Notes due
2031, Affirmed Aa2 (sf); previously on May 3, 2017 Assigned Aa2
(sf)

EUR17,700,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed A2 (sf); previously on May 3, 2017
Assigned A2 (sf)

EUR20,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on May 3, 2017
Assigned Ba2 (sf)

EUR8,100,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2031, Affirmed B2 (sf); previously on May 3, 2017 Assigned B2
(sf)

RATINGS RATIONALE

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

Moody's rating affirmations of the Class B1 Notes, Class C Notes,
Class E Notes and Class F Notes are a result of the refinancing,
which has no impact on the ratings of the notes.

As part of this refinancing, the Issuer has extended the weighted
average life by 12 months to May 02, 2027. It has also amended
certain definitions and minor features. In addition, the Issuer has
amended the base matrix and modifiers that Moody's has taken into
account for the assignment of the definitive ratings.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior loans 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
reinvestment period, which will end in May 2022. Thereafter,
subject to certain restrictions, purchases are permitted using
principal proceeds from unscheduled principal payments and proceeds
from sales of credit risk obligations.

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

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

Moody's 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: EUR297.4 million

Defaulted Par: EUR3.9m

Diversity Score: 53

Weighted Average Rating Factor (WARF): 3410

Weighted Average Spread (WAS): 3.75%

Weighted Average Recovery Rate (WARR): 44.5%

Weighted Average Life (WAL): 5.9 years



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

AUTOSTRADE PER L'ITALIA: Fitch Affirms 'BB+' LT IDR, On Watch Pos.
------------------------------------------------------------------
Fitch Ratings has revised Autostrade per l'Italia Spa's (ASPI)
'BB+' Long-Term Issuer Default Ratings (IDRs) to Rating Watch
Positive (RWP) from Rating Watch Evolving (RWE).

RATING RATIONALE

The rating actions follow the recent resolution of Atlantia's
ordinary general meeting (OGM), which Fitch expects to eventually
unlock the formalisation of a settlement agreement between ASPI and
the grantor. This would finally remove the risk of revocation of
the ASPI concession agreement, following disputes over allegations
of serious breaches of the ASPI concession agreement due to the
collapse of a bridge managed by the company in 2018. The
revocation, which Fitch now views as a remote prospect, would have
likely resulted in a liquidity event for ASPI and Atlantia under
concession rules, as unilaterally amended by law in 2019
(Milleproroghe).

On 31 May 2021, Atlantia shareholders accounting for around 87% of
the share capital represented to the OGM their opinion in favour of
the binding offer for Atlantia's 88% stake in ASPI made by a
consortium of investors headed by the government-owned arm, Cassa
Depositi e Prestiti (CDP, BBB-/Stable). Although the opinion is not
binding, it is highly likely, in Fitch's view, that Atlantia's
board of directors on 10 June will accept the offer. This will
ultimately trigger the full deconsolidation of ASPI from Atlantia
and a new credit profile for the Italian toll road operator.

A new governance structure for ASPI under a state-owned entity is
the final pending issue of a four-pillar preliminary agreement
reached between Atlantia/ASPI and the Italian government a year ago
to settle the dispute following the Morandi bridge collapse in 2018
(See also 'Fitch Revises Rating Watch on Atlantia, ASPI and AdR to
Evolving').

As a result, the RWP reflects upward pressures on ASPI's Standalone
Credit Profile (SCP), which Fitch believes could be commensurate
with a solid 'BBB' category rating. Fitch expects to resolve the
watch upon closing of the sale of ASPI, when Fitch should have more
clarity on the transaction structure, how the new owners will fund
the transaction, their financial and dividend policy as well as
potential linkages of ASPI to CDP. This could take place beyond the
next six months.

The ratings of ASPI would primarily reflect its large, mature and
strategically located network in Italy as well as its regulatory
asset base (RAB)-based price-cap tariff, as amended, providing high
visibility on future tariff increases. ASPI's current and projected
leverage of around 5x - in relation also to the accelerated
maintenance and capex - would be slightly above that of other
Fitch-rated large toll road networks in EMEA. Compared with French
operators, ASPI Group (comprising Autostrade per L' Italia and the
rest of its subsidiaries under the consolidated group) has a
slightly longer concession maturity (17 years versus on average
around 14 years for French operators) but a historically less
resilient traffic profile.

Fitch would likely view ASPI's credit profile as being ultimately
capped at two notches above the Italian sovereign's 'BBB-'
(Stable), in view of the historically strong relationship of
traffic with Italian consumption, which is offset by the
quasi-monopolistic nature of its network and very limited reliance
on the Italian banking system.

KEY RATING DRIVERS

Large Network, Moderate Volatility - Revenue Risk (Volume):
'Midrange'

ASPI is the largest Italian toll road operator, managing a network
of around 3,000 km in Italy. The network is critical for the
mobility of the whole country and is exposed to limited
competition. User profile is mainly made up of stable commuter and
medium-to long-distance traffic.

Volumes have shown moderate volatility with a 11% peak-to-trough
change in 2007-2013, mainly due to a collapse of domestic
consumption in response to austerity measures in 2012. Recovery
thereafter remained subdued and below the 2007 peak, reflecting a
lacklustre economic environment in Italy in the period up to 2019.

RAB-Based Price Cap - Revenue Risk (Price): 'Midrange'

As part of the settlement agreement, the tariff framework will be
replaced by a new model set by the Italian transport authority
(ART), which Fitch views as still supportive. The tariff formula
will be premised on a RAB-based price cap over five-year regulatory
periods and benefiting from a safeguard mechanism aimed at keeping
remuneration on already agreed-upon investments unchanged versus
the previous concession agreement. The new economic and financial
plan as well as amendments to the ASPI concession contract are to
be approved, among others, by the relevant government bodies as a
condition for the sale of Atlantia's stake in ASPI.

The concessionaire bears traffic risk during each of the five-year
plan while a revenue-sharing mechanism is in place to limit upside.
Crucially, the framework provides long-term visibility on tariff
increase, currently set at 1.64% p.a. until end of concession.

Large Scale Debt-funded Programme - Infrastructure Development and
Renewal: 'Midrange'

ASPI's EUR6 billion capex plan until 2024 is large-scale, with
limited flexibility but it is of generally low-to-medium complexity
and is remunerated at an adequate rate of return under the agreed
economic and financial plan. Similarly, maintenance plan is high at
EUR2.5 billion in 2020-2024 and with no-to- limited flexibility.

Short-and-long-term maintenance needs, timing and capital planning
are highly defined and Fitch expects dialogue with authorities to
be constructive. ASPI has high levels of excess cash flow but
access to external funding is key to delivering on its ambitious
plan.

Unsecured with Limited Protection - Debt Structure: 'Midrange'

ASPI's debt is typical of a corporate with unsecured and,
predominantly, non-amortising debt, at fixed-rates, and lacking in
material structural protection. The majority of the debt is made up
of capital-market instruments, as only around 15% of gross debt is
with CDP and European Investment Bank (AAA/Stable), which has in
the past provided funding to ASPI on favourable terms. Refinancing
risk is mitigated by a well-diversified range of bullet maturities,
a proactive and prudent debt management policy and access to banks
and capital markets.

At end-March 2021, parent company Atlantia unconditionally
guaranteed around 35% of ASPI's EUR11.1 billion gross debt, a
legacy of the previous funding structure for ASPI. Nevertheless,
upon closing of the transaction with the consortium, Atlantia is
expected to release its guarantee following a consent solicitation
process from ASPI lenders. This is a condition for the transfer of
ASPI's shares to the consortium.

ASPI's liquidity position is sound. Cash and committed lines cover
debt maturities until end-2022 under Fitch's rating case (FRC).

PEER GROUP

Compared with other large toll road network peers in EMEA, ASPI has
slightly higher leverage than APRR (A-/Stable) and a weaker
business, but with longer concession maturity. Compared with Vinci
SA (A-/Stable), ASPI has materially higher leverage despite its
concession tenor being slightly longer. Finally, Brisa Concessão
Rodoviária's (A-/Stable) rating reflects a creditor-protective
debt structure providing financial flexibility to maintain net
debt/EBITDA within 4.5x.

RATING SENSITIVITIES

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

-- Completion of the settlement agreement between ASPI and the
    Italian government clearly leading to the formal settlement of
    the dispute started in August 2018, coupled with the sale of
    ASPI to third parties.

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

-- Failure to reach a formal agreement on the ASPI dispute or a
    material change to the terms agreed with the government in
    July 2020.

-- Material and adverse developments from the ongoing criminal
    investigations of the bridge collapse may escalate tensions
    between parties. This could lead to a multiple-notch
    downgrade, especially if there are doubts on the size and
    timely payment of compensation.

BEST/WORST CASE RATING SCENARIO

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

TRANSACTION SUMMARY

Asset Description

ASPI is the concessionaire of Autostrade per l'Italia and holding
company of the ASPI consolidated group. Autostrade per l'italia is
its key concession and cash-generating asset, making up 95% of the
group's managed 3,020 km network. The main concession expires in
December 2038.

FINANCIAL ANALYSIS

ASPI's leverage profile is uneven, peaking at the two ends of the
rating horizon, due to Covid-19 effects and an accelerated
debt-funded capex plan. Under Fitch's FRC, which does factor any
flexibility in the capex and only some flexibility in dividend
distribution, net debt-to-EBITDA is estimated at around 5x in
2021-2025, warranting, in Fitch's view, a solid investment-grade
(IG) rating on a standalone basis.

Under Fitch's severe downside case, ASPI's leverage would slightly
increase by 0.5x, but still remaining commensurate, in Fitch's
view, with a strong IG rating on a standalone basis.

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.


COMDATA SPA: Moody's Assigns 'Caa3' CFR, Outlook Stable
-------------------------------------------------------
Moody's Investors Service has assigned a Caa3 corporate family
rating and C-PD/LD probability of default rating to the Italian CRM
operator Comdata S.p.A. The "/LD" designation on the PDR reflects a
limited default assignment by Moody's because the company has
deferred payment of interest accrued under its revolving credit
facility beyond the contractual terms.

Concurrently, Moody's has assigned a Caa3 rating on the EUR510
million senior secured term loan B due 2024 and on the EUR85
million senior secured revolving credit facility (RCF) due 2023,
both borrowed by Comdata, and a Caa3 rating on the
EUR356,794,815.00 Series 1 senior secured notes due July 2024
issued by Comway SPV S.r.l. The outlook on the ratings is stable.

Comway SPV S.r.l. (Comway) is a newly formed entity, created
outside the Comdata restricted group pursuant to Italian Law 130.
As such, Comway has been established to acquire and retain a
portion of Comdata's term loan B and issue related notes to
qualifying investors. The notes rank pari passu with the term loan
B and RCF and noteholders benefit from the same rights as direct
lenders to Comdata's term loan B and RCF.

RATINGS RATIONALE

The Caa3 rating assigned to Comdata primarily reflects the
company's weak credit metrics, including its elevated leverage and
negative free cash flow (FCF), as well as Moody's view that the
company's current capital structure is unsustainable and its
liquidity is weak to support its near term business needs as well
as the company's turnaround plan.

In addition, Comdata signed a lock-up agreement with its lenders on
June 4, 2021 with the aim of establishing a more sustainable
capital structure and improving its liquidity profile. The
agreement envisages a material reduction in the company's
outstanding debt, which will result in material losses for
Comdata's lenders, and will be considered by Moody's as a
distressed exchange, a form of default under the rating agency's
definition. The stable outlook reflects the increased certainty
with regards to Comdata's future capital structure following the
signing of the lock-up agreement and post the debt restructuring.
Moody's considers that the proposed debt restructuring would lead
to an improvement in Comdata's financial profile upon completion,
including reduced leverage and improved free cash flow generation,
which could result in a one-to-two notch upgrade to Comdata's
ratings.

Comdata's operating performance was severally hurt in 2020,
particularly during the period from March to September. This is
because of the lockdowns and social distancing measures imposed
across several countries where Comdata's sites are located. This
led to a reduction in demand from certain end-markets (e.g. retail,
hospitality) and in commercial activity as well as a supply
shortfall due to a high level of on-site absenteeism. Although the
company proactively implemented several measures to protect its
profitability, the impact on performance remained significant.

Comdata's 2020 EBITDA (as reported by the company and adjusted for
one-off costs) declined by approximately 49% in 2020 to EUR39
million, thus increasing Moody's-adjusted gross leverage to around
11x from 8.2x in 2019. The significant reduction in earnings
combined with material cash restructuring costs resulted in
negative free cash flow, which has eroded the company's cash
balances.

According to Moody's projections, the company's operating
performance will gradually recover and its EBITDA will return to
the level of 2019, one of the weakest years in terms of
performance, only by the end of 2023. While recent trading is above
management plan, uncertainty remains on the pace of recovery for
the remainder of the year and on the successful implementation of
the business turnaround initiated in 2019.

While Moody's projects that Comdata's free cash flow (FCF) will
improve, as the company's business recovers, the rating agency's
forecasts show that FCF will remain negative until 2023 in the
absence of a debt restructuring, and absorb the company's liquidity
headroom.

Comdata's Caa3 CFR also reflects the highly fragmented and
competitive customer relationship management & business process
outsourcing (CRM & BPO) industry, which could limit profitability
improvements; a relatively concentrated customer base; and risks
related to technological change, whereby increasing automation
could replace a portion of more routine end-customer requests from
physical agents.

Concurrently, the rating is supported by Comdata's position as a
leading operator in the European CRM & BPO sector, with a leading
share in the Italian market; its long-standing relationships with
key customers; and some geographic diversity.

LIQUIDITY

Comdata's liquidity deteriorated in 2020 and early 2021 and Moody's
expects that it will continue to weaken, in the absence of a debt
restructuring. At the end of March 2021, Comdata had access to
EUR53 million of cash on balance sheet, to uncommitted short term
bilateral lines (EUR14 million undrawn) and non-recourse factoring
facilities.

Moody's considers these sources of liquidity to be weak to cover
Comdata's cash requirements in the absence of a debt restructuring.
Although the company's performance has started to recover and is
progressing in line with the management plan as of March 2021,
working capital needs, capital spending and the ongoing turnaround
and restructuring plan, will continue to absorb cash.

The company is in breach of its financial covenant and lenders
agreed a standstill period last December 2020.

STRUCTURAL CONSIDERATIONS

The C-PD/LD PDR is lower than the CFR, reflecting the high
likelihood of a default from a future debt restructuring, leading
to additional losses for lenders.

The Caa3 instrument ratings assigned on the term loan B and RCF are
in line with the company's CFR reflecting the pari-passu ranking
with other liabilities in the capital structure such as trade
payables. Both the term loan B and RCF benefit from share pledges
over Comdata S.p.A. and each borrower and guarantor. Guarantors
represent equal or greater than 80% of consolidated EBITDA of
Comdata S.p.A. and its subsidiaries.

The Caa3 instrument rating assigned to the Comway SPV S.r.l. notes
is in line with the instrument ratings on the term loan B and RCF,
reflecting their pari-passu nature and full pass-through
characteristics.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects the increased certainty with regards to
Comdata's future capital structure following the signing of the
lock-up agreement and post the debt restructuring, which will be
considered by Moody's as a distressed exchange, a form of default
under the rating agency's definition.

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

Positive rating pressure could arise if the proposed debt
restructuring is completed as planned. In the absence of a debt
restructuring, an upgrade of Comdata's ratings would require a
material strengthening in the company's earnings and liquidity such
that either the losses implied by the Caa3 CFR will be lower than
expected, or that the company's performance improves to the extent
that a debt restructuring leading to a loss for creditors becomes
unlikely.

The ratings could be further downgraded if Comdata fails to
implement the planned debt restructuring or pursues a debt
restructuring leading to a loss for creditors that is higher than
the losses implied by the Caa3 CFR.

LIST OF AFFECTED PRIVATE MONITORED LOAN RATINGS:

Issuer: Comdata S.p.A.

Assignments:

Probability of Default Rating, Assigned C-PD /LD

LT Corporate Family Rating, Assigned Caa3

Senior Secured Bank Credit Facility, Assigned Caa3

Outlook Action:

Outlook, Assigned Stable

Issuer: Comway SPV S.r.l.

Assignment:

Senior Secured Regular Bond/Debenture, Assigned Caa3

Outlook Action:

Outlook, Assigned Stable

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in Milan, Italy, Comdata S.p.A. is the leading
provider of outsourced Customer Relationship Management (CRM)
services in Italy with a market presence in other European
countries and in Latin America.

In 2020, the company reported revenue and EBITDA, of EUR897 million
and EUR39 million, respectively, before IFRS 16 and exceptional
costs (or EUR76 million on a Moody's adjusted basis).

Following the leveraged buyout (LBO) of the business in 2016, The
Carlyle Group is the main shareholder with approximately 85% of the
group.

GOLDEN GOOSE: S&P Assigns 'B-' LongTerm ICR, Outlook Stable
-----------------------------------------------------------
S&P Global Rating assigned its 'B-' long-term issuer credit and
issue ratings to Italy-Based footwear producer Golden Goose SpA
(Golden Goose) and its EUR480 million senior secured notes, with
the recovery rating of '3' indicating its expectation of 50%-70%
recovery (rounded estimate: 50%) in the event of default.

S&P said, "The outlook is stable because we think the group should
be able to adequately fund its operating needs and manage its
liquidity position, despite low visibility and potential
disruptions to the expansion plan in the retail channel.

"The final ratings are in line with our preliminary ratings, which
we assigned on May 4, 2021. The final senior secured notes amount
was upsized EUR10 million, to EUR480 million, to allow the original
issue discount and maintain Golden Goose's total net proceeds. In
addition, the margin on the notes was reduced to 487.5 basis points
(bps) over the Euro Interbank Offered Rate (EURIBOR) from 500 bps
initially proposed. There are no other material changes to the
final debt documentation since our original review, or to our
forecasts."

S&P Global Ratings believes there remains high, albeit moderating,
uncertainty about the evolution of the coronavirus pandemic and its
economic effects. Vaccine production is ramping up and rollouts are
gathering pace around the world. Widespread immunization, which
will help pave the way for a return to more normal levels of social
and economic activity, looks to be achievable by most developed
economies by the end of the third quarter. However, some emerging
markets may only be able to achieve widespread immunization by
year-end or later. S&P said, "We use these assumptions about
vaccine timing in assessing the economic and credit implications
associated with the pandemic. As the situation evolves, we will
update our assumptions and estimates accordingly."

S&P said, "The stable outlook reflects our view that Golden Goose
will likely generate about 20% revenue growth in 2021 thanks to
increased demand and S&P Global Ratings-adjusted EBITDA margins of
about 30%, thanks to strong pricing power. We forecast the group
can sustain an adjusted debt-to-EBITDA ratio at about 6.0x and
funds from operations (FFO) cash interest of about 3.0x-3.5x over
the next 12 months. Given the large funding needs in working
capital and capex for the retail channel expansion, FOCF should be
positive but limited.

"We could lower the rating if Golden Goose generates negative FOCF
on a sustained basis, such that its ability to adequately fund its
operations comes under pressure. In this scenario, FFO cash
interest coverage will likely fall below 2.0x, which is not
commensurate with the current rating. This will most likely
materialize if the company's high capex for store openings and
digital capabilities does not translate into revenue growth, due
for example to material setbacks in the opening of new stores or a
decline in the brand's appeal, which we believe will result in an
unsustainable capital structure.

"We could consider an upgrade if Golden Goose's FOCF generation is
much larger than anticipated for 2021 while adjusted debt metrics
continue to improve from the current base case. This could occur if
the EBITDA base increases well beyond our base-case expectation for
2021 with strong visibility on 2022 and control over working
capital needs. This would most likely result from seamless
execution of the retail growth strategy and successful
international expansion translating into uninterrupted revenue
growth and geographical diversification. In this scenario, we
expect the company's adjusted debt-to-EBITDA ratio to sustainably
improve to below 5.0x."




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

ARENA LUXEMBOURG: Moody's Affirms B1 CFR, Outlook Negative
----------------------------------------------------------
Moody's Investors Service has affirmed Arena Luxembourg Investments
S.a r.l. (Arena)'s B1 corporate family rating and B1-PD probability
of default rating. In addition, Moody's has affirmed the B1 rating
of the backed senior secured notes issued by Arena Luxembourg
Finance S.a r.l. (Arena Finance), the financing conduit of Arena.
The Notes have a loss given default assessment of LGD4. The company
is indirectly owned by Macquarie European Infrastructure Fund 5
(MEIF5) and other minority investors and the ratings primarily
reflect the credit quality of its main operating subsidiary Empark
Aparcamientos y Servicios S.A. (Empark). The outlook remains
negative.

RATINGS RATIONALE

The rating action reflects Moody's unchanged view on the credit
quality of Arena. In particular, the negative outlook continues to
reflect the uncertainties around the timing and scope of traffic
recovery and an anticipation that the company will continue to
exhibit relatively weak financial metrics, at least over the next
eighteen months.

"Despite the more widespread vaccine rollout in Spain and Portugal
and the gradual lifting of travel restrictions, which makes an
improvement of near-term economic activity more predictable, the
magnitude of Arena's traffic recovery remains uncertain" says
Corrado Trippa, analyst for Arena. "Consequently, there is still a
degree of risk that the company's financial metrics will not
recover to levels commensurate with a B1 rating".

Arena has been severely impacted by the pandemic and the
introduction of travel restrictions and mobility constraints, as
reflected in a consolidated revenue decline of 31% in 2020. The
company's operating performance remained below expectations during
the first quarter of 2021, with consolidated revenues down by 23%
against the same period of 2020. The reduction was largely driven
by significant mobility restrictions in Portugal and certain
regions of Spain. At the same time, the company's operating costs
remained relatively steady due to its largely fixed cost base.

Subject to the pace of traffic recovery, Moody´s expects that the
company's consolidated funds from operations (FFO)/debt ratio will
be around 8%, on average, over the 2022-2023 period as traffic
recovers, while Moody's adjusted debt/EBITDA will likely remain
above 7.5x. These metrics are still considered commensurate with a
B1 rating but uncertainty remains high.

The B1 CFR continues to reflect 1) the long track record of
operations and Arena's well-established position as a leading car
park operator in Spain and Portugal; (2) the strategic location of
Empark's assets, which somewhat mitigates competitive threats and
demand risk; (3) a significant number of long-term off-street
concessions which accounted for around 84% of the group's
consolidated EBITDA in 2019 and which provide a degree of
medium-term visibility for the group's future cash flow generation;
(4) a track record of cost controls implemented by the management,
which have historically enabled the company to maintain a
relatively stable recurring EBITDA and (5) the positive operating
track record prior to the current coronavirus crises, as evidenced
by like-for-like off-street revenue growing annually at around 4%
between 2017-2019.

The CFR remains, however, susceptible to downside risks linked to
the consequences of the coronavirus outbreak which continues to
result in significant uncertainty over Arena's recovery prospects.
In addition, the CFR is constrained by (1) the high financial
leverage of the consolidated Arena group, with a pro-forma
Moody's-adjusted debt/EBITDA expected to remain above 7.5x; (2) the
execution risks inherent in the delivery of the company's multiyear
business plan; (3) the renewal risk associated with Empark's
maturing concessions and contracts; (4) the competitive and
fragmented nature of the car parking sector in Iberia; and (5)
Empark's relatively small size and limited geographic
diversification.

LIQUIDITY AND DEBT COVENANTS

Arena's liquidity position is good. As of March 31, 2021, Arena had
around EUR25 million of available cash. In addition, the company
has drawn the full amount of its available EUR100 million revolving
credit facility (RCF) due in 2026. Arena's major debt maturities
relate to the EUR100 million floating rate notes due in 2027 and
the EUR475 million fixed rate notes due in 2028. Hence, Arena does
not face any substantial debt maturity over the next eighteen
months and Moody's expects that the company will be able to cover
upcoming interest expense and other obligations with its available
resources.

The company is subject to one springing financial covenant, a net
consolidated debt/EBITDA ratio, tested quarterly if the RCF is 40%
drawn. Arena shall ensure that the ratio is no more than 12x at
each calculation date. Due to the impact of the pandemic, Arena´s
covenant ratio has been exceeding 12x from the December 2020
calculation date. However, the financial covenant only acts as a
drawstop to new drawings under the RCF and, if breached, does not
trigger an event of default under the RCF. Given Arena drew the
full amount available under the RCF in March 2020, the drawstop
condition only applies to future drawdowns in case of prepayment of
some of the outstanding amounts. Moody's currently anticipates that
Arena will remain in breach of the financial covenant until at
least the end of 2021 and hence the covenant breach willl not
incentivize possible prepayments of the outstanding RCF amounts
over the period.

STRUCTURAL CONSIDERATIONS

The B1 rating of the backed senior secured notes issued by Arena
Finance is in line with Arena's B1 CFR. This reflects the upstream
guarantees and share pledges from material subsidiaries of the
group. The B1 rating also takes into account the presence of the
relatively small super senior RCF ranking ahead in the event of
enforcement and the pari-passu ranking with other liabilities in
the structure, such as trade payables. Accordingly, Moody's loss
given default estimate for the rated notes is LGD4.

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

The negative outlook indicates that an upgrade of Arena's ratings
is unlikely in the near term. The outlook could move to stable in
the scenario of a sustainable improvement in the operating
performance and revenue recovery. In future, Moody's would consider
an upgrade of the ratings if the company is able to maintain a
Moody's adjusted Debt to EBITDA ratio below 7.5x and an FFO to Debt
ratio above 10%, on a sustained basis, and sound liquidity.

Conversely, Arena's ratings could be downgraded if Arena's Moody's
adjusted Debt to EBITDA ratio would likely remain above 8.5x and
the FFO to Debt ratio below 8% over the medium term. This could
result from weaker than anticipated recovery in demand for parking
services. A deterioration of Arena's liquidity profile would exert
negative pressure on the ratings.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Privately
Managed Toll Roads Methodology published in December 2020.

LIST OF AFFECTED RATiNGS

Issuer: Arena Luxembourg Finance S.a.r.l.

Affirmations:

BACKED Senior Secured Regular Bond/Debenture, Affirmed B1

Outlook Actions:

Outlook, Remains Negative

Issuer: Arena Luxembourg Investments S.a.r.l.

Affirmations:

Probability of Default Rating, Affirmed B1-PD

LT Corporate Family Rating, Affirmed B1

Outlook Actions:

Outlook, Remains Negative

COMPANY PROFILE

Arena is the parent company of Empark, which is the largest car
parking operator in the Iberian Peninsula for number of parking
spaces. The group's major geographic focus is Spain and Portugal,
where it generated some 70% and 30% of Gross Margin, respectively,
in the twelve months ended December 31, 2020. On the same date,
Empark reported around EUR136 million of adjusted revenue and EUR42
million of adjusted EBITDA.



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

Q-PARK HOLDING: Moody's Lowers CFR to B1, Outlook Negative
----------------------------------------------------------
Moody's Investors Service downgraded Q-Park Holding B.V.'s
corporate family rating and probability of default rating to B1 and
B1-PD from Ba3 and Ba3-PD respectively. At the same time Moody's
downgraded the rating on the senior secured notes due in 2025, 2026
and 2027 issued by Q-Park's direct subsidiary Q-Park Holding I B.V.
to B1 from Ba3. The outlook is negative on all ratings.

RATINGS RATIONALE

The downgrade of Q-Park's ratings to B1 reflects the significant
deterioration in Q-Park's operating performance over the last 12
months as a result of lockdown measures related to the Covid-19
pandemic, and Moody's expectations that the longer than anticipated
period of mobility restrictions together with additional debt
raised in the meantime by the company to protect its liquidity
position will lead to credit metrics no longer commensurate with
the agency's guidance for the Ba3 rating over the foreseeable
future.

Furthermore, the rating guidance for the company's rating category
has been amended to accommodate the additional risks that the
company faces as a result of the Covid-19 pandemic and a range of
possible scenarios of future car park usage as consumers, commuters
and residents adjust to the post pandemic environment, in
particular with regard to possible revised travel patterns.
Consequently, Moody's would expect Q-Park to maintain a Moody's
adjusted Debt to EBITDA ratio of between 7.5x and 8.5x and a Funds
from operations (FFO) to Debt ratio of between 7% and 9% for the B1
rating.

The action reflects the impact on Q-Park of the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered. Moody's regards the coronavirus outbreak
as a social risk under its ESG framework, given the substantial
implications for public health and safety.

Moody's expects that Q-Park will return to credit metrics within
the required band for a B1 rating by 2023 as Covid-19 restrictions
are eased following vaccine rollouts, which should allow
governments to relax movement restrictions more permanently, and
the business and economic environment returns to a situation
somewhat similar to the pre-Covid-19 environment. However, the
negative outlook takes account of the material uncertainty as to
the speed and extent of this recovery. The rating outlook would be
stabilized if there was greater certainty around these factors.

The rapid spread of the Covid-19 outbreak since April 2020 has
created a severe and extensive credit shock across many sectors and
regions, through a deteriorating global economic outlook, falling
oil prices, and asset price declines. The car park operating
industry has been one of the sectors most significantly affected by
the shock notably because of its exposure to mobility restrictions.
Contrary to Moody's assumptions a resurgence of the disease in the
autumn of 2020 has prevented any meaningful recovery in traffic and
parking revenues to date.

Mobility restrictions in all of Q-Park's geographies have caused
severe revenue losses to the company both in 2020 and in Q1 2021.
During 2020 the company's reported revenues and EBITDA dropped by
28% and 76% to EUR490 million and EUR52 million respectively, while
a deeper decline in revenues in Q1 2021 (mostly due to the absence
of Covid-19 impact until late in the quarter in the prior year) led
to a negative EBITDA of EUR22 million. While Q-Park's largely fixed
cost structure and high exposure to fixed operational leases
support EBITDA margins development in a context of revenue growth,
it also leaves the company with very limited options to mitigate
the negative impact of the loss of revenues caused by the Covid-19
crisis on its operating performance

While the rise in vaccination levels in the EU point to a general
improvement in the economy and lifting confidence in the next 12
months, a recovery in consumer sentiment will likely rely on EU
countries achieving widespread vaccine distribution, making it very
difficult to predict the scope and timing of a recovery in
passenger traffic going forward.

Notwithstanding the significantly reduced cash flow over the last
12 months, Q-Park remains a relevant infrastructure provider with
good potential for recovery once the coronavirus outbreak and its
effects have been contained.

Q-Park's B1 CFR reflects: (1) a strong asset-ownership model with
operations based on legally owned assets or long term ground leases
accounting for 45% of Q-Park's gross margin and an average
remaining contract life, including concessions and other contracts,
of around 50 years which provides good cash flow visibility, (2)
flexibility over pricing for a large part of its operations in
particular in parking facilities legally-owned or held under long
term leases, (3) Q-Park's focus on off-street and multi-functional
parking facilities protecting its competitive position in the
context of public policy increasingly directed towards reducing
on-street parking places, (4) the high degree of geographic
diversification with a presence in around 330 cities across 7
well-developed countries including The Netherlands, France and
Germany, and (5) a positive operating track-record up until 2020
with an annual 3.1% parking revenue growth between 2013 and
September 2019 on a like for like basis (pro forma for the disposal
of the Nordics businesses), mainly supported by Q-Park's ability to
increase tariffs.

However, Q-Park's ratings also take into consideration : (1)
Q-Park's high leverage, which Moody's expects will translate into a
Moody's adjusted Debt/EBITDA ratio above 8.0x and a Funds from
operations (FFO)/Debt ratio below 8% until 2023 at the earliest,
(2) somewhat weaker flexibility and control over pricing under
concessions contracts in France where compensation mechanisms are
mostly reliant on negotiation with local governments, (3)
uncertainties as to the level of protection financial policy will
provide creditors, (4) execution risk on Q-Park's growth strategy
which relies for a large part on its ability to further increase
its pricing and yield by enhancing value to its customers; and (5)
some foreign currency exposure due to the mismatch between non-EUR
denominated cash flow generation in the UK and Denmark (together
accounting for 11% of Q-Park's gross margin) and the EUR
denominated debt service, in the absence of hedging mechanisms.

LIQUIDITY AND DEBT COVENANTS

Moody's considers Q-Park's liquidity position as good. As of March
31, 2021 Q-Park had EUR260m of available cash and no material debt
maturity until 2025 when the EUR425 million senior secured notes
become due. To shore up its liquidity profile in April 2020 Q-Park
drew EUR240 million out of its EUR250 million Revolving Credit
Facility (RCF) due 2026 (the remaining EUR10 million being
withdrawn for ancillary purposes) and in February 2021 raised
EUR115 million in additional debt of which EUR90 million were
senior secured notes due in 2025 and a EUR25 million mortgage based
loan due in 2024. Moody's expects the company will be able to cover
upcoming interest expenses and other commitments with its available
resources taking into account the company's steps in reducing
operating and capital expenditure. Q-Park's notes documentation
permits the company to access an additional EUR57 million in
funding under a general basket and EUR22 million under an
acquisition basket (under certain conditions).

While almost fully drawn currently, access to the RCF in future
will be restricted by a springing leverage-based financial
covenants (set at a Net Debt to EBITDA ratio of 10.8x tested
quarterly) which is applicable once drawing under the RCF reaches
40%.

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

While not likely while Covid-19 it still having a significant
constraining effect on volumes and revenues, Q-Park's ratings could
be upgraded if its Moody's adjusted Debt to EBITDA ratio were to
fall on a sustained basis below 7.5x and its FFO to Debt ratio were
to rise above 9% on a sustained basis.

Conversely Q-Park's ratings could be downgraded if Q-Park's Moody's
adjusted Debt to EBITDA ratio would likely remain above 8.5x and
its FFO to Debt ratio was likely to be below 7% over the medium
term. This could, for example, result from an extension of mobility
restrictions or a weaker than anticipated recovery in demand for
parking services into the medium term. A significant deterioration
of Q-Park's liquidity profile would exert immediate negative
pressure on the ratings.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Privately
Managed Toll Roads Methodology published in December 2020.

COMPANY PROFILE

Q-Park is the largest private car-park operator in Europe by
revenue. The company operates over 454,000 parking spaces within
c.2,500 parking facilities located in 7 Western European countries
mainly in The Netherlands and France. Q-Park operates mainly
off-street parking facilities through legally-owned infrastructure
assets, and long term lease and concession contract agreements. In
May 2017 the company was acquired by a consortium of investment
funds led by Kohlberg Kravis Roberts & Co. LP. During 2020 the
company reported EUR490 million and EUR51 million in revenues and
EBITDA respectively.

LIST OF AFFECTED RATINGS

Downgrades:

Issuer: Q-Park Holding B.V.

Corporate Family Rating, Downgraded to B1 from Ba3

Probability of Default Rating, Downgraded to B1-PD from Ba3-PD

Issuer: Q-Park Holding I B.V.

Senior Secured Regular Bond/Debenture, Downgraded to B1 from Ba3

Outlook Actions:

Issuer: Q-Park Holding B.V.

Outlook, Remains Negative

Issuer: Q-Park Holding I B.V.

Outlook, Remains Negative




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

TDA CAM 9: Fitch Affirms CC Rating on 2 Note Classes
----------------------------------------------------
Fitch Ratings has affirmed three TdA CAM RMBS in Spain and revised
the Outlook on TdA CAM 8's class C notes to Stable from Negative.

        DEBT                  RATING          PRIOR
        ----                  ------          -----
TDA CAM 7, FTA

Class A2 ES0377994019   LT  A+sf   Affirmed   A+sf
Class A3 ES0377994027   LT  A+sf   Affirmed   A+sf
Class B ES0377994035    LT  B+sf   Affirmed   B+sf

TDA CAM 8, FTA

Class A ES0377966009    LT  A+sf   Affirmed   A+sf
Class B ES0377966017    LT  BB+sf  Affirmed   BB+sf
Class C ES0377966025    LT  B+sf   Affirmed   B+sf
Class D ES0377966033    LT  CCsf   Affirmed   CCsf

TDA CAM 9, FTA

Class A1 ES0377955002   LT  A+sf   Affirmed   A+sf
Class A2 ES0377955010   LT  A+sf   Affirmed   A+sf
Class A3 ES0377955028   LT  A+sf   Affirmed   A+sf
Class B ES0377955036    LT  BB+sf  Affirmed   BB+sf
Class C ES0377955044    LT  CCsf   Affirmed   CCsf
Class D ES0377955051    LT  CCsf   Affirmed   CCsf

TRANSACTION SUMMARY

The transaction comprises fully amortising Spanish residential
mortgages serviced by Banco de Sabadell S.A. (BBB-/Stable/F3).

KEY RATING DRIVERS

Coronavirus Additional Stresses

The rating affirmations and the revision of the Outlook to Stable
from Negative on TdA CAM 8's class C notes reflect Fitch's view
that the notes are sufficiently protected by credit enhancement
(CE) and excess spread to absorb additional projected losses driven
by the coronavirus pandemic, which are producing an economic
recession and increased unemployment in Spain.

Fitch also considered a downside coronavirus scenario sensitivity
whereby a more severe and prolonged period of stress is assumed,
with a further 15% increase to the portfolio weighted average
foreclosure frequency (WAFF) and a 15% decrease to the WA recovery
rates (WARR) (See "EMEA RMBS: Criteria Assumptions Updated due to
Impact of the Coronavirus Pandemic" at www.fitchratings.com).

The Negative Outlook on TdA CAM 7's class B notes reflects the
rating volatility risk if the coronavirus pandemic translates into
a material worsening performance leading to a downgrade.

Rating Caps

Payment interruption risk mitigants limit the notes' maximum
achievable ratings, as cash reserve funds (RF) can be depleted by
losses. In a stressed scenario, the RF may be insufficient to cover
senior fees, net swap payments and senior interest amounts during
the period of an alternative servicer being sought. As a result,
Fitch caps the class A notes' rating at 'A+sf'.

In addition, class B interest payments of TdA CAM 8 and TdA CAM 9
are subordinated to principal deficiency ledger (PDL) due to a
non-reversible trigger breach on gross cumulative defaults (GCD).
Due to this subordination, in Fitch's expected-case modeling such
payments are deferred for a long period of time and are only cured
once the senior class A notes are fully redeemed. Under these
conditions, Fitch believes these notes are not compatible with a
rating in the investment-grade category.

Increasing CE

The GCD levels in TdA CAM 7 and TdA CAM 9 at 13% and 16%,
respectively, are well above the 4% trigger defined for the
pro-rata amortisation of the notes. Therefore, redemption is
sequential, contributing to the transactions' CE build-up in the
short term. Moreover, the trigger breach is non-reversible and
implies that the class A2 and A3 notes of TdA CAM 7 and class A1,
A2 and A3 notes of TdA CAM 9 amortise pro-rata among themselves. On
the contrary, the pro-rata amortisation in TdA CAM 8 will limit the
CE increase to the availability of the transaction's RF, currently
at its absolute floor.

Recoveries Clear PDL

For TdA CAM 9, healthy recoveries on defaulted loans (close to 75%
of GCD) have cleared the PDL that resulted from the European
sovereign crisis in December 2019 (peak observed at EUR40 million
by end-2014). Additional recoveries throughout 2020 and 2021
increased the RF balance, which now amounts to EUR1.9 million or
0.6% of the current note balance.

TdA CAM 7, TdA CAM 8 and TdA CAM 9 have an Environmental, Social
and Governance (ESG) Relevance Score of '5' for Transaction &
Collateral Structure due to payment interruption risk.

RATING SENSITIVITIES

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

-- Increase in CE ratios as the transactions deleverage to fully
    compensate the credit losses and cash flow stresses
    commensurate with higher ratings, all else being equal. For
    TdA CAM 9's class C notes, this could be achieved by improved
    access to funds provided by the RF, which is currently being
    replenished.

-- For all class A notes, improved liquidity protection against
    payment interruption risk that currently limits the ratings to
    'A+sf'.

-- For TdA CAM 8's and TdA CAM 9's class B notes, improved
    protection to limit the length of interest deferrals in
    Fitch's base case. The interests paid for these classes are
    subordinated to the respective PDL in the priority of payments
    and will defer interest if any PDL is recorded. Class B
    ratings are capped at 'BB+sf' due to the extended period of
    deferred interest.

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

-- A longer-than-expected coronavirus crisis that weakens
    macroeconomic fundamentals and the mortgage market in Spain
    beyond Fitch's current base case. CE ratios cannot fully
    compensate the credit losses and cash flow stresses associated
    with the current ratings, all else being equal.

-- As both the collection account bank provider and the servicer,
    a downgrade on Banco de Sabadell's rating below 'BBB-' could
    result in a downgrade of the class A notes of all
    transactions. The note's rating should not be more than five
    notches above the Long-Term Issuer Default Rating of either
    the collection account bank or the servicer.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

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

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

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

ESG CONSIDERATIONS

TdA CAM 7, TdA CAM 8 and TdA CAM 9 have an Environmental, Social
and Governance (ESG) Relevance Score of '5' for Transaction &
Collateral Structure due to payment interruption risk, which has a
negative impact on the credit profile, and is highly relevant to
the class A ratings, resulting in a change to the ratings by no
more than four notches.

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

REDHALO MIDCO: Moody's Assigns 'B3' CFR, Outlook Stable
-------------------------------------------------------
Moody's Investors Service has assigned a B3 corporate family rating
and a B3-PD probability of default rating to Redhalo Midco (UK)
Limited ("group.ONE" or "the company"), a leading provider of mass
market webservices in the Nordics and Benelux. Concurrently,
Moody's has also assigned B3 ratings to the new senior secured
credit facilities issued by the company, which comprise a EUR375
million senior secured term loan B and a EUR100 million senior
secured revolving credit facility. The outlook is stable.

Net proceeds from the senior secured term loan B will mainly be
used to refinance group.ONE's existing debt and fund a shareholder
distribution of EUR65 million.

RATINGS RATIONALE

group.ONE's B3 CFR is weakly positioned reflecting its high
Moody's-adjusted debt/EBITDA of around 8.5x pro forma the envisaged
refinancing transaction (excluding run-rate adjustments for
unrealized pricing uplift and synergies), and its limited scale
within the competitive mass market web services industry with low
barriers to entry. The fragmented competitive landscape is also a
reflection of the low barriers to entry, although group.ONE has top
three market positions in its core countries of operations in the
Nordics and Benelux.

Because of the high opening leverage and the aforementioned
challenges to the company's business profile, the B3 CFR is
contingent upon the company reducing its Moody's-adjusted leverage
to 6.5x or below over the next 12-18 months while generating
Moody's-adjusted free cash flow / debt in the mid to high single
percentage digits, The B3 CFR also assumes that any further
debt-funded acquisitions will not materially hinder the pace of
deleveraging and that acquisitions will be predominantly cash
funded and EBITDA enhancing until leverage has reduced to the 6.5x
level. Since its acquisition by Cinven in February 2019, the
company has completed eight acquisitions, which strengthened its
market positions in the Nordics and Benelux, and expanded its
product offering.

Financial policy is a governance risk under Moody's ESG framework.
Often in private equity-sponsored deals, owners tend to have higher
tolerance for leverage, a greater propensity to favour shareholders
over creditors, as well as a greater appetite for mergers and
acquisitions to maximise growth and their return on their
investment.

The rating agency expects continued EBITDA growth driven by price
increases, new subscriptions, upsell, and broadly stable churn to
drive deleveraging such that Moody's-adjusted debt/EBITDA is 6.5x
or below over the next 12-18 months.

The rating agency also expects high Moody's-adjusted free cash debt
(FCF) / debt in the mid to high single percentage digits will be
achieved through the company's high Moody's-adjusted EBITA margin
of around 40%, negative working capital, reflecting the high share
of recurring revenues from subscription-based contracts with
upfront payments, and moderate capex requirements of around 5% of
revenue (excluding IFRS16 leases).

RATING OUTLOOK

The stable rating outlook reflects Moody's expectation that good
market demand for web services will support group.ONE's EBITDA
growth, which will in turn allow Moody's-adjusted debt/EBITDA to
reduce to 6.5x or below over the next 12-18 months, and that it
will maintain FCF/debt in the mid to high single percentage digits
and good liquidity. The stable outlook does not assume material
debt-funded acquisitions or shareholder returns.

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

Negative pressure could arise if increased competition or
debt-funded acquisitions lead to a slower improvement in credit
metrics than currently expected by Moody's. More specifically, the
rating agency would consider downgrading the ratings if it expects
the company will not reduce Moody's-adjusted debt/EBITDA towards
around 6.5x or below by fiscal 2022, Moody's-adjusted FCF/debt is
weak in the low single percentage digits or negative, or liquidity
weakens.

Although unlikely at this stage given the weak rating positioning,
positive pressure could arise if the company displays steady
organic revenue and earnings growth while maintaining leading
market shares. This would be evidenced by Moody's-adjusted
debt/EBITDA reducing below 5.5x on a sustained basis,
Moody's-adjusted FCF/debt of around 10% on a sustained basis, and
good liquidity.

LIQUIDITY

Moody's views liquidity as good reflecting Moody's expectation of
positive free cash flow (FCF) of between EUR40 and EUR60 million on
a cumulative basis over the next 18 months. Liquidity is further
supported by closing cash of EUR13.1 million and access to a new,
and sizeable RCF of EUR100 million, which will be fully undrawn at
closing. Moody's also expects the company will maintain comfortable
headroom under the springing senior secured net leverage attached
to the RCF and tested if the RCF is utilised by more than 40%. The
covenant ratio is set at 10.85x compared to a leverage of 5.5x at
closing and as defined by the debt indenture. The nearest debt
maturity is the RCF in December 2027.

STRUCTURAL CONSIDERATIONS

The senior secured credit facilities are rated B3, the same level
as the CFR, reflecting their pari passu ranking and upstream
guarantees from operating companies. The senior secured credit
facilities mainly benefit from first ranking transaction security
over shares, bank accounts and intragroup receivables of material
subsidiaries. Moody's typically views debt with this type of
security package to be akin to unsecured debt. However, the credit
facilities benefit from upstream guarantees from operating
companies accounting for at least 80% of consolidated EBITDA.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in Malmo, Sweden, group.ONE is a provider of online
presence solutions with around 2.8 million subscriptions and
leading market positions in its core Northern European markets of
The Netherlands, Sweden, Norway, Denmark, Belgium, and Finland.



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

EMERALD 2: Moody's Affirms B2 CFR Following Kohlberg Acquisition
----------------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating and the B2-PD probability of default rating of Emerald 2
Limited ("ERM", or "the company"). The outlook on the ratings
remains stable. This follows ERM's announcement of the signing of
an agreement by which funds ultimately controlled by Kohlberg
Kravis Roberts & Co L.P. (KKR) will acquire a majority position in
ERM. The stable outlook has been assigned to ERM Emerald US, Inc.

Concurrently, Moody's has assigned a B1 rating to the proposed
amended and extended backed first-lien facilities borrowed by Eagle
4 Limited, ERM Emerald US, Inc. and other group subsidiaries,
including the backed senior secured first-lien term loan B due 2028
consisting of the $567.5 million, EUR180 million USD/EUR equivalent
tranches, and the pari passu ranking $168 million backed senior
secured first-lien revolving credit facility (RCF) due 2027.
Further, Moody's has assigned a Caa1 rating to the amended $100
million backed senior secured second-lien term loan due 2029,
borrowed by Eagle 4 Limited.

Moody's expects to withdraw the ratings of the existing debt
facilities upon execution of the amendment.

RATINGS RATIONALE

The affirmation of ERM's B2 CFR with stable outlook reflects the
company's resilient trading performance over the last 12-18 months,
despite the very difficult market environment created by the
widespread outbreak of the coronavirus and its adverse impact on
economic activity across various industries. This reflects the
relevance and future growth potential of ERM's business model,
benefitting from the growing importance of environmental and
sustainability considerations. Further, it reflects the
leverage-neutral nature of the refinancing transaction that follows
the company's acquisition by KKR, leading to a Moody's-adjusted
leverage of 5.7x, pro forma for the transaction and based on fiscal
year-end March 2021.

ERM's B2 CFR further reflects the group's: (1) strong market
position as the only global pure-play provider of environmental
consulting services; (2) relatively stable and good EBITA margin
level through the cycle and solid free cash flow generation; and
(3) the increased demand for ERM's services driven by the growing
importance of sustainability considerations and increasingly
stringent environmental regulation.

Conversely, the CFR also reflects (1) the competitive and
fragmented market in which ERM operates, competing with larger
engineering companies and management consultancy firms; (2) the
flexibility of its cost base that is tempered by the need to retain
and attract a qualified workforce and the reliance on key partners
that hold the commercial relationships; and (3) ERM's significant
albeit decreasing exposure to cyclical sectors, including energy
and mining.

Moody's considers ERM's CFR to be solidly positioned within the B2
rating category, underpinned by its good profitability at 14.5% as
measured by Moody's-adjusted EBITA margin and an adjusted leverage
of 5.7x, pro forma for the anticipated full repayment of the $50
million outstanding under its RCF, both based on the year ending
March 2021. The company's leverage is expected to continue to
decline, through both organic and recently acquired EBITDA growth.
However, any larger debt-funded acquisitions in future would likely
lead to some degree of re-leveraging.

ESG CONSIDERATIONS

ERM's ratings factor in certain governance considerations such as
its private ownership with a financial policy that is tolerant of
high leverage, and its track record of combining organic growth
with acquisitions that contribute market share or significant
expertise in certain areas. At the same time, the group has a
well-defined acquisition and development strategy with a good track
record of integration of acquisitions, which have also been funded
by equity in the past.

RATING OUTLOOK

The stable outlook reflects Moody's expectations that the company
will return to good organic revenue growth and maintain its
profitability at current high levels over the next 12-18 months.
The outlook further assumes that ERM continues to reduce its
Moody's-adjusted leverage from current levels towards 5.5x and at
the same time maintains a good liquidity.

LIQUIDITY PROFILE

ERM's liquidity profile is good, with $278 million cash on balance
sheet at March 31, 2021. Moody's notes that $138 million are held
at Reach Centrum, a Belgian subsidiary acquired in March 2015, made
up predominantly of client deposits to cover the costs of ongoing
compliance with the REACH regulation in the EU. Management
considers that the Reach Centrum cash is not subject to any
contractual restrictions and thus available as a source of
liquidity for the group.

Moody's expects that around $30 million of cash will be held in
certain entities where cash must be remitted via dividends and thus
is not readily available for group liquidity purposes. In addition,
ERM's liquidity pro forma for the amend and extend transaction is
supported by an increased $168 million revolving credit facility
(RCF) with maturity in 2027, currently drawn down for $50 million
but expected to be repaid in full by early June 2021. Moody's
anticipates that the group will maintain significant headroom under
its springing first-lien net leverage covenant set at 8.5x, tested
when the RCF is drawn above 40%.

STRUCTURAL CONSIDERATIONS

The company's debt facilities at March 31, 2021, pro forma for the
transaction, consist of a backed first-lien term loan B due 2028,
divided into tranches of $567.5 million and EUR180 million, a pari
passu ranking $168 million revolving credit facility (RCF) due
2027, and a $100 million backed senior secured second-lien term
loan due 2029.

The B1 rating on the backed senior secured first-lien senior
secured facilities is one notch above the B2 corporate family
rating and reflects the priority position of these facilities ahead
of the second-lien facility and non-financial liabilities (mainly
leases) at the operating companies. The Caa1 rating on the
second-lien debt likewise reflects its subordination to the prior
ranking first lien debt.

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

Upward pressure on the rating could occur if Debt/EBITDA falls
below 5.5x and FCF/Debt increases towards high single digits for a
sustained period of time, whilst maintaining solid EBITA margins
and EBITA/Interest comfortably above 2x.

Downward pressure on the rating could develop if ERM's liquidity
position deteriorates, Debt/EBITDA trends towards 7x, FCF/Debt
trends towards low single digits or EBITA/Interest deteriorates
below 1.5x for a sustained period of time.

Affirmations:

Issuer: Emerald 2 Limited

Probability of Default Rating, Affirmed B2-PD

LT Corporate Family Rating, Affirmed B2

Assignments:

Issuer: Eagle 4 Limited

BACKED Senior Secured Bank Credit Facility, Assigned B1

BACKED Senior Secured Bank Credit Facility, Assigned Caa1

Issuer: ERM Emerald US, Inc.

BACKED Senior Secured Bank Credit Facility, Assigned B1

Outlook Actions:

Issuer: Eagle 4 Limited

Outlook, Remains Stable

Issuer: Emerald 2 Limited

Outlook, Remains Stable

Issuer: ERM Emerald US, Inc.

Outlook, Assigned Stable

PRINCIPAL METHODOLOGY

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

CORPORATE PROFILE

ERM is a global leading provider of environmental, health, safety,
risk and social consulting services with 157 offices in 40
countries. In May 2021, private equity firm KKR has acquired a
majority stake in ERM from previous owners OMERS and the Alberta
Investment Management Corporation. Around 41% of shares in ERM are
owned by the company's partners. At March 31, 2021, the company
employed more than 5,500 people, including 576 active partners, and
reported last twelve months net revenue of $713 million and
reported EBITDA of $128 million.

FCE BANK: Moody's Assigns Ba2 Bank Deposit Ratings
--------------------------------------------------
Moody's Investors Service has affirmed FCE Bank plc's Ba2 long-term
local and foreign currency senior unsecured debt ratings and its
(P)Ba2/(P)Not Prime senior unsecured MTN program rating. At the
same time Moody's has assigned Ba2/Not Prime local and foreign
currency deposit ratings, Baa3/Prime-3 Counterparty Risk (CR)
Ratings, Baa2(cr)/Prime-2(cr) CR Assessments, a ba3 Baseline Credit
Assessment, and a ba2 Adjusted BCA to FCE Bank. The outlooks on the
senior unsecured debt and long-term deposit ratings are stable. As
part of this rating action, Moody's withdrew the Ba2 Senior
Unsecured Bank Credit Facility ratings of FCE Bank.

RATINGS RATIONALE

ASSIGNMENT OF BCA AND ADJUSTED BCA

In affirming the senior unsecured debt ratings of FCE Bank, Moody's
has updated its view on the bank's stand-alone credit profile. The
Banks Methodology published in March 2021 was used in assessing the
stand-alone creditworthiness of FCE Bank, reflected in its newly
assigned BCA. The use of the Banks Methodology more appropriately
captures FCE Bank's evolution as a fully licensed bank,
demonstrated by the material increase in retail deposits, up to 19%
of its total balance sheet, as of year-end 2020, relative to zero
prior to 2017. The rating agency anticipates that deposits will
further increase in importance and will represent one of the bank's
material funding sources in the medium-term.

FCE Bank's ba3 BCA reflects the bank's role as a strategic captive
finance arm for Ford Motor Company's European financing operations.
While credit losses in its retail and wholesale portfolios are
currently low, Moody's expects some weakening of asset quality once
government support measures across FCE Bank's major operating
markets in Europe are gradually phased out. Furthermore, the rating
agency anticipates FCE Bank's strong capitalisation to moderate due
to credit migration, new lending and modest dividend distributions.
FCE Bank has reported good profitability over the past year.
However, given the subdued demand for credit, ongoing pressure in
the travel industry impacting operating lease revenues, as well as
a slowdown in automotive productions and FCE Bank's relatively high
cost base, Moody's expects profitability to remain under pressure.

At the same time, the BCA is constrained by the bank's lack of
business diversification, relatively high exposure to car dealers
and the potential volatility in residual value of financed fleets
as the industry shifts towards greener technologies. Furthermore,
FCE Bank's high reliance on wholesale market and parent-funding is
a rating constraint. The bank's retail deposit base, while expected
to grow, has a relatively short track record and is still
evolving.

FCE Bank's ba2 Adjusted BCA reflects Moody's assumption of a very
high probability of support from Ford Motor Company (Ba2 stable),
which results in one notch uplift from the bank's ba3 BCA. This
view is underpinned by the bank's strategic importance to the car
manufacturer. The bank is a wholly owned subsidiary of Ford and is
fully integrated into its strategy. The bank finances around 45% of
the new vehicles registered by Ford Group's brands in Europe, which
highlights the critical importance of a financial captive to
facilitating car sales. The bank also plays a critical role for
Ford through the financing of its dealer network in Europe.

RATIONALE FOR THE BANK'S LONG-TERM DEPOSIT AND SENIOR UNSECURED
DEBT RATINGS

FCE Bank is domiciled in the UK, a jurisdiction that is subject to
the UK implementation of the European Union's Bank Recovery and
Resolution Directive (BRRD), which Moody's considers an Operational
Resolution Regime. As a result, FCE Bank's Ba2 long-term deposit
and senior unsecured debt ratings reflect the bank's Adjusted BCA
of ba2 and the application of Moody's Advanced Loss Given Failure
(LGF) analysis to its liabilities.

Similar to other retail deposit funded banks, Moody's use an
assumption of 10% of deposits considered junior. Given the low
volume of the deposit base and declining bail-in able debt issued
to third parties, the LGF analysis indicates that FCE Bank's
deposits and senior unsecured debt are likely to face moderate
loss-given-failure. This results in no uplift from the Adjusted BCA
for these instruments. Moody's assumption of a low probability of
government support for FCE Bank's creditors, due to the bank not
being a systemically important institution, does not lead to any
rating uplift.

WITHDRAWAL OF THE SENIOR UNSECURED BANK CREDIT FACILITY

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

OUTLOOK STABLE

The stable outlook on FCE Bank's long-term deposits and senior
unsecured debt ratings reflects expected steady performance over
the next 12-18 months, against a back drop of a still uncertain
operating environment due to the pandemic. Moody's expects gradual
growth of the deposit base and a material reduction in the
dependence on intergroup funds only over the medium term.
Furthermore, the stable outlook reflects Moody's expectations that
the bank's efficiency will improve as its cost optimization
measures deliver results and as a more efficient utilization of its
balance sheet moderates profitability pressures.

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

FCE Bank's senior unsecured debt and deposit ratings could be
upgraded if its parent's issuer rating is upgraded or the bank's
standalone BCA is upgraded by more than a notch, likely resulting
in a higher Adjusted BCA. The bank's BCA could be upgraded if there
is a material improvement in its liquidity and solvency profile.
Significant reduction in its intergroup funding reliance and
improvement in operational efficiency resulting in increased
resilience of its profitability will be key considerations in any
upgrade of the BCA. Furthermore, the senior unsecured debt and
deposit ratings could be upgraded if there is a material increase
in the volume of deposits or bail-in-able debt that will result in
a lower loss given failure of the rated instruments under the
Advanced LGF analysis.

The deposit and senior unsecured debt ratings could be downgraded
following a downgrade of the parent's issuer rating or a reduction
in the probability of parental support uplift incorporated in the
bank's Adjusted BCA. The bank's deposit and senior unsecured debt
ratings could also be downgraded due to further reduction in the
volume of deposits which would increase their expected loss given
failure under the Advanced LGF analysis.

LIST OF AFFECTED RATINGS

Issuer: FCE Bank plc

Assignments:

Long-term Counterparty Risk Ratings, assigned Baa3

Short-term Counterparty Risk Ratings, assigned P-3

Long-term Counterparty Risk Assessment, assigned Baa2(cr)

Short-term Counterparty Risk Assessment, assigned P-2(cr)

Long-term Bank Deposits, assigned Ba2, outlook Stable

Short-term Bank Deposits, assigned NP

Baseline Credit Assessment, assigned ba3

Adjusted Baseline Credit Assessment, assigned ba2

Affirmations:

Senior Unsecured Regular Bond/Debenture, affirmed Ba2, outlook
assigned Stable

Senior Unsecured Medium-Term Note Program, affirmed (P)Ba2

Other Short Term, affirmed (P)NP

Withdrawals:

Senior Unsecured Bank Credit Facility, previously rated Ba2

Outlook Action:

Outlook remains Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
Methodology published in March 2021.

FOOTBALL INDEX: Court Selects March 26 as Dividend Cut-Off Date
---------------------------------------------------------------
Daniel O'Boyle at iGB reports that a court has selected March 26 as
the cut-off date for payment of Football Index dividends, meaning
roughly GBP3.5 million in player account funds may now be
distributed in a process that should take 7-18 working days.

The High Court of England and Wales' decision means that player
account funds -- which are held in the player protection account --
include winnings to be paid based on for events up until and
including March 26, but no further, iGB notes.

This means around GBP3.5 million will be paid from the account,
which held a total of GBP4.5 million, iGB states.  The hearing
dealt only with funds held in player accounts, with the status of
money spent on or held in active bets still undetermined, according
to iGB.

A legal hearing on a cut-off date for account funds was necessary
as administrators Begbies Traynor said that bets that were open
when the operator entered administration would still be open and
accruing dividends, a form of winnings, iGB relays.

However, if these dividends were paid until the bets expired, the
GBP4.5 million player protection account would have been in default
by April 22, meaning no players could receive all of the money they
would be owed, iGB states.

During the hearing to set this cut-off date, a representative for
Begbies Traynor argued for the selection of March 26, which was
when administration proceedings officially began, as well as for
March 11 when the operator entered administration, iGB recounts.

A separate barrister was appointed to argue the case for choosing a
later date, which would have favoured players with large portfolios
of open bets but little funds in their account, iGB discloses.

BetIndex went into administration in March, following a change to
its dividend structure earlier that week, which the operator said
was necessary to keep the platform alive, iGB recounts.  However,
documents released ahead of the hearing showed that the business
had already taken steps to enter administration before the dividend
change, even though it continued to take bets for three days before
the administration process was announced, iGB notes.

Following the operator's collapse, the UK Government launched an
inquiry into how these events occurred and whether more could have
been done by the Gambling Commission, iGB relates.  On June 7, the
government selected Malcolm Sheehan QC to lead the investigation,
iGB discloses.

The Commission itself revealed that Football Index had been under
investigation for almost a year before entering administration, but
said it was concerned that suspending the operator's license could
have expedited its financial problems, putting player funds at
greater risk, iGB notes.


GREENSILL CAPITAL: Ex-Civil Servant Defends Dual Employment
-----------------------------------------------------------
BBC News reports that an ex-civil servant who worked for Greensill
Capital and the government at the same time says he "followed the
rules" and did nothing wrong.

According to BBC, Bill Crothers said his employment by the now
collapsed finance firm had been "very part-time" -- and he only
held two roles for a three-month period.

"In the press the phrase 'double-hatting' has been used and I just
feel that is not appropriate," he told MPs.

He added the late Cabinet Secretary, Sir Jeremy Heywood, had
influenced his decisions, BBC notes.

Historic links between government and Greensill Capital have come
under huge scrutiny in recent months, BBC discloses.

Former Prime Minister David Cameron has been criticised over his
work lobbying senior ministers for contracts on the company's
behalf after leaving Downing Street, BBC relates.

It also emerged that Mr. Crothers had joined Greensill as an
adviser in September 2015, while continuing to work for the
government, after this was cleared by the Cabinet Office, BBC
states.

He left his civil service job in November that year and went on to
become a director of Greensill the following year, BBC recounts.

Labour has called the dual employment of Mr. Crothers, who stepped
down as a director of Greensill Capital shortly before it went into
administration earlier this year, "extraordinary and shocking", BBC
notes.


LENDY: Investors Face Withdrawal Delays Due to New Legal Claim
--------------------------------------------------------------
Marc Shoffman at Peer2Peer Finance News reports that Lendy
investors are facing withdrawal delays due to a lack of staff to
manage requests on behalf of the collapsed peer-to-peer lender.

The peer-to-peer property lending platform entered into
administration in May 2019, leaving more than GBP160 million
outstanding on the loanbook, with at least GBP90 million of those
funds in default, Peer2Peer Finance News relates.

According to Peer2Peer Finance News, its administrator RSM has been
making interim distributions from repaid loans but has now warned
some investors will have to wait to withdraw money that is owed to
them.

RSM said there have been a "considerable number of withdrawal
requests" following distributions made on two recent loans,
Peer2Peer Finance News notes.

The administration process has been mired with difficulties and
last year, administrators RSM received court approval to extend the
administration process by three years to May 23, 2023, Peer2Peer
Finance News discloses.

It comes after the administrator of FundingSecure halted payments
to investors, following a new legal claim, Peer2Peer Finance News
states.

The P2P pawnbroking platform, closed in October 2019 and CG&Co was
appointed as administrator, Peer2Peer Finance News relays.

The administration is ongoing and has been extended by three years
but investors were receiving interim payments, Peer2Peer Finance
News says.

However, these have now been stopped due to a claim from an unnamed
creditor, according to Peer2Peer Finance News.

"The administrators have received a claim from a creditor relating
to monies paid into the company's client account prior to the
administration, including an assertion that the said monies are
subject to what is termed a ‘quistclose trust'," Peer2Peer
Finance News quotes CG&Co as saying.

"The administrators are currently investigating this claim and also
taking legal advice on the same.

"However, pending proper investigation of the claim and its
resolution, the administrators have no alternative but to suspend
further payments to the investors by way of distribution from the
client account/platform until further notice."


VITAL INFRASTRUCTURE: Goes Into Administration
----------------------------------------------
Joshua Stein at Construction News reports that Merseyside civil
engineering contractor Vital Infrastructure Asset Management has
fallen into administration.

The company, known as VIAM, had traded as King Construction until
April.  It had grown rapidly in recent years with turnover jumping
from GBP23.3 million in 2018 to GBP35.7 million in 2019.

VIAM filed for administration on the June 1, with Daniel Smith and
Clare Boardman of Teneo formally appointed to lead the
administration on June 8, Construction News relates.

Its most recent filed accounts, for the year ending March 31, 2019,
showed the company had cash reserves of GBP6,443 and had 162
employees, Construction News discloses.

According to Construction News, a spokesperson for Liverpool City
Council said: "As a result of VIAM going into administration,
Liverpool City Council can confirm it has now terminated contracts
with the company on four existing highways schemes in the city.

"Our first priority is to ensure the health and safety for road
users and council highway officers have been appointed to monitor
and assess these sites," they added.

"The council is also evaluating what work has been completed and
what remains to be done to inform the process of procuring new
contractor/s to complete these schemes."


[*] UK: Unprecedented Number of Insolvencies Expected in NI
-----------------------------------------------------------
Derry Journal reports that leading accountancy and advisory firm,
Baker Tilly Mooney Moore, has warned that an unprecedented number
of businesses throughout Northern Ireland could be heading for
insolvency, as Government support measures begin to be withdrawn.

According to Derry Journal, it is expected that, from July 1
onwards, the UK government will gradually reintroduce some of the
insolvency-related rules that it had suspended as a result of the
pandemic.

Northern Ireland has seen a relatively modest number of insolvency
cases filed during 2020/21 so far, largely due to financial
assistance provided by the government and the Bank of England to
help businesses survive the pandemic, Derry Journal discloses.
These measures may have extended the life of businesses that would
not have survived under normal economic conditions, thereby
creating so-called "zombie" companies, Derry Journal notes.

"Many businesses across Northern Ireland encountered difficulties
during the pandemic, accruing debt and relying on government
support measures to stay solvent.  These may have included the
furlough scheme and derogations from usual insolvency-related rules
and procedures," Derry Journal quotes Darren Bowman, Business
Recovery and Insolvency Partner at Baker Tilly Mooney Moore, as
saying.

"The unfortunate reality is that many of these businesses may find
themselves facing insolvency, as support measures start to be
withdrawn.  It is essential for businesses to monitor their own
performance and be aware of the early indicators of a pending
insolvency.  It is also critically important that businesses
monitor their trading relationships to forecast any challenges for
supply chain partners."

Mr. Bowman, who heads up one of Northern Ireland's biggest
specialist insolvency teams, advised there are a number of signs
that may indicate that a business is at risk of financial
difficulty, Derry Journal relates.  The most common of these is
being unable to pay HMRC liabilities when they are due and
struggling to pay landlords, suppliers, staff, and Directors being
unable to pay themselves, Derry Journal states.

Mr. Bowman continues: "The pandemic has resulted in many businesses
facing financial difficulties for the first time. It is essential
that Directors are aware of the key warning signs that can lead to
real financial problems, or even formal insolvency.

With the current easing of lockdown, many businesses may need
additional lending to finance reopening, intensifying financial
pressures on already distressed businesses, especially if banks
refuse loans or require current facilities to be reduced."



                           *********


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

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

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

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

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

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delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
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