/raid1/www/Hosts/bankrupt/TCREUR_Public/210701.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Thursday, July 1, 2021, Vol. 22, No. 125

                           Headlines



C Y P R U S

QIWI PLC: S&P Affirms 'BB-/B' Issuer Credit Ratings, Outlook Neg.


C Z E C H   R E P U B L I C

TENZA: Brno Court Shuts Down Business Following Insolvency


G E R M A N Y

UNIPROF REAL ESTATE: Liquidation Completed Following Insolvency


G R E E C E

PUBLIC POWER: S&P Raises Debt Rating to 'B+', Outlook Positive


I R E L A N D

BAIN CAPITAL 2021-1: Moody's Assigns B3 Rating to EUR12MM F Notes
BAIN CAPITAL 2021-1: S&P Assigns B- Rating on Class F Notes
CVC CORDATUS XIV: Moody's Affirms B2 Rating on EUR8.8MM F Notes
INVESCO EURO VI: S&P Assigns Prelim. B- Rating on Cl. F Notes
MALLINCKRODT PLC: Sept. 3 Bankruptcy Plan Voting Deadline Set

MULCAIR SECURITIES 2: S&P Assigns BB- Rating on F Notes
SCULPTOR EUROPEAN VIII: Moody's Rates EUR9MM Class F Notes 'B3'
SCULPTOR EUROPEAN VIII: S&P Assigns B- Rating on Cl. F Notes
VOYA EURO II: Moody's Assigns (P)B3 Rating to EUR11MM Cl. F Notes


K A Z A K H S T A N

FREEDOM FINANCE: S&P Raises LT ICR to to 'B', Outlook Stable


N E T H E R L A N D S

PLT VII FINANCE: S&P Affirms 'B' LongTerm ICR, Outlook Stable
TITAN HOLDINGS II: S&P Gives (P)CCC+ Rating on EUR375MM Sub. Debt


P O L A N D

HUTMEN: Parent Plans to Liquidate Business Following Loss
ISP SMART-NET: Declared Bankrupt, Polish Registrar Shows


S W I T Z E R L A N D

TITAN HOLDINGS II: Moody's Rates EUR375MM Sub. Notes 'Caa2'


U N I T E D   K I N G D O M

NEWDAY GROUP: S&P Alters Outlook to Stable & Affirms 'B+' ICR
POLARCUS LTD: Enters Liquidation, Faces Oslo SE Delisting
SEADRILL LIMITED: Forbearance Deal on 2025 Notes Extended to July 2

                           - - - - -


===========
C Y P R U S
===========

QIWI PLC: S&P Affirms 'BB-/B' Issuer Credit Ratings, Outlook Neg.
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-/B' long- and short-term issuer
credit ratings on Cyprus-based payment services provider QIWI PLC
(QIWI).

The negative outlook indicates the possibility of a downgrade in
the next 12 months if the company's competitive standing
deteriorates as a result of regulatory and legislative changes, as
well as increasing competition in the payment services industry.

On June 8, 2021, the Central Bank of Russia's (CBR's) temporary
restrictions on cross-border operations with foreign merchants of
QIWI Bank, QIWI operating subsidiary, expired after being in effect
for six months.

Uncertainty related to the CBR's temporary restrictions on QIWI
Bank's cross-border operations has diminished but certain
activities will not be restarted. The restrictions on QIWI Bank's
cross-border operations expired June 8, 2021, so S&P believes
immediate regulatory risks have diminished. At the same time, S&P
expects that QIWI will be able to restore only part of its previous
cross-border payment volumes. Operations with about 30 big foreign
merchants (such as Ali-Express and Steam) have already resumed, and
QIWI expects to renew cross-border operations with some merchants
in digital entertainment, such as online games or cyber sport.
However, a portion of cross-border payments will not be restarted,
including, for example, operations with foreign aggregators.

New regulation in the betting industry brings challenges to the
company's growth prospects. In December 2020, a new law was adopted
establishing a Unified Gambling Regulator and creating the role of
a single Unified Bets Accounting Center. Following this, QIWI will
no longer serve as an operator of one of the two existing TSUPIS
(Interactive Bet Accounting Centers) since they will cease to exist
from the fourth quarter of 2021. Russian betting makes up a
material portion of QIWI's payment volumes and net revenue, at
20%-25% in first-quarter 2021. The new regulation can affect up to
55%-60% of revenue from this segment or 11%-15% of total revenue.
In S&P's view, the company's competitive position will depend on
finding its role in the new regulatory framework in betting and its
ability to substitute lost income by developing new use cases for
QIWI Wallet and new projects.

New business lines are yet to make a meaningful contribution to the
group's revenue. Since end-2018, QIWI started actively developing
its digital bank guarantees business and factoring operations
within its Factoring PLUS project. In addition, since May 2021 the
company has been piloting its new performance lending product. The
company estimates that Factoring PLUS can contribute up to 15%-20%
of the group's net revenue by 2023 compared with around 2.6% as of
year-end 2020. S&P said, "We believe, however, that it is not yet
clear whether the new business can become a meaningful revenue
stream. We consider the risks associated with these new lending
products and banking guarantees as lower than for consumer lending
under the Sovest project. At the same time, we acknowledge that the
company's growth targets for its loans and guarantees portfolios
are quite ambitious, namely, a doubling of the portfolios annually
until 2023, to around Russian ruble (RUB) 30 billion for factoring
and performance loans and up to RUB160 billion for guarantees. Such
growth can result in increased risks, in our view."

QIWI's historically relatively low reliance on debt in supporting
its business remains a positive rating factor. S&P said, "We expect
that QIWI's debt to EBIDTA will likely remain below 1.5x in the
medium term. The company's current debt includes RUB5 billion of
bonds placed in October 2020 and two credit lines from AO "MSP
Bank" with a total credit limit of RUB2 billion, which mature in
the third and fourth quarters of 2021 but will likely be rolled
over. We also include lease liability in our debt calculation. We
expect that the company's EBITDA margin will decrease in 2021-2022
reflecting the expected decline in revenue, in particular from the
high-margin betting sector, but should be supported by cost-cutting
initiatives and the disposal of loss-making operations (Sovest and
Rocketbank), finalized last year."

The negative outlook reflects a one-in-three likelihood of a
downgrade in the next 12 months.

S&P said, "We could consider a downgrade in the next 12 months if
the company's competitive standing deteriorated as a result of
regulatory and legislative changes as well as increasing
competition or disruption from new entrants to the payment services
industry. Additionally, we could consider a negative rating action
if we observed that the anticipated fast growth in new
products--such as factoring, digital bank guarantees, or
performance lending--is heightening risks and losses, and putting
pressure on QIWI's business or financial risk profiles. We could
also lower the rating if a potential decrease in earnings led to
increased volatility in leverage metrics, such that debt to EBITDA
surpassed 2x.

"We could revise the outlook to stable if the company managed to
mitigate the negative impact of ceasing a portion of its
cross-border business and the new regulatory framework in the
betting industry on its business and financial performance.
Specifically, QIWI would need to maintain its competitive standing
and stabilize revenue growth."




===========================
C Z E C H   R E P U B L I C
===========================

TENZA: Brno Court Shuts Down Business Following Insolvency
----------------------------------------------------------
CTK News, citing the insolvency register, reports that the Brno
Regional Court has shut down energy company Tenza, which has been
insolvent since February, following the proposal of the company's
insolvency administrator.

According to CTK, Judge Zdenek Dokulil said further operations
would damage the bankruptcy estate.

Tenza's creditors have lodged claims worth about CZK3 billion, CTK
discloses.




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

UNIPROF REAL ESTATE: Liquidation Completed Following Insolvency
---------------------------------------------------------------
UNIPROF Real Estate Holding AG recounted that with the decision of
the Stuttgart District Court of June 30, 2003, transaction number 9
IN 57/03, its application to open insolvency proceedings was
rejected due to insufficient assets.

The liquidation of the company has been completed.

On June 15, 2021, this was communicated to the Stuttgart District
Court with the aim of deleting the company from the commercial
register.




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

PUBLIC POWER: S&P Raises Debt Rating to 'B+', Outlook Positive
--------------------------------------------------------------
S&P Global Ratings raised its ratings on Public Power Corp. (PPC)
and its debt to 'B+' from 'B'. The positive outlook reflects that
on Greece, indicating that S&P could upgrade PPC if it took a
similar action on Greece or if PPC continues to deliver on its
strategic plan and adjusted debt-to-EBITDA reduces below 5x.

PPC is advancing in its implementation of its strategic plan with
the gradual shift toward a lower carbon dioxide (CO2)-emitting
fleet, improving margins and cash flow stability. The company shows
improved business fundamentals with notably better operating
efficiency thanks to the transition of its generation fleet toward
exiting coal, with already a third of its unprofitable
lignite-based plants decommissioned, and refocusing on gas-based
generation and renewables. PPC already closed 1.1 gigawatts (GW) on
its 3.3-GW lignite generation fleet, and is expected to further
reduce it to 0.68 GW by year-end 2023 and to zero GW by 2025,
notably thanks to the conversion of its Ptolemaida V plant to gas.
Lignite-based generation represents 26% of the energy mix on March
31, 2021, versus 44% in the first quarter of 2020. The closure of
lignite plants and shift of the power generation mix toward a lower
CO2-emitting mix with increasing long-term contracted renewables
and more profitable gas-fueled power generation enables PPC to
materially improve its margins, with less exposure to CO2, rising
prices, and an improved load factor in the remaining plants.
Renewable capacity is building, with 634 megawatts (MW) of new
photovoltaic (PV) production licenses granted in April 2021. The
company is on track to increase renewable capacity to 1.5 GW by
2023 which should positively affect PPC's generation fleet
positioning it at the low end of the merit order. Renewables are
covered by feed-in premium schemes, which will ensure a market
premium over the wholesale electricity price for 20 years,
improving cash flow stability.

S&P said, "We recognize some improvement in receivables management
and we expect PPC to benefit from its large size and incumbent role
in Greece's energy market to improve margins on its retail
activities. We forecast stable EBITDA from retail activities to
compensate the likely market share reduction following Greece's end
of regulated tariffs to comply with EU requirements. The full
implementation of European competition regulation for utilities
entails a steep contraction of PPC's domestic market share of its
electricity supply market share to below 50% in the next few years
(from 95% in retail and 63% in generation in 2015), it is expected
to be below 60% by 2023. We anticipate that the deregulation of
tariffs will allow PPC to better pass through cost increases
(including gas and carbon) and better adapt its commercial strategy
to different customer profiles. More importantly, we also expect
improved cash flow generation from retail activities in the next
few years, thanks to enhanced payment collection resulting from the
company's efforts to rebuild its internal systems and management of
billing processes. We believe a longer track record is needed of
improved working capital management and that the overdue
receivables stock needs decreasing significantly. The two
securitization transactions performed in November 2020 and April
2021 enabled PPC to accelerate monetization of overdue receivables
by EUR150 million and EUR325 million, respectively. The company is
keeping some of the recovery upside on its massive on-balance-sheet
through bad debt provisions (about EUR2.4 billion of bills overdue
at year-end 2020) and we expect it to be able to recover a part of
these in the next three years."

S&P said, "We have more confidence management will be able to
deliver on our revised our forecasts and now see EBITDA staying
above 2020 levels and stable credit metrics in 2021-2023.We expect
PPC's S&P Global Ratings adjusted EBITDA to increase to about
EUR900 million-EUR1 billion in 2021-2023 from EUR845 million in
2020 and we have slightly revised up our forecast for 2021 EBITDA
on the back of strong first-quarter 2021 results. PPC reported
recurring EBITDA growth of 24% compared with first-quarter 2020
with the corresponding margin increasing to 20.3% from 14.9% . This
owed mainly to lower energy purchasing costs despite increased
prices for CO2 emissions, due to PPC's increased electricity
generation from hydro power plants and natural gas-fired units. In
addition, continued payroll cost reduction further supported EBITDA
and margin growth."

As previously mentioned, key EBITDA growth drivers include:

-- Increasing prices in retail, largely compensating for market
share loss;

-- The closure of unprofitable lignite-generation plants;

-- Increased commissioning of renewables;

-- Cost efficiencies; and

-- Improvement in collection of receivables, with flat regulated
distribution EBITDA.

S&P said, "We forecast PPC's adjusted FFO to debt will improve to
more than 14% in 2022 from 13.2% in 2020 and debt to EBITDA will
decrease to about 5.5x in 2022 from 5.9x in 2020. This factors
PPC's large expansionary capital spending (capex) plan with a total
average budget of EUR750 million in 2021 and 2022 and increasing to
EUR950 million in 2023, leading to neutral to negative cash flow
generation from 2021 even in the absence of dividends to
shareholders.

"We forecast some stability of EBITDA from PPC's regulated
distribution activities--from HEDNO S.A., Greece's sole power
network operator (about 40% of EBITDA)--because the new regulatory
framework started in 2021 and greatly improves the predictability
and stability of regulated cash flows, with a regulated period of
four years, almost full cost coverage with remuneration of
investments, incentives and adjustment mechanisms for differences
in real versus budgeted costs, and inflation. However, these are
assumptions because the regulator's independence and the regulation
are both relatively new and lack a track record.

"We will closely monitor the advancement of the partial sale of the
HEDNO distribution activities, as well as PPC's strategic plan
implementation and actions to achieve its publicly stated net debt
to EBITDA target of 3.5x. At this stage though, we do not expect
the potential partial disposal to materially change PPC's credit
profile.

"The utility has a strong link with the Greek Government.Our
expectation of improved budgetary performance in Greece and a
brighter economic outlook based on structural reforms and the
deployment of EU funds has led us to reconsider the government's
capacity to provide exceptional support to PPC. We also consider
that the revision of PPC's strategic plan, aligned to the
government's interests and the Greek National Energy Plan improves
the government's willingness to support the company in times of
need. These two positive developments led us to change our
assessment on the likelihood the Greek government would provide
timely and sufficient support to PPC to moderately high from
moderate. On the other hand, we understand the privatization of
another 17% of the company is on hold and we will closely monitor
any evolution of the disposal by the state, its implication on
governance, and ultimately whether our views on the likelihood of
support could be altered by such a development."

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

-- Greenhouse gas emissions
-- Strategy, execution, and monitoring

S&P said, "Our positive outlook on PPC mirrors our positive outlook
on Greece. This reflects our view that improved economic prospects
in the country have enhanced the government's capacity to provide
PPC with timely extraordinary support. While less evident over the
next 12-18 months, we also see continued improvement in the
company's operations and financials as supporting a potential
upgrade."

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

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

-- S&P revised up our assessment of PPC's stand-alone credit
profile to 'bb-'. This would depend on consistent solid performance
in all of its business lines and stronger credit metrics, such as
FFO to debt staying sustainably above 18% and debt to EBITDA below
5x, along with the successful delivery of its transformation plan
without operating issues and demonstrated improvement of its
business model.

S&P could revise the outlook to stable if it took the same action
on Greece or should we observe less willingness and ability from
Greece to support the company, for example by selling its majority
share in PPC.

PPC is the largest electricity provider and producer in Greece and
is fully integrated across the energy value chain. The company
currently holds assets in lignite mines and power generation,
distribution, and supply. PPC's current power portfolio comprises
conventional thermal and hydroelectric power plants, as well as
renewable units, accounting for approximately 51% of the total
installed capacity in the country in 2020.

However, the full implementation of European competition regulation
for utilities entails a steep contraction of PPC's domestic market
share, both in electricity supply and generation, to below 50% in
the coming years from 95% in retail and 63% in generation in 2015.




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

BAIN CAPITAL 2021-1: Moody's Assigns B3 Rating to EUR12MM F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to the Notes issued by Bain Capital
Euro CLO 2021-1 Designated Activity Company (the "Issuer"):

EUR2,000,000 Class X Senior Secured Floating Rate Notes due 2034,
Definitive Rating Assigned Aaa (sf)

EUR248,000,000 Class A Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aaa (sf)

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

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

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

EUR24,800,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Baa3 (sf)

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

EUR12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

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

The Issuer is a managed cash flow CLO. At least 95% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 5% of the portfolio may consist of unsecured senior
loans, second-lien loans, high yield bonds and mezzanine loans. The
portfolio is expected to be over 95% ramped as of the closing date
and to comprise of predominantly corporate loans to obligors
domiciled in Western Europe. The remainder of the portfolio will be
acquired during the six month ramp-up period in compliance with the
portfolio guidelines.

Bain Capital Credit U.S. CLO Manager, LLC will manage the CLO. It
will direct the selection, acquisition and disposition of
collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
4.5-year reinvestment period. Thereafter, subject to certain
restrictions, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk obligations or credit improved obligations.

In addition to the eight classes of notes rated by Moody's, the
Issuer has issued EUR30,600,000 M-1 Subordinated Notes due 2034 and
EUR500,000 M-2 Subordinated Notes due 2034 which are not rated.

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A Notes. The
Class X Notes amortises by 12.5% or EUR250,000.00 over eight
payment dates starting on the second payment date.

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

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

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

Methodology underlying the rating action:

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

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

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

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

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

Par Amount: EUR400,000,000.00

Diversity Score: 50

Weighted Average Rating Factor (WARF): 3022

Weighted Average Spread (WAS): 3.60%

Weighted Average Coupon (WAC): 3.75%

Weighted Average Recovery Rate (WARR): 44.3%

Weighted Average Life (WAL): 8.5 years


BAIN CAPITAL 2021-1: S&P Assigns B- Rating on Class F Notes
-----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Bain Capital Euro
CLO 2021-1 DAC's class X, A, B-1, B-2, C, D, E, and F notes. At
closing, the issuer also issued unrated subordinated notes.

The ratings assigned to Bain Capital Euro CLO 2021-1's notes
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 issuer's legal structure, which is bankruptcy remote.

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

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 ends approximately 4.6 years
after closing, and the portfolio's maximum average maturity date is
8.5 years after closing.

S&P said, "On the effective date, we expect that the portfolio 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
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.

"In our cash flow analysis, we used the EUR400.00 million target
par, a weighted-average spread (3.60%), the reference
weighted-average coupon (3.75%), and the weighted-average recovery
rates at each rating level calculated in line with our CLO
criteria. 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-1 to D notes could withstand stresses
commensurate with 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.

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

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

"The issuer's legal structure is 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 X
to E notes."

The class F notes' current break-even default rate (BDR) cushion is
-0.38%. Based on the portfolio's actual characteristics and
additional overlaying factors, including our long-term corporate
default rates and the class F notes' credit enhancement, this class
is able to sustain a steady-state scenario, in accordance with our
criteria. S&P's analysis further reflects several factors,
including:

-- The class F notes' available credit enhancement is in the same
range as that of other CLOs S&O has rated and that has recently
been issued in Europe.

-- S&P's model-generated BDR at 'B-' rating level is 27.28% (for a
portfolio with a weighted-average life of 5.44 years) versus 16.86%
if it was to consider a long-term sustainable default rate of 3.1%
for 5.44 years.

-- Whether the tranche is vulnerable to nonpayment in the near
future.

-- If there is a one-in-two chance for this note to default.

-- If S&P 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 a 'B-
(sf)' rating.

S&P said, "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 X
to E notes to five of the 10 hypothetical scenarios we looked at in
"How Credit Distress Due To COVID-19 Could Affect European CLO
Ratings," published on April 2, 2020.

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

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."

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
(non-exhaustive list): tobacco, the manufacturing or marketing of
controversial weapons, illegal drugs or narcotics, and predatory
payday lending. 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

  CLASS   RATING     BALANCE    SUB (%)   INTEREST RATE
                   (MIL. EUR)
  X       AAA (sf)      2.00     N/A      Three/six-month EURIBOR

                                            plus 0.50%
  A       AAA (sf)    248.00    38.00     Three/six-month EURIBOR

                                            Plus 0.88%
  B-1     AA (sf)      30.00    28.00     Three/six-month EURIBOR
                                            Plus 1.60%
  B-2     AA (sf)      10.00    28.00     1.95%
  C       A (sf)       28.00    21.00     Three/six-month EURIBOR
                                            Plus 2.10%
  D       BBB (sf)     24.80    14.80     Three/six-month EURIBOR
                                            Plus 3.30%
  E       BB- (sf)     20.00     9.80     Three/six-month EURIBOR

                                            Plus 6.20%
  F       B- (sf)      12.00     6.80     Three/six-month EURIBOR
                                            Plus 8.82%
  Sub notes   NR       31.10      N/A     N/A

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


CVC CORDATUS XIV: Moody's Affirms B2 Rating on EUR8.8MM F Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued by CVC
Cordatus Loan Fund XIV Designated Activity Company (the "Issuer"):

EUR211,000,000 Class A-1-R Senior Secured Floating Rate Notes due
2032, Definitive Rating Assigned Aaa (sf)

EUR25,000,000 Class A-2-R Senior Secured Fixed Rate Notes due
2032, Definitive Rating Assigned Aaa (sf)

EUR10,000,000 Class A-3-R Senior Secured Floating Rate Notes due
2032, Definitive Rating Assigned Aaa (sf)

EUR35,800,000 Class B-1-R Senior Secured Floating Rate Notes due
2032, Definitive Rating Assigned Aa2 (sf)

EUR5,000,000 Class B-2-R Senior Secured Fixed Rate Notes due 2032,
Definitive Rating Assigned Aa2 (sf)

EUR24,800,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2032, Definitive Rating Assigned A2 (sf)

EUR26,000,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2032, Definitive Rating Assigned Baa3 (sf)

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

EUR2,000,000 (Current Outstanding amount EUR500,000) Class X
Senior Secured Floating Rate Notes due 2032, Affirmed Aaa (sf);
previously on May 15, 2019 Definitive Rating Assigned Aaa (sf)

EUR22,400,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Ba3 (sf); previously on May 15, 2019
Definitive Rating Assigned Ba3 (sf)

EUR8,800,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2032, Affirmed B2 (sf); previously on May 15, 2019 Definitive
Rating Assigned B2 (sf)

RATINGS RATIONALE

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

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

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A-1-R Notes and
Class A-2-R Notes. The outstanding balance of the Class X notes is
EUR500,000 and will continue to amortise by EUR250,000 on each
payment date.

Interest and principal payments due to the Class A-3-R Notes are
subordinated to interest and principal payments due to the Class X
Notes, the Class A-1-R Notes and the Class A-2-R Notes. The Class
X, Class A-1-R Notes and Class A-2-R Notes' payments are pro rata
and pari passu.

As part of this refinancing, the Issuer has extended the weighted
average life test date by 15 months to February 15, 2029. It has
also amended certain concentration limits, definitions including
the definition of "Adjusted Weighted Average Rating Factor" and
minor features. In addition, the Issuer has amended the base matrix
and modifiers that Moody's has taken into account for the
assignment of the definitive ratings.

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

CVC Credit Partners European CLO Management LLP will continue to
manage the CLO. It will direct the selection, acquisition and
disposition of collateral on behalf of the Issuer and may engage in
trading activity, including discretionary trading, during the
transaction's remaining reinvestment period which ends in November
2023. Thereafter, subject to certain restrictions, purchases are
permitted using principal proceeds from unscheduled principal
payments and proceeds from sales of credit risk obligations and
credit improved obligations.

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

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

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

Methodology Underlying the Rating Action:

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

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

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

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

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

Performing par and principal proceeds balance: EUR397.0 million

Defaulted Par: None

Diversity Score: 45

Weighted Average Rating Factor (WARF): 2950

Weighted Average Spread (WAS): 3.5%

Weighted Average Coupon (WAC): 4.0%

Weighted Average Recovery Rate (WARR): 43.0%

Weighted Average Life (WAL) test date: February 15, 2029


INVESCO EURO VI: S&P Assigns Prelim. B- Rating on Cl. F Notes
-------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Invesco Euro CLO VI DAC's class A, B-1, B-2, C, D, E, and F notes.
At closing, the issuer will also issue unrated subordinated notes.

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

The portfolio's reinvestment period will end approximately 4.5
years after closing, and the portfolio's weighted-average life test
will be approximately 8.5 years after closing.

The preliminary ratings assigned to the notes reflect S&P's
assessment of:

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

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

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

  Portfolio Benchmarks
                                                          CURRENT
  S&P Global Ratings weighted-average rating factor      2,791.86
  Default rate dispersion                                  589.65
  Weighted-average life (years)                              5.39
  Obligor diversity measure                                103.65
  Industry diversity measure                                24.39
  Regional diversity measure                                 1.31

  Transaction Key Metrics
                                                          CURRENT
  Total par amount (mil. EUR)                              400.00
  Defaulted assets (mil. EUR)                                0.00
  Number of obligors                                          133
  Portfolio weighted-average rating
    derived from S&P's CDO evaluator                          'B'
  'CCC' category rated assets (%)                            3.75
  'AAA' identified portfolio weighted-average recovery (%)  37.38
  Covenanted weighted-average spread (%)                     3.70
  Reference weighted-average coupon (%)                      4.25

Rating rationale

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

"In our cash flow analysis, we used the EUR400 million performing
amount, the covenanted weighted-average spread of 3.70%, the
reference weighted-average coupon of 4.25%, and the identified
pool's weighted-average recovery rates for all rated notes. We
applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate
stress scenarios for each liability rating category.

"Our cash flow analysis also considers scenarios where the
underlying pool comprises 100% of floating-rate assets (i.e., the
fixed-rate bucket is 0%) and where the fixed-rate bucket is fully
utilized (in this case, 10%).

"We expect that the transaction's documented counterparty
replacement and remedy mechanisms will adequately mitigate its
exposure to counterparty risk under our current counterparty
criteria.

"Following the application of our structured finance sovereign risk
criteria, we consider the transaction's exposure to country risk to
be limited at the assigned preliminary ratings, as the exposure to
individual sovereigns does not exceed the diversification
thresholds outlined in our criteria.

"At closing, we consider that the transaction's legal structure
will be bankruptcy remote, in line with our legal criteria.

"Our credit and cash flow analysis indicate that the available
credit enhancement for the class B to E notes could withstand
stresses commensurate with higher rating levels than those we have
assigned. However, as the CLO is still in its reinvestment phase,
during which the transaction's credit risk profile could
deteriorate, we have capped our assigned ratings on the notes. The
class A and F notes can withstand stresses commensurate with the
assigned preliminary rating levels.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our preliminary
ratings are commensurate with the available credit enhancement for
the class A, B-1, B-2, C, D, E, and F notes.

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A to E notes
to five of the 10 hypothetical scenarios we looked at in our
publication. The results shown in the chart below are based on the
covenanted weighted-average spread, coupon, and recoveries.

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

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

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 either of the United Nations
Global Compact violations, and identified as having corporate
involvement in the end manufacture or manufacture of intended use
components of biological and chemical weapons or any of the
following industries: tobacco, controversial weapons, thermal coal,
oil and gas, casinos or online gambling, payday lending,
pornography or prostitution, and trades in endangered or protected
wildlife. 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   PRELIM     PRELIM     SUB(%)   INTEREST RATE*
          RATING     AMOUNT
                    (MIL. EUR)
  A       AAA (sf)    248.00    38.00    Three/six-month EURIBOR
                                           plus 0.94%
  B-1     AA (sf)      32.00    27.50    Three/six-month EURIBOR
                                           plus 1.65%
  B-2     AA (sf)      10.00    27.50    1.95%
  C       A (sf)       26.20    20.95    Three/six-month EURIBOR
                                           plus 2.15%
  D       BBB (sf)     24.60    14.80    Three/six-month EURIBOR
                                           plus 3.05%
  E       BB- (sf)     20.00     9.80    Three/six-month EURIBOR
                                           plus 5.99%
  F       B- (sf)      12.00     6.80    Three/six-month EURIBOR
                                           plus 8.58%
  Sub     NR           32.80     N/A     N/A

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

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


MALLINCKRODT PLC: Sept. 3 Bankruptcy Plan Voting Deadline Set
-------------------------------------------------------------
Wilkinson Brimmer Katcher issued the following statement regarding
the Mallinckrodt plc bankruptcy plan:

WHAT IS THIS ABOUT?

Mallinckrodt is a manufacturer of opioid pain medication that filed
for chapter 11 bankruptcy in October 2020. On June 17, 2021,
Mallinckrodt plc and its affiliates (the "Debtors") filed their
Plan of Reorganization (the "Plan") in the United States Bankruptcy
Court for the District of Delaware and their related Disclosure
Statement. You may have the right to vote on the Plan of
Reorganization.

WHO CAN VOTE ON THE PLAN?

If you think you or a deceased loved one was harmed by opioids like
Hydrocodone, Oxycodone, Codeine or Roxicodone, or if you care for a
child exposed to these opioids in the womb, you can vote on the
Mallinckrodt bankruptcy plan. Specific details about voting are set
forth below in this notice and at MNKvote.com.

WHAT DOES THE PLAN PROVIDE?

Mallinckrodt's Plan channels claims based on harm or injury related
to the Debtors' manufacturing of opioids and related activities to
one or more opioid trusts. These opioid trusts will be established
for the purpose of distributing money to individuals and corporate
entities holding Opioid Claims and for abatement of the opioid
crisis. If the Plan is approved by the Bankruptcy Court and you
have an Opioid Claim, you will be entitled to assert your claim
directly against the applicable opioid trust at a later time. There
is nothing you need to do right now to assert your Opioid Claim.
You will be notified of how to assert your Opioid Claim against an
opioid trust at a later date. The Plan, if approved, will forever
prohibit any opioid claimants from asserting any Opioid Claim or
seeking any money on account of any Opioid Claim against the
Debtors, their officers and directors, or certain other parties
specified in the Plan as the "Protected Parties." The Official
Committee of Opioid Related Claimants is a Bankruptcy
Court-appointed representative of Opioid Claimants in the Debtors'
bankruptcy cases and has set forth its position letter regarding
the Plan, which can be obtained free of charge at MNKVote. com.

WHAT ARE YOUR OPTIONS?

Vote on the Plan: If you are eligible to submit a vote, your vote
must be submitted so it is received on or before September 3, 2021,
at 4:00 p.m., Eastern Time. Detailed instructions on how to vote
are available at MNKvote.com or by calling 877.467.1570 (Toll-Free)
or 347.817.4093 (International). If you do not follow the detailed
instructions, your vote may be disqualified.

Object to the Plan: If you disagree with the Plan, you can object
to it in writing so it is received on or before September 3, 2021,
at 4:00 p.m., Eastern Time. Objections not filed and served
properly may not be considered by the Bankruptcy Court. Detailed
instructions on how to file an objection are available at
MNKvote.com or by calling 877.467.1570 (Toll-Free) or 347.817.4093
(International).

If the Plan is confirmed, everyone with a Claim against or Interest
in Mallinckrodt plc and its affiliates will be bound by the terms
of the Plan regardless of whether or not they vote on the Plan or
file a claim against the opioid trust

WHEN IS THE HEARING?

The Bankruptcy Court has scheduled the hearing to consider
confirmation of the Plan to be held on September 21, 2021, at 10:00
a.m. Eastern Time (the "Confirmation Hearing"). The Confirmation
Hearing will take place before the Honorable John T. Dorsey, United
States Bankruptcy Judge, in the Bankruptcy Court, located at 824
Market Street, 5th Floor, Courtroom 5, Wilmington, Delaware 19801,
which hearing shall be conducted either by teleconference or
videoconference via Zoom.

THIS IS ONLY A SUMMARY OF THE MALLINCKRODT PLAN OF REORGANIZATION.
IF YOU HAVE ANY QUESTIONS OR IF YOU WOULD LIKE TO OBTAIN ADDITIONAL
INFORMATION:

Call:  

877.467.1570 (Toll-Free)
347.817.4093 (International)

Write:  

Mallinckrodt Ballot Processing,
c/o Prime Clerk LLC, One Grand Central Place,
60 East 42nd Street, Suite 1440
New York, NY 10165

Visit:    

MNKvote.com

Email:  

mallinckrodtopioidclaimantinfo@akingump.com or
mallinckrodtinfo@primeclerk.com

Please be advised that Prime Clerk, the debtor's notice and claims
agent, is authorized to answer questions about, and provide
additional copies of the plan and other solicitation materials, but
may not advise you as to whether you should vote to accept or
reject the plan.

                    About Mallinckdrodt PLC

Mallinckrodt -- http://www.mallinckrodt.com/-- is a global
business consisting of multiple wholly owned subsidiaries that
develop, manufacture, market and distribute specialty
pharmaceutical products and therapies.  The company's Specialty
Brands reportable segment's areas of focus include autoimmune and
rare diseases in specialty areas like neurology, rheumatology,
nephrology, pulmonology and ophthalmology; immunotherapy and
neonatal respiratory critical care therapies; analgesics and
gastrointestinal products.  Its Specialty Generics reportable
segment includes specialty generic drugs and active pharmaceutical
ingredients.

On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates
sought Chapter 11 protection in Delaware in the U.S. (Bankr. D.
Del. Lead Case No. 20-12522) to seek approval of a restructuring
that would reduce total debt by $1.3 billion and resolve opioid
related claims against the Company.  Mallinckrodt plc disclosed
$9,584,626,122 in assets and $8,647,811,427 in liabilities as of
Sept. 25, 2020.

Latham & Watkins LLP, Ropes & Gray LLP and Wachtell, Lipton, Rosen
& Katz are serving as counsel to the Company, Guggenheim
Securities, LLC is serving as investment banker and AlixPartners
LLP is serving as restructuring advisor to Mallinckrodt. Hogan
Lovells is serving as counsel with respect to the Acthar Gel
matter.  Prime Clerk LLC is the claims agent.


MULCAIR SECURITIES 2: S&P Assigns BB- Rating on F Notes
-------------------------------------------------------
S&P Global Ratings has assigned its credit ratings to Mulcair
Securities No. 2 DAC's (Mulcair's) class A, B-Dfrd, C-Dfrd, D-Dfrd,
E-Dfrd, and F-Dfrd notes. At closing, Mulcair will also issue
unrated class Z notes.

S&P said, "Our ratings address the timely payment of interest and
the ultimate payment of principal on the class A notes. Our ratings
on the class B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, and F-Dfrd address the
ultimate payment of interest and principal on these notes. Our
ratings do not address the payment of additional note payments on
the class D-Dfrd, E-Dfrd, and F-Dfrd notes."

Mulcair is a securitization of a pool of predominantly
first-ranking residential mortgage loans, secured on properties in
Ireland originated by the Bank of Ireland, ICS Building Society,
and Bank of Ireland Mortgage Bank. Bank of Ireland act as servicer
for all of the loans in the transaction from the closing date.

Although the loans in the pool were originated as prime mortgages,
arrears in the portfolio peaked at approximately 56% in 2013,
mainly due to the stressed macroeconomic environment in Ireland.
Since then, arrears have decreased in line with overall mortgage
market trends in Ireland. S&P attributes this to the improved
economy and to restructuring arrangements implemented by the
servicer.

The originator is retaining an economic interest in the
transaction, in the form of an unrated vertical risk retention
(VRR) loan note that accounts for 5% of the pool balance at
closing. The remaining 95% of the pool will be funded through the
proceeds of the mortgage-backed rated notes.

S&P said, "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. The transaction's structure relies on a
combination of subordination, excess spread, a senior reserve fund,
and a general reserve fund to cover credit losses and income
shortfalls. Having taken these factors into account, we consider
the credit enhancement available to the rated notes to be
commensurate with the ratings that we have assigned."

  Ratings

  CLASS     RATING*     CLASS SIZE (EUR)
  A         AAA (sf)      233,972,000
  B-Dfrd    AA (sf)        22,906,000
  C-Dfrd    A (sf)         15,544,000
  D-Dfrd    BBB (sf)       13,907,000
  E-Dfrd    BB+ (sf)        8,181,000
  F-Dfrd    BB- (sf)        4,909,000
  Z-Dfrd    NR             27,815,000

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

NR--Not rated.
TBD--To be determined.


SCULPTOR EUROPEAN VIII: Moody's Rates EUR9MM Class F Notes 'B3'
---------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to the debts issued by Sculptor
European CLO VIII DAC (the "Issuer"):

EUR91,500,000 Class A Senior Secured Floating Rate Notes due 2034,
Definitive Rating Assigned Aaa (sf)

EUR93,000,000 Class A Senior Secured Floating Rate Loan due 2034,
Definitive Rating Assigned Aaa (sf)

EUR18,500,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aa2 (sf)

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

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

EUR18,750,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Baa3 (sf)

EUR15,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Ba3 (sf)

EUR9,000,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2034, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

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

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be approximately 75% ramped as of the
closing date and to comprise of predominantly corporate loans to
obligors domiciled in Western Europe. The remainder of the
portfolio will be acquired during the 6 month ramp-up period in
compliance with the portfolio guidelines.

Sculptor Europe Loan Management Limited will manage the CLO. It
will direct the selection, acquisition and disposition of
collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
4.5 year reinvestment period. Thereafter, subject to certain
restrictions, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk obligations or credit improved obligations. Additionally, the
issuer has the ability to purchase loss mitigation loans using
principal proceeds subject to a set of conditions including
satisfaction of the par coverage tests.

In addition to the seven classes of notes rated by Moody's, the
Issuer will issue EUR8.0 million of Class Z Notes and EUR24.9
million of Subordinated Notes which are not rated.

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

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

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

Methodology Underlying the Rating Action:

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

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

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

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

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

Target Par Amount: EUR300,000,000

Diversity Score: 46

Weighted Average Rating Factor (WARF): 2880

Weighted Average Spread (WAS): 3.60%

Weighted Average Coupon (WAC): 3.75%

Weighted Average Recovery Rate (WARR): 43%

Weighted Average Life (WAL): 8.5 years


SCULPTOR EUROPEAN VIII: S&P Assigns B- Rating on Cl. F Notes
------------------------------------------------------------
S&P Global Ratings assigned credit ratings to Sculptor European CLO
VIII DAC's class A loan and the class A, B-1, B-2, C, D, E, and F
notes. The issuer also has EUR24.9 million of unrated subordinated
notes outstanding from the existing transaction.

The reinvestment period will end in December 2025. The covenanted
maximum weighted-average life is 8.5 years from closing.

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

The portfolio is well-diversified, primarily comprising broadly
syndicated speculative-grade senior secured term loans. Therefore,
S&P has conducted our credit and cash flow analysis by applying its
criteria for corporate cash flow collateralized debt obligations.

  Portfolio Benchmarks

  S&P performing weighted-average rating factor     2,792.45
  Default rate dispersion                             623.31
  Weighted-average life (years)                         5.33
  Obligor diversity measure                           112.98
  Industry diversity measure                           22.35
  Regional diversity measure                            1.27
  Weighted-average rating                                  B
  'CCC' category rated assets (%)                       1.10
  'AAA' weighted-average recovery rate (covenanted)    35.00
  Floating-rate assets (%)                             95.00
  Weighted-average spread (net of floors; %)            3.86

Loss mitigation loan mechanics

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

Loss mitigation loans allow the issuer to participate in potential
new financing initiatives by the borrower in default. This feature
aims to mitigate the risk of other market participants taking
advantage of CLO restrictions, which typically do not allow the CLO
to participate in a defaulted entity's new financing request.
Hence, this feature increases the chance of a higher recovery for
the CLO. While the objective is positive, it can also lead to par
erosion, as additional funds will be placed with an entity that is
under distress or in default. This may cause greater volatility in
our ratings if the positive effect of such loans does not
materialize. In S&P's view, the presence of a bucket for loss
mitigation loans, the restrictions on the use of interest and
principal proceeds to purchase such assets, and the limitations in
reclassifying proceeds received from such assets from principal to
interest help to mitigate the risk.

The purchase of loss mitigation loans is not subject to the
documented reinvestment criteria or eligibility criteria. The
issuer may purchase loss mitigation loans using interest proceeds,
principal proceeds, or amounts in the supplemental reserve account.
The use of interest proceeds to purchase loss mitigation loans is
subject to (i) the manager determining that there are sufficient
interest proceeds to pay interest on all the rated debt on the
upcoming payment date; and (ii) in the manager's reasonable
judgment, following the purchase, all coverage tests will be
satisfied on the upcoming payment date. The use of principal
proceeds is subject to (i) passing par coverage tests; (ii) the
manager having built sufficient excess par in the transaction so
that the principal collateral amount is equal to or exceeds the
portfolio's reinvestment target par balance after the reinvestment;
and (iii) the obligation purchased is a debt obligation ranking
senior or pari passu with the related defaulted or credit risk
obligation, maturity date not exceeding the maturity date of debt
and par value greater than its purchase price.

Loss mitigation loans that are purchased with principal proceeds
and have limited deviation from the eligibility criteria will
receive collateral value credit in the adjusted collateral
principal amount or the collateral principal amount determination.
To protect the transaction from par erosion, any distributions
received from loss mitigation loans purchased with the use of
principal proceeds will form part of the issuer's principal account
proceeds and cannot be recharacterized as interest.

Loss mitigation loans that are purchased with interest will receive
zero credit in the principal balance determination, and the
proceeds received will form part of the issuer's interest account
proceeds. The manager can elect to give collateral value credit to
loss mitigation loans, purchased with interest proceeds, subject to
them meeting the same limited deviation from eligibility criteria
conditions. The proceeds from any loss mitigations reclassified in
this way are credited to the principal account.

The cumulative exposure to loss mitigation loans purchased with
principal is limited to 2% of the target par balance. The
cumulative exposure to loss mitigation loans purchased with
principal and interest is limited to 5% of the target par balance.

Reverse collateral allocation mechanism

If a defaulted euro-denominated obligation becomes the subject of a
mandatory exchange for U.S. dollar-denominated obligation following
a collateral allocation mechanism (CAM) trigger event, the
portfolio manager may sell the CAM obligation and invest the sale
proceeds in the same obligor (a CAM euro obligation), provided the
obligation:

-- Is denominated in euro;

-- Ranks as the same or more senior level of priority as the CAM
obligation; and

-- Is issued under the same facility as the CAM obligation by the
obligor.

To ensure that the CLO's original or adjusted collateral par amount
is not adversely affected following a CAM exchange, a CAM
obligation may only be acquired if, following the reinvestment, the
numerator of the CLO's par value test, referred to as the adjusted
collateral principal amount, is either:

-- Greater than the reinvestment target par balance;

-- Maintained or improved when compared with the same balance
immediately after the collateral obligation became a defaulted
obligation; or

-- Maintained or improved compared with the same balance
immediately after the mandatory exchange that resulted in the
issuer holding the CAM exchange. Solely for the purpose of this
condition, the CAM obligation's principal balance is carried at the
lowest of its market value and recovery rate, adjusted for foreign
currency risk and foreign exchange rates.

Finally, a CAM euro exchanged obligation that is also a
restructured obligation may not be purchased with sale proceeds
from a CAM exchanged obligation.

The portfolio manager may only sell a CAM obligation and reinvest
the sale proceeds in a CAM euro obligation if, in the portfolio
manager's view, the sale and subsequent reinvestment is expected to
result in a higher level of ultimate recovery when compared with
the expected ultimate recovery from the CAM obligation.

S&P said, "In our cash flow analysis, we modelled a par collateral
size of EUR300.00 million, a weighted-average spread covenant of
3.75%, the reference weighted-average coupon covenant of 3.75%, and
the minimum weighted-average recovery rates 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 show that the class B-1, B-2, C,
and D notes benefit from break-even default rate (BDR) and scenario
default rate cushions that we would typically consider to be in
line with higher ratings than those assigned. However, as the CLO
is still in its reinvestment phase, during which the transaction's
credit risk profile could deteriorate, we have capped our ratings
on the notes. The class A and E notes withstand stresses
commensurate with the currently assigned ratings. In our view, the
portfolio is granular in nature, and well-diversified across
obligors, industries, and assets.

"For the class F notes, our credit and cash flow analysis indicates
that the available credit enhancement could withstand stresses that
are commensurate with a 'CCC' rating. However, following the
application of our 'CCC' rating criteria we have assigned a 'B-'
rating to this class of notes." The two-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 we rate, and that have recently
been issued in Europe.

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

-- Our model generated BDR at the 'B-' rating level of 25.61% (for
a portfolio with a weighted average life of 5.33 years), versus a
generated BDR at 16.52% if we were to consider a long-term
sustainable default rate of 3.1% for 5.33 years.

-- The actual portfolio is generating higher spreads and
recoveries versus the covenanted thresholds that we have modelled
in our cash flow analysis.

S&P said, "For us to assign a rating in the 'CCC' category, we 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 we envision this tranche to default in the
next 12-18 months.

"Following this analysis, we consider that the available credit
enhancement for the class F notes is commensurate with the 'B-
(sf)' rating assigned."

The Bank of New York Mellon, London Branch is the bank account
provider and custodian. The documented downgrade remedies are in
line with our current counterparty criteria.

S&P said, "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 issuer is bankruptcy remote, in accordance with our legal
criteria.

"The CLO is managed by Sculptor Europe Loan Management Ltd. Under
our "Global Framework For Assessing Operational Risk In Structured
Finance Transactions," published on Oct. 9, 2014, the maximum
potential rating on the liabilities is 'AAA'.

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

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

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

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

Environmental, social, and governance (ESG) credit factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to the following industries:
tobacco, weapons, thermal coal, fossil fuels, and production of
pornography or trade in prostitution. 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*       SUB(%)
                   (MIL. EUR)
  A-Loan   AAA (sf)    93.00   Three/six-month EURIBOR  38.50
                                plus 0.88%
  A        AAA (sf)    91.50   Three/six-month EURIBOR  38.50
                                plus 0.88%
  B-1      AA (sf)     18.50   Three/six-month EURIBOR  29.00
                                plus 1.60%
  B-2      AA (sf)     10.00   2.00%                    29.00
  C        A (sf)      24.00   Three/six-month EURIBOR
                                plus 2.10%              21.00
  D        BBB- (sf)   18.75   Three/six-month EURIBOR  14.75
                                plus 3.10%
  E        BB- (sf)    15.00   Three/six-month EURIBOR   9.75
                                plus 6.17%
  F        B- (sf)      9.00   Three/six-month EURIBOR   6.75
                                plus 8.79%  
  Z        NR           8.00           N/A                N/A
  Subordinated   NR    24.90           N/A                N/A

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

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


VOYA EURO II: Moody's Assigns (P)B3 Rating to EUR11MM Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to refinancing notes to be issued by
Voya Euro CLO II Designated Activity Company (the "Issuer"):

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

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

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

EUR27,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)A2 (sf)

EUR27,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)Baa3 (sf)

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

EUR11,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)B3 (sf)

RATINGS RATIONALE

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

As part of this reset, the Issuer will include the ability to hold
workout obligations and exchange transactions. It will also amend
certain concentration limits and other minor features. In addition,
the Issuer will amend the base matrix and modifiers that Moody's
will take into account for the assignment of the definitive
ratings.

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

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

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

Methodology Underlying the Rating Action:

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

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

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

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

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

Target Par Amount: EUR400M

Diversity Score: 55

Weighted Average Rating Factor (WARF): 3175

Weighted Average Spread (WAS): 3.6%

Weighted Average Coupon (WAC): 4.0%

Weighted Average Recovery Rate (WARR): 45.0%

Weighted Average Life (WAL): 8.5 years




===================
K A Z A K H S T A N
===================

FREEDOM FINANCE: S&P Raises LT ICR to to 'B', Outlook Stable
------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit ratings on
Investment Co. Freedom Finance LLC (IC Freedom Finance) and Freedom
Finance JSC to 'B' from 'B-'. The outlooks are stable.

S&P said, "At the same time, we affirmed our 'B' short-term issuer
credit ratings on both entities, and raised our Kazakhstan national
scale rating on Freedom Finance JSC to 'kzBB+' from 'kzBB'.

"We also affirmed our 'B-/B' long- and short-term issuer credit
ratings and 'kzBB' Kazakhstan national scale rating on Bank Freedom
Finance Kazakhstan JSC. The outlook on the long-term rating remains
positive."

Rationale
S&P said, "We expect the Freedom group to continue demonstrating
strong earnings capacity. The group posted strong earnings in
financial year ended March 31, 2021, on the back of strong inflows
of retail funds to securities markets in Russia and Kazakhstan. We
understand that volumes have remained strong so far in 2021, and we
expect growth to continue at least into 2022. We therefore expect
the group will generate core earnings in excess of 200 basis points
of our risk-weighted assets metric in 2021 and 2022. This
differentiates the group from other securities companies in the
region, which typically have weaker earnings capacity."

The group should be able to reduce compliance risks during 2021.
The group's efforts to onboard clients of sister company FFIN
Brokerage Belize within its perimeter are underway, since Russian
clients now face fewer restrictions trading foreign stocks through
IC Freedom Finance, the group's Russian broker. Moreover, Kazakh
clients have access to recently created Freedom Global PLC in
Astana International Financial Centre, which we understand opened
over 16,000 accounts in first-quarter 2021; the group aims to
finalize the process of onboarding these clients by year-end 2021.

Acquisitions will weigh somewhat on capitalization, but we expect
risks to be contained. The group's recent acquisition of Bank
Freedom Finance Kazakhstan, projected acquisition of Freedom
Finance Insurance, and Freedom Finance Life, along with larger
proprietary positions in securities will likely push its
risk-adjusted capital (RAC) ratio below 7%. We estimate a pro forma
RAC ratio of 6.3%-6.5% including the insurance company
acquisitions. We note however that the group's risk profile has
improved compared with previous years, with the portfolio more
focused on fixed-income instruments, particularly Kazakh sovereign
and quasi-sovereign risk, rather than equities.

S&P said, "In view of these developments, we see Freedom Finance as
having strengthened relative to peers.As a result, we revised our
assessment of the group credit profile to 'b' from 'b-'. We view
Russia-based FG BCS Ltd. (with a group credit profile of 'b+') as
the group's closest peer, along with retail brokers in the U.S. and
Asia. While each group has its specific strengths and weaknesses,
we now see Freedom Finance's creditworthiness as more comparable
with that of BCS, owing to its strong earnings capacity and more
mature group structure than before."

Freedom Bank Kazakhstan's integration with the group will deepen
over time. Bank Freedom Finance Kazakhstan already serves as the
main settlement bank for both Freedom Finance Global PLC and
Freedom Finance JSC, the group's two Kazakhstan-based brokers. S&P
said, "However, we understand the group's aim is to deepen the
integration. Over time, we may reflect the benefits of this closer
integration by raising our ratings on the bank. We revised our
assessment of the bank's stand-alone credit profile (SACP) down by
one notch to 'b-' since its capitalization is likely to weaken as
it takes on new business. However, it is our view of the bank's
group status, not the SACP, that drives our rating on the bank."

Outlook

IC Freedom Finance and Freedom Finance JSC

The stable outlooks reflect S&P's expectation that over the next
12-18 months the group will retain its strong earnings capacity and
at least moderate capitalization, while continuing to onboarding
clients in onshore jurisdictions.

Downside scenario: S&P may lower the ratings if it believes the
group may fail to maintain at least moderate capitalization. This
may be due to further acquisitions, buildup of a proprietary
position in bonds or equities, or faster-than-expected expansion of
clients' operations on the group's balance sheet. A negative rating
action may also follow if the process of transferring customers to
domestic jurisdictions has stopped or reversed, or if it sees
rising compliance risks from related-party transactions.

Upside scenario: A positive rating action is unlikely in the near
term. In the long term, tighter regulation of brokerage activities
in Russia, the complete transfer of clients under the umbrella of
Freedom Holding Corp., and at least adequate capitalization would
be prerequisites for an upgrade. The group's performance and
financial standing would also need to be assessed relative to
peers'.

Bank Freedom Finance Kazakhstan

The positive outlook reflects S&P's view that over the next 12-18
months the bank will further deepen its integration with the rest
of the group through offering transactional services to the group's
clients.

Upside scenario: S&P could upgrade the bank if it sees that Freedom
Finance's clientele are using its services and it becomes integral
to the group's operations in Kazakhstan.

Downside scenario: S&P would revise the outlook to stable if it
sees limited prospects for strengthening of the bank's status in
the group, for example if the group's strategy with respect to the
bank changes.

  Ratings Score Snapshot

  IC Freedom Finance LLC, Freedom Finance JSC
  Bank Freedom Finance Kazakhstan




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

PLT VII FINANCE: S&P Affirms 'B' LongTerm ICR, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit rating
on Plt VII Finance B.V. (Bite) and its 'B' issue rating on the
senior secured notes.

S&P said, "The stable outlook reflects our expectation that Bite's
revenue and EBITDA will grow at 8%-10% in the next 12 months,
supported by organic growth and acquisitions, leading to leverage
of nearly 6.0x and EUR40 million-EUR45 million free operating cash
flow (FOCF) generation after lease payments.

"Despite the dividend recapitalization, we anticipate Bite's
leverage will remain below our 6.5x downgrade threshold, supported
by its solid business performance and contribution from
acquisitions."

Bite grew its revenues by 11% and EBITDA by 12% in the first
quarter of 2021. Half the EBITDA growth was driven by the recent
acquisitions of Mezon (consolidated from Jan. 1, 2021); Baltcom
(consolidated from March 1, 2020); and Dautcom (consolidated from
Nov. 1, 2020), while the other half mainly came from increased
revenue generating units (RGUs) in fixed broadband and pay TV. S&P
expects the solid performance to continue this year and lead to
EBITDA growth of 8%-10% compared to 2020.

S&P said, "Although Bite has increased its gross debt by EUR77
million, we anticipate its S&P Global Ratings-adjusted leverage
declining toward 6.0x in 2021, then slightly below 6.0x in 2022. We
also expect the group to continue generating solid FOCF.

"Our rating incorporates Bite's financial policy tolerance for
leveraging up to 6.5x (S&P Global Ratings-adjusted) to fund
acquisitions and dividend distributions. Bite's financial policy is
to maintain reported net leverage at below 5.0x, which translates
into 6.0x-6.5x S&P Global Ratings-adjusted leverage. We do not
expect leverage to decline materially over the rating horizon given
that any organic, EBITDA-driven leverage reduction would likely be
offset by further acquisitions and potential dividend
distributions, such as the recent dividend recap or the EUR214
million paid to private equity firm PEP from last year's bond
proceeds."

Recent acquisitions should strengthen Bite's already-solid
positions in mobile and pay TV, but also its smaller fixed
broadband segment. Bite has made several recent acquisitions such
as Latvia-based cable operator Baltcom and fixed broadband/TV
operator Dautcom, as well as Lithuanian broadband/IPTV player
Mezon. These three acquisitions combined will provide an additional
EUR10 million EBITDA in 2021.

The Lithuanian and Latvian fixed broadband markets remain
fragmented. Despite one dominant player (Telia), the rest of the
market share is split between many small providers. Conversely, the
mobile market in both countries is much more concentrated with
three main players and fewer small challengers. S&P expects Bite to
continue taking advantage of the fragmented fixed broadband and pay
TV markets in both countries to increase its scale and market
share.

Covid-19-related effects were limited to the media segment. The
media segment--nearly 20% of Bite's revenues--was hit by the first
wave of the pandemic with canceled and postponed advertising
campaigns. Although fourth-quarter 2020 revenues recovered to
fourth-quarter 2019 levels as many advertisers restarted their
campaigns, media revenues declined by nearly 10% in full-year
2020.

That said, Bite's broadband, pay TV, and mobile segments reported
very solid performances in 2020. Broadband and pay TV grew by 45%
driven by the various cable operator acquisitions and the launch of
an OTT product called Go3, while the mobile segment grew 5%
supported by up- and cross-sales.

For 2021, S&P expects the media segment to recover and report
high-single-digit revenue growth. S&P also forecasts the broadband
and TV segments' revenues increasing by 10%-15% and the mobile
segment to see low-single-digit growth.

S&P said, "Although Bite will be increasing its capital expenditure
(capex) to roll out 5G, we expect capex will remain low, resulting
in good FOCF despite moderate profitability compared to most
European telecoms peers'. Bite's FOCF generation is solid thanks to
its low reported capex requirements (7.6% sales in 2020). Its capex
needs will likely increase to 9%-10% in 2021-2022 to fund the 5G
rollout, but we expect FOCF to remain about EUR40 million after
lease payments." The lower capex-to-revenues ratio compared to
European peers reflects the specificities of Bite's markets.
Lithuania and Latvia, two geographically flat countries, have low
population densities but high concentrations in capital cities,
allowing operators to focus on capacity in small, concentrated
areas while providing decent coverage to the rest of the country.
Moreover, the joint venture to share mobile networks with Tele2 in
Lithuania and Latvia limit Bite's capex growth related to the 5G
rollout.

The low capex needs offset Bite's relatively low profitability, at
nearly 29% S&P Global Ratings-adjusted EBITDA margin in 2020,
mainly due to its smaller scale, weaker market position than Telia
and Tele2, and low average revenue per user (ARPU) compared with
the rest of Europe.

S&P said, "The stable outlook reflects our expectation that Bite
will report 8%-10% revenue growth in the next 12 months, half of
which will be driven by contributions from the recent acquisitions,
while the other half will be spurred mainly by overall subscriber
growth. We also expect Bite's S&P Global Ratings-adjusted EBITDA
margin to increase toward 29% in 2021, adjusted debt to EBITDA to
decline to about 6.0-6.2x in 2021 and 5.8x-6.0x in 2022, and FOCF
to debt at 7.0%-8.0%.

"We could lower the rating if Bite's FOCF approached zero, debt to
EBITDA increased to 6.5x or above, or funds from operations (FFO)
to cash interest coverage declined toward 2.0x. This could be the
result of a more aggressive financial policy resulting in higher
debt to fund shareholder distributions or large acquisitions than
currently anticipated. Although unlikely, it could result from
Bite's EBITDA declining, due to an unexpected hike in competition
in Lithuania and Latvia, and significantly higher capex.

"We could raise the rating if debt to EBITDA approached 5.0x and
FOCF to debt remained above 7%. This would stem from a more
conservative financial policy, coupled with Bite consolidating its
position in mobile while building market share in fixed activities,
increasing its revenue and EBITDA margin faster than expected, and
maintaining low capex."


TITAN HOLDINGS II: S&P Gives (P)CCC+ Rating on EUR375MM Sub. Debt
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'CCC+' issue rating and
'6' recovery rating to Netherlands-based metal packaging
manufacturer Titan Holdings II B.V.'s (Titan) proposed EUR375
million senior subordinated debt, due 2029.

The preliminary rating is constrained by the subordinated nature of
the senior unsecured notes and reflects our expectation of
negligible recovery prospects in the event of a default (0%-10%,
rounded estimate: 0%).

S&P said, "On June 18, 2021, we assigned our preliminary 'B' issuer
credit rating to Titan and its financing subsidiary Kouti B.V. We
also assigned preliminary 'B' issue ratings and '4' recovery
ratings to Titan's senior secured facilities. This includes a
EUR1,175 million term loan B and a EUR275 million revolving credit
facility (which will be undrawn at transaction closing). The debt
issuance proceeds (including the senior subordinated debt) and
equity issuance of EUR700 million from KPS Partners (the new
private equity owners) will fund a EUR2 billion payment to Crown
Holdings, transaction expenses of EUR125 million, and EUR46 million
of cash on balance sheet at Titan.

"The stable outlook indicates that we expect Titan's revenues and
EBITDA to increase modestly in the near term and generate strong
free operating cash flow over the next 12 months.

"The final ratings will depend on our receipt and satisfactory
review of all final transaction documentation, including legal
opinions. Accordingly, the preliminary ratings should not be
construed as the final ratings. If we do not receive final
documentation within a reasonable timeframe, or if final
documentation departs from the materials we reviewed, we reserve
the right to withdraw or revise the ratings."




===========
P O L A N D
===========

HUTMEN: Parent Plans to Liquidate Business Following Loss
---------------------------------------------------------
Posadzy Magdalena at Polska Agencja Prasowa reports that
industrials group Boryszew said in a filing it plans to liquidate
its 100%-owned unit Hutmen as Hutmen is expected to lose its
ability to compete on the market due to outdated technology and
high cost of maintaining production.

According to PAP, Boryszew said a liquidation plan and assessment
of related costs will follow shortly.

Hutmen suffered PLN22 million EBITDA loss in 2020 on revenues
reaching PLN329 million, PAP discloses.


ISP SMART-NET: Declared Bankrupt, Polish Registrar Shows
--------------------------------------------------------
Telko.in reports that the Polish National Court Registrar shows
local ISP Smart-Net, active in the Swietokrzyskie region, has been
declared bankrupt.

The decision was taken by the Gdansk court earlier this year,
Telko.in discloses.




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

TITAN HOLDINGS II: Moody's Rates EUR375MM Sub. Notes 'Caa2'
-----------------------------------------------------------
Moody's Investors Service assigned a Caa2 rating to the EUR375
million guaranteed senior subordinated notes due 2029 being issued
by Titan Holdings II B.V. (Titan, rated B3, stable). The rating
outlook is stable.

The guaranteed senior subordinated notes will rank three notches
below the B2 rated senior secured credit facility issued by KOUTI
B.V., a wholly owned subsidiary of Titan. The notes' rating is two
notches below the corporate family rating for Titan due to their
ranking priority within the capital structure.

RATINGS RATIONALE

The B3 corporate family rating of Titan reflects (i) its leading
market position in a stable European business and consistent
performance through the pandemic as a key part of the supply chain;
(ii) its good diversification across geographies, customers and end
markets; (iii) its flexible cost base and pass-through contract
structure; (iv) adequate liquidity; and (v) experienced management
team.

Counterbalancing these strengths the rating also takes into account
(i) the material leverage of over 7.5x with limited reduction
potential through topline growth given Titan's mature market,
although the company expects to deleverage by significantly
improving margins; (ii) moderate free cash flow due to significant
interest costs and capital expenditures; (iii) working capital
seasonality driven by exposure to fruit and vegetable harvests, as
well as the fishing season.

RATING OUTLOOK


The stable rating outlook reflects Moody's expectation that Titan
will build on its track record of stable performance while
gradually improving its profitability and generating consistent
positive free cash flow which is primarily anticipated to be
reinvested into the business.

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

Positive rating pressure could occur if Titan is successful in
improving its profitability as evidenced by EBITDA margin
improvement toward mid-teens, as well as sustained deleveraging to
below 6.5x debt/EBITDA along with FCF/debt of over 5% and good
liquidity.

Negative rating pressure could occur from failure to improve its
margins relative to historical levels, increase in leverage over
8.0x debt/EBITDA or sustained negative free cash flow (after capex
and dividends, if any). Any liquidity challenges would also be
viewed negatively.

PRINCIPAL METHODOLOGY

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

Headquartered in Zug, Switzerland, Titan is the largest metal can
manufacturer in Europe. Formerly a part of Crown Holdings, Inc.
(Ba2 stable), Titan is being acquired by KPS for EUR2.25 billion.
In 2020, Titan reported $2.2 billion in revenues and $267 million
in adjusted EBITDA.




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

NEWDAY GROUP: S&P Alters Outlook to Stable & Affirms 'B+' ICR
-------------------------------------------------------------
S&P Global Ratings revised its outlook on NewDay Group Ltd. to
stable from negative. At the same time, S&P affirmed its 'B+'
issuer credit rating on NewDay and the 'B' issue level rating on
the notes issued by NewDay BondCo PLC.

S&P said, "The outlook revision reflects our view that U.K.
economic trends are stabilizing. We believe that the U.K. is
experiencing a relatively strong economic rebound in 2021, and we
now assume GDP growth of 7%. This recovery is within the context of
an exceptionally sharp GDP decline of 9.8% in 2020, but we are
increasingly confident that the U.K. will recover its lost economic
output fairly swiftly. Of particular benefit to credit card lenders
such as NewDay, we now assume that unemployment will peak at a
relatively manageable 5.4% in the fourth quarter of 2021, up from
4.7% currently.

"Despite a difficult 2020 for NewDay, we believe the group will
return to more stable earnings in 2021 as credit conditions
improve. NewDay's 2020 earnings were broadly in line with our
expectations, with the group disclosing a statutory loss of £129
million for the year. At the core of this loss was a sharp
acceleration in the impairment rate for NewDay, in part to reflect
conservative economic assumptions, which for the full year was
14.6% of average gross receivables, up from 10.4% a year earlier.
NewDay entered 2021 with an expected credit loss allowance of £563
million, representing 18.6% of gross receivables, a figure that
ticked up above 20% at the end of the first quarter of 2021.

"Although this was a difficult set of results and business volumes
remained restrained in the first quarter of 2021, we believe that
the management have laid the foundation for NewDay to demonstrate
better performance in 2021 and beyond. We expect the group's
earnings to accelerate as credit card spending begins to normalize
in the second half of 2021. At the same time, given robust loan
provisioning, we expect impairment charges to be more limited. When
combined with a well-controlled cost base, we expect 2021 to see
the group return to solid profitability, and forecast profit after
tax of about £50 million-£55 million for 2021. Indeed, we
consider the actual outturn could be better still if management
feels sufficiently confident to begin to release post-model
International Financial Reporting Standard (IFRS) 9 adjustments in
2021, rather than 2022. At year-end 2020, these adjustments totaled
£80 million.

"Our rating continues to balance NewDay's solid strategic niche and
funding franchise against deeply negative tangible capital. The
affirmation balances our unfavorable view of NewDay's negative
tangible equity base of £229 million at year-end 2020, against our
supportive view of its high margin, reasonably resilient, and well
managed business model, and its robust funding and liquidity
position."

The 'B' bond rating continues to reflect NewDay's history of asset
encumbrance and negative tangible equity. That said, the group's
lower level of lending and growing cash positions since the start
of the pandemic have resulted in a significant improvement in S&P's
asset coverage test outcome. Furthermore, with the partial
repayment of its £150 million, floating rate, senior secured bonds
following a transaction on June 22, there is a possibility that
this improvement will be durable over the next 12 months.

S&P Global Ratings' stable outlook on NewDay reflects our
expectation that the group will see a return to strong growth and
statutory profitability over the next 12 months, while maintaining
underwriting discipline and robust liquidity and funding.

Upside scenario

S&P said, "We consider an upgrade to be unlikely in the near term,
owing to lingering uncertainties around the post-pandemic operating
environment in the context of NewDay's concentrated business model.
That said, we could consider an upgrade if NewDay were to
demonstrate stronger earnings growth than we assume while
maintaining asset quality and risk appetite, and progressing to
positive tangible equity.

"We could raise the rating on the senior secured notes and equalize
it with the group credit profile if NewDay is able to continue to
fund more of its assets with retained earnings and cash on balance
sheet, rather than with securitization debt, and if it continues to
maintain good coverage of senior secured debt by our measure of
adjusted assets on an ongoing basis."

Downside scenario

S&P said, "We could consider taking a negative rating action on
NewDay if it is unable to return to profitability on a sustained
basis. Similarly, we could take a negative rating action if
NewDay's risk appetite increases sharply or if the group faces
operational issues associated with our expectation of a return to
more rapid receivables growth in 2022."


POLARCUS LTD: Enters Liquidation, Faces Oslo SE Delisting
---------------------------------------------------------
MarineLink reports that Polarcus Limited, a seismic surveyor in
liquidation, is set to be wound down and delisted from the Oslo
Stock Exchange.

In January this year, lenders took control of the company's vessels
after a debt payment default, and decided to sell them and let go
all the employees, MarineLink relates.

On February 8, 2021, David Griffin and Andrew Morrison of FTI
Cayman, and Lisa Rickelton of FTI London were appointed Joint
Provisional Liquidators (JPL) of the struggling seismic services
provider by an order of the Court, MarineLink discloses.

Liquidators were specifically authorized by the Court to take all
necessary steps to develop and propose a restructuring of the
company's financial indebtedness with a view to making a compromise
or arrangement with the company's creditors, MarineLink states.

Since their appointment, the JPLs have negotiated the restructuring
of the Convertible Bonds, MarineLink notes.

"Throughout the provisional liquidation, the Board, until their
resignation on April 29, 2021, retained all powers of management
conferred on it by the Order, subject to the appropriate and
necessary oversight and monitoring of the JPLs as regards the
exercise of such powers," MarineLink quotes Polarcus as saying on
June 25.

On April 29, Polarcus' rival Shearwater GeoServices said it had
struck a deal to take over marine seismic acquisition assets
previously owned by Polarcus, from Tiger Moth AS, a company
affiliated with Woodstreet Inc. Shearwater bought six seismic
acquisition vessels for US$127.5 million, and streamers and related
seismic equipment for US$50 million, MarineLink recounts.

According to MarineLink, in a statement on June 25, Polarcus
further said: "The JPLs have completed the restructuring efforts
for which they were appointed, following which they determined that
the company remained unable to pay its debts as they fall due and
that it was in the best interests of the company that it be placed
into official liquidation."

On June 21, 2021, Polarcus noted, the Court made an order placing
the company into official liquidation and appointed David Griffin
and Andrew Morrison of FTI Cayman and Lisa Rickelton of FTI London
as Joint Official Liquidators (the "JOLs"), MarineLink discloses.

"The JOLs will oversee the orderly winding down of the Company.  As
part of that process, the JOLs intend to seek the delisting of the
Company from the OSE [Oslo Stock Exchange]," Polarcus sadded.

"In view of the insolvency of the Company, there will not be any
return from the liquidation to the Company's shareholders.
Accordingly, there will be no further announcements to update the
company's shareholders on the progress of the official
liquidation," Polarcus said.


SEADRILL LIMITED: Forbearance Deal on 2025 Notes Extended to July 2
-------------------------------------------------------------------
Seadrill Limited ("Seadrill" or the "Company") (OSE:SDRL,
OTCPK:SDRLF) on June 24 disclosed that Seadrill New Finance Limited
(the "Issuer"), a subsidiary of the Company, has agreed to further
extend the existing forbearance agreement announced on April 19,
2021, and extended on May 17, 2021, May 27, 2021, June 3, 2021 and
June 18, 2021, with respect to the 12.0% senior secured notes due
2025 (the "Notes") with certain holders of the Notes (the "Note
Holders").

Pursuant to the forbearance agreement, as extended, the consenting
Note Holders have agreed not to exercise any enforcement rights
with respect to the Issuer and any subsidiary of the Issuer which
is an obligor under the Notes to, or otherwise take actions in
respect of, certain events of default that may arise under the
Notes as a result of, amongst other things, the Issuer not making
the semi-annual 4% cash interest payment due to the senior secured
noteholders on January 15, 2021, in respect of their Notes and the
filing of Chapter 11 cases in the U.S. Bankruptcy Court for the
Southern District of Texas by the Company and certain of its
consolidated subsidiaries (excluding the Issuer and its
consolidated subsidiaries) until and including the earlier of July
2, 2021, and any termination of the forbearance agreement.

The purpose of the forbearance agreement is to allow the Issuer and
its stakeholders more time to negotiate the heads of terms of a
comprehensive restructuring of its balance sheet. Such a
restructuring may involve the use of a court-supervised process.

                       About Seadrill Ltd.

Seadrill Limited (OSE:SDRL, OTCQX:SDRLF) --
http://www.seapdrill.com/-- is a deepwater drilling contractor
providing drilling services to the oil and gas industry. As of
March 31, 2018, it had a fleet of over 35 offshore drilling units
that include 12 semi-submersible rigs, 7 drillships, and 16 jack-up
rigs.

On Sept. 12, 2017, Seadrill Limited sought Chapter 11 protection
after reaching terms of a reorganization plan that would
restructure $8 billion of funded debt. It emerged from bankruptcy
in July 2018.

Demand for exploration and drilling has fallen further during the
COVID-19 pandemic as oil firms seek to preserve cash, idling more
rigs and leading to additional overcapacity among companies serving
the industry.

In June 2020, Seadrill wrote down the value of its rigs by $1.2
billion and said it planned to scrap 10 rigs.  Seadrill said it is
in talks with lenders on a restructuring of its $5.7 billion bank
debt.

Seadrill Partners LLC, a limited liability company formed by
deep-water drilling contractor Seadrill Ltd. to own, operate and
acquire offshore drilling rigs, along with its affiliates, sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-35740) on
Dec. 1, 2020, after its parent company swept one of its bank
accounts to pay disputed management fees. Mohsin Y. Meghji,
authorized signatory, signed the petitions.

On Feb. 7, 2021, Seadrill GCC Operations Ltd., Asia Offshore
Drilling Limited, Asia Offshore Rig 1 Limited, Asia Offshore  Rig 2
Limited, and Asia Offshore Rig 3 Limited sought Chapter 11
protection.  Seadrill GCC estimated $100 million to $500 million in
assets and liabilities as of the bankruptcy filing.

Additionally, on Feb. 10, 2021, Seadrill Limited and 114 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the United States Bankruptcy Code with the Court. The lead case
is In re Seadrill Limited (Bankr. S.D. Tex. Case No. 21-30427).

Seadrill Limited disclosed $7.291 billion in assets against $7.193
billion in liabilities as of the bankruptcy filing.

In the new Chapter 11 cases, Kirkland & Ellis LLP is counsel for
the Debtors.  Houlihan Lokey, Inc., is the financial advisor.
Alvarez & Marsal North America, LLC, is the restructuring advisor.
The law firm of Jackson Walker L.L.P. is co-bankruptcy counsel. The
law firm of Slaughter and May is co-corporate counsel.
Advokatfirmaet Thommessen AS is serving as Norwegian counsel.
Conyers Dill & Pearman is serving as Bermuda counsel.  Prime Clerk
LLC is the claims agent.



                           *********


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

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

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

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

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

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


                * * * End of Transmission * * *