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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

          Friday, June 18, 2021, Vol. 22, No. 116

                           Headlines



F R A N C E

MOBILUX 2 SAS: Fitch Affirms 'B' LongTerm IDR, Outlook Stable


G E R M A N Y

CHEPLAPHARM ARZNEIMITTEL: S&P Affirms 'B' ICR, Outlook Stable


I R E L A N D

CITYJET: Sues Anti-Corruption NGO for Defamation Over TII Report
DRYDEN 88 EURO: S&P Assigns B- Rating on Class F Notes
FAIR OAKS II: S&P Assigns B- Rating on Class F Notes
ICON PLC: Moody's Gives Ba1 Rating on New $500MM 2026 Secured Notes
NORTH WESTERLY VII: S&P Assigns B- Rating on Class F Notes

NORWEGIAN AIRLINES: May Have to Cut Jobs in Dublin Again
PALMERSTON PARK: Moody's Affirms B2 Rating on EUR11M Class E Notes


I T A L Y

POSTE ITALIANE: Moody's Rates New Junior Subordinated Notes 'Ba2'
POSTE ITALIANE: S&P Assigns 'BB+' Rating on New Sub. Hybrid Notes


L U X E M B O U R G

EURASIAN RESOURCES: S&P Alters Outlook to Pos. & Affirms 'B-' ICR


N E T H E R L A N D S

NOBIAN FINANCE: Moody's Assigns B2 CFR, Outlook Stable
NOBIAN HOLDING 2: S&P Assigns Preliminary 'B' ICR, Outlook Stable


S E R B I A

SERBIA: S&P Affirms BB+/B Sovereign Credit Ratings, Outlook Stable


S P A I N

GRUPO ANTOLIN: Moody's Hikes CFR to B2, Outlook Stable
GRUPO ANTOLIN: S&P Rates New EUR390MM Senior Secured Notes 'B'
NH HOTEL: Fitch Gives 'B+(EXP)' Rating on EUR400MM Secured Notes
NH HOTEL: Moody's Affirms 'B3' CFR & Rates New EUR400MM Notes 'B2'


S W I T Z E R L A N D

PEACH PROPERTY: S&P Alters Outlook to Positive & Affirms 'B+' ICR


U K R A I N E

UKRAVTODOR: S&P Gives 'B' Rating on New USD Amortizing Bond


U N I T E D   K I N G D O M

BIFM UK BUYER: S&P Affirms 'B' LongTerm ICR, Outlook Stable
FLYBMI: Redundant Staff Wins Legal Battle
INDIGO CLEANCO: S&P Withdraws 'B' Issuer Credit Rating
NOMAD FOODS: Fitch Gives 'BB+(EXP)' Rating to New Secured Notes
NOMAD FOODS: Moody's Rates New EUR750MM Secured Notes 'B1'

NOMAD FOODS: S&P Rates New EUR750MM Senior Secured Notes 'BB-'
RANGERS FC: Non-Scottish Judge May Hear Administrators' Inquiry
STRATTON MORTGAGE 2021-3: Moody's Assigns B2 Rating to Cl. F Notes
STRATTON MORTGAGE 2021-3: S&P Assigns BB Rating on Cl. F Notes
TOGETHER ASSET 2021-CRE2: S&P Assigns B Rating on Cl. X Notes

TRANS 2 LOGISTICS: Sold in Pre-Pack Deal, 18 Jobs Saved
[*] UK: Extends Creditor Enforcement Protection by Three Months


X X X X X X X X

[*] BOOK REVIEW: Mentor X

                           - - - - -


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

MOBILUX 2 SAS: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Mobilux 2 SAS's (BUT) Long-Term Issuer
Default Rating (IDR) at 'B' with Stable Outlook. Fitch has
simultaneously upgraded Mobilux Finance SAS's senior secured notes
to 'B+' with a Recovery Rating 'RR3', from 'B' and 'RR4'. The
upgrade reflects a sustainable margin improvement over the last two
years, leading to an increase in Fitch's going concern (GC)
EBITDA.

The 'B' IDR continues to reflect BUT's execution of its strategic
plan and strong demand conditions during the pandemic, despite high
leverage. The company's business profile benefits from an extensive
network in France and good value proposition anchored in affordable
products that will likely remain resilient in deteriorated
macroeconomic conditions. In addition, the IDR reflects comfortable
liquidity with an undrawn EUR100 million revolving credit facility
(RCF).

The Stable Outlook reflects Fitch's expectations that funds from
operations (FFO)-adjusted gross leverage will remain under 7x over
the next four years.

KEY RATING DRIVERS

Strong Current Trading Amid Pandemic: BUT has demonstrated
resilience over the past year, helped by strong demand for home
improvement, and gained market share as the company maintained
sufficient inventory with a targeted product offering to meet to
meet demand. BUT also continued enhancing its procurement process
during this period. This allowed it to take advantage of strong
pent-up demand, reduce sales promotions, and improve profitability
through tight cost monitoring. Overall, Fitch estimates that BUT
will generate a record FY21 (ending June 2021) with sales above
EUR2 billion and a Fitch-adjusted EBITDA margin above 11%.

Normalisation Expected from FY22: BUT remains exposed to
discretionary spending, and Fitch expects a gradual recovery of
consumer spending in France in 2021 and 2022. Fitch also expects
that further lifting of pandemic restrictions will redirect
consumer spending to leisure and hospitality services, pressuring
BUT's revenue after the high growth over FY21. Fitch expects
revenue to decline by 13% in FY22.

Conforama Synergies Will help Profitability: Fitch expects BUT will
be able to achieve some cost savings by FY22-FY24 as it cooperates
with Conforama on purchasing, marketing, facility management and
logistics. Fitch expects this will lift BUT's Fitch adjusted EBITDA
margins to 7.0% in FY24 from 6.2% in FY22.

In 2020, In 2020, BUT's co-owners, WM Holding, an affiliate of
furniture retailer XXXLutz, and private equity fund CD&R acquired
French furniture retailer Conforama France from Steinhoff.
Conforama will be located outside of the BUT restricted group and
will not affect BUT's financial strategy. In Fitch's view, the
transaction will reduce competitive pressure, but Fitch does not
expect the company's strategy to materially change. BUT's
shareholders have sufficient experience in the furniture market to
continue executing strategy.

Leverage Remains High: Fitch forecasts FFO adjusted leverage to
reduce to 4.3x in FY21 amid exceptional trading, then increase to
6.2x in FY22 and stabilise at around 6x by FY24. Fitch views this
leverage level as high, but it is an improvement from Fitch's prior
expectation, where Fitch anticipated leverage to stabilise at
6.5x.

Adequate Business Profile: Fitch believes that BUT has a
satisfactory business profile for the IDR. The company has improved
its product offering over the last years, and affordable prices
will remain appealing. BUT benefits from strong brand awareness,
supported by its extensive store network that covers a large
portion of France. A large store network and moderate footfall will
be a strength while social distancing and sanitary measures
continue. BUT increased the share of online sales to 10% in the 12
months to March 2021, but Fitch views this neutral for the rating
as it is in line with the market trend.

DERIVATION SUMMARY

BUT's closest peer is Maxeda DIY Holding (B/Stable), the Dutch DIY
retailer. Both companies have a satisfactory business profile for
the 'B' category, with market leading positions in concentrated
geographies. Fitch expects BUT to generate lower margins than
Maxeda, which has almost completed its turnaround plan. Leverage
for both companies is high and comparable, with expected FFO
adjusted gross leverage at 6.2x for BUT for June 2022 and 6.4x for
Maxeda in February 2022.

BUT is rated one notch above The Very Group (B-/Positive), the
UK-based pure online retailer. The Very Group is similar in size
and has similar margins than BUT. Fitch expects The Very Group
should be able to deleverage towards 6.5x in FY22 from around 8.0x
in FY20 on a FFO adjusted gross leverage basis, close to BUT's
expected metrics, as reflected in the Positive Outlook.

BUT shows weaker profitability and more vulnerable leverage metrics
than other larger peers such as Kingfisher plc (BBB/Stable), the
European DIY retailer.

BUT's overall profit margins and gross leverage, which are more
commensurate with a 'B-' rating, are offset by a satisfactory
business model, satisfactory liquidity and resilience amid the
pandemic, which support the 'B' IDR.

KEY ASSUMPTIONS

-- Revenue increasing by 26% in FY21, then reducing by 12% in
    FY22, followed by 0.3% decline in 2023, followed by a slight
    increase of 0.6% for 2024. Revenue growth coming from the
    expansion of the store network. Fitch assumes no new lockdowns
    in France and continued lift of the pandemic restrictions in
    2021;

-- Fitch-adjusted EBITDA margin of 11.2% in FY21, then declining
    amid normalised activity to 6.2%, growing to 7.0% and taking
    into account some synergies with Conforama on purchases and
    logistics;

-- Capex representing 2.4% to 2.5% of revenue;

-- EUR70 million repayment of shareholder loan in FY21. No
   further repayment of the shareholder loan or distribution to
    shareholders over the next four years;

-- Large working capital outflow of around EUR70 million in FY21,
    including EUR45 million reduction in customers deposit;

-- EUR80 million restricted cash in FY20, then reduced to EUR35
    million (related to reduction in customer deposit adjustment).

KEY RECOVERY RATING ASSUMPTIONS

Fitch assumes that BUT would be considered a GC in bankruptcy and
that it would be reorganised rather than liquidated. Fitch has
assumed a 10% administrative claim in the recovery analysis.

In Fitch's bespoke GC recovery analysis Fitch considered an
estimated post-restructuring EBITDA available to creditors of
around EUR75 million, increased from Fitch's previous analysis
(EUR61 million). The increase in GC EBITDA reflects sustainable
margin improvement achieved pre-pandemic, following turnaround and
cost-cutting implementation.

Fitch has maintained the distressed enterprise value/EBITDA
multiple at 5.0x. This is in line with the multiple used for
Maxeda.

Based on the principal waterfall the EUR100 million RCF ranks super
senior to the senior secured debt. Therefore, after deducting 10%
for administrative claims, Fitch's waterfall analysis generates a
waterfall generated recovery computation output percentage of 62%
based on current metrics and assumptions, indicating a 'B+'
instrument rating.

RATING SENSITIVITIES

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

-- Further improvement in scale and diversification together with
    better visibility on macroeconomics conditions that would lead
    to a FFO margin above 5% and FCF margin above 3% on a
    sustained basis;

-- FFO fixed charge cover sustained above 1.9x;

-- FFO adjusted gross leverage below 5x on a sustained basis.

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

-- A significant deterioration in revenue and profitability
    reflecting, for example, an increasingly competitive operating
    environment or a new prolonged period of lockdown or
    meaningful delay in recovery of economic conditions;

-- FFO fixed charge cover below 1.4x on a sustained basis;

-- FFO adjusted gross leverage sustainably above 7x;

-- FFO margin sustainably below 3.5%;

-- Evidence that liquidity is tightening due to operational
    under-performance or additional distribution to shareholders
    perpetuating high leverage.

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

Comfortable Liquidity: Fitch expects BUT to have around EUR250
million (excluding restricted cash) cash on balance sheet by end of
FY21 a sizable working capital outflow expected in 4Q21.

BUT has no material debt maturity until 2024 when its EUR380
million bond is due. Its EUR100 million RCF maturing at the end of
2022 was undrawn as of March 2021.

SUMMARY OF FINANCIAL ADJUSTMENTS

EUR9.7 million subtracted from EBITDA and added to other financial
expenses (interest on free credits).

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.




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

CHEPLAPHARM ARZNEIMITTEL: S&P Affirms 'B' ICR, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings affirmed its 'B' ratings on off-patent branded
pharmaceutical company Cheplapharm Arzneimittel GmbH (Cheplapharm)
and its existing senior secured debt.

The stable outlook indicates S&P's expectation that Cheplapharm's
disciplined acquisition policy will enable it to achieve EBITDA
margins in the 50%-55% range and high levels of free operating cash
flow (FOCF) in the next 12 months.

Cheplapharm acquired four product portfolios in fourth-quarter 2020
and one product portfolio in first-quarter 2021.

Cheplapharm is set to continue increasing its scale and
diversification of operations thanks to recent product
acquisitions. Cheplapharm has grown its EBITDA base in recent years
to EUR343.6 million in 2020 from EUR187.7 million in 2018. Also
over the same period, the company improved its business
diversification, with its top three products representing about 25%
of 2020 sales, compared to about 49% in 2018. Furthermore, no
country represented more than 13% of 2020 sales. S&P said, "We
anticipate that the recent acquisitions will further increase
Cheplapharm's scale of operation and that its EBITDA will reach
EUR570 million-EUR600 million in 2021. Our forecast also considers
potential new product acquisitions throughout 2021. Moreover, we
anticipate that the recent series of acquisition could potentially
further improve Cheplapharm's product and geographical
diversification in the next 12 months."

Cheplapharm has successfully managed the execution risks of its
acquisition strategy, and we expect smooth product integrations.
The integration of new assets carries execution risks associated
with the need for the timely transfer of marketing authorizations
(MA), the seamless integration of products in Cheplapharm's network
of contract manufacturing organization, and the realization of
targeted gross margins from new products. That said, Cheplapharm
has proactively increased its staff to 428 in March 2021 from 320
in December 2019; this should help it manage the transfer of MAs
for the new products in each country. S&P said, "We consider
Cheplapharm's successful track record of transferring MAs and
integrating acquired products into its network of manufacturing
partners within the timeframe it has agreed with the seller.
Moreover, Cheplapharm has historically been disciplined regarding
the price it pays for new products. We also note the group has been
careful to acquire branded products that do not require marketing
efforts to realize the expected gross profit. We expect Cheplapharm
to continue applying its disciplined acquisition policy and
therefore manage execution risks."

S&P said, "We forecast that Cheplapharm will continue to generate
substantial FOCF thanks to its high profitability and limited
capital expenditure (capex requirements).Cheplapharm operates with
an asset-light business model focused on a buy-and-build strategy.
The company primarily focuses on acquiring the right target and
subsequently outsources manufacturing, distribution, and marketing
activities. Additionally, the company does not have in-house
research and development costs. Cheplapharm primarily implements
its experience of managing product life cycles. This results in
strong profitability and we anticipate an S&P Global
Ratings-adjusted EBITDA margin of 50%-53% over the next 12 months.
Given the asset-light business model and our expectation that the
company will continue to effectively manage its working capital
requirements, we project that it will generate annual FOCF of
EUR220 million-EUR250 million over the coming year. We also assume
that the company will utilize internally generated cash for future
acquisitions."

Cheplapharm is likely to report an average debt leverage ratio of
close to 5.0x over 2021-2022. This is thanks to the company's
business model and financial policy. Cheplapharm's product
portfolio primarily comprises niche and older legacy products that
have lost their patent protection. These products are exposed to
price erosion and their revenue declines naturally by 3%-5% a year.
The business model solely focuses on sourcing assets from outside,
financed by internally generated liquidity, available revolving
credit facility (RCF), and new debt. S&P said, "In our view,
Cheplapharm has good relationship with large pharmaceutical
companies, which gives it an advantage in the bidding process. We
expect that the company will continue to use a combination of
internally generated cash and debt to allocate about EUR500 million
annually for new products acquisitions and offset the natural
decline in revenue. Our forecasts also consider the risk that
credit metrics could temporarily deviate from this level depending
on the timing of debt-financed acquisitions."

The stable outlook indicates that Cheplapharm's operating
performance is likely to remain resilient. S&P said, "According to
our forecasts, the company will see an EBITDA margin of about
50%-53% and debt leverage ratio of close to 5.0x or below in the
next 12 months, reflecting a seamless integration of new assets. We
consider the risk that the company's debt leverage ratio could
temporarily deviate from this level, depending on the timing of
acquisitions. We forecast that Cheplapharm will generate EBITDA of
about EUR570 million-EUR600 million and FOCF of about EUR220
million-EUR250 million in 2021. Given the large amount of debt in
its capital structure, we expect Cheplapharm to continue generating
substantial annual FOCF under the current rating."

S&P said, "We could lower the rating if we observe a deterioration
in Cheplapharm's operating performance. This would include annual
FOCF of below EUR200 million or it's a debt leverage ratio staying
above 5.0x within the 12-18 months after the latest acquisition.
This would most likely occur if Cheplapharm acquired a portfolio of
medicine at high EBITDA multiples, or if it faces setbacks in
integrating the new assets.

"We could consider an upgrade if the company integrates seamlessly
newly acquired products and continues to improve its scale and
product diversity. This would most likely occur if the company
continued to apply a disciplined acquisition strategy. Under this
scenario, we would expect Cheplapharm to sustain strong
profitability and cash flow conversion, in line with historical
trends, while maintaining its debt to EBITDA close to 5.0x or
below."

S&P's upside scenario comprises the following triggers:

-- Adjusted EBITDA margin comfortably in the 50%-55% range;

-- FOCF sustainably exceeding EUR250 million; and

-- Adjusted debt-to-EBITDA ratio sustainably remaining below
5.0x.




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I R E L A N D
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CITYJET: Sues Anti-Corruption NGO for Defamation Over TII Report
----------------------------------------------------------------
Shane Phelan at Independent.ie reports that CityJet is suing an
anti-corruption NGO for defamation over a report which gave the
airline a very poor openness and transparency rating.

According to Independent.ie, the regional carrier received a 0%
rating in a Transparency International Ireland (TII) National
Integrity Index report for private sector companies, published last
month.

The NGO's rating system set out to measure the degree to which
companies were prepared to address corruption-related risks, based
on the information they disclose to the public, Independent.ie
discloses.  CityJet was one of 30 major Irish companies chosen for
the report, Independent.ie notes.

After it was published, the airline accused TII of damaging its
reputation without confirming the facts, Independent.ie relates.

It asked for the document to be taken down from the NGO's website,
according to Independent.ie.  However, TII refused, saying it stood
over the report, Independent.ie states.

Defamation proceedings were initiated in the High Court on June 15,
Independent.ie discloses.  As well as seeking damages, CityJet
wants an order directing the report be withdrawn, Independent.ie
notes.

It has claimed it was contacted by TII while it was in examinership
last year, Independent.ie relays.

However, TII maintains it also made contact after the company
exited examinership last August and extended a deadline for
responses, according to Independent.ie.

The report came not long after a rough period for CityJet during
which it was restructured, shedding all bar 450 of its 1,100-strong
workforce, Independent.ie notes.

The slimmed down carrier remains headquartered in Swords, Co
Dublin.  It does not offer scheduled services, but provides
aircraft and crew for other airlines.  At present, its sole hub is
Copenhagen Airport, where it operates services on behalf of SAS.


DRYDEN 88 EURO: S&P Assigns B- Rating on Class F Notes
------------------------------------------------------
S&P Global Ratings assigned credit ratings to Dryden 88 Euro CLO
2020 DAC's class A to F European cash flow CLO notes. At closing,
the issuer has issued unrated subordinated notes.

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will permanently switch to semiannual payments.

The portfolio's reinvestment period will end approximately 4.6
years and a non-call period 1.5 years after closing.

The ratings reflect S&P's assessment of:

-- The diversified collateral pool, which consists primarily of
broadly syndicated speculative-grade senior-secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

-- The transaction's legal structure, which is bankruptcy remote.

-- The transaction's counterparty risks, which are in line with
our counterparty rating framework.

  Portfolio Benchmarks
                                                    CURRENT
  S&P weighted-average rating factor               2,922.53
  Default rate dispersion                            400.24
  Weighted-average life (years)                        5.29
  Obligor diversity measure                           94.38
  Industry diversity measure                          21.20
  Regional diversity measure                           1.18

  Transaction Key Metrics
                                                    CURRENT
  Portfolio weighted-average rating
     derived from S&P's CDO evaluator                     B
  'CCC' category rated assets (%)                      1.46
  'AAA' weighted-average recovery (%)                 33.78
  Floating-rate assets (%)                            82.00
  Weighted-average spread (net of floors; %)           3.97

At closing the portfolio is well-diversified, primarily comprising
broadly syndicated speculative-grade senior-secured term loans and
senior-secured bonds. Therefore, S&P has conducted its credit and
cash flow analysis by applying its criteria for corporate cash flow
CDOs.

S&P said, "In our cash flow analysis, we used the EUR400 million
target par amount, the covenanted weighted-average spread (3.975%),
and the covenanted weighted-average coupon (4.00%) as indicated by
the collateral manager. We have assumed weighted-average recovery
rates, at all rating levels, in line with the recovery rates of the
actual portfolio presented to us. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

"Our credit and cash flow analysis show that the class B-1, B-2,
C-1, and C-2 notes benefit from break-even default rate (BDR) and
scenario default rate cushions that we would typically consider to
be in line with higher ratings than those assigned. However, as the
CLO is still in its reinvestment phase, during which the
transaction's credit risk profile could deteriorate, we have capped
our ratings on the notes.

"Until the end of the reinvestment period on Jan. 20, 2026, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained.

"Under our structured finance sovereign risk criteria, we consider
that the transaction's exposure to country risk is sufficiently
mitigated at the assigned ratings.

"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.

"We consider the transaction's legal structure to be bankruptcy
remote, in line with our legal criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for the class A
to F notes. Our credit and cash flow analysis indicates that the
available credit enhancement could withstand stresses commensurate
with the same or higher rating levels than those we have assigned.
However, as the CLO will be in its reinvestment phase starting from
closing, during which the transaction's credit risk profile could
deteriorate, we have capped our ratings assigned to the notes.

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

"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class E notes "Criteria For Assigning 'CCC+', 'CCC',
'CCC-', And 'CC' Ratings," published on Oct. 1, 2012))."

Environmental, social, and governance (ESG) credit factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector (see "ESG Industry Report Card: Collateralized Loan
Obligations," March 31, 2021). Primarily due to the diversity of
the assets within CLOs, the exposure to environmental credit
factors is viewed as below average, social credit factors are below
average, and governance credit factors are average. For this
transaction, the documents prohibit assets from being related to
the following industries: production or marketing of controversial
weapons; production of nuclear weapons or thermal coal production;
the extraction of thermal coal, fossil fuels from unconventional
sources; extraction of petroleum via fracking; the production of or
trade in pornography, adult entertainment, or prostitution; and the
sale or promotion of marijuana. Accordingly, since the exclusion of
assets from these industries does not result in material
differences between the transaction and our ESG benchmark for the
sector, no specific adjustments have been made in our rating
analysis to account for any ESG-related risks or opportunities."

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."

The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds, and it will be managed by PGIM Loan
Originator Manager Ltd.

  Ratings List

  CLASS    RATING    AMOUNT    INTEREST RATE*        CREDIT
                    (MIL. EUR)                    ENHANCEMENT (%)

  A-Note   AAA (sf)   117.60   Three/six-month       40.60
                               EURIBOR plus 0.85%
  A-Loan   AAA (sf)   120.00   Three/six-month       40.60
                               EURIBOR plus 0.85%   
  B-1      AA (sf)     18.40   Three/six-month       29.75
                               EURIBOR plus 1.70%
  B-2      AA (sf)     25.00   2.10%                 29.75
  C-1      A (sf)      10.20   Three/six-month       22.60
                               EURIBOR plus 2.30%
  C-2      A (sf)      18.40   2.40%                 22.60
  D        BBB (sf)    29.40   Three/six-month       15.25
                               EURIBOR plus 3.55%
  E        BB- (sf)    21.00   Three/six-month       10.00
                               EURIBOR plus 6.01%
  F        B- (sf)      9.80   Three/six-month        7.55
                               EURIBOR plus 8.38%
  Subordinated  NR     38.95   N/A                     N/A

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

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


FAIR OAKS II: S&P Assigns B- Rating on Class F Notes
----------------------------------------------------
S&P Global Ratings assigned credit ratings to Fair Oaks Loan
Funding II DAC's class X to F European cash flow CLO reset notes.
At closing, the issuer did not issue additional unrated
subordinated notes in addition to the EUR47 million of existing
unrated subordinated notes.

The ratings reflect S&P's assessment of:

-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior-secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

-- The transaction's legal structure, which S&P expects to be
bankruptcy remote.

-- The transaction's counterparty risks, which is in line with
S&P's counterparty rating framework.

  Portfolio Benchmarks
                                                       CURRENT
  S&P weighted-average rating factor                  2,771.26
  Default rate dispersion                               520.44
  Weighted-average life (years)                           5.17
  Obligor diversity measure                              96.35
  Industry diversity measure                             19.65
  Regional diversity measure                              1.31

  Transaction Key Metrics
                                                       CURRENT
  Portfolio weighted-average rating
    derived from S&P's CDO evaluator                       'B'
  'CCC' category rated assets (%)                         1.71
  Modeled 'AAA' weighted-average recovery (%)            34.60
  Modeled weighted-average spread (%)                     3.40
  Modeled weighted-average coupon (%)                     4.00

The portfolio is well-diversified, primarily comprising broadly
syndicated speculative-grade senior secured term loans and senior
secured bonds. S&P said, "Therefore, we have conducted our credit
and cash flow analysis by applying our criteria for corporate cash
flow collateralized debt obligations. As such, we have not applied
any additional scenario and sensitivity analysis when assigning
ratings to any classes of notes in this transaction."

S&P said, "In our cash flow analysis, we used the EUR350 million
performing pool balance, the covenanted weighted-average spread
(3.40%), the reference weighted-average coupon (4.00%), and the
weighted-average recovery rates for all ratings as indicated by the
collateral manager. We applied various cash flow stress scenarios,
using four different default patterns, in conjunction with
different interest rate stress scenarios for each liability rating
category. Our credit and cash flow analysis indicates that the
available credit enhancement for the class B-R, C-R, and D-R notes
could withstand stresses commensurate with higher ratings than
those we have assigned. However, as the CLO will be in its
reinvestment phase starting from closing, during which the
transaction's credit risk profile could deteriorate, we have capped
our ratings assigned to the notes.

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

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

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

-- S&P's model generated BDR at the 'B-' rating level of 26.52%
(for a portfolio with a weighted-average life of 5.17 years),
versus if it was to consider a long-term sustainable default rate
of 3.1% for 5.17 years, which would result in a target default rate
of 16.03%.

-- S&P also noted that the actual portfolio is generating higher
spreads and recoveries versus the covenanted thresholds that it has
modelled in its cash flow analysis.

-- For S&P to assign a rating in the 'CCC' category, it also
assessed (i) whether the tranche is vulnerable to non-payments in
the near future, (ii) if there is a one in two chance for this note
to default, and (iii) if it envisions this tranche to default in
the next 12-18 months.

Following this analysis, S&P considers that the available credit
enhancement for the class F notes is commensurate with the 'B-
(sf)' rating assigned.

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

The transaction's documented counterparty replacement and remedy
mechanisms is in line with S&P's counterparty criteria for
liabilities rated up to 'AAA'.

The issuer is bankruptcy remote, in line with S&P's legal
criteria.

Following S&P's analysis of the credit, cash flow, counterparty,
operational, and legal risks, it believes its ratings are
commensurate with the available credit enhancement for each class
of notes.

In addition to S&P's standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect its ratings on European CLO transactions, it has also
included the sensitivity of the ratings on the class A-R to E-R
notes to five hypothetical scenarios.

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

S&P Global Ratings acknowledges a high degree of uncertainty about
the rate of spread and peak of the coronavirus outbreak. S&P said,
"Some government authorities estimate the pandemic will peak about
midyear, and we are using this assumption in assessing the economic
and credit implications. We believe the measures adopted to contain
COVID-19 have pushed the global economy into recession. As the
situation evolves, we will update our assumptions and estimates
accordingly."

Environmental, social, and governance (ESG) credit factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to the following industries:
coal and fossil fuels, hazardous chemicals, pesticides,
controversial weapons, pornography, tobacco, predatory or payday
lending activities, and weapons and firearms. Accordingly, since
the exclusion of assets from these industries does not result in
material differences between the transaction and our ESG benchmark
for the sector, no specific adjustments have been made in our
rating analysis to account for any ESG-related risks or
opportunities."

  Ratings List

  CLASS   RATING     AMOUNT    INTEREST RATE (%)    CREDIT
                   (MIL. EUR)                     ENHANCEMENT (%)
  X       AAA (sf)     1.00       3mE + 0.30
  A-R     AAA (sf)   213.50       3mE + 0.88        39.00
  B-R     AA (sf)     37.60       3mE + 1.50        28.26
  C-R     A (sf)      21.00       3mE + 2.00        22.26
  D-R     BBB (sf)    24.50       3mE + 3.05        15.26
  E-R     BB- (sf)    19.30       3mE + 5.91         9,74
  F       B- (sf)      8.70       3mE + 8.30         7.26
  Sub     NR          47.00       N/A                 N/A

  NR--Not rated.
  N/A--Not applicable.
  3mE--Three-month Euro Interbank Offered Rate.


ICON PLC: Moody's Gives Ba1 Rating on New $500MM 2026 Secured Notes
-------------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 rating to ICON Plc's
wholly owned subsidiary's proposed issuance of $500 million senior
secured notes, due to mature in 2026 and $1,515 million senior
secured notes, due to mature in 2028, each which will support the
ICON's acquisition of PRA Health Sciences, Inc., the outlook is
stable. ICON's other ratings remain unchanged. The rating assigned
to the new notes reflects its pari passu ranking with other senior
secured instruments being proposed to finance the acquisition
including the same security package and upstream guarantees from
ICON and certain of its subsidiaries.

RATINGS RATIONALE

ICON's Ba1 rating reflects its 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.

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.

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.


NORTH WESTERLY VII: S&P Assigns B- Rating on Class F Notes
----------------------------------------------------------
S&P Global Ratings assigned credit ratings to the class A to F
European cash flow CLO notes issued by North Westerly VII ESG CLO
DAC. At closing, the issuer issued unrated subordinated notes.

Under the transaction documents, the rated notes pay quarterly
interest unless there is a frequency switch event. Following this,
the notes will permanently switch to semiannual payment.

The portfolio's reinvestment period will end approximately 4.43
years after closing, and the portfolio's maximum average maturity
date will be approximately 8.5 years after closing

The ratings reflect S&P's assessment of:

-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.
-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

-- The transaction's legal structure, which is bankruptcy remote.

-- The transaction's counterparty risks, which is in line with
S&P's counterparty rating framework.

  Portfolio Benchmarks
                                                        CURRENT
  S&P Global Ratings weighted-average rating factor    2,801.19
  Default rate dispersion                                497.25
  Weighted-average life (years)                            5.40
  Obligor diversity measure                              113.97
  Industry diversity measure                              19.02
  Regional diversity measure                               1.25

  Transaction Key Metrics
                                                        CURRENT
  Total par amount (mil. EUR)                               400
  Defaulted assets (mil. EUR)                                 0
  Number of performing obligors                             131
  Portfolio weighted-average rating
    derived from S&P's CDO evaluator                        'B'
  'CCC' category rated assets (%)                          0.50
  Covenanted 'AAA' weighted-average recovery (%)          36.75
  Covenanted weighted-average spread (%)                   3.70
  Covenanted weighted-average coupon (%)                   4.25

Unique Features

Workout obligations

Under the transaction documents, the issuer can purchase workout
obligations, which are assets of an existing collateral obligation
held by the issuer offered in connection with bankruptcy, workout,
or restructuring of an obligation, to improve the related
collateral obligation's recovery value.

The purchase of workout obligations is not subject to the
reinvestment criteria or the eligibility criteria. It receives no
credit in the principal balance definition, although where the loss
mitigation loan meets the eligibility criteria with certain
exclusions, it is accorded defaulted treatment in the par coverage
tests. The transaction documents limit the CLO's exposure to
workout obligations that can be acquired with principal proceeds to
5% of the target par amount.

The issuer may purchase workout obligations using either interest
proceeds, principal proceeds, or amounts standing to the credit of
the collateral enhancement account. The use of interest proceeds to
purchase workout obligations is subject to the manager determining
there are sufficient interest proceeds to pay interest on all the
rated notes and that all coverage tests would pass on the upcoming
payment date. The usage of principal proceeds is subject to the
following conditions: (i) par coverage tests passing following the
purchase; (ii) the manager having built sufficient excess par in
the transaction so that the principal collateral amount is equal to
or exceeding the portfolio's target par balance after the
reinvestment or otherwise not purchased at a premium; and (iii) the
obligation is a debt obligation that is pari passu or senior to the
obligation already held by the issuer.

To protect the transaction from par erosion, any distributions
received from workout loans that are either purchased with the use
of principal, or purchased with interest or amounts in the
collateral enhancement account but which have been afforded credit
in the coverage test, will irrevocably form part of the issuer's
principal account proceeds and cannot be recharacterized as
interest.

Bankruptcy exchange

Bankruptcy exchange allows the exchange of a defaulted obligation
for any other defaulted obligation issued by another obligor. This
feature aims to allow the manager to increase the likelihood in the
value of recoveries. The collateral manager may only pursue a
bankruptcy exchange when:

-- The received obligation has a better likelihood of recovery or
is of better value or quality than the exchanged obligation;

-- The received obligation is no less senior in right of payment
than the exchanged obligation;

-- The coverage tests are satisfied;

-- The aggregate principal balance of the obligations received in
bankruptcy exchanges since the issue date does not exceed 7.5% of
the target par amount;

-- The aggregate principal balance of the obligations received in
bankruptcy exchanges held by the issuer at such time does not
exceed 3.0% of the target par amount;

-- The bankruptcy exchange test is satisfied, i.e., the projected
internal rate of return of a received obligation obtained as a
result of a bankruptcy exchange exceeds the projected internal rate
of return of the related exchanged obligation in a bankruptcy
exchange; and

-- At the time of exchange, the exchanged obligation satisfies the
CLO's eligibility criteria, except certain provisions such as, for
example, a defaulted security, credit risk, or long-dated
obligation.

To protect the transaction from par erosion, any payment required
from the issuer connected with bankruptcy exchanges will be limited
to customary transfer costs and payable only from amounts on
deposit in the collateral enhancement account and/or any interest
proceeds. Otherwise, interest proceeds may not be used to acquire a
received obligation in a bankruptcy exchange if it would likely
result in a failure to pay interest on all rated notes on the next
succeeding payment date.

The bankruptcy exchange feature is only applicable during the
transaction's reinvestment period.

Rating rationale

S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average 'B'
rating. We consider that the portfolio on the effective date will
be well-diversified, primarily comprising broadly syndicated
speculative-grade senior-secured term loans and senior-secured
bonds. Therefore, we have conducted our credit and cash flow
analysis by applying our criteria for corporate cash flow CDOs.

"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread (3.70%), the
weighted-average coupon (4.25%), and the covenanted
weighted-average recovery rate for all rating levels. As the
portfolio is being ramped, we have relied on indicative spreads and
recovery rates of the portfolio. Our credit and cash flow analysis
indicates that the available credit enhancement for the class B-1
to F notes could withstand stresses commensurate with higher
ratings than those we have assigned. However, as the CLO will be in
its reinvestment phase starting from closing, during which the
transaction's credit risk profile could deteriorate, we have capped
our ratings assigned to the notes.

"Under our structured finance sovereign risk criteria, the
transaction's exposure to country risk is sufficiently mitigated at
the assigned rating levels.

"Elavon Financial Services DAC is the bank account provider and
custodian. The documented downgrade remedies are in line with our
current counterparty criteria.

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

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for each class
of notes.

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A to E notes
to five of the 10 hypothetical scenarios we looked at in our recent
publication.

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

Environmental, social, and governance (ESG) credit factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to the following industries:
production or marketing of controversial weapons, tobacco or
tobacco-related products, nuclear weapons, thermal coal production,
speculative extraction of oil and gas, pornography or prostitution,
or opioid manufacturing and distribution. Accordingly, since the
exclusion of assets from these industries does not result in
material differences between the transaction and our ESG benchmark
for the sector, no specific adjustments have been made in our
rating analysis to account for any ESG-related risks or
opportunities."

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."

  Ratings List

  CLASS   RATING    AMOUNT     SUB(%)      INTEREST RATE*
                  (MIL. EUR)
  -----   ------  ----------   ------      --------------
  A       AAA (sf)  248.00     38.00    Three/six-month EURIBOR
                                         plus 0.84%
  B-1     AA (sf)    27.50     28.00    Three/six-month EURIBOR
                                         plus 1.50%
  B-2     AA (sf)    12.50     28.00    2.00%
  C       A (sf)     28.00     21.00    Three/six-month EURIBOR
                                         plus 2.00%
  D       BBB (sf)   24.00     15.00    Three/six-month EURIBOR
                                         plus 2.95%
  E       BB (sf)    20.00     10.00    Three/six-month EURIBOR
                                         plus 5.66%
  F       B- (sf)    12.00      7.00    Three/six-month EURIBOR
                                         plus 8.14%
  M-1     NR         15.00       N/A    N/A

  M-2     NR         35.00       N/A    N/A
  Sub. Notes NR      36.95       N/A    N/A

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

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


NORWEGIAN AIRLINES: May Have to Cut Jobs in Dublin Again
--------------------------------------------------------
John Mulligan at the Irish Independent reports that Scandinavian
airline Norwegian has warned staff it may have to cut jobs in
Dublin again, having only emerged from examinership in April.

The restructuring proposals come despite the High Court approving a
rescue plan for the airline's units in March -- including
Ireland-based Norwegian Air International (NAI) -- because it was
deemed a more favourable outcome for creditors and staff than if
the firms had been wound up, the Irish Independent notes.

Norwegian's Irish operation employs about 50 people, with the
numbers having dwindled in the past couple of years as the carrier
found itself in financial difficulties even before the Covid
crisis, the Irish Independent discloses.

However, in its examinership process, the High Court heard that the
survival of companies including NAI was "central to the survival of
the group as a whole", the Irish Independent relates.

Staff in Ireland have now received a letter from the airline, seen
by the Irish Independent, which warns them that significant changes
could be made.

"As a consequence of Norwegian's new business plan it is proposed
to restructure current departments to ensure a lean and efficient
organization adjusted to the new fleet size, business plan and
strategy," the Irish Independent quotes the letter as saying.

"No final decision has been made at this point as the proposal is
subject to consultation with the impacted employees to see if we
can avoid the redundancies and otherwise mitigate the effects of
any redundancies that have to be made," it added.

However, some staff now fear that the carrier -- which has
retrenched to the Scandinavian market -- could all but pull the
shutters down on its Irish arm, the Irish Independent notes.

But Norwegian has insisted it has no plans to do so, according to
the Irish Independent.

A spokesman, as cited by the Irish Independent, said it was
"completely incorrect" to suggest that the carrier intends to
wind-up its Norwegian Air International (NAI) arm.

PALMERSTON PARK: Moody's Affirms B2 Rating on EUR11M Class E Notes
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Palmerston Park CLO Designated Activity Company:

EUR26,000,000 Class A-2A Senior Secured Floating Rate Notes due
2030, Upgraded to Aa1 (sf); previously on Nov 7, 2019 Affirmed Aa2
(sf)

EUR20,000,000 Class A-2B Senior Secured Floating Rate Notes due
2030, Upgraded to Aa1 (sf); previously on Nov 7, 2019 Affirmed Aa2
(sf)

EUR14,000,000 Class B-1-R Senior Secured Deferrable Floating Rate
Notes due 2030, Upgraded to A1 (sf); previously on Nov 7, 2019
Definitive Rating Assigned A2 (sf)

EUR10,000,000 Class B-2-R Senior Secured Deferrable Floating Rate
Notes due 2030, Upgraded to A1 (sf); previously on Nov 7, 2019
Definitive Rating Assigned A2 (sf)

EUR21,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2030, Upgraded to Baa1 (sf); previously on Nov 7, 2019
Affirmed Baa2 (sf)

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

EUR233,000,000 Class A-1A-R Senior Secured Floating Rate Notes due
2030, Affirmed Aaa (sf); previously on Nov 7, 2019 Definitive
Rating Assigned Aaa (sf)

EUR10,000,000 Class A-1B-R Senior Secured Fixed Rate Notes due
2030, Affirmed Aaa (sf); previously on Nov 7, 2019 Definitive
Rating Assigned Aaa (sf)

EUR24,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed Ba2 (sf); previously on Nov 7, 2019
Affirmed Ba2 (sf)

EUR11,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed B2 (sf); previously on Nov 7, 2019
Affirmed B2 (sf)

Palmerston Park CLO Designated Activity Company, issued in April
2017 and refinanced in November 2019, is a collateralised loan
obligation (CLO) backed by a portfolio of mostly high-yield senior
secured European loans. The portfolio is managed by Blackstone
Ireland Limited. The transaction's reinvestment period ended in
April 2021.

RATINGS RATIONALE

The rating upgrades on the Class A-2A, A-2B, B-1-R, B-2-R and C
Notes are primarily a result of the transaction having reached the
end of the reinvestment period in April 2021.

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements. In particular, Moody's assumed that
the deal will benefit from a shorter amortisation profile than it
had assumed at the last rating action in November 2019.

The transaction also benefits from the update of Moody's
methodology used in rating CLOs, which resulted in a change in
overall assessment of obligor default risk and calculation of
weighted average rating factor (WARF). Based on Moody's
calculation, the WARF is currently 2963 after applying the revised
assumptions as compared to the trustee reported WARF of 3223 as of
May 2021 [1].

The rating affirmations on the Class A-1A-R, A-1B-R, D and E Notes
reflect the expected losses of the notes continuing to remain
consistent with their current ratings after taking into account the
CLO's latest portfolio, its relevant structural features and its
actual over-collateralization (OC) levels, as well as applying
Moody's revised CLO assumptions.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.

In its base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR399.6m

Defaulted Securities: EUR1.5m

Diversity Score: 58

Weighted Average Rating Factor (WARF): 2963

Weighted Average Life (WAL): 4.75 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.50%

Weighted Average Coupon (WAC): 3.72%

Weighted Average Recovery Rate (WARR): 45.6%

Par haircut in OC tests and interest diversion test: None

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

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

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager, or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

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




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

POSTE ITALIANE: Moody's Rates New Junior Subordinated Notes 'Ba2'
-----------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to the proposed
junior subordinated ("hybrid") notes to be issued by Poste Italiane
S.p.A. Concurrently, the agency has also affirmed Poste's Baa3
long-term issuer rating, the provisional (P)Baa3 senior unsecured
rating on its EUR2 billion euro medium-term note programme, the
Baa3 senior unsecured instrument rating on the EUR1 billion notes
due 2024 and 2028 and the Prime-3 short-term issuer rating. The
outlook on all ratings remains stable. The baa3 Baseline Credit
Assessment has also been affirmed.

RATINGS RATIONALE

The Ba2 rating assigned to the proposed hybrid notes is two notches
below Poste's long-term issuer rating of Baa3, reflecting the
deeply subordinated nature compared to Poste's senior unsecured
debt. The hybrid notes will rank senior only to equity, will be
perpetual and Poste can opt to defer coupons on a cumulative
basis.

The proposed hybrid notes will qualify for a "basket C" and a 50%
equity treatment of the borrowing for the calculation of the credit
ratios by Moody's (please refer to Moody's Hybrid Equity Credit
methodology published in September 2018 for further details). As
the hybrid notes' rating is positioned relative to Poste's issuer
rating, a change in either (1) Moody's relative notching practice;
or (2) the long term issuer rating of Poste could affect the
hybrid's rating.

The proceeds from the issuance will be used to further strengthen
Poste's balance sheet and liquidity position and to strengthen and
diversify the regulatory capital structure of BancoPosta and Poste
Vita.

The Baa3 rating affirmation reflects the fact the Poste's credit
quality is closely correlated to that of the Government of Italy
(Baa3 stable). The sovereign rating constrains Poste's rating and
BCA of baa3, given the company's significant exposure to the
Italian government because of its large portfolio of government
bonds (in connection with its banking and insurance businesses),
the company's direct exposure to the macroeconomic situation in
Italy and the fact that the Italian government is the company's
largest shareholder.

The baa3 BCA reflects Poste's strong business profile, underpinned
by its leading position as Italian postal service operator and
financial services provider, with the solid results from the
company's financial and insurance services offsetting the losses in
the postal services segment and the structural decline in mail
volume that has not yet been fully offset by growth in the parcel
services division at operating profit level (whilst parcel revenue
growth offset mail revenue decline in Q1-21).

Poste's credit metrics are currently solid for the BCA as a result
of continued good operating performance, excluding some negative
impact on earnings in 2020 due to the coronavirus pandemic. In Q1
2021, Poste's operating performance materially improved compared to
Q1 2020 with 10% higher revenue and 41% higher company reported
EBIT, leading to lower leverage with Moody's adjusted Debt/EBITDA
of 1.8x as of March 2021 from 2.0x in 2020, along with improved
profitability with EBITDA margin of 25.4% for the twelve months
that ended March 2021 from 23.8% in 2020 and strong cash flow
generation with RCF/Net Debt improving to 112% from 84.9% for the
same period.

Moody's regards Poste Italiane as a Government-Related Issuer
(GRI), given that the Italian government effectively controls,
either directly or through Cassa Depositi e Prestiti, approximately
65% of Poste's capital. In line with the GRI methodology, Poste's
Baa3 rating reflects a combination of its BCA of baa3, the Baa3
rating with a stable outlook of the Italian government, the very
high default dependence between Poste Italiane and the Italian
government and Moody's expectation of moderate probability of
support from the government in the event of need.

LIQUIDITY

Poste's liquidity is good. As of March 2021, Poste had around
EUR2.9 billion in unrestricted cash and financial assets. Poste
also has access to EUR1.75 billion revolving credit facilities that
were fully undrawn as of March 2021. These sources, together with
continued solid cash from operations (excluding the provision
movements associated with the insurance business) in the range of
EUR1.6 billion- EUR1.8 billion per year, will comfortably cover the
company's cash uses.

The proposed new hybrid issuance will reinforce liquidity position
and strengthen and diversify the regulatory capital structure of
BancoPosta and Poste Vita.

RATIONALE FOR THE STABLE OUTLOOK

Poste's stable outlook is in line with the stable outlook on
Italy's rating. Any subsequent change to the Italian sovereign
rating or the outlook could result in a rating action for Poste.
The stable outlook is also supported by the solid anticipated
metrics as illustrated by Moody's expectation of Moody's adjusted
Debt/EBITDA in the range of 1.8x to 2.1x over the next 12-18
months.

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

Upward potential on Poste's rating is currently limited by the
sovereign rating. Therefore, an upgrade of Poste's issuer rating
and BCA could follow an upgrade of Italy's rating. In addition,
Poste's financial profile and credit metrics are already strong and
supportive of a higher rating. An upgrade could also be driven by a
weakening of the current strong ties between Poste and the Italian
government, including a reduction in the company's balance-sheet
exposure to the Italian sovereign through its large portfolio of
Italian government bonds and evidence of the government's weakened
influence on the company's governance and strategy.

Rating and BCA could be downgraded following a downgrade of the
sovereign rating. Poste's strong business and financial profile
offer significant capacity under the current rating and BCA.
Therefore, a downgrade of Poste's rating and BCA because of a
deterioration in its credit metrics is unlikely at this stage.

PRINCIPAL METHODOLOGY

The methodologies used in these ratings were Business and Consumer
Service Industry published in October 2016.

COMPANY PROFILE

Poste Italiane S.p.A. is the country's leading postal service
operator. The company has a universal service obligation (USO) to
provide comprehensive postal services in Italy. It operates a
branch network of around 12,800 post offices and is one of the
largest employers in Italy, with around 122,900 employees as of
March. Poste also provides financial services through an integrated
business division named BancoPosta and insurance services through
its wholly-owned subsidiary, Poste Vita S.p.A.


POSTE ITALIANE: S&P Assigns 'BB+' Rating on New Sub. Hybrid Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' long-term issue credit rating
to Poste Italiane Group's proposed subordinated hybrid notes.

The rating is subject to its review of the notes' final
documentation.

S&P said, "The completion and size of the transaction will be
subject to market conditions, but we anticipate a benchmark
issuance. Poste Italiane plans to use the proceeds for various
purposes, including reinforcing the regulatory capital of its
banking operation BancoPosta and insurance subsidiary Poste Vita.
We estimate the ratio of hybrid debt to adjusted capitalization at
close to, but below the 15% limit for us to view the instrument as
having intermediate equity content. If the ratio were to exceed
15%, the equity content would reduce to minimal for the portion of
the notes that exceeds 15%. We have excluded the equity of
BancoPosta and Poste Vita from our calculation of capitalization
since we believe this equity mainly serves to protect the bank
depositors and insurance policyholders and is not fully fungible
with the parent's equity. To support our view, we note that the
draft terms and conditions explicitly state that the hybrid notes
to be issued are not obligations of the segregated balance sheet of
BancoPosta.

"We consider the proposed instrument to have intermediate equity
content because it meets our criteria in terms of subordination,
permanence, and deferability at the company's discretion.

"We arrive at our 'BB+' issue rating on the proposed notes by
notching down from our assessment of the stand-alone credit profile
(SACP) of Poste Italiane Group, which stands at 'bbb'. The SACP is
currently equal to the 'BBB' long-term issuer credit rating. That
said, we choose the SACP because we see potential impediments to
the Italian government's ability to support the hybrid notes, even
if we consider that there is an almost certain likelihood that
Poste Italiane would receive timely and sufficient extraordinary
state support if it faced financial distress."

The two-notch differential reflects our methodology for rating
hybrid capital, under which S&P deducts:

-- One notch for subordination because our long-term rating on
Poste Italiane is investment grade (that is, higher than 'BB+');
and

-- An additional notch for payment flexibility, to reflect the
issuer's discretion to defer interest on the notes.

The proposed issuance does not affect S&P's ratings on Poste
Italiane Group. S&P affirmed the ratings on Poste Italiane Group on
March 30, 2021.

Key factors in S&P's assessment of the notes' permanence

Although the proposed notes are perpetual, they can be called at
any time, for example due to tax reasons, gross-up, changes in
rating methodology, make-whole calls, or accounting events. Poste
Italiane can redeem the notes for cash on the first call date,
which S&P understands will be more than five years from issuance,
and on every interest payment date thereafter.

S&P understands that the issuer intends to redeem or repurchase the
notes only to the extent that they are replaced with instruments of
equivalent equity content, but is not obliged to do so.

Key factors in S&P's assessment of the notes' deferability

In S&P's view, Poste Italiane's option to defer payment on the
proposed security is discretionary. This means that the company may
elect not to pay accrued interest on an interest payment date
because it has no obligation to do so. However, any outstanding
deferred interest payment, plus interest accrued thereafter, will
become due if Poste Italiane pays an equity dividend or interest on
equally ranking securities, or it redeems or repurchases shares or
equally ranking securities. The bulk of Poste Italiane's profits
come from BancoPosta and Poste Vita, but S&P does not consider this
to increase deferral risk. This is because BancoPosta has a very
high and stable common equity tier 1 ratio, no credit risk other
than the domestic sovereign, and a lighter regulatory framework
compared with a fully licensed bank, which makes its dividend flows
very predictable. S&P also take into account Poste Vita's
comparably high regulatory Solvency II ratio. Finally, it observes
that Poste Italiane has relatively prudent liquidity management and
maintains a large cash buffer, which exceeded EUR2 billion at
end-2020.

Key factors in S&P's assessment of the notes' subordination

The proposed notes are intended to constitute direct, unsecured,
and subordinated obligations of Poste Italiane, currently senior
only to common shares.




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

EURASIAN RESOURCES: S&P Alters Outlook to Pos. & Affirms 'B-' ICR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on Eurasian Resources Groups
(ERG) to positive from stable, and affirmed the 'B-' issuer credit
rating.

The positive outlook indicates a potential upgrade if ERG reduces
absolute debt by about 15%, or $1.2 billion, in 2021-2022,
supporting improvement of FFO to debt to consistently above 20%.

S&P said, "We believe ERG could sustain FFO to debt above 20% after
2021 if it achieves meaningful absolute debt reduction.We expect
surging prices on ERG's key commodities in 2021 could propel FFO to
debt to 25%-30%, which is significantly above our 20% threshold for
an upgrade. We also believe that the group might be able to
maintain FFO to debt at least at 20% even after 2021, if it manages
to decrease absolute debt in 2021-2022 by about $1.2 billion, or
15%. We note that debt has risen consistently over the past years,
reaching $8.4 billion at end-2020. ERG has a history of
prioritizing investments over debt reduction, translating into very
weak credit metrics in the bottom of the cycle, threatening to make
the capital structure unsustainable. Ratings upside would therefore
stem from ERG's adherence to its debt reduction plan, with no
additional large cash outlays, such as mergers and acquisitions
(M&A), new investments, extra dividends, or shareholder or related
party loans. With the current asset set-up, we believe EBITDA
should stabilize around $2 billion through the cycle. This, coupled
with an expected gross debt reduction to at least $7 billion,
should lead to debt to EBITDA of 3.5x, which roughly corresponds to
FFO to debt of about 20%. We assume ERG will start paying
meaningfully higher dividends this year. This will somewhat limit,
but not impair, its deleveraging capacity."

ERG's EBITDA should increase toward $3.0 billion-$3.3 billion in
2021 on surging commodity prices, but it could decline as prices
moderate. Thanks to supportive commodity markets we expect a much
stronger EBITDA of up to $3.3 billion this year, compared with $1.9
billion in 2020. The 2021 number includes certain losses from
hedges, as ERG has hedging arrangements and will not be able to
realize the full benefit from higher prices. S&P said, "We don't
expect current commodity prices will be sustainable and expect a
correction in 2022-2023. As such, we expect ERG's EBITDA to decline
toward $2.6 billion-$2.9 billion in 2022 and $2.1 billion-$2.4
billion in 2023, which is still materially above the levels from
before 2020, when cobalt-copper project Metalkol RTR was not yet
contributing cash flows for the full year. We note that RTR's
current cobalt and copper production exceeds the original plan."

Prices on ERG's key products will remain strong with some
moderation going forward.Prices for iron ore and copper, among
ERG's other key products, have rallied to historic highs in the
first half of 2021, copper surpassing $10,000/ton and iron ore
$200/ton marks, compared with an average of just over $6,000/ton
for copper and $103/ton for iron ore in 2020. Prices were supported
by strong demand from the recovering world economy as key countries
continue to successfully vaccinate their populations, while supply
remains tight for both copper and iron ore. Cobalt prices, which
briefly spiked to above $50,000/ton, have moderated to about
$40,000/ton on Glencore's announcement of Mutanda mine restart,
easing supply/demand concerns. This compares with an average of
just over $31,000/ton in 2020. Overall, we are careful about
cobalt, since demand is uncertain, despite it being an important
component of lithium nickel manganese cobalt oxide (NMC) batteries,
currently one of the most popular battery types. S&P said, "We
believe that development of alternative technologies such as
lithium iron phosphate (LFP), which is more affordable but has
lower energy density, could limit demand growth for expensive
cobalt, since producers are looking for ways to reduce the cost of
batteries. The increase in prices for ferrochrome and aluminum
prices have been more moderate than in copper and iron ore, but is
still significant. We don't believe prices will stay this high, but
rather that they start moderating as stimulus measures across the
globe are phased out while restocking is generally complete from
the lows of pandemic."

S&P said, "Our view of ERG's creditworthiness remains constrained
by governance, financial policy, and country risks.ERG's management
and governance is weak, in our opinion, reflecting the company's
track record of project delays and not fully efficient internal
controls. We note the group's track record of increased spending on
long-term expansion project RTR at the expense of debt reduction.
We note that the ramp-up of Metalkol RTR has increased the share of
revenue from the Democratic Republic of Congo (DRC), a very high
risk country, to above 25%. This will limit the future upside for
the rating, especially if the share of cash flow from DRC increases
further. Finally, U.K.'s criminal investigation into ERG's fully
owned subsidiary Eurasian Natural Resources Corp., started in 2013,
remains a risk. The investigation by the Serious Fraud Office also
weighs on the company's profile, although no official charges have
been placed and potential financial consequences are hard to
estimate. We will continue monitoring developments to assess the
investigation's potential effect on ERG's credit quality.

'The positive outlook reflects the possibility of an upgrade if ERG
prioritizes debt repayments over new investment opportunities,
supporting sustainable improvement of credit metrics. In our base
case for 2021, we assume EBITDA of $3.0 billion-$3.3 billion, which
translates into FFO to debt of 25%-30%."

S&P could upgrade ERG if all of the following conditions were met:

-- Reduction of absolute debt by about 15%, or $1.2 billion, in
2021-2022 on the back of improved cash flow that would keep FFO to
debt consistently above 20%.

-- S&P's expectation that the group will be able to maintain
EBITDA of at least $2 billion through the cycle, which should be
possible given the current operational set-up.

-- Evidence of more conservative financial policy without large
M&As, meaningfully higher capex, or cash distributions in any form
to shareholders outside the stated dividend policy. Notably, S&P
expects continuous debt reduction toward the company's target of
debt to EBITDA of 2.5x and full clarity over its future capex
projects.

-- Evidence of prudent liquidity management with comfortable
maturity profile and sufficient liquidity sources to cover all the
group's needs.

S&P could revise the outlook to stable if it doesn't believe ERG
can maintain its FFO to debt at 20% due to lower EBITDA, higher
debt, or a more aggressive financial policy.

Failure to sufficiently cover liquidity sources could also trigger
an outlook revision or a downgrade, depending on the severity of
the liquidity shortages.




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

NOBIAN FINANCE: Moody's Assigns B2 CFR, Outlook Stable
------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family rating
and a B2-PD probability of default rating to Nobian Finance B.V.
Moody's has also assigned a B2 instrument rating to EUR1,615m of
the guaranteed senior secured indebtedness which Moody's
understands can take the form of term loan and senior secured notes
plus the EUR200 million proposed guaranteed senior secured
revolving credit facility, all of these instruments are borrowed by
Nobian Finance B.V. The outlook on the ratings is stable.

RATINGS RATIONALE

The assigned B2 rating reflects Nobian's initially high pro-forma
gross leverage, as adjusted and defined by Moody's, of 6.7x for the
last 12 months that ended March 2021 but also its strong EBITDA
margins compared to other chemical peers. Moody's expects gross
leverage to be close to 6.5x, on a pro-forma basis, by the end of
2021 and further deleveraging to well below 6x in 2022 driven by
EBITDA expansion. The company is initially weakly positioned in the
B2 rating category, and therefore there is also limited cushion in
the rating for unexpected underperformance compared to Moody's
expectations.

Nobian's B2 CFR is primarily supported by (1) its leading market
positions in industrial salt and chlor-alkali products in
Northwestern Europe and its long-standing relationship with its
customers; (2) its backward integrated business model across the
energy-salt-chlorine value chain which enables a low cost structure
leading to a high profitability with Moody's adjusted EBITDA margin
at around 27% in 2020; (3) Moody's expectation of additional
earnings from growth capex in the past which was invested in
additional chloromethanes capacity and energy storage in its salt
caverns with a combined additional EBITDA contribution of over
EUR30 million per annum by fiscal year 2022; (4) its ability to
generate positive free cash flow despite elevated investments into
growth projects over the next years; (5) limited chlor-alkali
capacities additions in Europe and a recovery of its industrial and
automotive end-markets which should support improving caustic soda
prices over the medium term; and (6) high barriers to entry
including high safety and regulatory standards, technological
knowledge and capital intensity.

Nobian's B2 CFR is primarily constrained by (1) its small size
relative to peers with revenues of around EUR1 billion and its
geographical concentration in Northwestern Europe; (2) its high
starting pro-forma gross leverage, as adjusted and defined by
Moody's, of around 6.7x (considering EUR16 million run-rate EBITDA
from contracted demand of the chloromethanes expansion and EUR70
million expected debt repayment from the net disposal of the Salt
Specialties sale) for the last 12 months that ended March 2021; (3)
some degree of earnings volatility, mostly related to caustic soda;
(4) its exposure to raw material price fluctuations which are
partially mitigated by pass-through mechanisms for its salt and
chlorine contracts; and (5) a fairly large capital expenditure
program over the next years with peak investments of around EUR190
million, on a reported basis, in 2023 which constrain Nobian's
ability to meaningfully reduce gross debt.

Moody's expects Nobian's leverage to decrease to well below 6x by
2022 driven by additional EBITDA generation from contracted demand
of the methyl chloride capacity additions in its plant in Frankfurt
and the energy storage in salt caverns, expected higher volumes in
the absence of larger turnarounds in Rotterdam, standalone costs
savings and a more favorable pricing environment for caustic soda.
Since 2018 when European caustic soda price hit its all-time high
due to a 10% capacity reduction following regulatory changes,
realized caustic soda prices declined significantly over the last
years. In contrast to many other base chemicals, caustic soda
prices remained fairly low in Q1-21 due to strong supply. Moody's
expects caustic soda prices to gradually improve on the basis of
limited supply expansion and continued strong demand. Caustic soda
is a by-product of the chlorine production which currently benefits
from strong demand from its main downstream application, polyvinyl
chloride (PVC).

ESG CONSIDERATIONS

Nobian's rating takes into account in its private-equity ownership,
which entails weaker reporting standards than those of public
companies, and a financial policy that tolerates high leverage.

As of the end of December 2020, Nobian reported provisions for
environmental costs and decommissioning amounting to EUR25 million
and EUR99 million, respectively, largely unchanged from last year.
The current decommissioning provisions relate to Nobian's salt
caverns in Hengelo. Chlorine is a highly hazardous material, hence
regulatory requirements with regards to handling chlorine are
strict.

LIQUIDITY PROFILE

Nobian has a solid liquidity profile. The opening cash balance at
time of closing of the transaction is expected to be around EUR70
million and the company has full availability under its EUR200
million RCF. In combination with forecasted funds from operations
of around EUR200 million in 2022, these funds are sufficient to
cover capital expenditure, as adjusted and defined by Moody's, of
around EUR170 million, moderate capital swings and day-to-day cash
needs (estimated to be around 3% of annual sales).

The availability of the RCF is subject to a total first lien net
leverage covenant of 9.15x which will be tested when RCF
utilization (net of cash on balance sheet) is at or above 40%.

STRUCTURAL CONSIDERATIONS

Moody's rates the proposed EUR1,615 million guaranteed senior
secured instruments and the proposed EUR200 million guaranteed
senior secured multicurrency revolving credit facility at B2. These
debt instruments rank pari passu and share the same security
package and guarantor coverage. Entities representing a minimum of
80% of consolidated EBITDA will guarantee the senior secured debt.

RATIONALE FOR STABLE OUTLOOK

The stable outlook on Nobian's rating reflects Moody's expectation
that gross leverage will decline to well below 6x by 2022. The
stable outlook also assumes that the company's liquidity will
remain adequate with positive FCF generation on a consistent basis
despite elevated capital spending over the next years.

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

Moody's could upgrade ratings if (1) debt/EBITDA would decline to
below 5.0x on a consistent basis; (2) FCF/debt would be
consistently in the high single digits (%); and (3) EBITDA margin
would remain steady in the mid- to high-20s in percentage terms.

Conversely, Nobian's ratings could be downgraded if (1) debt/EBITDA
would remain above 6.0x; and (2) the company's liquidity profile
would deteriorate as a result of negative FCF; and if (3) Nobian's
EBITDA margins would decline to the low twenty percentage on a
consistent basis.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Chemical
Industry published in March 2019/

COMPANY PROFILE

Netherlands-based Nobian Finance B.V. is a European base chemicals
producer, primarily focused on the chlor-alkali chain which
accounted for around 59% of its sales in fiscal year 2020. The
company operates through four main segments: i) salt; ii)
chlor-alkali, iii) chloromethanes and iv) energy. In 2020, the
company generated around EUR938 million of revenues and generated
company-adjusted EBITDA of around EUR296 million.

Nobian is a spin-off of Nouryon Finance B.V. (B2 stable). Nobian's
owners are The Carlyle Group (Carlyle) and the Government of
Singapore Investment Corporation (GIC), which carved out Nouryon
Finance B.V. from Akzo Nobel N.V. (Baa1 stable) in 2018.


NOBIAN HOLDING 2: S&P Assigns Preliminary 'B' ICR, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B' long-term issuer
credit rating to Nobian's intermediate parent company, Nobian
Holding 2 BV, a Dutch commodity chemicals producer.
S&P also assigned its preliminary 'B' issue rating, with a '3'
recovery rating, to the company's proposed EUR1,190 million TLB and
EUR425 million other senior secured indebtedness.

The stable outlook reflects S&P's view that Nobian will gradually
reduce debt to EBITDA from high levels following the transaction
thanks to resilient operating performance and improving EBITDA.

In May 2021, specialty and commodity chemicals producer Nouryon
Holding B.V. announced its intention to spin out its base chemicals
business, Nobian, which will operate as a stand-alone entity
following the carve-out. As part of the transaction, Nobian plans
to raise:

-- EUR1,615 million in senior debt, with minimum EUR1,190 million
TLB and EUR425 million other senior secured indebtedness; and

-- A EUR200 million RCF.

The senior debt facilities, as of the closing date, are expected to
include an additional EUR20 million bilateral ancillary facility
for trade letters of credit and other bank guarantees in addition
to the EUR200 million RCF. When completed, the transaction will
result in two separate companies, operating as stand-alone
entities. S&P expects the separation to be completed early in the
third quarter of 2021, following the receipt of all relevant
approvals, including final board approval. Nobian's board of
directors will comprise members from Carlyle, GIC, and Nouryon's
executive leadership team.

S&P said, "We expect Nobian's S&P Global Ratings-adjusted debt to
EBITDA will reduce to 5.5x-6.0x in 2022 from about 6.0x-7.0x in
2021-2022, mostly thanks to expected resilient topline growth and
improving profitability. Our assessment of Nobian's financial risk
profile is mainly constrained by the company's private equity
ownership and high adjusted gross debt, which we estimate at about
EUR1.8 billion at closing of the transaction, assuming the RCF is
undrawn. Our debt adjustments at transaction closing include about
EUR100 million of leasing liabilities, EUR53 million of pension
deficits, and other adjustments for about EUR74 million related to
asset retirement obligations.

"We think Nobian's financial sponsor ownership limits the potential
for leverage reduction over the medium term. We do not deduct cash
from debt in our calculation, owing to Nobian's private-equity
ownership." In the medium term, the financial sponsor's commitment
to maintaining adjusted debt to EBITDA sustainably below 5.0x would
be necessary for an improved financial profile assessment.

Nobian has a solid market position as a European producer of salt,
chlor-alkali, and chloromethanes. Nobian is the leading producer of
salt for the chemical transformation market in Europe, holding the
No. 1 market position in this segment, with an overall market share
of about 43%. The company provides high-purity vacuum salt, which
we view as less cyclical and more profitable than rock salt used
for consumers and for de-icing. In the merchant market, Nobian
holds the No. 1 position for chlorin and No. 2 position for caustic
soda. Nobian holds the No. 1 market position, with a 36% share, for
methyl chloride, methylene chloride, and chloroform, which are
mostly used in the automotive, building construction, and
pharmaceutical markets. Nevertheless, S&P thinks the markets in
which Nobian operates are subject to high volatility and
competition, which could affect the company's market position,
given the commoditized nature of the products.

The full vertical integration and rather flexible cost base leads
to high profitability. Nobian benefits from its position at the
lower end of the cost curve for some of its raw materials and input
factors, thanks to its locations. This, combined with full vertical
integration, provides the company with good and resilient
profitability, leading to an EBITDA margin above 27% for 2020. The
company generates more than half the steam for its processes
internally, and it uses about 27% of its salt production as a key
input for the production of chlor-alkali, of which it uses about
22% for the production of chloromethanes. This unusual setup
significantly mitigates the volatility in raw material prices,
allows for higher margins, and ensures reliable operations. Nobian
also benefits from a rather flexible cost base, with about 60% of
operating expenses related to cost of goods sold and other variable
expenses.

Although Nobian benefits from long-standing relationship with its
clients, which provides significant business resilience, customer
concentration is high. Nobian has a strong logistics network, with
an integrated customer base, since all its sites are co-located
with its clients. This, combined with long-term contracts of up to
10 years, provides the company with good demand visibility and
resilient margins. S&P also notes that Nobian supplies more than
90% of its customers' industrial salt, chlor-alkali, and,
chloromethanes, which provides the company with some pricing power.
Somewhat counterbalancing these strengths, Nobian has high customer
concentration, with its top three customers accounting for more
than 45% of the salt business, 25% of chlor-alkali, and 36% of
chloromethanes.

S&P said, "We view Nobian's size and scope as a relative weakness,
which constrains our business risk assessment.With end-2020 revenue
at EUR938 million, we think Nobian's revenue size in its markets is
relatively small, compared with both European and global players.
For example, U.S.-based Olin Corp. generated about 4x Nobian's
revenue in chlor-alkali. Additionally, we believe Olin Corp. is
more diverse in terms of product offering and customer base. The
size of Nobian's salt business, in terms of revenue, is comparable
with SCHI Holding's (before the acquisition of Morton Salt from
K+S) and American Rock Salt."

Nobian has quite a limited product offering compared to larger
commodity chemicals companies, generating most of its sales in
Western Europe. Another rating constraint is the company's
concentration on one chemical value-chain and rather limited
product offering, with significant dependence on the Western
European economy. In 2020, Nobian generated almost 60% of its
revenue from chlor-alkali, followed by 23% from salt and 9% from
chloromethanes, with the remainder from energy production sold to
third parties. S&P thinks Nobian has more limited product portfolio
compared to other commodity chemicals producers and companies
operating in the same markets. Moreover, Nobian generates more than
95% of sales in Western Europe, with the Netherlands and Germany
accounting for 36% and 33% of total revenue, respectively, leading
to higher geographic concentration compared to peers.

S&P said, "We forecast adjusted EBITDA margins of 28%-32% in
2021-2022. This improvement on 2020 will stem from several
cost-saving initiatives and recovery from the negative effects of
the COVID-19 pandemic. Although we think some restructuring costs
will impair profitability following the carve-out, we expect Nobian
will have a lower cost base as a stand-alone entity. We view the
chlor-alkali industry's medium- to long-term fundamentals as
favorable despite weakness in 2019-2020, and we expect increasing
demand to greatly outpace supply additions over the next several
years. We expect this will contribute to sound topline growth that,
combined with lower costs, will lead to margins improving to about
27%-29% in 2021 and 31%-33% in 2022 from about 27% in 2020. We note
that this level of profitability is higher than the industry
average.

"We think high capital expenditure (capex) could constrain cash
flow generation. We expect adjusted free operating cash flow (FOCF)
to remain well above EUR50 million in 2021 and 2022 due to moderate
interest expenses and outflow from working capital. Nevertheless,
we note that capex is higher compared to the industry average, and
we expect it to increase to about 18% of revenue by 2023 from about
12% of revenue in 2021. We think cash flow generation could come
under pressure, especially during times of economic downturns, if
the company were to incur any additional unplanned capex.

"The final ratings will depend on our receipt and satisfactory
review of all final documentation and final terms of the
transaction. The preliminary ratings should therefore not be
construed as evidence of the final ratings. At this stage, the
proposed transaction includes a TLB, other senior secured
indebtedness, and an RCF. If we do not receive the final
documentation within a reasonable time, or if the final
documentation and terms of the transaction depart from the
materials and terms reviewed, we reserve the right to withdraw or
revise the ratings. Potential changes include, but are not limited
to, utilization of the proceeds, maturity, size, and conditions of
the facilities, financial and other covenants, security, and
ranking.

"The stable outlook reflects our view that Nobian will show
resilient performance following the carve-out, supported by
improving profitability and good growth prospects in end-markets.
We expect adjusted debt to EBITDA will gradually decrease to about
5.5x-6.0x over the coming two years, and we anticipate that Nobian
will continue to generate positive FOCF. We do not net cash, so
EBITDA growth will drive the leverage reduction. Headroom at the
current rating level is relatively comfortable."

S&P could lower the ratings if:

-- Nobian's operating performance deteriorates, jeopardizing the
sustainability of its capital structure and resulting in a much
weaker operating performance and adjusted debt to EBITDA staying
above 7.0x;

-- The company generates negative FOCF in 2021 and 2022, without
prospects for a swift recovery; or

-- The company's liquidity deteriorates materially.

An upgrade is remote at this stage, given the high amount of debt
in the capital structure. That said, S&P could consider raising the
ratings if adjusted debt to EBITDA drops below 5x and the sponsor
commits to maintaining lower leverage.




===========
S E R B I A
===========

SERBIA: S&P Affirms BB+/B Sovereign Credit Ratings, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+/B' long- and short-term
foreign and local currency sovereign credit ratings on Serbia. The
outlook is stable.

Outlook

The stable outlook balances lingering risks from the COVID-19
pandemic to Serbia's fiscal performance over the next 12 months
against the potential for the country's external position to
strengthen, particularly if foreign direct investment (FDI) inflows
remain resilient while the global recovery strengthens.

Upside scenario

S&P could upgrade Serbia if, alongside fiscal consolidation,
Serbia's balance of payments performance proved stronger than we
project. This could be the case if strong FDI inflows underpinned a
further expansion of export-oriented productive capacity, reducing
current account deficits and strengthening central bank
international reserves.

Downside scenario

Downward pressure could build on the ratings if, contrary to S&P's
expectation, government finances weakened significantly or Serbia
relied increasingly on debt to finance its external deficits as
opposed to the current FDI-based funding structure.

Rationale

S&P's ratings on Serbia are supported by still-moderate public
debt--yielding some fiscal space for the government to implement
countercyclical policies--and a credible monetary policy framework.
The ratings are constrained by the country's relatively weak
institutional settings, comparatively low economic wealth levels, a
sizable net external liability position, and the still-extensive
use of euros in the economy.

Institutional and economic profile: Less rigorous lockdown
restrictions, substantial policy support, and the resilience of key
sectors have limited the pandemic's effect on Serbia's economy

-- S&P projects real GDP will expand by 5% in 2021, supported in
part by a third fiscal package.

-- Nearly 40% of Serbia's population has received at least one
vaccine dose, but risks related to vaccine efficacy against
coronavirus variants remain and could weigh on economic growth and
fiscal outcomes.

-- With fresh elections due next year, the government's short
two-year term could detract from its medium-term reform agenda.

S&P expects the Serbian economy to expand by 5% in real terms in
2021 after a relatively mild contraction of 1% in 2020. The number
of employed continued to increase last year, although the fall in
the unemployment rate was also attributable to workers exiting the
labor market. The economy reached and exceeded its prepandemic
level in the first quarter of this year.

Relative to many other countries, including in the region, Serbia
had a much shorter period of stringent COVID-19-related containment
measures. Authorities curbed subsequent waves of infection with
fewer restrictions--for instance, via limits on business hours for
most nonessential businesses and entertainment venues. Serbia's
construction and manufacturing sectors remained resilient, and the
economy's reliance on sectors most hit by the pandemic--such as
leisure and hospitality--is limited.

Moreover, a sizable fiscal package and accommodative monetary
policy supported the economy and prevented a deeper economic
contraction. Amid rising infections earlier this year, authorities
launched a third fiscal package that we anticipate will continue to
support the economy this year.

Serbia has enjoyed relative success in its vaccination drive, with
37% of its population having received at least one jab so far. This
performance makes the country one of the frontrunners in terms of
vaccine rollout across emerging markets. Still, risks related to
vaccine efficacy against virus variants could weigh on growth and
fiscal outcomes. These risks could affect not just domestic demand,
but also external demand for Serbia's exports--the economy is far
more open than it was heading into the global financial crisis more
than a decade ago. Exports now constitute about half of overall
economic output, compared with less than a third in 2007.

Elections in June last year handed victory to the incumbent Serbian
Progressive Party, which won three-quarters of seats in parliament.
The main opposition parties boycotted the election, citing
irregularities. This, along with the low voter turnout, prompted
President Aleksandar Vucic to call elections in 2022. In S&P's
view, the government's short term in office could detract from its
ability to implement its medium-term reform agenda. After the
conclusion of its three-year policy coordination instrument with
the IMF in January, the government is seeking another nonfinancial
program to support structural reforms. These include strengthening
tax administration and the management of fiscal risks, tackling the
informal economy, and developing capital markets.

S&P said, "We continue to believe that the ongoing centralization
of the institutional setup could undermine long-term policy
predictability. This could, in turn, lead to flagging investor
confidence. We also think that stemming the accelerating emigration
of Serbia's most educated by creating adequate jobs across skill
levels will remain an important test for subsequent
administrations.

"The resumption of U.S.-brokered talks between Serbia and Kosovo
yielded an economic agreement, but a broader normalization of
relations between the two--a prerequisite for Serbia's EU
accession--is likely to remain a long-term challenge, in our
opinion."

Flexibility and performance profile: Serbia entered the pandemic
with significantly lower imbalances than a decade ago, providing
policy headroom to support the economy

-- Moderate levels of public debt afford some fiscal space for
countercyclical measures to limit the pandemic's economic fallout.

-- The banking system is stable, although S&P believes some
asset-quality deterioration is likely as government forbearance
measures wind down.

-- Foreign exchange (FX) reserves are near record highs despite
interventions by the National Bank of Serbia (NBS) to preserve the
dinar's stability.

After providing sizable support to the economy through 2020 (about
12% of GDP including guarantees), the government revised the 2021
budget deficit to 6.9% of GDP from the original 3.0%. The budget
revision incorporated a third economic support package that
included:

-- 1.3% of GDP in direct support measures to the private sector;
-- 1.0% of GDP in untargeted cash transfers to citizens; and
-- 1.6% of GDP in additional public capital expenditure (capex)
targeting road and rail infrastructure, and military expenditure.

The package also includes 2% of GDP toward guarantees to small and
midsize enterprises, which will not contribute toward the budget
deficit unless called.

Net general government debt to GDP, which declined through
2015-2019, will rise to 53% in 2021 from 50% a year earlier, in
line with our projections for the fiscal deficit. About 70% of
government debt is FX-denominated, making it vulnerable to
exchange-rate volatility.

S&P projects that the fiscal deficit will begin to narrow in 2022
following a rebound in economic activity and the withdrawal of
measures to support the economy during the pandemic. Political
considerations ahead of the June 2022 elections could, however,
further slow the pace of consolidation outlined in our projections.
Authorities intend to continue increasing capex to close the
infrastructure gap while aiming to guide public finances toward
balance over the next five years, amid broader economic reforms.
The revised 2021 budget includes 7% of GDP in capex projects, but
whether the whole amount will be spent during the year is unclear.

Monetary policy has remained accommodative. The NBS cut the key
policy rate by a cumulative 125 basis points to 1% during 2020 and
increased the provision of liquidity to the banking sector via swap
lines and repos. It has managed to keep inflation under 2% over the
past seven years, well below the 10% average over 2003-2012 and its
3% target rate. S&P anticipates higher food and energy prices will
boost inflation temporarily this year before it decelerates again.

The NBS also stepped up FX-market intervention through 2020 to
stabilize the dinar. Reserve accumulation continued, nevertheless,
and the NBS' FX reserves stand at close to record highs, at EUR14
billion at the end of May 2021. S&P estimates reserves (net of
required reserves banks maintain with the NBS against their
domestic FX liabilities) will cover four months of current account
payments on average through its forecast to 2024.

More broadly, Serbia's imbalances are significantly lower than they
were a decade ago. This is demonstrated by its diminished reliance
on temperamental portfolio inflows compared with the era after the
financial crisis, when these flows were the dominant source of
financing for its large twin deficits. Moreover, and despite recent
net foreign currency sales, the NBS' reserves reached a record high
in May 2020. Fiscal imbalances have also receded in the past
half-decade, although the restructuring of state-owned enterprises
has yielded only modest success so far.

FDI--predominantly in tradeables--has fully financed Serbia's wider
current account deficits in recent years and lowered its reliance
on debt-creating inflows. Arguably, these inflows have also aided
the NBS' efforts to augment its FX reserves. In addition, over the
past decade, foreign investment into Serbia's manufacturing sector
resulted in stronger and diversified export receipts.

The stability of the majority foreign-owned banking sector has
improved, although the euroization of deposits and loans remains
high. The system's reported average capital adequacy ratio was 22%
as of March 2021. The sector remains profitable--although returns
have declined--and supportive of economic growth. Nonperforming
loans declined to under 4% of the total at end-April 2021 from a
peak of 22% in 2015, although S&P believes that some asset-quality
deterioration is likely when official forbearance and support
measures wind down. The sale of Serbia's third-largest lender, the
previously state-owned Komercijalna Banka, to Slovenia's Nova
Ljubljanska Banka (NLB), concluded in 2020. NLB now owns 88% of the
entity.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  RATINGS AFFIRMED

  SERBIA

  Sovereign Credit Rating                BB+/Stable/B
  Transfer & Convertibility Assessment   BBB-
  Senior Unsecured                       BB+




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

GRUPO ANTOLIN: Moody's Hikes CFR to B2, Outlook Stable
------------------------------------------------------
Moody's Investors Service has upgraded the corporate family rating
of Grupo Antolin-Irausa, S.A. to B2 from B3, its probability of
default rating to B2-PD from B3-PD and its senior secured
instrument ratings to B2 from B3. The outlook on the ratings
remains stable.

At the same time Moody's assigns a B2 rating to Grupo Antolin's
proposed EUR390 million senior secured bond issue.

"The ratings upgrade reflects Grupo Antolin's faster than expected
progress in restoring its credit metrics back to levels more
commensurate with a B2 rating driven by a recovery in global light
vehicle sales and materializing effects from the company's cost
efficiency measures" said Falk Frey, a Moody's Senior Vice
President and Lead Analyst for Grupo Antolin. "The upgrade is also
supported by the company's cautious liquidity planning through the
downturn as well as its preemptive debt refinancing measures," Frey
added.

RATINGS RATIONALE

Grupo Antolin's B2 rating reflects a better than expected
resilience in financial metrics for FY2020 and a continued recovery
of credit metrics in 2021, starting from H2 2020. It further
reflects Moody's expectation that leverage (Moody's adjusted debt /
EBITDA) will, after a temporal increase to almost 9x in 2020 (5.1x
in 2019), which was however much better than anticipated will
decline towards 5.5x by year-end 2021.

The improvement will be supported by Moody's expectation of a
recovery in global light vehicle sales in 2021 and beyond, after a
sharp drop in 2020 as well as further profit improvements and
margin enhancements from Grupo Antolin's cost savings and
efficiency measures implemented last year which resulted in cost
benefits of around EUR62 m in FY2020 and Moody's expects these
benefits to increase in the current year, being a major driver of
profit improvements in addition to higher revenues.

Moody's forecasts for the global automotive sector a 7.7% recovery
in unit sales in 2021, compared with a decline of 16.1% in 2020.
However, future demand for vehicles could be weaker than Moody's
current estimates, the already competitive environment in the auto
sector could intensify further, and Grupo Antolin could encounter
greater headwinds than currently anticipated.

The rating balances Grupo Antolin's (1) strong position in the
market for automotive interior products, (2) size and scale as a
tier 1 automotive supplier, (3) adequate liquidity, and (4)
resilience to raw material price volatility.

The rating also reflects (1) Grupo Antolin's exposure to the
cyclicality of the global automotive industry; (2) a highly
competitive market environment for interior products, with
relatively little growth prospects and high pricing pressure,
reflected by a negative EBITA margin of -2,0% in 2020 which was
already weak in 2019 (1.9%) pre-Covid impact; (3) its high gross
leverage of 8.6x in 2020 (in 5.1x 2019); and (4) its low free cash
flow (FCF), a negative of around EUR100 million over the last five
years, given its high capital spending and low operating profit
margin.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectation of continued
progress in Grupo Antolin's financial recovery that should lead to
financial metrics becoming more adequate for the current B2 rating
level over the next 12-18 months and beyond e.g. EBIT margin
improvement to around 2.5% and leverage below 5.5x, whereas free
cash flow will become positive only by 2022.

LIQUIDITY

As of the end of March 2021, the company's cash balance was around
EUR340 million in addition to the availability of its EUR200
million revolving credit facility (RFC) of which its maintenance
covenants are suspended until June 2021. Afterwards, test levels of
net debt/adjusted EBITDA less than 3.5x and EBITDA/financial
expenses greater than 4.0x apply. Moody's expects that these
covenants will be met once they become effective again.

Grupo Antolin has no major debt maturities until 2025 and only
minor amounts of short-term debt falling due, most of which are
renewable credit facilities that are typically rolled over. Against
previous assumptions, Moody's, Moody's expect the group to generate
a negative free cash flow in an amount in the mid double digit
million for 2021 and a slightly positive FCF thereafter.

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

A further upgrade is rather unlikely but could be considered in
case of (i) a gross leverage sustainably below 4.5x (Moody's
adjusted debt / EBITDA), (ii) an increase in EBITA margin to be
comfortably above 3.5% and (iii) a track record of positive free
cash flow gneration on a sustainbable basis.

The ratings could come under pressure should (i) leverage remain
above 5.5x on a sustained basis, or (ii) EBITA margin not increase
and sustain above 2.5%, or (iii) free cash flow remain negative
beyond 2021 and (iv) the copany's liquidity profile weaken
materially.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Automotive
Suppliers published in May 2021.

COMPANY PROFILE

Headquartered in Burgos, Spain, Grupo Antolin-Irausa, S.A. is a
family-owned tier 1 supplier to the automotive industry. It focuses
on the design, development, manufacturing and supply of components
for vehicle interiors, which includes cockpits, overheads
(headliners), door trims, and interior lighting components. In
FY2020, Grupo Antolin generated revenues of EUR3.9 billion.


GRUPO ANTOLIN: S&P Rates New EUR390MM Senior Secured Notes 'B'
--------------------------------------------------------------
S&P Global Ratings assigned its 'B' issue rating and '3' recovery
rating to the proposed EUR390 million senior secured notes due 2028
to be issued by Grupo Antolin Irausa S.A.U. (B/Stable/--). The '3'
recovery rating indicates its expectation of meaningful recovery
(50%-70%; rounded estimate: 65%) in the event of a payment default.
The proposed notes will rank pari passu with Grupo Antolin's
existing secured debt, including its term loan and revolving
facilities, its European Investment Bank (EIB) facility, and EUR250
million senior secured notes due 2026.

The company will use the proceeds to repay its outstanding EUR385
million senior secured notes due 2024, such that S&P views the
transaction as leverage neutral. Its stable outlook on Grupo
Antolin reflects its forecast that a rebound in industry demand,
paired with continued cost discipline, will enable the company to
improve its credit metrics sustainably in the next 12–18 months,
resulting in adjusted debt to EBITDA declining toward 5x and
adjusted funds from operations to debt of more than 15% in 2022,
combined with adjusted free operating cash flow to debt approaching
5%.

Issue Ratings - Recovery Analysis

Key analytical factors

-- S&P's issue rating on the EUR390 million proposed senior
secured notes due 2028 and EUR250 million senior secured notes due
2026 is 'B'. The recovery rating is '3', indicating its expectation
of meaningful recovery prospects (50%-70%; rounded estimate 65%) in
a default scenario.

-- Recovery prospects are constrained by the weak security package
solely consisting of share pledges, by the overall secured debt
amount, and to a minor extent by the company's non-recourse
factoring facility and small amounts of subsidiary debt, which S&P
ranks ahead in its waterfall.

-- In S&P's hypothetical default scenario, it assumes a payment
default resulting from significantly reduced profitability in
adverse market conditions that involve order cancelations or delays
in programs, higher price pressure from Grupo Antolin's carmaker
customers, or loss of market share.

-- S&P values the group as a going concern, given its leading
position in some of its segments, geographic differentiation, and
longstanding customer relationships.

Simulated default assumptions

-- Year of default: 2024

-- Jurisdiction: Spain

-- Minimum capex: 2% of sales (standard assumption, which is in
line with its expectation for the level of Grupo Antolin's
maintenance capital expenditure).

-- Cyclicality adjustment: 10% (standard assumption for auto
suppliers).

-- Operational adjustment: -10% (fine-tuning the discount of the
default EBITDA proxy to our run-rate EBITDA versus peers at the
same rating level).

-- Enterprise valuation multiple: 5.0x

Simplified waterfall

-- Gross enterprise value: EUR971 million

-- Net recovery value for waterfall, after 5% administrative
expense: EUR922 million

-- Priority debt: EUR78 million[1]

-- Value available to secured claims: EUR845 million

-- Total senior secured debt: EUR1.272 billion[2]

-- Recovery percentage: 50%-70%; rounded estimate: 65%

-- Recovery rating: 3 (65%)

[1]Includes debt at subsidiaries and non-recourse factoring
facilities of about 100 million, which S&P assumes to be 50% drawn
at default.

[2]Revolving credit facility assumed to be 85% drawn at default.
Includes six months of prepetition interest.


NH HOTEL: Fitch Gives 'B+(EXP)' Rating on EUR400MM Secured Notes
----------------------------------------------------------------
Fitch Ratings has assigned NH Hotel Group S.A.'s (NHH) new EUR400
million due 2026 an expected senior secured rating of 'B+(EXP)'
with a Recovery Rating of 'RR2'. Its Long-Term Issuer Default
Rating (IDR) has been affirmed at 'B-' with Negative Outlook.

The affirmation reflects the satisfactory deleveraging capacity of
NHH, as evident in its forecast positive free cash flow (FCF) from
2022 and extended debt maturities, despite severe pandemic impact
during 4Q20 and 1Q21. It also continues to factor in Fitch's
credit-profile assessment of Thai-based Minor International Group
(Minor) that owns 94% of NHH. The Negative Outlook factors in
uncertainty over post-pandemic business normalisation at both NHH
and the wider Minor Group level.

NHH's Standalone Credit Profile (SCP) is 'b', reflecting improved
liquidity, Fitch's assumptions of gradual revenue per available
room (RevPAR) recovery from 2H21 and stabilisation of credit
metrics at levels that are compatible with the current SCP. NHH's
IDRs are constrained by the consolidated credit profile of Minor.

The assignment of the final rating is contingent on the receipt of
final documentations conforming to information already reviewed.

KEY RATING DRIVERS

New Debt, Similar Covenants: The planned EUR400 million senior
secured notes will address NHH's refinancing risk by 2023, when
Fitch expects operations to still be in the recovery phase, by
extending debt maturity a further three years to 2026. It will also
support current operations that continue to generate negative funds
from operations (FFO) in a hospitality sector that is depressed by
the pandemic. The new notes retain the same covenant package as
NHH's existing notes, which restrict cash upstream unless certain
leverage covenants are met.

Focus on Cash Preservation: NHH's recent drawdown of a EUR100
million shareholder loan from Minor supported liquidity as the
company continues to be challenged by negative operational cash
flows. This helped maintain cash at a healthy level: Fitch-adjusted
available cash is forecast to remain above EUR200 million at
end-2Q21. Apart from continuous cost management, further cash
savings are expected in 2021 from an announced contingency plan and
material reductions in capex, which Fitch now forecasts at just
slightly over EUR40 million versus EUR100 million previously.

Upcoming Asset Sale-Leaseback: Liquidity will also be supported by
the sale and leaseback of two of NHH's hotels for a total of around
EUR200 million. Fitch expects that NHH will use the proceeds to
either finance its operations or deleverage through a partial
revolving credit facility (RCF) prepayment. Fitch also acknowledges
the positive credit effect for NHH of lower capex and potentially
favourable leaseback terms under current difficult market
conditions.

Long-Lasting High Exposure to Covid-19: The pandemic disruption
will have a stronger impact on operations in 2021 than previously
forecast. Since Fitch does not currently envisage resumption of
business travel until the pandemic is contained, Fitch's occupancy
forecast for 2021 remains conservatively almost halved relative to
2019. The change in corporates' policies towards virtual meetings
could also lead to a permanent loss of a share of business travel,
increasing the challenges for management to reach pre-pandemic
occupancy levels.

Revenue Recovery on Slow Track: Fitch's projections incorporate
weak revenue assumptions for 2021, resulting in revenue that is
around 50% below 2019 levels. Structural changes in demand will
continue to put pressure on NHH's revenue in the long term. As a
result, a slower reopening of NHH's hotels amid a muted
lodging-market recovery forecast by Fitch will lead to RevPAR
lagging 2019 levels until at least 2024, when occupancy is expected
to recover in most lodging-market segments.

Actions Protecting Cost Base: NHH has demonstrated one of the
highest absorption rates of revenue declines among peers in 2020
and continues to deploy efficient measures to further reduce staff
and lease costs in 2021. Although Fitch views some of these
measures as temporary (extension of payment terms with suppliers,
rent waivers etc.), a portion of the cost-savings efforts (staff
optimisation, signed rent discounts) should continue supporting
operating margins post-pandemic and, consequently, help return
EBITDA margin to 2019 levels in 2024.

Moderate Parent-Subsidiary Ties: Fitch's assessment of ties between
NHH and Minor remains 'Moderate' due to independent liquidity and
treasury management demonstrated by the subsidiary, as well as
dividend restrictions that remain in place for a material part of
its external financing, including for the new notes. Fitch's
assessment is also supported by Minor's support through its recent
cash injection that underlines NHH's strategic importance for
Minor.

Parent's Ownership Constrains Rating: Minor's near full ownership
(94%) still assumes the possibility that the parent could decide to
access NHH's cash flows through a change in financial policy and
control of the board. NHH's rating is therefore constrained at
'B-', reflecting Minor's consolidated credit profile and the
moderate linkage between the two entities in line with Fitch's
Parent and Subsidiary Rating Linkage Criteria.

Higher Post-Pandemic Leverage: Fitch's rating case expects FFO
adjusted net leverage to remain high in 2021, before stabilising at
around 6.0x in 2023 with gradual deleveraging thereafter. Operating
leases remain a large burden on adjusted financial debt, especially
given the high share of fixed rents. This is mitigated by NHH's
efforts to renegotiate and cancel onerous leases along with rent
variability and NHH's introduction of a cap mechanism. However, the
majority of leases still do not have variability or a cap
mechanism.

A return to pre-crisis trading conditions, combined with a
continued focus on FCF generation and the support of a conservative
financial policy by the shareholder, could accelerate deleveraging
and support NHH's credit profile.

Financial Policy Still Uncertain: Minor has publicly established a
long-term target net leverage of around 2.5x for NHH. Despite
restrictions imposed by the bond and RCF documentation on
dividends, investments, guarantees or new loans, Fitch still views
the possibility of a change in financial policy as potentially
detrimental to NHH's credit quality in the long term. While the
pandemic could lead Minor to upstream more cash from NHH than
Fitch's rating case, this remains unlikely given the stringent
covenants in place unless the majority of NHH's debt is refinanced
on looser terms.

DERIVATION SUMMARY

NHH is one of the 10 largest European hotel chains. It is
significantly smaller than global peers such as Accor SA
(BB+/Stable) or Meliá Hotels International by breadth of
activities and number of rooms. NHH focuses on urban cities and
business travellers, while Accor and Meliá are more diversified
across leisure and business customers.

NHH is comparable with Radisson Hospitality AB in urban
positioning, although Radisson is present in a greater number of
cities. NHH had an EBITDA margin of more than 17% in 2019, which is
above that of close competitor Radisson, but still far from that of
asset-light operators such as Accor or Marriott International, Inc.
NHH has been more severely hit by the pandemic due to an
asset-heavy structure and the urban positioning similarly to Alpha
Group (CCC/RWN).

Pre-pandemic NHH's FFO adjusted net leverage of 5.0x (adjusted for
variable leases) at end-2019 was higher than that of peers due to a
large exposure to leases. NHH remains a more asset-heavy hotel
group than peers, although its use of management contracts was
around 13% of its hotel portfolio as of end-December 2020. NHH
benefits from some financial flexibility allowing some
asset-rotation strategies and easing the cost base in a disruptive
scenario (as demonstrated by higher absorption rate than peers),
however the company will remain highly leveraged post-pandemic
versus asset-heavy peers such as Whitbread PLC (BBB-/Stable).

KEY ASSUMPTIONS

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

-- Revenue recovery in 2021 but still 50% behind 2019 levels,
    driven by impaired RevPAR across all regions, followed by a
    fuller recovery by 2024.

-- Negative EBITDA in 2021 as a result of still limited
    occupancy. EBITDA margin to recover towards 14% by end-2023.

-- Around EUR350 million of aggregate capex for 2021-2024 to
    cover maintenance capex, additional repositioning within the
    portfolio, development of the current signed pipeline and some
    additional limited expansion.

-- Dividend distribution in line with legal restrictions and
    historical policy, only from 2024.

Recovery Assumptions:

The 'RR2' Recovery Rating for the planned EUR400 million senior
secured notes reflects Fitch's view of superior recovery prospects
upon default based on the collateral value for the notes and EUR236
million RCF, which rank equally with each other. The collateral
includes Dutch hotels as properties that would be managed by NH
group operators, a share pledge on a Dutch hotel, share pledges on
Belgian companies owning hotels that are equally managed by NH
group operator companies and finally a share pledge on NH Italy
operating and owning the whole Italian group. This includes both
assets and operating contracts. The described collateral had a
market value of EUR1,319 million at May 2021 as evaluated by a
third-party appraiser.

The expected distribution of recovery proceeds results in
potentially full recovery for senior secured creditors, including
for senior secured bonds, even after a conservative haircut of 45%
to the collateral valuation.

However, the Recovery Rating is constrained by Fitch's
country-specific treatment of Recovery Ratings for Spain, which
effectively caps the uplift from the IDR at two notches at
'B+(EXP)'/'RR2' for the planned notes. The waterfall analysis
output percentage based on current metrics and assumptions remains
capped at 90%.

RATING SENSITIVITIES

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

-- Improvement of the credit profile of the consolidated Minor
    group.

The following developments would be considered for an upward
revision of NHH's SCP but only provided that Fitch has reassessed
links with Minor as weak:

-- FFO lease-adjusted net leverage below 5.5x on a sustained
    basis, due, for instance, to NHH's limited dividend
    distribution.

-- EBITDAR/(gross interest + rent) sustainably above 1.3x.

-- Continued improvement in the operating profile via EBIT margin
    and RevPAR uplift.

-- Sustained positive FCF.

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

-- Weakening of the credit profile of the consolidated Minor
    group so long as Fitch assesses links between Minor and NHH as
    'Strong' or 'Moderate'.

The following developments would be considered for a downward
revision of NHH's SCP and in the event of Minor displaying a
stronger SCP:

-- FFO lease-adjusted net leverage above 6.0x beyond 2021, due,
    for example, to slow market recovery, or shareholder-friendly
    initiatives such as increased dividend payments.

-- EBITDAR/(gross interest +rent) below 1.3x.

-- Weakening trading performance leading to EBIT margin
    (excluding capital gains) trending toward 5% in 2021 and
    thereafter.

-- Negative FCF.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: As of end-March 2021 NHH's EUR242 million
RCF (to be extended until 2026) and undrawn EUR25 million of
unsecured facilities provide a healthy liquidity buffer, together
with EUR201 million of readily available cash on balance sheet (as
defined by Fitch). This cash, along with a syndicated loan for
EUR250 million (with maturity extended to 2026) and further
cash-preservation measures, including capex cutbacks, contingency
plans and the announced asset disposals, supports the rating
through Fitch's forecast crisis scenario.

The covenant waiver until end-2022, the announced refinanced bond
and maturity extension of the RCF to 2026 led to additional
restrictions on dividends in 2021 and 2022 and on capex for 2021.
The ownership of unencumbered assets (EUR1,115 million of
unencumbered assets as valued at end-June 2020 partially by a
third-party appraiser) provides additional financial flexibility,
in case of need.

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.

ISSUER PROFILE

NHH is one of the 10 largest European hotel chains and one of the
top 30 worldwide. The group operates as an urban hotel with a
diversified portfolio in the upscale segment. The hotel portfolio
comprises 355 hotels with 54,000 rooms in 29 countries in 2020,
including leased/owned hotels (representing roughly 87% of all
rooms) and managed hotels.


NH HOTEL: Moody's Affirms 'B3' CFR & Rates New EUR400MM Notes 'B2'
------------------------------------------------------------------
Moody's Investors Service has affirmed both NH Hotel Group S.A.'s
B3 corporate family rating and the probability of default rating of
Caa1-PD. Concurrently, an instrument rating of B2 was assigned to
the company's EUR400 million proposed senior secured notes due
2026. The outlook remains negative.

"Our decision to affirm the ratings and maintain the negative
outlook is based on that we have not yet seen a meaningful recovery
in traveling and hotel stays following the recent prolonged
lockdown period. While we have assumed a recovery of business
largely similar to last year, question marks remain as to
performance beyond 2021 and in how quickly this will allow NH to
return to meaningful free cash flow generation and ultimately
credit metrics more commensurate with the current rating. The
improved liquidity through the shareholder loan is important but
liquidity will remain under pressure should NH not be able to
return to positive cash flow generation by summer 2022. " said
Maria Gillholm, a Moody's Vice President - Senior Credit Officer
and lead analyst for NH Hotel".

Proceeds from the proposed senior secured notes will be used to
repay the existing Senior Secured Notes and to pay the call
premium, to fund the transaction fees and expenses and for general
corporate purposes. In parallel, NH Hotels has signed an amend and
extend process on the Revolving Credit Facility to extend the
maturity by 3 years to 2026 subject to 2023 Notes successful
refinancing. The transactions will be leverage neutral but improves
debt maturities.

RATINGS RATIONALE

Moody's estimate that NH Hotels will have a cash buffer of about
EUR280 million as of end June 2021 after Minor injected cash in the
form of a shareholder loan in May that Moody's expect to be
converted into equity in Q3. This would be enough to cover
approximately nine months of operations at a current average cash
burn of EUR29 million per month. Whilst Moody's expect a recovery
in revenues over the next few months supported by the roll out of
vaccines and a lifting of travel restrictions, the shape and speed
of the recovery is still uncertain. There are still risks of more
challenging downside scenarios if Moody's have various virus
mutations resistant to current vaccine types. However, Moody's also
acknowledge that the recovery could go fast once started. Moody's
expect that leisure will be recovering faster than the business
segment. Additionally, Moody's expect that some of the demand from
business will take longer time to recover and most likely not to
the levels seen before the pandemic. Moody's believe that the
group's share of domestic guests, which is on average 70%-75% of
total guests for Euro area, and its focus on leisure travel
(60%-70% vs. 30%-40% business travel) will be favourable in the
recovery of NH Hotels occupancy levels and revenues. Overall,
Moody's expect there is a gradual recovery in NH Hotel's occupancy
starting in the third quarter of 2021 and increasing to 62% in the
end of 2022 with an ADR of EUR90 and RevPAR of EUR56 NH Hotels is
currently exploring solutions to bolster its liquidity position
further. NH Hotel has engaged the process of the sale-and-lease
back of several unencumbered assets and expects a potential closing
of one of these transactions over the next few weeks. These
properties are fully unencumbered and could bring more than EUR200
million in additional cash. Total debt may however increase due to
increased lease obligations, nevertheless somehow limited due to a
shortfall cap or basket mechanism. The debt to EBITDA will still be
high but Moody's expect the company to reduce debt once starting to
generate meaningful amounts cash.

The affirmation of the CFR at B3 and the assignment of the senior
secured notes rating at B2 reflects that despite the stretched
liquidity and point-in-time very weak credit metrics, NH should
gradually recover over the next few years. The secured rating and
the CFR also reflect the significant property portfolio of EUR2.0
billion, of which EUR874 million is unencumbered and fully owned by
NH Hotel. This compares to an estimated EUR731 million (treating
shareholder loan as equity) of net financial debt as per June 30,
2021. In case of default the portfolio value would provide
prospects of high recovery for secured creditors.

The instrument rating assigned to the proposed senior secured notes
is one notch above NH Hotel Group's corporate family rating of B3
and reflects the support from subsidiary guarantors, a security
package including real assets and substantial cushion operational
leases. The new notes and the new RCF will be pari passu and will
share the same collateral pool comprising six hotels in the
Netherlands and pledge of shares in five further hotels (one in the
Netherlands and four in Belgium), as well as share pledge in the NH
Italia SpA, a wholly-owned, indirect subsidiary. The notes will
also benefit from covenants that limit the group's loan-to-value,
leverage and coverage. Current loan-to-value of the collateral pool
is 49%.

RATING OUTLOOK

The negative outlook reflects the continued subdued business
activities of the hotel sector and the high uncertainty around the
speed of recovery of the business, which could increase further the
strain on the company's liquidity.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

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

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

A rating upgrade is unlikely at this point, but could develop if
there is a combination of the following:

Strong liquidity and a return to meaningful positive free cash
flow

Improvement in credit metrics with debt/EBITDA well below 6.0x,
coverage (EBITA/interest) approaching 1.5x and cash flow (retained
cash flow/net debt) above 10%, all on a sustained basis and
including Moody's standard adjustments

The rating could be downgraded if NH Hotels does not improve its
liquidity position in the short term and Moody's do not observe a
rapid improvement in the underlying business conditions.

A material deterioration in the loan-to-value (LTV) coverage of
the secured notes could also exert pressure on Moody's recovery
assumptions including for the senior secured notes.

PRINCIPAL METHODOLOGY

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




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

PEACH PROPERTY: S&P Alters Outlook to Positive & Affirms 'B+' ICR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on Switzerland-Based Peach
Property Group AG (PPG) to positive from stable, affirmed its 'B+'
long-term issuer credit rating on the company, and affirmed its
'BB-' issue rating on its senior unsecured debt.

S&P said, "The positive outlook indicates that we could raise the
ratings within the next six-to-12 months if PPG's overall credit
quality continues to improve, with adjusted debt to debt plus
equity falling below 65% and its EBITDA interest coverage rising to
1.3x on a sustainable basis.

"We think PPG will likely continue improving its credit metrics on
a sustainable basis, in line with the company's financial policy.

"The revision of the outlook to positive reflects the solid
improvement in PPG's credit metrics, with adjusted debt to debt
plus equity decreasing to 67.2% in 2020 from 72.3% in 2019. We also
think PPG will continue to optimize its capital structure and
further reduce its leverage, despite its expanding asset portfolio,
in line with the company's financial policy, which targets a loan
to value of 55% in the medium term. This would translate into
adjusted debt to debt plus equity of 60%-65%. We think the company
could reach this target within the next six to 12 months. As a
result, we now forecast the ratio will move to below 65% at
year-end 2021. Our forecast also assumes PPG's announced issuance
of mandatory convertible notes (MCNs), maturing in December 2021.
Although we view the MCN as debt in our calculation, we think the
short maturity and expected conversion into equity by year-end will
benefit the company's credit quality by year-end 2021. In addition,
we now assume the company's EBITDA interest coverage will reach
1.3x over the next six-to-12 months, thanks to a strong rental
contribution from recent acquisitions with improved margins, as
well as the company's reduced interest cost burden following the
conversion of its MCNs. This would be a significant uplift from
0.8x in 2020, which included some additional interest burden from
the EUR300 million bond at 4.375% issued two months before the
closure of previous acquisitions at year-end 2020 and some one-off
operational expenses."

Recent acquisitions have also enhanced PPG's scope and scale,
increasing its absolute cash flow base in the short term.

The company has enhanced its asset portfolio to CHF2.1 billion in
2020 from CHF1.1 billion at year-end 2019. In May 2021, PPG
announced the acquisition of a further 4,300 apartments, located
across secondary locations in the German federal states of North
Rhine-Westphalia and Bremen. S&P said, "Also taking into account
some positive asset revaluation, we now estimate PPG's portfolio to
reach close to CHF2.6 billion by year-end 2021. The acquisition has
an estimated total portfolio value of about CHF460 million and, pro
forma the transaction, PPG would expand its total portfolio by 20%
to about CHF2.5 billion. We expect the acquisition to close by the
end of June 2021. We think the new assets will further enhance
PPG's portfolio's scale and scope and improve its diversity,
following asset acquisitions worth about CHF840 million in 2020. We
think these assets will fit well into the company's portfolio,
given they have similar quality and market fundamentals as PPG's
existing assets, in line with the company's acquisition strategy.
The newly acquired portfolio's vacancy rate is about 5%, lower than
the company's existing rate of 7.9% at Dec. 31, 2020. In our view,
PPG's growth appetite, with a rapidly enlarging portfolio in the
resilient regulated German residential market, leaves it
better-positioned than other rated peers in the same business risk
category. That said, we think the company still needs some time to
fully integrate its recent growth and expand its absolute cash flow
base."

PPG's liquidity remains adequate.

S&P said, "Pro forma the announced transaction, we continue to
assess PPG's liquidity as adequate. This is backed by the company's
low committed capital expenditure (capex) needs, limited
anticipated dividend payments, and limited short-term debt
maturities, which mainly comprise amortization payments. We further
expect that the company will maintain solid headroom under its
financial covenants.

"The positive outlook reflects our view that we could raise the
ratings within the next six-to-12 months if PPG's overall credit
quality continues to improve, such that our ratio of debt to debt
plus equity falls below 65% and interest coverage ratio improves to
1.3x or above on a sustainable basis. We currently expect debt to
EBITDA will decrease to below 30x over the same period, with
increasing cash flow contribution from newly acquired assets.

"We could revise our outlook back to stable if PPG fails to reduce
debt to debt plus equity to less than 65%, or if EBITDA interest
coverage does not approach 1.3x. Additionally, we would view
negatively a substantial deviation from our base-case debt to
EBITDA forecast.

"We would also consider revising the outlook to stable if operating
fundamentals become challenging. This would include falling rents,
decreasing asset prices, or rising vacancy rates.

"We would raise the rating within the next six-to-12 months if PPG
reduces its adjusted debt to debt plus equity to below 65% on a
sustainable basis, while its EBITDA interest coverage increases to
1.3x or more. Additionally, an upgrade would be dependent on PPG's
debt to EBITDA remaining close to our base case."

An upgrade would also require PPG's business operations to continue
benefiting from positive fundamentals such as rising rental income
and falling vacancy rates.




=============
U K R A I N E
=============

UKRAVTODOR: S&P Gives 'B' Rating on New USD Amortizing Bond
-----------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issue rating to the
proposed U.S. dollar-denominated amortizing bond issued by the
State Road Agency of Ukraine (Ukravtodor). The issue rating is
equalized with the long-term foreign currency sovereign credit
rating on Ukraine (B/Stable/B) because the government has offered a
timely, unconditional, and irrevocable guarantee on the bond. The
rating is subject to our review of the notes' final documentation
and aspects of the documentation pertaining to the guarantee and
the guarantor's obligations not being materially different from
those in the preliminary documentation.

The documentation for the proposed issue defines an event of
default as occurring when neither the issuer (Ukravtodor) nor the
guarantor (Ukraine) pay any principal or interest within 30 days of
such payment first becoming due.

The government's obligations under the bond guarantee are unsecured
and unsubordinated and rank at least equally with all its other
unsecured and unsubordinated obligations. S&P equalizes the issue
rating with the sovereign rating on Ukraine and would therefore
consider nonpayment by the issuer and guarantor within 30 days as a
sovereign default by Ukraine.




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

BIFM UK BUYER: S&P Affirms 'B' LongTerm ICR, Outlook Stable
-----------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit rating
on integrated facilities management (IFM) service provider BIFM UK
Buyer Ltd. (BIFM).

S&P said, "At the same time, we assigned our 'B' issue-level and
'4' recovery ratings to the company's proposed US$25 million
delayed draw term loan (DDTL). A '4' recovery rating indicates our
expectation of average (30%-50%; rounded estimate: 45%) recovery in
default.

"We also affirmed our 'B' issue-level rating on BIFM's first-lien
term loan, and revised the recovery rating on the debt to '4' from
'3', reflecting the higher level of first-lien senior secured debt
(upsized term loan, revolving credit facility of about US$10
million, and the proposed DDTL).

"The stable outlook reflects our view that BIFM's EBITDA growth
will improve the company's leverage measures to about 6.0x by
2022." The growth in EBITDA is based on BIFM's predictable and
stable cash flows for nondiscretionary services, tenured customer
relationships, and increased penetration in a competitive market.

EBITDA growth over the next 18 months supports the company's
deleveraging strategy. S&P Global Ratings expects adjusted 2021
EBITDA growth (in the mid-to-high teen percentage area) will be
spurred by new business wins, the full-year benefit of recent
acquisitions, and underlying secular industry trends of outsourcing
the company's IFM services. About half of the adjusted EBITDA
growth in 2021 will be organic, reflecting BIFM's recent new
business wins across key markets, along with increasing penetration
of self-perform activities. The remaining portion of the growth is
from the successful integration of tuck-in acquisitions across all
its key markets including Canada, the U.S., and Asia Pacific, and
recent entry into the U.K. through Optimum. Most of these
acquisitions were completed in second-half 2020 and first-quarter
2021. S&P said, "We expect the company will continue to experience
adjusted EBITDA growth in the mid-to-high-teen percentage area in
2022, reflecting its ability to gain new customers, upsell to
existing customers, and benefit from the underlying secular
tailwinds of outsourcing IFM services. As a result, we believe the
company will experience a deleveraging trend, with credit measures
improving to about 6.0x in 2022 from 7.0x, pro forma the
transaction in 2021."

BIFM's ambitious growth strategy and predictable cash flow stream
should support the high balance-sheet debt. BIFM expects to double
its EBITDA over the next five years by a combination of organic and
inorganic growth strategies. S&P said, "We anticipate the company's
ability to win new clients in existing markets, upsell to new
services to current customers, rising penetration of self-perform
activities, and continued outsourcing of IFM services will support
organic growth. Furthermore, we expect BIFM will pursue tuck-in
acquisitions, mostly acquiring niche capabilities and protecting
its market position in a fragmented and competitive market." At the
same time, the company benefits from strong customer relationships
(with an average tenure of 10 years for the top 10 customers) that
underpin its high customer retention rate of over 95%. The
company's broad suite of largely nondiscretionary services and
contractual relationships further enhances BIFM's predictability of
EBITDA, which is an important mitigating factor for the company's
heavy debt obligations.

The capital management framework will be a key factor for the
direction of our rating on the company. S&P said, "We expect BIFM's
deleveraging strategy will be spurred by EBITDA growth rather than
any material debt reduction over the next 12-24 months. Therefore,
we anticipate the company will delever to about 6.0x through 2022.
As BIFM deleverages from EBITDA growth and generates modest free
cash flow, we expect the financial sponsors to pursue debt-funded
dividend recaps as opportunities arise. As a result, we view the
company's deleveraging as temporary. Therefore, BIFM's ability to
maintain leverage measures below 8x, along with its ability to
execute on its growth ambitions and manage shareholder returns,
will be key factors for the direction of our rating."

S&P said, "The stable outlook reflects our view that, in spite of
the leveraging transaction, BIFM will exhibit an improving debt to
EBITDA ratio toward 6.0x-6.5x and free operating cash flow (FOCF)
to debt of 2.0%-3.0% (both S&P Global Ratings' adjusted) over the
next 12 months. Improvement in the credit metrics will be spurred
by the company's EBITDA growth from contracted recurring revenues,
upselling of services to existing customers, new business wins, and
underlying secular tailwinds benefitting the business.

"We could lower the rating in the next 12 months if debt to EBITDA
increases to more than 8.0x, along with FOCF to debt approaching
the low single-digit percentage area on a sustained basis (both S&P
Global Ratings' adjusted). We would expect the company's credit
measures to deteriorate from loss of a large customer, increased
competition, or BIFM being unable to execute its ambitious growth
plan, which could pressure adjusted EBITDA generation.
Alternatively, we could lower the rating if BIFM's financial
sponsor pursues a more aggressive financial policy through
debt-funded shareholder remuneration, which could lead to an
adjusted debt-to-EBITDA ratio above 8x.

"Although unlikely in the next 12 months, we could raise the rating
if the company's debt-to-EBITDA ratio falls below 5x and FOCF to
debt increases above 10% on a sustained basis. We expect such a
scenario could occur if the company's adjusted EBITDA margins
improve, along with BIFM acquiring a larger market share that could
lead to material EBITDA growth, thereby improving the company's
debt-repaying capacity. At the same time, we would also anticipate
the company's financial sponsor adopting a financial policy of
maintaining and sustaining S&P Global Ratings' adjusted debt to
EBITDA below 5x, by limiting any debt-financed shareholder
remuneration or acquisitions that could jeopardize the company's
credit quality."


FLYBMI: Redundant Staff Wins Legal Battle
-----------------------------------------
LeicestershireLive reports that Flybmi staff who were made
redundant when the company collapsed have won a legal battle after
a judge ruled that the firm "failed in its duty".

The airline's headquarters were based in East Midlands Airport in
Castle Donington before it went bust in February 2019, which it
said at the time was due to increased fuel and carbon costs as well
as uncertainty caused by Brexit, LeicestershireLive recounts.

More than 400 workers lost their jobs when the firm, known as
British Midlands International Limited, cancelled all flights and
filed for administration, LeicestershireLive discloses.

According to LeicestershireLive, employment law expert Gaynor
Becket said: "The collapse of Flybmi had a devastating impact on
the many employees who were left out of work with very little
notice."

Now "devastated" former employees have received a pay-out in excess
of GBP135,000 between 63 former workers, LeicestershireLive
states.

An Employment Judge ruled that Flybmi had "failed" to formally
consult with its staff during the 'redundancy consultation period,'
at a hearing in January 2020, LeicestershireLive relays.

"The employers default was serious.  There is no evident of any
attempt to carry out any form of consultation" (before the
redundancy period)," LeicestershireLive quotes Judge Rachel
Broughton as saying.

Former employers including Aircraft Stock Controllers,Operations
Controllers and sales staff have received payments totalling
GBP135,131 following the Judge's ruling, LeicestershireLive notes.


INDIGO CLEANCO: S&P Withdraws 'B' Issuer Credit Rating
------------------------------------------------------
S&P Global Ratings has withdrawn its issuer credit rating on Indigo
Cleanco Ltd. at the company's request. This follows a new legal
structure that was put in place as part of Onex Corp.'s acquisition
of the group in September 2020, and the subsequent refinancing of
the group's capital structure and assigning of a rating on Acacium
Group Ltd. (Acacium).

At the time of the withdrawal, the rating on Indigo Cleanco was 'B'
with a stable outlook, which is in line with the newly assigned
ratings on Acacium.


NOMAD FOODS: Fitch Gives 'BB+(EXP)' Rating to New Secured Notes
----------------------------------------------------------------
Fitch Ratings has assigned Nomad Foods BondCo Plc's planned senior
secured notes an expected rating of 'BB+(EXP)' with a Recovery
Rating 'RR2'. Nomad Foods BondCo Plc is 100%-owned subsidiary of
Nomad Foods Limited (Nomad; BB/Stable).

Proceeds from the proposed debt instrument will be used to
refinance Nomad's existing EUR400 million notes and partly fund the
acquisition of ice cream and frozen food business from Fortenova
Groupa d.d. The assignment of the final senior secured rating is
contingent on the receipt of final documents conforming to
information already received.

The senior secured rating of 'BB+(EXP)' is notched up once from
Nomad's Long-Term Issuer Default Rating (IDR) to reflect Fitch's
view of superior recovery prospects supported by a moderate
leverage profile, which is partly offset by a lack of material
subordinated, or first-loss, debt tranche in the capital
structure.

The 'BB' IDR of Nomad reflects Fitch's expectation that the
acquisition will lead to only a temporary increase in leverage as
projected EBTDA growth will ensure gradual deleveraging in
2022-2023. The rating remains supported by the company's position
as the largest frozen food producer in western European and by
superior free cash flow (FCF) generation, although Fitch believes
that cash is likely to be used for bolt-on M&A strategy rather than
to repay debt.

The Stable Outlook reflects Fitch's assessment of manageable
execution risks related to the acquisition and integration of
Fortenova's frozen food business, despite it being a new market and
a new product category. It further reflects a consistent financial
policy translating into medium-term FFO gross leverage of below
5.5x. Fitch also assumes that Nomad will be able to maintain its
organic sales growth in 2021 and 2022, after it was boosted by a
change in consumption patterns due to the pandemic.

KEY RATING DRIVERS

Acquisition Exhausts Rating Headroom: Nomad's announced EUR615
million acquisition (on debt-free cash-free basis) of Fortenova's
ice cream and frozen food business in parts of south-east Europe
will exhaust the company's rating headroom over 2021-2022. Nomad
expects to complete the acquisition in 3Q21 and fund it with cash
and new debt. Fitch estimates that the deal will increase funds
from operations (FFO) gross leverage towards 6x at end-2021 (2020:
5x), assuming the acquired operations are only consolidated for
around half of the year. However, Fitch projects deleveraging to
below Fitch's negative rating sensitivity of 5.5x in 2022, which
supports the 'BB' rating.

Manageable Execution Risks: Fitch views execution risks related to
the latest acquisition as higher than Nomad's M&A transactions in
2018 and 2020 in the UK and Switzerland as the ice cream product
category and emerging markets both represent a new foray for the
company. The business model of the acquired assets is different
from Nomad's and requires investment. Nevertheless, Fitch believes
execution risks are manageable and Fitch's projections incorporate
additional capex and integration costs, and are based on
conservative revenue and EBITDA assumptions for the newly acquired
business.

Acquisition to Strengthen Operating Profile: If acquired assets are
integrated and run successfully, Nomad's business profile will
benefit from greater geographical diversification and exposure to
higher-growth markets. The company will also establish a solid base
for expansion into eastern Europe, where it had not been present
until now.

Leading European Frozen Food Producer: The ratings reflect Nomad's
business profile as the largest branded frozen food producer in
western Europe, with leading positions across markets and
categories. Its 2020 retail market share of 12% is twice as high as
its next competitor, Dr. Oetker. Nomad also ranks third in branded
frozen food globally, after Nestle SA (A+/Stable) and Conagra
Brands, Inc. (BBB-/Stable). Fitch estimates that the acquisition of
Frotenova's frozen food business will enlarge Nomad's annual EBITDA
to above EUR500 million, putting the company firmly in the 'BB'
rating category.

Moderate Diversification: Geographic diversification across western
Europe (UK, Italy, Germany, France, Sweden, Norway, Austria, Spain
and others) and across frozen food products (fish, vegetables,
ready meals, poultry, pizza) favourably differentiates Nomad from
'B' category peers. The acquisition of Fortenova's frozen food
business will expand geographical diversification to south-eastern
Europe and will add the ice cream category to Nomad's portfolio.
However, the focus on one packaged food category (frozen food) and
mostly mature markets in one geographic region means business
diversification is weaker than investment-grade packaged food
producers'.

Pandemic Boosted Sales: Nomad's sales in 2020 were boosted by
increased demand for frozen food as consumers sought convenience
and affordability and increased their at-home consumption during
lockdowns. Its organic sales grew an unprecedented 9% in 2020,
despite a decline in the food-service channel, which accounted for
only 5% of revenue in 2019. Fitch assumes that Nomad will be able
to retain new consumers, whom it acquired during the pandemic, and
therefore project organic sales growth at 1% in 2021 and 2022. This
is supported by the strength of the company's brands, innovation
capabilities and pricing power.

M&A Appetite: Fitch expects Nomad will continue consolidating the
European frozen food market through M&A, as inorganic growth
remains an important part of its strategy. Fitch assumes that Nomad
will use its accumulating cash to acquire new assets but in the
absence of M&A opportunities will return it to shareholders via
share buybacks as it did in 2020. Fitch therefore uses gross,
instead of net, leverage for rating sensitivities.

Strong FCF: Nomad has proven its ability to generate positive FCF,
despite integration and restructuring charges related to M&A.
Healthy FCF generation reduces the need for external funding to
implement its growth strategy. Its average Fitch-adjusted FCF
margin stood at around 9% in 2017-2020 but Fitch projects a
reduction to 6%-7% in 2022-2023 due to additional capex for the
acquired business from Fortenova.

Assumed Consistent Financial Policy: The rating is premised on
Fitch's understanding that the company-calculated net debt/EBITDA
of 4.5x (2020: 2.8x), which is part of its financial policy, is a
maximum leverage tolerance rather than a leverage target. Fitch's
view is also supported by the company-calculated leverage never
having reached this threshold over the past five years, despite M&A
activity. Fitch assumes it will remain within the 2.5x-3.5x range
to which Nomad has historically adhered. This is in line with the
parameters Fitch has set for Nomad's rating.

DERIVATION SUMMARY

Nomad compares well with Conagra Brands, Inc (BBB-/Stable), which
is the second-largest branded frozen food producer globally with
operations mostly in the US. Similar to Nomad's, Conagra's growth
strategy is based on bolt-on M&A. The two-notch rating differential
stems from Conagra's larger scale and product diversification as
the US company also sells snacks and sweet treats, which account
for around 20% of revenue.

Despite its more limited geographical diversification and smaller
business scale, Nomad is rated higher than the world's largest
margarine producer, Sigma Holdco BV (B/Stable), which, like Nomad,
Fitch expects to deliver strong FCF. The rating differential is
explained by Nomad's lower leverage, proven ability to generate
stable profitability without execution risks, and more favourable
demand fundamentals for frozen food than for spreads.

Nomad is rated below global packaged food and consumer goods
companies, such as Nestle (A+/Stable), Unilever PLC (A/Stable),
Mondelez International, Inc. (BBB/Stable) and The Kraft Heinz
Company (BB+/Positive), due to its limited diversification, smaller
business scale and weaker financial profile.

No Country Ceiling, parent-subsidiary linkage or
operating-environment aspects affect the rating.

KEY ASSUMPTIONS

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

-- About 1% organic revenue growth in 2021 and 2022, before
    accelerating to 2% in 2023-2024;

-- Gradual improvement of EBITDA margin towards 18% in 2024
    (2020: 17.5%);

-- Restructuring charges related to the integration of the latest
    M&A not exceeding EUR26 million in total;

-- Capex at around 4%-5% of revenue in 2022-2024;

-- No dividends; and

-- Accumulating cash used for bolt-on M&A or, in the absence of
    M&A opportunities, for share buybacks.

RATING SENSITIVITIES

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

-- Strengthened business profile as evident in increased business
    scale or greater geographical and product diversification;

-- Continuation of organic growth in sales and EBITDA;

-- FFO gross leverage below 4.5x on a sustained basis, supported
    by a consistent financial policy;

-- Maintenance of strong FCF margin.

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

-- Weakening organic sales growth, resulting in market-share
    erosion across key markets;

-- FFO gross leverage above 5.5x on a sustained basis as a result
    of operating underperformance or large-scale M&A;

-- A reduction in the EBITDA margin or higher-than-expected
    exceptional charges leading to an FCF margin below 2% on a
    sustained basis.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: At end-2020, Nomad's liquidity was strong with
EUR335 million Fitch-adjusted cash, an available undrawn revolving
credit facility (RCF) of EUR64 million (excluding around EUR16
million bank guarantees issued for this facility) and expected
positive FCF in 2021.

Most of the company's debt matures in May 2024, supporting
liquidity over the medium term. Its debt maturity profile will
improve after the planned loan and notes issue as its maturity will
extend to 2028. Liquidity will also strengthen as the company will
upsize its RCF to EUR175 million from EUR80 million and extend its
maturity to 2026. Refinancing risks are low due to strong FCF and
access to diverse funding sources.

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.

ISSUER PROFILE

Nomad is the leading branded frozen food producer in western
Europe, with a portfolio of brands within the frozen category,
including fish, vegetables, poultry and ready meals.


NOMAD FOODS: Moody's Rates New EUR750MM Secured Notes 'B1'
----------------------------------------------------------
Moody's Investors Service has changed to positive from stable the
outlook on the ratings of Nomad Foods Limited, a leading European
frozen food producer, and also of its subsidiaries. Concurrently,
Moody's has assigned a B1 rating to the proposed EUR750 million
backed senior secured notes due 2028 to be issued by Nomad Foods
BondCo Plc, a B1 rating to the extended EUR553 million term loan
due 2028 and a B1 rating to the upsized and extended EUR175 million
revolving credit facility due 2026, both to be borrowed by Nomad
Foods Europe MidCo Limited. At the same time, Moody's has affirmed
Nomad Foods Limited corporate family rating of B1 and probability
of default rating of B1-PD.

Proceeds from the new notes will be used to refinance the existing
EUR400 million notes due 2024 as well as part finance the
acquisition of Fortenova Frozen Food Business (FFBG).

RATINGS RATIONALE

The change of outlook to positive reflects the progress Nomad has
achieved over the last several years in growing its business and
improving diversification. As of March 2021 (Q1 2021) Nomad has
maintained 17 consecutive quarter of like-for-like revenue growth.
The company's leading market position in Europe and product
diversification have been strengthened by several acquisitions,
including Goodfellas, Aunt Bessie's and Findus Switzerland.

The positive outlook is further supported by Moody's belief that
there is scope for the company to continue to grow profitably to
drive deleveraging. In addition, the company's CFR is positively
recognises its portfolio of iconic brands with strong customer
recognition and Moody's expectation of the company sustaining
positive free cash flow (FCF) generation, which exceeded EUR1
billion over the last 5 years.

The planned EUR650 million acquisition of FFBG, an ice cream and
frozen food business in the Balkans, will be funded with EUR350
million proceeds from the new bond and from cash on balance sheet.
This acquisition will further enhance the company's geographic and
product diversification; however, it comes with a degree of
execution risk. The European ice cream market is dominated by
Unilever PLC (A1 stable) and Froneri International Limited (B1
stable), although FFBG enjoys number one position in its core
Croatian and Serbian markets. While FFBG has been negatively
affected by the pandemic because it relies on demand from tourists,
Nomad plans to achieve around EUR15 million synergies (compared to
EUR50 million EBITDA in 2020) in the next two years from
cross-selling and better procurement and production efficiencies.

Nomad's 2020 results were exceptionally strong supported by the
spike in demand driven by the coronavirus pandemic and as a result
the company's revenue and EBITDA grew by more than 8%. Moody's base
case is for the company's underlying sales and EBITDA in 2021 to be
broadly flat compared to the very strong levels achieved in 2020
because the boost to revenues seen last year will ease as the
Western European countries lift major restrictions on social
distancing.

Nomad's financial leverage, on a Moody's-adjusted gross debt/EBITDA
basis and pro forma for the transaction will increase slightly to
around 5.0x from 4.8x as of March 2021, an adequate level for the
current rating. Moody's expects organic revenue and EBITDA to
return to 2%-3% growth in 2022 which, coupled with additional
EBITDA from the acquisitions and synergies, will support
deleveraging.

Nomad's rating is constrained by (1) its exposure to a mature
market that demands ongoing innovation to maintain top-line and
profitability growth; (2) its customers being large retailers,
implying low negotiation power; (3) exposure to volatility in
commodity prices and currency exchange rates; and (4) some appetite
for acquisitions and shareholder friendly actions such as share buy
backs.

ESG CONSIDERATIONS

The company is NYSE listed and subject to the SEC regulations.
Nomad benefits from well-developed governance guidelines and
procedures. The company has demonstrated some appetite for
debt-funded M&A, as illustrated by acquisitions of FFBG, Aunt
Bessie and Goodfella's and Moody's expects this to continue. The
company also has a track record shareholder-friendly actions,
including share buy-backs. More positively, the company
demonstrated prudent liquidity management over the last several
years and kept its leverage under control despite the debt-funded
acquisitions.

LIQUIDITY

The company's liquidity is good, supported by about EUR50 million
free cash flow generation a quarter and by EUR165 million cash
balance as of the end of March 2020 pro forma for the transaction.
The company's new EUR175 million revolving credit facility (RCF) is
likely to remain undrawn in cash terms, although around EUR15-
EUR20 million is normally used for letters of credits and bank
guarantees.

Moody's also expects that the company will maintain good
flexibility under its single financial covenant, a net debt cover
below 7.25x, only applicable to its RCF and tested when drawn above
40%. The company's next material maturity is in 2024.

STRUCTURAL CONSIDERATIONS

Pro forma for the refinancing, Nomad's capital structure as of
March 2021 will comprise EUR750 million of senior secured notes due
June 2028 and EUR1.4 billion equivalent of senior secured credit
facilities, split among a EUR553 term loan due June 2028, the
outstanding $926 million term loan due May 2024 and a EUR175
million RCF due June 2026.

Applying the Loss Given Default methodology (assuming a standard
50% recovery rate), all these instruments are rated at the same
level as the corporate family rating, reflecting their pari passu
ranking. The instruments also share the same guarantee and security
package.

RATING OUTLOOK

The positive outlook reflects Moody's expectation of low to mid
single-digits organic growth in both sales and profitability over
the next 12-18 months leading to gradual deleveraging. While the
Moody's understands that Nomad aims to make further acquisitions to
build a global consumer food business, the positive outlook factors
in Moody's assumption that any debt-funded acquisition activity
will be small in nature.

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

Upward rating pressure could materialise if (1) Moody's-adjusted
gross debt/EBITDA decreases well below 5x on a sustained basis, (2)
the company maintains a Moody's-adjusted EBITA margin in the
mid-teens in percentage terms and good liquidity, and (3) Nomad
maintains solid free cash flow / debt at around 10%.

Nomad's rating could be lowered if (1) the company's earnings
deteriorate, resulting in Moody's-adjusted gross debt/EBITDA
increasing well above 5.5x on a sustained basis, or (2) the
Moody's-adjusted EBITA margin declines towards the low teens in
percentage terms or liquidity concerns emerge. Moody's could also
consider downgrading the rating in the event of any material
debt-funded acquisitions or change in financial policy.

LIST OF AFFECTED RATINGS:

Issuer: Nomad Foods BondCo Plc

Assignments:

BACKED Senior Secured Regular Bond/Debenture, Assigned B1

Outlook Actions:

Outlook, Changed To Positive From Stable

Issuer: Nomad Foods Limited

Affirmations:

LT Corporate Family Rating, Affirmed B1

Probability of Default Rating, Affirmed B1-PD

Outlook Actions:

Outlook, Changed To Positive From Stable

Issuer: Nomad Foods Lux S.a r.l.

Affirmations:

BACKED Senior Secured Bank Credit Facility, Affirmed B1

Outlook Actions:

Outlook, Changed To Positive From Stable

Issuer: Nomad Foods Europe MidCo Limited

Assignments:

BACKED Senior Secured Bank Credit Facility, Assigned B1

Outlook Actions:

Outlook, Changed To Positive From Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Consumer
Packaged Goods Methodology published in February 2020.

COMPANY PROFILE

Headquartered in Middlesex, the UK, Nomad Foods Limited (Nomad) a
leading producer of frozen food products. The company's key markets
include the UK, Italy, Germany and Sweden, but it serves several
other European countries. The company sells a wide range of branded
frozen food items, including seafood, vegetables, poultry and ready
meals. It generated revenue of EUR2.5 billion in 2020.

NOMAD FOODS: S&P Rates New EUR750MM Senior Secured Notes 'BB-'
--------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue rating to the proposed
EUR553 million term loan B (TLB; due 2028) and EUR750 million
senior secured notes (due 2028) that Nomad Foods (BB-/Stable/--)
intends to issue. The recovery rating on the proposed notes and TLB
is '3', reflecting its expectation of meaningful recovery prospects
(50%-70%; rounded estimate: 60%). This is constrained by the large
amount of outstanding senior secured debt, which will rank pari
passu with all present and future senior secured debt.

The proposed transaction will support the acquisition of
Fortenova's frozen business group (FFBG) announced in March. In
S&P's view, the acquisition is in line with Nomad Foods' stated
strategy to accelerate growth by expanding to Central and Eastern
European markets and investing in product innovation. In addition,
the proposed transaction will improve long-term funding
requirements by refinancing part of the group's existing debt
structure; the EUR400 million senior secured notes (due 2024) and
EUR553 million TLB (due 2024). On June 7, 2021, the group also
announced plans to upsize its multi-currency revolving credit
facility (RCF; unrated) to EUR175 million (due 2026) to support its
liquidity position.

Nomad Foods reported strong operating performance in 2020 supported
by increased demand for frozen food purchases for in-home
consumption. The group has benefitted from its flexible cost
structure, including promotional efficiencies and a favorable price
and product mix, although this has been partially offset by goods
inflation. In addition, the group has leveraged its efficient
manufacturing, insourcing, and logistics operations to ensure
product availability and maintain collaborative partnerships with
larger food retailer chains in Western Europe. Moreover, online
channels have been a key growth area; representing approximately 7%
of the group's total sales in 2020, compared with 4% in 2019.

S&P said, "We estimate revenue growth of about 7%-8% in 2021,
thanks to continued demand for frozen food products in the U.K. and
continental Europe, including a gradual integration of FFBG sales.
We expect the transaction will close by the end of third-quarter
2021 and include the full sales benefit by 2022. We understand that
Nomad Foods has identified about EUR14 million of annual run-rate
synergies by 2024, through a combination of scale, operational
excellence, commercial optimization, and expense management. We
assume limited integration risks, given FFBG's overall modest size
and the minimal EBITDA margin dilution and geographical overlap.

"The stable outlook on Nomad Foods reflects our view that the group
will maintain S&P Global Ratings-adjusted EBITDA margins of 17%-18%
in the next 12-18 months. This is thanks to its strong brand
positioning, continued focus on product innovation, and the
earnings contribution and realization of synergies from FFBG and
Findus Switzerland. We expect positive free operating cash flow of
above EUR200 million per year and five-year-average adjusted debt
to EBITDA of 4.0x-4.5x."


RANGERS FC: Non-Scottish Judge May Hear Administrators' Inquiry
---------------------------------------------------------------
Stewart Paterson at Glasgow Times reports that an inquiry into the
malicious prosecution of administrators action for Rangers Football
Club (FC) is likely to be heard by a judge from outside Scotland.

Nicola Sturgeon said, when asked at First Minister's Questions that
she was committed to it but that decision had to be done in the
right way, Glasgow Times relates.

She was asked by Conservative MSP, Russell Findlay, about the
inquiry into the prosecution of David Whitehouse and Paul Clark,
who were appointed as administrators when Rangers went into
administration in 2012, Glasgow Times discloses.

All charges against the two men were dropped two years later and
each was awarded more than GBP10 million in damages, Glasgow Times
notes.

It was announced earlier this year after the Crown admitted the
prosecutions had been "malicious", Glasgow Times relays.

Mr. Findlay, as cited by Glasgow Times, said the episode was costly
in both financial and reputational terms and asked the First
Minister who would lead the inquiry.

According to Glasgow Times, he said: "We do not yet know how much
these malicious prosecutions will end up costing taxpayers.  The
self-inflicted damage to the Crown Office's reputation is
unquantifiable.

"The Scottish National Party has agreed to most of the Scottish
Conservatives' demands in relation to the inquiry, but one big
question remains unanswered: will the judge who leads it be from
outwith Scotland? That is a yes-or-no question.

"Yes, I think that there is an argument for that. However, such
decisions must be taken in the proper way and at the proper time,"
Glasgow Times quotes Ms. Sturgeon as saying.

"We are committed to this. Of course, in prosecution matters, the
Crown Office acts entirely independently of ministers.

"It is important that there is a remit for the inquiry and that it
is led by a judge who commands confidence.

"That is in the interests of everyone and we will take those
decisions once the legal proceedings have concluded."


STRATTON MORTGAGE 2021-3: Moody's Assigns B2 Rating to Cl. F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to Notes
issued by Stratton Mortgage Funding 2021-3 plc:

GBP209.2M Class A Mortgage Backed Floating Rate Notes due December
2043, Definitive Rating Assigned Aaa (sf)

GBP17.05M Class B Mortgage Backed Capped Rate Notes due December
2043, Definitive Rating Assigned Aa2 (sf)

GBP11.15M Class C Mortgage Backed Capped Rate Notes due December
2043, Definitive Rating Assigned A2 (sf)

GBP5.25M Class D Mortgage Backed Capped Rate Notes due December
2043, Definitive Rating Assigned Baa3 (sf)

GBP5.25M Class E Mortgage Backed Capped Rate Notes due December
2043, Definitive Rating Assigned Ba2 (sf)

GBP5.25M Class F Mortgage Backed Capped Rate Notes due December
2043, Definitive Rating Assigned B2 (sf)

Moody's has not assigned any ratings to the:

GBP4.6M Class X1 Mortgage Backed Capped Rate Notes due December
2043

GBP1.35M Class X2 Mortgage Backed Capped Rate Notes due December
2043

GBP9.19M Class Z1 Mortgage Backed Notes due December 2043

GBP4.86M Class Z2 Mortgage Backed Notes due December 2043

RATINGS RATIONALE

The Notes are backed by a static pool of United Kingdom
non-conforming mortgage loans which were previously securitised in
the transactions Oncilla Mortgage Funding 2016-1 plc and Stratton
Mortgage Funding plc transactions.

The portfolio of assets amount to approximately GBP262.9 million as
of May 31, 2021 pool cut-off date. The Reserve Fund will be funded
to 2% of the Class A to D Notes balance at closing and the total
credit enhancement for the Class A Notes will be 22.3%.

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

According to Moody's, the transaction benefits from various credit
strengths such as a granular portfolio and an amortising liquidity
reserve sized at 2% of Class A to D Notes balance. However, Moody's
notes that the transaction features some credit weaknesses such as
no back-up servicer and neither the seller nor servicer actively
monitoring for loan warranty breaches. Various mitigants have been
included in the transaction structure such as a back-up servicer
facilitator which is obliged to appoint a servicer if certain
triggers are breached, also the loans in the pool have been rated
as part of previous transactions and are well seasoned. Moody's
excluded one loan from its analysis currently undergoing legal
proceedings and which is not covered by the transaction's
representations and warranties. This loan largely provides a small
amount of overcollateralization to the transaction and therefore
any future cash flows will benefit Noteholders.

Moody's determined the portfolio lifetime expected loss of 4.5% and
Aaa MILAN credit enhancement ("MILAN CE") of 22% related to
borrower receivables. The expected loss capture Moody's
expectations of performance considering the current economic
outlook, while the MILAN CE captures the loss Moody's expect the
portfolio to suffer in the event of a severe recession scenario.
Expected defaults and MILAN CE are parameters used by Moody's to
calibrate its lognormal portfolio loss distribution curve and to
associate a probability with each potential future loss scenario in
the ABSROM cash flow model to rate RMBS.

Portfolio expected loss of 4.5%: This is higher than the United
Kingdom non-conforming RMBS sector and is based on Moody's
assessment of the lifetime loss expectation for the pool taking
into account: (i) the average seasoning of the pool of 14.5 years,
which is higher than the average non-conforming UK RMBS
transaction; (ii) 83.3% of the pool consists of interest-only
loans; (iii) pool arrears, with 10.35% of the pool in arrears more
than 90 days, 9.8% excluding payment holidays; (iv) the current
macroeconomic environment in the UK and the potential impact of
future interest rate rises on the performance of the mortgage
loans; and (v) benchmarking with comparable transactions in the UK
market.

MILAN CE of 22%: This is in line with the United Kingdom sector
average and follows Moody's assessment of the loan-by-loan
information taking into account the following key drivers: (i) the
weighted average current loan to value of 81.2% which is slightly
higher than comparable transactions whilst the current indexed loan
to value of 60.8% which is lower than comparable transactions; (ii)
83.3% of the pool consists of interest-only loans; (iii) pool
arrears, with 9.8% of the pool in arrears more than 90 days,
excluding loans that are in payment holiday; and (iv) adverse
credit history with 18% borrowers with prior CCJs in the pool.

CURRENT ECONOMIC UNCERTAINTY:

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

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

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

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

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

Factors that would lead to an upgrade of the ratings include: (i)
significantly better than expected performance of the pool together
with an increase in credit enhancement of Notes; or (ii) a
deleveraging of the capital structure.

Factors that would lead to a downgrade of the ratings include: (i)
further restructuring of pool loans resulting in higher losses;
(ii) increase in current CCJ's resulting in higher than expected
losses; and (iii) economic conditions being worse than forecast
resulting in higher arrears and losses.


STRATTON MORTGAGE 2021-3: S&P Assigns BB Rating on Cl. F Notes
--------------------------------------------------------------
S&P Global Ratings has assigned credit ratings to Stratton Mortgage
Funding 2021-3 PLC's class A, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, and
F-Dfrd notes. At closing, Stratton Mortgage Funding 2021-3 also
issued unrated classes Z and X notes.

S&P based its credit analysis on the GBP271.1 million pool of as of
Feb. 28, 2021. The pool comprises first-ranking nonconforming,
owner-occupied, and buy-to-let mortgage loans that are currently
part of the Oncilla Mortgage Funding 2016- PLC and Stratton
Mortgage Funding portfolios.

BCMGlobal Mortgage Services Ltd. (formerly known as Link Mortgage
Services) is the servicer for the portfolio.

S&P said, "We rate the class A notes based on the payment of timely
interest. Interest on the class A notes is equal to the daily
compounded Sterling overnight index average (SONIA) plus a
class-specific margin.

"We treat the class B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, and F-Dfrd
notes as deferrable-interest notes in our analysis. Our ratings on
these classes of notes address the ultimate payment of principal
and interest. Under the transaction documents, once the class
B-Dfrd to D-Dfrd notes become the most senior, interest payments
will be paid on a timely basis. This is not the case for the class
E-Dfrd and F-Dfrd notes, which can continue to defer interests. The
class B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, and F-Dfrd notes pay interest
based on daily SONIA capped at 8.0% plus a margin.

"Our ratings reflect our assessment of the transaction's payment
structure, cash flow mechanics, and the results of our cash flow
analysis to assess whether the notes would be repaid under stress
test scenarios. Subordination and excess spread provide credit
enhancement to the class A to F-Dfrd notes, which are senior to the
unrated notes and certificates. The liquidity reserve is in place
to provide liquidity support and credit enhancement to the class A
to D-Dfrd notes. Our cash flow analysis and related assumptions
also consider the sensitivity of the transaction to the
repercussions of the COVID-19 outbreak. Namely, we have modelled a
potential increase in default rates and an extension in recovery
timing as part of our cash flow analysis. Our ratings therefore
reflect the results of our sensitivity analysis rather than our
standard assumptions."

S&P Global Ratings believes there remains a high degree of
uncertainty about the evolution of the coronavirus pandemic.
Reports that at least one experimental vaccine is highly effective
and might gain initial approval by the end of the year are
promising, but this is merely the first step toward a return to
social and economic normality; equally critical is the widespread
availability of effective immunization, which could come by the
middle of next year. S&P said, "We use this assumption in assessing
the economic and credit implications associated with the pandemic.
As the situation evolves, we will update our assumptions and
estimates accordingly."

  Ratings

  CLASS    RATING*    AMOUNT (MIL. GBP)
  A        AAA (sf)     209.20
  B-Dfrd   AA+ (sf)      17.05
  C-Dfrd   AA- (sf)      11.15
  D-Dfrd   A (sf)         5.25
  E-Dfrd   BBB+ (sf)      5.25
  F-Dfrd   BB (sf)        5.25
  Z1       NR             9.19
  Z2       NR             4.86
  X1       NR             4.60
  X2       NR             1.35

*S&P's ratings address timely receipt of interest and ultimate
repayment of principal for the class A notes, and the ultimate
payment of interest and principal on the other rated notes.
NR--Not rated.


TOGETHER ASSET 2021-CRE2: S&P Assigns B Rating on Cl. X Notes
-------------------------------------------------------------
S&P Global Ratings has assigned credit ratings to Together Asset
Backed Securitisation 2021-CRE2 PLC's (TABS 2021 CRE2) class A
loan, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, and X-Dfrd notes. At closing,
TABS 2021 CRE2 also issued unrated class Z notes.

The transaction is a static transaction that securitizes a
portfolio of GBP249 million mortgage loans, secured on commercial
(77.1%), mixed-use (17.9%), and residential (5.00%) properties in
the U.K.

This is the second transaction we have rated in the U.K. that
securitizes small ticket commercial mortgage loans after Together
Asset Backed Securitisation 2021-CRE1 PLC.

The loans in the pool were originated by Together Commercial
Finance Ltd. (a nonbank specialist lender) between 2017 and 2021.

S&P said, "We consider the nonresidential nature of most of the
pool as higher risk than a fully residential portfolio,
particularly the loss severity. We have nevertheless assessed these
loans' probability of default using our global residential loans
criteria as the method by which the loans were underwritten and are
serviced is similar to that of Together's residential mortgage
portfolio. On the loss severity side however, we have used our
covered bond commercial real estate criteria to fully capture the
market value declines associated with commercial properties."

Credit enhancement for the rated notes consists of subordination
and the non-liquidity reserve portion of the general reserve fund.
Following the step-up date, additional overcollateralization will
also provide credit enhancement. The overcollateralization will
result from the release of the excess amount from the revenue
priority of payments to the principal priority of payments.

Liquidity support for the class A loan notes is in the form of an
amortizing liquidity reserve fund. The nonamortizing reserve fund
can provide liquidity support to the class A loan to E-Dfrd notes.
Principal can also be used to pay interest on the most-senior class
outstanding (for the class A loan to E-Dfrd notes only).

At closing, the issuer used the issuance proceeds to purchase the
beneficial interest in the mortgage loans from the seller. The
issuer grants security over its assets in the security trustee's
favor.

S&P's ratings on the notes also reflect their ability to withstand
the potential repercussions of the extended recovery timings,
higher default sensitivities, and largest borrower default.

S&P said, "There are no rating constraints in the transaction under
our counterparty, operational risk, or structured finance sovereign
risk criteria. We consider the issuer to be bankruptcy remote.

"Our rating analysis considers a transaction's potential exposure
to ESG credit factors. For RMBS, we view the exposure to
environmental credit factors as average, social credit factors as
above average, and governance credit factors as below average. In
this transaction, we view the exposure to environmental credit
factors as average, in line with the benchmark, as the pool is
diversified geographically and does not have concentration risk.
However, given over 95% of the loans in this pool are backed by
small-ticket commercial properties and half of the borrowers are
limited liability companies, rather than purely residential
mortgage loans to consumer borrowers, we view this transaction's
exposure to social credit factors as average. Relative to consumer
borrowers, commercial borrowers may have lower direct exposure to
certain social credit factors given the higher level of regulatory
protection provided to consumers. However, certain commercial real
estate exposures, such as hotels, and certain retail properties,
may face material social challenges when it comes to health and
safety management, or changing user preferences regarding
commercial real estate space usage. We view the exposure to
governance factors as below average as in line with other
structured finance transactions there is strong governance
frameworks through, for example, the generally very tight
restrictions on what activities the special-purpose entity can
undertake compared to other entities."

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."

  Ratings

  CLASS     RATING*     AMOUNT (MIL.GBP)
  A loan    AAA (sf)     198.678
  B-Dfrd    AA (sf)       13.701
  C-Dfrd    AA- (sf)      10.587
  D-Dfrd    A (sf)         9.715
  E-Dfrd    BBB- (sf)      8.968
  X-Dfrd    B (sf)        13.701
  Z         NR            12.461
  Residual certificates   NR

*S&P's ratings address timely receipt of interest and ultimate
repayment of principal on the class A loan notes, and the ultimate
payment of interest and principal on the other rated notes.
NR--Not rated.
N/A--Not applicable.


TRANS 2 LOGISTICS: Sold in Pre-Pack Deal, 18 Jobs Saved
-------------------------------------------------------
Miran Rahman at TheBusinessDesk.com reports that Hull-based Trans 2
Logistics Ltd has been sold in a pre-pack deal after it fell into
administration, saving the jobs of its 18 staff.

Sean Williams and Phil Deyes, of Leonard Curtis Business Solution
Group (LCBSG), were appointed administrators of Trans 2 Logistics
on June 9, 2021, TheBusinessDesk.com relates.

The business -- a transportation services company -- was
incorporated in 2015 and specialized in the transportation of
abnormal loads.

It had suffered financial difficulties due to a combination of
factors including a loss-making contract in 2019, the COVID-19
pandemic and subsequent reduction in turnover, as well as the
impact of Brexit uncertainty, TheBusinessDesk.com discloses.

Despite the company directors working hard to turn the situation
around -- including raising additional funding and investing
personal funds -- the business reached a point where it was not
able to trade out of its financial difficulties,
TheBusinessDesk.com notes.

LCBSG director Sean Williams met with the company on May 18, 2021,
TheBusinessDesk.com recounts.  Following this meeting, the
professional advisory firm liaised with stakeholders and undertook
an accelerated marketing campaign in an attempt to sell the
business, TheBusinessDesk.com relays.

This resulted in 11 expressions of interest and a sale was
completed to Clugston Distribution Services earlier this month,
TheBusinessDesk.com relays.

The administrators were advised by Leeds-based Clarion Solicitors,
TheBusinessDesk.com states.


[*] UK: Extends Creditor Enforcement Protection by Three Months
---------------------------------------------------------------
Najiyya Budaly at Law360 reports that the UK government has
announced that it is extending by three months a COVID-19 relief
measure that protects companies from enforcement action by
creditors if they have fallen into debt because of the pandemic.

According to Law360, the Insolvency Service said on June 16 that
the government will extend temporary insolvency relief measures
introduced under the Corporate Insolvency and Governance Act 2020.
The government introduced the law in March 2020 to give companies
hit by the coronavirus crisis some breathing space, Law360
recounts.  It was due to expire at the end of June, Law360
discloses.

The government agency, as cited by Law360, said that "restrictions
on statutory demands and winding-up petitions will remain for a
further three months until Sept. 30 . . . to protect companies from
creditor enforcement action where their debts relate to the
pandemic."

The measures mean that creditors cannot issue statutory demands, a
written debt warning or a winding-up petition -- legal action taken
by creditors to recover money -- until the end of September, Law360
states.  The support measures have been extended several times
since they were introduced, Law360 relates.

Law firm Kingsley Napley said the extension was widely expected by
insolvency practitioners, after Prime Minister Boris Johnson
decided this week to push back the U.K.'s exit from lockdown by
four weeks, Law360 notes.




===============
X X X X X X X X
===============

[*] BOOK REVIEW: Mentor X
-------------------------
The Life-Changing Power of Extraordinary Mentors
Author: Stephanie Wickouski
Publisher: Beard Books
Hard cover: 156 pages
ISBN: 978-1-58798-700-7
List Price: $24.75

Order this Book: https://is.gd/EIPwnq

Long-time bankruptcy lawyer Stephanie Wickouski at Bryan Cave
impressively tackles a soft problem of modern professionals in an
era of hard data and scientific intervention in her third published
book entitled Mentor X. In an age where employee productivity is
measured by artificial intelligence and resumes are prescreened by
computers, Stephanie Wickouski adds spirit and humanity to the
professional journey.

The title is disarmingly deceptive and book browsers could be
excused for assuming this work is just another in a long line of
homogeneous efforts on mentorship. Don't be fooled; Mentor X is
practical, articulate and lively. Most refreshingly, the book
acknowledges the most important element of human development: our
intuition.

Mrs. Wickouski starts by describing what a mentor is and
distinguishes that role from a teacher, coach, role model, buddy or
boss. Younger professionals may be skeptical of the need for a
mentor, but Mrs. Wickouski deftly disabuses that notion by relating
how a mentor may do nothing less than change the course of a
protege's life. Newbies to this genre need little convincing
afterwards.

One of the book's worthiest contributions is a definition of mentor
that will surprise most readers. Mentors are not teachers, the
latter of which impart practical knowledge. Instead, according to
Mrs. Wickouski, her mentors "showed me secrets that I could learn
nowhere else. They showed me how doors are opened. They showed me
how to be an agent of change and advance innovative and
controversial ideas." What ambitious professional doesn't want more
of that in their life?

The practicality of the book continues as Mrs. Wickouski outlines
the qualities to look for in a mentor and classifies the various
types of mentors, including bold mentors, charismatic mentors, cold
and distant mentors, dissolute mentors, personally bonded mentors,
younger mentors, and unexpected mentors. Mentor X includes charts
and workbooks which aid the reader in getting the most out of a
mentor relationship. In a later chapter, Mrs. Wickouski provides an
enormously helpful suggestion about adopting a mentor: keep an open
mind. Often, mentors will come in packages that differ from our
expectations. They may be outside of our profession, younger, less
educated, etc . . . but the world works in mysterious ways and Mrs.
Wickouski encourages readers to think about mentors broadly.  In
this modern era of heightened workplace ethics, Mrs. Wickouski
articulates the dark side of mentors. She warns about "dementors"
and "tormentors" -- false mentors providing dubious and sometimes
self-destructive advice, and those who abuse a mentor relationship
to further self-interested, malign ends, respectively. She
describes other mentor dysfunctions, namely boundary-crossing,
rivalry, corruption, and a few others. When a mentor manifests such
behaviors, Mrs. Wickouski counsels it's time to end the
relationship.

Mrs. Wickouski tells readers how to discern when the mentor
relationship is changing and when it is effectively over. Those
changes can be precipitated by romantic boundaries crossed,
emergence of rivalrous sentiment, or encouragement of unethical
behavior or corruption. Mrs. Wickouski aptly notes that once
insidious energies emerge, the mentorship is effectively over. At
this point, certain readers may say to themselves, "Okay, I've got
it. Now I can move on." Or, "My workplace has a formal mentorship
program. I don't need this book anymore." Or even, "Can't modern
technology handle my mentor needs, a Tinder of mentorship, so to
speak?"

Mrs. Wickouski refutes that notion. She analyzes how many mentoring
programs miss the mark. In one of the best passages in the book,
Mrs. Wickouski writes, "Assigning or brokering mentors negates the
most critical components of a true mentor–protege relationship:
the individual process of self-awareness which leads a person to
recognize another individual who will give the advice singularly
needed. That very process is undermined by having a mentor assigned
or by going to a mentoring party." She does not just criticize; she
offers a solution with three valuable tips for choosing the right
mentor and five qualities to ascertain a true mentor in the
unlimited sea of possibilities.

Next, Mrs. Wickouski distinguishes between good advice and bad
advice. She punctuates that discussion with many relevant and
relatable examples that are easy to read and colorfully enjoyable.
This section includes interviews with proteges who have had
successful mentorships. The punchline: in the best mentorships, the
parties harmoniously share personal beliefs and values. Also
important, the protege draws inspiration and motivation from the
mentor. The book winds down as usefully as it started: Mrs.
Wickouski interviews proteges, asking them what they would have
done differently with their mentors if they could turn back the
clock. A common thread seems to be that the proteges would have
gone deeper with their mentors -- they would have asked more
questions, spent more time, delved into their mentors' thinking in
greater depth.

The book wraps up lightly by sharing useful and practical
suggestions for maintenance of the mentor relationship. She answers
questions such as, "Do I invite my mentor to my wedding?" and "Who
pays for lunch?"

Mentor X is an enjoyable read and a useful book for any
professional in any industry at, frankly, any point in time.
Advanced individuals will learn much from the other side, i.e., how
to be more effective mentors. Mrs. Wickouski does a wonderful job
of encouraging use of that all knowing aspect of human existence
which never fails us: proper use of our intuition.

                         About The Author

Stephanie Wickouski is widely regarded as an innovator and
strategic advisor. A nationally recognized lawyer, she has been
named as one of the 12 Outstanding Restructuring Lawyers in the US
by Turnarounds & Workouts and as one of US News' Best Lawyers in
America. She is the author of two other books: Indenture Trustee
Bankruptcy Powers & Duties, an essential guide to the legal role of
the bond trustee, and Bankruptcy Crimes, an authoritative resource
on bankruptcy fraud. She also writes the Corporate Restructuring
blog.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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