/raid1/www/Hosts/bankrupt/TCREUR_Public/210720.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

          Tuesday, July 20, 2021, Vol. 22, No. 138

                           Headlines



F R A N C E

FINANCIERE LABEYRIE: Moody's Assigns First-Time B2 CFR


G E R M A N Y

TK ELEVATOR HOLDCO: Fitch Affirms 'B' LT IDR, Outlook Stable
WIRECARD SALES: Administrator Completes Sale of Other Asian Units
WIRECARD SALES: Administrator Successfully Sells Indian Subsidiary


G R E E C E

GREECE: Fitch Affirms 'BB' Foreign-Currency IDR, Outlook Stable


I R E L A N D

ARBOUR CLO III: S&P Assigns Prelim B- (sf) Rating on F-R Notes
BOSPHORUS CLO V: Fitch Affirms B- Rating on Class F Notes
CIFC EUROPEAN I: Fitch Affirms B- Rating on Class F Notes
ENERGIA GROUP: Moody's Hikes CFR to Ba3 & Alters Outlook to Stable
TORO EUROPEAN 3: Moody's Assigns B3 Rating to EUR9MM Class F Notes

VOYA EURO II: Moody's Assigns B3 Rating to EUR11MM Class F Notes


I T A L Y

ALITALIA SPA: Last Flights to Operate on Oct. 14
DOVALUE SPA: Fitch Assigns Final BB Rating on EUR300MM Sec. Notes


L U X E M B O U R G

ALLNEX (LUXEMBOURG): S&P Affims 'B' ICR on PTT Global Deal


M A C E D O N I A

RZ INSTITUT: Shares Delisted Due to Bankruptcy Procedure


N E T H E R L A N D S

KANTOOR FINANCE 2018: DBRS Confirms BB(low) Rating on Cl. E Notes


N O R W A Y

ADEVINTA ASA: Fitch Assigns Final 'BB' LT IDR, Outlook Stable


P O L A N D

URSUS SA: Declared Insolvent by Warsaw Court, Owes PLN389 Mil.


R O M A N I A

KMG INTERNATIONAL: Fitch Affirms 'B+' LT IDR, Outlook Stable


R U S S I A

HMS GROUP: Fitch Affirms 'B+' LT IDR, Outlook Stable
NEFTEPROMBANK: Bank of Russia Ends Provisional Administration


S P A I N

BBVA CONSUMER 2018-1: Moody's Affirms B3 Rating on EUR6MM E Notes
CAIXABANK PYMES 12: DBRS Hikes Series B Notes Rating to B(high)
GRUPO EMBOTELLADOR: Fitch Raises LT IDRs to 'BB-', Outlook Stable
KAST SPAIN: QUIZ Provides Update on Insolvency Process
LUNA III: Moody's Assigns First-Time B1 Corp. Family Rating

RMBS SANTANDER 6: DBRS Hikes Class B Notes Rating to CCC(high)
RMBS SANTANDER 7: DBRS Finalizes BB Rating on Class B Notes


S W E D E N

SEREN BIDCO: Moody's Assigns B3 CFR, Outlook Stable


S W I T Z E R L A N D

BREITLING HOLDINGS: Moody's Hikes CFR and EUR514MM Loan to B2


U N I T E D   K I N G D O M

BUSINESS MORTGAGE 6: Fitch Affirms C Rating on 2 Tranches
GREENSILL CAPITAL: Shop Direct in Advanced Talks to Refinance Debt
ITHACA ENERGY: S&P Withdraws 'CCC+' Long-Term Issuer Credit Rating

                           - - - - -


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F R A N C E
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FINANCIERE LABEYRIE: Moody's Assigns First-Time B2 CFR
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Moody's Investors Service has assigned a first-time B2 corporate
family rating and a B2-PD probability of default rating to
Financiere Labeyrie Fine Foods SAS, a French leading manufacturer
of smoked fish, prawns, appetizers and foie gras. Concurrently,
Moody's has assigned B2 ratings to the EUR455 million senior
secured term loan B due July 2026 and to the EUR65 million senior
secured multicurrency revolving credit facility also due in July
2026 both borrowed by Financiere Labeyrie Fine Foods SAS. The
outlook on all ratings is stable.

"The B2 rating assigned to Labeyrie is supported by the stable,
although mature, nature of the company's products, its leading
position in the key markets of France and the UK, its strong
portfolio of well-recognised brands and its ability to generate
positive, albeit limited, free cash flow. These strengths mitigate
the company's relatively low operating margin compared to other
food manufacturers, its high degree of customer concentration, and
the seasonality of its earnings and working capital," says Paolo
Leschiutta, a Moody's Senior Vice President and lead analyst for
Labeyrie.

RATINGS RATIONALE

The B2 CFR assigned to Labeyrie reflects its leading position in
the key markets of France and the UK, as processor and manufacturer
of salmon, trout, prawns and appetizers based products, and as
processor of ducks and manufacturer of foie gras in France; its
well-recognised brand portfolio including Labeyrie, Delpierre, and
Blini; a relatively good track record in managing adverse
conditions both in terms of securing raw materials during periods
of sanitary issues such as listeria, avian flu, and sea lice, and
in challenging macroeconomic environments (namely, the recent
Coronavirus pandemic); and efforts in increasing product
diversification and innovation to better align its product offering
with shifting consumer preferences.

These strengths mitigate volatility in operating performance in
recent years due to various procurement and operational issues; the
high seasonality of earnings owing to the importance of the
Christmas season, which leads to significant seasonal working
capital needs; exposure to commodity price volatility, which the
group is partially able to pass through to its customers with a
time lag in part of the French business; and a high degree of
customer concentration.

Although the food sector was generally immune to the Coronavirus
pandemic, Labeyrie benefitted from higher than usual at-home
consumption last year which compensated for the declining sales
through the food service channel which was disrupted by the
prolonged lockdowns. During the pandemic, however, Labeyrie also
faced higher operational costs, both due to the implementation of
the necessary sanitary and health safety measures, and due to
production and logistic issues, such as high absenteeism in some
manufacturing plants in France. Although the gradual reopening of
the food service channel and the easing of mobility restrictions
should support some degree of margin recovery over the next twelve
months, normalisation of consumption patterns reduce visibility on
operating performance.

After a weak operating performance in 2020, Labeyrie's
profitability materially improved in FYE June 2021. This resulted
in a significant reduction in company's Moody's-adjusted gross debt
to EBITDA, from a peak of 6.6x recorded in FYE June 2020 to around
5.7x expected for FYE June 2021. A gradual reopening of the food
service channel, together with the easing of mobility restrictions
across Europe and a normalization of consumer spending should
further support recovery over the next 12 months. Moody's notes,
however, that high business and working capital seasonality cause
leverage to increase towards the end of calendar year due to
drawings on the RCF and factoring line, with leverage after the
Christmas season being roughly 1x higher than leverage at June.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

In line with other food manufacturers, Labeyrie has modest
environmental and social risks. The former is mainly related to the
sustainability of procurement of certain raw materials, and the
processing of animal-based protein products, which requires high
attention towards the improvement of the well-being of animals
involved in the industrial food production process. Moody's expects
these risks to remain manageable for Labeyrie.

In terms of governance, Labeyrie is owned by private equity firm
PAI Partners (46%), co-operative Lur Berri (46%) and management
(8%). Its owners have demonstrated a high level of tolerance for
leverage, as well as appetite for small, debt-funded acquisitions,
performed to grow the company's product portfolio.

LIQUIDITY

Labeyrie's liquidity is adequate, underpinned by positive free cash
flow generation, the availability of a fully undrawn EUR65 million
RCF at transaction closure, and a EUR80 million committed factoring
line contractually available between August and January to service
intra-year strong seasonal working capital swings.

However, the initial cash balance at transaction closing will be
modest at around EUR50-55 million and free cash flow generation
will be positive but limited in the next 12 to 24 months, at around
EUR10-15 million annually.

The RCF contains one springing covenant, which is tested when the
RCF is drawn by more than 40%, with a maximum net senior secured
leverage covenant of 8.0x, against which the company has currently
ample flexibility.

Both the term loan B and the RCF will mature in 2026.

STRUCTURAL CONSIDERATIONS

Moody's has assigned the CFR to Financiere Labeyrie Fine Foods SAS,
as it will be the top entity of the restricted banking group, which
will provide consolidated audited financial statements on an
ongoing basis.

The B2 ratings on the new EUR455 million senior secured term loan B
and the EUR65 million senior secured revolving credit facility
reflect the fact that the two instruments are part of the same
facility, rank pari passu and benefit from the same guarantee and
security package.

Moody's has assumed a 50% family recovery rate, as it is standard
for capital structures that include first lien bank debt with a
springing covenant only. Both the term loan B and RCF benefit from
security interests over bank accounts, intercompany receivables, as
well as share pledges over Labeyrie and its group subsidiaries. The
SFA sets a guarantor coverage test at 80% of consolidated EBITDA.

Outside of Labeyrie's restricted group there are EUR143 million
pay-in-kind (PIK) loan borrowed by Lilas France SAS (Lilas), the
parent of Financiere Labeyrie Fine Foods SAS, and maturing in
December 2026. While Moody's does not include this instrument in
its assessment of Labeyrie's credit metrics, it represents an
overhang for Labeyrie since the shareholder may decide to refinance
it within the restricted group once sufficient financial
flexibility develops.

RATIONALE FOR STABLE OUTLOOK

Labeyrie is well positioned in the B2 rating category and the
stable outlook on the rating assumes that the company's performance
will further improve such that its Moody's adjusted leverage will
gradually decrease towards 5.5x over the next 12 to 24 months. The
stable outlook also assumes that the company will manage potential
further disruptions and demand volatility caused by the coronavirus
pandemic and allows for a degree of volatility in credit metrics.

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

Before consideration of upward pressure on the ratings the company
would need to demonstrate greater stability in operating
performance with a track record of improving profitability leading
to a Moody's-adjusted gross debt/EBITDA falling sustainably and
significantly below 5.5x. An upgrade would also require
continuation of the existing positive free cash flows generation
and stronger liquidity in light of the significant intra-year
working capital seasonality.

The presence of the PIK loan outside of the restricted group limits
potential upward pressure on Labeyrie's rating because of the risk
that this instrument may be refinanced with debt raised within the
restricted group, once sufficient financial flexibility develops.

Conversely, negative pressure on the rating could materialize if
Labeyrie's liquidity profile or credit metrics deteriorated as a
result of a change in financial policy; a weaker operating
performance; or a material debt-funded acquisition.

Quantitatively, Moody's could consider downgrading Labeyrie's
rating if its Moody's-adjusted gross debt/EBITDA remains close to
6.5x or if free cash flow generation became significantly
negative.

LIST OF AFFECTED RATINGS

Issuer: Financiere Labeyrie Fine Foods SAS

Assignments:

LT Corporate Family Rating, Assigned at B2

Probability of Default Rating, Assigned at B2-PD

Senior Secured Bank Credit Facilities, Assigned at B2

Outlook Action:

Outlook, Assigned at Stable

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in France, Labeyrie is a leading manufacturer of
smoked fish, prawns, and foie gras in France and the UK. It also
produces a wide range of fresh and frozen appetizers and
delicatessen. About half of Labeyrie's products are sold under its
own brands and the remaining as private labels. Based on
management's accounts (unaudited), Labeyrie reported EUR1,023
million of net sales and EUR99 million of management-adjusted
EBITDA (incl.IFRS 16) in the twelve months ending April 2021,
compared to EUR1,033 million of revenue and EUR82 million of EBITDA
(incl.IFRS16) in fiscal year ending June 2020 (based on audited
annual figures).

Private equity firm PAI Partners and Lur Berri, a French
duck-producing co-operative, each hold 46% of voting rights, and
management owns the remaining 8%.



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G E R M A N Y
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TK ELEVATOR HOLDCO: Fitch Affirms 'B' LT IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed TK Elevator Holdco GmbH's (TKE)
Long-Term Issuer Default Rating (IDR) at 'B' with a Stable
Outlook.

The IDR of TKE is constrained by its high gross and net leverage,
which Fitch does not expect to improve to below Fitch's downgrade
sensitivity level of 8x until at least 2023. Rating strengths are
its strong market position in the elevator sector, stable and
healthy cash flows, healthy liquidity and potential for improved
profitability following cost-efficiency measures undertaken by
management and its new owners.

KEY RATING DRIVERS

High but Sustainable Leverage: TKE will have very high leverage in
the short- to medium term for the rating, both on a gross and net
basis. At end-2021, Fitch expects gross and net leverage to be
above 10x, well outside the 'B' category mid-points of 5.5x (gross)
and 4.5x (net)under Fitch's Navigator for the sector. Expected
sustainable free cash flow (FCF) of over EUR200 million p.a. from
2022 should provide gradual de-leveraging capacity, but the
leverage metrics are likely to remain high through Fitch's
four-year rating horizon.

Cash Flows Likely to Improve: Cash flow margins, while somewhat
below peers', are consistent with a 'BBB' category diversified
industrial company and should rise in the short-to-medium term as
TKE improves its cost structure and internal efficiencies. Its
funds from operation (FFO) margin, which in 2021 is expected to be
around 5%, should improve to over 7% in 2023, while the FCF margin
is expected to rise to around 4%-5% in the medium term from around
1% in 2021, through capex-and-working capital discipline.

Costs Weigh on Profitability: TKE's Fitch-calculated EBITDA margin,
expected at around 12.5% in 2021, is moderate in relation to peers'
due to a cost structure weighed down by high operating costs. Fitch
expects a gradual improvement in the cost structure in the
short-to-medium term with EBITDA margin steadily rising to a 14% -
15% in 2024, broadly in line with industry peers.

Strong Long-Term Market Dynamics: Underlying long-term dynamics for
the elevator business are strong with global demand likely to be
favourably affected by factors such as urbanisation, especially in
emerging markets, the need for modernisation of mature assets, and
the necessity for maintenance services of a growing installed
base.

Modest Covid-19 Effect: The pandemic has only had a mild effect on
the elevator sector relative to other diversified industrial
sectors. Demand for maintenance work has remained broadly stable,
with no more than a slight negative effect in 2020 and 2021. The
new installation segment, driven to a large degree by new
construction activity, has not experienced a sharp downturn to
date, as already-begun construction nears completion. Good
diversification and a broad global exposure mean that TKE is
somewhat resilient against a material decline in both revenue and
earnings.

Strong Market Position: TKE is the global number four manufacturer
in the elevator industry, with a market share of around 13%.
Approximately two thirds of the global market is dominated by four
companies, including TKE, with the remainder shared by many smaller
manufacturers. TKE's position, scale and broad service network are
an advantage over many competitors, while the company's global
footprint serves as a potential benefit in streamlining its cost
structure (for example, through more efficient materials
sourcing).

Limited Business Profile: TKE's business profile is constrained by
a narrow product range and end-customer exposure, relative to many
other diversified industrial companies. The company chiefly makes
and services elevators and is dependent to some degree on
property-construction cycles. Offsetting this is TKE's strong
cycle-proof maintenance business and good geographic
diversification, which limits the effect of the cyclical property
sector.

DERIVATION SUMMARY

TKE's present profitability and cash flows are somewhat lower than
that of direct peers such as OTIS, Schindler or KONE, who benefit
from a more streamlined cost structure, as well as other high-yield
diversified industrials issuers such as AI Alpine AT BidCo GmbH
(B/Stable) or CeramTec BondCo GmbH (B/Negative), which, like TKE,
specialise in a fairly narrow range of products.

TKE's leverage, both gross and net, is also weaker than most
similarly rated peers' and the sector's for the rating over the
medium term, despite Fitch's expectations of material
de-leveraging. TKE exhibits a superior business profile to
companies such as AI Alpine and CeramTec, with much greater scale
and global diversification as well as a stronger market position
and less vulnerability to economic cycles and shocks.

KEY ASSUMPTIONS

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

-- Revenue broadly flat in financial year to September 2021,
    followed by 6.4% growth in FY22 and around 3%-4% to FY24 on
    growth of new Installations and strong demand in Asia-Pacific;

-- EBITDA margin improving to 14.5% in FY23 and 14.8% in FY24 due
    to cost-cutting measures, optimisation of production and non
    production processes;

-- Capex at around 2% of revenue in F22 before normalising at
    1.5% to FY24;

-- No dividend payments until FY24;

-- Revolving credit facility (RCF) repayment by FYE22.

RECOVERY ANALYSIS CONSIDERATIONS

Fitch's recovery analysis follows the bespoke analysis for issuers
in the 'B+' and below range with a going-concern valuation yielding
higher realisable values in a distress scenario than liquidation.
This reflects the globally concentrated market of elevator
manufacturers, where the top four companies have almost a 70% total
market share. TKE holds the number four position, has a robust
business profile with sustainable cash flow generation capacity,
defensible market position and products that are strongly
positioned on the global market.

For the going-concern analysis enterprise value (EV) calculation,
Fitch discounts the company's LTM H121 Fitch-calculated EBITDA of
EUR922 million by 20%. The resulting post-distress EBITDA of around
EUR740 million would result in marginally but persistently negative
FCF, effectively representing a post-distress cash-flow proxy for
the business to remain a going concern. In this scenario TKE
depletes internal cash reserves due to less favourable contractual
terms with customers, which Fitch assumes could help the company in
rebuilding the order book post-restructuring.

Fitch applies a 6x distressed EV/EBITDA multiple, broadly in line
with the average 5.6x distressed EV/EBITDA multiples across 'B'
rated peer group in the broad industrial and manufacturing sector.
This leads to a total estimated EV of around EUR4,420 million. A
leading market position, high recurring revenue base and
international manufacturing and distribution diversification
justify this approach.

The recovery analysis considers the recent EUR300 million up-sizing
of the senior secured term loan B (TLB) and 10% redemption of
senior unsecured debt. Fitch assumes the EUR992million RCF is fully
drawn in a distress scenario.

After deducting 10% for administrative claims and considering
priority of enforcement for the total senior secured debt of
EUR7,651 million and senior unsecured debt of EUR1,483 million in
total, Fitch's waterfall analysis generated a ranked recovery in
the 'RR3' band, indicating a 'B+' instrument rating for the senior
secured loans and notes totalling EUR6,660 million issued by TK
Elevator Midco GmbH and TK Elevator U.S. Newco Inc., representing a
one notch uplift from the IDR. The waterfall analysis output
percentage on current metrics and assumptions is 52%.

Using the same assumptions, Fitch's waterfall analysis output for
the senior unsecured EUR927 million notes issued by TK Elevator
Holdco GmbH generated a ranked recovery in the 'RR6' band,
indicating an instrument rating of 'CCC+'. The waterfall analysis
output percentage on current metrics and assumptions was zero.

RATING SENSITIVITIES

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

-- FFO gross leverage under 6x;

-- FFO margin above 8%;

-- FFO interest cover above 4x.

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

-- FFO gross leverage above 8x beyond 2022;

-- FFO margin under 6%;

-- FCF margin under 2%;

-- FFO interest cover under 2x.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: At end-March 2021 TKE had EUR785 million of
reported cash and financial investments, which Fitch adjusts by 1%
for intra-year operating needs. Its EUR992 million RCF maturing in
2027 was drawn down to EUR391 million, but part of the TLB up-size
proceeds in August 2021 earmarked for RCF repayment means the
actual drawdown by end-2021 should be at least EUR100 million less.
The recent EUR300 million up-sizing and repricing of the TLB, which
will be used primarily to repay existing outstanding debt, will
improve liquidity and financial flexibility.

Fitch assesses TKE's cash flow profile as robust. Fitch forecasts
an average FCF margin of over 3% after 2021 over the subsequent
four years, stemming from low working-capital needs resulting from
favourable contractual conditions regarding prepayments and a light
capex business model. Dividend payments and large-scale
acquisitions have not been factored into Fitch's assumptions.

ISSUER PROFILE

TKE, formerly a part of thyssenkrupp AG (BB-/Stable), is the global
number four manufacturer in elevator technology and in FY20
generated revenue of EUR7.9 billion and an EBITDA margin of 11.7%.
Its product portfolio includes passenger and freight elevators,
escalators and moving walkways, passenger boarding bridges, stair
and platform lifts, which is complemented by a recurring, largely
resilient, service & modernisation business (45% and 13% of 1H21
revenue, respectively).

ESG CONSIDERATIONS

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

WIRECARD SALES: Administrator Completes Sale of Other Asian Units
-----------------------------------------------------------------
The insolvency administrator of Wirecard Sales International
Holding GmbH has achieved further success in completing additional
divestitures as part of the insolvency proceedings regarding the
assets of Wirecard AG and Wirecard Sales International Holding
GmbH.  Specifically, the shares of two of four subsidiaries in the
Asian-Pacific region were sold and transferred to Finch Capital.
This was achieved in spite of the difficult circumstances for the
consummation of the transaction due to the current lockdown in
Malaysia and hence the insolvency administrator Dr. Michael Jaffe
was successful in completing the first portion of the transaction
with Finch Capital's subsidiary Nomu Pay Ltd.

Pursuant to the sales contract executed in mid-April, the shares in
the other entities, which have been sold to Finch Capital, Wirecard
e-Money Philippines, Inc. and Wirecard (Thailand) Co., Ltd., shall
be transferred as well.  With the completion of the first part of
the transaction, almost 90 employees will find a new home and
substantial proceeds can be distributed to the German insolvency
estates.

Furthermore, the insolvency administrator has previously sold all
of the shares in PT Prima Vista Solusi/Indonesia together with its
nearly 670 employees to the technology holding company of an
Indonesian company group, thus achieving yet another successful
sale in South East Asia amidst strict limitations due to the
pandemic.  The completion of this transaction is still subject to
customary closing including the necessary approval by the
Indonesian banking control authority.

"With the sale of PT Prima Vista Solusi in Indonesia and the
completion of the sale of subsidiaries in Hong Kong and Malaysia,
we have largely completed the disposal of the portfolio companies.
Overall, we were able to achieve the best possible solutions for
employees and creditors and to safeguard around 2,800 existing jobs
in the course of the disposals," said insolvency administrator Dr.
Jaffe.


WIRECARD SALES: Administrator Successfully Sells Indian Subsidiary
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The insolvency administrator of Wirecard Sales International
Holding GmbH, Rechtsanwalt Dr. Michael Jaffe, has successfully sold
another Asian entity.

Following an international bidding process, the Indian subsidiary
Wirecard Forex India Private Limited has been sold to NIUM Pte.
Ltd., a global payment service provider, specializing in the field
of cross-border transfers and card issuance.

Wirecard Forex India Private Limited is a foreign currency
exchange, pre-paid card and remittance service provider in India
licensed by the Reserve Bank of India as Authorized Category II
Money Exchange Dealer.  The Company and its nearly 190 employees
provides the Indian market with foreign currency exchange and money
remittance services.  The transaction is still subject to certain
conditions, in particular, approval by the local banking control
authority.

"Despite the pandemic's negative effects, including the hard-lock
downs in India, we have been able to secure a going concern of
Wirecard Forex India's business and successfully conduct a sales
process in the best interest of the creditors," summarized
insolvency administrator Dr Michael Jaffe on July 8.



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GREECE: Fitch Affirms 'BB' Foreign-Currency IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Greece's Long-Term Foreign-Currency
(LTFC) Issuer Default Rating (IDR) at 'BB' with a Stable Outlook.

KEY RATING DRIVERS

Greece's ratings reflect weak medium-term growth potential, still
very high levels of non-performing loans (NPL) in the banking
sector and very large stocks of general government and net external
debt. These weaknesses are balanced by high income per capita
levels that far exceed both the 'BB' and 'BBB' medians, and
governance scores above most sub-investment grade peers'.

The Stable Outlook reflects Fitch's view of the sustainability of
Greece's public finances, even after the severe shock to the
economy and public finances from the pandemic, and in spite of
material risks to the economic outlook.

The general government deficit was 9.7% of GDP in 2020, larger than
the 'BB' median estimate of 8%. For this year, Fitch expects a
broadly unchanged deficit (9.5%), given higher-than-previously
expected pandemic-related policy support for the economy; Fitch has
revised substantially the deficit forecast for this year from 7.2%
in Fitch's January review. The Greek government's Stability
Programme estimates that the Covid-19 related policy support will
worsen the deficit by EUR14.3 billion (8.3% of forecast GDP) this
year. Fitch expects the public deficit to shrink in 2022 to 4.8%,
as pandemic-support measures unwind and economic recovery supports
revenue. The deficit is then expected to narrow further in 2023 to
2.8%.

Government debt reached 205.6% of GDP in 2020. Fitch's
public-finance projections are consistent with the debt ratio
peaking this year at 207% of GDP (BB median forecast close to 60%),
among the highest of all Fitch-rated sovereigns'. Fitch expects the
debt ratio to decline over the next two years, reaching 192.6% by
2023.

Greece's public indebtedness has risen sharply due to the pandemic,
and the debt stock will remain very large for a prolonged period.
At the same time, Fitch sees mitigating factors that support public
debt sustainability. Greece's liquid asset buffer is substantial,
at around 19% of forecast GDP; the concessional nature of the vast
majority of Greece's debt means that debt-servicing costs are low
(interest-to-revenue forecast for this year at 6%, compared with
the BB median of 9.5%), and the amortisation schedule is moderate.
Also, the average maturity of Greek debt is long (currently around
19 years for central government debt; BB median: 6.7 years) and
mostly fixed-rate, reducing the risk from interest-rate rises.

Moreover, and importantly, the European Central Bank (ECB) has
included Greek government bonds in its pandemic emergency purchase
programme (PEPP), in contrast to most previous asset purchase
schemes. On the basis of Greece's share of capital at the ECB, this
would allow for up to EUR37 billion (around 22% of GDP) of Greek
government bonds to be bought on the secondary market by the
Eurosystem. As of end-May, the Eurosystem had purchased EUR25.7
billion of Greek government bonds. This provides an important
additional source of financing flexibility and is contributes to
keeping debt servicing costs manageable. Over the past six months,
Greece has issued a combination of new and tapped four long-term
bonds at low interest rates (0.9% on the tap of a 10-year bond in
June).

The Greek economy has performed better than Fitch had expected over
the past six months, despite the reintroduction of severe
restrictions on personal and business activity in autumn 2020 and
in March this year due to waves of coronavirus infections. The
economy shrank 8.2% in 2020 versus Fitch's estimate of a 10.2%
contraction, before expanding 2.5% quarterly in 1Q21. Short-term
indicators point to strong activity in 2Q21. Fitch assumes that the
Next Generation EU (NGEU) funds available to Greece as grants will
start being deployed this year, further boosting the growth
outlook.

Fitch has revised up Fitch's forecast for real GDP growth this year
to 4.3% from 3% on the basis of the 1Q21 outturn and a less
negative carry-over effect from 2020. Fitch expects the economy to
recover further in 2022, and expand 5.3%, with the deployment of
the NGEU funds gathering pace and providing an uplift to real
spending over the course of the whole year. The 2022 GDP growth
forecast is a marked downward revision from Fitch's previous review
due to a smoother assumed path for the use of NGEU funds and a
lower carryover effect from 2021. For 2023 Fitch expects
above-trend GDP growth of 3.5%.

The main short-term risk to Fitch's projections is that the renewed
rise in coronavirus infections results in renewed restrictions in
Greece and discourages foreign tourists from travelling to Greece
during the summer months. A further risk to Fitch's projections is
the impact of the pandemic on the labour market once support
measures are rolled back; a structurally higher unemployment rate
could affect the economy's growth potential. An upside to Fitch's
projections is that they do not include the impact of NGEU loans.
The loans component of the Greek government's National Recovery and
Resilience Plan has an upper limit of EUR12.7 billion (around 7% of
2019 GDP). Fitch will include the impact of these as more
information on the relevant projects and financing becomes
available.

Sharp contraction in services receipts related to tourism drove a
substantial widening in the current account deficit in 2020 to 6.7%
of GDP from 1.5% in 2019 (BB median: 1.9% deficit). Fitch expects
only a moderate narrowing in the current account deficit over the
next three years, to 5.7% this year and 4.3% by 2023. Net external
indebtedness rose sharply in 2020, to 169.1% of GDP (BB median:
18.4%). Risks stemming from Greece's high external indebtedness are
mitigated by a large share of euro-denominated liabilities owed to
official creditors and a fairly low level of vulnerability to
external market sentiment.

The banking sector remains a weakness for the sovereign's credit
profile, but has seen improvements in asset-quality metrics. The
non-performing loan (NPL) ratio declined to 30.1% from 40.6% over
the course of 2020, due to securitisation transactions, and
remained broadly unchanged in 1Q21. Progress on de-risking plans by
systemically important Greek banks brought about positive rating
actions resulting in an improvement in Fitch's Banking System
Indicator to 'b' from 'ccc'.

Further reductions in impaired loans will be supported by the
recent extension of the Greek government's Hercules Asset
Protection Scheme for a further 18 months to October 2022, with an
upper limit of guarantees of EUR24 billion (around 14% of GDP).
While Fitch expects an inflow of new impaired loans, mainly from
exposures that have until now benefited from moratoria, Fitch still
anticipates a substantial decline in the NPL ratio this year.

ESG - Governance: Greece has an ESG Relevance Score (RS) of '5+'
for both Political Stability and Rights and for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption.
Theses scores reflect the high weight that the World Bank
Governance Indicators (WBGI) have in Fitch's proprietary Sovereign
Rating Model (SRM). Greece has a medium WBGI ranking at 64.8, well
above both the 'BB' and 'BBB' medians, reflecting well-established
rights for participation in the political process, and relatively
strong institutional capacity, regulatory quality and rule of law.

RATING SENSITIVITIES

FACTORS THAT COULD, INDIVIDUALLY OR COLLECTIVELY, LEAD TO NEGATIVE
RATING ACTION/DOWNGRADE:

-- Public Finances: Failure to reduce government debt/GDP over
    the short term, for example due to a more pronounced and
    longer period of fiscal easing and weak economic performance.

-- Macro: Evidence of a long-lasting negative impact of the
    coronavirus shock on the Greek economy and its medium-term
    potential growth.

-- Structural Features: Adverse developments in the banking
    sector increasing risks to the public finances and the real
    economy, via the crystallisation of contingent liabilities on
    the sovereign's balance sheet and/or an inability to undertake
    new lending to support economic growth.

FACTORS THAT COULD, INDIVIDUALLY OR COLLECTIVELY, LEAD TO POSITIVE
RATING ACTION/UPGRADE:

-- Public Finances: Greater confidence in government debt/GDP
    returning to a firm downward path after the Covid-19 shock,
    for example due to fiscal consolidation, improved GDP growth
    and sustained low costs of borrowing.

-- Structural: Continued progress on asset-quality improvement by
    systemically important banks, consistent with successful
    completion of securitisation transactions and lower impairment
    charges, and leading to improved credit provision to the
    private sector.

-- Macro: An improvement in medium-term growth potential and
    performance following the Covid-19 shock, particularly if
    supported by the implementation of the EU Recovery Plan and
    other structural reforms.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Greece a score equivalent to a
rating of 'BB' on the LTFC IDR scale.

Fitch's sovereign rating committee adjusted the output from the SRM
score to arrive at the final LTFC IDR by applying its QO, relative
to SRM data and output, as follows:

-- Structural Features: -1 notch, to reflect weaknesses in the
    banking sector, including a very high level of NPLs, which
    represent a contingent liability for the sovereign, and a
    constraint on credit provision to the private sector.

-- Public Finances: +1 notch, to reflect the manageable
    amortisation schedule, long average maturity of debt, and the
    high degree of financing flexibility compared with rated
    peers'. Financing flexibility is enhanced by ECB monetary
    policy and has improved following the inclusion of Greek
    government bonds in the PEPP, resulting also in historically
    low market interest rates. Greece's access to NGEU funds also
    enhances financing flexibility relative to 'BB' category-rated
    peers'.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LTFC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within
Fitch's criteria that are not fully quantifiable and/or not fully
reflected in the SRM.

BEST/WORST CASE RATING SCENARIO

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

KEY ASSUMPTIONS

The global economy performs in line with Fitch's latest Global
Economic Outlook published on 15 June 2021. Eurozone GDP is
expected to expand 5% this year. GDP growth is then expected to be
4.5% in 2022 and 2.2% in 2023.

ESG CONSIDERATIONS

Greece has an ESG Relevance Score of '5[+]' for Political Stability
and Rights as WBGI have the highest weight in Fitch's SRM and are
therefore highly relevant to the rating and a key rating driver
with a high weight. As Greece has a percentile rank above 50 for
the respective governance indicator, this has a positive impact on
the credit profile.

Greece has an ESG Relevance Score of '5[+]' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
WBGI have the highest weight in Fitch's SRM and are therefore
highly relevant to the rating and are a key rating driver with a
high weight. As Greece has a percentile rank above 50 for the
respective governance indicator, this has a positive impact on the
credit profile.

Greece has an ESG Relevance Score of '4[+]' for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
WBGI is relevant to the rating and a rating driver. As Greece has a
percentile rank above 50 for the respective governance indicator,
this has a positive impact on the credit profile.

Greece has an ESG Relevance Score of '4' for Creditor Rights as
willingness to service and repay debt is relevant to the rating and
is a rating driver for Greece, as for all sovereigns. As Greece has
a fairly recent restructuring of public debt in 2012, this has a
negative impact on the credit profile.

Except for the matters discussed above, the highest level of ESG
credit relevance, if present, is a score of 3. This means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity(ies), either due to their nature or to the way in which
they are being managed by the entity(ies).



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

ARBOUR CLO III: S&P Assigns Prelim B- (sf) Rating on F-R Notes
--------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Arbour
CLO III DAC's class A-R, A-R-Loan, B-1-R, B-2-R, C-R, D-R, E-R, and
F-R notes. At closing, the issuer will also issue unrated
subordinated notes in addition to the EUR44.6 million of existing
unrated subordinated notes.

Under the transaction documents, the rated notes pay quarterly
interest unless there is a frequency switch event. Following this,
the notes will switch to semiannual payment (linked to six-month
EURIBOR).

The portfolio's reinvestment period ends 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 our
assessment of:

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

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

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

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

-- The transaction's counterparty risks, which S&P expects to be
in line with its counterparty rating framework.

  Portfolio Benchmarks

                                                         CURRENT
  S&P Global Ratings weighted-average rating factor     2,868.14
  Default rate dispersion                                 590.15
  Weighted-average life (years)                             4.69
  Obligor diversity measure                               120.18
  Industry diversity measure                               19.81
  Regional diversity measure                                1.19

  Transaction Key Metrics
                                                         CURRENT
  Total par amount (mil. EUR)                             400.00
  Defaulted assets (mil. EUR)                                  0
  Number of performing obligors                              166
  Portfolio weighted-average rating
     derived from S&P's CDO evaluator                        'B'
  'CCC' category rated assets (%)                           6.68
  'AAA' actual weighted-average recovery (%)               35.89
  Modeled weighted-average spread (%)                       3.45
  Reference weighted-average coupon (%)                     4.25

S&P said, "Our preliminary ratings reflect our assessment of the
collateral portfolio's credit quality, which has a weighted-average
rating of 'B'. We understand that at closing the portfolio will be
well-diversified, primarily comprising 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 par amount,
the actual weighted-average spread of 3.45%, the reference
weighted-average coupon of 4.25%, and the covenanted
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 cash
flow analysis also considers scenarios where the underlying pool
comprises 100% floating-rate assets (i.e., the fixed-rate bucket is
0%) and where the fixed-rate bucket is fully utilized (in this
case, 15%).

"At closing, 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 that the transaction's exposure to country
risk is limited at the assigned preliminary ratings, as the
exposure to individual sovereigns does not exceed the
diversification thresholds outlined in our criteria."

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

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our preliminary
ratings are commensurate with the available credit enhancement for
the class A-R, A-R-Loan, B-1-R, B-2-R, C-R, D-R, and E-R notes. Our
credit and cash flow analyses indicate that the available credit
enhancement for the class B-1-R, B-2-R, C-R, D-R and E-R notes
could withstand stresses commensurate with higher ratings 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 preliminary
ratings on these notes.

"Our credit and cash flow analysis shows a negative break-even
default rate (BDR) cushion for the class F-R notes at the 'B-'
rating. Nevertheless, based on the portfolio's actual
characteristics and additional overlaying factors, including our
long-term corporate default rates and the class F-R notes' credit
enhancement (7.00%), we believe this class is able to sustain a
steady-state scenario, where the current market level of stress and
collateral performance remains steady. Consequently, we have
assigned our preliminary 'B- (sf)' rating to the class F-R notes,
in line with our 'CCC' ratings criteria.

"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-R to E-R
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. The results
shown in the chart below are based on the covenanted
weighted-average spread, covenanted coupon, and actual 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-R notes."

Environmental, social, and governance (ESG) credit factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to certain activities,
including, but not limited to, the following: tobacco industry,
coal mining, oil sands industry, and production of controversial
weapons. 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.      CREDIT        INTEREST RATE(%)
            RATING      AMOUNT    ENHANCEMENT(%)
                     (MIL. EUR)    
  A-R       AAA (sf)    196.00       38.50        3mE + 0.93
  A-R-Loan  AAA (sf)     50.00       38.50        3mE + 0.93
  B-1-R     AA (sf)      22.00       28.00        3mE + 1.65
  B-2-R     AA (sf)      20.00       28.00              2.10
  C-R       A (sf)       23.75       22.06        3mE + 2.20
  D-R       BBB (sf)     28.25       15.00        3mE + 3.10
  E-R       BB- (sf)     20.00       10.00        3mE + 5.89
  F-R       B- (sf)      12.00        7.00        3mE + 8.69
  Sub. notes   NR        49.37         N/A               N/A

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


BOSPHORUS CLO V: Fitch Affirms B- Rating on Class F Notes
---------------------------------------------------------
Fitch Ratings has revised Bosphorus CLO V DAC's class D, E and F
notes to Stable Outlook from Negative.

     DEBT                RATING           PRIOR
     ----                ------           -----
Bosphorus CLO V DAC

A-1 XS2073812336   LT  AAAsf   Affirmed   AAAsf
A-2 XS2082334249   LT  AAAsf   Affirmed   AAAsf
B-1 XS2073813060   LT  AAsf    Affirmed   AAsf
B-2 XS2073813730   LT  AAsf    Affirmed   AAsf
C XS2073814381     LT  A+sf    Affirmed   A+sf
D XS2073814977     LT  BBB-sf  Affirmed   BBB-sf
E XS2073816162     LT  BB-sf   Affirmed   BB-sf
F XS2073816329     LT  B-sf    Affirmed   B-sf
X XS2073812252     LT  AAAsf   Affirmed   AAAsf

TRANSACTION SUMMARY

Bosphorus CLO V DAC is a cash flow collateralised loan obligation
(CLO) of mostly European leveraged loans and bonds. The transaction
is in its reinvestment period and the portfolio is actively managed
by Commerzbank AG.

KEY RATING DRIVERS

Outlooks Revised to Stable (Positive): Fitch has revised the
Outlooks on the class D, E and F notes to Stable from Negative as
the coronavirus baseline stress no longer drives the Outlook. The
Stable Outlook for the class D and E reflects the default-rate
cushion that each tranche benefits from at its current rating. For
the class F noes, the outlook was revised to Stable due to the low
likelihood of downgrade to 'CCCsf' given the available 6.7% credit
enhancement.

Asset Performance Resilient to Pandemic (Neutral): Asset
performance has been stable since Fitch's last review in October
2020. It was 0.8% below par as of the latest investor report dated
1 June. The transaction is passing all coverage tests. Exposure to
assets with a Fitch-derived rating (FDR) of 'CCC+' and below was
4.5% (or 5.3% if including unrated names that are treated as CCC in
the analysis while the manager may re-classify such assets as 'B-'
for up to 10% of the portfolio), compared with the 7.5% limit. No
assets were reported as defaulted as of the reporting date, but one
obligor was downgraded by Fitch on 29 June to 'CC' and represented
a EUR5 million exposure.

Average Credit-quality Portfolio (Neutral): Fitch assesses the
average credit quality of the obligors in the 'B'/'B-' category.
The Fitch weighted average rating factor (WARF) calculated by Fitch
of the current portfolio as of 10 July 2021 was 34.1, versus 34.45
in the investor report and a maximum of 33.75.

High Recovery Expectations (Positive): The portfolio comprises
senior secured obligations. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch weighted average recovery rate (WARR)
of the current portfolio was reported by the trustee at 64.7% as of
1 June 2021 compared with a minimum of 64.1%.

Diversified Portfolio (Positive): The portfolio is well-diversified
across obligors, countries and industries. The top-10 obligor
concentration is 17.4% and no obligor represents more than 2% of
the portfolio balance. The largest Fitch-defined industry as
calculated by the agency represents 17.5% and the three largest
Fitch-defined industries 35.1%, both within their respective limits
of 17.5% and 40%.

Model deviation for Class F (Neutral): Fitch has deviated from the
model-implied rating for the class F notes of 'CCCsf' by one notch
due to a limited margin of safety before a default resulting from
the available credit enhancement of 6.7%, which is more in line
with a 'B-sf' rating.

RATING SENSITIVITIES

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

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

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

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

-- Downgrades may occur if the build-up of credit enhancement
    following amortisation does not compensate for a larger loss
    expectation than initially assumed due to unexpectedly high
    levels of defaults and portfolio deterioration.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

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

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

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

CIFC EUROPEAN I: Fitch Affirms B- Rating on Class F Notes
---------------------------------------------------------
Fitch Ratings has revised the Outlooks of class E and F to Stable
from Negative of CIFC European Funding CLO I DAC and affirmed all
notes.

    DEBT                 RATING           PRIOR
    ----                 ------           -----
CIFC European Funding CLO I DAC

A XS2020690884     LT  AAAsf   Affirmed   AAAsf
B-1 XS2020691429   LT  AAsf    Affirmed   AAsf
B-2 XS2020692153   LT  AAsf    Affirmed   AAsf
C XS2020692740     LT  Asf     Affirmed   Asf
D XS2020693557     LT  BBB-sf  Affirmed   BBB-sf
E XS2020693987     LT  BB-sf   Affirmed   BB-sf
F XS2020694100     LT  B-sf    Affirmed   B-sf
X XS2020690454     LT  AAAsf   Affirmed   AAAsf

TRANSACTION SUMMARY

CIFC European Funding CLO I DAC is a cash flow CLO, mostly
comprising senior secured obligations. It is still within its
reinvestment period and is actively managed by CIFC CLO Management
II LLC.

KEY RATING DRIVERS

Portfolio Quality Improved

The affirmation and the Outlook revisions reflect the improvement
of the portfolio's credit quality. The portfolio's weighted average
(WA) credit quality is 'B'. By Fitch's calculation, the portfolio
WA rating factor (WARF) is 32.5, which has improved by a point from
33.5 in the review in January 2021. Assets with a Fitch-derived
rating (FDR) in the 'CCC' category or below make up about 3.6% of
the collateral balance if including 1.5% unrated assets.

The transaction is below par by 1%. All tests including the 'CCC'
test are passing. The portfolio is diversified with the top 10
obligors and the largest obligor at below 15% and 2%,
respectively.

Of the portfolio, 99% comprise senior secured obligations, which
have more favourable recovery prospects than second-lien, unsecured
and mezzanine assets. Fitch's WA recovery rate of the current
portfolio based on the investor report is 66.1%.

Cushion at Current Ratings

Each tranche displays a comfortable default rate cushion at its
rating based on the current portfolio analysis except for class F
notes, which display a small shortfall. Fitch no longer includes
its Coronavirus Stress Scenario in its analysis of EMEA CLO notes.

Model Implied Rating Deviation

The model-implied rating (MIR) of class F is one notch below its
current rating at 'B-'. The small shortfall of -1% is driven by the
back-loaded default timing which is not the agency base case
expectation. Given the level of credit enhancement, the note
displays a safety margin and does not present a real possibility of
default, which is the meaning of 'CCC'. With the improvement of the
portfolio credit quality and that the note is already at the lowest
rating in the rating category, Fitch believes that downgrade to the
next rating category is unlikely. This supports the Outlook
revision to Stable.

RATING SENSITIVITIES

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

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

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

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

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

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

CIFC European Funding CLO I DAC

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

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

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

ENERGIA GROUP: Moody's Hikes CFR to Ba3 & Alters Outlook to Stable
------------------------------------------------------------------
Moody's Investors Service upgraded the long-term corporate family
rating of Energia Group Limited (Energia) to Ba3 from B1.
Concurrently, Moody's upgraded Energia's probability of default
rating to Ba3-PD from B1-PD, the ratings of Energia Group NI
FinanceCo Plc's Senior Secured Notes (jointly issued by Energia
Group RoI Holdings DAC) to Ba3 from B1, and the rating of Energia
Group NI Holdings Limited 's GBP225 million backed super senior
secured revolving credit facility to Baa3 from Ba1. The outlook for
Energia, Energia Group NI FinanceCo Plc and Energia Group NI
Holdings Limited was changed to stable from positive.

The rating action reflects Energia's resilient earnings in 2020-21
and Moody's expectation that the company's ratio of funds from
operations (FFO) to debt will remain above 12%, even as capital
investment reaccelerates.

RATINGS RATIONALE

The Ba3 CFR reflects, as positives, the demonstrated resilience of
Energia's diversified utility business, including thermal and
renewable generation, price-regulated supply in Northern Ireland,
unregulated energy supply across the island of Ireland and a
portfolio of contracted wind farm output. The CFR also reflects
Energia's good liquidity, including EUR217 million of cash and
equivalents as of March 2021 (including EUR37.9 million of
restricted cash at project-financed wind farms) and significant
undrawn availability under its credit facilities.

However, the CFR continues to be constrained by Energia's
relatively high leverage, exposure to Irish electricity prices and
the continuing risk of business failures and unemployment in
Northern Ireland and the Republic of Ireland, which could reduce
demand and increase bad debts. Visibility of cash flow in the
company's flexible generation segment declines after 2023-24, when
the PPB contract expires and capacity revenues for its Huntstown
gas-fired power plant will depend on the results of future capacity
auctions.

Energia's EBITDA increased by EUR71.5 million in 2020-21 compared
to the prior year. Of this increase, EUR41.3 million was
attributable to temporary over-recoveries of EUR34.4 million,
compared to under-recoveries of EUR6.9 million in the prior year.
Excluding this, and changes in coronavirus-related charges, Moody's
estimates that EBITDA grew by around EUR20 million (11%), a strong
performance that demonstrates the resilience of Energia's
diversified business.

Moody's expects Energia's key credit metrics to weaken temporarily
in the financial year to March 2022, reflecting pressure on retail
profits as a result of sharp increases in commodity prices, as well
as the reversal of over-recoveries in 2020-21. Despite this,
Moody's expects FFO/debt to remain above 12% in 2021-22, excluding
over/under recoveries, and to improve in subsequent years. Over
time, Energia will tend to benefit from higher wholesale energy
prices as a result of its exposure to wind, particularly in
Northern Ireland.

Energia has achieved strongly positive free cash flow in recent
years as capital expenditure has declined. However, the company has
a 242 megawatts (MW) pipeline of onshore wind development projects,
47 MW of consented solar projects, and planning permission and
capacity contracts for 60 MW of battery storage projects. Energia
is also in preliminary stages of developing a data centre at
Huntstown. These projects are likely to depress Energia's free cash
flow, but will contribute to higher and more stable cash flow in
the medium term.

STRUCTURAL CONSIDERATIONS

The ratings of the RCF and Senior Secured Notes reflect their
relative priority of proceeds on enforcement. Under the financing
terms, common collateral secures both classes of debt, but any
outstanding RCF obligations, commodity hedging obligations, and
interest rate and foreign-exchange hedging would rank senior to the
noteholders on insolvency. The Baa3 rating of the RCF reflects this
senior ranking, while the Ba3 rating of the Senior Secured Notes is
in line with the CFR, reflecting the relatively small size of the
cash portion of the RCF in the context of Energia's debt.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectation that FFO/debt will
remain above 12%, on an underlying basis. FFO/debt was 17.4% in
2020-21 (approximately 14% excluding over-recoveries), compared to
11.5% in 2019-20.

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

The ratings could be upgraded if Energia maintains a track record
of strong free cash flow, excluding growth investments, good
liquidity and Moody's-adjusted FFO to consolidated debt
consistently above 15% in percentage terms.

The ratings could be downgraded if Energia's ratio of FFO to
consolidated debt appeared likely to fall persistently below 12%,
or if significant acquisitions or capital investments reduced the
group's financial flexibility or increased business risk.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in May 2017.

Energia Group Limited is a diversified utility active in both the
Republic of Ireland and Northern Ireland. The company has interests
in supply, power generation (including wind farms and gas
generation) and regulated offtake contracts.

TORO EUROPEAN 3: Moody's Assigns B3 Rating to EUR9MM Class F Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to the Notes issued by Toro European
CLO 3 Designated Activity Company (the "Issuer"):

EUR1,500,000 Class X Secured Floating Rate Notes due 2034,
Definitive Rating Assigned Aaa (sf)

EUR213,500,000 Class A Secured Floating Rate Notes due 2034,
Definitive Rating Assigned Aaa (sf)

EUR28,000,000 Class B-1 Secured Floating Rate Notes due 2034,
Definitive Rating Assigned Aa2 (sf)

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

EUR23,500,000 Class C Secured Deferrable Floating Rate Notes due
2034, Definitive Rating Assigned A2 (sf)

EUR22,500,000 Class D Secured Deferrable Floating Rate Notes due
2034, Definitive Rating Assigned Baa3 (sf)

EUR19,000,000 Class E Secured Deferrable Floating Rate Notes due
2034, Definitive Rating Assigned Ba3 (sf)

EUR9,000,000 Class F 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 92.5% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 7.5% 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 prior to the effective date on September
30, 2021, in compliance with the portfolio guidelines.

Chenavari Credit Partners LLP 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.

On April 12, 2017 (the "Original Issue Date"), the Issuer issued
EUR20,500,000 of unrated M-1 Subordinated Notes due 2034 and
EUR20,100,000 of unrated M-2 Subordinated Notes, which will remain
outstanding. In addition, the Issuer will issue EUR5,400,000 of M-2
Subordinated Note 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 25.0% or EUR375,000.00 over four 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.

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: EUR350,000,000.00

Diversity Score: 48

Weighted Average Rating Factor (WARF): 2982

Weighted Average Spread (WAS): 3.75%

Weighted Average Coupon (WAC): 3.40%

Weighted Average Recovery Rate (WARR): 44.0%

Weighted Average Life (WAL): 8.5 years

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

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

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

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

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

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

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

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

RATINGS RATIONALE

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

As part of this reset, the Issuer will 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 amends 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. The underlying portfolio is 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: 56

Weighted Average Rating Factor (WARF): 3060

Weighted Average Spread (WAS): 3.6%

Weighted Average Coupon (WAC): 4.0%

Weighted Average Recovery Rate (WARR): 43.0%

Weighted Average Life (WAL): 8.5 years



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

ALITALIA SPA: Last Flights to Operate on Oct. 14
------------------------------------------------
The Associated Press reports that Alitalia's last flights will
operate on Oct. 14. The new airline being created to replace the
long financially ailing Alitalia will take off on Oct. 15 with its
first flights, the Italian Economy Ministry announced on July 15.

In a statement, the ministry said the new company, ITA, will be
fully operating on that date, following the positive outcome of
discussions with the European Union's executive commission, the AP
relates. EU competition officials expressed concerns for years that
the Italian government's financial support for Alitalia violated
the bloc's rules, notes the report.

Alitalia currently has some 10,000 employees.  The new company may
take on some of the workers, who in recent years staged strikes to
demand more attention to the airline's future, the AP relays.  In
recent months, they also faced uncertainty over getting paid on
time.

ITA stands for Italia Trasporto Aereo, or Italy Air Transport.  But
precisely what name or logo will be on the new airline's planes is
still unclear.  There will be public bidding for the brand
"Alitalia," which ITA said it will compete for, according to the
AP.

The deal to create the new airline calls for slashing the number of
slots, especially at Rome's main, Leonardo da Vinci airport, the AP
notes.  Milan's Linate Airport, popular with business travelers
since it is close to Italy's financial and fashion industry
capital, will also see some slots reduced, the AP says.

ITA, according to its statement, plans to operate a fleet of seven
wide-body and 45 narrow-body aircraft at the start and to add 26
more planes later this year, the AP discloses.  By the end of 2025,
ITA aims for a fleet of as many as 105 aircraft, the AP notes.

ITA, as cited by the AP, said it will start operating this year
with some 2,750 to 2,950 employees in its aviation sector, raising
the number to 5,550-5,700 by the end of 2025.


DOVALUE SPA: Fitch Assigns Final BB Rating on EUR300MM Sec. Notes
-----------------------------------------------------------------
Fitch Ratings has assigned doValue S.p.A.'s (doValue) EUR300
million 3.375% five-year senior secured notes issue (ISINs:
XS2367103780, XS2367104838) a final rating of 'BB'.

The final rating is in line with the expected rating Fitch assigned
on 12 July 2021.

KEY RATING DRIVERS

The notes' rating is in line with doValue's 'BB' Long-Term Issuer
Default Rating (IDR), reflecting Fitch's expectation of average
recovery prospects, as the notes rank pari passu with the company's
outstanding senior secured notes.

The proceeds of the new senior secured notes are being used to
repay an existing syndicated loan due March 2024 (EUR291 million as
of end-1Q21). Therefore, Fitch does not expect the new debt to have
a material net impact on doValue's leverage.

The notes are guaranteed by doValue's key Spanish and Greek
subsidiaries (Altamira and doValue Greece respectively). The issuer
and guarantor subsidiaries represent about 90%, 92% and 97% of
revenues, EBITDA and total assets, respectively, on a consolidated
basis.

doValue's Long-Term IDR reflects the company's strong franchise in
southern European debt and real-estate servicing, typically a
cash-generative business model benefiting from long-term contracts
with key customers. The rating also takes into account the leverage
taken on to finance two significant acquisitions in the last two
years and the disruption to business experienced since March 2020
as a result of the Covid-19 pandemic (further detail can be found
in 'Fitch Affirms doValue at 'BB'; Outlook Stable', dated 28
February 2021, on www.fitchratings.com).

The company has demonstrated good recovery of collections since
4Q20 with collections in 5M21 only slightly below comparable
pre-pandemic figures of 2019, but magnitude and timing of full
recovery from the pandemic will depend on multiple factors,
including a return to full court functioning and activity in the
real-estate market.

RATING SENSITIVITIES

SENIOR SECURED NOTES

The senior secured notes' rating is primarily sensitive to changes
in doValue's Long-Term IDR.

Changes to Fitch's assessment of recovery prospects for the senior
secured notes in a default, e.g. as a result of introduction to
doValue's debt structure of material lower- (or higher-) ranking
debt, could also result in the senior secured notes' rating being
notched up or down from the IDR.

IDRs

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

-- A reduction in gross debt-to-EBITDA below 2.5x, the lower
    boundary of Fitch's 'bb' benchmark range, if delivered on a
    sustained basis, in conjunction with stable collections
    performance across both doValue's domestic operations and its
    more recently acquired foreign subsidiaries, in line with
    management's business plan.

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

-- Maintenance of a gross debt-to-EBITDA in excess of 3.5x (the
    higher boundary of Fitch's 'bb' range for leverage) on a
    sustained basis without a clear path to meaningful
    deleveraging;

-- Under-performance of collection key performance indicators,
    leading to lower fee payments and, ultimately, potential
    contract losses, if not mitigated by contract growth or other
    remedial measures in the interim; and

-- A material increase in doValue's risk appetite, as reflected,
    for example, in weakening risk governance and controls.

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

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



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

ALLNEX (LUXEMBOURG): S&P Affims 'B' ICR on PTT Global Deal
----------------------------------------------------------
S&P Global Ratings affirmed the 'B' ratings on Allnex (Luxembourg)
& Cy SCA and its senior secured debt. Following the transaction's
close, S&P will withdraw the issue ratings upon the full repayment
and discontinue the issuer credit rating.

Industrial coating resins producer Allnex announced that it will be
acquired by (BBB/Stable/--).

Private equity owner Advent will sell Allnex for about EUR4 billion
in a transaction expected to close in fourth-quarter 2021. Allnex
(Luxembourg) & Cy SCA is Allnex' holding company, and Allnex
S.A.R.L. is the main issuing entity of Allnex' EUR1.6 billion
outstanding senior secured term loan B. Both entities are out of
the transaction scope.

S&P said, "If the transaction is completed as planned, we will
withdraw the issue ratings on Allnex' senior secured facilities.We
understand that Advent will use the disposal proceeds to repay all
the senior secured debt issued by Allnex S.A.R.L. and Allnex USA
Inc. We would then discontinue the issuer credit rating on Allnex
(Luxembourg) & Cy SCA since there would be no rated debt
outstanding."

The outlook on Allnex (Luxembourg) Cy SCA remains stable.




=================
M A C E D O N I A
=================

RZ INSTITUT: Shares Delisted Due to Bankruptcy Procedure
--------------------------------------------------------
The Board of Directors of the Macedonian Stock Exchange on the
session held on July 12, 2021, decided to remove the ordinary
shares issued by RZ Institut AD Skopje from listing on the
Macedonian Stock Exchange, due to an opened bankruptcy procedure.
Shares issued by RZ Institut AD Skopje would be delisted from the
Official Market (subsegment Exchange Listing) starting from July
13, 2021.



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

KANTOOR FINANCE 2018: DBRS Confirms BB(low) Rating on Cl. E Notes
-----------------------------------------------------------------
DBRS Ratings GmbH confirmed the ratings on all classes of
Commercial Mortgage-Backed Floating Rate Notes Due May 2028 issued
by Kantoor Finance 2018 DAC as follows:

-- Class A notes at AAA (sf)
-- Class B notes at AA (low) (sf)
-- Class C notes at A (low) (sf)
-- Class D notes at BBB (low) (sf)
-- Class E notes at BB (low) (sf)

All trends are Stable.

The rating confirmations follow the transaction's stable
performance in spite of the Coronavirus Disease (COVID-19)
pandemic, which has had little impact on rent collections based on
the latest servicer report for the May 2021 interest payment day
(IPD).

At issuance, the transaction included two floating-rate senior
commercial real estate loans--PPF and Iron--as well as the pari
passu capital expenditures (capex) facility associated with the
Iron loan. However, the PPF loan was fully repaid on May 17,  2021.
As such, the Iron loan is the only loan outstanding, with a
remaining term of 1.45 years.

The Iron loan balance reduced to EUR 57.3 million (including EUR
4.5 million capex facility) from EUR 62.9 million at inception,
mostly due the sale of the Wegalaan asset in Q2 2019 and, to a less
extent, the limited annual amortization (1.0% p.a. in Years 2 to 4
and 2.0% p.a. in Year 5). Savills plc recently revalued the
remaining eight assets securing the Iron loan at EUR 121.4 million,
which was slightly lower than the EUR 129.9 million value as at the
latest annual review, but above the EUR 88.4 million value at
issuance. Based on the latest valuation, the facility benefits from
a moderate loan-to-value (LTV) of 47.3%.

DBRS Morningstar updated its cash flow assumption to reflect the
latest available tenancy schedule received by the servicer and the
new DBRS Morningstar net cash flow (NCF) amounts to EUR 5.0
million. In addition, DBRS Morningstar maintained its cap rate at
7.0% as at underwriting, which translates to a DBRS Morningstar
stressed value of EUR 71.5 million, representing a 41.1% haircut on
the reported market value of EUR 121.4 million as of May 2021 IPD.

The Iron loan has a fixed loan term of five years from the first
utilization date of the loan in October 2017, meaning that the Iron
borrowers will need to repay by the November 2022 loan interest
payment date. The commercial mortgage-backed security (CMBS) notes
maturity date is 22 May 2028, resulting in a tail period of over 5
years, which provides the special servicer with enough time to work
out the loan if necessary.

The coronavirus and the resulting isolation measures have caused an
economic contraction, leading to sharp increases in unemployment
rates and income reductions for many tenants and borrowers. DBRS
Morningstar anticipates that vacancy rate increases and cash flow
reductions may arise for many CMBS borrowers, some meaningfully. In
addition, commercial real estate values will be negatively
affected, at least in the short term, impacting refinancing
prospects for maturing loans and expected recoveries for defaulted
loans. The ratings are based on additional analysis as a result of
the global efforts to contain the spread of the coronavirus.

Notes: All figures are in euros unless otherwise noted.



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

ADEVINTA ASA: Fitch Assigns Final 'BB' LT IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has assigned Adevinta ASA a final Long-Term Issuer
Default Rating of 'BB' with a Stable Outlook. Fitch has also
assigned a final rating of 'BB+'/'RR2' to Adevinta's senior secured
debt.

The assignment of final ratings follows the completion of the
acquisition of eBay's Classified Group (eBayC) and a sale of
eBayC's Danish operations to Adevinta's shareholder, Schibsted ASA,
in line with Fitch's earlier expectations. Adevinta's key rating
drivers are mostly unchanged.

Adevinta holds number one or two positions in its key markets by
traffic or revenues, which leads to sustainable and robust EBITDA
margins of above 30% and strong free cash flow (FCF) generation.
This should allow for rapid deleveraging to below 5x funds from
operations (FFO) net leverage in 2022.

KEY RATING DRIVERS

Acquisition Completion As Expected: Fitch views the transaction
remedies as not significantly changing the company's operating and
financial profile from Fitch's earlier expectations. Adevinta
closed the eBayC acquisition in June 2021 after agreeing to address
the UK and Austrian regulators' concerns. The remedies include the
divestment of UK classified operations that represent less than 5%
of the group's total consolidated revenues, an effective
medium-term cap on eBay's shareholding of 33%, and some
restrictions on information flow between eBay and Adevinta. The
impact on leverage should be mostly neutral if at least some
divestment proceeds are applied to deleveraging.

Strong Recovery On Fewer Restrictions: An easing of
Covid-19-related restrictions have led to a strong recovery in
Adevinta's performance and Fitch expects this to continue in 2021.
The company's revenue, EBITDA and key operating indicators, such as
leads and number of visits to its sites, demonstrated strong growth
in 1H21. Revenues expanded by 17% yoy and reported EBITDA by 34%
yoy. eBayC's operations also grew in 1Q21, with revenues and
reported operating income increasing by 11% and 36%, respectively,
yoy.

Leading Market Positions: Adevinta holds number one or two
positions by traffic or ad listings in most of its large markets,
which Fitch views as a key factor in sustaining profitable
operations. Leading classified operators benefit from the virtuous
cycle of a large number of visitors attracting more advertisers and
sellers that generate high volumes of classified ad inventory -
which in turn stimulates visitor interest.

Most horizontal and vertical classifieds markets are dominated by
one or two participants that have a coveted 'must see' status.
These bigger participants can obtain disproportionately large
shares of revenues and sustain significant pricing premiums
compared with smaller competitors.

Strong Organic Growth: Fitch expects Adevinta to maintain strong
annual organic revenue growth in percentage terms in the high
single-digits to mid-teens. It will be driven by the wider adoption
of online classifieds, additional opportunities from transactional
services, and cross-synergies between the company's horizontal and
vertical segments.

Diversified Operations: Adevinta's business portfolio is
well-diversified by geographies, vertical and horizontal markets,
and advertising versus non-advertising revenues. Diversification is
a mitigating factor in a downturn. In times of financial need, its
large portfolio of brands and sites provides substantial divestment
opportunities without compromising its overall strategy. Pro-forma
for the eBayC transaction, the share of advertising revenues was
28% in 2019, with cars, real estate and horizontal classifieds
contributing 40%, 15% and 11%, respectively.

Integration Synergies: Adevinta expects the acquisition of eBayC to
generate substantial operating and cost synergies of EUR130
million-165 million after three years. Synergies may come from
sharing best practices and common IT solutions, having less
operating and administrative duplication, and from Adevinta's
larger scale, which has a positive impact on procurement costs,
including on cloud services. Revenue synergies may be more
challenging to achieve, in Fitch's view.

Marketing Cost Reduction Flexibility: Fitch views Adevinta as
having substantial flexibility to quickly and significantly reduce
its marketing cost in a downturn. This would mitigate any worsened
financial performance. Marketing accounted for 16% of Adevinta's
total operating costs in 2020 and a more sizeable 20% in 2019.

Strong Cash-Flow Generation: Adevinta's credit profile is supported
by strong FCF generation, with a pre-dividend FCF margin in the
low-to-mid teen percentages. Fitch believes the company can
sustainably generate strong Fitch-defined EBITDA margins of above
30% under an asset-light business model with low capex requirements
of less than 5% of revenues.

Capex/Acquisitions to Aid Revenue: Capex is likely to be
supplemented with bolt-on acquisitions that may be equal to or
surpass capex. Even taking this into account Fitch estimates
Adevinta's cash-flow generating capacity to be high. Bolt-on
acquisitions are likely to help maintain or achieve market-leading
positions and to expand Adevinta's expertise, including in IT, and
enable new services, such as transaction-related services.

High Leverage, Rapid Deleveraging: Fitch expects Adevinta to
rapidly deleverage from a Fitch-estimated peak pro-forma FFO net
leverage of 7.4x at end-2020. Assuming no or minimal dividends
until the net debt/EBITDA (company definition) drops to within its
medium-term target of 2x-3x, Fitch projects Adevinta's FFO net
leverage to improve to 5.5x at end-2021 and, potentially, to 4.3x
in 2022.

Deleveraging is supported by continuing organic revenue, EBITDA/FFO
growth, and net debt reduction via strong FCF. Fitch expects
Adevinta to adhere to a prudent shareholder distribution policy
that would not jeopardise its deleveraging progress. Moderate
bolt-on acquisitions can be accommodated within the current rating,
while any large deals would be treated as an event risk.

DERIVATION SUMMARY

Adevinta is a leading global classified ads company generating more
classified revenues than its similarly large peer Traviata B.V.
(B/Stable) and its key operating asset AxelSpringer SE -
AxelSpringer is larger than Adevinta in absolute revenue terms due
to its significant media business. Adevinta also generates more
classified revenues than Prosus Classifieds and 5x more classified
revenues than Speedster Bidco GmbH (AutoScout24; B/Negative).
Adevinta's leading market positions in its vertical markets and its
geographic and business diversification are comparable to
AxelSpringer's classifieds segment and are ahead of AutoScout24 -
the latter is focused on the motor segment and is only the number
two participant in Germany, its most important market.

Unlike Prosus, and similarly to AxelSpringer and AutoScout24,
Adevinta generates most of its revenues in western Europe, with
limited exposure to emerging markets. In line with most of its
peers, Adevinta is strongly cash-generative with capex below 5% of
revenue, similar to AutoScout24. Adevinta's EBITDA margins are
above 30%, which is behind that of AutoScout24 and AxelSpringer
(the latter on classified revenues).

Adevinta's estimated pro-forma FFO net leverage of 7.4x is high and
comparable to AutoScout24's. However, with a public medium-term
leverage target of 2x-3x net debt/EBITDA, Adevinta may be more
committed to deleveraging than some of its privately owned peers.

KEY ASSUMPTIONS

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

-- Resumption of growth in 2021, with absolute 2021 revenues
    slightly above 2019 levels and EBITDA slightly below 2020
    levels, on a combined pro-forma basis;

-- Gradual EBITDA margin improvement in 2021-2023, with this
    metric exceeding the 2019 level from 2022;

-- Minimal cash outflows from working capital at below EUR10
    million a year until 2023;

-- Cash capex below 4% of revenues a year until 2023;

-- Bolt-on M&A of around EUR50 million a year for the next three
    years;

-- No dividends until leverage declines to below 4x net
    debt/EBITDA.

RATING SENSITIVITIES

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

-- FFO net leverage below 4x on a sustained basis with strong
    progress in integrating operations of Adevinta and eBayC,
    while maintaining the enlarged group's strong market position.

-- Pre-dividend FCF margin sustained in the mid-to-high teens on
    the back of EBITDA margin improvements and low capex
    requirements.

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

-- Slow progress with reducing FFO net leverage to below 5x
    within 18-24 months from the eBayC transaction closure.

-- Market share pressures and a loss of number one or two status
    in key markets.

-- Lack of progress in integrating operations of Adevinta and
    eBayC, with insignificant post-merger synergies.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: Following the acquisition of eBayC, Adevinta
has access to a five-year EUR450 million revolving credit facility,
which comfortably covers its operating liquidity needs and is
likely to be sufficient to support its bolt-on acquisitions.

Fitch projects Adevinta to generate strong FCF, which would also be
an important liquidity source. Debt instruments raised in
conjunction with the eBayC acquisition announcement mature in 2025
and 2027, which protect it from short- to medium-term refinancing
risks.

ESG Considerations

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

ISSUER PROFILE

Following its acquisition of eBayC, Adevinta will become one of the
largest and most diversified global online classified groups, with
a significant market segment and geographic diversification.



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P O L A N D
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URSUS SA: Declared Insolvent by Warsaw Court, Owes PLN389 Mil.
--------------------------------------------------------------
Konrad Krasuski at Bloomberg News reports that a Warsaw court
rejected a request to allow Ursus SA to start recovery procedures
and declared its insolvency.

According to Bloomberg, Ursus, founded in 1893, has incurred losses
since 2017, as the company's expansion into electric and hydrogen
buses failed to generate profit, while orders of tractors from
Africa wane.

In recent months, the indebted company announced the signing of
several memorandums of understanding, including with Chinese and
Korean partners, for proposed joint ventures in e-bus production,
Bloomberg relates.  While the plans generated short-term gains for
the stock, they eventually failed to materialize, Bloomberg notes.

On July 1, Polish financial regulator KNF started inquiry
suspecting Ursus of hiding information about the risk of
insolvency, Bloomberg recounts.

As of end-March, Ursus's liabilities amounted to PLN389 million and
its negative equity stood at PLN200.8 million, Bloomberg relays,
citing its earnings statement.

The company had PLN158.8 million of loans, with Bank Millennium,
MBank, PKO, Pekao, BGK and Getin Noble Bank being biggest
creditors, according to Bloomberg.

Ursus SA is a Polish tractor and machinery maker.



=============
R O M A N I A
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KMG INTERNATIONAL: Fitch Affirms 'B+' LT IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed KMG International NV (KMGI) at Long-Term
Issuer Default Rating (IDR) of 'B+' with Stable Outlook.

KMGI is a wholly-owned subsidiary of JSC National Company
KazMunayGas (NC KMG; BBB-/Stable), the national oil and gas company
of Kazakhstan. It is rated two notches above its Standalone Credit
Profile (SCP) of 'b-', based on a bottom-up assessment and due to
strong legal, moderate operational and weak strategic ties with NC
KMG.

The affirmation reflects Fitch's expectation that funds from
operations (FFO) net leverage will average 3.7x in 2021-2024, below
Fitch's negative rating sensitivity of 4.0x, despite a sharp
increase in leverage in the near term due to the pandemic. The
execution of its memorandum of understanding (MoU) with the
Romanian government, however, will require continued capex and
financing over the next four years, making KMGI vulnerable to the
macro-economic environment.

The Stable Outlook reflects Fitch's expectation that KMGI will
continue to have access to credit lines with its relationship banks
and of a recovery in Romanian fuel demand by 2021-2022.

KEY RATING DRIVERS

Minimal Leverage Headroom: Fitch expects FFO net leverage to
average at 3.7x (13.8x in 2020, 1.5x in 2019) during 2021-2024,
while reaching on average 4.3x during 2021-2022 due to its buyback
of a USD200 million stake in 2022. Assuming that the buyback will
take place in 2023, net leverage would on average be 3.7x in
2021-2022 and 3.4x in 2021-2024. Both scenarios are nevertheless
significantly higher than previously anticipated.

Refinery Accident to Hit EBITDA: The increase in leverage follows
increased indebtedness as a result of the coronavirus impact in
2020 and in 2021, exacerbated by an accident in July at its
Petromidia refinery halting operations. While investigations are
ongoing Fitch conservatively assumes closure of the refinery for
three months, which will shave more than USD30 million off 2021
EBITDA and increase capex by around USD5 million-USD10 million. The
impact on leverage in the medium term would, however, be limited.

Weak Refining Environment: Refining product demand has been slowly
improving from its extremely low levels during the pandemic, as
strict travel restrictions gradually eased in 2Q21. Refining
margins are now higher than a year ago, but they are still well
below five-year averages and 2019 levels. High crude prices and
structural overcapacity weigh on margins that remain lacklustre. In
addition, recent Covid-19 infection outbreaks and the spread of new
variants pose a material risk to demand recovery.

Minimal Covenant Headroom: Fitch's calculations imply that KMGI has
limited headroom under one of its covenants for its USD360 million
syndicated loan facility for the testing period at end-December
2021. This covenant requires maintaining EBITDA/bank interest above
3.5x and is tested semi-annually. However, in case of a covenant
breach Fitch would expect it to be waived by its banks.

Retail Operations to Grow: Romania has one of the lowest
car-density populations in the EU, which gives KMGI the opportunity
to capitalise on future growth. The company has already more than
1,000 fuel stations in the country and will continue to expand its
domestic retail operations to further take advantage of the higher
premiums on retail fuel it provides. Retail operations are
generally less cyclical than refining. Furthermore, sales of
non-fuel products have increased in recent years and are less
volatile than fuel sales.

'b-' SCP: KMGI's SCP is constrained by negative free cash flow
(FCF) related to the implemented MoU, impact of the pandemic on
fuel demand in Romania, asset freeze on the Petromidia refinery,
refining margins and throughput volumes that are the lowest among
Fitch-rated European peers, and a high portion of short-term credit
facilities (57% of total debt at end-2020). The SCP is supported by
some diversification into fuel marketing, the high white-product
yield of the Petromidia refinery, and Fitch-projected deleveraging
path towards below 4.0x FFO net leverage.

Negative FCF on MoU Outlays: Fitch forecasts negative FCF on
average in 2021-2024 due to additional capex associated with the
MoU. The Kazakh-Romanian Energy Investment Fund, set up under the
MoU, has an investment scope of up to USD1 billion within seven
years. Fitch's rating case captures two approved projects costing
USD180 million over the next four years. They are the construction
of a cogeneration plant at the Petromidia refinery, which Fitch
expects to be commissioned at end-July 2023, and expansion of the
domestic gas station network. Fitch expects these investments to
enhance KMGI's business profile and profitability.

Moderate Linkage with Parent: According to Fitch's Parent and
Subsidiary Linkage Rating Criteria, the legal ties between KMGI and
NC KMG are strong and underpinned by KMGI being a material
subsidiary under the cross-default clause in NC KMG's notes. NC KMG
does not guarantee any KMGI's debt. KMGI operates independently but
acts as the sole trader for NC KMG's crude volumes in Europe
through KMG Trading AG. This supports moderate operational links.

Fitch views strategic ties with NC KMG as weak. Following the
parent's failed attempt to sell a majority stake in KMGI, a
divestment is unlikely in the next four years as KMGI is no longer
listed on the Kazakh state's privatisation programme and is viewed
as an asset that could enhance NC KMG's business profile.

DERIVATION SUMMARY

KMGI's closest peer is Corral Petroleum Holdings AB (CPH). CPH
operates two medium-sized refineries in Sweden with a total
capacity of 345 thousand barrels a day (kbbl/d) and a retail
network of around 570 filling stations. KMGI operates one large
refinery with a capacity of around 100kbbl/d, another 10kbbl/d
refinery, a small petrochemical plant, a trading business servicing
NC KMG and a retail chain of more than 1,000 filling stations.

KMGI lags behind Polski Koncern Naftowy ORLEN S.A. (PKN; BBB-/RWP),
MOL Hungarian Oil and Gas Company Plc (BBB-/Stable) and Turkiye
Petrol Rafinerileri A.S. (Tupras; B+/Negative) in refining
capacity, and has weaker integration in petrochemical and upstream
assets.

KEY ASSUMPTIONS

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

-- Gross refining margins of USD2/bbl in 2022, gradually
    increasing to USD3/bbl by 2024;

-- Negative impact of the refinery closure of around USD30
    million in 2021 EBITDA;

-- Moderate increase in EBITDA in the retail segment following a
    2020 trough;

-- Capex of USD148 million for the power plant in 2021-2023;

-- USD200 million of outflows in 2022 for the purchase of a 26.7%
    stake in RRC from the Romanian government. Fitch assumes that
    KMGI will raise financing for the RRC stake acquisition
    without NC KMG's support; and

-- No dividends in 2021-2024.

RATING SENSITIVITIES

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

-- FFO net leverage below 2.0x on a sustained basis coupled with
    improved liquidity and a higher share of long-term debt.

-- Evidence of stronger ties between NC KMG and KMGI.

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

-- Deterioration in KMGI's liquidity and ability to refinance
    debt.

-- Unremedied covenant breach.

-- FFO net leverage above 4.0x and FFO interest coverage below
    2.0x on a sustained basis.

-- Negative FCF on a sustained basis.

-- Weaker ties with NC KMG leading to a reassessment of the two
    notch uplift to the SCP for parental support.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Limited Liquidity: At 30 June 2021, KMGI held cash balances of
around USD250 million against short-term debt of USD485 million
(versus USD724 million of total debt) and forecast negative FCF of
around USD170 million in 2021-2022. It had almost no availability
(USD2 million) under its only long-term committed USD240 million
revolving credit facility (RCF) due in April 2023.

At end-June 2021, it also had around USD67 million available under
its USD120 million uncommitted short-term credit facilities, which
could be used for general corporate purposes. KMGI also maintains a
substantial amount of short-term uncommitted credit lines, mainly
for its trading activities, but Fitch does not view them as a
source of liquidity.

KMGI has relied on rolling over short-term credit facilities to
cover its liquidity requirements. The high proportion of short-term
debt in its capital structure is a constraint on the rating, even
though the company has a record of successful refinancing with its
relationship banks.

KMGI's USD240 million RCF and USD120 million uncommitted credit
line have a minimum interest coverage (EBITDA/bank interest)
covenant of 3.5x and a limit on bank debt utilisation of USD1
billion, which is tested semi-annually. A covenant breach was
remedied in December 2020. A covenant breach is possible in
December 2021, although this is not Fitch's rating case.

ISSUER PROFILE

KMGI is a small-sized refining and marketing company that primarily
operates in Romania.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch has reclassified around USD15.7 million of depreciation of
right-of-use assets and around EUR5.2 million of interest on lease
liabilities as lease expenses, reducing Fitch-calculated EBITDA by
around EUR21 million in 2020. Fitch has excluded USD100 million of
lease liabilities from the total debt amount.

ESG CONSIDERATIONS

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



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

HMS GROUP: Fitch Affirms 'B+' LT IDR, Outlook Stable
----------------------------------------------------
Fitch Ratings has affirmed Russian pumps & compressors manufacturer
JSC HMS Group's Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDR) at 'B+'. The Outlook is Stable.

The ratings of HMS are constrained by its smaller scale of
operations versus international peers', volatile free cash flow
(FCF) generation, concentrated geographical presence and a low
share of aftermarket services revenue. Rating strengths are its
leading market position, strong customer base, albeit less
diversified than peers', moderate profitability and comfortable
liquidity position. Fitch forecasts funds from operations (FFO) net
leverage to fall below its negative sensitivity of 3.5x from 2022.

The Stable Outlook reflects Fitch's expectation that HMS will
benefit from the current recovery of the oil & gas (O&G) industry,
which will support funds from operations (FFO) generation with an
FFO margin of about 6%. Fitch expects operating performance to be
supported by a strong orders backlog.

KEY RATING DRIVERS

Leverage Increase: Following the under-performance in 2019 HMS's
FFO net leverage further increased in 2020 to 4.9x, above Fitch's
negative sensitivity of 3.5x. Fitch forecasts EBITDA margin and FFO
margin improvement over 2021-2024 to about 10.5% and 6%,
respectively, which should support gradual deleveraging in the
medium term. Fitch forecasts FFO net leverage to be slightly below
3.5x from 2022, albeit at a weaker level than Fitch expected
previously. However, this level remains commensurate with the 'BB'
mid-point of 3.5x as per Fitch's Navigator for Diversified
Industrials and Capital Goods Companies.

Constrained Profitability Rebound: In line with Fitch's
expectations, HMS improved its profitability in 2020 amid the
pandemic. Fitch-defined EBITDA margin increased to 9.5% in 2020
from 8% in 2019, due mainly to cost-saving initiatives. Fitch
conservatively forecasts a further small improvement to 10.5% by
2024, which will be constrained by competition in the industry and
ongoing cost control at HMS's customers during the pandemic.
Profitability should also improve once the share of higher-margin
large projects starts to rise following the recovery in the O&G
industry.

Volatile Free Cash Flow (FCF): HMS's volatile FCF generation is one
of the main rating constraints. Despite the pandemic in 2020
Fitch-defined FCF margin was only slightly negative due to
better-than-expected working-capital (WC) change, reduced capex and
lower dividend payments. However, Fitch expects material FCF
erosion in 2021, with large WC outflow due to both extended payment
terms under some contracts signed in 2020 and expected solid
recovery of revenue. Moreover, higher capex at 3.5% of revenue (or
about RUB2 billion p.a.) and ongoing dividend payments will absorb
FCF generation in 2021. Fitch forecasts low single-digit FCF margin
from 2022 on WC normalisation.

O&G Recovery to Drive FFO: HMS is materially exposed to the O&G
industry; about 50% of its revenue in 2020 was from O&G production
and 14% from O&G transportation end-markets. For 2021 most O&G
operators have increased their capex plans by 15%-20% yoy, helped
by rising O&G prices in 2021 as demand recovery and OPEC+
constrained oil production cause a deficit in the market. As a
result, HMS saw its strong order backlog increase 50% yoy by
end-1Q21 to RUB59 billion. This should drive a sharp rebound in
HMS's total revenue in 2021 and, consequently, further improvement
in FFO generation.

Limited Business Profile: HMS is exposed to a concentrated customer
base with its top-three customers contributing 46% of revenue in
2020, comprising Gazprom (BBB/Stable), Gazprom Neft (BBB/Stable)
and Novatek (BBB/Stable). About 87% of revenue in 2020 was
generated in Russia, while exports accounted for 10%-15%. This
concentration is mitigated by HMS's strong market position that
provides the group with stable demand for its products. As the
majority of HMS's customers usually have their own service
departments the share of aftermarket services revenue, which is
typically less cyclical, is in low single-digits for HMS. This
represents a rating constraint.

Leading Market Position: HMS is the leading manufacturer of
industrial pumps, compressors and O&G equipment with a market share
of about 27%, 31% and 25%, respectively, in Russia and the CIS. It
has the largest installed base in Russia. A strong market position,
successful long-term cooperation with major customers and high
capex in manufacturing facilities act as significant barriers to
entry in HMS's niche market and helps protect margins over the long
term. Nevertheless, growing competition from a large number of
small producers affects HMS's profitability. Competition from
foreign producers is limited due to differences between national
and international engineering standards.

DERIVATION SUMMARY

HMS is firmly positioned relative to its Russian and foreign
industrial peers. The company is smaller than JSC Transmashholding
(TMH; BB/Stable), TK Elevator Holdco GmbH (B/Stable) and INNIO
Group Holdings GmbH (B/Stable) and similar to TMH and Borets
International Limited (BB-/Negative), has limited geographical
diversification and a concentrated customer base. INNIO Group and
TK Elevator have better geographical diversification than HMS. In
addition their business profile is supported by a material share of
aftermarket service revenue of about 50%. The business profile of
CeramTec BondCo GmbH (B/Negative) is characterised by better
geographical diversification and exposure to non-cyclical and a
highly profitable medical division.

HMS's FFO generation is weaker at an estimated 6% of revenue in
2021-2024 versus TMH's about 8% in 2020, TK Elevator's 9%,
CeramTec's 11% and Borets' approximate 16%. Historically HMS's FCF
is volatile, similar to TMH's while CeramTec and TK Elevator has
reported a sustainably positive FCF margin at over 3%. TMH reported
better FFO net leverage of 2.5x at end-2020 versus HMS's 4.9x. The
latter is, however, better than lower-rated TK Elevator (11.7x as
at end-September 2020) and CeramTec (9.0x as at end-2020).

KEY ASSUMPTIONS

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

-- Revenue to grow in double digits in 2021 on a rebound in
    operating activity and strong order backlog by end-1Q21, and
    on average at 1.5% in 2022-2024;

-- Gradual EBITDA margin improvement towards 10.5% by 2024;

-- Capex at around 3.5% of sales over 2021-2024;

-- Dividend payments of over RUB400 million in 2021-2022 and over
    RUB500 million in 2023-2024;

-- Share buy-back to continue in 2021.

RATING SENSITIVITIES

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

-- Sustained positive FCF generation;

-- Improved geographic diversification of end-markets;

-- FFO net leverage below 2.5x on a sustained basis;

-- FFO interest coverage above 3.5x on a sustained basis.

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

-- Continuous failure to secure large integrated projects from
    major Russian O&G companies;

-- FFO net leverage above 3.5x on a sustained basis;

-- FFO interest coverage below 2.0x on a sustained basis.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: As at end-June 2021 HMS had Fitch-defined
readily available cash of about RUB4.8 billion that was not
sufficient to cover short-term debt of about RUB5 billion, taking
into account an expected maturity extension of RUB2.1 billion bank
debt and excluding outstanding off-balance sheet factoring of
RUB0.3 billion.

Expected negative FCF of about RUB1 billion also erodes HMS's
liquidity. However, HMS has historically refinanced its short-term
debt, which Fitch expects to continue. Available undrawn credit
facilities of around RUB3.6 billion as at end-June 2021, albeit
uncommitted, provide HMS with additional cash cushion and mitigate
refinancing risk.

HMS has good access to bank loans, supported by long-term
cooperation with creditors, which are mainly represented by state
banks. Reliance on uncommitted credit lines is standard practice
for Russian corporates. HMS's debt portfolio is primarily
rouble-denominated.

ISSUER PROFILE

HMS is one of the leading producers of industrial pumps,
diversified O&G equipment and compressors in Russia and CIS. It has
good long-term relationship with large Russian O&G majors.

ESG CONSIDERATIONS

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

NEFTEPROMBANK: Bank of Russia Ends Provisional Administration
-------------------------------------------------------------
On July 15 2021, the Bank of Russia terminated the activity of the
provisional administration appointed to manage NEFTEPROMBANK
(hereinafter, the Bank).

The provisional administration established signs of actions in the
activities of the Bank's former management and owners aimed at
withdrawing liquid assets by knowingly extending bad loans.

According to the assessment of the provisional administration, the
value of the Bank's assets is insufficient to fulfil its
obligations to creditors.

On 30 June 2021, the Court of Arbitration of the City of Moscow
ruled to recognize the Bank as insolvent (bankrupt) and initiate
bankruptcy proceedings.  The State Corporation Deposit Insurance
Agency was appointed as receiver.

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

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

The provisional administration was appointed by Bank of Russia
Order No. OD-619, dated April 9, 2021, following the revocation of
NEFTEPROMBANK's banking license.




=========
S P A I N
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BBVA CONSUMER 2018-1: Moody's Affirms B3 Rating on EUR6MM E Notes
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of certain notes
in Aqua Finance No. 4 and BBVA CONSUMER AUTO 2018-1 FONDO DE
TITULIZACION. The rating action reflects increased levels of credit
enhancement for the affected notes and better than expected
performance for Aqua Finance No.4.

Moody's affirmed the ratings of the notes that had sufficient
credit enhancement to maintain the current rating on the affected
notes.

Maximum achievable rating is Aa3 (sf) and Aa1 (sf) for structured
finance transactions in Portugal and Spain respectively, driven by
the corresponding local currency country ceiling of the country.

Issuer: Aqua Finance No. 4

EUR140M Class A Notes, Affirmed Aa3 (sf); previously on Feb 5,
2020 Upgraded to Aa3 (sf)

EUR15M Class B Notes, Upgraded to A1 (sf); previously on Feb 5,
2020 Upgraded to Baa1 (sf)

Issuer: BBVA CONSUMER AUTO 2018-1 FONDO DE TITULIZACION

EUR728M Class A Notes, Affirmed Aa1 (sf); previously on Jun 20,
2018 Definitive Rating Assigned Aa1 (sf)

EUR23.2M Class B Notes, Upgraded to Aa3 (sf); previously on Jun
20, 2018 Definitive Rating Assigned A1 (sf)

EUR32.8M Class C Notes, Affirmed Baa1 (sf); previously on Aug 31,
2020 Confirmed at Baa1 (sf)

EUR10M Class D Notes, Affirmed Ba2 (sf); previously on Aug 31,
2020 Confirmed at Ba2 (sf)

EUR6M Class E Notes, Affirmed B3 (sf); previously on Aug 31, 2020
Confirmed at B3 (sf)

RATINGS RATIONALE

The rating action is prompted by

an increase in credit enhancement for the affected tranches as
well as better than expected performance for Aqua Finance No. 4.

Revision of Key Collateral Assumptions

As part of the rating action, Moody's reassessed its default
probability and recovery rate assumptions for the portfolio
reflecting the collateral performance to date.

Aqua Finance No. 4:

The performance of the transactions has continued to be stable
since closing.

Late stage arrears have remained stable in the past year, with 90
days plus arrears currently standing at 0.62% of current pool
balance. Cumulative defaults currently stand at 0.89% of original
pool balance.

For Aqua Finance No. 4, the current default probability is
maintained at 7.2% of the current portfolio balance, which
corresponds to a revised default probability of 2.8% of the
original portfolio balance, down from 7.2% at closing. The
assumption for the fixed recovery rate is unchanged at 26.0%.
Portfolio credit enhancement remains unchanged at 22.4%.

BBVA CONSUMER AUTO 2018-1 FONDO DE TITULIZACION:

The performance of the transactions has continued to be stable
since closing.

Total delinquencies of 3.77% have modestly decreased in the past
year, with 90 days plus arrears currently standing at 0.5% of
current pool balance. Cumulative defaults currently stand at 2.04%
of original pool balance, an increase from 1.07% a year earlier.

For BBVA CONSUMER AUTO 2018-1 FONDO DE TITULIZACION the current
default probability is 5.26% of the current portfolio balance,
which corresponds to a default probability of 4.27% of the original
portfolio balance unchanged from the last rating action in August
2020. The assumption for the fixed recovery rate is unchanged at
35.0%. Portfolio credit enhancement remains unchanged at 15.0%.

Increase in Available Credit Enhancement

Sequential amortization led to the increase in the credit
enhancement available in this transaction. Additionally for Aqua
Finance No. 4, a non-amortizing reserve fund further contributed to
build up of credit enhancement.

The credit enhancement for the Class B in Aqua Finance No. 4, for
example, increased to 60.80% from 33.3% since the last rating
action in February 2020. Similarly, for BBVA CONSUMER AUTO 2018-1
FONDO DE TITULIZACION, the credit enhancement of Class B increased
to 10.64% from 7.87% since the last rating action in August 2020.

For Aqua Finance No. 4, liquidity for Class A is available in form
of a non-amortizing reserve fund and principal to pay interest
mechanism. However, for Class B, liquidity support is only on
available in the form of the reserve fund once Class A Notes have
been fully redeemed. This has limited the upgrade of Class B to A1
(sf).

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
December 2020.

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

Factors or circumstances that could lead to an upgrade of the
ratings include (1) performance of the underlying collateral that
is better than Moody's expected, (2) an increase in available
credit enhancement, (3) improvements in the credit quality of the
transaction counterparties and (4) a decrease in sovereign risk.

Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2) performance
of the underlying collateral that is worse than Moody's expected,
(3) deterioration in the notes' available credit enhancement and
(4) deterioration in the credit quality of the transaction
counterparties.

CAIXABANK PYMES 12: DBRS Hikes Series B Notes Rating to B(high)
---------------------------------------------------------------
DBRS Ratings GmbH upgraded its ratings on the notes issued by
CaixaBank PYMES 12, FT (the Issuer) as follows:

-- Series A Notes to AA (sf) from AA (low) (sf)
-- Series B Notes to B (high) (sf) from B (low) (sf)

DBRS Morningstar also removed the ratings from Under Review with
Positive Implications (UR-Pos.), where they were placed on 14 April
2021.

The rating of the Series A Notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
legal maturity date in September 2062. The rating of the Series B
Notes addresses the ultimate payment of interest and principal on
or before the legal maturity date.

The upgrades follow an annual review of the transaction and are
based on the following analytical considerations:

-- The portfolio performance, in terms of level of delinquencies
and defaults, as of the June 2021 payment date;

-- The one-year base case probability of default (PD) and default
and recovery rates on the outstanding receivables;

-- The current available credit enhancement to the Notes to cover
the expected losses assumed in line with their respective rating
levels;

-- The current economic environment and an assessment of
sustainable performance, as a result of the Coronavirus Disease
(COVID-19) pandemic; and

-- The release of DBRS Morningstar's SME Diversity Model
v2.5.0.0.

CaixaBank PYMES 12, FT is a cash flow securitization collateralized
by a portfolio of secured and unsecured loans originated by
CaixaBank, S.A. (CaixaBank) to corporates, small and medium-size
enterprises (SME), and self-employed individuals based in Spain.
The transaction closed in November 2020, with a total portfolio of
EUR 2.55 billion.

PORTFOLIO PERFORMANCE

The transaction's performance has been stable since closing. As of
June 2021, loans that were two to three months in arrears
represented 0.00% of the outstanding portfolio balance. The 90+
delinquency ratio was 0.40% and the cumulative gross default ratio
stood at 0.01% of the original portfolio balance. Receivables are
classified as defaulted after 12 months of arrears per the
transaction documentation.

As of May 31, 2021, approximately 21% of the portfolio was reported
to be currently under principal grace periods, compared with 27% at
closing.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar conducted a loan-by-loan analysis on the remaining
pool of receivables and updated its recovery rate assumptions to
20.9% and 28.2% at the AA (sf) and B (high) (sf) rating level,
respectively.

Following the release of its SME Diversity Model v2.5.0.0, DBRS
Morningstar updated its lifetime default assumptions to 25.3% at
the AA (sf) rating level, and to 8.9% at the B (high) (sf) rating
level.

The base case PD has been updated to 1.9% (including coronavirus
adjustments as described below).

CREDIT ENHANCEMENT

The credit enhancements available to the rated notes has increased
as the transaction deleverages. As of the June 2021 payment date,
the credit enhancements available to the Series A Notes and Series
B Notes were 22.0% and 5.8%, respectively (up from 19.0% and 5.0%,
respectively, at closing). Credit enhancement is provided by
subordination of the Series B Notes and a reserve fund. The reserve
fund was funded through a subordinated loan and is available to
cover senior fees, interest, and principal payments on the Series A
Notes, and once the Series A Notes are fully amortized, interest
and principal on the Series B Notes. The cash reserve starts
amortizing after 12 months from closing, subject to the target
level being equal to 5.0% of the outstanding balance of the Series
A and Series B notes.

CaixaBank acts as the account bank for the transaction. Based on
the account bank reference rating of CaixaBank at A (high), one
notch below its DBRS Morningstar Long-Term Critical Obligations
Rating of AA (low), the downgrade provisions outlined in the
transaction documents, and other mitigating factors inherent in the
transaction structure, DBRS Morningstar considers the risk arising
from the exposure to the account bank to be consistent with the
rating assigned to the Series A Notes, as described in DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology.

DBRS Morningstar analyzed the transaction structure in its
proprietary Excel-based cash flow engine.

The coronavirus and the resulting isolation measures have caused an
economic contraction, leading to sharp increases in unemployment
rates and income reductions for many borrowers. DBRS Morningstar
anticipates that payment holidays and delinquencies may continue to
increase in the coming months for many SME transactions, some
meaningfully. The ratings are based on additional analysis and
adjustments to expected performance as a result of the global
efforts to contain the spread of the coronavirus.

For this transaction, DBRS Morningstar increased the expected
default rate on receivables granted to obligors operating in
certain industries based on their perceived exposure to the adverse
disruptions of the coronavirus. As per DBRS Morningstar's
assessment, 5.3% and 28.0% of the outstanding portfolio balance
represented industries classified in the mid-high and high-risk
economic sectors, respectively. This led the underlying one-year
PDs to be multiplied by 1.5 times (x) and 2.0x, respectively, as
per DBRS Morningstar's "European Structured Credit Transactions'
Risk Exposure to Coronavirus (COVID-19) Effect" commentary released
on 18 May 2020, wherein DBRS Morningstar discussed the overall risk
exposure of the SME sector to the coronavirus and provided a
framework for identifying the transactions that are more at risk
and more likely to be affected by the fallout of the pandemic on
the economy.

DBRS Morningstar also conducted an additional sensitivity analysis
to determine that the transaction benefits from sufficient
liquidity support to withstand high levels of payment holidays in
the portfolio.

Notes: All figures are in euros unless otherwise noted.

GRUPO EMBOTELLADOR: Fitch Raises LT IDRs to 'BB-', Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has upgraded Grupo Embotellador Atic, S.A.'s
Long-Term Foreign and Local-Currency Issuer Default Ratings to
'BB-' from 'B+'. The Rating Outlook is Stable.

The upgrade reflects Atic's resilient business profile, improved
credit profile despite a challenging economic environment, and the
refinancing of the USD450 million bond in early March 2021.

KEY RATING DRIVERS

Bond Refinancing: In early March 2021, the company successfully
refinanced its 6.5% USD450 million senior unsecured notes due May
14, 2022 (USD 369 million including accrued interests were
outstanding). The bond refinancing was executed with cash on hand,
FCF, bonds buybacks, and new bank loans for a total amount of about
USD299.7 million, of which USD294 million was used to repay the
notes in 1Q21.

Local borrowing reduced the company's foreign exchange risks, as
debt in U.S. dollars represented only 24% of total debt in 1Q21,
compared to about 88% under the previous capital structure at YE
2020. The new loans were incurred at the subsidiary level, notably
in Peru, Guatemala, Colombia and Ecuador, and about USD239 million
of debt was secured.

Lower Leverage: The Debt/EBITDA ratio is expected to be below 2.0x
by YE 2021, down from 2.6x at YE 2020, which is low for its 'BB-'
rating category. FCF is projected to be strong, with close to USD90
million expected in 2021 due to improved EBITDA, working capital
management, limited capex and no dividend payments.

Governance: Fitch lowered Atic's corporate Governance Structure ESG
Score to '4' from '5' due to management implementation of the
deleveraging strategy and the full repayment of the bond in 1Q21.
The owners' strong influence on management, the existence of
related-party transactions, and the new secured debt provide
additional structure of the credit profile, which have resulted in
Atic's ratings being lower than most beverage companies that
operate with gross leverage below 3.0x.

Resilient Performance: Fitch's 2021 base case projections
incorporate EBITDA (before royalties) increasing toward USD190
million in 2021, from USD169 million in 2020, thanks to single
digit revenue growth fueled by the gradual economic reopening and
volume growth. Atic reported a resilient performance in 2020, with
improvements in EBITDA, notably in Central America, Mexico and
Thailand, despite the quarantine and lockdown measures implemented
by governments in most countries to reduce the spread of COVID-19.
The group is mainly exposed to the traditional channel (mom and
pops and supermarkets) and LTM EBITDA was USD170 million in 1Q21.

Geographic and Product Diversification: Atic is geographically
diversified in Latin America, with EBITDA of USD227 million (before
corporate costs) as of LTM 1Q21 made up of Peru (25%), Central
America (32%), Ecuador (17%), Mexico (9%), Thailand (9%) and
Colombia (8%). The company's strategy is to move its product mix
toward non-carbonated soft drink products that have higher growth
potential in less mature markets than the carbonated soft drinks
market. Soft drinks and water made up about 52% of revenues as of
YE 2020, and the other 48% included mainly citrus, water, isotonic,
energy drinks, tea and nectar.

Noncore Assets: Fitch understands that the company intends to
discontinue its Indonesian and Thailand operations depending on
market conditions. In 2020, these two operations generated adjusted
EBITDA of negative USD1.7 million and USD21.1 million, respectively
in Indonesia and Thailand, and are consolidated in its financial
statements. Fitch is not factoring in any cash proceeds from the
sale of noncore operations due to the lack of visibility in the
divestment process. The combined businesses are not a cash drain
for the group as Thailand is performing well.

DERIVATION SUMMARY

Atic's 'BB-' rating is supported by the company's geographical
diversification in Latin America and its stable position in the
brand segment within most of its markets.

The company's business profile is constrained by its moderate size
compared with international peers and lower group EBITDA margins
than peers such as Arca Continental, S.A.B. de C.V. (A/Stable) and
Coca-Cola FEMSA, S.A.B. de C.V. (A-/Stable). Atic additionally is
exposed to low-rated countries, such as Ecuador, and mostly
non-investment-grade countries within its Central America division,
with the exception of Panama. Leverage is low for the rating
category, however, Atic's ratings are tempered by the company's
governance.

KEY ASSUMPTIONS

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

-- Single-digit sales growth driven mainly by increased volumes
    due to the reopening of most markets;

-- EBITDA margin improved by 1% in 2021 and then steady over the
    rating horizon;

-- Capex of about USD30 million in 2021;

-- No dividends.

RATING SENSITIVITIES

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

-- Debt/EBITDA below 2.0x on a sustained basis;

-- Strong FCF and liquidity;

-- Secured debt/EBITDA below 1.0x.

-- Fitch's perception of a strengthening in governance, building
    a track record of good governance practices which may include,
    less related party transactions, improvement in timeliness in
    financial reporting, among others.

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

-- Debt/EBITDA above 3.0x on a sustained basis;

-- Negative FCF;

-- Stress in liquidity.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Manageable Liquidity: The company had USD55 million of cash and
cash equivalents and USD62 million (USD50 million without financed
leases) of short-term debt as of 1Q21. Most of the debt is
comprised of bank debt following the bond repayment in early March
2021. The primary sources of liquidity are the company's available
cash and positive FCF. Secured debt/EBITDA was about 1.4x as of
1Q21.

ISSUER PROFILE

Grupo Embotellador Atic (Atic) produces and markets soft drinks in
Latin America and Asia through its flagship brand "BIG Cola." The
company also produces juices, iced tea, energy drinks, and mineral
water. The company primarily sells to mom-and-pop stores.

ESG CONSIDERATIONS

Grupo Atic has an ESG Relevance Score of '4' for Governance
Structure due to ownership concentration and strong influence on
Atic's owners upon its management, which has a negative impact on
the credit profile and is relevant to the ratings in conjunction
with other factors.

Grupo Atic has an ESG Relevance Score of '4' for Group Structure
due to existence of related-party transactions. Atic has also and
ESG Relevance Score of '4' for financial transparency due to
quality and timing of financial disclosure. Both ESG relevant
scores have a negative impact on the credit profile and is relevant
to the ratings in conjunction with other factors.

Except for the matters discussed above, the highest level of ESG
credit relevance, if present, is a score of '3' - ESG issues are
credit neutral or have only a minimal credit impact on the
entity(ies), either due to their nature or the way in which they
are being managed by the entity(ies).

KAST SPAIN: QUIZ Provides Update on Insolvency Process
------------------------------------------------------
As announced by QUIZ Group Plc on June 10, 2020, Kast Retail
Limited ("Kast"), which operated the Group's standalone stores in
the United Kingdom and Ireland, was placed into administration (the
"Administration") on that date.

Further to the Administration, on June 29, 2020, an Insolvency
Practitioner in Spain was appointed to oversee an insolvency
process in relation to Kast Spain, the wholly owned subsidiary of
Kast which operated three now-closed standalone QUIZ stores in
Spain.

At the time Kast Spain entered insolvency Sheraz Ramzan, a director
of QUIZ, was the sole director of Kast Spain.

Following his appointment, the Insolvency Practitioner undertook
civil court proceedings in Spain in order to examine the events
leading up to Kast Spain's insolvency and to establish whether or
not any payments should be made by Kast and/or Sheraz Ramzan for
the benefit of Kast Spain or its creditors.

The court has now determined that (a) Kast Spain's insolvency was
entered into a timely manner; and (b) neither Kast nor Sheraz
Ramzan are required to make any payment for the benefit of Kast
Spain or its creditors.  The court also determined Sheraz Ramzan
should be restricted from acting as a director of companies
incorporated in Spain for a period of two years.

The Spanish court's decision does not impact Sheraz Ramzan's
ability to act as a director in the United Kingdom or in any
country other than Spain.  While the Group and Sheraz Ramzan do not
anticipate undertaking any business activities in Spain in the
foreseeable future, consideration is being given as to whether to
appeal this aspect of the court's decision.


LUNA III: Moody's Assigns First-Time B1 Corp. Family Rating
-----------------------------------------------------------
Moody's Investors Service has assigned a B1 Corporate Family Rating
and a B1-PD Probability of Default Rating to Luna III S.a.r.l., the
future holding company of Urbaser S.A.U., a Spanish company
operating in the waste management business. Concurrently, Moody's
has assigned a B1 rating to Luna III's proposed (1) EUR1,630
million senior secured term loan facility; (2) EUR400 million
senior secured revolving credit facility and (3) backstop senior
secured guarantee facility (together, the "Facilities"). The
Facilities have a loss given default assessment of LGD4. The
outlook is stable. This is the first time that Moody's has assigned
a rating and an outlook to Luna III.

The assigned ratings are subject to review of final documentation
and no material change to the size, terms and conditions of the
transaction as communicated to Moody's.

Luna III is 100% owned by the global investment firm Platinum
Equity ("Platinum"). On June 4, 2021, Platinum signed a definitive
agreement to acquire Urbaser and the transaction is expected to
close by the end of Q3-2021.

RATINGS RATIONALE

The ratings primarily reflect the credit quality of Urbaser, the
group´s main subsidiary which operates in the collection,
treatment and recycling of solid urban waste. These activities are
underpinned by medium and long-term contracts with publicly-owned
counterparties across different geographies and together
represented around 86% of the company´s consolidated EBITDA at the
end of 2020. The ratings also consider the group´s high pro-forma
leverage as well as its exposure to contract renewal risk.

In particular, the B1 CFR reflects as positives (1) the solid track
record and expertise in waste management of Urbaser, combined with
a meaningful level of waste internalization across collection,
treatment and disposal activities; (2) some geographical
diversification, which helps moderate earnings volatility,
supported by a sustainable market position in Spain, which
accounted for around 66% of the company´s consolidated EBITDA in
2020; (3) a good degree of visibility over the group´s cash flow
generation in the medium term, supported by a significant number of
concessions under management with an average remaining concession
life of around eight years for waste collection services and twelve
years for municipal treatment activities; (4) the supportive
regulatory and industry trends in the countries where it operates;
(5) Urbaser´s track record of steady margins, as demonstrated by
an average EBIT margin of around 8.5% over the 2018-2020 period;
and (6) a solid liquidity profile post-transaction, supported by no
amortisation on the proposed term loan and the planned signing of
the RCF, expected to be largely undrawn.

At the same time, the B1 CFR is constrained by (1) the high
financial leverage of the group, with a ratio of gross debt to
EBITDA (as adjusted by Moody´s) anticipated at around 5.0x in the
12-18 months following the transaction closing and with medium-term
deleveraging prospects dependent on future earnings growth; (2) the
company´s exposure to contract renewal risk, particularly in the
waste collection business which has low capital intensity and hence
relatively lower barriers to entry; (3) Urbaser´s partial exposure
to cyclical waste volumes and changing macroeconomic conditions in
the waste treatment business, where its revenue base is variable;
(4) the country risk and foreign exchange rate exposure associated
with its operations in Argentina (Ca, stable), which accounts for
7% of the company´s consolidated EBITDA, although a positive track
record of timely payments and revenue indexation mechanisms
mitigate this risk and (5) the limited visibility over the group´s
future financial policy.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

Environmental considerations supporting the B1 CFR include
increasing environmental awareness and a push towards models of
circular economy from both the private and public sectors. In this
regard, Urbaser is well positioned to meet a growing demand of
selective waste collection services and benefits from a strong
record of delivering environmental benefits by diverting waste from
landfills through its sorting, treatment and recycling businesses.
Waste management activities are subject to stringent regulations
and strict monitoring. In this regard, Urbaser complies with
environmental laws and regulations and obtains necessary government
permits for its operations, with no material issues disclosed.

The B1 CFR also reflects governance considerations such as Luna
III's majority ownership by Platinum, post transaction. Private
equity firms tend to prioritise more aggressive growth plans and
strategies, including a tolerance for higher leverage.

STRUCTURAL CONSIDERATIONS

The B1 rating of the Facilities is in line with Luna III´s B1 CFR.
This reflects the upstream guarantees and share pledges from
material subsidiaries of the group. In particular, the Facilities
are pari passu and guaranteed by the subsidiaries representing at
least 80% of the group´s consolidated EBITDA. Furthermore, Luna II
S.a.r.l., Luna III's direct parent, grants security over the shares
it holds in Luna III.

OUTLOOK

The stable outlook reflects Moody´s expectation that the group
will maintain a level of leverage commensurate with the B1 CFR,
with gross debt to EBITDA at around 5.0x in the twelve to eighteen
months following completion of the transaction.

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

Moody's could upgrade the ratings if Luna III were to (1) maintain
its ratio of gross debt to EBITDA below 4.5x on a sustained basis;
and (2) demonstrate strong positive free cash flow generation.

The ratings could be downgraded if gross debt to EBITDA remains
sustainably above 5.5x. A deterioration of Luna III´s liquidity
profile would also exert negative pressure on the ratings.

The principal methodology used in these ratings was Environmental
Services and Waste Management Companies published in April 2018.

COMPANY PROFILE

Luna III is the holding company of Urbaser, one of the largest
waste management companies in Spain. Urbaser is active in the
collection, treatment and recycling of solid urban waste, which
accounted for c. 86% of the consolidated EBITDA at the end of 2020.
The group is also responsible for the provision of industrial
treatment, water management and other ancillary services. Besides
its major stronghold in Spain, from which it generates around 66%
of its consolidated EBITDA, the company operates in more than 20
countries, including France, the Nordics, Chile and Argentina.

RMBS SANTANDER 6: DBRS Hikes Class B Notes Rating to CCC(high)
--------------------------------------------------------------
DBRS Ratings GmbH upgraded its ratings on the bonds issued by FT
RMBS Santander 6 (the Issuer) as follows:

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

The rating on the Class A notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
legal final maturity date in February 2063, while the rating on the
Class B notes addresses the ultimate payment of interest and
principal on or before the legal final maturity date.

The upgrades follow an annual review of the transaction and are
based on the following analytical considerations:

-- Portfolio performance, in terms of delinquencies, defaults, and
losses, as of the May 2021 payment date;

-- Portfolio default rate (PD), loss given default (LGD), and
expected loss assumptions on the remaining receivables;

-- Current available credit enhancement to the notes to cover the
expected losses at their respective rating levels; and

-- Current economic environment and an assessment of sustainable
performance, as a result of the Coronavirus Disease (COVID-19)
pandemic.

The transaction is a securitization of Spanish first-lien
residential mortgage loans originated by Banco Santander SA
(Santander; 49.7% of the original balance), Banco Popular Espanol,
S.A. (44.7%), and Banco Espanol de Credito, S.A. (5.6%). The
mortgage loans are secured over residential properties located in
Spain. Santander acts as the servicer of the portfolio.

PORTFOLIO PERFORMANCE

As of May 2021, loans two to three months in arrears represented
0.1% of the outstanding portfolio balance, up from 0.0% at closing
in July 2020. Loans more than 90 days in arrears represented 0.2%,
up from 0.0% in the same period, while the cumulative default ratio
increased to 0.4%.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar conducted a loan-by-loan analysis on the current
portfolio of receivables and updated its base case PD and LGD
assumptions to 15.8% and 39.0%, respectively.

CREDIT ENHANCEMENT

The credit enhancement to the Class A notes is given through the
subordination of Class B notes and the reserve fund.
The credit enhancement to the Class B notes is given through the
reserve fund. As of the May 2021 payment date, the credit
enhancements to Class A and Class B notes increased to 22.4% and
5.7%, respectively, up from 21.0% and 5.0%, respectively, at
closing.

The transaction benefits from a reserve fund of EUR 225 million,
which is available to cover senior expenses as well as interest and
principal payments on the rated notes until they are paid in full.
The reserve fund was funded at closing via a subordinated loan and
will start amortizing after three years since closing, up to a
floor of EUR 112.5 million. The reserve fund will not amortize if
certain performance triggers are breached, if it was used on any
payment date and is under its target level, or until it reaches 10%
of the outstanding balance of the Class A and Class B notes.

The Class A notes benefit from full sequential amortization,
whereas principal on the Class B notes will not be paid until the
Class A notes have been redeemed in full. Additionally, the Class A
principal is senior to the Class B interest payments in the
priority of payments at all times.

Santander acts as the account bank for the transaction. Based on
the Santander's reference rating of A (high) (which is one notch
below its DBRS Morningstar's Long Term Critical Obligations Rating
(COR) of AA (low)), the downgrade provisions outlined in the
transaction documents, and other mitigating factors inherent in the
transaction structure, DBRS Morningstar considers the risk arising
from the exposure to the account bank to be consistent with the
rating assigned to Class A notes, as described in DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology.

DBRS Morningstar analyzed the transaction structure in Intex
DealMaker.

The coronavirus and the resulting isolation measures have caused an
economic contraction, leading in some cases to increases in
unemployment rates and income reductions for borrowers. DBRS
Morningstar anticipates that delinquencies may continue to increase
in the coming months for many structured finance transactions, some
meaningfully. The ratings are based on additional analysis and,
where appropriate, adjustments to expected performance as a result
of the global efforts to contain the spread of the coronavirus.

For this transaction, DBRS Morningstar incorporated an increase in
probability of default for certain borrower characteristics and
conducted additional sensitivity analysis to determine that the
transaction benefits from sufficient liquidity support to withstand
potential high levels of payment holidays in the portfolio.

Notes: All figures are in euros unless otherwise noted.

RMBS SANTANDER 7: DBRS Finalizes BB Rating on Class B Notes
-----------------------------------------------------------
DBRS Ratings GmbH finalized its provisional ratings on the
following classes of notes issued by FT RMBS Santander 7 (the
Issuer):

-- Class A Notes at AA (sf)
-- Class B Notes at BB (sf)

The final rating on the Class A Notes addresses the timely payment
of interest and ultimate payment of principal on or before the
final maturity date. The final rating on the Class B Notes
addresses the ultimate payment of interest and the ultimate
repayment of principal on or before the final maturity date.

The Class A and Class B Notes issued at closing finance the
purchase of a portfolio of first-lien residential mortgage loans
originated by Banco Santander SA (Santander; rated A (high) with a
Stable trend by DBRS Morningstar); Banco Espanol de Credito, S.A.
(Banesto); and Banco Popular, S.A. (Popular). The mortgage loans
are secured over residential properties located in Spain. Santander
will be the Servicer, while Santander de Titulizacion SGFT, SA (the
Management Company) will manage the transaction.

Both Banesto and Banco Popular are a part of Santander. In 1994,
Santander acquired majority ownership of Banesto, bringing it into
the Santander Group. Since then, Santander increased its ownership
of Banesto until its absorption in April 2013. In June 2017, the
Single Resolution Board (SRB) and the Fondo de Reestructuración
Ordenada Bancaria (FROB) resolved Popular and the bank was
transferred to Santander, which finally absorbed Popular in
September 2018. Santander has managed the mortgage loans since the
absorption dates.

The Class A Notes benefit from the EUR 530 million (10.0%)
subordination of the Class B Notes plus the EUR 265 million (5.0%)
reserve fund, which is available to cover senior expenses as well
as interest and principal on the Class A Notes until paid in full.
The reserve fund will amortize with a target equal to the lower of
EUR 265 million and 10.0% of the outstanding balance of the Class A
and Class B Notes, subject to a floor of EUR 132.5 million. The
reserve fund will not amortize if certain performance triggers are
breached. The Class A Notes will benefit from full sequential
amortization whereas principal on the Class B Notes will not be
paid until the Class A Notes have been redeemed in full.
Additionally, the Class A Notes principal will be senior to the
Class B Notes interest payments in the priority of payments.

DBRS Morningstar was provided with the final portfolio equal to EUR
5.3 billion as of 8 July 2021 (the cut-off date), which consisted
of 41,615 loans extended to 40,887 borrowers. Most of the loans in
the portfolio (80.4%) were included in previous Santander RMBS
funds that have already been cancelled, resulting in a high WA
seasoning of 11.95 years. The weighted-average (WA) original
loan-to-value (LTV) ratio stands at 86.6% whereas the WA current
indexed LTV is 87.0%. The mortgage loan portfolio is distributed
among the Spanish regions of Andalusia (21.9% by current balance),
Madrid (20.7%), and Catalonia (13.1%). 15.2% of the loans are
classified as second homes. All the loans in the pool amortize on a
monthly basis, with no interest-only loans. Of the portfolio
balance, 11.6% of the loans were granted to self-employed borrowers
and 4.3% to Santander employees. As of the cut-off date, 99.05% of
the loans in the portfolio balance were performing, while 0.95% of
the loans were no more than 30 days in arrears. The WA coupon of
the mortgages is 0.60%.

The Servicer is allowed to grant loan renegotiations for margin
compressions, change of interest rate type, extension of maturity,
and payment holidays due to legal or sector moratoria, without
consent of the Management Company. These permitted variations are
included in the transaction's documents, and limited to a portion
of the pool in most cases. Furthermore, loans representing 18.5% of
the provisional portfolio as of June 14 benefitted from margin or
interest rate reduction due to cross selling of Santander products,
a benefit which can increase in the future for some of these loans.
DBRS Morningstar extended the maturity for loans representing 10%
of the portfolio and decreased the margin of the loans in the
portfolio in its cash flow analysis.

Currently, 95.02% of the portfolio are floating rate loans linked
to 12-month Euribor, while 3.89% are linked to other Spanish
indices (either IRPH or TRH). The remaining 1.09% of the portfolio
are fixed rate loans. The notes are floating rate linked to
three-month Euribor. Both the interest rate risk and the basis risk
mismatch will remain unhedged.

Santander acts as the treasury account bank. The transaction's
account bank agreement requires the Management Company to find (1)
a replacement account bank or (2) an account bank guarantor, upon
loss of an applicable A (low) account bank rating. DBRS
Morningstar's Long Term Critical Obligation Rating (COR) and
Long-Term Deposits rating on Santander are AA (low) and A (high),
respectively, as of the date of this press release. The applicable
account bank rating is the higher of one notch below the COR, and
the Long-Term Deposits rating on Santander.

DBRS Morningstar based its ratings on the following analytical
considerations:

-- The transaction capital structure and form and sufficiency of
available credit enhancement.

-- The credit quality of the portfolio and DBRS Morningstar's
qualitative assessment of Santander's capabilities with regard to
originations, underwriting, and servicing. DBRS Morningstar was
provided with Santander's historical mortgage performance data as
well as loan-level data for the mortgage portfolio. DBRS
Morningstar was not supplied with an Agreed Upon Procedures report.
DBRS Morningstar calculated probability of default (PD), loss given
default (LGD), and expected loss levels on the mortgage portfolio,
which are used as inputs in the cash flow tool. DBRS Morningstar
analyzed the mortgage portfolio in accordance with DBRS
Morningstar's "European RMBS Insight Methodology" and "European
RMBS Insight: Spanish Addendum".

-- The transaction's ability to withstand stressed cash flow
assumptions and repay the noteholders according to the terms and
conditions in the transaction documents. DBRS Morningstar analyzed
the transaction structure using Intex DealMaker. DBRS Morningstar
considered additional conditional prepayment rate sensitivity
scenarios.

-- The transaction parties' financial strength to fulfil their
respective roles.

-- The transaction's legal structure and its consistency with DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology as well as the presence of the
appropriate legal opinions that address the assignment of the
assets to the Issuer.

-- DBRS Morningstar's sovereign rating on the Kingdom of Spain of
"A" with a Stable trend as of the date of this press release.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an economic contraction, leading in some cases
to increases in unemployment rates and income reductions for
borrowers. DBRS Morningstar anticipates that delinquencies may
continue to increase in the coming months for many structured
finance transactions, some meaningfully. The ratings are based on
additional analysis and, where appropriate, adjustments to expected
performance as a result of the global efforts to contain the spread
of the coronavirus. For this transaction, DBRS Morningstar
incorporated an increase in probability of default for certain
borrower characteristics, and conducted additional sensitivity
analysis to determine that the transaction benefits from sufficient
liquidity support to withstand potential high levels of payment
holidays in the portfolio.

Notes: All figures are in euros unless otherwise noted.



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

SEREN BIDCO: Moody's Assigns B3 CFR, Outlook Stable
---------------------------------------------------
Moody's Investors Service has assigned a B3 corporate family rating
and B3-PD probability of default rating to Seren BidCo AB, a
holding company of the Swedish preventive pest control company
Anticimex Group. Concurrently, Moody's has assigned B2 instrument
ratings to the proposed SEK16 billion equivalent first lien senior
secured term loan B and the proposed SEK3 billion equivalent first
lien senior secured revolving credit facility. The outlook on the
ratings is stable.

The capital structure also includes the proposed SEK4.2 billion
equivalent second lien senior secured term loan, which however
remains unrated. Proceeds from the new term loans will be used to
finance the acquisition of Anticimex by EQT Future (and EQT
controlled vehicles) and certain existing shareholders in
Anticimex, to refinance its existing debt and pay transaction fees
and expenses. Moody's anticipates that the equity funding from the
new shareholders will be in the form of common equity.

RATINGS RATIONALE

The rating is supported by (1) Anticimex's leading market positions
in preventive pest control and a technological leadership in
digital pest control on a global scale; (2) its good geographic
diversification with -170 branches in 20 countries worldwide; (3)
high share of recurring revenues due to a large proportion of
contracted revenue (71%) and high retention rates (83%); (4) well
above GDP market growth potential driven by mega-trends such as
urbanization and climate change as well as stricter regulation; and
(5) solid profitability and cash generation capability.

However, the rating is constrained by (1) the company's very high
starting leverage with Moody's adjusted gross debt of around 8.5x
expected at deal closing; (2) event risk related to future
acquisitions in a highly fragmented market that may prevent quick
deleveraging in the future; (3) a large number of acquisitions
executed historically per year with relatively high transaction
multiples, albeit the company has demonstrated strong track record
of integration.

RATIONALE FOR STABLE OUTLOOK

The stable rating outlook reflects Moody's expectation that the
company will continue to increase its earnings, which together with
ongoing positive FCF generation will allow to reduce leverage from
its currently elevated level despite the company remaining highly
acquisitive. Furthermore, the stable outlook is conditional upon
Anticimex maintaining an adequate liquidity profile.

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

Positive rating pressure could arise if:

Moody's adjusted gross leverage were to sustain below 6.5x;

Moody's adjusted retained cash flow/ net debt Moody's to
sustainably exceed 10%;

Sustainably positive FCF generation.

Conversely, negative rating pressure could arise if:

Inability to reduce leverage from the currently elevated level;

Moody's adjusted EBITA/ Interest below 1.5x;

The company's liquidity profile were to weaken substantially as a
results of aggressive M&A activity, negative FCF or shareholder
distributions.

LIQUIDITY

The liquidity profile of Seren BidCo AB following the proposed
financing is good. This is reflected in around SEK1 billion of cash
as of March 2021 complemented by SEK3 billion undrawn first-lien
senior secured RCF and Moody's expectation of positive free cash
flow generation going forward. The 6.5 years multi-currency RCF
contains a springing covenant set at 11.5x first lien net leverage
tested quarterly only when the facility is more than 40% drawn. The
covenant will not be tested in the first three quarters following
the closing date. Furthermore, the testing condition excludes
acquisition amounts (up to the greater of SEK1.05 billion or 35% of
the RCF), cash and cash equivalents available for debt repayment
and certain other drawings.

STRUCTURAL CONSIDERATION

In the loss given default (LGD) assessment for Seren BidCo, based
on the structure post refinancing, Moody's ranks pari passu the
proposed SEK16 billion equivalent 7-years first lien senior secured
TLB and the proposed SEK3 billion equivalent 6.5-years first lien
senior secured RCF, which share the same security and are
guaranteed by certain subsidiaries of the group accounting for at
least 80% of consolidated EBITDA. The B2 ratings on these
instruments reflect their priority position in the group's capital
structure and the benefit of loss absorption provided by the junior
ranking debt - the proposed SEK4.2 billion equivalent 8-years
second lien senior secured TLB that share the same security package
with the first lien TLB and the RCF. The junior ranked instruments
remain unrated.

Moody's assumes a standard recovery rate of 50% due to the covenant
lite package.

ESG CONSIDERATIONS

Moody's takes into account the impact of environmental, social and
governance (ESG) factors when assessing companies' credit quality.
There are environmental risks in the pest management business
surrounding the safe use of poisonous chemicals, and associated
social and reputational risks to the company should it mishandle
them and cause harm. Moody's note Anticimex's focus on ESG as
evidenced by its SMART proposition, focusing on alternatives to use
of chemicals and reduction in use of biocides.

The company is owned by the private equity firm EQT. As a result,
Moody's expects its financial policy to favour shareholders over
creditors as evidenced by its high leverage tolerance.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in Stockholm, Sweden, Anticimex is a leading provider
of preventive pest control. The company holds a global top 2 market
position in 14 out of 20 countries it operates in across Europe,
North America and Asia Pacific regions. In the twelve months ended
in March 2021, the group generated approximately SEK9.3 billion of
revenue and employed around 7,000 people worldwide. Founded in
Sweden in 1934, Anticimex will be owned by the private-equity
company EQT through its EQT Future fund along with co-investors and
management.



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

BREITLING HOLDINGS: Moody's Hikes CFR and EUR514MM Loan to B2
-------------------------------------------------------------
Moody's Investors Service has upgraded Breitling Holdings S.a
r.l.'s corporate family rating to B2 from B3 and its probability of
default rating to B2-PD from B3-PD. Moody's has also upgraded to B2
from B3 the instrument ratings assigned to the EUR514 million
guaranteed senior secured term loan B1 and the CHF80 million
guaranteed senior secured revolving credit facility (RCF, currently
undrawn) borrowed by Breitling Financing S.a. r.l. The outlook on
both entities remains stable.

"The rating upgrade reflects the strong performance over the last
12 months and our expectations of continued improvement in
Breitling's operational performance and credit metrics over the
next 18 months" says Guillaume Leglise, a Moody's Vice-President
Senior Analyst and lead analyst for Breitling. "Since July 2020,
Breitling's sales and earnings have shown very positive momentum
and have been at or above pre-crisis levels of fiscal year 2020
(year ending March 31, 2020). We expect Breitling's leverage (as
adjusted by Moody's) to decrease well below 6.0x and for liquidity
to remain good over the next 12-18 months" adds Mr. Leglise.

RATINGS RATIONALE

The rating action is primarily driven by Moody's expectations that
Breitling's key credit metrics will continue to strengthen through
fiscal 2022 driven by the strong recovery and performance in EBITDA
and cash flow since the coronavirus negatively impacted results
from April to June 2020. Since July 2020, Breitling has recorded a
strong operating performance, with sales and EBITDA at, or above,
pre-crisis levels in most regions. Moody's expects Breitling's
adjusted debt/EBITDA ratio to improve towards 5.0x in fiscal 2022,
compared to 6.5x as of March 31, 2021, and adjusted free cash flow
(FCF) to debt to hover around 4-5% (4.2% in fiscal 2021). If
coronavirus related restrictions are reinstated, then this could
still affect EBITDA and cash generation, but Moody's does not
expect this to meaningfully delay the continued leverage and FCF
improvement.

This improvement mostly reflects the rating agency expectations
that trading conditions will normalise, as seen in recent months.
It also reflects the company's solid growth prospects owing to its
strong development in retail and e-commerce, as well as its good
pipeline of new products. Moody's also expects Breitling's
operating performance to be supported by the company's expansion in
China, the super luxury watch segment and ladies' watches, which
are large market segments of the luxury watch industry, and
currently underrepresented at Breitling.

The B2 CFR reflects (1) the company's well-known brand, (2) its
strong performance under the ownership of the private equity fund
CVC Capital Partners (CVC), since 2017, (3) the solid recovery of
its sales and earnings after the first lockdown period in 2020 and
its good growth prospects in the next 18 months, (4) its track
record of outperforming the Swiss luxury watch industry in the last
few years including in 2020, and (5) its good liquidity and Moody's
expectations of strengthening FCF.

However, Breitling's rating also factors in (1) its high sales
concentration in a single brand and small size, with CHF485 million
of net revenue in fiscal 2021, (2) a narrow product portfolio
comprising only luxury watches, (3) a highly leveraged financial
structure, although expected to improve towards 5.0x in fiscal 2022
supported by the company's strategic initiatives, and (4) its
shareholder-friendly financial policies as reflected by the CHF140
million dividend recapitalisation made in November 2019.

Breitling's liquidity is good. On May 31, 2021, the company had
around CHF100 million of cash, and its CHF80 million RCF was
undrawn. The company generated positive FCF (as adjusted by
Moody's) of CHF31 million in fiscal 2021 despite the impact of the
health crisis and around CHF25 million paid for termination of
distribution agreements in certain jurisdictions. This positive FCF
generation reflected resilient earnings, limited working capital
movements and lower capital expenditures. Moody's expects the
company's FCF to continue to improve in the next 18 months, ranging
between CHF30 million and CHF55 million, reflecting the improvement
in earnings. Nevertheless, Moody's expects a significant ramp-up in
capital expenditures, which will represent 12% of revenues and
which will limit excess FCF generation in the next two years.

The company does not have any significant debt maturities, until
July 2024, when the term loan will mature. The RCF will mature in
July 2023.

STRUCTURAL CONSIDERATIONS

Breitling's capital structure comprises a euro-denominated term
loan B maturing in 2024 for an outstanding amount of EUR512 million
and a CHF80 million RCF maturing in 2023. These credit facilities
are senior secured and rank pari passu with each other.

Breitling Financing S.a r.l. is the issuer of the RCF and the term
loan. These debt instruments are guaranteed by the parent holding
company Breitling Holdings S.a.r.l. along with domestic and foreign
subsidiaries, which together generate at least 80% of Breitling's
reported EBITDA. The RCF and the term loan are secured by share
pledges, intellectual property rights, certain hedging
arrangements, and material intercompany receivables.

Moody's rates the RCF and the term loan B2, in line with the CFR,
reflecting their pari passu ranking and the absence of any
significant liabilities ranking ahead or behind. The B2-PD
probability of default rating (PDR) is in line with the B2 CFR
assuming a 50% recovery rate, which is commensurate for a capital
structure comprising bank debt with loose covenants.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectations that Breitling
will maintain its current operating performance, leading to a
decline in its Moody's-adjusted leverage towards 5.0x in the next
12-18 months, supported by more normalized trading conditions and
the company's strategic initiatives to grow in retail, e-commerce,
the super luxury segment, ladies' watches and China. The stable
outlook also incorporates Moody's expectations that Breitling will
generate sustained positive FCF and will maintain good liquidity.

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

Moody's could upgrade Breitling if the company demonstrates
sustained performance in sales and earnings growth and evidence of
greater market share gains. Quantitatively, upward pressure could
arise if Breitling's Moody's-adjusted (gross) debt/EBITDA falls
below 4.5x on a sustainable basis and its FCF generation (as
adjusted by Moody's) becomes significantly positive, for example
its FCF to debt ratio trends towards high-single digits, while the
company evidences more balanced financial policies, in support of
leverage reduction.

The rating agency could downgrade Breitling if its Moody's-adjusted
debt/EBITDA is sustainably above 6.0x, as a result of a deviation
from operating forecasts, debt-funded acquisitions or shareholder
distribution, or if its Moody's-adjusted FCF becomes significantly
negative or if liquidity weakens.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Breitling is a Switzerland-based manufacturer of luxury watches.
Most of Breitling's earnings are derived from sales to wholesalers
in developed markets. In fiscal 2021, the company reported net
sales and EBITDA (as adjusted by the company) of respectively
CHF485 million and CHF97.1 million.



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

BUSINESS MORTGAGE 6: Fitch Affirms C Rating on 2 Tranches
---------------------------------------------------------
Fitch Ratings has upgraded four tranches of the Business Mortgage
Finance (BMF) series, affirmed 18 tranches and revised four
Outlooks to Stable from Negative. All other Outlooks are Stable.

        DEBT                    RATING  PRIOR
        ----                    ------  -----
Business Mortgage Finance 4 Plc

Class B XS0249508754          LT  B+sf   Upgrade    B-sf
Class C XS0249509133          LT  CCCsf  Affirmed   CCCsf
Class M XS0249508242          LT  AAAsf  Upgrade    AAsf

Business Mortgage Finance 6 PLC

Class A1 DAC XS0299535384     LT  AAAsf  Affirmed   AAAsf
Class A1 XS0299445808         LT  AAAsf  Affirmed   AAAsf
Class A2 DAC XS0299536515     LT  AAAsf  Affirmed   AAAsf
Class A2 XS0299446103         LT  AAAsf  Affirmed   AAAsf
Class B2 XS0299447507         LT  Csf    Affirmed   Csf
Class C XS0299447846          LT  Csf    Affirmed   Csf
Class M1 XS0299446442         LT  CCCsf  Affirmed   CCCsf
Class M2 XS0299446798         LT  CCCsf  Affirmed   CCCsf

Business Mortgage Finance 7 Plc

Class A1 - Detachable Coupon  LT  AAsf   Upgrade    A+sf
XS0330212597
Class A1 XS0330211359         LT  AAsf   Upgrade    A+sf
Class B1 XS0330228320         LT  Csf    Affirmed   Csf
Class C XS0330229138          LT  Csf    Affirmed   Csf
Class M1 XS0330220855         LT  CCCsf  Affirmed   CCCsf
Class M2 XS0330222638         LT  CCCsf  Affirmed   CCCsf

Business Mortgage Finance 5 PLC

B1 XS0271325291               LT  CCsf   Affirmed   CCsf
B2 XS0271325614               LT  CCsf   Affirmed   CCsf
C XS0271326000                LT  Csf    Affirmed   Csf
M1 XS0271324724               LT  BBBsf  Affirmed   BBBsf
M2 XS0271324997               LT  BBBsf  Affirmed   BBBsf

TRANSACTION SUMMARY

The BMF transactions are securitisations of mortgages to small and
medium-sized enterprises and to the owner-managed business
community, originated by Commercial First Mortgages Limited (CFML).
Fitch has analysed the performance of the transactions using its
SME Balance Sheet Securitisation Rating Criteria.

KEY RATING DRIVERS

Robust Credit Enhancement (CE) Levels

The deals have deleveraged substantially and their current senior
notes' credit enhancements are between 24.2% (BMF 5) and 82.4% (BMF
6). The resulting increase in CE is the main driver of the upgrade
of the class M and B notes of BMF 4 and the class A1 notes of BMF
7. The build-up in CE does not offset the increase in arrears and
the increasing pool concentration for BMF 5.

Increase in Late Arrears

After borrowers used the financial flexibility of payment holidays
to cope with any financial uncertainty, the majority have been able
to resume making full scheduled payments. Late-stage arrears
increased during the pandemic, but new arrears have been stable
since the last rating action.

Secondary Quality Collateral

The pools comprise owner-occupied commercial real estate. This is
likely to be significantly more affected by a deterioration in the
economic sentiment, especially due to the secondary quality of the
collateral properties, which leave the pool exposed to tail risks
in the case of an economic downturn.

Junior Notes Mostly Under-Collateralised

The combination of cumulative large period losses and insufficient
excess spread has led to the depletion of reserve funds and
increasing principal deficiency ledgers (PDL). Specifically, the
outstanding PDLs in BMF 5, 6 and 7 accounts for 16.5%, 29.3% and
24.6% of the current notes balance, respectively. The debited PDLs,
together with the presence of other loans in litigation but still
not provisioned for, leave the junior notes in serious distress.
These distressed notes are rated from 'CCC' to 'C' depending on
each class level of subordination and each transaction recovery
prospects.

RATING SENSITIVITIES

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

-- The transactions' performance may be affected by changes in
    market conditions and economic environment. Weakening asset
    performance is strongly correlated to increasing levels of
    delinquencies and defaults, which could reduce the credit
    enhancement available to the notes. Fitch tested a 30%
    increase in WAFF and a 25% decrease in WARR. The results
    indicate up to eight notches for BMF 4, five notches for BMF
    5, no impact for BMF 6 and seven notches for BMF 7.

-- Further losses and increases in PDLs beyond Fitch's stresses
    could lead to negative rating action, particularly on the
    mezzanine and junior notes. Given the secondary quality of the
    collateral, a downturn of the economic cycle is likely to
    affect the series performance more than other UK SF
    transactions.

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

-- Stable to improved asset performance driven by stable
    delinquencies and defaults would lead to increasing CE levels
    and potential upgrades. Fitch tested an additional rating
    sensitivity scenario by applying a decrease in the Foreclosure
    Frequency of 30% and an increase in the Recovery Rates of 25%.
    The ratings for the subordinated notes could be upgraded by up
    to eight notches for BMF 5, no impact for BMF 4 and 6 and
    three notches for BMF 7.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Business Mortgage Finance 4 Plc, Business Mortgage Finance 5 PLC,
Business Mortgage Finance 6 PLC, Business Mortgage Finance 7 Plc

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

Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the transaction's Business
Mortgage Finance 4 Plc, Business Mortgage Finance 5 PLC, Business
Mortgage Finance 6 PLC, Business Mortgage Finance 7 Plc initial
closing. The subsequent performance of the transactions over the
years is consistent with Fitch's expectations given the operating
environment and Fitch is therefore satisfied that the asset pool
information relied upon for its initial rating analysis was
adequately reliable.

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

ESG CONSIDERATIONS

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

GREENSILL CAPITAL: Shop Direct in Advanced Talks to Refinance Debt
------------------------------------------------------------------
Lucca De Paoli and Irene Garcia Perez at Bloomberg News report that
a company owned by the billionaire Barclay family is trying to
refinance a US$200 million loan it received from Greensill Capital,
a move that would potentially offer some relief to Credit Suisse
Group AG funds that invested in debt arranged by the now-defunct
specialty lender.

Shop Direct Holdings Ltd. is in advanced talks to refinance the
debt from Greensill, which was then sold on to funds run by Credit
Suisse, Bloomberg relays, citing people familiar with the matter.
The loan was unpaid as of June 29, according to a Credit Suisse
presentation seen by Bloomberg.  However, the people said the
refinancing, which is expected in the coming days, would see
investors exposed to the debt via the Credit Suisse funds made
whole, Bloomberg notes.

The supply-chain finance firm run by Lex Greensill collapsed in
March this year, forcing Credit Suisse to liquidate US$10 billion
of funds that invested solely in corporate loans arranged by
Greensill, Bloomberg recounts.  While Credit Suisse has recovered
and paid back US$5.6 billion of the funds to investors, the
Zurich-based bank has warned that there's still uncertainty over
how much of the money it will ultimately be able to recoup. Some of
Greensill's customers, including steel magnate Sanjeev Gupta, are
in the process of refinancing their debts, and others could default
-- potentially leaving Credit Suisse turning to Greensill's
insurers for payouts, Bloomberg notes.

Shop Direct's move to refinance the US$200 million loan would come
in addition to other steps it has recently taken to address
obligations that are past due, Bloomberg discloses.

Shop Direct -- owned by the British Barclay family that also
controls the U.K.'s Daily Telegraph newspaper -- had a mortgage on
a property through a unit called Primevere Limited, which was
financed via the Credit Suisse funds.

The Shop Direct exposure in one of the Credit Suisse funds
corresponds to a term loan that the company used for general
corporate purposes, while the Primevere loan relates to a mortgage
signed to fund improvements to one of its major warehousing
facilities, Bloomberg says, citing a person familiar with the
matter and company filings.

The person said loan agreements between Shop Direct and Greensill
included a clause that triggered early repayment in the event that
the lender became insolvent, Bloomberg notes.  According to
Bloomberg, they said Shop Direct came to what is known as a
standstill agreement with Grant Thornton, after Greensill's
collapse meant that they were technically in default.


ITHACA ENERGY: S&P Withdraws 'CCC+' Long-Term Issuer Credit Rating
------------------------------------------------------------------
S&P Global Ratings withdrawn its 'CCC+' long-term issuer credit
rating on Ithaca Energy Limited and its 'CCC' issue rating on the
company's senior unsecured notes, at the company's request. The
outlook was stable at the time of the withdrawal.



                           *********


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.


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