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

                          E U R O P E

          Monday, July 26, 2021, Vol. 22, No. 142

                           Headlines



B E L G I U M

IDEAL STANDARD: Fitch Assigns 'B-(EXP)' LT IDR, Outlook Stable


F R A N C E

COLISEE GROUP: Moody's Affirms B2 CFR Following SGMR Transaction


G E R M A N Y

ALPHA GROUP: Fitch Affirms 'CCC' LT IDR


I R E L A N D

BLACKROCK EUROPEAN XI: S&P Assigns Prelim B-(sf) Rating on F Notes
INVESCO EURO VI: Moody's Assigns B3 Rating to EUR12MM Cl. F Notes
INVESCO EURO VI: S&P Assigns B- (sf) Rating on Class F Notes
MADISON PARK XVII: Moody's Gives (P)B3 Rating to EUR12.9MM F Notes
RRE 7 LOAN: Moody's Assigns (P)Ba3 Rating to EUR20MM Class D Notes



K A Z A K H S T A N

BANK CENTERCREDIT: S&P Affirms 'B/B' ICRs, Outlook Stable


L U X E M B O U R G

AEA HOLDINGS: S&P Assigns Preliminary 'BB' ICR, Outlook Stable


N E T H E R L A N D S

Q-PARK HOLDING I: S&P Affirms 'BB-' Rating on Senior Secured Notes


R U S S I A

NCO RUSSIAN: Under Provisional Administration, License Revoked
RUNA-BANK JSC: Under Provisional Administration, License Revoked
SME BANK: Moody's Downgrades Long Term Deposit Rating to B3


S P A I N

MEIF 5 ARENA: S&P Lowers Long-Term ICR to 'B+', Outlook Stable


U K R A I N E

UKRAINIAN RAILWAY: Fitch Affirms 'B' LT IDR, Outlook Stable


U N I T E D   K I N G D O M

AEA INTERNATIONAL: Moody's Gives Ba3 CFR, Rates New $700M Loan Ba3
BLERIOT MIDCO: Moody's Ups CFR to B2 on Strong Trading Performance
BLERIOT MIDCO: S&P Upgrades ICR to 'B' on Resilient Performance
BURGER KING UK: Bridgepoint Mulls Sale of Business Next Year
CINEWORLD: Faces Fresh Legal Battle Over Unpaid Rents

CLARA.NET HOLDINGS: Fitch Assigns Final 'B+' IDR, Outlook Stable
CLEVELAND BRIDGE: Enters Administration, Seeks Buyer for Business
CONSTELLATION AUTOMOTIVE: Fitch Affirms 'B-' IDR, Outlook Stable
INEOS QUATTRO: Moody's Affirms Ba3 CFR, Alters Outlook to Stable
METRO BANK: Fitch Affirms 'B+' LT IDR, Outlook Negative

POLARIS 2021-1: Moody's Rates GBP12.8MM Class X1 Notes 'B1'
STONEGATE PUB: Fitch Corrects July 22 Ratings Release
VIRGIN MEDIA: Moody's Withdraws Ba3 CFR After O2 Holdings Merger


X X X X X X X X

[*] BOND PRICING: For the Week July 19 to July 23, 2021

                           - - - - -


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B E L G I U M
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IDEAL STANDARD: Fitch Assigns 'B-(EXP)' LT IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has assigned Ideal Standard International (IS) an
expected Long-Term Issuer Default Rating (IDR) of 'B-(EXP)' with a
Stable Outlook. Fitch has also assigned the building products
supplier's new EUR350 million senior secured notes (SSN) an
expected rating of 'B-(EXP)' with a Recovery Rating of 'RR4'. The
assignment of final ratings is contingent on the receipt of final
documents conforming to information already reviewed.

IS's business model remains sustainable, supported by strong brand
recognition, good market positions in selected building product
segments with a high exposure to more stable renovation works
(around 80% of sales in 2020), good diversification across
residential, public and commercial end-user segments as well as
fairly broad coverage across Europe, its main market.

The rating is constrained by high leverage, weak free cash flow
(FCF) generation and smaller scale than peers. The cash flow
profile has been under pressure from high restructuring costs and
working-capital volatility in recent years. We, however, expect
these to decrease over the four-year rating horizon and, together
with the well-advanced restructuring initiatives, lead to
meaningful profitability improvements.

KEY RATING DRIVERS

Restructuring Well-Advanced: IS has substantially restructured its
production footprint by accelerating closure of four plants since
2018, leading to some 13 plants closed since 2008, and relocating
many to low-cost countries. Furthermore, procurement and the supply
chain have been optimised and productivity improved by investments
in automation, with resultant cost savings. Total cost savings
amounted to EUR75 million between 2018 and end-2020. Another
improvement has been the reduction of complex or low-margin
products (SKUs), with the number of ceramics SKUs having been more
than halved and those within fittings cut by close to 30%, leading
to a substantially better product mix and hence increased margins.

Further Restructuring Potential: While a majority of the
restructurings have been finalised, IS is targeting additional
savings over 2021 and 2022, with specific targets for both
procurement and selling, general and administrative expenses in
2021. Fitch incorporates a majority of these additional savings
into Fitch's forecasts, supported by the successful transformation
to date, and expect Fitch-defined EBITDA margins to improve to 12%
by 2023 from 9.9% in 2019 (with 2020 being somewhat an outlier
year).

Restructuring Cost Burdens Cash Flow: The restructuring has
increased gross margin in 2018-2020 by about 2pp (adjusted for
Covid-19 impact) and Fitch expects a further 2pp improvement over
the rating horizon. However, restructuring costs (which Fitch views
as non-recurring and excluded from EBITDA and funds from operations
(FFO)) together with working-capital volatility, have kept FCF
margin negative with the exception of 2020 due to tighter working
capital control and capex limitations. Fitch expects additional
restructuring costs until 2022, with FCF margin turning to a
negative 3% in 2021 before it gradually improves to positive
territory of 2.7% in 2023.

Margin Increases Key: Delivery of margin improvement is key for IS,
which will be driven by its ability to successfully implement its
restructuring. This is particularly important in the face of
significant inflationary input cost pressures, which will likely be
somewhat mitigated by favourable building product trends affecting
the repair, maintenance and improvement segments, in particular.

Stretched Leverage Following Refinancing: The refinancing adds
roughly EUR300 million to senior debt, with parts of the proceeds
used for shareholder distribution (assumed to repay some
shareholder loans). Accordingly, FFO gross leverage will
substantially increase to 8.0x (6.4x net). While this leverage is
high for a 'b' category rating, Fitch expects good deleveraging to
FFO gross leverage 6.0x in 2022 and 5.4x by 2024.

Sound Market Position: IS's business profile is supported by a
broad product offering across ceramics (toilets, basins, sinks),
fittings (bathroom and kitchen taps, mixers, thermostats, bath tubs
and shower systems) as well as bathroom furniture and accessories.
Its largest broad market brand is Ideal Standard, its Armitage
Shanks brand has a strong no.1 position in the non-residential UK
segment and Porcher is the leading brand in France. These three
brands have been continuously renewed and developed over their
+130-year history to maintain an innovative range. This helps
support IS's good market position in a fragmented market,
maintaining a top four market share across Europe and MENA.

Well-Diversified: IS has a well-diversified geographic exposure,
with Europe (including the UK and Russia) its largest market at 86%
and the remainder in Egypt and other MENA countries. It also has
good end-market diversification with 80% of sales from the stable
renovation sector, mitigating its exposure to more cyclical
new-build construction. Its sales are also spread across public
projects (hospitals, schools, public bathrooms), residential
buildings, hospitality and other commercial bathrooms.

Fairly Competitive Industry: Barriers to entry are fairly low but
supported by the value of strong brands and a focus on innovative
product development, such as water-saving technologies for taps and
recent touch-free combined water and soap tap. However, pricing
pressures remain given the maturity of IS's main European markets.
Its restructuring initiatives delivering a lower cost base helped
defend profitability and are expected to ensure improving margins
over the rating horizon.

Preferred Equity Certificates /Shareholder Loans: Fitch treats IS's
PECs and shareholder loans as equity. This is due to their
contractual and structural subordination to senior debt and to
their longer maturities. Payment-in-kind of interest and absence of
material events of default are also relevant. However, the size of
these instruments, EUR3 billion in total, is material in relation
to IS's capital structure. Fitch believes that a financial policy
leaning to equity remunerations would be negative for ratings.
These instruments date back to previous debt restructurings under
previous ownership and have been retained when Anchorage Capital
and CVC Credit Partners together took over in 2018.

DERIVATION SUMMARY

IS's business profile benefits from a strong exposure to the less
cyclical repairs, maintenance and improvements segment, similarly
to Hestiafloor 2 (B+/Negative) and PCF GmbH's (B+/Stable) but less
than higher-rated Victoria Plc's (BB-/Stable). These companies
serve a diverse range of end-markets, but their smaller scale (with
sales typically below EUR1 billion) means they characteristically
have a niche product range and more limited geographic
diversification with Europe as the core region.

IS's EBITDA margin is the weakest among rated building-product
peers that generate margins of 14%-16%. FCF generation is also
weaker due to excessive restructuring-related costs and capex.
However, Fitch expects the FCF margin to improve to be somewhat in
line with peers' by 2023. Fitch's deleveraging forecast for IS to
FFO gross leverage 6.0x by 2022 means it will have lower FFO
leverage than PCF and Hestiafloor 2.

KEY ASSUMPTIONS

-- Revenue to increase 13.5% in 2021 (reflecting post-pandemic
    recovery) and in low single digits to 2024;

-- EBITDA margin to steadily improve to 12%-12.5% for the next
    four years;

-- Non-recurring cash outflows of EUR24 million in 2021-2022;

-- Capex at 4.8% of sales in 2021 and 4% in 2022 before
    normalising at 3% to 2024 on the back of limited
    restructuring-related investments;

-- FCF margin to improve to around 2.7%-3.1% by 2023 on the back
    of limited restructuring costs and lower capex;

-- No distributions to shareholders and no M&A to 2024;

-- Repayment of shareholder financing by EUR272 million.

RECOVERY ASSUMPTIONS

-- The recovery analysis assumes that IS would be reorganised as
    a going-concern (GC) in bankruptcy rather than liquidated.

-- A 10% administrative claim.

-- The GC EBITDA estimate of EUR55 million reflects Fitch's view
    of a sustainable and post-reorganisation EBITDA and compares
    adequately with EBITDA reported in 2018 when the company
    declared an event of default under its 2014 senior secured
    notes. The assumption considers cost-cutting efforts taken by
    the company since 2018 in the reorganisation of the business
    to offset manufacturing inefficiencies and optimise operating
    costs.

-- Fitch applies a distressed EBITDA multiple of 4.5x to
    calculate a GC enterprise value, which is in line with the
    4.5x-5.5x multiple for other building products companies rated
    by Fitch.

-- Its EUR15 million revolving credit facility (RCF) to be fully
    drawn on default. Local credit facilities at non-guarantor
    level (Egyptian and Bulgarian facilities) are structurally
    senior to the super senior RCF and factoring facilities and
    all are senior to the EUR350 million SSN in the waterfall
    analysis.

These assumptions result in an average recovery rate for the SSN
rating within the 'RR4' range, resulting in the debt rating being
aligned to the IDR. The principal and interest waterfall analysis
output percentage on current metrics and assumptions is 48%.

RATING SENSITIVITIES

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

-- FFO gross leverage below 5.5x;

-- EBITDA margin sustainably above 12%;

-- FCF margin above 2%;

-- Implementation of restructuring measures delivering sustained
    margin improvement.

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

-- FFO gross leverage above 7.0x;

-- EBITDA margin below 9%;

-- Sustainably negative FCF margin;

-- Failure to complete operational restructuring in the next two
    years.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: Liquidity comprised Fitch-adjusted cash of
EUR92 million at end-2020 and a new EUR15 million super senior RCF,
which Fitch expects to be undrawn over the rating horizon. IS
relies on a number of local facilities and cash flow generation is
still burdened with restructuring costs. Fitch expects the FCF
margin to be remain neutral to negative from 2020-2021 until it
improves to 2.7%-3.1% by 2023 on the back on operational turnaround
and in the absence of restructuring costs and strategic capex.

Debt Structure: The current debt maturity of EUR65 million will be
refinanced with the new EUR350 million SSNs. The funding structure
is concentrated and IS will be exposed to a bullet debt repayment
in five years when the SSNs are due.

ISSUER PROFILE

IS is a leading manufacturer of sanitaryware in Europe and MENA.
Product offering includes ceramics, fittings, bathing & wellness as
well as bathroom furniture and accessories for residential and
non-residential end markets.

ESG CONSIDERATIONS

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



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F R A N C E
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COLISEE GROUP: Moody's Affirms B2 CFR Following SGMR Transaction
----------------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating and B2-PD probability of default rating of Colisee Group, a
leading European nursing home operator. Concurrently, Moody's has
also affirmed the B2 ratings on the senior secured bank credit
facilities including the new senior secured term loan B add-on of
EUR140 million. The outlook remains stable.

Proceeds from the new senior secured term loan B add-on, altogether
with new equity of around EUR400 million, will be used to fund the
acquisition of SGMR Les Opalines, one of the ten largest nursing
home operators in France. As part of the transaction, Colisee will
sale and leaseback a signification portion of Les Opalines' real
estate for a total value of EUR560 million.

RATINGS RATIONALE

The B2 CFR of Colisee is weakly positioned reflecting its high
Moody's-adjusted debt/EBITDA of around 8.0x following its
acquisition by EQT Infrastructure and Caisse de depot et placement
du Quebec (CDPQ) in late 2020 and slower deleveraging through 2022
than initially anticipated by Moody's due to acquisitions partly
funded with debt, and expansion capex (real estate and greenfield
projects), which could also require debt funding. As a result, the
rating agency forecasts leverage will reduce to 7.1x by end of 2022
instead of 6.8x initially. This level of leverage will still be
commensurate with a B2 CFR but at the weaker end of what Moody's
considers is an acceptable range for the rating level. There is
therefore limited headroom under the current rating for any
negative deviation from Moody's current forecasts due to
debt-funded acquisitions or weaker organic EBITDA growth over the
next 12-18 months than currently expected by Moody's.

In addition to the high leverage, Colisee is also weakly positioned
in the B2 rating because of the weak to negative free cash flow
(FCF) that Moody's forecasts over the next couple of years due to
expansion capex. Moody's expects expansion capex will be low in
2021, but forecasts that in line with the company's current M&A or
greenfield targets, that it could rise to EUR60 million in 2022 and
further still to around EUR150 million in 2023. The rating agency
expects Moody's-adjusted FCF will be slightly negative or around
breakeven in 2022. This will be before accounting for capital gains
tax of EUR126 million related to the sale-and-leaseback of Les
Opalines' real estate capital gain tax. FCF will be negative by
around EUR110 million in 2022 including these taxes on capital
gains. Greenfield capex are projects whereby Colisee will initially
own the real estate and therefore support construction costs in
addition to furniture costs. Moody's understands that these
projects are at the discretion of the company and can be adapted or
scaled down if needed.

The more aggressive expansion strategy than initially anticipated
by Moody's is somewhat offset by the new equity injection of around
EUR400 million (including around EUR100 million of preferred shares
issued by Colisee Care, the company's direct parent), which
reflects shareholders' commitment to the business. Moody's expects
shareholders to continue providing equity support in the event of
further material acquisitions. Financial policy is a governance
consideration under Moody's ESG framework.

The B2 CFR is supported by Colisee's strong position in the French
and Belgian elderly care market; high and growing demand for
dependent care, driven by an aging and longer-lived population
(which Moody's believes the coronavirus outbreak will not disrupt);
high barriers to entry and regulatory limits on the supply of new
care facilities; management's good track record of growing both
organically and externally (with good execution and integration of
acquisitions).

With the lifting of restrictions on new resident admissions,
Moody's forecasts EBITDA growth over the next 12-18 months will be
driven by recovery in occupancy rates towards pre-crisis levels as
well as capacity additions, small increases in accommodation daily
revenue and merger synergies.

LIQUIDITY

Colisee's liquidity is adequate despite Moody's forecasts of
negative free cash flow of up to EUR110 million in 2022 because of
capital gain taxes of EUR126 million related to the
sale-and-leaseback of Les Opalines' real estate and increasing
capex. Moody's expects the cash shortfall will be funded by a
combination of available cash and debt, either through additional
real estate debt or drawings under the revolving credit facility
(RCF).

At closing of the transaction, the company will have cash balances
of EUR85 million and access to a fully undrawn EUR175 million RCF
maturing in 2027, which is also the nearest material debt
maturity.

The RCF is subject to a springing maintenance covenant, tested
quarterly if 40% of the commitment is drawn, which limits senior
secured net leverage to 9.85x EBITDA. Moody's expects Colisee to
remain in compliance with the covenant (if tested) over the next
12-18 months. The senior secured net leverage as defined by the
debt indenture is around 6.0x pro forma the acquisition of Les
Opalines.

STRUCTURAL CONSIDERATIONS

The B2-PD PDR, in line with the CFR, reflects Moody's assumption of
a 50% family recovery rate, typical for covenant lite secured loan
structures.

The B2 ratings assigned to the senior secured term loan B and RCF
reflects their pari passu ranking, with upstream guarantees from
material subsidiaries representing at least 80% of EBITDA.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that continued
organic EBITDA growth will lead to credit metrics more commensurate
with the B2 CFR over the next 12-18 months, notably
Moody's-adjusted debt / EBITDA reducing towards 7.0x and positive
underlying free cash flow generation.

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

Upward rating pressure is unlikely in the near term given the weak
rating positioning. However, positive rating action could
materialize if the company's Moody's-adjusted debt/EBITDA falls
sustainably towards 6.0x, while maintaining a good operating
performance and successfully executing its strategy; Colisee
maintains good liquidity, including positive free cash flow; and
Moody's-adjusted EBITA/interest moves sustainably towards 2.5x.

Negative rating action could materialize if occupancy rates remain
well below pre-crisis levels or there are delays in realizing
merger synergies and other margin expansion initiatives, such that
these lead to the rating agency's expectation that Moody's-adjusted
debt/EBITDA will not reduce towards 7.0x over the next 12-18
months. A weakening of liquidity from current levels including weak
underlying free cash flow generation as well as additional
debt-funded acquisitions before leverage reduces to level more
commensurate with the B2 CFR, will also exert downward pressure on
the ratings.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Colisee, headquartered in Paris, France, is the fourth-largest
private operator of nursing homes in Europe. The company, which
generated pro forma revenue of EUR1.2 billion in 2020, is majority
owned by EQT Infrastructure. CDPQ and management own minority
stakes.



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G E R M A N Y
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ALPHA GROUP: Fitch Affirms 'CCC' LT IDR
---------------------------------------
Fitch Ratings has affirmed hostel operator Alpha Group SARL's (A&O)
Long-Term Issuer Default Rating (IDR) at 'CCC' and senior secured
rating at 'CCC+' with a Recovery Rating of 'RR3'. The ratings have
been removed from Rating Watch Negative (RWN) where they were
placed in February 2021 over near-term liquidity risk.

The resolution of the RWN reflects the rebuilding of A&O's
liquidity position after a EUR15 million injection from its
shareholder, TPG, in the form of a shareholder loan in June 2021.
Fitch estimates this buffer will allow both debt service and the
running of operations for the next 12 months.

The 'CCC' IDR reflects still disrupted 2021 trading, as renewed
lockdowns in most European countries forbade school trips and
generally, discouraged group travel, both a key target for the
company. A&O's prospects for 2022 are better; however, Fitch
expects leverage to remain above 10x until 2022, which is
unsustainable and exacerbates refinancing risk.

KEY RATING DRIVERS

Liquidity Crisis Averted: Liquidity headroom is low but sufficient
in Fitch's rating case, which assumes a modest recovery of trading
performance in 2H21, after the disbursement of a EUR15 million
shareholder loan, which Fitch treats as equity (in line with an
existing shareholder loan). The company has also obtained waivers
from lenders until September 2022, in exchange for minimum cash on
balance sheet of EUR10 million. Based on Fitch's forecast EBITDA
for 2021, free cash flow (FCF) will remain negative, but reinforced
liquidity, together with cash preservation and minimal capex,
suggests a more stabilised near-term credit profile.

Long-Lasting High Exposure to Covid-19: The rating reflects a still
disrupted 2021, due to a resurgence of infections lasting through
1H21 in several European countries, including Germany. As a result,
Fitch expects RevPAB in 2021 to be around 60% below pre-pandemic
levels with limited group trips. Fitch expects a gradual resumption
of group trips in 2022, but with revenue per available bed (RevPAB)
still 15% behind pre-pandemic levels.

EBITDA Loss Projected for 2021: Fitch projects EBITDA in 2021 to
remain negative following a ban on school trips until the end of
the school year. With group travel contributing about 35% of A&O's
sales and more than two thirds of EBITDA generated during spring,
Fitch conservatively projects only a mild recovery in 2021, driven
by a reasonable summer season (as was the case in 2020). Certain
support to the hospitality industry to soften the economic shock
has been incorporated into Fitch's assumptions for 2021, but rents
remain predominantly fixed. Fitch foresees a gradual recovery of
EBITDA margin towards 28% but only by 2024.

Leverage Unsustainable: Fitch forecasts FCF will remain low during
the four-year rating horizon, which will hinder A&O's deleveraging
capacity, particularly as the company has increased debt by fully
drawing down on its EUR35 million revolving credit facility (RCF).
Fitch estimates that A&O will not be able to make debt prepayments,
in the absence of a clean-down provision or contractual RCF
repayment requirements prior to final maturity in 2024. Fitch
forecasts funds from operations (FFO) adjusted gross leverage to
remain above 10x to 2022, which Fitch regards as unsustainable for
the business.

Pent-up Demand; Concentration Risk: A&O has steadily grown to
become one of the largest hostel chains in Europe that continued
expanding during the pandemic with a recent new leased opening in
Edinburgh. However, its predominant exposure to Germany and groups
leads to concentration risk in a single market and target. Rapid
vaccination roll-out to the young population and a strong
willingness to travel should favour group demand, but structural
support from a large number of school groups (main A&O's target)
traveling within Germany is still key for A&O and not secured for
2022.

Business Model Intact: A&O continues to display an attractive
lodging option for large and small groups in several cities across
Europe, coupled with an efficiently managed low-cost base. Once the
current crisis abates, A&O has the potential to capitalise on
supportive market trends and grow into a Europe-wide brand
benefitting from a switch by travelers towards budget alternatives
and their lower-than-average break-even occupancies. Economy
alternatives are proving to be more resilient after lockdowns than
upscale accommodations.

DERIVATION SUMMARY

A&O is one of the largest hostel chains in Europe with a strong
market position in Germany. However, it still ranks significantly
behind such global peers as NH Hotels Group S.A. (B-/Negative),
Radisson Hospitality AB or Whitbread PLC (BBB-/Stable) in
activities and number of rooms.

Based on daily rates, A&O is one of the cheapest options for
travelers, particularly compared with other urban operators in the
economy segment, Accor SA (BB+/Stable) and Travelodge, or midscale
segment, NH Hotels.

A&O's profitability is structurally above that of other operators
with a similar portfolio mix, but still far behind leaders such as
Marriott International, Inc. and will likely deteriorate more than
the industry average, given their dependence on school trips and
the social-distancing measures.

The delayed recovery of traveler flows and a fairly high share of
fixed costs result in A&O's FFO-adjusted gross leverage remaining
above 10x in 2022, in line with a 'CCC' rating. High leverage,
limited financial flexibility, the vulnerability of group trips and
a much smaller scale, justify the rating differential with close
rated peers.

KEY ASSUMPTIONS

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

-- Revenue still around 60% behind pre-pandemic levels in 2021,
    driven by weak RevPAB, followed by a progressive rebound in
    2022.

-- Negative EBITDA in 2021 as a result of the inability to fully
    cover the cost base due to drop in activity, with EBITDA
    margins below 25% to 2023.

-- Capex reduced to minimum maintenance at below EUR2 million for
    2021 and on average EUR10 million over the rating horizon.

-- No dividend distributions to 2024.

RECOVERY ASSUMPTIONS:

-- Fitch estimates that A&O would be liquidated in bankruptcy
    rather than restructured as a going-concern.

-- 10% administrative claim.

-- The liquidation estimate reflects Fitch's view that the hotel
    properties (valued by an external third party in 2017) and
    other assets that can be realised in a liquidation and
    distributed to creditors in a default.

-- Haircut of 45% applied to the value of owned properties based
    on company's valuations.

These assumptions result in a recovery rate for the senior secured
debt within the 'RR3' range leading to a one-notch uplift to the
debt rating to 'CCC+' from the IDR. This results in an unchanged
waterfall generated recovery computation (WGRC) output percentage
of 66% based on current metrics and assumptions.

RATING SENSITIVITIES

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

-- Visibility on recovery of operating performance towards pre
    pandemic levels;

-- FFO adjusted gross leverage returning to below 10x;

-- EBITDAR/(gross interest plus rents) above 1.5x on a sustained
    basis with FCF turning break-even;

-- Liquidity stabilising sufficiently to cover the next 24 months
    of operations.

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

-- Deteriorating operating performance, for instance due to
    renewed pandemic-related restrictions, putting pressure on
    liquidity over the next 12 to 18 months;

-- Increasing FCF outflows through 2H21;

-- EBITDAR/(gross interest plus rents) weakening towards 1.0x 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

Restored Liquidity in the Near Term: A&O had EUR29 million of
unrestricted cash on its balance sheet at end-June 2021. This
rebuilt position is the result of a shareholder loan of EUR15
million received in June 2021. This contribution, together with
assumed progressive resumption of operations with certain
fixed-cost relief, should allow the company to comply with the
minimum EUR10 million cash required in exchange for its covenant
waiver. Based on Fitch's rating case, Fitch projects that A&O will
not be able to fully reimburse its drawn RCF of EUR35 million in
2021, leaving it with limited liquidity headroom to address a
further fall in demand in 2H21.

For the purpose of Fitch's liquidity analysis, Fitch excludes EUR3
million of cash (considered restricted cash), blocked as a deposit
for landlords or required in daily operations not available for
debt servicing. A&O has a concentrated funding structure with its
RCF maturing in January 2024 and a EUR300 million term loan B due
in January 2025.

ISSUER PROFILE

Alpha Group SARL is the top entity in a restricted group that owns
A&O, a Germany-based youth travel hotel and hostel operator with a
leading network of leased and owned properties in major European
cities (mostly in Germany), particularly focused on group
travelers.

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.



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

BLACKROCK EUROPEAN XI: S&P Assigns Prelim B-(sf) Rating on F Notes
------------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Blackrock
European CLO XI DAC's class A, B-1, B-2, C, D, E, and F notes. At
closing, the issuer will also issue EUR33.80 million of unrated
subordinated notes.

S&P said, "We have performed our analysis on the expected effective
date portfolio provided to us by the manager. The portfolio
contains 29.75% unidentified assets. We consider that the closing
date portfolio will be well-diversified, primarily comprising
broadly syndicated speculative-grade senior secured term loans.
Therefore, we have conducted our credit and cash flow analysis by
applying our criteria for corporate cash flow collateralized debt
obligations."

  Portfolio Benchmarks

  S&P Global Ratings weighted-average rating factor       2845.57
  Default rate dispersion                                  487.98
  Weighted-average life (years)                              5.47
  Obligor diversity measure                                131.07
  Industry diversity measure                                19.26
  Regional diversity measure                                 1.25
  Weighted-average rating                                     'B'
  'CCC' category rated assets (%)                            2.00
  'AAA' weighted-average recovery rate                      37.25
  Weighted-average spread (net of floors; %)                 3.79
  Weighted-average coupon (%)                                3.35

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments. The portfolio's
reinvestment period will end approximately five years after
closing.

S&P said, "In our cash flow analysis, we used the EUR400 million
target par amount, a weighted-average spread of 3.50%, the
reference weighted-average coupon (3.70%), and the weighted-average
recovery rates calculated as per our CLO criteria. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.

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

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B-1, B-2, and C notes could
withstand stresses commensurate with higher ratings than those we
have assigned. However, the CLO benefits from a reinvestment period
until Jan. 17, 2026, during which the transaction's credit risk
profile could deteriorate, subject to CDO monitor results. We have
therefore capped our preliminary ratings assigned to the notes.

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

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

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

-- S&P's model generated breakeven default rate (BDR) at the 'B-'
rating level of 27.38% (for a portfolio with a weighted-average
life of 5.47 years), versus if S&P was to consider an historical
long-term sustainable default rate of 3.1% for 5.47 years, which
would result in a target default rate of 16.95%.

The Bank of New York Mellon, London Branch is the bank account
provider and custodian. The issuer can purchase up to 30%
non-euro-denominated assets, subject to perfect asset swaps. At
closing, S&P expects the account bank, custodian, and swap
counterparty's documented replacement provisions to be in line with
its counterparty criteria for liabilities rated up to 'AAA'.

At closing, S&P expects the issuer to be bankruptcy remote, in
accordance with our legal criteria.

The CLO is managed by BlackRock Investment Management (UK) Ltd. S&P
currently have eight European CLOs from the manager under
surveillance. Under its "Global Framework For Assessing Operational
Risk In Structured Finance Transactions," published on Oct. 9,
2014, the maximum potential rating on the liabilities is 'AAA'

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

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

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

  Ratings List

  CLASS   PRELIM.   PRELIM. AMOUNT    INTEREST RATE        SUB(%)
          RATING      (MIL. EUR)
  A       AAA (sf)        239.00    3M EURIBOR plus 0.98%   40.25
  B-1     AA (sf)          27.40    3M EURIBOR plus 1.60%   28.25
  B-2     AA (sf)          20.60    2.00%                   28.25
  C       A (sf)           25.50    3M EURIBOR plus 2.20%   21.88
  D       BBB (sf)         27.25    3M EURIBOR plus 3.00%   15.06
  E       BB- (sf)         20.25    3M EURIBOR plus 6.00%   10.00
  F       B- (sf)          12.00    3M EURIBOR plus 8.60%    7.00
  Sub Notes   NR           33.80    N/A                       N/A

*The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency     
switch event occurs.
3M--Three month.
EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.


INVESCO EURO VI: Moody's Assigns B3 Rating to EUR12MM Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Invesco Euro CLO VI
DAC (the "Issuer"):

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

EUR32,000,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aa2 (sf)

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

EUR26,200,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned A2 (sf)

EUR24,600,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Baa3 (sf)

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

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

RATINGS RATIONALE

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

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is 98.5% ramped as of the closing date and to comprise of
predominantly corporate loans to obligors domiciled in Western
Europe. The remainder of the portfolio will be acquired during the
six months ramp-up period in compliance with the portfolio
guidelines.

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

In addition to the seven classes of notes rated by Moody's, the
Issuer issued EUR32,800,000 Subordinated Notes due 2034 which are
not rated.

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

Methodology underlying the rating action:

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

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

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

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

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

Par Amount: EUR400,000,000

Diversity Score: 42

Weighted Average Rating Factor (WARF): 2860

Weighted Average Spread (WAS): 3.50%

Weighted Average Coupon (WAC): 4.25%

Weighted Average Recovery Rate (WARR): 44.10%

Weighted Average Life (WAL): 8.5 years

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

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

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

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

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

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

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

  Portfolio Benchmarks

                                                         CURRENT
  S&P Global Ratings weighted-average rating factor     2,791.86
  Default rate dispersion                                 589.65
  Weighted-average life (years)                             5.37
  Obligor diversity measure                               103.69
  Industry diversity measure                               23.76
  Regional diversity measure                                1.31

  Transaction Key Metrics
                                                         CURRENT
  Total par amount (mil. EUR)                             400.00
  Defaulted assets (mil. EUR)                               0.00
  Number of obligors                                         134
  Portfolio weighted-average rating
    derived from S&P's CDO evaluator                         'B'
  'CCC' category rated assets (%)                           3.75
  'AAA' identified portfolio weighted-average recovery (%) 37.38
  Covenanted weighted-average spread (%)                    3.70
  Reference weighted-average coupon (%)                     4.25

Rating rationale

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

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

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

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

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

"The transaction's legal structure is bankruptcy remote, in line
with our legal criteria.

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

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

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

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

Environmental, social, and governance (ESG) credit factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to either of the United Nations
Global Compact violations, and identified as having corporate
involvement in the end manufacture or manufacture of intended use
components of biological and chemical weapons or any of the
following industries: tobacco, controversial weapons, thermal coal,
oil and gas, casinos or online gambling, payday lending,
pornography or prostitution, and trades in endangered or protected
wildlife. Accordingly, since the exclusion of assets from these
industries does not result in material differences between the
transaction and our ESG benchmark for the sector, no specific
adjustments have been made in our rating analysis to account for
any ESG-related risks or opportunities."

  Ratings List

  CLASS   RATING    AMOUNT     SUB (%)    INTEREST RATE*
                   (MIL. EUR)   
  A       AAA (sf)    248.00   38.00    Three/six-month EURIBOR  
                                        plus 0.94%
  B-1     AA (sf)      32.00   27.50    Three/six-month EURIBOR
                                        plus 1.65%
  B-2     AA (sf)      10.00   27.50    1.95%
  C       A (sf)       26.20   20.95    Three/six-month EURIBOR
                                        plus 2.15%
  D       BBB (sf)     24.60   14.80    Three/six-month EURIBOR
                                        plus 3.05%
  E       BB- (sf)     20.00    9.80    Three/six-month EURIBOR
                                        plus 5.99%
  F       B- (sf)      12.00    6.80    Three/six-month EURIBOR
                                        plus 8.58%
  Sub     NR           32.80     N/A    N/A

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

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


MADISON PARK XVII: Moody's Gives (P)B3 Rating to EUR12.9MM F Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to debt to be issued by Madison Park
Euro Funding XVII DAC (the "Issuer"):

EUR208,300,000 Class A-1 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

EUR60,000,000 Class A-1 Senior Secured Floating Rate Loan due
2034, Assigned (P)Aaa (sf)

EUR10,000,000 Class A-2 Senior Secured Fixed Rate Notes due 2034,
Assigned (P)Aaa (sf)

EUR42,300,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)

EUR12,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Assigned (P)Aa2 (sf)

EUR26,400,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)A2 (sf)

EUR33,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Baa3 (sf)

EUR23,900,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Ba3 (sf)

EUR12,900,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)B3 (sf)

RATINGS RATIONALE

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

The Issuer is a managed cash flow CLO. At least 95% of the
portfolio must consist of senior secured obligations and up to 5%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 80% ramped up as of the closing date
and to comprise of predominantly corporate loans to obligors
domiciled in Western Europe. The remainder of the portfolio will be
acquired during the five months ramp-up period in compliance with
the portfolio guidelines.

Credit Suisse Asset Management Limited ("CSAM") 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 years reinvestment period. Thereafter, subject to certain
restrictions, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk obligations or credit improved obligations.

In addition to the nine classes of debt rated by Moody's, the
Issuer will issue EUR41,500,000 Class M Subordinated Notes due 2034
which are not rated.

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

Methodology underlying the rating action:

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

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

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

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

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

Par Amount: EUR460,000,000

Diversity Score: 54

Weighted Average Rating Factor (WARF): 3,050

Weighted Average Spread (WAS): 3.70%

Weighted Average Coupon (WAC): 4.25%

Weighted Average Recovery Rate (WARR): 43.25%

Weighted Average Life (WAL): 8.5 years

RRE 7 LOAN: Moody's Assigns (P)Ba3 Rating to EUR20MM Class D Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by RRE 7 Loan
Management DAC (the "Issuer"):

EUR305,000,000 Class A-1 Senior Secured Floating Rate Notes due
2036, Assigned (P)Aaa (sf)

EUR20,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2036, Assigned (P)Ba3 (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 almost fully ramped as of
the closing date and to comprise of predominantly corporate loans
to obligors domiciled in Western Europe. The remainder of the
portfolio will be acquired during the 4.5 months ramp-up period in
compliance with the portfolio guidelines.

Redding Ridge Asset Management (UK) LLP ("Redding Ridge") 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 4.4 year reinvestment period. Thereafter, subject to
certain restrictions, purchases are permitted using principal
proceeds from unscheduled principal payments and proceeds from
sales of credit risk obligations or credit improved obligations.

In addition to the two classes of notes rated by Moody's, the
Issuer will issue three classes of notes and subordinated notes due
2036, which are not rated.

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

Methodology underlying the rating action:

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

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

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

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

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

Par Amount: EUR500,000,000

Diversity Score(1): 41

Weighted Average Rating Factor (WARF): 3200

Weighted Average Spread (WAS): 3.55%

Weighted Average Coupon (WAC): 5.00%

Weighted Average Recovery Rate (WARR): 45.0%

Weighted Average Life (WAL): 9 years



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

BANK CENTERCREDIT: S&P Affirms 'B/B' ICRs, Outlook Stable
---------------------------------------------------------
S&P Global Ratings affirmed its 'B/B' long- and short-term global
scale issuer credit ratings on Kazakhstan-based Bank CenterCredit
JSC. The outlook is stable.

S&P also affirmed its 'kzBB+' Kazakhstan national scale rating on
the bank.

Asset quality improvements reflect clean-up of the legacy problems
and a strategic shift to stricter underwriting. Bank CenterCredit
picked up the pace of its legacy problem loans workout and
provision creation over 2020-2021 after the 2019 asset quality
review. Problem loans (classified as Stage 3 under International
Financial Reporting Standard 9) declined to 20% of the gross loan
book as of end-2020 and further reduced to around 18% as of June 1,
2021 (from 25% at end-2019). Loan loss provision coverage improved
to 47% of overall problem loans as of end-2020 and to nearly 50% as
of June 1, 2021 (from 39% at end-2019), but remains slightly weaker
than the 57% average for rated peers. Therefore, S&P expects Bank
CenterCredit's credit losses will remain elevated at around 2.7%-3%
for 2021-2022 and continue to weigh on its earning capacity.

Bank CenterCredit's capital and earnings will likely remain a
relative weakness for the rating. S&P said, "We anticipate our
projected risk-adjusted capital ratio (RAC), which we calculate
using globally comparable risk weights, will remain around
3.6%-3.9% in the next 12-18 months. Our key assumptions include the
support from the owners of Kazakhstani tenge (KZT) 4.3 billion in
2020 and KZT2.4 billion in 2021, the bank's moderated loan
portfolio growth levels of about 5%-7% per year (versus the market
average of 10%), and a net interest margin of 3.8% over the next 12
months. Because the bank aims to sustain its capital position, we
do not expect it to pay dividends in 2021-2022. However we consider
it may resume paying dividends in 2023, because its earnings are
stabilizing and the bank should be able to close its participation
in the state program (which also limits dividend payments)."

S&P said, "We continue to incorporate one notch of uplift for
potential government support in case of need into the rating. This
reflects the bank's sizable share in key business segments,
including retail, as well as its well-known brand name, which
safeguards the stability of its funding base, mainly comprised of
retail and corporate depositors.

"The stable outlook reflects our view that Bank CenterCredit's
asset quality is gradually stabilizing on the back of the portfolio
clean-up, as well as the support measures from shareholders and the
government that are easing pressure on the bank's capital adequacy
and asset quality through the creation of additional provisions.

"We could take a negative rating action in the next 12 months if,
contrary to our expectations, we saw a significant decline in Bank
CenterCredit's capitalization, with its RAC ratio dropping below
3%. This could happen if, contrary to our expectations, we see
significant deterioration in asset quality indicators. Moreover, we
could take a negative rating action if we considered that the
government no longer regarded Bank CenterCredit as important to the
stability of Kazakhstan's banking sector and was therefore
unwilling to provide the bank with timely extraordinary support at
a time of stress.

"A positive rating action appears remote in the next 12 months;
however, it will depend on further steps on improvement of Bank
CenterCredit's asset quality and capital position, with the RAC
ratio moving sustainably above 7%."




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

AEA HOLDINGS: S&P Assigns Preliminary 'BB' ICR, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'BB' long-term issuer
credit rating to AEA Holdings (Luxembourg) Sarl and AEA
International Holdings (Luxembourg) Sarl. S&P also assigned its
preliminary 'BB' issue rating to the senior secured term loan B
(TLB). The recovery rating on the senior secured facility is '3',
indicating our expectation of meaningful recovery (rounded
estimate: 65%) in the event of a payment default.

The stable outlook reflects S&P's expectation of S&P Global
Ratings-adjusted leverage of about 3.8x and funds from operations
(FFO) to debt of about 18% for fiscal year (FY) ending June 30,
2022, in addition to strong positive free operating cash flow
(FOCF).

ISOS has a strong market position in a niche market, long-term
contracts, and high customer retention rates, leading to high
recurring revenue. ISOS benefits from stable demand for its medical
services (about 72% of sales). Contracts in this segment are
typically long term, for periods of between two and eight years,
and provide high revenue visibility. However, contracts in the
assistance services segment (28% of sales) are renewed annually and
are somewhat linked to discretionary spending, staff levels, and
the economic cycles of corporates. Having said that, ISOS benefits
from high customer retention rates of more than 90% across its
business segments. Additionally, ISOS has a diversified customer
base, wherein the top-five customers (about 18% of sales) are
largely linked to government bodies within the medical services
segment. Demand for ISOS' services stems largely from the growing
need for digital solutions, as well as employers' and governments'
spending on compliance, regulations, and social care, which has
accelerated amid the COVID-19 pandemic. Although ISOS is a niche
integrated player with diversified product offerings, it continues
to compete with large, nonintegrated specific services providers.

ISOS' relatively small size and profitability constrains the
overall rating, with one-off pandemic-related tailwinds and cost
benefits fueling the higher margins in FY2021. S&P expects S&P
Global Ratings-adjusted EBITDA margins of about 11.8%-12% from
FY2022, compared with about 14% in FY2021. Margins in FY2021 were
higher due to one-time pandemic-related tailwinds in the medical
services business (about 72% of sales), and were partly offset by
lower subscription sales in the assistance services business (about
28% of sales). In addition, EBITDA margins in FY2021 were supported
by significant cost savings from restructuring initiatives executed
in FY2020. Subscription sales declined in FY2021 primarily because
of the international business travel slowdown amid lockdowns.
Although ISOS has no direct rated peers, we believe that
profitability is below average compared with other professional
business services providers.

S&P said, "Our assessment of the group's financial risk profile
reflects our expectation of adjusted debt to EBITDA of about 3.8x
and FFO to debt of 20% at end-FY2022, following the refinancing
transaction. Thereafter, we expect gradual improvement in credit
measures, with adjusted leverage approaching 3.5x and FFO to debt
of about 20% on the back of strong organic growth, and S&P Global
Ratings' EBITDA margins of about 12%. The group's adjusted gross
debt will comprise the proposed $700 million senior secured TLB,
about $30 million of factoring debt, and lease liabilities of about
EUR52 million. ISOS' financial policy to maintain a medium-term
leverage target of about 3x, which translates into adjusted
leverage of about 3.5x, also supports our assessment. Our forecasts
assume shareholder distributions of about $30 million. Although we
do not include mergers and acquisitions in our base case, we
believe that ISOS could continue to pursue bolt-on acquisitions.

"The final rating will depend on our receipt and satisfactory
review of all final transaction documentation. Accordingly, the
preliminary ratings should not be construed as evidence of the
final rating. If we do not receive final documentation within a
reasonable time frame, or final documentation departs from
materials reviewed, we reserve the right to withdraw or revise our
ratings. Potential changes include, but are not limited to, use of
loan proceeds, maturity, size and conditions of loans, financial
and other covenants, security and ranking.

"The stable outlook reflects our expectation that ISOS will
generate strong positive FOCF and EBITDA margins of about 12%,
supported by growth in medical services and long-standing customer
relationships. We expect leverage of about 3.8x and FFO to debt of
about 18% in FY2022, and improving gradually thereafter.

"We could lower the rating if ISOS' operating performance
deteriorates; if the company adopts a more aggressive financial
policy, such that adjusted debt to EBITDA rises above 4x; or if FFO
to debt remains significantly below 20% for a prolonged period.

"An upgrade is unlikely within the next year, but we could raise
the rating in the longer term if the company deleverages to below
3x on a sustained basis, and demonstrates that it is committed to a
tighter financial policy than currently presented, including
potential future subordinated debt at the shareholder level."




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

Q-PARK HOLDING I: S&P Affirms 'BB-' Rating on Senior Secured Notes
------------------------------------------------------------------
S&P Global Ratings affirmed its issuer credit rating on
Netherlands-based car park owner and operator Q-Park Holding I BV
(Q-Park) and its 'BB-' issue rating on the company's senior secured
notes.

The negative outlook reflects the risk that lower-than-anticipated
traffic recovery over the next two years could prevent Q-Park from
reducing its adjusted debt to EBITDA toward 9.0x, levels
commensurate with its financial policy and the current rating
level.

Credit metrics will remain tight for the rating in 2021, before
recovering to levels commensurate with the rating from 2022-2023.
S&P said, "We expect Q-Park's revenue will remain 20%-25% below
pre-pandemic levels in 2021. This is similar to the 27% revenue
drop--adjusted for disposed Nordics operations--in 2020 and in line
with peers such as Indigo Group S.A. We then expect an almost full
recovery in 2022. We think vaccination programs--which are
progressing well in Western European countries where Q-Park
operates--combined with the consumer-led economic recovery will
facilitate recovery in occupancy in the second half of 2021."
However, risks could arise if governments were to impose new
restrictions or if the pandemic's effect became more prolonged in
some of the hardest hit sectors, such as airports and mass
transit.

Real estate exposure and supportive cash flow and interest coverage
allow Q-Park to have higher leverage than the current rating's
requirements for a longer period. S&P said, "We forecast weighted
average adjusted debt to EBITDA will be higher than 9x on average
over 2021-2023. However, we consider the increase to be only
temporary, considering the company's strong cash flow generation
when mobility restrictions are eased. Although we anticipate free
operating cash flow (FOCF) will remain negative in 2021, we
forecast about EUR70 million-EUR110 million annual adjusted FOCF
over 2022-2023. We also positively note Q-Park's strong capacity to
cover its interest burden, with an EBITDA interest coverage ratio
higher than 2.5x (up from 1.5x as of Dec. 31, 2020) on the back of
income growth and low cost of debt (2.2% as of Dec. 31, 2020)."
Q-Park's business is more capital-intensive than other car park
operators', with about 35% of its gross margin generated by owned
facilities that can withstand higher leverage.

S&P said, "We expect Q-Park to reduce leverage to a level aligned
with its financial policy. We understand management and
shareholders target to maintain debt to EBITDA at or below 7x, as
calculated by the company. This roughly translates to adjusted debt
to EBITDA of about 9x. We expect the company will take all
necessary actions to achieve this level. We do not expect any
distributions until 2023, either via dividends or shareholder loan
(SHL) repayments, following the large EUR212 distributions
completed in January 2020 after the disposal of the Nordics
business and the EUR26 million SHL repayment in February 2020.

"The negative outlook on Q-Park reflects our expectations that its
performance and recovery in credit metrics will depend on the
release of mobility restrictions, the evolution of vaccination
roll-out campaigns across the countries in which it operates, and
the company's commitment to its financial policy."

S&P could lower the ratings on Q-Park by one notch if:

-- A more-aggressive-than-expected financial policy resulted in
unadjusted debt to EBITDA remaining above 7x--translating into
adjusted debt to EBITDA of 9x--for a prolonged period; or

-- The company increased its exposure to asset-light business,
shortening the maturity of the existing portfolio and weakening
S&P's assessment of its business model and cash flow
predictability.

S&P could revise the outlook to stable if, thanks to a balanced
financial policy and sufficient track record of traffic recovery,
the company reduced leverage below 9x on a sustainable basis.




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

NCO RUSSIAN: Under Provisional Administration, License Revoked
--------------------------------------------------------------
The Bank of Russia, by virtue of its Order No. OD-1533, dated July
23, 2021, revoked the banking license of Moscow-based Limited
Liability Company Non Bank Credit Organization Russian Financial
Society, or LLC NCO Russian Financial Society (Registration No.
3427-K; hereinafter, NCO Russian Financial Society).  The credit
institution ranked 360th by assets in the Russian banking system.
NCO Russian Financial Society is not a member of the deposit
insurance system.

The Bank of Russia made this decision in accordance with Clause 6.1
of Part 1 of Article 20 of the Federal Law "On Banks and Banking
Activities", based on the facts that NCO Russian Financial Society
failed to comply with the anti-money laundering and
counter-terrorist financing laws.

NCO Russian Financial Society was involved in conducting
non-transparent transactions for payments between individuals and
illegal online casinos and bookmakers.  Furthermore, the credit
institution carried out dubious cash-out transactions and money
withdrawals abroad.

The Bank of Russia appointed a provisional administration to NCO
Russian Financial Society for the period until the appointment of a
receiver or a liquidator.  In accordance with federal laws, the
powers of the credit institution's executive bodies were
suspended.


RUNA-BANK JSC: Under Provisional Administration, License Revoked
----------------------------------------------------------------
The Bank of Russia, by virtue of its Order No. OD-1531, dated July
23, 2021, revoked the banking license of Moscow-based JSC RUNA-BANK
(Registration No. 3207; hereinafter, RUNA-BANK).  The credit
institution ranked 308th by assets in the Russian banking system.

The Bank of Russia made this decision in accordance with Clauses 6
and 6.1 of Part 1 of Article 20 of the Federal Law "On Banks and
Banking Activities", based on the facts that RUNA-BANK:

   -- violated federal banking laws and Bank of Russia regulations,
due to which the regulator repeatedly applied measures against it
over the past 12 months, which included restrictions on household
deposit-taking;

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

RUNA-BANK's business model demonstrated low performance, and
RUNA-BANK has been loss-making since 2019.  Recognizing actual
credit risks in accordance with the Bank of Russia's requirements
caused a violation of the required ratio.

The Bank has been functioning in the conditions of a corporate
conflict.

Carrying out its activity, RUNA-BANK was involved in
non-transparent e-commerce transactions.

The Bank of Russia also cancelled RUNA-BANK's professional
securities market participant license.

The Bank of Russia appointed a provisional administration to
RUNA-BANK for the period until the appointment of a receiver or a
liquidator.  In accordance with federal laws, the powers of the
credit institution's executive bodies were suspended.

Information for depositors: RUNA-BANK is a participant in the
deposit insurance system; therefore, its depositors will be
compensated for their deposits in the amount of 100% of the balance
of funds, but no more than a total of RUR1.4 million per depositor
(including interest accrued), taking into account the conditions
stipulated by Chapter 2.1 of the Federal Law "On the Insurance of
Deposits with Russian Banks".

Deposits are to be repaid by the State Corporation Deposit
Insurance Agency (hereinafter, the Agency).  Depositors may obtain
detailed information regarding the repayment procedure 24/7 at the
Agency's hotline (8 800 200-08-05) and on its website
(https://www.asv.org.ru/) in the Deposit Insurance / Insurance
Events section.


SME BANK: Moody's Downgrades Long Term Deposit Rating to B3
-----------------------------------------------------------
Moody's Investors Service has downgraded SME Bank's Baseline Credit
Assessment and Adjusted BCA to caa2 from b2, as well as the bank's
long-term local and foreign currency bank deposit ratings to B3
from Ba2, its long-term senior unsecured debt rating to B3 from
Ba2, the long-term Counterparty Risk Ratings (CRR) to B2 from Ba1
and long-term Counterparty Risk Assessments (CR Assessments) to
B2(cr) from Ba1(cr). Moody's has also affirmed the NP short-term
foreign currency deposit rating, and NP short-term local and
foreign currency CRR and NP(cr) short-term CR Assessment.

The outlook on the bank's long-term deposit and debt ratings was
changed to developing from negative.

RATINGS RATIONALE

The downgrade of SME Bank's ratings is driven by the recently
reported and further anticipated material credit losses, which
weakened the bank's solvency profile.

SME Bank's loan book is dominated by loans to Small and Medium
Enterprises (SME) -- a segment which the bank is tasked to develop
and support, according to its policy mandate. Loans to SMEs
accounted for around 70% of its total assets as of December 31,
2020 and have been rapidly growing since 2017. In 2020, SME Bank
has become instrumental in supporting the SME sector, which has
been severely affected by the pandemic, and thus it has materially
increased its lending to SMEs via government-induced support
programmes, such that SME loan book has grown by 34% in 2020.

Rapid loan growth to the sector most affected by the pandemic, as
well as discontinuation of government support programmes to this
sector, led to deterioration in the bank's asset quality and the
need for the bank to create material loan loss provisions. The
bank's cost of risk was over 2% (annualized) in Q1 2021, and
Moody's expects it to increase to around 8% for 2021.

On the back of increased provisions, the bank has reported losses
of RUB991 million in 2020 and RUB1.14 billion in Q1 2021, and
Moody's expects the amount of losses to materially increase by the
end of 2021.

Recently reported losses have exerted some pressure on the bank's
capital adequacy. The bank's TCE/RWA was 13 % at December 31, 2020,
and Moody's expect it to drop to below 9% by the end of 2021 unless
the bank receives new capital injection or reduces its asset base
via asset sales.

SME Bank's caa2 BCA reflects its weak solvency profile and high
credit risk, on a standalone basis, absent any extraordinary
support from Russian authorities. At the same time, SME Bank's BCA
remains supported by its ample liquidity with liquid assets
accounting for around 29% of total assets at the end of March 2021
and a high reliance on stable funding sources provided by the
Central Bank of Russia and VEB.RF which accounted for over 50% of
total liabilities.

GOVERNMENT SUPPORT

SME Bank is fully owned by Russia's state Joint-stock company
"Russian Small and Medium Business Corporation" (JSC "RSMB
Corporation"). The bank has a mandate for extending and promoting
financing to Russia's SMEs, either through direct lending to SMEs
or by partnering with commercial banks and non-bank financial
institutions.

High probability of government support reflects the fact that the
bank is fully owned and controlled by Russian authorities and acts
as the government conduit for supporting local SMEs.

Moody's has lowered the probability of government support to High
from Very High, given the uncertainty with respect to the potential
capital support from JSC "RSMB Corporation". Therefore, the bank's
B3 long-term deposit ratings are now based on the bank's caa2 BCA
and a two-notch rating uplift.

DEVELOPING OUTLOOK

The developing outlook reflects Moody's expectation that there are
a number of diverse scenarios that could affect the rating in
either positive or negative directions in the next 12-18 months,
which depend on the bank's ability to contain downside risk and
stabilize its solvency profile. The outlook also reflects
uncertainty with respect to the timing and sufficiency of potential
capital support from the bank's shareholder.

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

A positive rating action is possible in the next 12-18 months if
SME Bank stabilizes its asset quality, strengthens profitability
and receives a substantial capital support from the government that
materially improves its solvency profile and benefits its senior
creditors and depositors. At the same time, Moody's could change
the outlook to negative or downgrade the bank's BCA and ratings in
case of a further significant deterioration of its asset quality,
profitability and capital beyond Moody's current expectations, on
in case if capital support from the government does not
materialize.

LIST OF AFFECTED RATINGS

Issuer: SME Bank

Downgrades:

Adjusted Baseline Credit Assessment, Downgraded to caa2 from b2

Baseline Credit Assessment, Downgraded to caa2 from b2

Long-term Counterparty Risk Assessment, Downgraded to B2(cr) from
Ba1(cr)

Long-term Counterparty Risk Ratings, Downgraded to B2 from Ba1

Senior Unsecured Regular Bond/Debenture, Downgraded to B3 from
Ba2, Outlook Changed To Developing From Negative

Long-term Bank Deposit Ratings, Downgraded to B3 from Ba2, Outlook
Changed To Developing From Negative

Affirmations:

Short-term Counterparty Risk Assessment, Affirmed NP(cr)

Short-term Counterparty Risk Ratings, Affirmed NP

Short-term Bank Deposit Rating, Affirmed NP

Outlook Action:

Outlook, Changed To Developing From Negative

PRINCIPAL METHODOLOGY

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



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

MEIF 5 ARENA: S&P Lowers Long-Term ICR to 'B+', Outlook Stable
--------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
car park operator MEIF 5 Arena Holdings SLU (MEIF 5) to 'B+' from
'BB-'. S&P also lowered its issue rating on the company's senior
secured notes to 'B+' from 'BB-'.

The stable outlook reflects S&P's expectations for recovery in
occupancy levels for car parks, the company's solid liquidity
position, and its expectation that funds from operations (FFO) to
debt will exceed 8% on average in 2021-2023.

Consumer-led economic recovery, the easing of pandemic-related
restrictions, and increased vaccinations will support car park
traffic rebound in the second half of 2021. S&P said, "However, we
expect the recovery to pre-pandemic levels to be slower in the
Iberian Peninsula. Generating about 70% and 25% of its gross margin
in Spain and Portugal, respectively, on a normalized 2019 basis,
MEIF 5's cash flow recovery is closely linked with the consumer
behaviors in these countries. Following the financial crisis of
2008, we saw a slower increase in traffic levels for car parks and
toll roads in this region compared with other Western European
countries. We forecast MEIF 5's revenue will remain 25%-30% below
pre-pandemic levels in 2021, similar to the 31% revenue drop in
2020, compared to 20%-25% for peers such as Indigo Group SA and
Q-Park Holding I BV. In our view, full recovery to 2019 levels will
only happen in 2023."

S&P said, "We expect MEIF 5's adjusted debt to EBITDA to remain
above 8.0x until 2023 at the earliest. Under our current base case,
we forecast adjusted debt to EBITDA will be close to 13x in 2021,
down from 16.7x in 2020 and compared to our previous forecast of
9x, decreasing to 8.5x in 2022-2023. That said, we understand that
MEIF 5's owners aim at maintaining prudent financial policy,
adapting the company's distributions and expansion strategy to
business conditions. We forecast no shareholders distributions
until 2023. However, compared to peers such as Indigo and Q-Park,
the company has lower profitability due to larger on-street
exposure (about 15% of pre-pandemic EBITDA), a smaller scale
(adjusted EBITDA at EUR41 million in 2020, compared to more than
EUR200 million for peers), and limited geographical
diversification. We think these factors will constrain the
company's future cash flow generation."

Leverage reduction also depends on MEIF's ability to win, renew,
and acquire new parking concessions, which translates into lower
predictability of cash flows. Despite the pandemic, the company has
managed to secure investments of EUR25 million in 2020 and EUR6
million in the first quarter of 2021, of which EUR22 million
related to growth initiatives, mostly in the off-street segment.
S&P expects MEIF 5 will invest about EUR100 million-EUR120 million
in bilateral deals and public concession tenders over 2021-2023,
although we expect the latter will remain competitive and new
operations will take time to ramp up. MEIF 5 will dedicate some of
the investments to the renewal of expiring contracts if
commercially favorable terms are agreed. These contracts include
the Spanish airport AENA tender, maturing this year, and the Las
Cortes car park in Madrid, maturing in 2022.

The stable outlook reflects S&P's view of relatively quick recovery
of demand for the European car park sector, coupled with the
company's solid liquidity position and balanced financial policy.
In S&P's base case, it expects FFO to debt will exceed 8.0% on
average in 2021-2023, with average debt to EBITDA higher than
9.5x.

S&P could consider an upgrade if the company were able to increase
revenue and EBITDA margins on the back of successful off-street
consolidation strategy and better-than-expected traffic recovery,
such that leverage declined below 8.0x on a sustainable basis.

Although less likely in the short term, S&P could take a negative
rating action on MEIF 5 if:

-- Aggressive financial policy or sustained negative free
operating cash flows led to substantially slower leverage
reduction;

-- Its liquidity position deteriorated beyond S&P's expectations;
or

-- It significantly changed its business mix so that exposure to
on-street non-infrastructure business--such as management contracts
and short-term leases--increased to about 30% of EBITDA.

This would likely cause adjusted EBITDA margins to fall below 30%
and so weaken S&P's view of the group's business risk profile,
although S&P sees this as unlikely at this stage.




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

UKRAINIAN RAILWAY: Fitch Affirms 'B' LT IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed JSC Ukrainian Railway's (UR) Long-Term
Issuer Default Rating (IDR) at 'B' and removed it from Rating Watch
Negative (RWN). The Outlook is Stable.

The removal from RWN reflects Fitch's view that UR's immediate
liquidity position has improved following the issuance of USD300
million five-year loan participation notes on 15 July 2021. Fitch
considers the company comfortably positioned to offset projected
debt servicing needs in 2H21 and 2022.

The affirmation reflects Fitch's unchanged view on the company
under Government Related Entities (GRE) Criteria, as an entity with
strong linkage to Ukraine (B/Stable) and assessment of the latter's
ability and willingness to provide support to the company as high.
Based on this Fitch applies a top-down approach, which combined
with the company's Standalone Credit Profile (SCP) assessment
raised to 'b-' from 'ccc' (fewer than three notches away from the
sponsor's rating), leads to rating equalisation with Ukraine.

KEY RATING DRIVERS

The removal from RWN reflects the company's improved liquidity
position following the issuance of USD300 million loan
participation notes on 15 July 2021. The company is using the bond
proceeds for the repayment of the short-term debt, including the
repayment of the Sberbank loan (USD131.2 million already fully
repaid), USD50 million of bonds due on 15 September 2021 and some
working-capital facilities (already refinanced by UR). Fitch views
liquidity sources (available cash and undrawn lines of credit) as
sufficient to offset scheduled debt servicing by end-2021 and in
2022.

GRE

UR's score of 27.5 under Fitch's GRE Criteria is unchanged and
reflects a very strong assessment of the legal status, ownership
and support due to state full ownership and control. The score also
reflects moderate assessments for support record and
socio-political implications of default, along with strong
assessment for financial implications of default.

Status, Ownership, and Control (Very Strong)

UR is a national integrated railway group, 100% owned by Ukraine.
It consists of six regional railways and other branches linked to
servicing the national rail system. UR operates under strict
Ukrainian state control. The national government approves the
company's strategic objectives, including tariff settings, debt and
investment planning and appoints members of the company's
management and supervisory boards. Its supervisory board includes
top-ranking government officials and independent directors.

Support Track Record (Moderate)

Fitch assesses Ukraine's ability to provide support to UR as
Moderate. The company receives modest annual transfers from
national and local budgets, which do not fully cover costs of
transporting passengers. Losses incurred in this segment are
cross-subsidised with the profit from freight transportation.
Ukraine guarantees part of the company's external debt contracted
from bilateral and international financial institutions (IFIs). In
2021 the company is likely to get UAH4 billion of grants from the
2021 state budget: projected UAH3 billion for the purchase of about
100 passenger railway cars (UAH900 million already received) and
UAH1 billion for railway track modernisation and construction.

Socio-political Implications of Default (Moderate)

Fitch assesses this factor as Moderate. As a strategically
important transportation company for Ukraine, UR will continue to
manage national railway infrastructure, and provide dispatching,
passenger transportation, and dominant freight services.
Nonetheless, its potential default could lead to some service
disruptions, but not of an irreparable nature, and not necessarily
leading to significant political and economic repercussions for the
national government.

Financial Implications of Default (Strong)

Fitch considers a default of UR on external obligations as
potentially harmful to Ukraine, as it could lead to reputational
risk for the state. Both UR and the national treasury tap
international capital markets for debt funding, as well as using
loans and financial aid from the IFIs. Therefore, any potential
default of UR could to some extent influence the cost of external
funds for debt financing of other GREs or the state itself.

SCP Raised

As the company's liquidity improved following the USD300 million
bond issuance on 15 June 2021 Fitch has raised UR's SCP to 'b-'
from 'ccc', factoring in the company's Weaker assessment for
revenue defensibility, combined with a Midrange assessment for
operating risk and Weaker assessment for financial profile.
Although the company's liquidity has improved, Fitch continues to
assess it as structurally weak and prone to volatility, associated
with foreign currency fluctuations and uncertainties on
availability and timely access to domestic and international
capital markets. As a result, Fitch continues to apply this as a
negative qualitative assessment for the company's financial profile
leading to a SCP of 'b-'.

Revenue Defensibility: Weaker

The 'Weaker' assessment reflects 'Midrange' demand and 'Weaker'
pricing. Demand for UR's services is supported by its position as
the monopolistic owner and operator of the rail infrastructure,
with sizeable freight operations the prime revenue driver. UR is
exposed to risks of negative commodity market dynamics, foreign
currency-market fluctuations, and macro-economic and geo-political
developments, particularly in Russia, which affects Fitch's demand
assessment.

Operating Risk: Midrange

UR's operating costs and resource management is assessed as
'Midrange'. The company's cost structure is fairly stable
(excluding non-cash items, such as currency risk) and dominated by
staff costs, averaging 60% of opex (excluding non-cash items) in
2016-2020, followed by maintenance costs and goods and services at
35%. Most costs are well-identified with moderate volatility.

Financial Profile: Weaker

UR's financial profile remains exposed to commodity market and
foreign-exchange risks, along with the geo-political risks
associated with bilateral relations with Russia. UR is moderately
exposed to domestic competition in passenger transportation, while
its financial profile is supported by sizeable operations in the
freight segment, where the company benefits from its monopolistic
position.

The company was severely hit by the economic disruptions triggered
by the coronavirus pandemic in 2020, which reduced revenue from its
core operations in freight, while lockdowns in Ukraine temporarily
stopped passenger transportation. As a result, UR's revenue fell by
17% and this was only partly compensated by lower operating costs.
This led to a 35% reduction in Fitch-calculated EBITDA, which
declined to UAH12 billion in 2020 from UAH 19.2 billion in 2019.
The company's net adjusted debt/Fitch-calculated EBITDA - a key
financial metric - weakened to 2.7x from an average of 1.8x in
2015-2019, but the deterioration was less than Fitch envisaged in
the last rating case in September 2020 of 5.2x in 2020.

Our revised rating case, stressed to test the resilience of the
primary metric against the worst-case scenario, envisages a
deterioration in net adjusted debt/EBITDA approaching 4.4x in 2025.
This rating case scenario assumes substantial stress on operating
revenue and operating expenditure from disruptions from the
coronavirus pandemic, as well as UR's high investment needs.

DERIVATION SUMMARY

Fitch rates UR based on Fitch's revised assessment of the company's
'b-' SCP which combined with an assessment under the GRE criteria
resulting in a score of 27.5, continues to warrant equalisation
with the Ukraine sovereign IDR.

KEY ASSUMPTIONS

Fitch's rating case is a "through-the-cycle" scenario, which
incorporates a combination of revenue, cost and financial risk
stresses. It is based on 2020 actuals and projections for
2021-2025:

-- Operating revenue (cash-adjusted) at .6% CAGR for 2021-2025;

-- Operating costs (cash-adjusted) at 6.8% CAGR for 2021-2025;
    and

-- Cost of debt at 10.8% in 2021-2025;

-- Negative capital balance of about UAH10.437 million a year in
    2021-2025.

RATING SENSITIVITIES

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

-- An upgrade of Ukraine's sovereign rating provided there is no
    deterioration in the company's SCP and scoring under GRE
    criteria.

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

-- A downgrade of Ukraine's sovereign rating;

-- Dilution of linkage with the sovereign resulting in the
    ratings being further notched down from the sovereign;

-- Maintenance of net debt to EBITDA above 4x and deterioration
    of the company's liquidity position.

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.

LIQUIDITY AND DEBT STRUCTURE

The company's immediate liquidity improved in mid July 2021,
following the issuance of USD300 million loan participation notes
on 15 July 2021. The company is using the proceeds for repayment of
short-term debt. As of 20 July 2021, UR's combined liquidity (free
cash and undrawn lines of credit) was UAH7.3 billion, while total
remaining repayments in 2021 are scheduled at UAH1.7 billion.

At end-2020 UR's total debt was UAH36,699.7 million (2019:
UAH35,014.7 million). Foreign currency debt made up 93.2% (2019:
91.2%). Eurobonds accounted for 56% of the company's 2020 debt.
UR's exposure to foreign-exchange risk is material, as its revenue
stream is mostly in domestic currency.

ISSUER PROFILE

UR is Ukraine's integrated railway group with core operations in
domestic freight segment. It also manages national railway
infrastructure, provides dispatching and passenger transportation
services.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch has adjusted the company's cash flow in 2019-2020 (capital
outflow (inflow) due to placing the company's cash on deposits
(withdrawing from deposits) in order not to distort the company's
outflow on investments such as the acquisition of fixed assets,
plots. Cash includes cash and cash equivalents, like short-term
state treasury bonds.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

UR's ratings are linked to Ukraine's IDRs.

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.



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

AEA INTERNATIONAL: Moody's Gives Ba3 CFR, Rates New $700M Loan Ba3
------------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 corporate family
rating and Ba3-PD probability of default rating to AEA
International Holdings (Luxembourg) S.a.r.l., which is an
intermediate holding company of the global assistance and medical
services group International SOS (INT-SOS or the company). Moody's
has assigned Ba3 instrument ratings to the proposed $700 million
backed senior secured first-lien term loan to be issued by AEA
International Holdings (Luxembourg) S.a.r.l. and to the proposed
backed senior secured first-lien revolving credit facility of up to
$100 million to be borrowed by subsidiary company AEA International
Holdings Pte. Ltd. The outlook on all ratings is stable.

The rating action reflects:

The company's differentiated business model and strong market
position

Its strong historic track record and growth prospects

Solid revenue visibility

Moderate leverage alongside a conservative financial policy

The new proposed backed senior secured first-lien term loan is
being issued to refinance existing debt of $619 million, certain
general corporate purposes, to acquire the outstanding shares in an
associate company, to pay transaction costs and expenses and to
increase cash on balance sheet.

RATINGS RATIONALE

The Ba3 CFR reflects: (1) the company's strong and differentiated
market position as the only global integrated supplier of
assistance and medical services; (2) good revenue visibility
supported by subscriptions, medium term contracts, high retention
rates and stable associated supplies demand; (3) strong historic
track record and growth prospects, driven by increasing focus on
employers' duty of care, employee safety and wellbeing and business
continuity; (4) a conservative financial policy with moderately low
leverage of 4.3x (Moody's-adjusted).

The rating also reflects: (1) the recent uplift in revenues and
EBITDA associated with one-off pandemic related effects, which are
difficult to calculate precisely; (2) a degree of exposure to
extractive industries, for which demand may vary, and to business
travel which although should improve may not fully recover
pre-pandemic levels; (3) a complex market in which customers may
select multiple providers to service their overall requirements or
through partnerships to compete with INT-SOS's integrated offer;
(4) an industry which is sensitive to cyber threats and requiring
substantial investments in the technology platform.

INT-SOS has a strong business profile based on its leading market
position in both assistance and medical services, and
differentiated offering as an integrated provider. Demand is
expected to grow in at least mid-single digit rates as employers
increasingly focus on duty of care to employees. Whilst the company
obtained some one-off benefits from the coronavirus pandemic,
particularly in the provision of medical supplies, and the shorter
term effects are uncertain, it is likely that the pandemic will
lead to longer term structural growth as bio-security factors and
business resilience remain high priorities. The company also
benefits from moderate leverage, a conservative financial policy,
high earnings visibility and a strong track record of growth.

At the same time the market is complex and fragmented with many
suppliers providing components of assistance and medical services
and a prevalence of unbundled offerings. However, the importance of
rapid response and potential cross-over of security and medical
emergencies aligns well with INT-SOS's integrated services and
extensive on the ground network.

The company's cash flows are somewhat low for the rating, which are
impacted by high digital investments, contract set-up costs and
working capital, leading to forecast free cash flow to debt in the
mid-single digit percentages. This consideration is largely
mitigated by the quality of the company's business profile but
leave the company relatively weakly positioned within the Ba3
rating category.

LIQUIDITY

INT-SOS has solid liquidity with cash at May 2021, pro forma for
the refinancing transaction, of $73 million, and access to an
undrawn RCF of up to $100 million. This is expected to provide
adequate headroom to support liquidity across a wide range of
operating companies in many jurisdictions, and working capital
volatility. The RCF is available for 6.5 years and is subject to a
springing net leverage test applying when the facility is drawn by
more than 40%, under which Moody's expect ample headroom.

STRUCTURAL CONSIDERATIONS

The backed senior secured facilities are rated Ba3, in line with
the CFR, reflecting the pari passu senior secured only debt
structure. They are guaranteed by material subsidiaries estimated
to represent around 65% of group EBITDA and security is in the form
of share pledges over certain material companies incorporated in
Luxembourg, UK, US, Singapore and Australia. Whilst this security
is therefore limited given the broad international mix of operating
companies it covers the top companies in the restricted group and
majority of intermediate holding companies and provides a single
point of enforcement.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Moody's regards the coronavirus pandemic as a social risk under its
ESG framework, given the substantial implications for public health
and safety. Overall the pandemic has created net positive effects
for INT-SOS given the increased focus on bio-security as well as
short term demand for medical supplies. Longer term trends relating
to greater focus on employers' duty of care and the safety and
well-being of employees are expected to lead to growth in demand
for the company's services.

INT-SOS is exposed to cyber security risks which could be highly
damaging to the business given the critical and time-sensitive
nature of its operations and access to customers' sensitive
personal employee information. There are dedicated IT security
teams, and cyber security is reviewed at board level regularly.
According to the company its cyber security systems have not been
breached, and insurance cover is held against cyber risks.

The company has a balanced financial policy with a target to
maintain company-adjusted net leverage below 3x. It is majority
owned by its founders, with around 15% stakes held by both Peugeot
Invest and Copeba, which Moody's considers have a long term
investment strategy focused on value appreciation rather than
debt-financed distributions.

OUTLOOK

The stable outlook reflects Moody's expectation that the company
will continue to grow revenues at least in the low to mid-single
digit percentages, from the pro forma levels in fiscal 2021, ending
June 2021, which adjust for the one-off revenues relating to the
pandemic. It also assumes that EBITDA margins remain stable, with
steady capital spending levels, leading to solid free cash
generation. It also assumes that there will be no material
releveraging transactions, either for debt-funded acquisitions or
dividends.

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

The ratings could be upgraded if the company continues to maintain
solid operating metrics with revenue growth and at least stable
margins, and with good liquidity. Quantitively a rating upgrade
would likely require:

Moody's-adjusted debt / EBITDA to reduce sustainably below 3.5x

Moody's-adjusted free cash flow (FCF) / debt to be sustained above
10%

The ratings could be downgraded if the company experiences a
weakening in operating metrics, revenue or margin contraction,
suffers a material loss of contracts, or if liquidity concerns
arise. Quantitively a rating downgrade could occur if:

Moody's-adjusted debt / EBITDA is sustained above 4.5x

Moody's-adjusted free cash flow (FCF) / debt reduces below 5%

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

INT-SOS is a leading global provider of assistance and medical
services to corporates, governments and other public entities. It
is headquartered in London and Singapore and in fiscal 2020
generated revenues of $1.4 billion and Moody's-adjusted EBITDA of
$163 million. The company is privately owned with its equity mainly
held by its founders Arnaud Vaissie, Dr. Pascal Rey-Herme and
Laurent Sabourin, with minority shareholders Copeba and Peugeot
Invest each holding around 15%.

BLERIOT MIDCO: Moody's Ups CFR to B2 on Strong Trading Performance
------------------------------------------------------------------
Moody's Investors Service has upgraded the corporate family rating
of Bleriot Midco Limited (Ontic or the company) to B2 from B3, and
upgraded the company's probability of default rating to B2-PD from
B3-PD. Concurrently Moody's has affirmed the B2 ratings of the
existing outstanding $548 million backed senior secured first-lien
term loan due 2026, to be upsized to $688 million, and the $85
million backed senior secured first-lien revolving credit facility
due 2024, both issued by Bleriot US Bidco, Inc. The outlook on all
ratings is stable.

The rating action reflects:

The company's strong trading since its leveraged buyout in October
2019

Reduced leverage to 5.8x (Moody's-adjusted) as at March 2021 pro
forma for the proposed refinancing transaction

The proposed prepayment of the company's second-lien facilities

The $140 million proceeds from the upsized first-lien term loan
will be utilised, alongside existing cash, to prepay in full the
$175 million backed senior secured second-lien term loan due 2027
issued by Bleriot US Bidco, Inc, and the Caa2 rating of this
instrument will be withdrawn upon closing of the refinancing.

RATINGS RATIONALE

The B2 CFR reflects the company's: (1) market-leading position in
OEM-licensed parts for legacy Aerospace and Defence (A&D) platform
products; (2) strong trading performance, with limited exposure to
the economic cycle, driven by the large military end market and
aftermarket exposures, and good platform and product
diversification; (3) high margins, reflecting strong bargaining
power in legacy platform components, sole-source positions, limited
competition and low product substitution risk; (4) relatively
stable earnings stream from its existing product base; and (5) long
relationships with OEMs, underpinned by product and transition
expertise.

The rating also reflects: (1) adverse effects of the coronavirus
pandemic, in particular through reduced commercial aerospace
volumes; (2) high Moody's-adjusted leverage of 5.8x and low cash
generation after new license spending; (3) the company's relatively
small scale and high degree of geographic concentration with
potential for volatility of earnings; and (4) reliance on
relationships with OEMs, which could be hurt by loss of key
personnel or weak execution of new license transitions.

Ontic has performed well since closing its leveraged buy-out in
October 2019. It has increased its exposure to military platforms
to 70% of 2020 revenues, from 57% in 2018, weathered the adverse
effects of the coronavirus pandemic on its commercial platforms,
and generated double-digit organic revenue growth. The company has
also carried out acquisitions of new licenses which have been
funded largely through cash generation. As a result leverage has
reduced to 5.8x (Moody's-adjusted, pro forma for the refinancing)
as at March 2021, compared to 7.5x at the time of the LBO.

Moody's expects the company to maintain earnings growth and a
deleveraging trajectory supported by stable or positive organic
revenue growth and a strong pipeline of license acquisitions which
will be financed from existing cash or cash generation. The high
organic growth rates of the past two years are unlikely to be
sustained, as these were affected in particular by the re-engining
programme for the CH-53 Sea Stallion military transport helicopter.
However CH-53 activity relates to a major life extension programme
which will continue through to 2024 and extend its operational life
until 2030, and other military programmes are expected to increase
in the next 12-18 months, with revenue further supported by license
acquisitions and potential recovery in commercial aerospace.

LIQUIDITY

The company maintains adequate liquidity with cash of $76 million
at June 2021, pro forma for the refinancing transaction. Moody's
expects the company to continue financing license acquisitions
largely through positive free cash flow. Ontic also has access to
an undrawn RCF of $85 million available until 2024. The RCF is
subject to a springing first-lien net leverage covenant, tested
when drawings exceed 40% of total commitments, under which the
company is expected to retain substantial headroom.

STRUCTURAL CONSIDERATIONS

The group's debt facilities following the refinancing will comprise
a $688 million backed senior secured first-lien term loan, due
2026, and a pari passu ranking $85 million backed revolving credit
facility due 2024. The facilities are guaranteed by Bleriot Midco
Limited and all its material restricted subsidiaries, and secured
over all US and UK assets, subject to a limitation of 65% of share
pledges of foreign subsidiaries of US entities. There is a single
point of enforcement through a pledge over shares in Bleriot Midco
Limited.

The B2 ratings on the backed senior secured first-lien term loan
and backed revolving credit facility are in line with the CFR,
reflecting the first lien only capital structure following the
refinancing.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

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

Governance considerations included in the credit assessment of
Ontic include (1) financial policies that are likely to maintain
relatively high leverage including the use of additional debt
drawdowns and surplus cash to finance license acquisitions; and (2)
reliance on key individuals to maintain strong OEM relationships
and execute new license transitions.

OUTLOOK

The stable outlook reflects expectations that the company will
sustain Moody's-adjusted leverage below 6x over the next 12-18
months while maintaining at least stable revenue and EBITDA on an
organic basis. The stable outlook also incorporates Moody's
assumption that free cash flow (FCF) / debt will be maintained at
low positive single-digit percentages after investments in new
license acquisitions. In addition, the outlook reflects assumptions
that (1) the company will maintain adequate liquidity, and (2) no
debt-financed acquisitions or distributions that result in a
material increase in leverage will occur.

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

The ratings could be upgraded if Moody's-adjusted leverage reduces
sustainably below 5x. It would also require material positive free
cash flow to be maintained after license acquisition spend, and for
FCF / debt prior to license acquisitions to be sustained in excess
of 10%.

An upgrade would also require that organic revenue and margin
performance of the existing portfolio remains at least stable, and
that liquidity remains adequate. In addition, the company would
need to demonstrate a financial policy consistent with sustaining
the above metrics.

The ratings could be downgraded if leverage increases above 6x on a
Moody's-adjusted basis, if free cash flow before license
acquisitions trends towards zero, or if there is a material decline
in organic revenues or EBITDA margins. A downgrade could also occur
if liquidity concerns arise.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Aerospace and
Defense Methodology published in July 2020.

COMPANY PROFILE

Ontic, headquartered in Cheltenham, England, is a leading provider
of OEM-licensed parts and repair and overhaul services to the
Aerospace & Defence industry, focusing on late lifecycle and legacy
products. The group has operations in three end market segments:
(1) Military, representing 70% of 2020 revenues, (2) Commercial
aviation, representing 21% of revenues and (3) Other, representing
9% of revenues. The group operates six facilities in the US, UK and
Singapore supporting a global base of over 1,600 customers and
6,000 products. In 2020 Ontic reported [1] revenues of $337
million.

BLERIOT MIDCO: S&P Upgrades ICR to 'B' on Resilient Performance
---------------------------------------------------------------
S&P Global Ratings raised the ratings on legacy aerospace & defense
parts supplier Bleriot Midco (Ontic) and its first-lien facilities
to 'B' from 'B-'. The recovery rating is unchanged at '4'.

S&P said, "The stable outlook indicates that we expect Ontic to
increase its revenue and EBITDA further by acquiring more
intellectual property (IP) licenses and that it will continue to
gradually improve its core credit metrics. We also anticipate that
the company will continue to earn a significant proportion of its
revenue from military platforms and the aftermarket."

Ontic's continued IP license acquisitions have supported top-line
growth in the past year, and the trend is likely to continue
through 2021 and 2022. Ontic completed seven license acquisitions
through 2020, and three in the first half of 2021. It is likely to
make more purchases, which should support its revenue and EBITDA
accretion. 2020 saw a 19% increase in revenue, largely fueled by
its U.S. business, which accounted for 61% of total revenue. This
method of achieving inorganic growth has been key over the past
year and is likely to be pursued through 2021 and into 2022.
Revenue is forecast to increase by about 8%-10% in 2021 and 2022,
and EBITDA generation is expected to remain strong. S&P also
forecasts that margins will be in excess of 33% in both years,
continuing the rising trend in recent years.

The company has a strong order book of around $240 million for the
12 months from June 2021, which represents a significant proportion
of its revenue. Stability is provided by Ontic's strong presence on
military platforms and the significant revenue it generates in the
aftermarket for the maintenance, repair, and overhaul of existing
platform components. Around 75% of revenue in the first quarter of
2021 came from military platforms. Ontic also benefits from being
the sole source supplier of 88% of the complex components it
manufactures, and from owning or controlling almost all of the IP
for these.

Key credit metrics have improved because of Ontic's robust
operating performance and the actions management has taken to
reduce cash interest costs. Ontic is raising an incremental $140
million of first-lien debt at an interest margin of 4%, on top of
the $548 million already outstanding. It is using the proceeds and
$35 million of cash on balance sheet to pay down its existing $175
million second-lien term loan, which bears an interest margin of
8.5%. Ontic expects around $9 million of cash interest cost savings
per year.

The increased EBITDA generation and improving margins support
reducing the group's leverage. S&P said, "We expect debt/EBITDA to
improve to about 11x-12x in 2021 and 2022 (including shareholder
loans). Excluding shareholder loans, we expect leverage of around
5.1x-5.4x in 2021, and below 5x in 2022. Combined with the reduced
interest costs over the next couple of years from the refinancing,
we anticipate that FFO cash interest coverage will rise to about
2.7x-3.0x in 2021, and to above 3x in 2022. The improvement in
these credit ratios is supported by the group's ample liquidity. In
addition to its cash on the balance sheet, there is full
availability under the $85 million revolving credit facility (RCF).
We assess Ontic's liquidity as adequate."

Despite the improving metrics, the company's free cash flow
generation remains low after accounting for new license
acquisitions. Ontic's business model has remained resilient
throughout the pandemic, but it needs to continually invest in new
licenses to generate revenue and accrue EBITDA because it is
significantly exposed to the aftermarket space. This acts as a drag
on the company's free operating cash flow (FOCF) generation.
Despite the stability provided by its operational model, platforms
eventually age; as they are retired, demand reduces. S&P expects
new IP license acquisitions to total around $89 million in 2021,
and around $65 million in 2022. This will squeeze Ontic's free cash
flow generation, making it near neutral or slightly negative in
2021 and slightly positive in 2022.

S&P said, "The stable outlook indicates that we expect Ontic to
continue to grow its revenue and EBITDA by acquiring more IP
licenses and improving its core credit metrics. We also anticipate
that Ontic will continue to benefit from the significant portion of
its revenue earned from military platforms and the aftermarket.

"We could lower the rating if revenue and EBITDA growth is lower
than forecast, and reduction in leverage is therefore slower, such
that debt/EBITDA (excluding shareholder loans) rose sustainably
above 6x. Alternatively, if the FFO cash interest coverage declined
consistently to below 2x, free cash flow generation trended
significantly lower, or Ontic's liquidity came under strain, we
could lower the ratings.

"At this stage, further upside is limited within our 12-month
rating horizon. An upgrade would depend on adjusted debt to EBITDA
improving to below 5x on a sustained basis, with supportive
industry conditions and a sustained strong operating performance.
It would also depend on materially positive and consistent FOCF
generation from the company, after accounting for new license
acquisitions, and evidence that the sponsor would not take
shareholder returns or seek to releverage the group."


BURGER KING UK: Bridgepoint Mulls Sale of Business Next Year
------------------------------------------------------------
Mark Kleinman at Sky News reports that the newly listed owner of
Burger King's UK operations has begun drawing up plans for a sale
of the business next year in a bet on an accelerated recovery of
Britain's pandemic-hit restaurant industry.

Sky News has learnt that Bridgepoint Group is holding preliminary
talks with investment banks about an auction of one of the
country's best-known fast-food chains.

According to Sky News, the discussions are unlikely to result in a
formal sale process for another 12 months, according to insiders,
although they added that one could kick off in the early part of
2022 if sales continue to grow at a significant rate.

The prospective appointment of bankers is likely to alert rival
private equity firms and potential trade buyers, and comes exactly
a year after Burger King UK's chief executive, Alasdair Murdoch,
warned of substantial job losses and restaurant closures as the
COVID-19 crisis decimated the hospitality sector, Sky News states.

Although there is scant public detail about its recent financial
performance, the chain is said to have rebounded strongly in recent
months, boosted by an expanded portfolio of drive-thru restaurants,
Sky News notes.

Burger King UK itself weighed a company voluntary arrangement (CVA)
mechanism for one of its subsidiaries as it sought to close a small
number of its 530 sites, Sky News recounts.

Burger King UK owns roughly 150 of its UK outlets, and has been
buying more of them back from franchisees in recent months in an
effort to boost profitability, Sky News discloses.

Burger King UK was unavailable for comment, while a spokesman for
Bridgepoint, as cited by Sky News, said that no advisers had been
appointed and that the company was "simply exploring growth options
for the [Burger King UK] business".


CINEWORLD: Faces Fresh Legal Battle Over Unpaid Rents
-----------------------------------------------------
Sabah Meddings at The Sunday Times reports that Cineworld has been
plunged into a fresh court battle over unpaid rents, as the world's
second-biggest cinema chain scrambles to recover from months of
closures.

The FTSE 250 company is facing a GBP1 million legal claim from
Marina Developments Ltd, the owner of its multiplex in Southampton,
The Sunday Times discloses.  Owned by Baron Iliffe and his family's
Yattendon Group, which runs marinas along with local newspapers.
According to The Sunday Times, Marina Developments claims that
Cineworld has failed to pay rent and other charges since March last
year.

It is the latest clash between landlord and tenant after a
government-backed moratorium was introduced to prevent evictions,
The Sunday Times notes.

Last year, it was reported that Cineworld was considering a
controversial insolvency process known as a company voluntary
arrangement to slash rents, but it did not materialize, The Sunday
Times relates.


CLARA.NET HOLDINGS: Fitch Assigns Final 'B+' IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has assigned Clara.net Holdings Limited (Claranet) a
final Long-Term Issuer Default Rating (IDR) of 'B+' with a Stable
Outlook. Fitch has also assigned the group's secured loan
facilities a final 'BB-' rating with a Recovery Rating of 'RR3'.

The assignment of final ratings follows instrument and shareholder
loan documentation conforming to information already received by
Fitch and the GBP19.5 million shareholder loan's maturity being
reset to a date reasonably later than the maturity of senior
secured instruments. The key rating drivers are unchanged.

Claranet's ratings reflect high Fitch-projected funds from
operations (FFO) gross leverage at 5.8x on a pro-forma basis for
acquisitions at financial year to June 2021. Fitch projects this to
decline to below 5x by FYE23, barring large debt-financed
acquisition activity.

Rating strengths are an asset-light business model, avoiding any
significant investments in infrastructure. Sustainably low capex
requirements and around 15% Fitch-defined EBITDA margin lead to
positive free cash flow (FCF) generation, supporting deleveraging
flexibility and providing liquidity.

KEY RATING DRIVERS

Asset-light Business Model: Claranet is strategically focused on
providing managed IT services that often support their customers'
mission-critical applications and refrains from making significant
investments in data-centre infrastructure. This strategy allows the
company to avoid risks of IT hardware obsolescence, but means it is
dependent on collaboration with third-party infrastructure
providers, such as public cloud companies.

Long-term Business Risks: Fitch believes simplification of managing
cloud-based applications, which may result from wider proliferation
of ready-to-use out-of-the-box solutions or more active involvement
of hyper cloud providers in servicing their medium-size customer
base, may pose risks to this business model. However, Fitch views
these risks only as a potential, longer-term threat.

IT Outsourcing Supportive: A global trend for wider outsourcing of
IT functions, particularly cloud- and cybersecurity-related,
supports Claranet's growth outlook. Margins are helped by
inflation-linked pricing escalators in most contracts.

Claranet operates in a multi- billion euros market that some
industry experts expect will see average annual growth in
mid-to-high single digits at least until 2025. Claranet's proven
record of managing customer cloud-based applications and
certifications from the largest public cloud providers firmly
position the company to benefit from this growth. Connectivity and
workplace segments (37% of FY20 revenues) are likely to see only
slow expansion, which would weigh on overall growth.

Niche Positioning Reduces Competitive Intensity: A focus on
servicing medium-sized and sub-enterprise customers shields
Claranet from active competition from larger IT integrators. Its
target customer base is typically under-served and relationships
can be easier to initiate. Local presence and the ability to
provide personalised support and expertise as needed are more
important in this segment than market share power and an ability to
undertake large-scale and complex IT projects, in Fitch's view.

Enduring Customer Relationships: Long-lasting customer
relationships and a high share of recurring revenue lead to good
revenue visibility, which is credit positive. Customer
relationships with good satisfaction levels tend to endure,
particularly with larger sub-enterprise clients, as evidenced by
Claranet's annual churn (conservatively calculated) in the
low-to-mid teen percentage territory. Fitch believes this is
similar to or slightly better than that of peers, who are focused
on small and medium-sized companies.

High Recurring Revenue Share: A significant proportion of contracts
last several years, with the average contract length over two years
for the 100 largest customers. More than 50% of Claranet's FY20
revenue was recurring, rising to close to 70% including usage-based
revenues. Replacing a managed service provider entails a risk of
operating disruptions and typically requires significant advanced
planning, so that even customers intending to leave continue to
generate revenues.

Generic Services: Claranet does not offer proprietary software that
would differentiate it from other managed service providers. It
typically helps manage a broad range of customer applications
including mission-critical ones and aims to provide a high level of
service. Claranet is not focused on any one industry and caters to
a broad range of industries and end-markets.

Acquisitive Strategy to Continue: Fitch expects Claranet to
continue with bolt-on acquisitions, which have been a feature of
its growth strategy and have allowed it to enter new markets. It
has completed 30 bolt-on acquisitions since 2012. Fitch assumes
that any significant excess cash from the refinancing will
eventually be spent on bolt-on acquisitions. Ample internally
generated cash would also be available to finance M&A. Fitch would
view any larger transactions that may require raising additional
debt as event risk for the rating.

Greater geographic diversification is unlikely to significantly
benefit the rating. With the exception of Portugal, Claranet
remains a small provider in its geographic markets. It operates
primarily across seven European countries and in Brazil. Its
presence in the latter market leads to modest currency mismatch
between debt and cashflow.

Robust FCF Generation: The asset-light business model allows
Claranet to maintain low capex, which coupled with Fitch-defined
EBITDA margin of around 15% (Fitch treats capitalised R&D as an
operating expense) and low taxes, leads to sustained positive FCF
generation. A significant share of capex is tied to specific
customer contracts and is success-driven.

High Leverage: Claranet's leverage is high and Fitch estimates it
at 5.8x on a FFO basis at end-FY21, pro-forma for acquisitions.
With financial covenants set high, cash may easily be up-streamed
to shareholders or spent on acquisitions, and Fitch therefore
relies on gross FFO metrics.

Fitch expects deleveraging to be primarily supported by mid-single
digit annual revenue growth, which should allow Claranet to reduce
FFO leverage to below 5x during FY23, assuming no large
acquisitions. Its GBP19.5 million of shareholder loans are treated
as equity under Fitch's methodology.

DERIVATION SUMMARY

As a provider of managed IT services, Claranet shares some
operating-profile similarities with its larger peers such as
TierPoint, LLC (B/Stable). The latter is increasingly focused on
providing cloud-related managed services but with a much higher
contribution of revenue enabled by proprietary data-centre assets,
due to its origin as data-centre provider.

Claranet's range of offered services has some overlap with large IT
services companies, such as DXC Technology Company (BBB/Stable) and
Accenture plc (A+/Stable), but on a dramatically smaller scale as
it caters to primarily medium-sized companies and sub-enterprise
size clients - a segment that is typically underserved by larger
peers.

TeamSystem Holding S.p.A. (B/Stable) and Dedalus SpA (B/Stable) are
software service providers with sticky customer bases, evidenced by
lower churn rates than Claranet. Together with their strong market
position and good revenue visibility, they have more debt capacity
than Claranet.

Another equally-rated peer is Centurion Bidco S.p.A (B+/Stable),
the acquisition vehicle for Ingegneria Informatica S.p.A., a
leading Italian software developer and provider of IT services to
large Italian companies. It has maintained a strong market share
and stable customer relationships in various industrial segments,
successfully competing with international IT services companies
such as Accenture and IBM. Its larger size and strong domestic
market position allow it to sustain higher leverage at its 'B+'
rating.

KEY ASSUMPTIONS

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

-- Annual revenue growth in high single-digit percentages for
    cloud services, and strong double digits for cybersecurity
    services but from a low base;

-- Slightly improving EBITDA margin, from around 14% in FY21 to
    close to 15% in FY24;

-- Capex at around 6% of revenue, with additional R&D costs of
    approximately 1% of revenue (these are treated as cash costs
    by Fitch), to FY24;

-- Slightly negative working-capital movements in FY21 and FY22;

-- Dividends equal to 5% of company-reported EBITDA;

-- No significant restructuring and one-off costs for the next
    four years;

-- In the lack of consolidated accounts at the level of Claranet,
    Fitch assumes no significant operating activities outside of
    key operating subsidiary Claranet Group Limited, with all
    additional group debt residing at financing subsidiary
    Claranet Finance Limited.

KEY RECOVERY RATING ASSUMPTIONS

-- The recovery analysis assumes that Claranet would be
    reorganised as a going-concern (GC) in bankruptcy rather than
    liquidated given the technical expertise within the group and
    stable customer base.

-- Fitch estimates that post-restructuring EBITDA would be around
    GBP50 million, which would broadly correspond to slightly
    negative FCF. Fitch would expect a default to come from higher
    competitive intensity leading to revenue losses. The GBP50
    million EBITDA is approximately 27% lower than Fitch's
    forecast of pro-forma FY22 EBITDA of GBP69 million.

-- An enterprise value (EV) multiple of 5.5x is applied to the GC
    EBITDA to calculate a post-reorganisation EV. The multiple is
    in line with that of other similar software and managed
    services companies exhibiting strong pre-dividend FCF
    generation.

-- 10% of administrative claim taken off the EV to account for
    bankruptcy and associated costs.

-- The total amount of first-lien secured debt for claims
    includes GBP335 million senior secured term loan facilities
    (GBP equivalent of GBP80 million and EUR290 million
    facilities) and an EUR75 million pari passu ranked revolving
    credit facility (RCF) that Fitch assumes to be fully drawn.

-- Fitch estimates expected recoveries for senior secured debt at
    63%. This results in the senior secured debt instrument rating
    of 'BB-'/'RR3', one notch above the 'B+' IDR.

RATING SENSITIVITIES

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

-- FFO gross leverage below 4x on a sustained basis with a
    disciplined M&A strategy;

-- Significant growth in FCF on a sustained basis with cash from
    operations (CFO) less capex as a share of total debt exceeding
    10%;

-- FFO interest coverage above 4.0x; and

-- Positive operating trends supporting continued revenue growth,
    with an improving share of recurring and usage-based revenues.

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

-- Failure to reduce FFO gross leverage to below 5x by FYE23;

-- FFO interest coverage below 2.5x;

-- Operating and competitive pressures resulting in revenue
    growth falling significantly below the market average;

-- CFO less capex as a share of total debt persistently below 5%.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: Fitch views Claranet's liquidity as
comfortable. Fitch estimates the company to have above EUR60
million of cash on its balance sheet post refinancing, which is
available for general corporate purposes and to fund acquisitions,
if any. This will be supported by positive internal cash flow
generation and a EUR75 million undrawn RCF as a part of the new
capital structure. Claranet's debt has a maturity in July 2028.

ISSUER PROFILE

Claranet is a medium-sized provider of managed IT services
primarily focusing on cloud-related services for small and
medium-sized companies and the sub-enterprise customer segment. It
also offers cybersecurity, connectivity and workplace solutions.

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.

CLEVELAND BRIDGE: Enters Administration, Seeks Buyer for Business
-----------------------------------------------------------------
Business Sale reports that structural engineering firm Cleveland
Bridge has fallen into administration, with a buyer now being
sought for the Darlington-based firm.

The firm's collapse came after the COVID-19 pandemic caused delays
to numerous global infrastructure projects, Business Sale notes.

Unconfirmed reports indicated that budget problems originated with
delays to a major project in Sri Lanka, Business Sale discloses.
According to Business Sale, the company had reportedly been in
talks for several months over a potential GBP6 million funding
package from its owner, Al Rushaid Group, but were unsuccessful in
securing this.

Headquartered in Darlington and at an engineering facility in
Newport, Wales, Cleveland Bridge employs around 220 staff.  The
company has been involved in major worldwide structural engineering
projects, including the arch at Wembley Stadium, the Shard in
London and Sydney Harbour Bridge.

With a full order book covering the next 18 months, in addition to
its skilled workforce, expertise and prominent standing in the
industry, there is optimism that a buyer for the firm can be found,
Business Sale states.  However, administrators from FRP Advisory
have warned that the business will be wound up unless it receives
significant investment, Business Sale relates.


CONSTELLATION AUTOMOTIVE: Fitch Affirms 'B-' IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed used-vehicle marketplace provider
Constellation Automotive Group Limited's (CAG) Long-Term Issuer
Default Rating (IDR) at 'B-' with a Stable Outlook. This follows
the completion of CAG's recapitalisation, in line with Fitch
expectations.

Fitch has also assigned CAG's senior secured financing package a
final 'B-' rating with a Recovery Rating of 'RR4'. Fitch has also
assigned Constellation Automotive Limited's second-lien a final
rating of 'CCC' with a Recovery Rating of 'RR6'.

The 'B-' IDR reflects an aggressive financial profile, based on the
recent shareholder corporate actions, including a debt-funded
parent distribution of around GBP400 million, and high appetite for
financial leverage. Fitch forecasts funds from operations (FFO)
gross leverage at around 9.0x in fiscal year ending March 2022
(FY22), following the recapitalisation, and for it to remain above
8.0x until at least FY23.

Nonetheless, Fitch continues to view CAG's business model as
sustainable with market-leading positions as an integrated
auto-service provider in the UK and continental Europe. The group's
central position in the used-car value chain provides multiple
sources of fee income with limited price risk and strong underlying
free cash flow (FCF) generation. Furthermore, the group has now
successfully adapted its business model to operate fully online
auctions following a pandemic-disrupted 2020 and is boosting
profitability by taking advantage of strong vehicle-buying margins
in its WBAC (We Buy Any Car) division.

Fitch has withdrawn the 'B-'/'RR4' rating on existing senior
secured debt following its repayment under the previous capital
structure.

KEY RATING DRIVERS

Leverage Key Rating Constraint: Following the recapitalisation of
the group alongside a parent distribution payment of around GBP400
million, Fitch expects financial leverage to rise to 9.0x in FY22,
a level higher than Fitch-rated peers' and a key rating constraint
at the group's 'B-' IDR. Furthermore, the sizeable parent
distribution highlights an aggressive financial policy and a
willingness to keep the balance sheet leveraged. Nevertheless,
Fitch is confident in the group's deleveraging abilities via
earnings growth and forecast steady deleveraging to around 7.5x by
end-2024.

Shift to Online Auctions: CAG's swift transition to online auctions
during the lockdown period highlights the resilience of the group's
business model. Fitch expects the shift to online auctions to
remain following the pandemic, and Fitch anticipates neutral impact
on underlying profitability as lower rental costs for auction sites
are counterbalanced by higher logistics costs.

Strong Operational Performance: CAG benefited from a resilient
used-car market during 2020, and was able to preserve earnings by
swiftly transitioning its business model to fully online auctions,
leading to a fairly small 15% decline in EBITDA in FY21 to GBP164
million. Its 1HFY22 financial trading has been very strong as the
group has taken advantage of benign trading conditions in WBAC, and
Fitch expects EBITDA to reach GBP245 million for FY22, assuming no
further lockdowns this winter. Fitch expects this higher earnings
base to be sustainable, driven by continued growth in WBAC,
expanding remarketing volumes in Europe, and a pick-up in
automotive services as the new car market improves.

Strong Market Position: CAG's market leading positions (around 2.5x
larger than its nearest competitor), density of auction networks
across the UK, large land requirements and in-house logistics
capabilities are strong competitive advantages against new
entrants. An integrated business model means CAG benefits from fees
across the automotive value chain, generating diversified revenue
streams from preparation, logistics, vehicle-buying and financing
of vehicles on top of the core fees generated from operating car
auctions. This positions CAG at the centre of the used-car market
and supports its stable cash flows, while providing a large pool of
vehicle data that informs its valuation models.

Growing Used-Car Market: Fitch expects the used-automotive market
in the UK and continental Europe to remain solid despite the
ongoing perturbation triggered by the pandemic, with expected
medium- term annual growth in the total number of vehicles of
around 1.5%. Volatility is typically lower in used-car sales than
for new car sales but the long-term impact of new mobility trends
such as car sharing remains unclear.

Weak Economy to Aid CAG: Fitch believes CAG is firmly positioned to
benefit from the weak economic backdrop expected in the UK as
consumers typically "trade down" from purchases of new to used cars
during an adverse or uncertain economic environment. This was
illustrated by CAG increasing its volumes and EBITDA during the
last downturn in 2008-2009. Platforms such as WBAC are successful
in commoditising the used-car market for all participants.

DERIVATION SUMMARY

CAG benefits from a robust business model with a market-leading
position in the UK and growing presence in Europe, with the
transition to fully online auctions complete post-pandemic. CAG is
larger and better-integrated across the value chain than peers in
the automotive service industry, which allows for diversified
sources of income and a more resilient financial profile. Its
integration of vehicle-buying, partner-finance and logistics
services is unique among direct peers and results in strong cash
flow generation and positive FCF.

The key rating constraint for CAG is its aggressive financial
policy, with the parent distribution of around GBP400 million in
2H21, and the group's highly leveraged balance sheet, with gross
leverage expected to be above 8.0x until at least FY23. Its
leverage is line with a 'ccc+' financial structure factor rating
under Fitch's generic navigator. Leverage is higher than that of
'B' category business services peers such as Irel Bidco S.a.r.l.
(B+/Stable), which typically has a leverage of 5.0x to 6.5x.

KEY ASSUMPTIONS

-- Fitch-adjusted EBITDA of around GBP245 million in FY22,
    growing by 8%-9% p.a. thereafter to FY25; Fitch-adjusted
    EBITDA margin gradually declining toward 4.7% inFY25 due to
    higher revenue contribution from WBAC;

-- Working-capital outflows of around GBP40 million-GBP50m per
    year to support growth in WBAC;

-- Capex at around 1.5% of revenue in FY22, falling to 0.7%-0.8%
    thereafter to FY25;

-- One-off parent distribution of around GBP400 million in FY22;

-- Small bolt-on M&A activity of GBP15 million per year to FY25.

KEY RECOVERY ASSUMPTIONS

-- Fitch's recovery analysis assumes CAG would be restructured as
    a going concern rather than be liquidated in an event of
    default.

-- CAG's post-reorganisation, going-concern EBITDA reflects
    Fitch's view of a sustainable EBITDA of GBP175 million. In
    such a scenario, the stress on EBITDA would most likely result
    from a loss of market share or severe competitive pressure.

-- A distressed enterprise value (EV)/EBITDA multiple of 5.5x has
    been applied to calculate a going-concern EV; this multiple
    reflects CAG's leading market positions and logistics
    capabilities, strong cash generation, and trusted brand.

-- CAG's partner-finance facility (ring-fenced) ranks super
    senior in the recovery analysis; itis assumed drawn down at
    its average level of utilisation, of roughly GBP150 million.

-- Fitch's calculations using the distressed EV result in a 'RR4'
    assumption on Fitch's recovery scale, leading to an instrument
    rating for the new estimated GBP1.4 billion senior secured
    debt at 'B-', in line with the IDR.

RATING SENSITIVITIES

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

-- FFO gross leverage sustainably below 8.0x;

-- EBITDA margin above 5.5%;

-- Positive FCF generation.

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

-- FFO gross leverage remaining above 9.5x;

-- Extension of pandemic-related closures leading to increasing
    liquidity risk;

-- Sustained negative FCF.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

CAG's liquidity position has improved since the lockdown
disruptions in 2020 and since June 2020, FCF generation has added
to the group's cash buffer. Fitch deems total liquidity of around
GBP102 million, pro-forma for the dividend recapitalisation, plus a
fully available enlarged revolving credit facility (RCF) of GBP250
million, as satisfactory to cover internal capex and intra-year
working-capital requirements.

The new debt structure is long-dated with main debt maturities in
2027-2028. Its partner financing facility, which extends credit to
car dealers for purchases of vehicles, is fully secured against the
value of the vehicles sold and personal guarantees obtained from
the owners of dealerships.

ISSUER PROFILE

CAG operates the UK's and Europe's largest digital used vehicle
exchanges (both business-to-business and consumer-to-business) and
are a leading provider of automotive solutions in the UK, including
vehicle movement, logistics, storage, pre-delivery inspections,
fleet management, de-fleeting services and refurbishment.

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.

INEOS QUATTRO: Moody's Affirms Ba3 CFR, Alters Outlook to Stable
----------------------------------------------------------------
Moody's Investors Service affirmed INEOS Quattro Holdings Ltd
("INEOS Quattro")'s Ba3 corporate family rating, its Ba3-PD
probability of default rating, along with Ba3 instrument ratings of
its guaranteed senior secured bank credit facilities issued by its
subsidiaries INEOS Quattro Holdings UK Ltd and INEOS US Petrochem
LLC, guaranteed senior secured notes issued by its subsidiary INEOS
Quattro Finance 2 Plc and senior secured bank credit facilities and
senior secured notes issued by its subsidiaries INEOS Styrolution
Group GmbH and Ineos Styrolution US Holding LLC. The agency further
affirmed a B2 rating of its guaranteed senior unsecured notes
issued by INEOS Quattro Finance 1 Plc. Furthermore, Moody's revised
the rating outlook to stable from negative for all issuers.

RATINGS RATIONALE

The action reflects meaningful improvement in INEOS Quattro's
year-over-year performance in the first quarter of 2021: 8% rise in
revenues and over 2x increase in EBITDA underpinned by broader
economic recovery from the pandemic, particularly in the styrene,
ABS and PVC segments which led to record performance of Styrolution
and Inovyn businesses. As a result of this cyclical improvement in
the markets, INEOS Quattro's credit profile strengthened
significantly with leverage reducing from 5.2x in 2020 to 4.1x in
the last twelve months to March 2021 and projected to reduce
further to below 4.0x.

These strengths are counterbalanced by inherent cyclicality of the
commodity chemicals business coupled with recent broad-based
increases in raw material, transportation and energy costs, as well
as continuing challenges in the aromatics business, particularly in
Asia where market is oversupplied. Moody's expects that INEOS
Quattro will be consuming cash until 2022 such that FCF/debt will
be -6.6% in 2021 and closer to 6% in 2022 after also being negative
-3.8% in 2020. Still, in 2021, the primary driver of negative free
cash flow was the fact that the acquisition .of the aromatics and
acetyl businesses was fully funded through debt issuance and the
original equity bridge was subsequently repaid in the form of a
dividend.

INEOS Quattro's Ba3 corporate family rating continues to reflects
the company's large size and scope with top market positions
globally in a variety of chemical products, its diverse product
lines and end markets, a track record of successful acquisition
integration by the INEOS Group coupled with a history of
consistently exceeding initial synergy expectations. The rating
further incorporates the company's publicly stated financial policy
of maintaining net leverage at below 3.0x through the cycle (as
computed by the issuer).

Offsetting these strengths, the rating also takes into account the
uncertainty related to the integration of the legacy and acquired
businesses that have limited vertical integration, material
continuing underperformance in the aromatics business, as well as a
history of significant risk appetite across the broader INEOS group
of companies and the limited available disclosure regarding the
larger INEOS group outside of the rated entities.

ESG CONSIDERATIONS

Soil, water and air pollution regulations continue to represent the
key environmental risks to the chemical sector, with petrochemical
companies particularly exposed to carbon emission regulations. The
packaging sector is the largest end market for polystyrene. This is
a sector that is under pressure from both regulations and changing
consumer behaviour around single-use plastics.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. Still, INEOS Quattro businesses were able to continue
operating owing to their vital importance to the value chain. Apart
from disruptions related to coronavirus, health and safety risks
will remain very high for the chemical sector due to the handling
of hazardous materials during production, storage and
transportation.

INEOS Quattro is a private company that are part of the INEOS
family of companies ultimately 100% owned by James Ratcliffe
(61.8%), Andrew Currie (19.2%) and John Reece (19.0%), 95% of which
is held through INEOS Limited. Despite its private status, the
company benefits from more clearly defined financial policy than a
number of sponsor-owned peers.

LIQUIDITY

INEOS Quattro's liquidity is good with almost EUR700 million of
cash at March 31, 2021, an undrawn $300 million revolving credit
facility and combined undrawn asset securitization programs of
almost EUR700 million that have been recently renewed for three
years. The securitization programs are expected to increase by
EUR150 million at the end of 2021 when aromatics and acetyls
receivables are added to the program. The RCF and term loan A
facilities contain a net leverage covenant that tightens over
time.

STRUCTURAL CONSIDERATIONS

The senior secured debt of INEOS Quattro is rated Ba3, in line with
its corporate family rating with Moody's Loss Given Default (LGD)
model assuming a standard 50% recovery rate, while the senior
unsecured debt is rated B2. Given the relative sizes of the two
classes of debt, the support provided by the unsecured debt is not
sufficient to justify an uplift for the secured debt relative to
the corporate family rating, in line with Moody's LGD model. The
senior secured instruments are pari passu and benefit from
subsidiary guarantees comprising 85% of EBITDA. The collateral
includes substantially all assets of the company including cash,
bank accounts, inventories and PP&E but excluding receivables that
are pledged to asset securitization programs.

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

Positive rating pressure would occur from successful integration of
the acquired businesses, achieving synergy targets and reducing
leverage to well below 4.0x on a sustained basis while generating
positive free cash-flow and maintaining good liquidity at all
times.

Conversely, negative rating pressure could occur from failure to
integrate the businesses and realized synergies as outlined such
that leverage is sustained above 4.5x. Any material deterioration
in liquidity or material dividend payments could also cause
negative rating pressure.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

INEOS Quattro Holdings Limited is an indirect wholly-owned
subsidiary of INEOS AG renamed in December 2020. It was formerly
called INEOS Styrolution Holding Limited and now combines the
businesses of INEOS Styrolution, INOVYN as well as aromatics and
acetyls petrochemical assets acquired from BP plc. On a pro-forma
basis, businesses comprising INEOS Quattro generated revenues of
EUR10.4 billion and EBITDA of EUR1.4 billion in 2020.

METRO BANK: Fitch Affirms 'B+' LT IDR, Outlook Negative
-------------------------------------------------------
Fitch has affirmed Metro Bank Plc's Long-Term Issuer Default Rating
(IDR) at 'B+' and Viability Rating (VR) at 'b+'. The Outlook is
Negative.

KEY RATING DRIVERS

IDRS, VR AND SENIOR DEBT

Metro Bank's Long-Term IDR is driven by the VR. The bank's ratings
and the Negative Outlook reflect downside risks to capital from the
challenges, in Fitch's view, to achieving a stable and viable
business model that allow it to become structurally profitable. The
bank continues to face downside risks to maintaining capitalisation
and minimum requirements for own funds and eligible liabilities
(MREL) in excess of regulatory buffer requirements during its
transformation, with little margin for not executing it in a timely
manner.

Earnings are a ratings weakness, with the bank expected to remain
loss-making at least over the next 12-18 months. Fitch has
therefore revised Fitch's assessment on the bank's earnings and
profitability score down to 'ccc+'/stable outlook from
'b-'/evolving outlook. The bank has front-loaded its investment and
has set down provisions for its modelled loan impairment
allowances, suggesting a likely reduction in loan impairment
charges from 2021. Nevertheless, Fitch believes that its path to
improving revenue generation through refocusing on higher-yielding
mortgages and unsecured lending, and driving better fee generation
remains challenging in a highly competitive market.

Receipt of internal ratings-based (IRB) model approvals from the UK
regulator will be important to Metro Bank in executing its strategy
to broaden its business model and in providing capital relief to
support growth. Timing will be important for maintaining
stakeholder confidence as well as meeting regulatory requirements.
The bank is also working on optimising its cost base and addressing
risk control shortcomings uncovered in 2019, which entail some
execution risks.

The operating environment for UK banks was revised to stable in
July from negative following the revision of the Outlook on the
UK's 'AA-' Long-Term IDR to Stable, and Fitch's improved
expectations for the UK's economic recovery. In line with this
Fitch now sees less risk of deterioration in asset quality for both
retail and corporate lending, and Fitch has revised Fitch's outlook
on the bank's asset quality to stable from negative.

The bank set aside large expected loan impairment charges in 2020
(90bp of average gross loans vs. 8bp in 2019), largely through
model adjustments and management provisions. Loan impairment
charges net of releases of expected credit losses (ECLs) over time
should support profitability. However, uncertainty remains over the
level at which loan impairment coverage (LIC) will normalise, given
the bank's fairly new loan mix, with a new focus on higher-yielding
and higher-risk loans. These could determine the speed of
break-even, even in a scenario of strategic execution going to
plan.

Metro Bank's current capitalisation (15% transitional common equity
Tier 1 (CET1) ratio at end-2020, including 110bp benefit from
regulatory-relief measures), provides headroom over its 7.6% CET1
and 9.3% Tier 1 requirements, excluding any confidential Prudential
Regulation Authority (PRA) buffers. Over time Fitch expects this
headroom to be eroded by losses and growth. Additional capital
management actions may be required to keep capitalisation above
target levels and minimum buffers, including MREL, which will
likely utilise buffers in 2H21. Metro Bank met its interim MREL
requirement at end-2020 with a position of 22.4% (versus a
requirement of 20.5%, excluding any confidential PRA buffer),
boosted by a GBP3 billion mortgage sale to NatWest Group in
December 2020. An end-state MREL requirement of 20.7% (excluding
any confidential PRA buffer) is required from January 2023.

Funding is predominantly through deposits, with a conservative
loans-to-deposits ratio of around 75% at end-2020. The bank is
looking to lower its cost of deposits further by letting more
expensive term deposits roll off as they expire. This strategy has
been successful in the last year with 39% of deposits now demand
current accounts at end-2020.

Refinancing risk relating to Metro Bank's large take-up of the Bank
of England's Term Funding Scheme (TFS), the majority which will
expire at end-2021 is mitigated by the new TFS with incentives for
SME lending. Liquidity holdings, consisting of large and
high-quality treasury assets, are sound, and the liquidity coverage
ratio (LCR) of 187% is in excess of requirements.

Metro Bank's 'B' Short-Term IDR corresponds to the bank's 'B+'
Long-Term IDR on Fitch's rating scale.

Metro Bank's senior non-preferred (SNP) debt is rated in line with
the bank's Long-Term IDR at 'B+' with a Recovery Rating of RR4' and
reflects Fitch's assumption that the bank will meet its MREL
requirements with SNP and more junior debt and equity, and average
recoveries. The long-term rating of the senior preferred debt
programme is one notch above the bank's Long-Term IDR to reflect a
lower default risk in light of MREL requirements, which assumes
that the bank will meet combined MREL and CRDIV buffer
requirements, although a temporary utilisation of the buffer
component is still likely in 4Q21/1Q22.

SUPPORT RATING (SR) AND SUPPORT RATING FLOOR (SRF)

Metro Bank's SR and SRF reflect Fitch's view that senior creditors
cannot rely on extraordinary support from the sovereign in the
event the institution becomes non-viable. In Fitch's opinion, the
UK has implemented legislation and regulations to provide a
framework that is likely to require senior creditors participating
in losses in resolving even large banking groups.

SUBORDINATED DEBT

Metro Bank's dated Tier 2 notes are rated two notches below the VR
at 'B-' with a Recovery Rating of 'RR6' to reflect poor recovery
prospects for the notes in a non-viability event.

RATING SENSITIVITIES

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

-- Ratings would be downgraded if losses or other setbacks
    threaten Metro Bank's ability to meet capital or MREL
    requirements, without the prospect of a swift remedy, or if we
    believe that implementation of the bank's turnaround strategy
    has been impaired. The latter could be manifested in deposit
    outflows, inability to build up the targeted lending mix, or
    significant exceptional provisions or write-downs.

-- Metro Bank's SNP debt ratings are mainly sensitive to the
    bank's Long-Term IDR, as well as to Fitch's assessment of
    recovery prospects. They could be downgraded if loss-severity
    expectations increase, for example, if Metro Bank is unable to
    meet its MREL requirements or if requirements are materially
    reduced or removed. Metro Bank's notched-up senior preferred
    debt rating could also be downgraded in these scenarios.

-- The Tier 2 subordinated debt rating is primarily sensitive to
    changes in the bank's VR and would be downgraded if the bank's
    VR is downgraded.

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

-- An Outlook revision to Stable would require decisive progress
    in Metro Bank's strategy to achieve structural profitability.
    This requires the receipt of IRB approval, which should
    provide capital relief to support volume and margin growth.
    This, combined with adherence to the bank's cost guidance and
    a sharp decline in LICs, would together demonstrate execution
    discipline and provide rating stability.

-- An upgrade would likely require a sustained record of
    improving the bank's business model, leading to near-term
    prospects of becoming profitable on a sustained basis, and
    reduced risk over availability of capital and MREL resources
    for growth.

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 Metro Bank,
either due to their nature or the way in which they are being
managed by Metro Bank.

POLARIS 2021-1: Moody's Rates GBP12.8MM Class X1 Notes 'B1'
------------------------------------------------------------
Moody's Investors Service has assigned definitive long-term credit
ratings to Notes issued by Polaris 2021-1 plc:

GBP365.5M Class A Mortgage Backed Floating Rate Notes due December
2058, Definitive Rating Assigned Aaa (sf)

GBP19.1M Class B Mortgage Backed Floating Rate Notes due December
2058, Definitive Rating Assigned Aa2 (sf)

GBP14.9M Class C Mortgage Backed Floating Rate Notes due December
2058, Definitive Rating Assigned Aa3 (sf)

GBP8.5M Class D Mortgage Backed Floating Rate Notes due December
2058, Definitive Rating Assigned A2 (sf)

GBP6.4M Class E Mortgage Backed Floating Rate Notes due December
2058, Definitive Rating Assigned Baa2 (sf)

GBP6.4M Class F Mortgage Backed Floating Rate Notes due December
2058, Definitive Rating Assigned Ba2 (sf)

GBP4.3M Class Z Mortgage Backed Floating Rate Notes due December
2058, Definitive Rating Assigned B3 (sf)

GBP12.8M Class X1 Floating Rate Notes due December 2058,
Definitive Rating Assigned B1 (sf)

Moody's has not assigned ratings to the GBP6.4M Class X2 Floating
Rate Notes due December 2058 and the Residual Certificates.

The Notes are backed by a static portfolio of UK non-conforming
residential mortgage loans originated by Pepper Money Limited (not
rated). This is the third securitisation of this originator in the
UK. The securitised portfolio size as of the end of June 2021 is
equal to GBP425M and is made of sums owing by the customer
inclusive of accrued interest totalling GBP1.23M.

RATINGS RATIONALE

The ratings of the Notes are based on an analysis of the
characteristics and credit quality of the underlying mortgage pool,
sector wide and originator specific performance data, protection
provided by credit enhancement, the roles of external
counterparties and the structural features of the transaction. The
final ratings are also factoring the final Notes' spreads and swap
rate which are meaningfully lower than assumed at the initial
provisional rating date.

MILAN CE for this pool is 14.0% and the expected loss is 3.0%.

The expected loss is 3.0%, which is in line with the UK
Non-conforming sector average and is based on Moody's assessment of
the lifetime loss expectation for the pool taking into account: (1)
the WA LTV of 70.9%; (2) the above average percentage of loans with
an adverse credit history; (3) the current macroeconomic
environment in the UK; and (4) benchmarking with similar UK
Non-conforming RMBS.

MILAN CE for this pool is 14.0%, which is in line with the UK
Non-conforming sector average and follows Moody's assessment of the
loan-by-loan information taking into account the following key
drivers: (1) the WA LTV of 70.9%; (2) the above average percentage
of loans with an adverse credit history; (3) the low WA seasoning
of 0.3 years; (4) the historic data does not cover a full economic
cycle; and (5) benchmarking with similar UK Non-conforming RMBS.

The transaction benefits from a Liquidity Reserve Fund that prior
to the step-up date, is equal to 1.0% of the Class A and Class B
Notes at closing. Prior to the step-up date, the Liquidity Reserve
Fund is non-amortising. After the step-up date, the Liquidity
Reserve Fund is equal to 1.0% of the outstanding balance of the
Class A Notes and will amortise together with the Class A Notes. It
will cover senior fees and interest on the Class A Notes. The
liquidity reserve does not cover any other class of notes in the
event of financial disruption of the servicer and therefore limits
the achievable ratings of the Class B Notes.

Interest Rate Risk Analysis: 100% of the loans in the pool are
fixed rate loans reverting to 3-month LIBOR or Lender Managed Rate
(LMR). The Notes are floating rate securities with reference to
compounded daily SONIA. To mitigate the fixed-floating mismatch
between the fixed-rate asset and floating liabilities, there will
be a scheduled notional fixed-floating interest rate swap provided
by National Australia Bank Limited (Aa2(cr)/P-1(cr)).

Linkage to the Servicer: Pepper (UK) Limited (NR) is the servicer
in the transaction. To help ensure continuity of payments in
stressed situations, the deal structure provides for: (1) a back-up
servicer facilitator (CSC Capital Markets UK Limited (NR)); (2) an
independent cash manager (Citibank, N.A., London Branch
(Aa3(cr),P-1(cr))); (3) liquidity for the Class A Notes; and (4)
estimation language whereby the cash flows will be estimated from
the three most recent servicer reports should the servicer report
not be available.

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

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

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

Significantly different loss assumptions compared with Moody's
expectations at close due to either a change in economic conditions
from Moody's central scenario forecast or idiosyncratic performance
factors would lead to rating actions. For instance, should economic
conditions be worse than forecast, the higher defaults and loss
severities resulting from a greater unemployment, worsening
household affordability and a weaker housing market could result in
downgrade of the ratings. Deleveraging of the capital structure or
conversely a deterioration in the Notes available credit
enhancement could result in an upgrade or a downgrade of the
ratings, respectively.

STONEGATE PUB: Fitch Corrects July 22 Ratings Release
-----------------------------------------------------
This is a correction of a press release published on 22 July. It
corrects the tap issue amount to GBP165 million.

Fitch Ratings has affirmed Stonegate Pub Company Limited's
(Stonegate) Long-Term Issuer Default Rating (IDR) at 'B-' with a
Negative Outlook.

Fitch has also placed Stonegate Pub Company Financing 2019 PLC's
senior secured instruments' 'B+'/'RR2' senior secured rating on
Rating Watch Negative (RWN). The planned tap of GBP165 million, a
fungible add-on to the existing 8.25% GBP1,070 million sterling
senior secured notes due 2025 would reduce Fitch's recovery
estimate to 'RR3'. Therefore, Fitch expects the senior secured pari
passu-ranking debt will be downgraded to 'B'/'RR3' on completion.
The subordinated debt issued by Stonegate Pub Company Bidco Limited
is unaffected by the tap issue, hence its second-lien rating is
affirmed at 'CCC'/'RR6'.

The Negative Outlook reflects the group's high leverage, even on a
normalised run-rate EBITDA basis. Stonegate's diverse pub
portfolio's operations could bounce back to near-optimal levels of
profitability but this is predicated on no further lockdowns,
post-furlough UK consumer confidence and pub conversion capex
enhancing group EBITDA as it comes on-stream in FY22 (Stonegate's
fiscal year is to end-September) and thereafter.

The resolution of the RWN on the senior secured debt is contingent
on completion of tap issue on terms presented.

KEY RATING DRIVERS

Operational Bounce Back: Since outdoor service re-opening of pubs
in mid-April and indoor services from mid-May, Stonegate's volumes
have quickly bounced back. Within the ex-Enterprise Inn leased &
tenanted (L&T) portfolio, 95% of its pubs were open for the second
period, beer orders averaged 81% (to mid-May) and 85% (thereafter
to mid-June), with sales recently reaching 86% of the equivalent
2019 period. For the Stonegate managed portfolio, the equivalent
figures are 85%, 74% and 87%, respectively, with sales recently at
81% of 2019. Management expects 4Q21 to revert to near-normal
levels of profitability as normal trading conditions return from 19
July.

Potential delays in this recovery could be another lockdown in
autumn 2021, and the effect of post-furlough unemployment and
weakened consumer purchasing power on pub volume and premiumisation
of products (customers trading up). Management is confident that it
can return to its target run rate EBITDA of GBP414 million (plus
GBP56 million of near-term synergies, thus around GBP460 million
net of pub disposals).

Significant Government Support: Since March 2020, the pub industry
has received significant government support (direct cash grants,
furlough, business rates) during lockdowns. This has helped L&T
publicans, meaning business failures are reportedly low. Some
support has flowed to Stonegate's managed portfolio but its town
centre-biased units or night-activity venues have seen a slower
recovery in profits than coastal or suburban locations. The
lower-yielding L&T wet-led portfolio with contractual rent paid by
publicans has been the backbone of subdued group profits during the
pandemic.

Diversified Portfolio: The 3,131 pub L&T suburban portfolio
contributes near-60% of run-rate proforma EBITDA (to January 2020)
including its contractual rent and net margin from wet-led sales.
These publicans have benefited from support from central Stonegate
for restarting, more than pub independents would. The EBITDA of the
managed portfolio (1,262 including Slug & Lettuce, Venue, Be At
One, Property Pubs formats) is more susceptible to changes in
volumes.

Apart from Craft Union (sports bar format where the operator
received a cut of sales to pay staff) Stonegate assumes these
formats' operating costs including staff. London city locations
require a return of office workers.

Funding for Pub Conversions: Co-ordinated pub groups target
conversion of L&T or underperforming pubs, adding kitchens, more
drinks capacity including outdoors, facia and extensive
refurbishments to re-position a pub, perhaps with re-invigorated
management. Part of the rationale for the Enterprise Inn
acquisition (completed March 2020) was to access a pool of L&T pubs
for conversions to Craft Union and other tested managed formats.
Since then, operational uncertainty and Stonegate's restricted
liquidity has postponed capex plans.

July Tap for Conversion Capex: The November 2020 GBP120 million
bond tap enhanced group liquidity, whereas this planned issue
targets conversion capex until the group re-establishes its
potential capacity for GBP180 million pre-capex cash from
operations. The July 2021 bond tap offsets the weak cash flow
generation since the onset of the pandemic and Stonegate's sponsor
choosing not to provide expansionary capital.

From the tap issue, GBP120 million has been earmarked for capex
(FY22 and FY23 GBP160 million-GBP180 million per year, over half of
which is for conversion and expansion capex). Similar to other pub
groups, Stonegate's identified capex targets a 2.5 year payback on
incremental EBITDA. This is the main way that Stonegate can reduce
its high leverage.

High Leverage: Using the run rate EBITDA, lease-adjusted funds from
operations (FFO) leverage is around 7.5x (0.5x higher due to the
two debt taps). Fitch's rating case forecasts this reducing to 7.0x
(FY23) and 6.2x (FY24) as profits recover and capex conversion
profits come on-stream. Interest cover reverts to 1.5x-1.8x due to
8% expensive debt and without external dividends, restored positive
free cash flow (FCF).

Treatment of Unique WBS: In the core financial profile and ratios
for the group, Fitch includes the whole business securitisation
Unique (GBP100 million to GBP110 million EBITDA, gross debt of
GBP673 million at end FY20). In the liquidity analysis Fitch
excludes its cash balances, as Unique is ring-fenced and its cash
cannot be accessed by Stonegate. Fitch's recovery estimate for
Stonegate creditors reflects the discounted equity value from the
ring-fenced Unique pub assets, net of its drawn debt and estimated
SPENs cost to close-out existing interest rate fixing.

DERIVATION SUMMARY

As there is no Fitch navigator framework for UK pubs, Fitch rates
Stonegate under its global restaurants navigator framework, taking
into accounts its predominantly wet-led operations, and a
significantly higher proportion of freehold property ownership,
which affects leverage.

As the largest pub company in the UK, the group can command
discounts from brewers and other suppliers. Stonegate and the
smaller Punch Pubs Group Limited (Punch; IDR: 'B-'/Stable) are not
facing the same severity of operational challenges seen at
casual-dining peers in the UK, and their L&T publicans have more
forgiving parent, rent-receiving, owners. The potential for
recovery in volumes and profits is more immediate for these
domestic local, pubs than for hotels that rely on a recovery in
international travel and holidays.

Although Punch's EBITDA/pub in L&T is comparable with Stonegate's
2020 Enterprise Inn-acquired L&T portfolio, Punch's managed
portfolio yields lower profits than Stonegate's, reflecting the
size of the average unit and drink sales per pub. Both companies
are mainly wet-led. Punch's portfolio is less town centre-based
than Stonegate whose city-based and late-night formats have had
restricted operational conditions for some time, eroding their
previously high EBITDA/pub.

Stonegate has received a smaller equity injection from its sponsor
(relative to total capital structure) than Punch, so over the past
18 months its liquidity has been constrained and pub conversion
capex plans delayed. Punch already had the liquidity to undertake
one batch of conversion capex pre-pandemic and is planning another
funded programme. Stonegate is awaiting post-pandemic cash flow or
the planned tap to fund its conversion capex, sourcing assets from
the Enterprise Inn portfolio.

Fitch forecasts Punch's FFO lease-adjusted gross leverage at 7.6x
in FY22 (to mid-August) and 7.3x in FY24 (6.2x net) and its
management has a more positive medium-term target of 6.0x
lease-adjusted net debt / EBITDAR (equivalent to Fitch's FFO
lease-adjusted net leverage of 6.1x). Fitch's rating case for
Stonegate is 7.8x (for FY22) and around 6.0x by FY24, demonstrating
the greater cash flow capacity to deleverage. Punch exhibits better
FFO fixed charge cover ratios close to 2.0x, given its lesser
exposure to external third-party rents and a lower average cost of
debt, versus around 1.5x for Stonegate.

KEY ASSUMPTIONS

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

-- Using 3Q21 operational data for the L&T and managed
    portfolios, and improved operational conditions expected in
    4Q21, Fitch has compiled a FY22 profile that is 87% of pro
    forma group pre-pandemic pre-synergies EBITDA;

-- The L&T estate is a mixture of contractual rent and (pre
    coronavirus) proportionally higher net wet income related to
    volumes. These outlets also have greater profit recovery given
    their outdoor and non-city centre locations. Fitch's updated
    rating case FY22 EBITDA is 97% of pro-forma L&T pre-pandemic
    pre-synergies EBITDA;

-- The Stonegate managed portfolio is more adversely affected,
    given its town centre locations, late-night formats, and an
    operating model that requires high volumes. Fitch's updated
    rating case FY22 EBITDA is 81% of pro-forma Stonegate
    portfolio pre-pandemic and pre-synergies EBITDA;

-- FY22 capex of GBP160 million is roughly half maintenance and
    half dedicated to the pub conversion and expansion programme;

-- FY22 disposals at GBP35 million for year (group FY21: GBP40
    million);

-- Total working capital outflow of GBP76 million for FY21
    (including outflows in 1H21 and an inherent negative working
    capital position from operations in 2H21, but payments for re
    scheduled third-party rents and other accruals);

-- After repaying GBP50 million of the revolving credit facility
    (RCF) by end-3Q21, minimal cash on balance sheet at end FY21
    for the restricted group (excluding Unique), with GBP100
    million and GBP25 million remaining available under the RCF
    and overdraft, respectively. The July 2021 tap would enhance
    this liquidity profile.

KEY RECOVERY RATING ASSUMPTIONS

-- Fitch's recovery analysis assumes that Stonegate would be
    liquidated rather than restructured as a going concern in a
    default.

-- Recoveries are based on the mainly freehold value of the
    consolidated group's assets, although bondholders' security is
    a pledge over the equity shares in group entities. Fitch's
    liquidation approach uses the third-party valuations of the
    Enterprise Inn Group's freehold and long leasehold assets as
    at September 2020 of GBP2.9 billion, and the updated valuation
    of the Stonegate portfolio. The former is based on the 'fair
    maintainable trade' (FMT, or profitability) of the pubs, using
    relevant 8x to 12x multiples. Fitch applies a standard 25%
    discount to these valuations comparable with the stress
    experienced by industry peers during 2007 to 2011 on an
    EBITDA/pub basis, replicating the FMT component of the
    valuation.

-- After deducting a standard 10% for administrative claims,
    Fitch has assumed that the GBP250 million super-senior RCFs
    would be fully drawn in the event of default.

-- Under Stonegate's existing debt, Fitch's principal waterfall
    analysis generates a ranked recovery for senior secured loans
    of 'RR2' with a waterfall generated recovery computation
    (WGRC) output percentage of 76% based on current metrics and
    assumptions. However, by including the GBP165 million tap
    issue the recovery would be 'RR3' (WGRC of 67%) indicating a
    'B' instrument rating on completion, one notch above the IDR.

-- Given the structural subordination in the debt structure, we
    assigned a ranked recovery for the second-lien in the 'RR6'
    band with 0% expected recoveries. The 'RR6' band indicates a
    'CCC' instrument rating, two notches below the IDR.

RATING SENSITIVITIES

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

Fitch could affirm the rating and revise the Outlook to Stable
following:

-- Return of pubs to upper-95% pre-pandemic volumes and level of
    profitability, together with successful pub conversion capex
    feeding through to enhance cashflow;

-- FFO gross lease-adjusted leverage below 7.0x on a sustained
    basis;

-- FFO fixed charge coverage trending above 1.6x on a sustained
    basis;

-- Positive FCF on a sustained basis.

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

-- Erosion of liquidity headroom into 1H22 and lack of positive
    FCF;

-- FFO gross lease-adjusted leverage above 7.5x beyond FY22;

-- FFO fixed charge coverage not improving above 1.5x beyond
    FY22.

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

Potentially Enhanced, Tight Liquidity: Excluding Unique,
Stonegate's end-June (3Q21) cash was GBP72 million plus GBP125
million undrawn debt facilities. This third quarter benefited from
Stonegate's natural negative working capital position (immediate
sales or barrelage order receipts versus suppliers' delayed
payments), Fitch expects end FY21 cash to be low without the
additional tap, but Stonegate's GBP125 million debt facilities
remain available to draw.

The self-contained Unique's liquidity is tighter at end FY21 with
management having the option to access the WBS transaction's
dedicated GBP142 million liquidity facility. Its FY22 has scheduled
interest (GBP36 million) and amortisations (GBP100 million)
outgoings, which when combined are higher than the sub-portfolio's
normalised EBITDA capacity. Disposal receipts enhance its financial
profile.

The GBP165 million tap issue enhances the group's liquidity profile
and helps fund FY22 and FY23's pub conversion capex, until group
cash flow funds future years' requirements.

ISSUER PROFILE

Stonegate is the UK's largest pub company, with a portfolio of
around 4,500 sites.

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.

VIRGIN MEDIA: Moody's Withdraws Ba3 CFR After O2 Holdings Merger
----------------------------------------------------------------
Moody's Investors Service has withdrawn the Ba3 corporate family
rating and Ba3-PD probability of default rating assigned to Virgin
Media Inc. following the closing of the merger with O2 Holdings
Limited combining their operations in the UK. The outlook for
Virgin Media Inc. has been changed to ratings withdrawn, from
stable.

On May 7, 2020, Liberty Global plc (Ba3 stable) and Telefonica S.A.
(Baa3 stable) entered into a contribution agreement and agreed to
form a 50:50 joint venture combining Virgin Media Inc.'s operations
in the U.K. with O2 Holdings Limited's operations in the U.K.
Virgin Media Inc.'s operations in Ireland and certain other less
significant operations of the company are not part of the joint
venture. The joint venture was consummated on June 1, 2021. Virgin
Media Inc.'s subsidiaries' existing debt was contributed to the
joint venture and benefits from cross guarantees from certain
Virgin Media Inc.'s subsidiaries as well as from Telefonica UK
Limited, O2 Holdings Limited's main operating subsidiary.

RATINGS RATIONALE

Moody's has decided to withdraw the rating because of a corporate
reorganization at Virgin Media Inc. The withdrawal of Virgin Media
Inc.'s CFR and PDR reflects the fact that VMED O2 UK Limited is now
the consolidating and reporting entity of the joint venture and
Virgin Media Inc. is one of its direct subsidiaries. Moody's had
assigned a Ba3 CFR and Ba3-PD PDR to VMED O2 UK Limited in
September 2020 ahead of the closing of the joint venture.

VMED O2 UK Limited is a joint venture combining Virgin Media Inc.
UK operations providing video, broadband internet and fixed-line
telephony services over its cable network and mobile services as a
mobile virtual network operator (MVNO) with O2 Holdings Limited,
U.K.'s largest mobile network.



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

[*] BOND PRICING: For the Week July 19 to July 23, 2021
-------------------------------------------------------
Issuer         Coupon  Maturity     Currency  Price
------         ------  --------     --------  -----
Casino Guichard 1.004                 EUR     43.323
Casino Guichard 3.992                 EUR     72.701
Hurricane Energy7.500     7/24/2022   USD     63.333
Mitsubishi UFJ I3.957     12/15/2050  EUR     50.127
Intralot Capital5.250     9/15/2024   EUR     59.981
Accor SA        0.700     12/07/2027  EUR     51.846
Fuerstenberg Cap5.625                 EUR     49.275
Rallye SA       4.000     2/28/2030   EUR     30.875
Air France-KLM  0.125     3/25/2026   EUR     15.866
EYEMAXX Real Est5.500     4/26/2023   EUR     61.991
Metro Bank PLC  5.500     6/26/2028   GBP     65.325
EA Partners II B6.750     06/01/2021  USD     42.125
Econocom Group S0.500     03/06/2023  EUR     7.649
Voltalia SA     1.000     1/13/2025   EUR     31.131
Korian SA       0.875     03/06/2027  EUR     57.107
Mallinckrodt Int5.750     08/01/2022  USD     66.500
EYEMAXX Real Est5.500     9/24/2024   EUR     44.473
PB International7.625     1/26/2022   USD     30.833
FIGEAC-AERO     1.125     10/18/2022  EUR     22.338
Pierre Et Vacanc2.000     04/01/2023  EUR     29.904
Rallye SA       4.371     1/23/2023   EUR     31.699
Korian SA       2.500                 EUR     42.099
Wirecard AG     0.500     09/11/2024  EUR     10.990
HOCHDORF Holding2.500                 CHF     57.502
Nexity SA       0.250     03/02/2025  EUR     67.729
Mallinckrodt Int4.750     4/15/2023   USD     24.500
Hylea Group SA  7.250     12/01/2022  EUR     35.500
Maisons du Monde0.125     12/06/2023  EUR     46.355
Naviera Armas SA6.500     7/31/2023   EUR     69.864
Quadient SA     3.375                 EUR     58.213
Moby SpA        7.750     2/15/2023   EUR     31.524
Nostrum Oil & Ga8.000     7/25/2022   USD     27.458
Intu Debenture P5.562     12/31/2027  GBP     39.500
Intelsat Luxembo8.125     06/01/2023  USD     3.316
Mallinckrodt Int5.625     10/15/2023  USD     68.250
Privatbank CJSC 10.250    1/23/2018   USD     10.000
Air Berlin PLC  6.750     05/09/2019  EUR     0.325
Mallinckrodt Int5.500     4/15/2025   USD     69.250
Bourbon Corp    8.061                 EUR     15.770
Intelsat Jackson5.500     08/01/2023  USD     58.500
Officine Maccafe5.750     06/01/2021  EUR     19.906
O1 Properties Fi0.500     9/27/2028   USD     10.000
Air Berlin PLC  8.250     4/19/2018   EUR     0.268
Intelsat Jackson8.500     10/15/2024  USD     58.000
Abengoa Abenewco1.500     4/26/2024   EUR     1.183
EYEMAXX Real Est5.500     7/22/2025   EUR     73.981
Orient Express B2.000                 USD     30.190
Debenhams PLC   5.250     7/15/2021   GBP     1.001
PREOS Global Off7.500     12/09/2024  EUR     64.500
Rallye SA       3.400     1/31/2022   EUR     34.132
Rallye SA       3.250     02/08/2024  CHF     32.435
Offshore Drillin8.375     9/20/2020   USD     6.967
Union Fenosa Pre1.107                 EUR     70.420
Thomas Cook Grou6.250     6/15/2022   EUR     0.484
Lloyds Bank PLC 2.661     2/22/2033   USD     77.178
Nostrum Oil & Ga7.000     2/16/2025   USD     27.458
Hellenic Bank PC10.000                EUR     57.440
Senvion Holding 3.875     10/25/2022  EUR     0.504
Neoen SA        1.875     10/07/2024  EUR     43.572
Rallye SA       5.250     02/01/2022  EUR     32.887
Genfit          3.500     10/16/2025  EUR     18.669
Intelsat Connect9.500     2/15/2023   USD     33.397
Immigon Portfoli5.801                 EUR     12.226
Ziton A/S       7.900     10/03/2022  EUR     65.000
Neoen SA        2.000     06/02/2025  EUR     52.947
OGX Austria GmbH8.375     04/01/2022  USD     0.022
Turkey Governmen10.500    08/11/2027  TRY     74.950
Lloyds Bank PLC 2.308     4/26/2033   USD     80.836
Naviera Armas SA4.250     11/15/2024  EUR     68.360
Travelex Financi8.000     5/15/2022   EUR     1.333
Rickmers Holding8.875     06/11/2018  EUR     0.565
Koninklijke Luch0.750                 CHF     25.250
DOF Subsea AS   8.260     11/27/2023  NOK     27.250
EA Partners I BV6.875     9/28/2020   USD     0.503
Galapagos Holdin7.000     6/15/2022   EUR     1.500
Jain Internation7.125     02/01/2022  USD     21.750
Stichting Afwikk6.250     10/26/2020  EUR     5.263
Intelsat Luxembo7.750     06/01/2021  USD     2.500
Mitsubishi UFJ I3.704     12/30/2099  EUR     5.333
Nexity SA       0.125     01/01/2023  EUR     64.819
Air Berlin PLC  5.625     05/09/2019  CHF     0.510
Bank Otkritie Fi10.000    4/26/2019   USD     10.000
Avangardco Inves10.000    10/29/2018  USD     0.396
Intelsat Jackson9.750     7/15/2025   USD     58.750
Nexity SA       0.875     4/19/2028   EUR     59.001
Dexia Credit Loc1.181                 EUR     3.391
Barclays Bank PL2.852     3/28/2033   USD     71.793
Banco Espirito S7.125     11/28/2023  EUR     0.139
Rallye SA       4.000     11/23/2020  CHF     28.000
Bilt Paper BV   9.640                 USD     1.699
Thomas Cook Fina3.875     7/15/2023   EUR     2.410
Deutsche Bank AG2.218     3/15/2033   USD     72.300
Norddeutsche Lan7.490                 EUR     67.891
OGX Austria GmbH8.500     06/01/2018  USD     0.022
FF Group Finance3.250     11/02/2021  CHF     8.422
Scandinavian Air0.625                 CHF     23.000
Senivita Social 4.000     05/12/2025  EUR     8.010
UkrLandFarming P10.875    3/26/2018   USD     1.885
Yell Bondco PLC 8.500     05/02/2023  GBP     54.480
Yuksel Insaat AS9.500     11/10/2015  USD     1.007
Alitalia-Societa5.250     7/30/2020   EUR     0.100
Privatbank CJSC 10.875    2/28/2018   USD     29.354
Privatbank CJSC 11.000    02/09/2021  USD     3.772
Hamon & CIE SA  3.300     1/31/2035   EUR     45.890
JP Morgan Struct0.379     9/30/2021   EUR     1.000
REM Saltire Hold7.000     12/31/2024  NOK     51.777
Grupo Isolux Cor1.000     12/30/2021  EUR     0.182
Hellenic Republi2.085     7/25/2057   EUR     47.720
Gamalife - Cia d2.957                 EUR     72.991
Alno AG         8.500     5/14/2018   EUR     16.226
FF Group Finance1.750     07/03/2019  EUR     5.442
Eramet SA       4.000                 EUR     66.173
Fuerstenberg Cap1.020                 EUR     48.138
Joh Friedrich Be7.750     11/11/2020  EUR     45.000
EDOB Abwicklungs7.500     04/01/2012  EUR     3.495
JZ Capital Partn6.000     7/30/2021   GBP     9.600
Claranova SADIR 5.000     07/01/2023  EUR     1.110
EOS Imaging SA  6.000     5/31/2023   EUR     6.857
Lehman Brothers 5.125                 EUR     8.008
Espirito Santo F6.875     10/21/2019  EUR     0.244
Stichting Afwikk11.250                EUR     1.258
Banco Espirito S6.875     7/15/2016   EUR     25.250
Norske Skogindus7.000     12/30/2026  EUR     0.001
DOF Subsea AS   9.500     3/14/2022   USD     27.194
WD Invest Sarl  1.900     10/02/2024  EUR     10.051
Lehman Brothers 6.900                 USD     3.986
Tresu Investment5.000     9/29/2022   EUR     28.250
Hema Bondco II B8.500     1/15/2023   EUR     0.780
EFG Internationa0.321                 EUR     66.617
Saleza AS       9.000     07/12/2021  EUR     0.203
Verimatrix SA   6.000     6/29/2022   EUR     3.801
Banco Espirito S2.106                 EUR     0.124
Dexia SA        1.244                 EUR     1.402
Pentracor GmbH  8.500     5/29/2025   EUR     71.175
Deutsche Bank AG1.268     6/28/2033   USD     71.650
KTG Agrar SE    7.125     06/06/2017  EUR     2.885
Lehman Brothers 3.875                 EUR     8.000
International In9.000     07/06/2011  EUR     0.176
KPNQwest NV     10.000    3/15/2012   EUR     0.474
JP Morgan Struct0.379     9/30/2021   EUR     1.000
Virgolino de Oli10.500    1/28/2018   USD     0.882
Praktiker AG    5.875     02/10/2016  EUR     0.069
JP Morgan Struct0.379     9/30/2021   EUR     1.000
ESFIL-Espirito S5.250     06/12/2015  EUR     0.112
New World Resour4.000     10/07/2020  EUR     0.231
Solon SE        1.375     12/06/2012  EUR     0.745
Banca Popolare d2.821     12/20/2017  EUR     0.159
Joh Friedrich Be6.250     6/18/2024   EUR     45.500
BNP Paribas SA  7.625                 USD     50.000
Finance and Cred9.250     1/25/2019   USD     0.257
Agrokor dd      9.875     05/01/2019  EUR     15.000
Banca Popolare d9.500     9/29/2025   EUR     0.049
Norske Skogindus2.000     12/30/2115  EUR     0.113
Cirio Holding Lu6.250     2/16/2004   EUR     0.728
LBI ehf         6.100     8/25/2011   USD     9.883
Norwegian Air Sh5.000     02/07/2023  SEK     44.592
Lehman Brothers 5.750                 EUR     3.962
Hellas Telecommu6.054     1/15/2015   USD     0.001
Breeze Finance S6.708     4/19/2027   EUR     31.000
Virgolino de Oli11.750    02/09/2022  USD     1.336
Intralot Capital5.250     9/15/2024   EUR     60.035
Corporate Commer8.250     08/08/2014  USD     0.308
Nostrum Oil & Ga8.000     7/25/2022   USD     27.865
Allied Irish Ban12.500    6/25/2035   GBP     61.150
Windreich GmbH  6.500     03/01/2015  EUR     4.475
Tennor Finance B5.750     6/17/2024   EUR     75.000
Mallinckrodt Int5.625     10/15/2023  USD     68.183
Finmek Internati7.000     12/03/2004  EUR     2.193
Portugal Telecom6.250     7/26/2016   EUR     0.175
Cirio Finanziari8.000     12/21/2005  EUR     1.295
Mallinckrodt Int5.750     08/01/2022  USD     66.300
New World Resour8.000     04/07/2020  EUR     0.110
UniCredit Bank A0.107     11/19/2029  EUR     67.979
Norwegian Air Sh6.375     11/15/2024  USD     49.542
Alpine Holding G6.000     5/22/2017   EUR     2.233
Alno AG         8.000     3/21/2019   EUR     16.200
OGX Austria GmbH8.375     04/01/2022  USD     0.022
Veneto Banca SpA9.878     12/01/2025  EUR     0.448
SAG Solarstrom A6.250     12/14/2015  EUR     31.000
Societe Centrale2.500     5/15/2023   EUR     6.880
Dr Wiesent Sozia7.000                 EUR     0.011
Agrokor dd      9.125     02/01/2020  EUR     15.000
Mallinckrodt Int5.500     4/15/2025   USD     62.500
Abengoa Abenewco1.500     4/26/2024   USD     1.069
Cooperatieve Rab0.500     10/30/2043  MXN     15.182
KPNQwest NV     8.875     02/01/2008  EUR     0.474
Cirio Finance Lu7.500     11/03/2002  EUR     2.665
Civitas Properti4.000     11/24/2022  EUR     47.000
Ghelamco Invest 4.500     5/23/2022   EUR     40.000
Orange SA       3.000     6/15/2022   EUR     10.000
Cooperatieve Rab0.500     7/30/2043   MXN     15.987
Sairgroup Financ4.375     06/08/2006  EUR     1.525
Banco Espirito S6.900     6/28/2024   EUR     25.296
International In11.000    2/19/2013   USD     0.276
CBo Territoria  3.750     07/01/2024  EUR     4.700
KPNQwest NV     7.125     06/01/2009  EUR     0.484
Depfa Funding II0.235                 EUR     57.237
Santander Consum5.110                 NOK     44.846
Virgolino de Oli10.500    1/28/2018   USD     0.882
Lloyds Bank PLC 0.500     7/26/2028   MXN     59.625
OGX Austria GmbH8.500     06/01/2018  USD     0.022
Stichting Afwikk6.625     5/14/2018   EUR     5.250
Santander Consum5.110                 NOK     44.846
Alpine Holding G5.250     07/01/2015  EUR     2.233
Offshore Drillin8.375     9/20/2020   USD     6.967
Rallye SA       1.000     10/02/2020  EUR     27.309
Bank Nadra Via N8.250     7/31/2018   USD     0.208
Sidetur Finance 10.000    4/20/2016   USD     2.082
KPNQwest NV     8.125     06/01/2009  USD     0.474
Nostrum Oil & Ga7.000     2/16/2025   USD     27.592
Cirio Del Monte 7.750     3/14/2005   EUR     0.590
Agrokor dd      8.875     02/01/2020  USD     15.000
Island Offshore 2.790     6/30/2022   NOK     4.777
Virgolino de Oli10.875    1/13/2020   USD     34.000
Banco Espirito S2.286                 EUR     0.237
WPE Internationa10.375    9/30/2020   USD     5.000
Grupo Isolux Cor6.000     12/30/2021  EUR     0.229
Abengoa Abenewco1.500     4/26/2024   USD     1.069
Espirito Santo F9.750     12/19/2025  EUR     0.389
Intelsat Connect9.500     2/15/2023   USD     33.397
Alpine Holding G5.250     06/10/2016  EUR     2.233
SpareBank 1 SR-B1.212     12/21/2030  EUR     73.522
SAS AB          4.410                 SEK     26.464
Waste Italia SpA10.500    11/15/2019  EUR     0.782
Peine GmbH      2.000     07/05/2023  EUR     44.500
Windreich GmbH  6.500     7/15/2016   EUR     4.475
Sberbank of Russ0.010     7/24/2028   RUB     80.100
German Pellets G7.250     04/01/2016  EUR     1.000
German Pellets G7.250     11/27/2019  EUR     1.000
Bulgaria Steel F12.000    05/04/2013  EUR     0.216
Espirito Santo F3.125     12/02/2018  EUR     1.485
A-TEC Industries2.750     05/10/2014  EUR     0.100
Hellas Telecommu8.500     10/15/2013  EUR     0.540
Norske Skog Hold8.000     2/24/2021   EUR     0.006
Cattles Ltd     8.125     07/05/2017  GBP     0.027
SiC Processing G7.125     03/01/2016  EUR     2.381
Erotik-Abwicklun7.750     07/09/2019  EUR     0.779
Elli Investments12.250    6/15/2020   GBP     52.250
Del Monte Financ6.625     5/24/2006   EUR     4.413
Sberbank of Russ0.010     7/23/2026   RUB     80.100
SAG Solarstrom A7.500     07/10/2017  EUR     31.000
Credit Suisse AG5.880     6/28/2023   USD     10.000
Havila Shipping 4.700     01/02/2025  NOK     24.195
Vneshprombank Lt9.000     11/14/2016  USD     0.078
O1 Properties Fi8.250     9/27/2021   USD     10.440
KTG Agrar SE    7.250     10/15/2019  EUR     2.885
Havila Shipping 3.950     01/02/2025  NOK     51.646
Lehman Brothers 5.220     03/01/2024  EUR     0.100
Hema Bondco II B8.500     1/15/2023   EUR     0.780
Virgolino de Oli10.875    1/13/2020   USD     34.000
Deutsche Bank AG13.750    6/20/2026   TRY     72.069
Golfino AG      8.000     11/18/2023  EUR     0.020
Intelsat Jackson9.750     7/15/2025   USD     58.500
Pescanova SA    5.125     4/20/2017   EUR     0.319
Senvion Holding 3.875     10/25/2022  EUR     0.504
Kommunekredit   0.500     7/30/2027   TRY     33.770
CRC Breeze Finan6.110     05/08/2026  EUR     30.273
Intelsat Jackson8.500     10/15/2024  USD     58.500
Phosphorus Holdc10.000    04/01/2019  GBP     0.974
Naviera Armas SA4.250     11/15/2024  EUR     68.990
Norske Skog Hold8.000     2/24/2023   USD     0.006
Agrokor dd      9.875     05/01/2019  EUR     15.000
Pongs & Zahn AG 8.500     11/01/2014  EUR     0.002
Commerzbank AG  0.077     11/19/2029  EUR     63.129
Virgolino de Oli11.750    02/09/2022  USD     1.336
Intelsat Luxembo12.500    11/15/2024  USD     65.750
Stichting Afwikk2.207                 EUR     1.258
Credit Suisse AG12.450    12/08/2021  USD     40.590
Credit Suisse AG4.250     03/07/2022  USD     9.900
Veneto Banca SpA6.950     2/25/2025   EUR     0.449
Aralco Finance S10.125    05/07/2020  USD     0.934
Officine Maccafe5.750     06/01/2021  EUR     19.906
Ahtium PLC      4.000     12/16/2015  EUR     0.586
Air Berlin Finan6.000     03/06/2019  EUR     0.357
Cooperatieve Rab0.500     10/29/2027  MXN     62.118
SALVATOR Vermoeg9.500                 EUR     9.900
Gebr Sanders Gmb8.750     10/22/2018  EUR     9.375
International Fi0.500     6/29/2027   ZAR     65.586
Yell Bondco PLC 8.500     05/02/2023  GBP     54.480
Cooperatieve Rab0.500     11/30/2027  MXN     61.836
Depfa Funding II6.500                 EUR     60.509
NTRP Via Interpi10.250    08/02/2017  USD     30.500
AKB Peresvet ZAO0.510     2/14/2032   RUB     12.250
Getin Noble Bank5.250     7/28/2023   PLN     73.398
SALVATOR Vermoeg9.500     12/31/2021  EUR     8.800
Decipher Product12.500    9/27/2019   USD     1.500
Turkiye Ihracat 12.540    9/14/2028   TRY     73.991
Espirito Santo F5.050     11/15/2025  EUR     1.097
BNG Bank NV     10.010    6/17/2025   TRY     73.373
Caixa Economica 5.000                 EUR     50.040
Sberbank of Russ0.010     7/29/2024   RUB     80.100
Steilmann SE    6.750     6/27/2017   EUR     2.184
Landesbank Hesse6.800     7/18/2024   EUR     70.970
Golden Gate AG  6.500     10/11/2014  EUR     37.500
Sequa Petroleum 5.000     4/29/2020   USD     30.718
A-TEC Industries8.750     10/27/2014  EUR     0.100
HPI AG          3.500                 EUR     3.011
getgoods.de AG  7.750     10/02/2017  EUR     0.367
Portugal Telecom5.242     11/06/2017  EUR     0.694
MS Deutschland B6.875     12/18/2017  EUR     1.810
Veneto Banca SpA6.411                 EUR     0.342
BOA Offshore AS 0.409     7/17/2047   NOK     8.777
Barclays Bank PL4.000     7/19/2022   USD     9.970
Barclays Bank PL5.090     06/08/2022  USD     9.940
DZ Bank AG Deuts0.488     03/11/2031  EUR     57.129
Bank Otkritie Fi10.000    4/26/2019   USD     10.000
Air Berlin Finan8.500     03/06/2019  EUR     0.357
Privatbank CJSC 10.875    2/28/2018   USD     29.354
German Pellets G7.250     07/09/2018  EUR     1.000
La Veggia Financ7.125     11/14/2004  EUR     0.287
Mox Telecom AG  7.250     11/02/2017  EUR     2.272
Steilmann SE    7.000     9/23/2018   EUR     1.429
Credit Suisse AG20.000    11/29/2024  USD     13.340
Muehl Product & 6.750     03/10/2005  DEM     0.102
SAir Group      0.125     07/07/2005  CHF     12.625
Russian Federal 0.250     7/20/2044   RUB     20.000
SFO Akkord Finan10.000    02/12/2024  RUB     67.810
Ahtium PLC      9.750     04/04/2017  EUR     0.717
Uppfinnaren 1 AB11.000                SEK     40.000
Santander Consum5.110                 NOK     45.107
KPNQwest NV     7.125     06/01/2009  EUR     0.484
Credit Suisse AG27.250    07/03/2024  USD     9.700
Ukraine Governme8.120     11/10/2035  UAH     69.163
Steilmann SE    7.000     03/09/2017  EUR     1.429
Getin Noble Bank4.250     8/30/2024   PLN     60.039
KPNQwest NV     8.875     02/01/2008  EUR     0.474
Barclays Bank PL0.500     1/28/2033   MXN     37.304
Rena GmbH       7.000     12/15/2015  EUR     2.096
WEB Windenergie 4.000     12/17/2025  EUR     0.010
Barclays Bank PL5.000     11/01/2029  BRL     66.961
Banco Santander 1.858                 EUR     1.565
Phones4u Finance9.500     04/01/2018  GBP     71.750
EFG Internationa12.000    10/19/2021  USD     66.110
Moby SpA        7.750     2/15/2023   EUR     33.382
Stichting Afwikk8.450     8/20/2018   USD     5.250
Dyadya Doner OOO13.500    4/25/2023   RUB     16.510
Rio Forte Invest4.000     7/22/2014   EUR     5.814
COFIDUR SA      0.100     12/31/2024  EUR     24.050
International Ba8.250     10/09/2024  USD     60.375
Bibby Offshore S7.500     6/15/2021   GBP     11.625
Ukraine Governme6.000     1/22/2031   UAH     62.721
New World Resour4.000     10/07/2020  EUR     0.231
Metalloinvest Ho0.010     03/07/2022  RUB     70.000
Sairgroup Financ6.625     10/06/2010  EUR     1.509
A-TEC Industries5.750     11/02/2010  EUR     0.100
UkrLandFarming P10.875    3/26/2018   USD     1.885
Activa Resources0.500     11/15/2021  EUR     0.500
Banco Espirito S10.000    12/06/2021  EUR     0.139
Cooperatieve Rab0.500     1/31/2033   MXN     36.400
Centrosolar Grou7.000     2/15/2016   EUR     2.505
SG Issuer SA    5.000     04/02/2024  EUR     58.780
SG Issuer SA    2.100     04/05/2033  EUR     31.130
Getin Noble Bank4.250     7/26/2024   PLN     65.837
BRAbank ASA     7.260                 NOK     50.193
MTS-Bank PAO    9.500     10/28/2029  RUB     51.860
Lehman Brothers 1.000     10/05/2035  EUR     0.100
WEB Windenergie 4.500                 EUR     0.010
LBI ehf         7.431                 USD     0.001
Credit Suisse AG6.250     11/28/2025  USD     11.570
Thomas Cook Grou6.250     6/15/2022   EUR     0.484
Natixis SA      0.300     6/25/2048   USD     51.061
Northland Resour15.000    7/15/2019   USD     2.621
Tonon Luxembourg12.500    5/14/2024   USD     0.399
Rena GmbH       8.250     07/11/2018  EUR     2.096
Credit Suisse AG5.200     8/17/2022   USD     9.829
City of Predeal 2.985     5/15/2026   RON     61.000
RENE LEZARD Mode7.250     11/25/2017  EUR     0.500
SAir Group      6.250     10/27/2002  CHF     12.625
SAir Group      5.125     03/01/2003  CHF     12.750
Credit Suisse AG11.150    12/08/2021  CHF     42.210
Credit Suisse AG16.500    05/10/2024  USD     10.290
Mifa Mitteldeuts7.500     08/12/2018  EUR     2.000
Getin Noble Bank5.250     11/30/2023  PLN     65.269
Rio Forte Invest3.900     07/10/2014  USD     5.750
Mriya Agro Holdi10.950    3/30/2016   USD     4.667
Intelsat Jackson9.750     7/15/2025   USD     56.936
Bilt Paper BV   9.640                 USD     1.699
Credit Suisse AG4.180     9/14/2022   USD     9.800
Vontobel Financi9.100     2/21/2022   EUR     70.169
Kardan NV       6.325     2/21/2021   ILS     14.140
Getin Noble Bank5.250     12/21/2023  PLN     74.676
Russian Post FGU2.750     12/06/2023  RUB     70.000
Resa SA/Belgium 1.950     7/22/2036   EUR     50.000
Veneto Banca SpA6.944     5/15/2025   EUR     0.449
Banca Popolare d9.500     10/02/2025  EUR     0.049
Rosbank PJSC    0.040     4/30/2024   RUB     65.000
Heta Asset Resol5.030     12/31/2023  EUR     1.438
Mriya Agro Holdi9.450     4/19/2018   USD     4.667
Hellas Telecommu8.500     10/15/2013  EUR     0.540
Landesbank Baden5.400     2/25/2022   EUR     73.950
Credit Suisse AG11.500    12/08/2021  EUR     42.290
Otkritie Holding0.010     9/17/2027   RUB     3.500
Archer Finance O9.250     3/29/2022   RUB     0.120
BNP Paribas SA  1.000     1/23/2040   MXN     21.986
Astana Finance B7.875     06/08/2010  EUR     16.000
DANY COLL LLC   0.100     7/19/2022   RUB     1.970
PA Resources AB 13.500    03/03/2016  SEK     0.124
Phosphorus Holdc10.000    04/01/2019  GBP     0.974
Intelsat Luxembo12.500    11/15/2024  USD     65.750
ECM Real Estate 5.000     10/09/2011  EUR     15.375
LBI ehf         7.431                 USD     0.001
Heta Asset Resol7.500     12/31/2023  ATS     1.438
Otkritie Holding0.010     10/03/2036  RUB     0.010
Credit Suisse AG4.530     07/12/2023  USD     9.630
Credit Suisse AG6.960     8/24/2022   USD     9.900
BRAbank ASA/NO  7.210                 NOK     51.443
Windreich GmbH  6.750     03/01/2015  EUR     4.475
Windreich GmbH  6.250     03/01/2015  EUR     4.475
Pescanova SA    8.750     2/17/2019   EUR     0.319
Grupo Isolux Cor6.000     12/30/2021  USD     0.229
SAir Group      5.500     7/23/2003   CHF     12.625
OOO SPV Structur0.010     09/01/2023  RUB     66.740
Lehman Brothers 2.875     3/14/2013   CHF     0.100
Norske Skogindus7.125     10/15/2033  USD     0.001
Espirito Santo F5.625     7/28/2017   EUR     0.544
Agrokor dd Via A4.921     08/08/2017  EUR     14.625
UBS AG/London   25.250    08/10/2021  CHF     72.200
Thomas Cook Fina3.875     7/15/2023   EUR     2.410
Eiendomskreditt 2.050     9/17/2029   NOK     68.924
Bulgaria Steel F12.000    05/04/2013  EUR     0.216
New World Resour8.000     04/07/2020  EUR     0.110
IT Holding Finan9.875     11/15/2012  EUR     0.238
EDOB Abwicklungs7.500     04/01/2012  EUR     3.495
Landesbank Hesse3.000     08/06/2021  EUR     35.300
BNP Paribas Issu5.000     11/05/2024  EUR     28.820
UBS AG/London   17.250    10/21/2021  CHF     69.550
Norske Skog Hold8.000     2/24/2021   EUR     0.006
SAir Group      4.250     02/02/2007  CHF     12.625
Espirito Santo F5.125     5/30/2016   EUR     0.546
Deutsche Bank AG0.500     10/18/2038  MXN     17.639
Pescanova SA    6.750     03/05/2015  EUR     0.319
Solarwatt GmbH  7.000     11/01/2015  EUR     15.500
Bank2 ASA       5.270                 NOK     59.547
Getin Noble Bank5.240     4/29/2024   PLN     61.349
Bayerische Lande2.000     1/28/2022   EUR     65.240
Credit Suisse AG11.600    12/08/2021  EUR     39.000
Corner Banca SA 12.000    6/21/2022   CHF     64.050
Danske Bank A/S 6.860     07/09/2022  SEK     25.860
Gold-Zack AG    7.000     12/14/2005  EUR     5.000
Citigroup Global9.000     8/18/2022   USD     0.752
Landesbank Baden7.000     11/26/2021  EUR     69.840
Bank Otkritie Fi0.010     7/16/2025   RUB     72.880
Norske Skog Hold8.000     2/24/2023   USD     0.006
Waste Italia SpA10.500    11/15/2019  EUR     0.782
Lehman Brothers 5.120     4/30/2027   EUR     0.100
Deutsche Agrar H7.250     9/28/2018   EUR     1.254
Astana Finance B9.000     11/16/2011  USD     15.250
SAir Group      6.250     04/12/2005  CHF     12.625
Ukraine Governme6.000     11/22/2028  UAH     67.642
Ukraine Governme6.000     11/28/2029  UAH     65.169
Espirito Santo F0.355     10/27/2024  EUR     0.297
Lehman Brothers 10.000    06/11/2038  JPY     0.100
Agrokor dd      8.875     02/01/2020  USD     15.000
Rosbank PJSC    0.010     4/30/2024   RUB     65.000
HSBC Bank PLC   0.500     12/22/2025  BRL     65.600
Lehman Brothers 2.000     3/16/2035   EUR     0.100
Cooperatieve Rab0.500     8/21/2028   MXN     57.717
UniCredit Bank A6.600     7/20/2028   EUR     46.520
Citigroup Global12.379    11/13/2023  SEK     72.470
Landesbank Hesse5.500     5/25/2023   EUR     30.050
Landesbank Hesse6.250     12/22/2022  EUR     58.300
Credit Suisse AG18.000    8/17/2021   USD     68.970
UBS AG/London   7.000     8/16/2021   CHF     55.400
Societe Generale13.010    02/02/2023  USD     74.450
Lehman Brothers 4.100     06/10/2014  SGD     0.100
Petromena ASA   10.850    11/19/2018  USD     0.622
DeloPorts LLC   0.010     11/14/2025  RUB     70.020
Vontobel Financi10.000    11/22/2021  EUR     74.685
Hellas Telecommu6.054     1/15/2015   USD     0.001
Northland Resour4.000     10/15/2020  NOK     0.271
Elli Investments12.250    6/15/2020   GBP     52.250
Rio Forte Invest4.750     11/10/2015  EUR     5.750
Lehman Brothers 7.750     01/03/2012  AUD     0.100
Credit Agricole 5.400     1/31/2028   BRL     75.005
Laurel GmbH     7.125     11/16/2017  EUR     7.750
Norske Skogindus7.125     10/15/2033  USD     0.001
Tonon Luxembourg12.500    5/14/2024   USD     0.399
Heta Asset Resol5.920     12/31/2023  EUR     1.438
WEB Windenergie 2.250     9/25/2028   EUR     0.010
Banque Cantonale5.800     08/09/2021  CHF     56.340
Societe Generale6.000     05/09/2022  USD     8.680
UniCredit Bank A4.050     10/24/2021  EUR     61.320
Societe Generale6.000     06/06/2022  USD     1.460
Credit Suisse AG10.000    02/02/2023  USD     10.000
Leonteq Securiti2.750     9/15/2022   CHF     18.630
Leonteq Securiti28.630    12/15/2021  CHF     59.310
UBS AG/London   9.300     08/12/2021  CHF     63.000
Lehman Brothers 5.103     6/22/2046   EUR     0.100
LBI ehf         6.100     8/25/2011   USD     9.883
Lehman Brothers 3.860     9/21/2011   SGD     0.100
Sberbank CIB JSC0.010     01/04/2030  RUB     52.462
Instabank ASA   7.190                 NOK     36.881
Instabank ASA   5.190     3/28/2028   NOK     60.261
Lehman Brothers 4.200     12/03/2008  HKD     0.100
Deutsche Bank AG2.000     10/25/2023  TRY     67.623
Cooperatieve Rab0.500     12/29/2027  MXN     61.416
Lehman Brothers 7.500     10/24/2008  USD     0.100
Agrokor dd      9.125     02/01/2020  EUR     15.000
Phones4u Finance9.500     04/01/2018  GBP     71.750
Ukraine Governme6.000     1/27/2027   UAH     72.953
Leonteq Securiti4.290     7/30/2021   USD     52.560
Leonteq Securiti2.630     7/30/2021   USD     35.630
Bayerische Lande2.300     11/26/2021  EUR     60.560
Landesbank Baden2.300     7/22/2022   EUR     62.880
Credit Suisse AG6.190     9/14/2022   USD     10.000
Getin Noble Bank5.250     1/31/2024   PLN     72.727
Turkey Governmen8.000     03/12/2025  TRY     #N/A N/A
DeltaCredit Bank1.000     7/28/2025   RUB     73.000
Lehman Brothers 2.500     12/15/2011  GBP     0.100
Getin Noble Bank4.750     5/31/2024   PLN     71.875
Rosbank PJSC    0.030     4/30/2024   RUB     65.000
KPNQwest NV     8.875     02/01/2008  EUR     0.474
Getin Noble Bank5.250     04/04/2024  PLN     64.780
Lehman Brothers 16.000    12/26/2008  USD     0.100
Rosbank PJSC    0.020     4/30/2024   RUB     65.000
Credito Padano B3.100                 EUR     34.091
Ukraine Governme6.000     9/18/2030   UAH     63.407
Ukraine Governme6.000     9/13/2028   UAH     68.143
Ukraine Governme6.000     4/23/2031   UAH     62.215
Ukraine Governme5.000     2/20/2032   UAH     55.004
Intelsat SA     4.500     6/15/2025   USD     34.200
Ukraine Governme6.000     06/04/2031  UAH     62.003
Ukraine Governme6.000     09/10/2031  UAH     61.494
Ukraine Governme6.000     10/11/2028  UAH     67.938
Ukraine Governme8.420     05/10/2034  UAH     72.297
Ukraine Governme8.310     11/10/2034  UAH     71.183
Ukraine Governme8.630     05/10/2033  UAH     74.465
Ukraine Governme8.220     05/10/2035  UAH     70.205
Ukraine Governme6.000     03/12/2031  UAH     62.440
Ukraine Governme6.000     8/28/2030   UAH     63.532
Ukraine Governme6.000     1/28/2032   UAH     60.816
Ukraine Governme6.000     12/11/2030  UAH     62.944
Ukraine Governme6.000     5/16/2029   UAH     66.437
Aralco Finance S10.125    05/07/2020  USD     0.934
KPNQwest NV     7.125     06/01/2009  EUR     0.484
LBI ehf         5.080     03/01/2013  ISK     9.500
Nota-Bank OJSC  13.500    04/01/2016  RUB     31.500
Ukraine Governme6.000     10/15/2031  UAH     61.316
Ukraine Governme8.520     11/10/2033  UAH     73.346
Ukraine Governme6.000     12/23/2026  UAH     73.269
Barclays Bank PL2.000     05/07/2036  MXN     39.634
Getin Noble Bank5.250     8/31/2023   PLN     73.348
SAir Group      2.125     11/04/2004  CHF     12.625
Getin Noble Bank5.240     11/09/2023  PLN     74.792
UBS AG/London   9.750     9/13/2021   CHF     73.900
Landesbank Hesse3.600     08/12/2021  EUR     49.900
Landesbank Hesse5.200     01/11/2024  EUR     73.020
UniCredit Bank A4.150     10/12/2022  EUR     60.430
Landesbank Baden4.000     10/22/2021  EUR     42.820
Landesbank Baden3.250     10/22/2021  EUR     68.760
Landesbank Baden2.150     8/27/2021   EUR     66.730
Landesbank Baden3.500     8/27/2021   EUR     52.490
Skandinaviska En8.300     7/17/2023   SEK     74.840
UniCredit Bank A3.800     6/28/2022   EUR     61.770
Leonteq Securiti4.000     08/10/2022  CHF     74.090
Raiffeisen Schwe5.800     9/28/2021   CHF     68.420
Landesbank Baden3.000     12/23/2022  EUR     65.630
Landesbank Baden3.200     12/23/2022  EUR     67.690
Zurcher Kantonal6.000     8/24/2021   EUR     73.970
Leonteq Securiti8.130     2/21/2022   EUR     70.160
Leonteq Securiti4.000     2/21/2022   EUR     68.620
Raiffeisen Schwe4.500     2/21/2023   CHF     74.060
Landesbank Baden3.050     9/23/2022   EUR     69.680
Leonteq Securiti10.000    08/09/2021  CHF     57.750
Landesbank Hesse6.300     8/31/2023   EUR     55.070
Landesbank Hesse4.000     6/22/2022   EUR     38.630
UniCredit Bank A3.350     6/14/2022   EUR     54.650
Leonteq Securiti5.600     5/16/2022   CHF     68.730
Landesbank Baden2.100     8/27/2021   EUR     50.230
Landesbank Hesse5.350     9/22/2023   EUR     31.210
Landesbank Baden3.050     9/23/2022   EUR     60.050
Landesbank Baden2.850     9/23/2022   EUR     67.030
Societe Generale6.100     04/03/2023  EUR     75.330
UniCredit Bank A4.100     8/24/2022   EUR     64.290
Leonteq Securiti5.400     7/25/2022   CHF     68.140
Leonteq Securiti6.200     7/27/2021   CHF     66.540
UniCredit Bank A5.350     8/24/2021   EUR     42.230
Landesbank Baden3.150     12/27/2021  EUR     72.620
Danske Bank A/S 10.300    07/09/2023  SEK     11.200
UniCredit Bank A4.000     2/28/2022   EUR     60.250
Landesbank Hesse8.900     3/16/2023   EUR     66.220
Landesbank Baden2.800     4/25/2022   EUR     63.560
Leonteq Securiti3.750     2/20/2023   CHF     50.700
Societe Generale3.900     3/23/2022   USD     0.030
Landesbank Hesse5.650     10/28/2022  EUR     60.410
DekaBank Deutsch3.900     4/25/2022   EUR     41.730
Landesbank Baden3.000     9/23/2022   EUR     61.280
UBS AG/London   10.250    8/26/2021   CHF     70.050
UBS AG/London   10.000    8/26/2021   EUR     67.550
Bank Julius Baer9.500     8/26/2021   CHF     56.900
Credit Suisse AG6.000     8/24/2022   CHF     72.480
Societe Generale4.890     2/16/2023   USD     #N/A N/A
SG Issuer SA    9.180     1/20/2025   SEK     69.850
Bayerische Lande2.000     2/18/2022   EUR     64.070
Landesbank Hesse3.500     8/17/2022   EUR     77.070
Leonteq Securiti7.200     9/24/2021   CHF     65.730
Raiffeisen Schwe6.500     09/02/2021  CHF     70.730
Landesbank Baden3.700     2/25/2022   EUR     64.030
Landesbank Baden4.000     3/25/2022   EUR     71.030
Landesbank Baden4.800     3/25/2022   EUR     68.240
UBS AG/London   12.500    09/06/2021  CHF     69.050
UBS AG/London   8.000     03/04/2022  EUR     67.150
UBS AG/London   7.500     09/06/2021  CHF     72.400
UBS AG/London   8.500     09/06/2021  CHF     72.650
Erste Group Bank4.350     2/28/2022   EUR     43.650
UBS AG/London   7.000     9/23/2021   EUR     74.370
Landesbank Hesse4.000     3/23/2022   EUR     42.810
Landesbank Hesse3.500     03/09/2022  EUR     41.270
Landesbank Baden6.400     2/25/2022   EUR     72.000
Landesbank Baden3.300     2/25/2022   EUR     74.030
Landesbank Baden1.200     2/25/2022   EUR     72.970
Landesbank Hesse6.400     03/09/2023  EUR     65.730
Raiffeisen Schwe7.200     03/02/2022  CHF     74.620
UniCredit Bank A4.000     3/13/2022   EUR     65.690
Landesbank Hesse5.900     03/09/2023  EUR     69.400
Landesbank Baden4.900     2/25/2022   EUR     67.970
Landesbank Baden2.600     2/25/2022   EUR     67.310
UBS AG/London   12.250    8/26/2021   CHF     68.450
UBS AG/London   10.750    8/26/2021   CHF     68.300
SG Issuer SA    0.263     2/20/2025   EUR     19.120
SG Issuer SA    7.600     1/20/2025   SEK     65.890
DekaBank Deutsch3.000     8/27/2021   EUR     66.920
Landesbank Hesse5.150     6/14/2022   EUR     63.170
Skandinaviska En9.020     7/17/2023   SEK     73.340
UniCredit Bank A4.450     7/23/2022   EUR     71.610
Landesbank Hesse4.000     8/18/2021   EUR     51.200
Landesbank Hesse3.600     7/27/2022   EUR     67.560
SecurAsset SA   5.250     6/30/2022   EUR     35.850
SG Issuer SA    11.170    7/20/2025   SEK     60.840
SG Issuer SA    4.000     6/22/2026   EUR     68.140
Landesbank Hesse2.000     3/29/2022   EUR     43.260
EFG Internationa7.600     10/11/2021  CHF     63.840
Leonteq Securiti5.600     8/24/2021   CHF     44.200
DekaBank Deutsch2.500     09/10/2021  EUR     71.270
Landesbank Baden2.500     9/23/2022   EUR     69.820
Rosseti South PJ9.240     07/01/2022  RUB     72.460
Raiffeisen Schwe5.250     8/24/2021   CHF     73.360
Zurcher Kantonal8.500     8/24/2021   CHF     64.970
Raiffeisen Switz4.000     8/30/2022   CHF     41.400
EFG Internationa6.500     8/30/2021   CHF     74.830
Societe Generale9.000     7/22/2022   USD     57.500
Landesbank Baden3.000     9/23/2022   EUR     55.830
Societe Generale5.600     09/04/2023  EUR     43.850
Landesbank Hesse5.800     9/24/2024   EUR     57.090
Landesbank Baden2.650     9/23/2022   EUR     67.560
UniCredit Bank A6.300     10/16/2021  EUR     33.960
UniCredit Bank A4.200     7/26/2022   EUR     33.610
UniCredit Bank A4.150     7/26/2022   EUR     53.350
UniCredit Bank A4.300     7/26/2022   EUR     58.600
Landesbank Hesse6.700     10/13/2023  EUR     61.390
Leonteq Securiti6.000     8/17/2021   CHF     40.170
Landesbank Baden3.400     11/26/2021  EUR     70.630
Landesbank Baden2.750     11/26/2021  EUR     73.830
Raiffeisen Schwe5.000     12/29/2021  CHF     69.900
Landesbank Hesse3.000     08/11/2022  EUR     66.920
Landesbank Hesse7.500     11/03/2023  EUR     56.310
Landesbank Hesse6.200     6/17/2022   EUR     50.790
EFG Internationa14.800    8/19/2021   CHF     48.420
Raiffeisen Schwe5.000     8/24/2022   CHF     73.600
Raiffeisen Schwe6.000     8/24/2022   CHF     75.220
Landesbank Hesse7.250     06/08/2023  EUR     69.690
Landesbank Hesse5.500     06/08/2023  EUR     73.660
UniCredit Bank A4.300     6/28/2022   EUR     67.800
UniCredit Bank A4.250     6/28/2022   EUR     49.310
Landesbank Hesse3.500     07/06/2022  EUR     35.120
Landesbank Hesse2.000     6/13/2022   EUR     52.020
Landesbank Hesse6.000     03/10/2023  EUR     65.470
Araratbank OJSC 5.250     09/11/2022  USD     25.155
Landesbank Hesse4.000     8/31/2022   EUR     49.230
EFG Internationa6.400     08/09/2021  CHF     69.570
Landesbank Baden3.500     1/28/2022   EUR     56.480
Landesbank Hesse6.350     11/19/2024  EUR     62.510
Credit Suisse AG6.000     8/22/2022   CHF     72.100
Leonteq Securiti6.100     2/21/2022   CHF     71.380
Vontobel Financi6.700     03/07/2022  EUR     63.400
UniCredit Bank A3.250     3/29/2022   EUR     27.710
UniCredit Bank A3.750     3/26/2022   EUR     60.740
Landesbank Baden2.600     9/23/2022   EUR     69.990
Leonteq Securiti7.200     08/06/2021  CHF     68.030
UBS AG/London   5.500     8/19/2021   EUR     65.250
UBS AG/London   6.500     8/19/2021   CHF     65.300
UniCredit Bank A4.000     11/21/2022  EUR     58.770
Corner Banca SA 14.200    8/24/2021   USD     3.210
Credit Suisse AG7.500     8/13/2021   CHF     74.060
Zurcher Kantonal8.000     2/25/2022   CHF     70.100
UBS AG/London   10.000    8/19/2021   CHF     66.900
UBS AG/London   5.750     8/20/2021   EUR     66.550
Raiffeisen Schwe4.600     2/20/2023   CHF     75.320
Zurcher Kantonal9.750     8/26/2021   USD     72.910
Zurcher Kantonal7.250     09/02/2021  CHF     74.510
UBS AG/London   10.750    8/19/2021   CHF     69.200
Corner Banca SA 8.600     10/12/2021  CHF     67.600
UBS AG/London   7.000     2/21/2022   EUR     60.850
UBS AG/London   11.500    8/19/2021   CHF     69.200
DekaBank Deutsch4.250     4/14/2022   EUR     40.620
Raiffeisen Switz10.500    07/11/2024  USD     19.800
Landesbank Hesse4.000     08/03/2022  EUR     57.980
Societe Generale3.000     7/22/2022   USD     5.800
Landesbank Hesse3.350     9/21/2022   EUR     61.830
UniCredit Bank A3.600     8/23/2021   EUR     32.430
UniCredit Bank A4.600     9/14/2022   EUR     61.370
SG Issuer SA    3.000     09/02/2021  EUR     47.730
Landesbank Hesse5.000     11/25/2022  EUR     54.890
UniCredit Bank A4.200     9/21/2022   EUR     50.270
UniCredit Bank A9.900     12/24/2021  EUR     74.170
DekaBank Deutsch2.500     10/22/2021  EUR     73.100
EFG Internationa6.000     8/13/2021   CHF     71.960
EFG Internationa6.200     8/16/2021   CHF     62.110
DekaBank Deutsch2.150     1/21/2022   EUR     64.050
UniCredit Bank A4.200     03/01/2023  EUR     65.590
Landesbank Baden4.700     3/25/2022   EUR     46.160
Landesbank Hesse6.600     02/01/2024  EUR     68.190
Landesbank Baden3.300     3/25/2022   EUR     55.300
EFG Internationa10.500    02/07/2022  EUR     67.630
UniCredit Bank A9.000     12/27/2021  EUR     66.960
Leonteq Securiti11.400    9/20/2021   CHF     2.770
Landesbank Baden3.250     2/24/2023   EUR     67.030
Landesbank Baden4.100     1/28/2022   EUR     53.100
Landesbank Hesse6.150     8/25/2022   EUR     61.870
DZ Bank AG Deuts20.200    9/24/2021   EUR     63.370
Landesbank Hesse4.000     05/11/2022  EUR     50.480
Leonteq Securiti7.000     7/30/2021   CHF     58.900
Landesbank Hesse5.900     8/25/2023   EUR     62.540
Landesbank Hesse4.000     06/08/2022  EUR     47.830
DekaBank Deutsch2.300     11/12/2021  EUR     60.980
Landesbank Baden3.250     12/23/2022  EUR     64.630
Landesbank Baden2.650     12/23/2022  EUR     71.230
EFG Internationa6.500     10/25/2021  CHF     72.260
EFG Internationa7.000     10/25/2021  EUR     69.280
UniCredit Bank A4.350     10/26/2021  EUR     52.280
Bayerische Lande2.500     12/03/2021  EUR     60.070
Landesbank Baden3.800     1/28/2022   EUR     51.560
DekaBank Deutsch3.100     12/03/2021  EUR     46.780
Leonteq Securiti4.750     11/01/2021  CHF     15.860
Landesbank Hesse4.000     11/10/2021  EUR     37.350
Landesbank Hesse5.450     11/17/2022  EUR     64.630
UniCredit Bank A4.350     11/21/2021  EUR     58.290
Leonteq Securiti7.200     10/27/2021  CHF     59.990
Leonteq Securiti6.200     10/18/2021  CHF     71.160
Leonteq Securiti7.000     10/19/2021  CHF     70.850
Nordea Bank Abp 4.100     7/20/2023   SEK     51.630
Landesbank Hesse6.500     05/11/2023  EUR     66.470
Landesbank Hesse3.500     05/11/2022  EUR     56.280
SG Issuer SA    8.700     1/20/2025   SEK     67.700
Raiffeisen Schwe4.700     10/20/2021  CHF     72.160
UniCredit Bank A7.000     3/29/2022   EUR     62.550
Raiffeisen Switz4.800     11/23/2023  CHF     47.920
UniCredit Bank A4.450     12/29/2022  EUR     37.380
UniCredit Bank A4.700     12/19/2021  EUR     33.680
SG Issuer SA    7.500     1/20/2025   SEK     64.310
Landesbank Hesse3.500     01/05/2022  EUR     56.190
Landesbank Hesse4.000     01/05/2022  EUR     35.180
UniCredit Bank A3.800     12/29/2022  EUR     72.850
Landesbank Hesse3.500     01/05/2022  EUR     53.520
Landesbank Hesse5.400     04/05/2023  EUR     46.040
Landesbank Hesse7.800     12/15/2022  EUR     57.810
Landesbank Baden2.750     3/25/2022   EUR     60.730
Landesbank Baden2.500     3/25/2022   EUR     70.050
Landesbank Baden3.400     1/27/2023   EUR     63.900
Landesbank Baden3.400     11/25/2022  EUR     59.540
Landesbank Hesse4.000     12/21/2022  EUR     69.280
Landesbank Baden3.250     8/27/2021   EUR     52.890
Landesbank Hesse4.000     10/12/2022  EUR     62.750
DekaBank Deutsch2.500     10/24/2023  EUR     64.080
Landesbank Hesse6.000     9/21/2023   EUR     48.590
DekaBank Deutsch2.300     9/24/2021   EUR     52.930
Leonteq Securiti6.000     9/14/2021   CHF     65.900
Landesbank Baden3.000     12/23/2022  EUR     60.080
Center-Invest Co6.000     03/03/2022  RUB     65.200
UniCredit Bank A3.850     10/05/2023  EUR     74.530
Landesbank Hesse6.700     5/17/2022   EUR     52.730
Landesbank Hesse4.350     2/24/2023   EUR     59.310
Landesbank Hesse5.100     2/17/2023   EUR     40.720
UniCredit Bank A4.250     11/21/2021  EUR     35.040
UniCredit Bank A4.200     11/21/2021  EUR     60.270
Vontobel Financi11.500    9/24/2021   EUR     74.810
Vontobel Financi12.500    9/24/2021   EUR     72.940
Landesbank Baden3.500     8/26/2022   EUR     67.970
Landesbank Baden5.450     8/26/2022   EUR     61.620
Corner Banca SA 6.400     09/07/2021  CHF     75.750
Landesbank Hesse5.000     9/21/2023   EUR     57.790
Landesbank Baden3.250     11/26/2021  EUR     72.890
TransKomplektHol9.500     11/02/2028  RUB     70.000
SG Issuer SA    5.000     5/23/2024   EUR     59.670
Landesbank Baden4.000     12/27/2021  EUR     55.710
Landesbank Baden3.400     2/24/2023   EUR     66.390
Landesbank Baden3.950     8/27/2021   EUR     57.350
UniCredit Bank A5.150     01/02/2023  EUR     61.470
Leonteq Securiti10.600    7/26/2021   USD     69.870
Raiffeisen Schwe7.000     7/26/2021   AUD     68.100
UniCredit Bank A9.600     12/27/2021  EUR     70.530
Landesbank Baden3.400     2/25/2022   EUR     56.640
UBS AG/London   6.500     08/02/2021  CHF     66.250
Landesbank Baden4.750     2/25/2022   EUR     47.080
EFG Internationa6.200     08/05/2022  EUR     61.680
EFG Internationa11.500    08/02/2021  USD     37.680
Landesbank Hesse4.000     03/01/2023  EUR     57.720
Landesbank Hesse6.600     2/17/2023   EUR     66.110
Skandinaviska En8.600     7/17/2023   SEK     75.340
DekaBank Deutsch2.600     10/24/2023  EUR     64.280
Vontobel Financi11.500    9/24/2021   EUR     75.104
Landesbank Baden3.500     1/28/2022   EUR     68.180
Landesbank Baden5.700     1/28/2022   EUR     59.800
DZ Bank AG Deuts5.750     9/22/2021   EUR     72.120
Landesbank Hesse4.700     2/24/2023   EUR     53.400
Leonteq Securiti6.400     11/03/2021  CHF     49.050
UniCredit Bank A4.200     12/08/2021  EUR     34.580
DekaBank Deutsch2.750     3/18/2022   EUR     72.580
Landesbank Baden2.100     7/28/2023   EUR     72.040
UniCredit Bank A5.450     3/15/2022   EUR     47.700
UniCredit Bank A5.050     01/11/2022  EUR     53.480
UBS AG/London   6.250     7/26/2021   CHF     70.750
UniCredit Bank A8.900     12/27/2021  EUR     72.680
Zurcher Kantonal9.000     7/30/2021   EUR     71.120
UBS AG/London   13.750    7/26/2021   USD     66.950
DekaBank Deutsch3.450     8/13/2021   EUR     76.450
UBS AG/London   7.000     7/26/2021   EUR     51.750
EFG Internationa10.000    7/26/2021   EUR     42.820
Raiffeisen Switz5.500     7/26/2021   EUR     50.160
EFG Internationa11.500    08/02/2021  USD     41.490
BNP Paribas Emis23.000    12/23/2021  EUR     9.660
Landesbank Baden3.150     6/24/2022   EUR     67.850
Landesbank Baden4.850     6/24/2022   EUR     60.630
Leonteq Securiti8.000     08/05/2021  CHF     56.660
UniCredit Bank A5.350     2/27/2023   EUR     56.070
BNP Paribas Issu18.000    8/13/2029   EUR     68.390
EFG Internationa12.750    1/31/2022   USD     66.700
UniCredit Bank A5.000     2/22/2022   EUR     68.720
Landesbank Baden3.700     9/24/2021   EUR     59.010
Landesbank Hesse4.000     04/12/2023  EUR     58.950
Leonteq Securiti7.200     09/08/2021  CHF     54.480
DekaBank Deutsch3.300     04/08/2022  EUR     49.790
Leonteq Securiti4.000     03/08/2022  EUR     57.870
SG Issuer SA    1.400     03/07/2033  EUR     30.800
UniCredit Bank A17.000    11/15/2021  NOK     69.780
DZ Bank AG Deuts9.000     2/23/2022   EUR     63.720
Leonteq Securiti4.000     4/19/2022   EUR     62.680
Leonteq Securiti12.000    02/09/2022  CHF     62.960
Vontobel Financi17.500    12/24/2021  EUR     75.104
Vontobel Financi19.000    12/24/2021  EUR     75.722
Vontobel Financi15.500    12/24/2021  EUR     59.740
Vontobel Financi14.500    12/24/2021  EUR     60.360
Vontobel Financi20.000    12/24/2021  EUR     56.930
Vontobel Financi17.500    12/24/2021  EUR     58.600
Vontobel Financi19.000    12/24/2021  EUR     57.390
Vontobel Financi18.000    12/24/2021  EUR     57.880
Landesbank Baden2.300     6/24/2022   EUR     55.890
Landesbank Baden4.050     8/26/2022   EUR     68.790
Landesbank Baden4.700     4/25/2022   EUR     69.020
UniCredit Bank A7.500     12/24/2021  EUR     73.370
UniCredit Bank A8.900     12/24/2021  EUR     65.890
UniCredit Bank A7.700     12/24/2021  EUR     70.210
UniCredit Bank A10.200    12/24/2021  EUR     61.020
UniCredit Bank A7.100     12/24/2021  EUR     72.790
UniCredit Bank A6.600     12/24/2021  EUR     76.890
UniCredit Bank A6.900     12/24/2021  EUR     73.180
EFG Internationa6.130     6/20/2024   EUR     2.990
Leonteq Securiti17.000    11/10/2021  CHF     72.740
UniCredit Bank A8.600     12/24/2021  EUR     67.960
UniCredit Bank A11.400    12/24/2021  EUR     67.960
UniCredit Bank A5.800     12/24/2021  EUR     74.330
UniCredit Bank A9.400     12/24/2021  EUR     71.380
UniCredit Bank A10.200    12/24/2021  EUR     44.170
UniCredit Bank A8.500     12/24/2021  EUR     48.150
UniCredit Bank A7.300     12/24/2021  EUR     69.740
UniCredit Bank A6.900     12/24/2021  EUR     70.600
UniCredit Bank A7.700     12/24/2021  EUR     50.600
UniCredit Bank A6.000     12/24/2021  EUR     56.610
UniCredit Bank A9.100     12/24/2021  EUR     64.060
UniCredit Bank A6.900     12/24/2021  EUR     71.440
UniCredit Bank A7.900     12/24/2021  EUR     70.280
UniCredit Bank A8.000     12/24/2021  EUR     67.520
UniCredit Bank A8.300     12/24/2021  EUR     67.890
UniCredit Bank A9.600     12/24/2021  EUR     64.000
Zurcher Kantonal8.000     2/23/2022   CHF     73.910
Landesbank Hesse4.400     12/22/2022  EUR     51.490
UniCredit Bank A4.300     8/24/2021   EUR     48.210
UniCredit Bank A3.500     9/19/2021   EUR     31.790
Landesbank Hesse5.000     9/29/2022   EUR     62.580
Landesbank Baden4.500     8/27/2021   EUR     71.970
Landesbank Baden2.750     8/27/2021   EUR     60.240
Landesbank Baden3.000     10/25/2024  EUR     68.340
DZ Bank AG Deuts14.600    9/24/2021   EUR     51.450
UniCredit Bank A3.850     9/19/2021   EUR     65.680
EFG Internationa9.800     9/21/2021   EUR     52.200
UniCredit Bank A4.300     12/19/2021  EUR     58.080
Landesbank Hesse4.400     01/05/2023  EUR     45.190
EFG Internationa7.000     5/23/2022   EUR     38.590
DekaBank Deutsch1.000     11/02/2021  EUR     56.230
Landesbank Baden2.550     12/27/2021  EUR     56.230
Landesbank Baden2.500     12/27/2021  EUR     52.250
DekaBank Deutsch6.300     10/01/2021  EUR     51.190
Landesbank Baden2.500     6/24/2022   EUR     63.030
UniCredit Bank A4.300     10/18/2021  EUR     39.060
UniCredit Bank A3.800     10/24/2021  EUR     59.810
DZ Bank AG Deuts12.800    9/24/2021   EUR     74.860
Landesbank Baden3.500     8/27/2021   EUR     58.230
Landesbank Baden4.800     2/25/2022   EUR     46.630
Landesbank Hesse6.150     03/11/2025  EUR     56.460
Landesbank Baden7.050     4/25/2022   EUR     64.530
Landesbank Baden2.700     4/25/2022   EUR     74.570
Erste Group Bank5.550     8/30/2022   EUR     50.300
Vontobel Financi14.000    9/24/2021   EUR     68.790
Landesbank Baden5.550     1/28/2022   EUR     65.910
Goldman Sachs & 18.000    9/22/2021   EUR     63.570
Landesbank Hesse3.000     10/20/2022  EUR     65.690
UniCredit Bank A3.200     09/10/2022  EUR     55.090
Landesbank Baden2.600     9/24/2021   EUR     60.930
Citigroup Global8.050     1/24/2023   EUR     62.920
Landesbank Hesse6.500     2/16/2023   EUR     67.840
Societe Generale4.500     12/29/2022  USD     8.840
Landesbank Baden6.250     8/27/2021   EUR     64.840
Landesbank Baden9.000     8/27/2021   EUR     58.320
UniCredit Bank A4.450     09/11/2023  EUR     60.020
Danske Bank A/S 5.300     7/15/2023   SEK     43.410
UniCredit Bank A4.130     2/13/2022   EUR     70.030
Societe Generale4.500     12/29/2022  USD     0.040
Societe Generale4.500     12/30/2024  USD     77.490
UniCredit Bank A3.500     2/13/2023   EUR     44.240
Vontobel Financi8.500     12/24/2021  EUR     54.160
Finca Uco Cjsc  6.000     2/25/2022   USD     25.612
Leonteq Securiti7.200     9/22/2021   CHF     47.410
Vontobel Financi12.500    12/24/2021  EUR     61.710
Vontobel Financi13.500    12/24/2021  EUR     61.020
Vontobel Financi16.500    12/24/2021  EUR     59.150
Vontobel Financi14.000    3/25/2022   EUR     60.920
Vontobel Financi12.000    3/25/2022   EUR     61.990
Vontobel Financi17.500    3/25/2022   EUR     58.980
Vontobel Financi12.000    12/24/2021  EUR     62.660
Landesbank Hesse6.000     10/06/2022  EUR     47.050
Landesbank Hesse4.000     08/09/2023  EUR     61.910
UniCredit Bank A7.100     12/24/2021  EUR     72.870
UniCredit Bank A8.000     12/24/2021  EUR     74.130
UniCredit Bank A8.100     12/24/2021  EUR     67.360
UniCredit Bank A6.600     12/24/2021  EUR     62.190
UniCredit Bank A6.400     12/24/2021  EUR     73.240
UniCredit Bank A7.900     12/24/2021  EUR     70.340
UniCredit Bank A10.500    12/24/2021  EUR     71.040
UniCredit Bank A13.700    12/24/2021  EUR     74.770
UniCredit Bank A8.100     12/24/2021  EUR     66.490
UniCredit Bank A10.300    12/24/2021  EUR     71.330
UniCredit Bank A12.300    12/24/2021  EUR     65.170
UniCredit Bank A6.800     12/24/2021  EUR     53.360
Vontobel Financi10.000    3/25/2022   EUR     65.940
Goldman Sachs & 14.000    12/22/2021  EUR     69.700
Leonteq Securiti8.000     09/01/2021  CHF     66.340
Landesbank Hesse3.500     9/29/2021   EUR     43.580
Landesbank Baden4.750     8/27/2021   EUR     72.430
Landesbank Baden3.750     8/27/2021   EUR     74.660
Landesbank Baden5.000     8/27/2021   EUR     53.990
Societe Generale1.580     9/16/2024   USD     3.880
Vontobel Financi9.500     12/24/2021  EUR     66.650
Vontobel Financi10.500    12/24/2021  EUR     65.740
Vontobel Financi11.500    3/25/2022   EUR     64.270
Goldman Sachs & 14.000    9/22/2021   EUR     69.590
Goldman Sachs & 16.000    12/22/2021  EUR     67.290
Landesbank Baden3.500     8/27/2021   EUR     57.990
UniCredit Bank A3.500     10/08/2022  EUR     48.490
Landesbank Hesse5.700     11/24/2022  EUR     60.780
Landesbank Baden2.500     1/28/2022   EUR     60.520
Goldman Sachs & 13.000    6/22/2022   EUR     73.610
Goldman Sachs & 14.000    3/23/2022   EUR     73.020
UniCredit Bank A4.400     12/10/2022  EUR     73.090
Landesbank Baden4.500     8/27/2021   EUR     66.160
Landesbank Hesse5.200     9/30/2022   EUR     43.990
Credit Suisse AG12.450    12/08/2021  USD     42.560
Credit Suisse AG11.200    12/08/2021  CHF     40.250
Societe Generale8.000     5/28/2027   USD     53.400
DZ Bank AG Deuts16.300    3/25/2022   EUR     74.230
DZ Bank AG Deuts20.200    3/25/2022   EUR     70.770
DZ Bank AG Deuts24.200    12/24/2021  EUR     67.760
DZ Bank AG Deuts10.250    3/23/2022   EUR     74.390
Landesbank Hesse5.600     02/11/2025  EUR     66.020
SG Issuer SA    2.100     2/14/2033   EUR     30.430
Vontobel Financi8.000     3/25/2022   EUR     62.280
Vontobel Financi7.500     12/24/2021  EUR     66.300
DZ Bank AG Deuts9.000     11/24/2021  EUR     69.330
BNP Paribas Emis0.170     9/23/2021   EUR     0.430
Vontobel Financi7.000     3/25/2022   EUR     63.600
Vontobel Financi8.500     12/24/2021  EUR     63.290
UniCredit Bank A5.000     04/08/2022  PLN     0.100
Vontobel Financi21.000    9/24/2021   EUR     71.090
Vontobel Financi8.000     12/24/2021  EUR     68.962
Leonteq Securiti25.000    8/26/2021   USD     6.600
Credit Suisse AG4.500     3/21/2022   USD     9.719
Leonteq Securiti24.530    4/22/2022   CHF     67.100
Leonteq Securiti15.000    4/13/2022   CHF     55.120
Vontobel Financi19.000    3/25/2022   EUR     73.200
Bank Julius Baer8.800     10/19/2021  CHF     27.636
UBS AG/London   7.500     4/19/2022   EUR     0.068
Leonteq Securiti16.000    5/25/2022   CHF     62.810
Vontobel Financi11.500    3/25/2022   EUR     73.260
Vontobel Financi16.000    3/25/2022   EUR     69.950
Vontobel Financi12.500    12/24/2021  EUR     73.510
Vontobel Financi20.000    12/24/2021  EUR     68.290
Vontobel Financi22.500    12/24/2021  EUR     66.900
Vontobel Financi13.500    3/25/2022   EUR     71.320
Vontobel Financi23.000    12/24/2021  EUR     67.078
EFG Internationa7.000     3/23/2023   USD     63.710
Vontobel Financi28.350    8/26/2021   EUR     50.069
Vontobel Financi24.500    12/24/2021  EUR     69.850
Credit Suisse AG6.100     09/08/2022  USD     10.000
Landesbank Baden5.000     6/24/2022   EUR     65.800
EFG Internationa24.000    06/07/2022  USD     69.400
Vontobel Financi24.380    12/08/2021  USD     57.427
Vontobel Financi23.950    06/03/2022  EUR     65.034
Leonteq Securiti12.000    06/08/2022  CHF     59.030
Bank Vontobel AG13.002    9/19/2022   CHF     66.600
Vontobel Financi18.000    9/24/2021   EUR     73.960
Vontobel Financi23.000    9/24/2021   EUR     69.690
Vontobel Financi8.000     9/24/2021   EUR     54.340
Vontobel Financi7.500     12/24/2021  EUR     55.990
Vontobel Financi6.500     9/24/2021   EUR     54.060
Raiffeisen Schwe17.000    9/14/2021   CHF     75.720
Landesbank Baden6.900     12/27/2021  EUR     69.770
Zuercher Kantona8.624     4/25/2022   CHF     0.096
Vontobel Financi6.500     3/25/2022   EUR     56.960
Vontobel Financi7.000     3/25/2022   EUR     57.300
Vontobel Financi10.500    3/25/2022   EUR     55.772
DZ Bank AG Deuts18.800    9/24/2021   EUR     75.110
DZ Bank AG Deuts13.100    12/24/2021  EUR     68.180
Vontobel Financi23.500    9/24/2021   EUR     75.510
Vontobel Financi17.000    12/24/2021  EUR     73.429
Vontobel Financi6.500     12/24/2021  EUR     55.560
Vontobel Financi7.000     12/24/2021  EUR     55.780
Vontobel Financi10.500    3/25/2022   EUR     73.260
Vontobel Financi15.500    12/24/2021  EUR     72.821
Leonteq Securiti22.620    12/23/2021  CHF     45.850
Leonteq Securiti24.870    6/14/2022   CHF     69.910
Credit Suisse AG7.110     8/17/2022   USD     9.730
Vontobel Financi18.650    06/09/2022  EUR     72.900
Leonteq Securiti22.340    4/14/2022   CHF     59.810
Bank Julius Baer10.200    5/30/2023   EUR     18.900
EFG Internationa18.000    4/14/2022   CHF     62.800
Zurcher Kantonal5.000     8/18/2021   CHF     56.190
Vontobel Financi12.500    9/24/2021   EUR     70.770
Vontobel Financi15.000    9/24/2021   EUR     45.782
Erste Group Bank8.000     7/31/2024   EUR     68.850
Corner Banca SA 17.200    4/26/2022   CHF     72.610
Vontobel Financi19.500    3/25/2022   EUR     69.601
Bank Julius Baer11.700    4/26/2022   CHF     70.250
Bank Julius Baer11.800    4/26/2022   EUR     70.350
UniCredit Bank A5.550     7/19/2022   EUR     73.550
Landesbank Baden4.750     8/27/2021   EUR     73.610
Landesbank Baden2.500     8/27/2021   EUR     67.330
Landesbank Baden3.750     8/27/2021   EUR     62.910
Landesbank Baden6.500     8/27/2021   EUR     70.200
Landesbank Baden6.250     8/27/2021   EUR     68.310
Landesbank Baden8.000     8/27/2021   EUR     65.690
Landesbank Baden3.500     8/27/2021   EUR     73.060
Credit Suisse AG13.000    11/26/2021  USD     64.150
Vontobel Financi10.000    3/25/2022   EUR     61.740
Vontobel Financi11.000    12/24/2021  EUR     55.922
Vontobel Financi7.500     3/25/2022   EUR     55.982
Vontobel Financi9.000     3/25/2022   EUR     61.060
Vontobel Financi10.000    12/24/2021  EUR     59.540
EFG Internationa15.000    02/03/2022  USD     68.310
UBS AG/London   19.750    02/03/2022  USD     73.200
Vontobel Financi22.500    9/24/2021   EUR     70.150
Vontobel Financi18.500    12/24/2021  EUR     71.880
Vontobel Financi20.000    9/24/2021   EUR     71.330
Vontobel Financi22.000    9/24/2021   EUR     69.460
Vontobel Financi17.000    12/24/2021  EUR     73.300
Vontobel Financi22.500    9/24/2021   EUR     74.670
DZ Bank AG Deuts20.200    9/24/2021   EUR     72.680
DZ Bank AG Deuts20.200    12/24/2021  EUR     72.610
Leonteq Securiti5.700     7/27/2022   CHF     1.110
Corner Banca SA 13.000    1/19/2022   CHF     63.440
DZ Bank AG Deuts10.250    8/25/2021   EUR     55.650
Citigroup Global8.200     3/21/2024   SEK     63.440
Vontobel Financi16.000    3/25/2022   EUR     60.040
Landesbank Hesse5.250     5/15/2025   EUR     71.680
DekaBank Deutsch2.800     05/02/2022  EUR     53.800
Landesbank Baden3.400     8/23/2024   EUR     65.670
Vontobel Financi19.500    12/24/2021  EUR     72.420
Vontobel Financi20.500    9/24/2021   EUR     72.040
Vontobel Financi17.500    12/24/2021  EUR     72.470
Luzerner Kantona25.000    03/09/2022  CHF     74.410
Vontobel Financi18.000    9/24/2021   EUR     73.350
Vontobel Financi19.000    9/24/2021   EUR     72.320
Vontobel Financi21.000    9/24/2021   EUR     70.380
Vontobel Financi23.000    9/24/2021   EUR     68.580
Vontobel Financi16.000    12/24/2021  EUR     73.950
DZ Bank AG Deuts22.000    9/24/2021   EUR     71.360
DZ Bank AG Deuts22.400    12/24/2021  EUR     70.350
DZ Bank AG Deuts21.300    9/24/2021   EUR     71.630
DZ Bank AG Deuts17.100    12/24/2021  EUR     75.210
Landesbank Baden5.600     11/26/2021  EUR     73.040
Raiffeisen Centr10.000    3/24/2023   EUR     1.000
Vontobel Financi17.000    3/25/2022   EUR     72.780
Vontobel Financi16.500    12/24/2021  EUR     72.650
Vontobel Financi11.000    12/24/2021  EUR     67.940
Vontobel Financi14.500    12/24/2021  EUR     63.110
Landesbank Baden4.000     5/27/2022   EUR     48.040
Landesbank Baden3.300     5/27/2022   EUR     56.340
Leonteq Securiti17.600    03/08/2022  USD     70.670
Landesbank Baden2.200     1/27/2023   EUR     63.620
BNP Paribas Emis25.000    9/23/2021   EUR     73.820
BNP Paribas Emis6.500     9/23/2021   EUR     70.960
BNP Paribas Emis7.000     9/23/2021   EUR     69.380
BNP Paribas Emis9.500     9/23/2021   EUR     68.160
BNP Paribas Emis11.000    12/23/2021  EUR     63.540
BNP Paribas Emis13.000    12/23/2021  EUR     64.350
BNP Paribas Emis14.000    12/23/2021  EUR     62.990
BNP Paribas Emis16.000    12/23/2021  EUR     61.070
BNP Paribas Emis15.000    12/23/2021  EUR     59.640
BNP Paribas Emis17.000    12/23/2021  EUR     60.450
BNP Paribas Emis10.000    9/23/2021   EUR     65.970
BNP Paribas Emis12.000    9/23/2021   EUR     62.790
BNP Paribas Emis14.000    9/23/2021   EUR     63.100
BNP Paribas Emis13.000    9/23/2021   EUR     61.650
BNP Paribas Emis17.000    9/23/2021   EUR     58.680
BNP Paribas Emis8.500     12/23/2021  EUR     72.070
BNP Paribas Emis9.000     12/23/2021  EUR     70.770
BNP Paribas Emis8.500     12/23/2021  EUR     69.110
BNP Paribas Emis9.500     12/23/2021  EUR     69.520
BNP Paribas Emis10.000    12/23/2021  EUR     67.620
BNP Paribas Emis9.500     12/23/2021  EUR     65.430
BNP Paribas Emis7.500     9/23/2021   EUR     71.120
BNP Paribas Emis7.500     9/23/2021   EUR     67.860
BNP Paribas Emis8.500     9/23/2021   EUR     68.010
BNP Paribas Emis11.000    12/23/2021  EUR     66.040
BNP Paribas Emis15.000    12/23/2021  EUR     61.730
BNP Paribas Emis13.000    9/23/2021   EUR     64.300
BNP Paribas Emis16.000    9/23/2021   EUR     60.270
BNP Paribas Emis18.000    9/23/2021   EUR     57.730
BNP Paribas Emis6.500     12/23/2021  EUR     71.260
BNP Paribas Emis7.000     12/23/2021  EUR     69.960
BNP Paribas Emis7.500     12/23/2021  EUR     68.710
BNP Paribas Emis8.500     9/23/2021   EUR     71.270
BNP Paribas Emis8.000     9/23/2021   EUR     69.530
BNP Paribas Emis9.000     9/23/2021   EUR     69.680
BNP Paribas Emis9.000     9/23/2021   EUR     65.810
BNP Paribas Emis12.000    12/23/2021  EUR     65.170
BNP Paribas Emis11.000    9/23/2021   EUR     63.990
BNP Paribas Emis15.000    9/23/2021   EUR     61.960
BNP Paribas Emis14.000    9/23/2021   EUR     59.960
BNP Paribas Emis19.000    9/23/2021   EUR     56.830
BNP Paribas Emis7.500     12/23/2021  EUR     71.660
BNP Paribas Emis8.000     12/23/2021  EUR     70.370
BNP Paribas Emis9.000     12/23/2021  EUR     67.220
DZ Bank AG Deuts17.800    12/24/2021  EUR     71.340
UBS AG/London   16.300    01/08/2024  EUR     42.050
BNP Paribas Issu5.450     1/14/2022   EUR     68.060
Vontobel Financi9.000     12/24/2021  EUR     73.730
Corner Banca SA 15.200    08/11/2021  CHF     4.110
Vontobel Financi21.000    12/24/2021  EUR     70.150
Landesbank Baden7.300     3/25/2022   EUR     67.470
Landesbank Baden5.150     12/27/2021  EUR     72.730
Vontobel Financi20.000    12/24/2021  EUR     75.004
Raiffeisen Switz6.800     05/06/2022  EUR     0.010
Vontobel Financi15.000    3/25/2022   EUR     66.610
Vontobel Financi21.000    12/24/2021  EUR     71.800
Vontobel Financi19.500    3/25/2022   EUR     72.820
Vontobel Financi10.000    12/24/2021  EUR     72.600
Vontobel Financi9.000     3/25/2022   EUR     71.590
Vontobel Financi7.500     3/25/2022   EUR     74.350
Vontobel Financi11.000    12/24/2021  EUR     64.670
Vontobel Financi7.000     3/25/2022   EUR     70.450
Vontobel Financi7.500     12/24/2021  EUR     70.060
Vontobel Financi14.000    3/25/2022   EUR     75.070
Vontobel Financi9.000     12/24/2021  EUR     67.810
Vontobel Financi13.000    3/25/2022   EUR     62.670
Landesbank Hesse7.000     10/20/2022  EUR     56.700
SG Issuer SA    2.100     01/06/2033  EUR     28.820
Landesbank Baden3.000     1/28/2022   EUR     71.690
Vontobel Financi12.000    12/24/2021  EUR     63.850
Vontobel Financi8.000     3/25/2022   EUR     67.640
Vontobel Financi8.000     12/24/2021  EUR     68.810
Erste Group Bank4.350     2/20/2022   EUR     44.050
Vontobel Financi8.000     9/24/2021   EUR     52.971
Vontobel Financi10.500    9/24/2021   EUR     57.320
Vontobel Financi10.500    9/24/2021   EUR     71.430
Vontobel Financi15.000    9/24/2021   EUR     64.450
Vontobel Financi17.500    9/24/2021   EUR     62.180
Vontobel Financi18.500    9/24/2021   EUR     61.090
Vontobel Financi20.500    9/24/2021   EUR     59.050
SG Issuer SA    1.400     12/28/2032  EUR     27.810
SG Issuer SA    1.500     12/30/2032  EUR     48.100
Vontobel Financi11.500    12/24/2021  EUR     71.150
Vontobel Financi14.000    12/24/2021  EUR     68.270
Vontobel Financi13.500    3/25/2022   EUR     74.740
Vontobel Financi20.000    12/24/2021  EUR     65.852
Vontobel Financi23.500    3/25/2022   EUR     74.250
Landesbank Baden5.100     11/25/2022  EUR     73.150
UBS AG/London   15.250    2/24/2022   USD     56.000
UBS AG/London   6.500     8/24/2022   CHF     74.400
Banque Cantonale10.875    11/05/2021  EUR     69.460
UBS AG/London   21.250    2/18/2022   USD     51.600
Landesbank Baden5.000     3/25/2022   EUR     70.960
Vontobel Financi9.500     9/24/2021   EUR     73.000
Vontobel Financi18.500    12/24/2021  EUR     59.500
Landesbank Baden2.300     2/25/2022   EUR     62.930
Vontobel Financi8.000     12/24/2021  EUR     54.695
Vontobel Financi11.500    9/24/2021   EUR     69.920
Vontobel Financi12.500    9/24/2021   EUR     68.480
Vontobel Financi19.500    9/24/2021   EUR     60.050
Vontobel Financi21.500    9/24/2021   EUR     58.100
Vontobel Financi9.000     12/24/2021  EUR     55.104
Landesbank Hesse5.700     6/16/2022   EUR     65.430
Landesbank Hesse4.000     6/16/2022   EUR     55.110
Vontobel Financi10.000    12/24/2021  EUR     59.540
Vontobel Financi13.000    9/24/2021   EUR     67.020
Vontobel Financi14.000    9/24/2021   EUR     65.710
Vontobel Financi16.000    9/24/2021   EUR     63.250
Landesbank Hesse5.300     9/23/2022   EUR     43.750
Vontobel Financi7.500     12/24/2021  EUR     73.910
Vontobel Financi17.000    9/24/2021   EUR     75.882
UniCredit Bank A4.500     1/18/2022   EUR     53.130
Zurcher Kantonal8.125     02/11/2022  EUR     61.530
UBS AG/London   8.750     9/27/2021   CHF     73.550
UniCredit Bank A10.300    12/24/2021  EUR     61.420
BNP Paribas Emis5.000     12/23/2021  EUR     55.740
BNP Paribas Emis7.000     3/24/2022   EUR     60.660
Leonteq Securiti10.000    12/06/2021  CHF     75.720
Zurcher Kantonal6.750     02/11/2022  CHF     72.470
Bank Julius Baer7.400     1/25/2022   EUR     73.700
Zurcher Kantonal9.750     02/11/2022  USD     62.490
UBS AG/London   5.750     8/16/2021   CHF     71.550
UBS AG/London   12.000    12/06/2021  USD     74.550
Raiffeisen Schwe7.750     1/27/2022   CHF     72.370
BNP Paribas Emis4.000     3/24/2022   EUR     71.750
BNP Paribas Emis10.000    3/24/2022   EUR     6.900
UniCredit Bank A11.300    12/24/2021  EUR     59.180
UniCredit Bank A9.300     12/24/2021  EUR     67.730
UniCredit Bank A10.100    12/24/2021  EUR     66.160
BNP Paribas Emis10.000    12/23/2021  EUR     4.350
DekaBank Deutsch2.000     02/10/2023  EUR     74.360
EFG Internationa9.700     9/26/2022   CHF     11.420
Leonteq Securiti7.750     1/17/2022   CHF     71.160
BNP Paribas Emis6.000     3/24/2022   EUR     72.060
BNP Paribas Emis6.000     9/23/2021   EUR     51.860
Zurcher Kantonal5.350     7/29/2021   CHF     54.740
Credit Suisse AG10.750    7/26/2021   USD     61.020
UBS AG/London   13.000    02/07/2022  CHF     66.800
UBS AG/London   11.000    08/05/2021  CHF     71.900
UBS AG/London   11.250    1/24/2022   CHF     71.200
Bank Julius Baer10.300    1/31/2022   USD     72.100
Leonteq Securiti12.400    08/03/2021  CHF     75.310
Raiffeisen Schwe3.200     12/18/2026  CHF     66.980
Bank ZENIT PJSC 0.100     3/27/2025   RUB     70.020
Leonteq Securiti3.900     9/21/2029   CHF     74.650
Raiffeisen Schwe3.400     3/21/2025   CHF     55.470
Raiffeisen Schwe3.000     9/21/2029   CHF     69.640
Raiffeisen Schwe2.700     9/22/2026   CHF     54.960
Leonteq Securiti3.900     12/20/2024  CHF     51.670
Leonteq Securiti4.000     12/18/2026  CHF     69.250
Leonteq Securiti3.600     9/22/2026   CHF     57.950
Pongs & Zahn AG 8.500                 EUR     0.002
UniCredit Bank A9.300     12/24/2021  EUR     50.880
UniCredit Bank A6.400     12/24/2021  EUR     64.930
UniCredit Bank A9.900     12/24/2021  EUR     62.590
UniCredit Bank A9.100     12/24/2021  EUR     57.970
UniCredit Bank A11.200    12/24/2021  EUR     36.270
UniCredit Bank A10.500    12/24/2021  EUR     72.470
UniCredit Bank A10.900    12/24/2021  EUR     60.600
UBS AG/London   6.750     5/16/2022   CHF     74.650
UniCredit Bank A9.100     12/24/2021  EUR     55.820
Landesbank Hesse6.000     03/06/2025  EUR     56.660
UniCredit Bank A9.700     12/24/2021  EUR     64.970
UniCredit Bank A11.400    12/24/2021  EUR     50.580
UniCredit Bank A12.900    12/24/2021  EUR     47.820
UniCredit Bank A7.800     12/24/2021  EUR     54.360
UniCredit Bank A8.100     12/24/2021  EUR     41.280
UniCredit Bank A8.300     12/24/2021  EUR     60.340
UniCredit Bank A6.300     12/24/2021  EUR     73.540
UniCredit Bank A7.500     12/24/2021  EUR     69.440
UniCredit Bank A6.600     12/24/2021  EUR     71.130
UniCredit Bank A9.900     12/24/2021  EUR     53.920
UniCredit Bank A9.700     12/24/2021  EUR     38.500
UniCredit Bank A10.900    12/24/2021  EUR     53.970
UniCredit Bank A7.000     12/24/2021  EUR     72.440
UBS AG/London   7.000     10/04/2021  CHF     73.800
UBS AG/London   7.250     10/04/2021  CHF     67.550
UniCredit Bank A8.200     11/26/2021  EUR     69.780
UBS AG/London   10.750    7/29/2021   CHF     68.750
Credit Suisse AG6.200     7/29/2022   CHF     75.470
Barclays Bank PL2.730     9/27/2024   EUR     65.480
Leonteq Securiti7.200     1/31/2022   CHF     74.350
Gmina Miasta San1.400     11/25/2032  PLN     0.010
Bayerische Lande3.500     1/26/2024   EUR     73.990
Raiffeisen Schwe6.600     3/23/2022   CHF     70.870
Skandinaviska En6.000     1/15/2025   SEK     75.470
Vontobel Financi9.200     1/24/2022   EUR     67.410
Raiffeisen Schwe5.300     9/20/2022   CHF     75.360
Landesbank Baden2.650     10/27/2023  EUR     74.530
Raiffeisen Schwe7.000     08/03/2021  CHF     71.800
UBS AG/London   8.000     1/24/2022   CHF     70.550
SG Issuer SA    0.850     7/29/2024   EUR     15.370
DekaBank Deutsch3.200     11/04/2022  EUR     72.790
Raiffeisen Schwe8.000     1/31/2022   CHF     75.190
Corner Banca SA 9.000     1/21/2022   CHF     74.040
Raiffeisen Schwe8.600     12/13/2021  CHF     74.480
Leonteq Securiti8.000     12/13/2022  CHF     59.780
Zurcher Kantonal4.000     02/11/2022  CHF     56.730
UniCredit Bank A5.700     12/24/2021  EUR     61.170
UniCredit Bank A8.900     12/24/2021  EUR     39.810
UniCredit Bank A9.700     12/24/2021  EUR     74.430
UniCredit Bank A10.000    12/24/2021  EUR     49.360
BNP Paribas Emis3.000     12/23/2021  EUR     71.300
Leonteq Securiti3.400     3/20/2024   CHF     43.330
UniCredit Bank A10.400    12/24/2021  EUR     52.810
UniCredit Bank A10.000    12/24/2021  EUR     49.560
UniCredit Bank A12.500    12/24/2021  EUR     45.610
BNP Paribas Emis9.000     9/23/2021   EUR     1.730
BNP Paribas Emis4.000     3/24/2022   EUR     57.080
BNP Paribas Emis7.000     12/23/2021  EUR     59.980
UniCredit Bank A7.300     12/24/2021  EUR     74.380
UniCredit Bank A8.100     12/24/2021  EUR     72.390
UniCredit Bank A9.000     12/24/2021  EUR     70.570
UniCredit Bank A14.600    12/24/2021  EUR     75.030
UniCredit Bank A8.300     12/24/2021  EUR     55.800
UniCredit Bank A10.800    12/24/2021  EUR     48.100
UniCredit Bank A11.700    12/24/2021  EUR     46.790
DekaBank Deutsch2.800     1/13/2023   EUR     75.050
DekaBank Deutsch4.000     1/14/2022   EUR     65.960
EFG Internationa7.800     1/17/2022   CHF     71.000
Leonteq Securiti11.800    12/20/2021  CHF     73.130
UBS AG/London   10.000    1/17/2022   CHF     73.700
Zurcher Kantonal6.000     1/28/2022   CHF     73.710
UBS AG/London   10.000    7/29/2021   CHF     68.700
UBS AG/London   11.750    7/29/2021   CHF     66.550
Leonteq Securiti10.000    12/23/2021  CHF     74.340
Vontobel Financi21.500    9/24/2021   EUR     71.160
Leonteq Securiti7.000     10/25/2021  EUR     75.590
DekaBank Deutsch3.250     11/25/2022  EUR     68.180
Landesbank Baden4.000     11/26/2021  EUR     68.510
Landesbank Baden5.750     11/26/2021  EUR     70.840
Landesbank Baden4.250     11/26/2021  EUR     74.540
Landesbank Baden3.000     11/26/2021  EUR     63.520
Landesbank Baden3.250     11/26/2021  EUR     73.110
Landesbank Baden4.000     11/26/2021  EUR     70.800
EFG Internationa13.400    10/31/2022  CHF     74.490
Raiffeisen Schwe4.000     11/15/2022  CHF     71.230
Zurcher Kantonal5.750     11/26/2021  CHF     73.890
UBS AG/London   8.500     11/22/2021  EUR     62.250
SG Issuer SA    0.350     11/15/2023  EUR     20.620
Bayerische Lande1.350     12/23/2022  EUR     60.570
Leonteq Securiti7.420     11/22/2021  EUR     58.430
DekaBank Deutsch3.700     12/17/2021  EUR     65.810
Landesbank Baden3.690     12/23/2022  EUR     71.050
Raiffeisen Schwe7.800     11/22/2021  CHF     57.630
Zurcher Kantonal6.000     12/06/2021  CHF     74.060
UBS AG/London   7.000     11/29/2021  EUR     59.750
Landesbank Baden2.600     1/26/2024   EUR     73.880
Bank Julius Baer8.200     10/15/2021  EUR     71.650
Vontobel Financi6.500     9/24/2021   EUR     49.640
Vontobel Financi13.000    9/24/2021   EUR     70.840
Vontobel Financi15.500    12/24/2021  EUR     67.090
Vontobel Financi13.500    12/24/2021  EUR     69.970
Vontobel Financi16.000    9/24/2021   EUR     67.050
UBS AG/London   10.000    12/27/2021  CHF     74.900
UBS AG/London   5.750     12/27/2021  CHF     73.050
EFG Internationa12.000    12/31/2021  USD     73.990
EFG Internationa13.000    12/27/2021  CHF     6.060
EFG Internationa11.120    12/27/2024  EUR     57.720
Leonteq Securiti15.180    12/27/2021  EUR     7.740
Leonteq Securiti11.000    01/03/2022  CHF     55.500
Leonteq Securiti8.600     01/07/2022  CHF     74.770
UniCredit Bank A11.100    12/24/2021  EUR     59.780
WEB Windenergie 5.250     04/08/2023  EUR     0.010
Landesbank Hesse7.700     8/20/2021   EUR     50.900
Landesbank Hesse5.750     11/21/2022  EUR     73.700
Leonteq Securiti7.500     11/08/2022  CHF     65.670
Leonteq Securiti12.000    11/08/2021  EUR     67.170
UniCredit Bank A4.200     12/06/2022  EUR     66.320
Bayerische Lande3.000     11/26/2021  EUR     69.990
UBS AG/London   8.000     11/08/2021  CHF     56.750
EFG Internationa13.000    11/08/2021  EUR     55.110
BNP Paribas Emis3.000     9/23/2021   EUR     70.170
Leonteq Securiti9.400     1/13/2022   CHF     70.860
Zurcher Kantonal7.500     7/28/2021   CHF     54.720
Landesbank Baden3.500     3/24/2023   EUR     69.660
EFG Internationa0.600     09/06/2022  EUR     75.130
Raiffeisen Centr6.000     10/07/2021  EUR     73.590
UBS AG/London   7.000     9/13/2021   CHF     67.550
UBS AG/London   7.750     9/13/2021   EUR     55.100
UBS AG/London   8.500     9/13/2021   EUR     65.300
Raiffeisen Schwe5.000     9/13/2022   CHF     74.310
Landesbank Baden2.100     10/27/2023  EUR     63.110
EFG Internationa9.000     9/20/2021   EUR     59.160
UBS AG/London   7.500     9/20/2021   CHF     54.750
UBS AG/London   8.250     9/20/2021   CHF     71.700
UBS AG/London   7.250     09/06/2021  CHF     55.850
EFG Internationa7.000     09/06/2021  EUR     75.530
Zurcher Kantonal8.000     1/14/2022   CHF     74.720
Zurcher Kantonal13.000    1/14/2022   EUR     71.930
EFG Internationa0.600     9/20/2022   EUR     70.510
Vontobel Financi14.500    9/24/2021   EUR     68.790
Vontobel Financi11.500    9/24/2021   EUR     72.010
UBS AG/London   10.000    11/15/2021  CHF     73.500
Zurcher Kantonal5.750     11/19/2021  CHF     75.040
UBS AG/London   10.500    11/15/2021  CHF     73.300
Landesbank Baden6.500     10/22/2021  EUR     67.710
DZ Bank AG Deuts16.200    9/24/2021   EUR     75.090
DZ Bank AG Deuts20.700    9/24/2021   EUR     67.860
Landesbank Baden3.900     10/22/2021  EUR     66.540
Landesbank Baden2.650     3/25/2022   EUR     71.020
Zurcher Kantonal6.300     12/16/2022  CHF     56.240
Landesbank Baden5.300     3/25/2022   EUR     62.930
Raiffeisen Schwe8.500     12/13/2021  CHF     53.270
UBS AG/London   12.000    12/20/2021  CHF     52.900
UBS AG/London   14.000    12/20/2021  CHF     62.900
UBS AG/London   7.000     12/20/2021  CHF     61.600
Leonteq Securiti7.500     12/20/2021  EUR     59.760
Bayerische Lande1.450     1/26/2024   EUR     63.700
Zurcher Kantonal10.750    1/21/2022   CHF     54.900
Landesbank Baden4.500     9/24/2021   EUR     68.760
Landesbank Baden7.250     9/24/2021   EUR     61.860
DZ Bank AG Deuts9.500     9/22/2021   EUR     59.730
UBS AG/London   7.000     08/12/2021  CHF     69.750
Vontobel Financi10.250    9/24/2021   EUR     51.126
Leonteq Securiti5.910     09/02/2021  EUR     73.440
Leonteq Securiti1.430     09/02/2021  EUR     64.420
Leonteq Securiti6.330     09/02/2021  EUR     64.870
Leonteq Securiti11.390    09/02/2021  EUR     73.960
Leonteq Securiti7.590     09/02/2021  EUR     68.390
Leonteq Securiti9.220     09/02/2021  EUR     65.140
UBS AG/London   9.000     08/12/2021  CHF     73.050
Citigroup Global6.500     2/21/2030   EUR     73.530
UniCredit Bank A6.900     12/24/2021  EUR     71.650
Leonteq Securiti4.500     09/02/2021  EUR     73.300
Leonteq Securiti7.290     09/02/2021  EUR     74.570
Leonteq Securiti8.590     09/02/2021  EUR     73.700
Leonteq Securiti2.470     09/02/2021  EUR     64.490
Leonteq Securiti3.650     09/02/2021  EUR     64.610
Zurcher Kantonal7.000     8/18/2021   CHF     60.880
BNP Paribas Emis5.000     9/23/2021   EUR     59.000
BNP Paribas Emis6.000     9/23/2021   EUR     54.920
BNP Paribas Emis6.000     12/23/2021  EUR     56.150
BNP Paribas Emis10.000    9/23/2021   EUR     1.800
BNP Paribas Emis5.000     3/24/2022   EUR     58.480
BNP Paribas Emis6.000     9/23/2021   EUR     73.650
BNP Paribas Emis5.000     12/23/2021  EUR     75.040
BNP Paribas Emis6.000     12/23/2021  EUR     73.050
Zurcher Kantonal7.000     2/21/2022   CHF     71.210
Credit Suisse AG6.100     8/15/2022   CHF     74.240
Leonteq Securiti10.000    8/17/2021   CHF     70.470
Vontobel Financi13.500    9/24/2021   EUR     68.720
UniCredit Bank A10.300    12/24/2021  EUR     64.440
UniCredit Bank A5.900     12/24/2021  EUR     75.000
Leonteq Securiti9.660     09/02/2021  EUR     73.810
Leonteq Securiti5.020     09/02/2021  EUR     64.770
Leonteq Securiti6.070     09/02/2021  EUR     71.950
Bank Julius Baer14.750    8/16/2021   EUR     0.800
Leonteq Securiti10.600    8/13/2021   CHF     57.300
Vontobel Financi10.000    9/24/2021   EUR     70.009
Araratbank OJSC 5.500     1/29/2024   USD     25.118
Vontobel Financi10.500    9/24/2021   EUR     56.350
Vontobel Financi11.500    9/24/2021   EUR     72.310
Vontobel Financi14.500    9/24/2021   EUR     68.270
Vontobel Financi16.000    9/24/2021   EUR     66.450
Vontobel Financi8.000     9/24/2021   EUR     61.980
Vontobel Financi17.000    9/24/2021   EUR     64.680
Vontobel Financi18.500    9/24/2021   EUR     63.100
Credit Suisse AG7.500     08/05/2021  CHF     74.510
Zurcher Kantonal10.200    08/06/2021  CHF     69.920
UniCredit Bank A6.600     9/13/2023   EUR     73.470
Leonteq Securiti11.200    08/04/2021  CHF     73.430
UBS AG/London   10.750    08/05/2021  CHF     71.800
UBS AG/London   10.500    10/18/2021  CHF     61.950
Zurcher Kantonal8.000     10/22/2021  EUR     62.740
Landesbank Hesse4.000     6/14/2023   EUR     69.600
Zurcher Kantonal8.000     5/16/2022   CHF     58.030
Bayerische Lande2.500     7/22/2022   EUR     67.620
UBS AG/London   12.000    08/05/2021  CHF     69.550
UBS AG/London   11.500    08/05/2021  CHF     69.550
EFG Internationa5.600     07/11/2024  EUR     25.820
Landesbank Baden3.250     7/28/2023   EUR     66.220
Societe Generale13.479    12/24/2021  EUR     66.020
UniCredit Bank A10.500    12/24/2021  EUR     66.550
UBS AG/London   7.000     9/27/2021   CHF     72.450
UBS AG/London   8.250     9/27/2021   CHF     73.400
BNP Paribas Emis5.000     9/23/2021   EUR     54.600
BNP Paribas Emis5.000     3/24/2022   EUR     52.810
Zurcher Kantonal8.000     7/30/2021   CHF     69.050
DekaBank Deutsch3.500     2/24/2023   EUR     72.280
Vontobel Financi4.000     12/14/2021  EUR     70.180
UniCredit Bank A4.900     5/22/2023   EUR     73.930
DekaBank Deutsch4.150     07/01/2022  EUR     58.040
Vontobel Financi16.500    9/24/2021   EUR     44.690
Araratbank OJSC 5.500     9/19/2023   USD     25.391
Leonteq Securiti7.000     8/16/2021   CHF     57.560
DekaBank Deutsch3.400     09/09/2022  EUR     72.140
UBS AG/London   7.000     8/23/2021   EUR     55.650
UBS AG/London   5.500     8/23/2021   CHF     68.300
Skandinaviska En4.400     7/15/2022   SEK     70.355
Leonteq Securiti6.600     10/12/2021  CHF     48.330
DekaBank Deutsch4.000     11/05/2021  EUR     65.360
Landesbank Baden4.400     9/23/2022   EUR     60.640
Otkritie Holding0.010     12/08/2027  RUB     2.010
Landesbank Baden3.600     6/23/2023   EUR     59.440
Erste Group Bank5.800     10/31/2024  EUR     69.350
DekaBank Deutsch2.400     6/17/2022   EUR     69.020
EFG Internationa16.000    10/11/2021  CHF     63.680
UBS AG/London   7.000     10/11/2021  CHF     57.150
UniCredit Bank A6.250     11/04/2021  EUR     70.600
EFG Internationa10.400    10/15/2021  EUR     61.750
Leonteq Securiti6.000     11/23/2021  CHF     55.390
Derzhava-Garant 8.500     06/12/2030  RUB     5.280
Vontobel Financi21.500    9/24/2021   EUR     69.980
Vontobel Financi19.500    9/24/2021   EUR     71.880
DZ Bank AG Deuts15.000    12/24/2021  EUR     65.710
Leonteq Securiti18.000    04/12/2022  CHF     57.620
Raiffeisen Schwe4.400     10/21/2021  CHF     66.870
Vontobel Financi10.000    11/11/2021  EUR     73.599
UBS AG/London   7.750     10/25/2021  EUR     58.100
EFG Internationa5.350     10/24/2022  USD     72.990
Landesbank Baden2.900     11/26/2021  EUR     73.330
Landesbank Baden2.000     11/26/2021  EUR     67.650
Landesbank Baden4.000     11/26/2021  EUR     60.880
DekaBank Deutsch3.700     11/25/2022  EUR     63.690
Leonteq Securiti2.290     10/29/2021  EUR     52.700
DekaBank Deutsch2.550     7/30/2021   EUR     51.570
Societe Generale10.000    8/27/2021   EUR     75.150
Societe Generale12.750    8/27/2021   EUR     64.610
Societe Generale14.750    8/27/2021   EUR     61.760
Vontobel Financi9.500     9/24/2021   EUR     54.410
Societe Generale13.750    10/22/2021  EUR     66.530
Societe Generale7.250     10/22/2021  EUR     70.460
Vontobel Financi10.000    12/24/2021  EUR     73.800
Vontobel Financi5.500     9/24/2021   EUR     51.320
Societe Generale10.750    8/27/2021   EUR     68.130
Societe Generale9.750     10/22/2021  EUR     73.420
Vontobel Financi7.500     12/24/2021  EUR     55.690
Societe Generale11.750    10/22/2021  EUR     69.660
Vontobel Financi11.500    9/24/2021   EUR     54.750
Societe Generale8.750     8/27/2021   EUR     72.520
Vontobel Financi5.500     12/24/2021  EUR     52.510
Vontobel Financi11.500    12/24/2021  EUR     68.640
Vontobel Financi5.500     3/25/2022   EUR     53.640
Societe Generale13.250    10/22/2021  EUR     59.550
Societe Generale11.250    10/22/2021  EUR     62.430
Vontobel Financi17.500    3/25/2022   EUR     67.740
Societe Generale10.500    9/24/2021   EUR     55.480
Societe Generale12.500    9/24/2021   EUR     52.690
Societe Generale8.500     9/24/2021   EUR     59.060
Vontobel Financi9.000     12/24/2021  EUR     56.320
Vontobel Financi8.000     3/25/2022   EUR     57.590
Vontobel Financi8.000     12/24/2021  EUR     55.900
Societe Generale6.500     9/24/2021   EUR     63.970
Societe Generale4.500     9/24/2021   EUR     71.310
Societe Generale10.500    9/24/2021   EUR     67.620
Vontobel Financi21.000    9/24/2021   EUR     62.512
Societe Generale14.500    9/24/2021   EUR     61.070
Societe Generale12.500    9/24/2021   EUR     64.040
Societe Generale8.500     9/24/2021   EUR     72.090
Vontobel Financi6.000     12/24/2021  EUR     48.600
Societe Generale6.500     8/27/2021   EUR     71.390
Societe Generale10.500    8/27/2021   EUR     61.450
Societe Generale14.500    8/27/2021   EUR     55.390
Societe Generale8.500     8/27/2021   EUR     65.670
Societe Generale12.500    8/27/2021   EUR     58.130
Russian Bank for8.500     12/03/2030  RUB     67.080
Lehman Brothers 8.500     07/06/2009  CHF     0.100
Tonon Luxembourg9.250     1/24/2020   USD     1.000
Tonon Luxembourg9.250     1/24/2020   USD     1.000
Lehman Brothers 7.500     9/13/2009   CHF     0.100
Lehman Brothers 4.500     08/02/2009  USD     0.100
Lehman Brothers 4.350     08/08/2016  SGD     0.100
Lehman Brothers 6.650     8/24/2011   AUD     0.100
Lehman Brothers 7.250     10/06/2008  EUR     0.100
Lehman Brothers 8.000     5/22/2009   USD     0.100
Lehman Brothers 9.000     3/17/2009   GBP     0.100
Lehman Brothers 3.850     4/24/2009   USD     0.100
Lehman Brothers 4.000     4/24/2009   USD     0.100
Lehman Brothers 9.000     6/13/2009   USD     0.100
Lehman Brothers 7.375     9/20/2008   EUR     0.100
Lehman Brothers 10.500    08/09/2010  EUR     0.100
Lehman Brothers 7.000     11/28/2008  CHF     0.100
Lehman Brothers 4.500     03/06/2013  CHF     0.100
Lehman Brothers 4.600     10/11/2017  ILS     0.100
Lehman Brothers 3.500     12/20/2027  USD     0.100
Lehman Brothers 6.850     12/22/2008  EUR     0.100
MIK OAO         15.000    2/19/2020   RUB     13.875
Lehman Brothers 16.000    10/08/2008  CHF     0.100
Lehman Brothers 8.280     3/26/2009   USD     0.100
Lehman Brothers 7.600     3/26/2009   EUR     0.100
Lehman Brothers 0.500     12/20/2017  USD     0.100
Lehman Brothers 0.500     12/20/2017  USD     0.100
Dolphin Drilling4.490     8/28/2019   NOK     0.644
Lehman Brothers 0.500     12/20/2017  USD     0.100
Lehman Brothers 11.000    12/20/2017  AUD     0.100
Lehman Brothers 11.000    12/20/2017  AUD     0.100
Lehman Brothers 11.000    12/20/2017  AUD     0.100
Lehman Brothers 8.800     12/27/2009  EUR     0.100
Lehman Brothers 0.500     12/20/2017  AUD     0.100
Lehman Brothers 0.500     12/20/2017  AUD     0.100
Lehman Brothers 4.000     01/04/2011  USD     0.100
Lehman Brothers 0.500     12/20/2017  AUD     0.100
Lehman Brothers 8.000     12/31/2010  USD     0.100
Lehman Brothers 0.500     12/20/2017  AUD     0.100
AKB Peresvet ZAO0.510     6/23/2021   RUB     32.680
Lehman Brothers 9.300     12/21/2010  EUR     0.100
Lehman Brothers 2.400     6/20/2011   JPY     0.100
Lehman Brothers 1.600     6/21/2010   JPY     0.100
Lehman Brothers 6.000     5/23/2018   CZK     0.100
Lehman Brothers 4.000     5/30/2010   USD     0.100
Lehman Brothers 4.000     5/17/2010   USD     0.100
Lehman Brothers 2.250     05/12/2009  USD     0.100
Lehman Brothers 7.150     3/21/2013   USD     0.100
Lehman Brothers 3.500     6/20/2011   EUR     0.100
Lehman Brothers 5.500     6/22/2010   USD     0.100
Lehman Brothers 7.500     2/14/2010   AUD     0.100
Lehman Brothers 7.600     1/31/2013   AUD     0.100
Lehman Brothers 3.450     5/23/2013   USD     0.100
Lehman Brothers 6.450     2/20/2010   AUD     0.100
Lehman Brothers 10.000    10/22/2008  USD     0.100
Lehman Brothers 10.000    10/23/2008  USD     0.100
Lehman Brothers 4.800     11/16/2012  HKD     0.100
Lehman Brothers 5.200     11/09/2011  EUR     0.100
Lehman Brothers 14.900    11/16/2010  EUR     0.100
Irish Bank Resol6.750     11/30/2013  BGN     33.250
Lehman Brothers 13.000    2/16/2009   CHF     0.100
Lehman Brothers 6.300     12/21/2018  USD     0.100
Lehman Brothers 5.375     02/04/2014  USD     0.100
Lehman Brothers 8.000     3/21/2018   USD     0.100
AlphaNotes ETP D0.010     09/09/2029  USD     68.640
Lehman Brothers 5.500     4/23/2014   EUR     0.100
Lehman Brothers 16.000    10/28/2008  USD     0.100
Lehman Brothers 6.600     5/23/2012   AUD     0.100
Lehman Brothers 9.000     05/06/2011  CHF     0.100
Lehman Brothers 8.000     5/22/2009   USD     0.100
Lehman Brothers 10.000    5/22/2009   USD     0.100
Lehman Brothers 16.000    11/09/2008  USD     0.100
Lehman Brothers 8.000     3/19/2012   USD     0.100
SG Issuer SA    0.850     10/16/2024  EUR     11.980
Leonteq Securiti12.000    10/18/2021  CHF     60.100
UBS AG/London   14.250    10/25/2021  CHF     58.650
UBS AG/London   10.000    10/25/2021  CHF     58.050
Nutritek Interna8.750     12/11/2008  USD     2.089
Lehman Brothers 1.680     03/05/2015  EUR     0.100
Lehman Brothers 13.500    11/28/2008  USD     0.100
Lehman Brothers 6.750     04/05/2012  EUR     0.100
Lehman Brothers 2.480     05/12/2009  USD     0.100
Lehman Brothers 13.000    7/25/2012   EUR     0.100
SG Issuer SA    3.000     10/10/2034  ZAR     46.990
Credit Suisse AG0.500     01/08/2026  BRL     64.812
Instabank ASA   9.200                 NOK     48.825
Northland Resour4.000     10/15/2020  USD     0.271
SG Issuer SA    2.700     11/28/2034  ZAR     44.480
SG Issuer SA    3.300     9/26/2034   ZAR     49.217
Lehman Brothers 4.690     2/19/2017   EUR     0.100
Lehman Brothers 6.000     2/14/2012   EUR     0.100
Lehman Brothers 7.000     2/15/2012   EUR     0.100
Heta Asset Resol0.211     12/31/2023  EUR     1.438
Lehman Brothers 4.000     11/24/2016  EUR     0.100
Lehman Brothers 1.500     10/25/2011  EUR     0.100
Lehman Brothers 5.500     6/15/2009   CHF     0.100
Bank Otkritie Fi0.010     9/24/2025   RUB     72.470
Lehman Brothers 7.585     11/22/2009  MXN     0.100
Lehman Brothers 6.000     9/20/2011   EUR     0.100
Lehman Brothers 3.400     9/21/2009   HKD     0.100
Lehman Brothers 8.000     10/23/2008  USD     0.100
Grupo Isolux Cor1.000     12/30/2021  USD     0.182
Grupo Isolux Cor0.250     12/30/2018  EUR     0.182
Lehman Brothers 18.250    10/02/2008  USD     0.100
Lehman Brothers 7.000     10/22/2010  EUR     0.100
Lehman Brothers 1.500     10/12/2010  EUR     0.100
ECM Real Estate 5.000     10/09/2011  EUR     15.375
Getin Noble Bank4.250     6/28/2024   PLN     64.715
HSBC Bank PLC   0.500     6/23/2027   MXN     63.874
Lehman Brothers 3.000     8/13/2011   EUR     0.100
Lehman Brothers 2.500     8/23/2012   GBP     0.100
Lehman Brothers 4.000     10/12/2010  USD     0.100
Vontobel Financi17.500    9/24/2021   EUR     48.360
Vontobel Financi14.000    9/24/2021   EUR     51.940
Vontobel Financi13.000    9/24/2021   EUR     70.220
Vontobel Financi20.000    9/24/2021   EUR     61.620
Leonteq Securiti8.150     09/02/2021  CHF     37.710
Landesbank Baden5.050     10/22/2021  EUR     67.710
Landesbank Baden3.050     10/22/2021  EUR     74.050
Landesbank Baden2.950     10/22/2021  EUR     75.720
Corner Banca SA 8.620     8/30/2021   CHF     75.330
Landesbank Hesse7.000     4/29/2022   EUR     73.790
UBS AG/London   7.000     8/30/2021   CHF     66.550
Landesbank Baden2.350     9/23/2022   EUR     66.610
Landesbank Baden4.100     10/22/2021  EUR     70.360
Societe Generale9.250     10/22/2021  EUR     65.950
DekaBank Deutsch3.600     07/01/2022  EUR     69.820
Lehman Brothers 0.010     9/20/2011   USD     0.100
Northland Resour12.250    3/26/2016   USD     2.621
Lehman Brothers 8.050     12/20/2010  HKD     0.100
Minicentrales Do0.010     06/06/2047  EUR     67.500
Instabank ASA   7.800     02/04/2030  NOK     65.337
Lehman Brothers 7.750     2/21/2016   EUR     0.100
Promsvyazbank PJ2.500     9/29/2029   RUB     65.950
Lehman Brothers 4.100     8/23/2010   USD     0.100
Lehman Brothers 7.500     5/30/2010   AUD     0.100
Lehman Brothers 2.300     06/06/2013  USD     0.100
Lehman Brothers 4.300     06/04/2012  USD     0.100
Barclays Bank PL1.450     9/24/2038   MXN     31.418
Lehman Brothers 15.000    06/04/2009  CHF     0.100
Lehman Brothers 4.600     08/01/2013  EUR     0.100
Lehman Brothers 5.000     11/22/2012  EUR     0.100
Lehman Brothers 5.550     03/12/2015  EUR     0.100
Lehman Brothers 13.500    06/02/2009  USD     0.100
Lehman Brothers 10.442    11/22/2008  CHF     0.100
Deutsche Bank AG0.500     04/05/2038  MXN     24.715
Lehman Brothers 5.250     04/01/2023  EUR     0.100
AKB Peresvet ZAO13.250    4/25/2018   RUB     31.375
Lehman Brothers 16.800    8/21/2009   USD     0.100
Lehman Brothers 14.100    11/12/2008  USD     0.100
Lehman Brothers 13.432    01/08/2009  ILS     0.100
Lehman Brothers 0.500     07/02/2020  EUR     0.100
Lehman Brothers 3.100     06/04/2010  USD     0.100
Lehman Brothers 2.500     8/15/2012   CHF     0.100
Lehman Brothers 13.150    10/30/2008  USD     0.100
Lehman Brothers 0.500     08/01/2020  EUR     0.100
Lehman Brothers 6.000     08/07/2013  EUR     0.100
Lehman Brothers 6.250     09/05/2011  EUR     0.100
Lehman Brothers 11.750    03/01/2010  EUR     0.100
Lehman Brothers 4.000     03/10/2011  EUR     0.100
Lehman Brothers 0.500     12/20/2017  USD     0.100
Lehman Brothers 6.000     3/18/2015   USD     0.100
Lehman Brothers 1.000     2/26/2010   USD     0.100
Lehman Brothers 7.550     12/29/2008  USD     0.100
Lehman Brothers 7.000     4/24/2009   USD     0.100
Lehman Brothers 16.200    5/14/2009   USD     0.100
Lehman Brothers 5.100     05/08/2017  HKD     0.100
Lehman Brothers 3.350     10/13/2016  EUR     0.100
Credito Padano B3.100                 EUR     33.866
Lehman Brothers 5.000     4/24/2017   EUR     0.100
Lehman Brothers 5.000     05/02/2022  EUR     0.100
Lehman Brothers 4.000     4/13/2011   CHF     0.100
Lehman Brothers 7.000     4/14/2009   EUR     0.100
Lehman Brothers 6.000     10/24/2008  EUR     0.100
Heta Asset Resol4.350     12/31/2023  EUR     1.438
Lehman Brothers 5.750     6/15/2009   CHF     0.100
Lehman Brothers 0.250     7/21/2014   EUR     0.100
Lehman Brothers 2.000     10/28/2010  EUR     0.100
Lehman Brothers 11.000    6/29/2009   EUR     0.100
Lehman Brothers 8.000     08/03/2009  USD     0.100
Lehman Brothers 11.000    12/19/2011  USD     0.100
Norske Skogindus7.000     12/30/2026  EUR     0.001
Lehman Brothers 3.500     10/24/2011  USD     0.100
Lehman Brothers 3.500     10/31/2011  USD     0.100
Lehman Brothers 0.250     10/19/2012  CHF     0.100
Lehman Brothers 5.200     3/19/2018   EUR     0.100
Norske Skogindus2.000     12/30/2115  EUR     0.113
Lehman Brothers 14.900    9/15/2008   EUR     0.100
Lehman Brothers 1.750     02/07/2010  EUR     0.100
Lehman Brothers 15.000    3/30/2011   EUR     0.100
Lehman Brothers 6.600     2/22/2012   EUR     0.100
Lehman Brothers 10.000    3/27/2009   USD     0.100
Lehman Brothers 5.000     10/24/2008  CHF     0.100
Lehman Brothers 7.750     1/30/2009   EUR     0.100
Sidetur Finance 10.000    4/20/2016   USD     2.082
Petromena ASA   9.750     5/24/2016   NOK     0.607
Espirito Santo F5.050     11/15/2025  EUR     0.983
Lehman Brothers 3.700     06/06/2009  EUR     0.100
Lehman Brothers 0.800     12/30/2016  EUR     0.100
AKB Peresvet ZAO13.000    10/07/2017  RUB     31.375
Lehman Brothers 10.000    2/16/2009   CHF     0.100
Lehman Brothers 0.500     12/20/2017  AUD     0.100
Lehman Brothers 11.000    2/16/2009   CHF     0.100
Lehman Brothers 7.000     2/15/2010   CHF     0.100
Lehman Brothers 4.000     06/05/2011  USD     0.100
Lehman Brothers 1.460     2/19/2012   JPY     0.100
Lehman Brothers 11.250    12/31/2008  USD     0.100
SAir Group      2.750     7/30/2004   CHF     12.625
SAir Group      2.750     7/30/2004   CHF     12.625
Lehman Brothers 3.000     09/12/2036  JPY     0.100
Lehman Brothers 11.000    07/04/2011  USD     0.100
Lehman Brothers 12.000    07/04/2011  EUR     0.100
Lehman Brothers 5.500     07/08/2013  EUR     0.100
Landesbank Hesse0.650     10/01/2031  EUR     10.127
Lehman Brothers 11.000    07/04/2011  CHF     0.100
Lehman Brothers 0.500     06/02/2020  EUR     0.100
Lehman Brothers 7.250     07/08/2014  EUR     0.100
Lehman Brothers 3.000     9/13/2010   JPY     0.100
Lehman Brothers 9.250     6/20/2012   USD     0.100
Lehman Brothers 3.820     10/20/2009  USD     0.100
IT Holding Finan9.875     11/15/2012  EUR     0.238
Lehman Brothers 4.100     5/20/2009   USD     0.100
Lehman Brothers 2.000     5/17/2010   EUR     0.100
Ukraine Governme6.000     9/19/2029   UAH     65.610
Lehman Brothers 4.500     03/07/2015  EUR     0.100
Northland Resour15.000    7/15/2019   USD     2.621
Ukraine Governme6.000     06/12/2030  UAH     63.983
Lehman Brothers 2.300     6/27/2013   USD     0.100
City of Novosibi7.300     10/08/2026  RUB     69.700
Credit Suisse AG0.500     12/16/2025  BRL     66.175
Lehman Brothers 6.720     12/29/2008  EUR     0.100
Lehman Brothers 7.625     7/22/2011   HKD     0.100
Lehman Brothers 12.000    7/13/2037   JPY     0.100
Lehman Brothers 7.060     12/29/2008  EUR     0.100
Heta Asset Resol5.730     12/31/2023  EUR     1.438
Lehman Brothers 6.000     6/21/2011   EUR     0.100
Lehman Brothers 6.600     02/09/2009  EUR     0.100
Lehman Brothers 2.000     6/21/2011   EUR     0.100
WPE Internationa10.375    9/30/2020   USD     5.000
BLT Finance BV  12.000    02/10/2015  USD     10.500
Lehman Brothers 4.870     10/08/2013  USD     0.100
Lehman Brothers 4.000     12/02/2012  EUR     0.100
Teksid Aluminum 12.375    7/15/2011   EUR     0.122
Irish Bank Resol4.000     4/23/2018   EUR     33.250
Lehman Brothers 8.280     7/31/2013   GBP     0.100
Lehman Brothers 8.600     7/31/2013   GBP     0.100
Lehman Brothers 3.600     3/19/2018   JPY     0.100
Lehman Brothers 2.370     7/15/2013   USD     0.100
Lehman Brothers 6.000     03/04/2015  USD     0.100
Lehman Brothers 10.600    4/22/2014   MXN     0.100
Lehman Brothers 1.000     05/09/2012  EUR     0.100
Lehman Brothers 23.300    9/16/2008   USD     0.100
Lehman Brothers 3.000     06/03/2010  EUR     0.100
Lehman Brothers 12.400    06/12/2009  USD     0.100
Lehman Brothers 2.000     6/28/2011   EUR     0.100
Lehman Brothers 7.600     03/04/2010  NZD     0.100
Lehman Brothers 17.000    06/02/2009  USD     0.100
Lehman Brothers 10.000    6/17/2009   USD     0.100
Lehman Brothers 7.600     5/21/2013   USD     0.100
Lehman Brothers 6.000     3/17/2011   EUR     0.100
PSN Pm OOO      9.500     09/10/2026  RUB     21.625
Credit Agricole 0.390     12/16/2032  EUR     73.283
BNP Paribas SA  0.500     11/16/2032  MXN     28.981
Lehman Brothers 6.700     4/21/2011   USD     0.100
Lehman Brothers 4.820     12/18/2036  EUR     0.100
Lehman Brothers 13.000    12/14/2012  USD     0.100
Lehman Brothers 4.680     12/12/2045  EUR     0.100
Otkritie Holding10.000    4/20/2028   RUB     3.490
Mriya Agro Holdi10.950    3/30/2016   USD     4.667
Lehman Brothers 1.280     11/06/2010  JPY     0.100
Lehman Brothers 1.950     11/04/2013  EUR     0.100
Lehman Brothers 4.000     2/28/2010   EUR     0.100
Bibby Offshore S7.500     6/15/2021   GBP     11.625
Mriya Agro Holdi9.450     4/19/2018   USD     4.667
Lehman Brothers 8.000     12/27/2032  JPY     0.100
Lehman Brothers 1.500     02/08/2012  CHF     0.100
Heta Asset Resol0.131     12/31/2023  EUR     1.438
Lehman Brothers 8.875     1/28/2011   HKD     0.100
Cerruti Finance 6.500     7/26/2004   EUR     2.058
HSBC Bank PLC   0.500     11/25/2025  BRL     66.128
LBI ehf         8.650     05/01/2011  ISK     9.500
Heta Asset Resol5.270     12/31/2023  EUR     1.439
Lehman Brothers 7.500     7/31/2013   GBP     0.100
Lehman Brothers 7.320     7/31/2013   GBP     0.100
Heta Asset Resol4.875     12/31/2023  EUR     1.438
Minicentrales Do0.010     06/06/2047  EUR     59.375
Lehman Brothers 3.025     1/31/2015   EUR     0.100
Lehman Brothers 0.750     3/29/2012   EUR     0.100
Lehman Brothers 5.250     11/21/2009  USD     0.100
Kuntarahoitus Oy0.250     6/28/2040   CAD     40.421
Lehman Brothers 6.000     7/28/2010   EUR     0.100
Lehman Brothers 4.500     12/30/2010  USD     0.100
Lehman Brothers 3.630     03/02/2012  EUR     0.100
Kreditanstalt fu0.250     10/06/2036  CAD     49.119
Lehman Brothers 6.000     7/28/2010   EUR     0.100
Lehman Brothers 7.000     07/11/2010  EUR     0.100
Lehman Brothers 3.000     08/08/2017  EUR     0.100
Lehman Brothers 4.150     8/25/2020   EUR     0.100
Lehman Brothers 6.000     12/06/2016  USD     0.100
Lehman Brothers 0.129     11/02/2035  EUR     0.100
Lehman Brothers 0.500     2/16/2009   EUR     0.100
LBI ehf         2.250     2/14/2011   CHF     9.500
Lehman Brothers 4.250     3/13/2021   EUR     0.100
Lehman Brothers 8.000     4/20/2009   EUR     0.100
AKB Peresvet ZAO0.510     08/04/2034  RUB     30.120
Lehman Brothers 4.050     9/16/2008   EUR     0.100
RGS Nedvizhimost12.000    10/18/2017  RUB     0.335
Leonteq Securiti4.560     7/30/2021   USD     71.240
Leonteq Securiti3.770     7/30/2021   USD     66.900



                           *********


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

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

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

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

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

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


                * * * End of Transmission * * *