/raid1/www/Hosts/bankrupt/TCREUR_Public/210728.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Wednesday, July 28, 2021, Vol. 22, No. 144

                           Headlines



F R A N C E

NORIA 2021: Fitch Assigns Final B+ Rating on Class F Tranche


G E O R G I A

GEORGIA GLOBAL: Fitch Affirms 'B+' LT IDR, Outlook Stable


G E R M A N Y

AVS HOLDING: S&P Affirms 'B' Long-Term ICR, Outlook Stable
CONDOR: European Commission Approves State Aid


G R E E C E

FRIGOGLASS SAIC: Moody's Cuts CFR to Caa1 & EUR260MM Notes to Caa1


I R E L A N D

PENTA CLO 6: Fitch Assigns Final B- Rating on Class F-R Notes
PENTA CLO 6: Moody's Assigns B3 Rating to EUR12.5MM Class F Notes
TORO EUROPEAN 2: S&P Assigns Prelim B- (sf) Rating on Cl. F Notes
TYMON PARK: Moody's Assigns (P)B3 Rating to EUR11.2MM Cl. E Notes


I T A L Y

BRIGNOLE CO 2021: Fitch Assigns Final B+ Rating on Class E Notes


P O L A N D

CANPACK SA: Fitch Assigns First-Time 'BB' LT IDR, Outlook Stable


R U S S I A

AUTOBANN: Moody's Affirms B1 CFR & Alters Outlook to Positive


S P A I N

LUNA III: Fitch Corrects July 15 Ratings Release
MIRAVET SARL: Fitch Puts 'CCC' Class E Tranche Rating on Watch Pos.
TELEFONE SA: Egan-Jones Keeps BB- Senior Unsecured Ratings


U N I T E D   K I N G D O M

ALBA 2006-2: Fitch Puts 'CCC' Class F Tranche Rating on Watch Pos.
BELLHILL LIMITED: Administrators Put Lorne Hotel Up for Sale
CELEBRITY ESPORTS: Enters Liquidation After Partnership Deals
FERROGLOBE PLC: Moody's Affirms Caa1 CFR & Rates Sr. Sec. Notes B2
GFG ALLIANCE: Chief Investment Officer Leaves Group

JAD JOINERY: Enters Liquidation Following Record Turnover
OXIS ENERGY: Redundant Workers Take Legal Action After Collapse
RICCALL CARERS: Goes Into Liquidation After CQC Inspection
VERY GROUP: Fitch Rates GBP575MM Sr. Sec. Notes 'B-(EXP)'
VERY GROUP: Moody's Affirms B3 CFR & Rates New GBP575MM Notes B3


                           - - - - -


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F R A N C E
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NORIA 2021: Fitch Assigns Final B+ Rating on Class F Tranche
------------------------------------------------------------
Fitch Ratings has assigned Noria 2021 final ratings.

     DEBT              RATING              PRIOR
     ----              ------              -----
Noria 2021

A FR00140048R4   LT  AAAsf  New Rating   AAA(EXP)sf
B FR00140048S2   LT  AAsf   New Rating   AA(EXP)sf
C FR00140048T0   LT  Asf    New Rating   A(EXP)sf
D FR00140048U8   LT  BBBsf  New Rating   BBB(EXP)sf
E FR00140048O1   LT  BB+sf  New Rating   BB(EXP)sf
F FR00140048P8   LT  B+sf   New Rating   B+(EXP)sf
G FR00140048Q6   LT  NRsf   New Rating   NR(EXP)sf

TRANSACTION SUMMARY

Noria 2021 is an 11-month revolving securitisation of French
unsecured consumer loans originated in France by BNP Paribas
Personal Finance (BNPP PF). The securitised portfolio consists of
personal, debt consolidation and sales finance loans granted to
individuals. All loans bear a fixed interest rate and are
amortising with constant instalments.

KEY RATING DRIVERS

Moderate Credit Risk Expected: Fitch reviewed separate portfolio
data and set a base-case default assumption of 6.1% and a recovery
assumption of 48.3% based on the performance of BNPP PF's book and
Fitch's macroeconomic expectations in the context of the
coronavirus pandemic. Fitch applied a 'AAAsf' default multiple of
4.8x and a recovery haircut of 50% to stress base case assumptions
to the notes' ratings.

Consumer loan defaults were resilient to the impact of the
coronavirus pandemic in 2020, but performance has been underpinned
by government support schemes and Fitch expects some deterioration
once these measures are wound down and unemployment rises.

Revolving Period Risk Mitigated: The transaction has a maximum
11-month revolving period. Early amortisation triggers are
relatively loose, but the short length of the revolving period,
along with eligibility criteria and available credit enhancement
(CE), mitigate the risk introduced by the revolving period. Fitch
has also analysed potential changes to portfolio composition during
this period and stressed the average interest rate of the
portfolio..

Hybrid Pro-Rata Redemption: The notes are paid based on their
target subordination ratios (as percentages of the performing and
delinquent portfolio balance) during the amortisation period. The
subordination ratio for each class is equal to its initial CE,
which means all the notes amortise pro rata if no sequential
amortisation event occurs and there is no principal deficiency
ledger in debit.

Servicing Continuity Risk Mitigated: BNPP PF is the transaction
servicer. No back-up servicer was appointed at closing. However,
servicing continuity risks are mitigated by, among other things, a
monthly transfer of borrowers' notification details, the specially
dedicated account bank, a reserve fund to cover liquidity and the
management company being responsible for appointing a substitute
servicer within 30 calendar days upon the occurrence of a servicer
termination event.

RATING SENSITIVITIES

This section provides insight into the model-implied sensitivities
the transaction faces when one assumption is modified, while
holding others equal. The modelling process uses the modification
of these variables to reflect asset performance in upside and
downside environments. The results below should only be considered
as one potential outcome, as the transaction is exposed to multiple
dynamic risk factors. It should not be used as an indicator of
possible future performance.

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

-- Expected impact on the note rating of decreased defaults and
    increased recoveries (class A/B/C/D/E/F)

-- Decrease base case defaults by 10%, increase recovery rate by
    10%:'AAAsf'/'AAsf'/'A+sf' /'BBB+sf'/'BBB-sf'/'BBsf'

-- Decrease base case defaults by 25%, increase recovery rate by
    25%:'AAAsf'/'AA+sf'/'A+sf' /'Asf'/'BBBsf'/'BB+sf'

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

-- Expected impact on the note rating of increased defaults
    (class A/B/C/D/E/F)

-- Increase base case defaults by 10%: 'AA+sf'/'A+sf'/'A
    sf'/'BBB-sf'/'BBsf'/'B+sf'

-- Increase base case defaults by 25%:
    'AAsf'/'A+sf'/'BBB+sf'/'BB+sf'/'BB-sf'/'B-sf'

-- Expected impact on the note rating of decreased recoveries
    (class A/B/C/D/E/F)

-- Reduce base case recovery by 10%: 'AA+sf'/'AA
    sf'/'Asf'/'BBBsf'/'BBsf'/'B+sf'

-- Reduce base case recovery by 25%: 'AA+sf'/'AA-sf'/'A-sf'/'BBB
    sf'/'BBsf'/'Bsf'

-- Expected impact on the note rating of increased defaults and
    decreased recoveries (class A/B/C/D/E/F)

-- Increase base case defaults by 10%, reduce recovery rate by
    10%: 'AA+sf'/'A+sf'/'A-sf'/'BBB-sf'/'BBsf'/'Bsf'

-- Increase base case defaults by 25%, reduce recovery rate by
    25%: 'AAsf'/'A+sf'/'BBBsf'/'BB+sf'/'B+sf'/'CCCsf'

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Noria 2021

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

Fitch reviewed the results of a third party assessment conducted on
the asset portfolio information, and concluded that there were no
findings that affected the rating analysis.

Fitch conducted a review of a small targeted sample of the
originator's origination files and found the information contained
in the reviewed files to be adequately consistent with the
originator's policies and practices and the other information
provided to the agency about the asset portfolio.

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

ESG CONSIDERATIONS

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



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G E O R G I A
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GEORGIA GLOBAL: Fitch Affirms 'B+' LT IDR, Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed Georgia Global Utilities JSC (GGU)
Long-Term Issuer Default Rating (IDR) at 'B+'. The Outlook is
Stable. Fitch has also affirmed GGU's senior unsecured rating at
'B+' with a Recovery Rating (RR) of 'RR4'.

The affirmation reflects GGU's consolidated credit profile of its
regulated water utility business (Georgian Water and Power LLC,
GWP), and its higher-risk renewable electricity business, which is
nevertheless supported by long-term power purchase agreements
(PPAs). Overall size, asset quality, forex (FX) risk, operating and
regulatory environment, and high, albeit decreasing, leverage
remain key rating constraints.

KEY RATING DRIVERS

Profits Recovery in 2021: Fitch expects GGU's EBITDA margin in 2021
and 2022 to significantly improve toward 63%, from a low of 56% in
2020. Fitch forecasts GGU's profit to be supported by the
higher-than-expected water tariff increases. The approved water
tariffs for 2021-2023 increase allowed revenue by about 36% in
comparison with the previous regulatory period for the entire water
segment. As a result, Fitch expects funds from operations (FFO) net
leverage to return to below the negative rating sensitivity in
2022-2023.

The pandemic affected GGU's revenue and EBITDA, lower demand from
business customers contributed to the decline for the water
segment. However, volume risk is mitigated by the regulatory
framework and unearned revenue is expected to be recovered in
2021-2023 with the application of time value of money.

GWP Significant for GGU: Fitch expects GWP to be the most
significant operating company for GGU at 75% of average revenue and
68% EBITDA per year for 2021-2024. GWP is a regulated water
utility, with a natural monopoly in Tbilsi, and owns the water and
wastewater infrastructure. The remaining business is electricity
sales. It operates hydro power plants with an installed capacity of
145MW (megawatt, linked to the water utility), with about 50% of
electricity generated for own consumption, with excess electricity
sold predominantly through bilateral agreements with direct
customers.

Increasing Diversification, Lower Regulated Revenue: Fitch
estimates GGU's regulated water revenue at about 67% (adjusting for
connection income in the water segment) on average per year for
2021-2024. The remaining revenue will be from power generation and
sale, which is exposed to volume and price risks in the merchant
power segment. This is offset by PPA-based power sales (estimated
at about 37% of the power segment for 2021-2024) and
diversification supported by 91MW of installed renewable capacity.
GGU is exposed to merchant activity, but about 90% of revenue is
generated through bilateral agreements in July to April of each
year, when the electricity market is in deficit.

Price Visibility in PPAs: Fitch believes long-term cash-flow
visibility is enhanced by the price certainty within GGU's PPAs.
All electricity output from about 40% of its total installed
capacity is contracted with PPAs expiring between 2022 and 2034 and
the weighted-average remaining life of the PPA portfolio is around
10 years.

The long-term PPAs provide some protection from price risk, as they
are based on fixed power tariff agreements, typically for eight
months of each year, from September to April. Fitch views the PPAs
with JSC Electricity System Commercial Operator (ESCO, the market
operator) as indirectly backed by the Georgian government
(BB/Negative).

Re-contracting Risk Present: The remaining electricity output is
exposed to market prices, albeit mitigated in the short term
through 12-month, bilateral agreements, with large
industrial/commercial customers. GGU has a limited record of
re-contracting capacity, following the market liberalisation in May
2019.

Limited Currency Hedge: GGU debt is almost exclusively in US
dollars, resulting in exposure to FX risk. However, this risk is
somewhat mitigated by PPA sales and bilateral contracts being
denominated in US dollars, which is expected to be sufficient to
cover coupon payment but not principal (USD250 million bond due
2025, single bullet debt structure). Fitch estimates GGU's EBITDA
to average about 40% in US dollars, with the remaining in Georgian
lari.

Holding Company and Rating Scope: GGU is a holding company and
consolidates GWP, Rustavi Water LLC, Gardabani Sewage Treatment
LLC, Saguramo Energy LLC, Georgian Engineering and Management
Company LLC, Qartli Wind Farm LLC (QWF, 21MW) wind power plant,
Svaneti Hydro JSC (Svaneti, 50MW) hydro power plant (HPPs),
Hydrolea LLC (20MW HPPs) and Georgian Energy Trading Company LLC
(GETC, electricity trading arm of the group).

Ring-fenced Structure: The restricted group consists of GWP, QWF,
Svaneti, Hydrolea and GETC. Under the trust deed of the bond, each
entity jointly and severally, irrevocably and unconditionally
guarantees the noteholder prompt payment of principal and interest.
Hydrolea is the holding company of Geoenergy LLC, Hydro Georgia
LLC, and Kasleti 2 LLC, also included in the restricted group. The
restricted group is expected to comprise 85% or more of GGU's
consolidated EBITDA. Together with the refinancing of debt at the
restricted group with the holding company debt, this results in no
structural subordination for GGU creditors.

Covenants Restrict Payments and Leverage: The restricted group may
make restricted payments of up to 50% of consolidated net income,
provided the issuer is able to incur additional debt under the debt
incurrence test, and subject to certain other conditions. The
restricted group may also make unlimited restricted payments if
consolidated net leverage does not exceed 3.0x (after giving pro
forma effect to the relevant restricted payment). The restricted
group may incur indebtedness if consolidated net leverage is less
than (i) 5.0x in year 1-2, (ii) 4.5x in years 3-4 and (iii) 4.0x
thereafter.

DERIVATION SUMMARY

Fitch views Telasi JSC (B+(EXP)/Stable) as one of GGU's closest
peers, since the companies share the same operating and regulatory
environment. GGU is the water monopoly in Georgia's capital
(Tbilisi), and Telasi is the second-largest electricity
distribution and supply company in the country, taking a natural
monopoly position in Tbilisi. GGU has slightly higher business
risk, given that it is partly exposed to merchant risk in its
electricity business. Another local peer is JSC Energo-Pro Georgia,
a subsidiary of Energo-Pro a.s. (EPas, BB-/Negative), which
distributes electricity to all regions of Georgia except Tbilisi.

GGU is comparable with European water utilities Severomoravske
vodovody a kanalizace Ostrava a.s. (BB+/Stable) and Miejskie
Wodociagi i Kanalizacja w Bydgoszczy Sp. z o.o. (BBB/Stable), and
Rosvodokanal LLC (BB-/Stable). Bulgarian Energy Holding EAD
(BB/Positive) is significantly larger and more diversified, with
strong sovereign support benefiting its rating.

KEY ASSUMPTIONS

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

-- Capex averaging GEL94 million a year over 2021-2024.

-- Dividends averaging GEL23 million a year over 2021-2024.

-- GEL/USD average exchange rate of 3.3 in 2021, and 3.2 during
    2022-2024.

Water utility assumptions:

-- Water tariff to legal entities increasing up to 6.5 GEL/m3 in
    2021-2023 and water tariff to residential customers increasing
    up to 0.5 GEL/m3 in 2021-2023.

-- Tariff increases translating into about 36% growth in allowed
    revenues from water sales for 2021-2023 with regulatory WACC
    of 14.98%.

-- Reducing water losses to about 35% of total water output in
    2024 from about 39% in 2020.

Renewable energy assumptions:

-- Electricity volumes sold averaging 501 GWh a year over 2021
    2024.

-- Average PPA price of about 19.6 GELTetri/kWh in 2021-2024, and
    average market price of about 15.0 GELTetri/kWh in 2021-2024.

KEY RECOVERY RATING ASSUMPTIONS

For issuers with IDRs of 'B+' and below, Fitch performs a recovery
analysis for each class of obligations of the issuer. The issue
rating is derived from the IDR and the relevant RR and notching,
based on the going-concern enterprise value (EV) of the company in
a distressed scenario or its liquidation value.

The recovery analysis is based on going-concern value, as it is
higher than the liquidation value. Fitch has assumed a 10%
administrative claim.

Fitch's recovery analysis for GGU estimates a liquidation value of
about GEL477 million, and a going- concern value under a distressed
scenario of about GEL480 million based on a going-concern EBITDA of
about GEL120 million and a 4x multiple.

The liquidation value considers no value for cash due to the
assumption that cash is depleted during or before the bankruptcy.
Fitch applied a 75% discount to accounts receivable, and a 50%
discount to inventory and property, plant and equipment as a proxy
for the liquidation value of those assets.

The going-concern EBITDA estimate reflects Fitch's view of a
sustainable, post-reorganisation EBITDA level, upon which Fitch
bases the valuation of the company. It is supported by the nature
of its regulated and quasi-regulated earnings. The 4x multiple
reflect the weakened business model and high execution risks under
challenging market conditions.

For the senior unsecured notes, GGU's debt analysis generated a
waterfall generated recovery computation (WGRC) in the 'RR3'
Recovery Rating band. However, according to Fitch's
'Country-Specific Treatment of Recovery Ratings Criteria', the
Recovery Rating for Georgia corporate issuers is capped at 'RR4',
constraining the upward notching of issue ratings in countries with
a less reliable legal environment. Therefore, the Recovery Rating
for GGU's senior unsecured notes is 'RR4', indicating a 'B+'
instrument rating. The WGRC output percentage on current metrics
and assumptions was 52%.

RATING SENSITIVITIES

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

-- Improved FFO net leverage (excluding connection fees) at below
    3.5x on a sustained basis.

-- Improved business risk due to a longer record of supportive
    regulation or material improvement in the tenure of bilateral
    agreements to more than 12 months, reducing the contract
    renewal risk, without an increase in counterparty risk.

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

-- FFO net leverage (excluding connection fees) above 4.5x and
    FFO interest coverage (excluding connection fees) below 2.5x
    on a sustained basis.

-- Significantly lower-than expected allowed revenue from the
    water segment in regulatory period 2021 to 2023.

-- A sustained reduction in profitability and cash flow
    generation through a failure to reduce water losses, higher
    than-expected exposure to electricity price and volume risks
    or deterioration in cash collection rates.

-- A more aggressive financial policy with increased dividends.

-- A material increase in exposure to foreign-currency
    fluctuations.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: At end-2020, cash and cash equivalents of GEL118
million were sufficient to cover negative free cash flow expected
in 2021. GGU's debt is almost exclusively the USD250 million green
bond maturing in July 2025.

ISSUER PROFILE

GGU is a water utility and renewable energy business that supplies
potable water and provides wastewater collection and processing
services to almost 1.4 million people in Georgia and generates
electricity through its portfolio of eight HPP and one on-shore
wind farm with an aggregate installed capacity of 240 MW. The
majority of the electricity generated by GGU is sold to third
parties.

ESG CONSIDERATIONS

Georgia Global Utilities JSC has an ESG Relevance Score of '4' for
Water & Wastewater Management due to significant water losses
(forecast to reduce to about 35% of total water output in 2024 from
about 39% in 2020), which has a negative impact on the credit
profile, and is relevant to the ratings in conjunction with other
factors.

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



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G E R M A N Y
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AVS HOLDING: S&P Affirms 'B' Long-Term ICR, Outlook Stable
----------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit rating
on Germany-based traffic safety service provider AVS Holding GmbH
and AVS Group GmbH, and its 'B' issue rating on the senior secured
term loan B, including the proposed EUR120 million add-on, and the
EUR90 million revolving credit facility (RCF); the '3' recovery
rating on the debt is unchanged.

The stable outlook reflects S&P's expectation the company will
return to organic growth in 2021 despite challenging market
conditions and maintain EBITDA margins above 20%, while
deleveraging and generating positive FOCF.

The contemplated acquisitions will contribute to combined EBITDA
and somewhat offset difficult market conditions in Germany and
Belgium. S&P Said, "We expect the group's credit metrics will
deteriorate in 2021 due to the additional debt and soft market
conditions for outsourced temporary traffic management (TTM)
markets, not fully offset by additional EBITDA contribution from
the acquisitions because the acquired entities will be consolidated
only from August or September. We forecast adjusted leverage will
increase to 10.4x in 2021 (9.0x pro forma the full-year
contribution from acquisitions) then improve to below 9.0x in 2022.
Excluding preferred shares from debt, adjusted leverage will
increase to 6.5x in 2021 (5.7x pro forma the full-year contribution
from acquisitions) then improve to below 5.5x in 2022. Pro forma
the transaction, we estimate that adjusted debt will be
approximately EUR1.22 billion at year-end 2021 (EUR765 million
excluding preferred shares as debt). This includes the EUR565
million term loan B plus the EUR120 million add-on, EUR15 million
drawings under the RCF, adjusted by about EUR52 million for
operating lease liabilities, and about EUR12 million for other
adjustments. Despite high adjusted leverage, we still assess AVS'
cash-interest coverage metrics as solid and expect the group to
generate positive, albeit weak, FOCF."

AVS faced challenging market conditions in 2020 and first-half 2021
due to the fall in public tenders for large projects. Without
accounting for the pro forma consolidation of Chevron and Ramudden,
the group's operating performance was weak in 2020, with a 5%
decline in sales and 25% drop in EBITDA for AVS and Fero combined.
This followed soft market conditions in Germany due to delays in
transferring responsibilities to plan and award infrastructure
projects from local state agencies to the Autobahn GmbH, a
federally owned entity. Combined with the negative impact from
COVID-19, the German outsourced TTM market saw a decline in tender
activity and project size. This resulted in increased competition
for AVS, whose competitive advantage relies on large projects
requiring more equipment, such as crash barriers. The lower number
of and equipment intensity for projects negatively affected the
German's business' EBITDA margins, which declined to 22.6% from
28.9% in 2019. Fero also faced unfavorable market conditions in
Belgium because of COVID-19 and delays in tenders for large
projects due to limited execution rights of the minority government
in place until September 2020. The pandemic especially affected
Fero's more-profitable events business segment, resulting in the
EBITDA margin dropping to 26.2% from 32.6% in 2019.

Improved scale and geographic diversification from the merger with
Chevron and Ramudden at end-2020 somewhat offset the unfavorable
market conditions in Germany and Belgium. Despite the pandemic's
negative impact on outsourced TTM market in the U.K., Chevron's
revenue and EBITDA benefited from inorganic growth--including the
Class One acquisition in Scotland. Meanwhile, the Swedish market
has remained relatively stable, supported by looser
pandemic-related restrictions, enabling Ramudden to generate stable
revenue and increase EBITDA margins. S&P said, "Overall, we expect
the combined group will generate small organic growth in 2021,
although combined EBITDA margins will continue falling due to the
lack of large projects in all areas, resulting in more competition
and pricing pressure. We believe market conditions are likely to
start improving from second-half 2021 but without any material
positive impact on EBITDA margins before 2022. In addition, we
think that the German market will continue to be disrupted by the
transition to the Autobahn GmbH, even in 2022."

S&P said, "We consider AVS' financial policy aggressive under the
private-equity ownership and expect the group will pursue
additional debt-funded acquisitions.The outsourced TTM market is
very fragmented and AVS' strategy is to expand its geographic
diversification into attractive markets. With the proposed
acquisitions, the group intends to enter the Netherlands, Austria,
Canada, and Croatia, and strengthen its positions in the U.K.,
Scandinavia, and Belgium. We believe the inorganic growth strategy
supports the group's scale and diversification but also creates
additional costs with integration risk, and weighs on credit
metrics because these acquisitions are fully debt-funded.

"The stable outlook indicates that we expect the combined group
will return to organic growth in 2021 despite challenging market
conditions and will maintain EBITDA margins above 20%, while
deleveraging and generating positive FOCF.

"We could lower the rating if AVS' performance lagged our forecasts
and the group experienced a more significant drop in EBITDA
margins. This could be caused by higher-than-expected profit
volatility and exceptional costs associated with acquisitions, and
would result in FOCF turning negative on a prolonged period. We
could also consider a negative rating action if the group faced
heightened liquidity pressure or undertook material debt-financed
acquisitions or cash returns to shareholders.

"We see limited near-term upside potential for the rating, given
AVS' high adjusted leverage and relatively aggressive financial
policies. However, we could consider raising the rating if EBITDA
growth was stronger than expected such that our adjusted leverage
ratio fell and stayed below 5.0x, combined with solid and stable
positive FOCF. To result in a higher rating, these improved credit
metrics would also have to be consistent with our view of the
long-term financial policy."


CONDOR: European Commission Approves State Aid
----------------------------------------------
Linnea Ahlgren at Simple Flying reports that the EU has approved
Germany's state-aid benefitting leisure airline Condor.

According to Simple Flying, the charter carrier, which found itself
parent-less when Thomas Cook failed in 2019, is being granted just
over EUR525 million to compensate for damages suffered due to
COVID.

The funding is also in support of its restructuring plan, which has
just been approved by the Commission, Simple Flying states.

While Ryanair may have won the battle against Condor's state-aid,
it did not win the war, Simple Flying notes.  The European
Commission announced on July 27 that it had found the aid package,
worth a total of EUR525.3 million (US$619 million) to be in line
with the bloc's regulations, Simple Flying relates.

The money is divided over damages suffered as a result of the
COVID-19 outbreak, amounting to just over EUR200 million (US$236
million), with the remainder being earmarked for restructuring
support, Simple Flying discloses.  This includes writing off EUR90
million (US$106 million) in existing loans and EUR20.2 million
(US$24 million) in interest, according to Simple Flying.




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G R E E C E
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FRIGOGLASS SAIC: Moody's Cuts CFR to Caa1 & EUR260MM Notes to Caa1
------------------------------------------------------------------
Moody's Investors Service has downgraded Frigoglass SAIC's
corporate family rating to Caa1 from B3 and its probability of
default rating to Caa1-PD from B3-PD. Concurrently, the rating
agency has downgraded to Caa1 from B3 the rating on the EUR260
million guaranteed senior secured notes due 2025 issued by
Frigoglass Finance B.V. The outlook has been changed to stable from
ratings under review.

This rating action concludes the review for downgrade, which
Moody's initiated on June 9, 2021.

RATINGS RATIONALE

The rating action reflects Moody's expectation that Frigoglass'
credit metrics will not recover to levels commensurate with a B3
rating level over the next 12-18 months. The expectation is
prompted by the impact on the company's operating and financial
performance of the recent fire incident at the commercial coolers
production facility in Romania. The rating agency positively notes
the mitigation steps currently undertaken by the company, which
will allow it to compensate for the majority of the lost production
volumes. At the same time, the agency notes high capital spending
required to restore production in Romania that will drive
Frigoglass' Moody's-adjusted free cash flow (FCF) deeply negative
although these outflows will be mitigated by receipts under the
insurance claims in 2021 and 2022. This, together with some
moderate decline in profitability due to additional overheads and
higher logistical costs and potentially higher than expected raw
materials costs (such as steel), will delay the company's
deleveraging towards previously expected 4.5x-5.5x Moody's-adjusted
debt/EBITDA beyond 2022. Moody's currently expects Frigoglass'
leverage to peak at over 7.0x in 2021 compared with 6.3x as of
end-2020, and decline to around 6.0x-6.5x in 2022. In the agency's
view, the expected negative FCF will also result in weakened
liquidity, which in the absence of any committed additional
financing makes the company highly reliant on the timely receipts
under the insurance claims and may impact the speed at which it can
rebuild its Romanian plant.

Frigoglass' Caa1 CFR continues to be supported by: (1) its position
as a leading manufacturer of commercial refrigerators in Europe and
major glass bottle producer in West Africa, where the company
accounts for a market share of around 65%; (2) strong relationship
that Frigoglass has with key customers in the Ice Cold Merchandise
(ICM) business; (3) high barriers to entry in the Nigerian glass
business, which supports the division's EBITDA margin of more than
25%; (4) favourable demographic trends that drive demand for glass
bottled drinks in Nigeria.

At the same time, the company's CFR is constrained by: (1) its
weakened liquidity; (2) elevated leverage; (3) high customer
concentration with around 55% of the total company's revenue
derived from Coca Cola bottlers and the discretionary nature of
coolers that expose the company to risks of high earnings
volatility; (4) the glass business exposure to Nigeria's
(Government of Nigeria, B2 negative) country risk, which could
ultimately result in foreign-exchange volatility and increasing
measures of capital control.

LIQUIDITY

In the agency's view, liquidity of Frigoglass has weakened. As of
March 31, 2021, the company had EUR62 million of cash on balance,
which together with the funds from operations of less than EUR20
million (net of interest payments) that Moody's expects the company
to generate over the next 12 months, will not be sufficient to
cover the expected liquidity needs, including working cash, working
capital needs (particularly seasonally high working capital
consumption in Q1 2022), short-term debt maturities of EUR54
million and capital expenditure. In the absence of any committed
long-term revolving facility or bridge facility, in the agency's
view, the company is highly reliant on timely collection of
insurance claims to meet its liquidity needs.

The agency notes that Frigoglass' short-term debt maturities
comprise a number of facilities from local banks, which the company
was successful to roll over in the past. Moody's expects this
practice to continue, however, it is not a part of the assumption
in Moody's conservative liquidity assessment. Shall the company be
successful in rolling over its short-term debt maturities, it will
significantly reduce pressure on its liquidity.

STRUCTURAL CONSIDERATIONS

The instrument rating on the group's EUR260 million guaranteed
senior secured bonds is Caa1. This rating is in line with the CFR
because the capital structure mainly consists of one class of
debt.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectation that the fire
incident in Romania will have only moderate negative impact on
Frigoglass' revenue and profitability in 2021-22 and the company
will be able to manage its weakened liquidity by collecting
insurance claims in a timely manner and in the amount sufficient to
cover the capital spending and additional operating expenses that
Frigoglass will incur as a result of the fire incident.

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

Ratings could be downgraded if liquidity weakens including due to
an inability to collect insurance payments by the time and in the
amount as currently planned. Sustained negative FCF generation and
revenue or EBITDA declines could also lead to a ratings downgrade.

Ratings could be upgraded should the company's operating
performance, particularly in the ICM business, return to growth,
leading to an improvement in its liquidity position and FCF
generation (excluding the impact of additional capital spending in
Romania), a decrease in leverage to below 5.5x Moody's-adjusted
debt/EBITDA on a sustainable basis, while operating profitability,
as measured by Moody's-adjusted EBITA margin, is maintained at
least 7%. An upgrade would also require a successful completion of
the Romanian production facility reconstruction on time and without
significant cost overruns compared with the current plan.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Manufacturing
Methodology published in March 2020.

COMPANY PROFILE

Frigoglass SAIC, headquartered in Kifissia, Greece, is a leading
manufacturer of commercial refrigeration in Europe and a major
glass producer in West Africa. The company was founded in 1996 as a
spinoff of Coca-Cola HBC AG (Coca-Cola HBC Finance B.V., also known
as Coca-Cola Hellenic) and is listed on the Athens Stock Exchange.
Frigoglass operates two core businesses: Ice Cold Merchandise
(ICM), which produces commercial coolers for soft drinks (73% of
revenue and 42% of EBITDA as of the 12 months that ended March
2021), and Glass, which manufactures glass bottles, plastic crates
and metal crowns in Nigeria (27% of revenue and 58% of EBITDA in
the 12 months that ended March 2021). Frigoglass reported revenue
of EUR293 million and EBITDA of around EUR36 million in the 12
months that ended March 2021.



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

PENTA CLO 6: Fitch Assigns Final B- Rating on Class F-R Notes
-------------------------------------------------------------
Fitch Ratings has assigned Penta CLO 6 DAC 's refinancing notes
final ratings.

     DEBT                  RATING              PRIOR
     ----                  ------              -----
Penta CLO 6 DAC

A XS2013628065      LT  PIFsf   Paid In Full   AAAsf
A-R XS2362602166    LT  AAAsf   New Rating
B-1 XS2013628735    LT  PIFsf   Paid In Full   AAsf
B-1-R XS2362602240  LT  AAsf    New Rating
B-2 XS2013629386    LT  PIFsf   Paid In Full   AAsf
B-2-R XS2362602752  LT  AAsf    New Rating
C XS2013630046      LT  PIFsf   Paid In Full   Asf
C-R XS2362602836    LT  Asf     New Rating
D XS2013631010      LT  PIFsf   Paid In Full   BBB-sf
D-R XS2362602919    LT  BBB-sf  New Rating
E XS2013632091      LT  PIFsf   Paid In Full   BB-sf
E-R XS2362603305    LT  BB-sf   New Rating
F XS2013632331      LT  PIFsf   Paid In Full   B-sf
F-R XS2362603560    LT  B-sf    New Rating
X-R XS2362602083    LT  AAAsf   New Rating

TRANSACTION SUMMARY

Penta CLO 6 Designated Activity Company is a securitisation of
mainly senior secured obligations (at least 90%) with a component
of senior unsecured, mezzanine, second-lien loans and high-yield
bonds. Note proceeds have been used to redeem the existing notes,
except the subordinated notes, which have not been reissued, and
buy additional collateral. The portfolio is actively managed by
Partners Group. The collateralised loan obligation (CLO) envisages
a 4.5-year reinvestment period and an 8.5-year weighted average
life (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors in the 'B'/'B-' category. The
Fitch weighted average rating factor (WARF) of the identified
portfolio is 35.76.

High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is
63.05%.

Diversified Asset Portfolio (Positive): The transaction has four
matrices corresponding to two maximum top 10 obligor limits at 15%
and 20% and two maximum fixed rate asset limits at 0% and 5%,
respectively. The transaction also includes various concentration
limits, including the maximum exposure to the three largest
(Fitch-defined) industries in the portfolio at 40%. These covenants
ensure the asset portfolio will not be exposed to excessive
concentration.

Portfolio Management (Neutral): The transaction has a 4.5-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.

Deviation from Model-implied Rating (Negative): The class B, D, E
and F notes' ratings are one notch higher than the model-implied
ratings (MIR). The ratings are supported by the significant default
cushion on the identified portfolio at the assigned ratings due to
the notable cushion between the covenants of the transactions and
the portfolio's parameters including a higher diversity (165
obligors) for the identified portfolio.

All notes pass the assigned ratings based on the identified
portfolio except for the class F notes. The class F notes'
deviation from the MIR reflects Fitch's view that the tranche has a
significant margin of safety given the credit enhancement level at
closing. The notes do not present a "real possibility of default",
which is the definition of 'CCC' in Fitch's Rating Definitions.

RATING SENSITIVITIES

This section provides insight into the model-implied sensitivities
the transaction faces when one assumption is modified, while
holding others equal. The modelling process uses the modification
of these variables to reflect asset performance in upside and
downside environments. The results below should only be considered
as one potential outcome, as the transaction is exposed to multiple
dynamic risk factors. It should not be used as an indicator of
possible future performance.

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

-- A reduction of the default rate (RDR) at all rating levels by
    25% of the mean RDR and an increase in the recovery rate (RRR)
    by 25% at all rating levels would result in an upgrade of up
    to five notches depending on the notes, except for the class X
    and A notes, which are already at the highest rating on
    Fitch's scale and cannot be upgraded.

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

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

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

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

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

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

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

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

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

PENTA CLO 6: Moody's Assigns B3 Rating to EUR12.5MM Class F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued by Penta
CLO 6 Designated Activity Company (the "Issuer"):

EUR1,400,000 Class X Senior Secured Floating Rate Notes due 2034,
Assigned Aaa (sf)

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

EUR27,000,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Assigned Aa2 (sf)

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

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

EUR28,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned Baa3 (sf)

EUR20,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned Ba3 (sf)

EUR12,500,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, 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.

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A Notes. The
Class X Notes amortises by EUR140,000 over ten payment dates.

As part of this reset, the Issuer will extend the reinvestment
period to around 4.5 years and the weighted average life to 8.5
years. It will also amend certain concentration limits, definitions
and minor features. The issuer has included the ability to hold
loss mitigation obligations. In addition, the Issuer has amended
the base matrix and modifiers that Moody's has taken into account
for the assignment of the definitive ratings.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and at least
70% of the portfolio must consist of senior secured loans.
Therefore, up to 10% of the portfolio may consist of senior
unsecured obligations, second-lien loans, mezzanine obligations and
high yield bonds. The portfolio is expected to be almost fully
ramped as of the closing date.

Partners Group (UK) Management Ltd ("Partners Group") 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-year and a half reinvestment period. Thereafter, subject to
certain restrictions, purchases are permitted using principal
proceeds from unscheduled principal payments and proceeds from
sales of credit risk obligations or credit improved obligations.

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

Methodology Underlying the Rating Action:

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

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

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

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

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

Target Par Amount: EUR400,000,000

Diversity Score: 50

Weighted Average Rating Factor (WARF): 3230

Weighted Average Spread (WAS): 3.50%

Weighted Average Coupon (WAC): 4.50%

Weighted Average Recovery Rate (WARR): 46.5%

Weighted Average Life (WAL): 8.5 years

TORO EUROPEAN 2: S&P Assigns Prelim B- (sf) Rating on Cl. F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Toro
European CLO 2 DAC's class X, A, B-1, B-2, C, D, E, and F notes. At
closing, the issuer will also issue additional subordinated notes
to bring the total issuance to EUR52.25 million.

The preliminary ratings reflect S&P's assessment of:

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

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

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

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

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

  Portfolio Benchmarks
                                                       CURRENT
  S&P weighted-average rating factor                  2,826.70
  Default rate dispersion                               676.59
  Weighted-average life (years)                           4.33
  Obligor diversity measure                             122.86
  Industry diversity measure                             19.37
  Regional diversity measure                              1.27

  Transaction Key Metrics
                                                       CURRENT
  Portfolio weighted-average rating
    derived from S&P's CDO evaluator                         B
  'CCC' category rated assets (%)                         4.10
  Actual 'AAA' weighted-average recovery (%)             36.40
  Actual weighted-average spread (%)                      3.71
  Actual weighted-average coupon (%)                      3.42

Workout obligations

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

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

The purchase of workout obligations is not subject to the
reinvestment criteria or the eligibility criteria. The issuer may
purchase workout obligations using interest proceeds, principal
proceeds, or amounts in the collateral enhancement account. The use
of interest proceeds to purchase workout obligations is subject
to:

-- The manager determining that after such purchase there are
sufficient interest proceeds to pay interest on all the rated notes
on the upcoming payment date.

-- The coverage tests passing after such purchase.

The use of principal proceeds is subject to:

-- The obligation having a principal balance at least equal to its
purchase price.

-- Passing par value tests and reinvestment test.

-- The manager having built sufficient excess par in the
transaction so that the aggregate collateral balance is equal to or
exceeds the portfolio's reinvestment target par balance after the
reinvestment.

-- The balance in the principal account is a positive amount after
such purchase.

Workout obligations purchased with principal proceeds, which have
limited deviation from the eligibility criteria will receive
collateral value credit for overcollateralization carrying value
purposes. Workout obligations purchased with interest or collateral
enhancement proceeds will receive zero credit. Any distributions
received from workout obligations purchased with the use of
principal proceeds will form part of the issuer's principal account
proceeds and cannot be recharacterized as interest. Any other
amounts can form part of the issuer's interest account proceeds.
The manager may, at their sole discretion, elect to classify
amounts received from any workout obligations as principal
proceeds.

The cumulative exposure to workout obligations purchased with
principal is limited to 5% of the target par amount. The cumulative
exposure to workout obligations purchased with principal and
interest is limited to 10% of the target par amount.

Rating rationale

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 4.5 years after
closing.

S&P said, "We understand that at closing the portfolio will be
well-diversified, primarily comprising broadly syndicated
speculative-grade senior-secured term loans and senior-secured
bonds. Therefore, we have conducted our credit and cash flow
analysis by applying our criteria for corporate cash flow CDOs.

"In our cash flow analysis, we used the EUR400 million target par
amount, the actual weighted-average spread (3.71%), the actual
weighted-average coupon (3.42%), and the actual weighted-average
recovery rates of the portfolio. 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.

"To generate default and recovery rates based on a EUR400 million
portfolio, we considered the credit assumptions provided to us for
the unidentified obligations, which represent 13.74% of the target
par amount. We note that the overall credit profile of the
portfolio is improved by the assumptions underlying these
obligations, which are to be purchased during the ramp-up period.
If such credit assumptions are not achieved, this may put downward
pressure on the ratings of the junior notes.

"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.

"Until the end of the reinvestment period on Jan. 25, 2026, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained.

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

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

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our preliminary ratings
are commensurate with the available credit enhancement for the
class X to E notes. Our credit and cash flow analysis indicates
that the available credit enhancement for the class B-1, B-2, C and
D notes could withstand stresses commensurate with higher rating
levels than those we have assigned. However, as the CLO will be in
its reinvestment phase starting from closing, during which the
transaction's credit risk profile could deteriorate, we have capped
our 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 S&Ps
'CCC' criteria it has assigned a 'B-' 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 we rate, 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 24.07% (for a portfolio with a weighted-average
life of 4.50 years), versus if we were to consider a long-term
sustainable default rate of 3.1% for 4.50 years, which would result
in a target default rate of 13.95%.

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

Environmental, social, and governance (ESG) credit factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to the following industries if
certain conditions are met (non-exhaustive list): thermal coal
production, production of or trade in controversial weapons,
manufacturing of tobacco, involvement in pornography, prostitution
or human trafficking, forced child labor, and severe environmental
damage. 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."

The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds, and it will be managed by Chenavari
Credit Partners LLP.

  Ratings List

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

  X        AAA (sf)        1.75       3mE + 0.60%       N/A
  A        AAA (sf)      244.00       3mE + 0.99%     39.00
  B-1      AA (sf)        33.40       3mE + 1.85%     28.15
  B-2      AA (sf)        10.00             2.15%     28.15
  C        A (sf)         26.90       3mE + 2.45%     21.43
  D        BBB- (sf)      25.70       3mE + 3.55%     15.00
  E        BB- (sf)       21.70       3mE + 6.47%      9.58
  F        B- (sf)        10.30       3mE + 9.04%      7.00
  Subordinated  NR        52.25               N/A       N/A

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


TYMON PARK: Moody's Assigns (P)B3 Rating to EUR11.2MM Cl. E Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to refinancing debt to be issued by
on Tymon Park CLO Designated Activity Company (the "Issuer"):

EUR1,000,000 Class X Senior Secured Floating Rate Notes due 2034,
Assigned (P)Aaa (sf)

EUR28,800,000 Class A-2A Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)

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

EUR23,200,000 Class B Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)A2 (sf)

EUR28,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Baa3 (sf)

EUR20,800,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Ba3 (sf)

EUR11,200,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)B3 (sf)

RATINGS RATIONALE

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

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A-1 Notes. The
Class X Notes amortise by EUR125,000 over eight payment dates
starting on the second payment date.

As part of this full refinancing, the Issuer will renew the
reinvestment period at 4 years and extend the weighted average life
to 8.5 years. It will also amend certain concentration limits,
definitions and other features. In addition, the Issuer will amend
the base matrix and modifiers that Moody's will take into account
for the assignment of the definitive ratings.

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

Blackstone Ireland Limited will continue to manage the CLO. It will
direct the selection, acquisition and disposition of collateral on
behalf of the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's 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 and
credit improved obligations. Additionally, the issuer has the
ability to purchase loss mitigation loans using principal proceeds
subject to a set of conditions including satisfaction of the par
coverage tests.

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

Methodology Underlying the Rating Action:

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

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

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

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

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

Target Par Amount: EUR400,000,000

Diversity Score: 50

Weighted Average Rating Factor (WARF): 3050

Weighted Average Spread (WAS): 3.50%

Weighted Average Coupon (WAC): 3.80%

Weighted Average Recovery Rate (WARR): 44.5%

Weighted Average Life (WAL): 8.5 years



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

BRIGNOLE CO 2021: Fitch Assigns Final B+ Rating on Class E Notes
----------------------------------------------------------------
Fitch Ratings has assigned Brignole CO 2021 S.r.l.'s notes final
ratings:

        DEBT                  RATING              PRIOR
        ----                  ------              -----
Brignole CO 2021 S.r.l.

Class A IT0005451908   LT  AA-sf   New Rating   AA-(EXP)sf
Class B IT0005451916   LT  AA-sf   New Rating   AA-(EXP)sf
Class C IT0005451924   LT  A-sf    New Rating   A-(EXP)sf
Class D IT0005451932   LT  BBB-sf  New Rating   BBB-(EXP)sf
Class E IT0005451940   LT  B+sf    New Rating   B(EXP)sf
Class F IT0005451957   LT  NRsf    New Rating   NR(EXP)sf
Class R IT0005451973   LT  NRsf    New Rating   NR(EXP)sf
Class X IT0005451965   LT  BB-sf   New Rating   B+(EXP)sf

TRANSACTION SUMMARY

Brignole CO 2021 S.r.l. is an 18-month revolving period
securitisation of Italian personal loans originated by Creditis
Servizi Finanziari S.p.A. (Creditis, not rated), which is majority
owned by Chenavari Credit Partners LLP.

The final ratings for the class E and X notes are one notch higher
than the expected ratings, due to a revised note margin after
pricing.

KEY RATING DRIVERS

Better Performance than Peers: The pool comprises personal loans
originated by Creditis, mainly in the wealthiest Italian regions
and through a banking branch network. Fitch has observed historical
performance that is better than peers, which is also a result of a
lower weighted average (WA) original balance and a shorter WA tenor
than other Italian consumer lenders. Fitch expects a lifetime
portfolio default rate of 3.0% and a recovery rate of 30.0%.

Revolving Period Risk Mitigated: The transaction has an 18-month
revolving period with revolving limits and early amortisation
triggers, which Fitch considers tight compared with other
transactions. The length of the revolving period, the transaction's
default definition of seven unpaid instalments and the levels of
the early amortisation triggers are reflected in Fitch's 'AA-sf'
4.25x default multiple.

Payment Interruption Risk Mitigated: The transaction features a
fully funded amortising reserve fund, covering senior fees and
interest shortfalls on the class A to E notes. Its replenishment in
the interest priority of payments is subordinated to the class A
principal deficiency ledger, which is never debited in Fitch's
stress scenarios. Fitch considers the liquidity coverage provided
by the reserve adequately mitigates payment interruption risk.

Excess Spread Notes Sensitive: The class X notes are not
collateralised and the related interest and principal will be paid
from available excess spread. The class X notes will start
amortising from the first payment date and during the revolving
period. Excess spread is sensitive to underlying loan performance
and due to high volatility in Fitch's rating scenarios cannot
achieve a rating higher than 'BB-sf'.

'AA-sf' Sovereign Cap: Italian structured finance transactions are
capped at six notches above Italy's rating (BBB-/Stable/F3), which
is the case for the class A and B notes. The Stable Outlook on the
rated notes reflects that on the sovereign Long-Term Issuer Default
Rating (IDR).

RATING SENSITIVITIES

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

-- The class A and B notes' ratings are sensitive to changes in
    Italy's Long-Term IDR. An upgrade of Italy's IDR and the
    related rating cap for Italian structured finance
    transactions, currently 'AA-sf', could trigger an upgrade of
    the class A and B notes' ratings if available credit
    enhancement is sufficient to compensate higher rating
    stresses.

-- Stable to improved asset performance driven by stable
    delinquencies and defaults after the revolving period could
    lead to increasing credit enhancement. However, an upgrade of
    the class A and B notes would not be possible unless the
    sovereign cap was raised above 'AA-sf'.

-- For the class C, D, E and X notes, an unexpected decrease in
    the frequency of defaults or increase in recovery rates that
    would produce loss levels lower than the base case could
    result in potential rating action. For example, a simultaneous
    decrease in the default base case by 25% and increase in the
    recovery base case by 25% would lead to a two-notch upgrade of
    the class C notes and a three-notch upgrade of the class D
    notes, a four-notch upgrade of the class E notes and a two
    notch upgrade of the class X notes, considering the absolute
    'BB+sf' cap applied to uncollateralised excess spread notes.

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

-- The class A and B notes' ratings are sensitive to changes in
    Italy's Long-Term IDR. A downgrade of Italy's IDR and the
    related rating cap for Italian structured finance
    transactions, currently 'AA-sf', could trigger a downgrade of
    the class A and B notes' ratings.

-- Unexpected increases in the frequency of defaults or decreases
    in recovery rates that could produce loss levels higher than
    the base case and could result in potential rating action on
    the notes. For example, a simultaneous increase of the default
    base case by 25% and decrease of the recovery base case by 25%
    would have no impact on the class A notes' rating, lead to a
    two-notch downgrade of all rated classes of notes apart from
    the class E notes, which would be downgraded by three notches.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Brignole CO 2021 S.r.l.

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

Fitch reviewed the results of a third party assessment conducted on
the asset portfolio information, and concluded that there were no
findings that affected the rating analysis.

Fitch conducted a review of a small targeted sample of the
originator's origination files and found the information contained
in the reviewed files to be adequately consistent with the
originator's policies and practices and the other information
provided to the agency about the asset portfolio.

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

ESG CONSIDERATIONS

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



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

CANPACK SA: Fitch Assigns First-Time 'BB' LT IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has assigned Polish packaging company CANPACK S.A. a
first-time Long-Term Issuer Default Rating (IDR) of 'BB' with a
Stable Outlook. Fitch has also assigned an instrument rating of
'BB' to the company's existing senior unsecured debt.

The rating of CANPACK reflects the balance of its continuing
profitable growth, good diversification and strong sector
fundamentals with higher-than-average free cash flow (FCF)
volatility.

CANPACK's strong market position will be complemented by new
operations in the rapidly growing North American market. It has a
fairly diversified customer base with exposure to the stable but
growing beverages segment. Performance is further supported by
long-term stable customer relationships and effective raw material
(primarily of aluminium) cost pass-through mechanisms embedded in
the majority of its contracts.

The 'BB' IDR of CANPACK is constrained by its smaller scale and
higher profitability volatility than sector peers', which is
exacerbated by highly negative FCF in 2021-2022 due to expansionary
capex and associated implementation risks.

The Stable Outlook reflects expected sound operating performance
supported by growing demand for its largest beverage can business
that will support improved FCF generation following capex peaks in
2021 and 2022.

KEY RATING DRIVERS

Continuing Profitable Growth: Fitch expects continued strong
operational performance from CANPACK in 2021-2024 on the back of
recent expansionary growth while maintaining good profitability.
The company has nearly doubled sales since 2010 to USD2.3 billion
in 2020, largely through new greenfield beverage packaging plants.
Since 2017, revenue growth has averaged 12% while maintaining sound
EBITDA margins that are aligned with industry peers'. Further,
funds from operations (FFO) margins have been strong, indicating
the strong cash conversion of the business, which is supported by
limited interest costs resulting from a sound leverage profile.

Volatile FCF: Expansionary capex and large working-capital
consumption have been a function of the company's high organic
growth strategy and kept FCF largely negative in the past four
years. Fitch forecasts negative FCF in 2021 and 2022 due to
investments underpinning the company's entry into the North
American market through two greenfield plants, in Pennsylvania
(USD497 million; expected to begin production in 4Q21 and in full
capacity in 4Q22) and in Indiana (USD380 million; planned start in
4Q22 and in full capacity in 3Q23). From 2023 Fitch expects
positive FCF generation as the additional capacity will provide
strong increases in profitability.

Leverage Increase: CANPACK has operated with moderate debt levels
that are in line with company-defined long-term net debt/EBITDA
target of 2.0x-2.5x (around 1.8x in 2019 and 2020). Fitch expects
leverage to increase with FFO net leverage peaking at 4.0x in 2022
from around 2.0x in 2019 and 2020, on high expansionary capex of
USD1.15 billion over 2021-2024 (with peaks in 2021 and 2022).
Higher FFO arising from the new capex will drive FFO net leverage
lower to 3.3x in 2023 and 2.4x in 2024. This capex was partly
pre-funded with an USD1.1 billion refinancing in 2020 and Fitch
expects additional debt issuance in 4Q21 or 1H22 to support project
completion.

Well-Managed Expansion Strategy: CANPACK's growth has been almost
exclusively through new greenfield investments, having developed
operations in 17 countries over the last 18 years. The strategy is
to grow with existing customers, mainly beverage producers, and
with a large share of volumes for new facilities being
pre-contracted. This has led to high efficiency in new plant
construction and projects being implemented within set budgets and
timeframes, now typically expected to be less than one year from
start-to-project completion.

Covid-19 Effect: The pandemic has to date had a limited effect on
CANPACK's revenue and earnings. Most notable was the switch to
increase at-home beverage consumption, as opposed to on-premise
consumption, which favoured a greater beverage can utilisation. The
corresponding loss of on-premise consumption led to lower sales of
beverage glass packaging (a much smaller share of operations),
while its metal food packaging business saw higher sales volumes
due to more frequent at-home dining. Overall, the majority of its
plants operated as planned during the year, and the addition of new
capacity led to strong growth in volumes and revenue.

Strong Performance Extends into 2021: CANPACK's strong performance
continued in 1Q21 with a 21% growth in sales on the back of a
similar increase in beverage can volumes. This was supported by
recent investments in additional plant capacity in Colombia and a
new plant in the Czech Republic that started production in June
2020. The strong demand has continued with the full utilisation of
capacity expected for 2021.

Favourable Packaging Sub-sector: CANPACK is largely a metal
beverage can manufacturer (86% of 2020 turnover) and Fitch views
this as an attractive packaging segment with good growth
fundamentals that is benefitting from the transition to aluminium
cans from plastic and glass bottles. This comes from growth in core
products (soft drinks, beer, etc) and the convenience of the
aluminium can promoting consumption of seltzers, coffees, teas etc.
The transition benefits from aluminium offering strong recycling,
and hence sustainability potential. The aluminium beverage can has
the highest recycling rate for beverage containers globally, and
being light-weight and easily stackable it offers benefits for
beverage transport.

Rating Perimeter: Fitch's rating case for CANPACK includes the
operations and financial results of CANPACK US LLC, despite CANPACK
not owning this business. However, both are co-issuers of the
recent bonds and are jointly and severally liable for these senior
unsecured bonds, which now form a vast majority of the consolidated
group's debt. This funding (raised in October 2020) is to be used
to invest in the US greenfield operations and for refinancing
previous CANPACK debt.

Consolidated Approach: Management provides audited combined
accounts for the CANPACK group (i.e. a consolidated approach
including both CANPACK S.A. and CANPACK US and their subsidiaries).
In addition, both companies are owned by the same ultimate parent
and managed by the same senior executives. Fitch would reassess the
inclusion of CANPACK US in the event that the capital structure no
longer includes this co-issuer structure, including joint and
several liability, for the vast majority of the debt.

DERIVATION SUMMARY

CANPACK compares favourably with Fitch-rated beverage packaging
peers, with its good profitability supported by its relatively new
and cost-effective production footprint. It has strong market
positions, ranking third in Europe and fourth globally behind
global beverage can leaders Ball Corporation, Crown Holdings Inc
and Ardagh Group S.A. (B+/Stable, third globally). However, these
companies are significantly larger than CANPACK (3x-5x the size),
with Ardagh Metal Packaging S.A. (B+/Stable) of similar size to
CANPACK.

CANPACK is similar in size to newly formed Titan Holdings II B.V.
(B(EXP)/Stable), Europe's largest metal food can producer (recently
spun off from Crown Holdings) but Titan has higher leverage and
weaker margins than CANPACK.

CANPACK's Fitch-defined EBITDA and FFO margins averaged 16% and
14%, respectively, in 2018-2020 compared with Ardagh Metal
Packaging's 14% and 8.5%. However, CANPACK's volatility of margins
(both EBITDA and FCF) is typically higher than peers', which is
explained by the company's current high investment growth phase.
While lacking the scale of its larger peers Ball and Crown, margins
are fairly similar due to CANPACK having a large share of
production in central and eastern Europe and emerging markets as
well as a portfolio of substantially newer manufacturing plants
than its peers.

CANPACK compares favourably in leverage with FFO net leverage
forecast at 3.1x for 2021, at 4.0x in 2022 and below 3.5x by 2023.
This remains lower than many rated peers, Berry Global, Inc
(BB+/Stable; 5.2x end-2020 and 4.9x for 2021), Ardagh Group (near
7.7x at end 2020 and 7.1x for 2021) and Titan Holdings (above 8x
for 2021), but very similar to Silgan Holdings (BB+/Stable, 4.1x at
end-2020 and 3.5x for 2021) and higher than Smurfit Kappa
(BBB-/Stable, around 2.1x for 2020-2021).

KEY ASSUMPTIONS

-- Strong sales growth of 13% in 2021 and 2022, due to added
    capacity and shipments of cans to the North American market
    ahead of US production starting in 4Q 21, followed by 9% and
    6% growth in 2023 and 2024.

-- EBITDA margin of 17% in 2021, down from a strong 18.5% in
    2020, and around 15.5% to 2024, in line with historical
    levels.

-- Start-up costs for the US plants and grants received excluded
    from EBITDA but included in FFO.

-- Significant negative net working-capital (NWC) supporting high
    sales growth.

-- Cash adjusted by 2% of sales to reflect seasonal NWC swings.

-- Expansionary capex of USD1.15 billion over 2021-2024 in
    addition to maintenance capex of around USD85 million p.a.

-- Dividends of USD40 million p.a. to 2024.

RATING SENSITIVITIES

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

-- Completion of US green-field investments delivering expected
    levels of pre-contracted sales, with the consolidated group
    generating revenue in excess of USD3 billion;

-- Maintenance of strong EBITDA margin above 17% and FFO margin
    above 12% on a sustained basis;

-- FFO net leverage sustainably below 3x;

-- FCF margin sustainably above 1%.

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

-- Delay and cost-overruns of investments leading to weaker
    operating performance and EBITDA margins sustainably below
    15%;

-- FCF margin failing to turn positive from 2023 onwards;

-- FFO net leverage sustainably above 3.5x;

-- Change to corporate or capital structure indicating
    ineffective consolidation scope of both CANPACK and CANPACK US
    operations.

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: CANPACK had readily available cash of
USD406 million at end-2020 (after Fitch adjustment for working
capital seasonality) and access to undrawn revolving credit
facilities (RCF) totaling EUR467 million. Both cash and RCF are
expected to be partly utilised in 2021 to cover increasing capex
needs towards the latter part of the year.

Despite the new notes issue in 2020 (with USD400 million to
partially fund the ongoing North American greenfield investments),
liquidity will be somewhat strained during the rating horizon due
to expansionary capex of approximately USD1.15 billion over
2021-2024. FCF is highly negative in 2021 and 2022 due to high
capex and Fitch expects a further debt issue in 4Q21 or 1H22 to
cover funding needs.

Liquidity is supported by continued strong FFO generation
throughout 2021-2024, with limited near-term maturities (the notes
maturing in 2025 and 2027), and positive FCF generation from 2023
onwards.

Debt Structure: CANPACK's debt is composed of EUR600 million and
USD400 million unsecured notes issued in November 2020 maturing in
2027 and 2025, respectively and rank pari-passu with the unsecured
RCF. These notes are jointly issued with CANPACK US and the two
companies are jointly and severally liable for the full amount of
the notes as outlined in the bond documentation. For covenant
purposes, audited combined accounts are also taken into
consideration. Last year, the RCF facilities were upsized and
amended to also be reflected in combined accounts. Fitch
accordingly rates the company using a consolidated approach.

ISSUER PROFILE

CANPACK is a global manufacturer of aluminium cans, glass
containers and metal closures for the beverage industry and of
steel cans for the food and chemical industries. Serving customers
across some 95 countries globally, it is the fourth-largest
supplier of beverage cans in the world and ranks number three in
Europe.

ESG CONSIDERATIONS

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



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

AUTOBANN: Moody's Affirms B1 CFR & Alters Outlook to Positive
-------------------------------------------------------------
Moody's Investors Service has changed Autobann (JSC
SOYUZDORSTROY)'s (Autobann or the company) and Avtoban-Finance,
JSC's outlook to positive from stable. At the same time, Moody's
has affirmed Aubotann's corporate family rating at B1 and
probability of default rating at B1-PD. Concurrently, Moody's has
also affirmed the B1 rating of the outstanding rouble-denominated
senior unsecured Russian bonds issued by Avtoban-Finance, JSC, a
subsidiary of Autobann.

RATINGS RATIONALE

The rating action reflects the completion of the company's two
large construction projects which has reduced project execution and
cost overruns risks, its increased size over the recent years
together with improved profitability, and its strong order backlog
which should help the company to sustain sound operating
performance in 2021-23. Although Autobann's consolidated leverage
is likely to be around 5.0x over the next two years, its debt
primarily consists of non-recourse long-term project finance
facilities, with maturities being covered by concession payments
from a government-related entity.

The rating action factors in the successful completion of the
construction of the Central Ring Road Startup facilities 3 and 4.
These two large projects -- total cost was around RUB180 billion,
or more than two annual revenue of Autobann -- were completed with
no major cost overruns and on time. This completion proved the
company's ability to execute large complex construction projects
within the defined parameters. As the projects have entered the
operational stage, with pre-determined concession payments from the
State Company Avtodor (i.e. availability payments) and no exposure
to uncertainty in demand, the financial risks to earnings, cash
flow and the ability to service the projects' debt have subsided.

Autobann have also been able to build up its already sizeable order
backlog. The company won two contracts out of seven for
construction of the highway M-12 between Moscow and Kazan by
year-end 2024 in the amount of RUB148 billion, and secured the
Toliatti Bypass concession, with a construction cost of RUB121
billion. As a result, its construction order backlog increased to
RUB326 billion as of year-end 2020 from RUB175 billion in 2019 and
RUB138 billion in 2018, which should be sufficient for three to
four years.

The company demonstrated strong operating performance in 2020, with
revenue increasing by 22% to RUB85 billion ($1.2 billion) and
Moody's-adjusted EBITDA by 60% to RUB23 billion, and EBITDA margin
expanding to a record 27% from 21% in 2019 and 18% in 2018. In
addition, Autobann's scale of operations increased materially over
the last five years as revenue grew by 150% and EBITDA by 620% over
this period. Moody's expects the company to sustain its enlarged
revenue in 2021-23. Its EBITDA margin is likely to moderate to
20%-25% in the next two years which is still above the last
five-year average of 18%.

The rating action also reflects Autobann's predominantly
non-recourse debt structure. Out of RUB75 billion of
Moody's-adjusted debt as of December 31, 2020, RUB61 billion was
the concession-related debt (mainly for the Startup facilities 3
and 4) provided for 16-17 years by the state-controlled banks,
which has no direct recourse to the company and is backed by cash
flows from a government-related entity. Although the consolidated
debt will increase to RUB100 billion in 2021 and RUB110 billion in
2022 due to the final disbursements for the Startup Facility 4 and
a new non-recourse debt facility for the Toliatti Bypass
concession, the company's recourse debt should decrease to below
RUB10 billion over the same period. Therefore, the consolidated
leverage is likely to increase to around 5.0x in 2021-22 from 3.2x
in 2020 and 4.0x in 2019, while the recourse-only leverage
(excluding concessions-related non-recourse debt) should decline to
or below 0.5x over the next two years from 0.6x in 2020.

At the same time, the rating action takes into account the
increased complexity of the company's business model and, as a
result, its financial reporting, because of the consolidation of
the construction business and concession projects at different
stages of implementation (i.e. construction and operational). This
is partially mitigated by existing disclosures and information
furnishing by the management team which help Moody's to assess the
company's credit quality and associated risks.

The rating also factors in the company's (1) number three position
by revenue in the Russian road construction industry, with 10%
market share, and number one position in the road concession
segment; (2) strong long-term experience in construction and focus
on operating efficiency and digitalization of business processes;
(3) low-risk business model, whereby most projects relate to the
construction of important federal and regional roads and are
performed under contracts with state bodies; (4) the supportive
market fundamentals due to the state's large spending on road
construction; (5) the company's reputation as a reliable contractor
with strong in-house expertise; and (6) its historical adherence to
a prudent financial policy.

At the same time, the rating takes into account Autobann's (1)
modest scale relative to its global peers; (2) reliance on the
Russian road construction market; (3) high project and customer
concentration with exposure to large-scale complex construction
projects; (4) negative consolidated free cash flow (FCF) due to the
ongoing expansion of the concession business with a long-term
payback; and (5) corporate governance risks associated with the
company's concentrated shareholder structure.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

Autobann's rating factors in governance considerations, in
particular its concentrated ownership structure, with 100% of its
shares owned by its CEO Aleksey Andreev, which creates the risk of
rapid changes in the company's strategy and development plans,
revisions to its financial policy and an increase in shareholder
payouts that could weaken the company's credit quality. The risk is
partially mitigated by the company's track record of adherence to
prudent financial policies, conservative approach to project
selection and development strategy.

RATIONALE FOR POSITIVE OUTLOOK

The positive outlook reflects the company's strong positioning
within the current rating category and the possibility of an
upgrade over the next 12-18 months, subject to the company's (1)
sustaining its strong operating performance and large order
backlog; (2) maintaining its recourse-only leverage commensurate
with the higher rating; (3) pursuing a prudent financial policy,
with sound risk management and healthy liquidity; and (4) improving
transparency and information disclosure with respect to financial
impact of various concession projects on the company's financial
results and liquidity at both - holding and consolidated level.

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

A rating upgrade would require good transparency over and
visibility into the impact of the concession projects on Autobann's
medium to longer term credit and risk profile, as well as robust
liquidity position. This is provided the company continues to (1)
demonstrate a track record of strong operating and financial
performance; (2) maintain a strong balance sheet on a recourse
basis, with Moody's-adjusted recourse debt/EBITDA staying
sustainably below 2.5x; and (3) pursue a conservative financial
policy.

Autobann's rating could come under downward pressure should the
company face (1) a material deterioration in its business or
financial profile, illustrated by a visible erosion of
profitability, as well as adjusted recourse debt/EBITDA increasing
substantially above 3.5x on sustained basis; and (2) increasing
financial and operating risks related to the company's large
concession projects. A material deterioration of the company's
liquidity profile could also exert downward pressure on the
rating.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Construction
Industry published in March 2017.

Headquartered in Moscow, Autobann is one of the leading Russian
infrastructure construction companies specialising in road
construction. The company participates in large-scale federal road
construction projects, as well as regional projects mostly in the
Central and Volga federal districts of Russia. In 2020, Autobann
reported RUB85 billion ($1.2 billion) in revenue. The group is
fully owned by Aleksey Andreev, who is also the CEO of the company.



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

LUNA III: Fitch Corrects July 15 Ratings Release
------------------------------------------------
This commentary replaces the version published on 15 July 2021 to
correct the TLB amount in Additional Rating Details.

Fitch Ratings has assigned Luna III S.a.r.l (Luna) an expected
Long-Term Issuer Default Rating (IDR) of 'BB(EXP)' and its proposed
EUR1,630 million term loan an expected senior secured rating of
'BB+(EXP)' with a Recovery Rating of 'RR2'. The Outlook on the
Long-Term IDR is Stable.

Luna would be the holding company of Urbaser S.A. (Sociedad
Unipersonal) post-acquisition by Platinum Equity (Platinum) and the
borrower of the proposed financing package. Its IDR is based on the
consolidated profile as both entities are part of a restricted
group under the proposed senior facilities documentation.

Luna's 'BB (EXP)' IDR reflects the post-acquisition capital
structure, which implies a re-leverage above Fitch's negative
sensitivity of 5.2x for the next two years. Rating strengths are a
stable and predictable revenue stream backed by long-term waste
contracts with municipalities with limited volume and price risk,
largely in Spain. The business is complemented by shorter-term and
more volatile contracted revenue with industrial and commercial
(I&C) counterparties.

The Stable Outlook reflects Fitch's expectations of a return of the
leverage metrics to within Fitch's guidelines by 2023, failure of
which may result in a negative rating action.

The senior secured lenders will benefit from pledges over the
shares of the guarantors (summing up to around 80% of consolidated
EBITDA), material bank accounts and intercompany receivables, hence
their uplift of one notch versus the expected IDR.

The final ratings are subject to the acquisition of Urbaser by
Platinum from China Tianying, Inc (CNTY) and the final capital
structure conforming to Fitch's expectations. The final instrument
rating is subject to receiving final debt documentation confirming
the information already received.

KEY RATING DRIVERS

Transaction-driven Re-leverage: The transaction values Urbaser at
EUR3.3 billion in enterprise value. Based on the proposed capital
structure post-acquisition, Luna will support part of the equity to
fund the acquisition and sizable transaction fees on its balance
sheet. The initial re-leverage is partially offset by the
monetisation of several carve-out adjustments related to entities
that will fall outside the rating scope post-acquisition and will
be sold back to CNTY before completion, and of subordinated loans
granted to the same entities. The carve-outs have a mildly positive
effect on Luna's credit risk profile.

Deleverage to Guidelines by 2023: The transaction implies an
increase in Luna's net debt of around EUR500 million, leading to a
peak in funds from operations (FFO) net leverage at 5.5x by 2022.
Fitch forecasts Luna to return to within Fitch's rating sensitivity
by 2023 on consistent deleveraging, on the back of a strong
contract backlog, moderate new contract wins and capex, operating
improvements and no dividend payments. Fitch views the execution
risk of its business plan as manageable.

Shareholder Support: Platinum has indicated to Fitch its commitment
to deleverage from the high 4.4x net debt/reported EBITDA (as
adjusted by Luna) at transaction closing, but has given no target.
Fitch believes Platinum will pursue deleveraging to strengthen the
capital structure during its investment horizon of four-to-five
years. Fitch expects support to be manifested in the absence of
dividend payments and financial support for opportunistic M&A,
which Fitch does not factor into Fitch's rating case.

New Owner's Strategy Credit-Positive: As a result of Platinum's
entry, Fitch expects Luna to refocus on organic growth in core
waste activities (as some non-waste activities are being carved out
and excluded from rating scope), with an increased focus on
developed economies (towards US away from China). Overall, Fitch
expects the new shareholder to prioritise operational improvements
over external growth.

Targeting Larger Efficiencies: Platinum will introduce an
efficiency programme to improve the cost structure of Luna, mainly
linked to procurement process, working capital management and
workforce productivity, and to reinforce the ESG profile of the
group. Platinum expects operational improvements on average of
EUR35 million per year in 2022-2025 (or about 2% of the cost base
in 2020), which Fitch sees as achievable given Platinum's record.
Therefore, Fitch incorporates in Fitch's Fitch case the bulk of
expected improvements, net of the operating spending and capex
related to the efficiency programme.

Subdued Policy-driven Growth by 2025: The waste sector benefits
from underlying positive structural dynamics, supported by stricter
regulations in Luna's main territories of operation. However, the
industrial plan shared by Platinum incorporates only modest organic
growth (limited new commercial wins in 2021 and 2022) and no
bolt-on acquisitions (as opposed to its recent strong phase of
growth). Modest capex plan from 2023 also mirrors fewer new
contracts and improved ratios of maintenance capex per contract.

Resilient Business Model: Luna has a resilient business model as an
integrated waste operator that provides good cash flow stability
and revenue predictability in the medium term. Long term-contracts
with municipalities for waste collection, waste treatment and water
management accounted for 78% of total EBITDA in 2020. The remainder
is largely composed of waste operations with I&C customers, which
are short-term contracted and intrinsically more volatile. Luna has
limited exposure to commodity risk.

Limited Revenue Volatility: Revenue has proven to be resilient
through the economic cycle, including during Covid-19, with some
limited volatility largely associated with waste-treatment volumes,
as waste-management fees are defined on per tonne basis, and prices
are revised largely in line with the CPI (or linked to main cost
references) on an annual basis.

Long-term Revenue Visibility: Urbaser's backlog of contracts by
end-2020 covers almost six years of revenues, with average standard
contract duration of around seven years for waste collection and 12
years for waste treatment. Contract renewal rate on average was 87%
in 2014-2020 (2020: 86%), reflecting Urbaser's strong market
position, high barriers to entry and valued technological
capabilities in waste treatment.

Moderate Concentration/Country Risk: Concentration risk is lower
than sector peers', with the top-20 contracts at around 28% of
total revenue and a revenue-weighted residual life of 10 years.
Urbaser's contractual base is very granular for the remaining 72%.
Non-profitable contracts are well-identified and monitored on
case-by-case basis. Luna has a moderate presence in Argentina (7%
of total revenue in 2020), with risks related to hyperinflation and
currency depreciation being partially offset by contract indexation
clauses (revised every three months) and Argentinian
peso-denominated debt.

DERIVATION SUMMARY

Luna's IDR is supported by a strong business profile that compares
favourably with most of the peers', while higher leverage weighing
on the 'BB' rating.

Fitch sees local competitor, FCC Servicios Medioambiente Holding
S.A.U. (FCC MA; BBB-/Stable), as the closest peer for Luna. Fitch
sees lower business risk for FCC MA due to its stronger integrated
market position in Spain and the better credit quality of its
international operations, which are partially offset by Luna's
higher margins. However, Luna's new strategy of refocusing on
organic growth and developed countries will narrow the
debt-capacity differential between the two. Currently, FCC MA's
significantly lower leverage explains the bulk of the two-notch
difference.

Compared with the top-three US operators, Waste Management, Inc
(BBB+/Stable), Republic Services, Inc (BBB/Stable) and Waste
Connections, Inc (BBB+/Stable), Luna shares similar operational
stability through exclusive municipal long-term contracts, although
the scale of all these US peers is larger (by 5x-8x). Their
entrenched position in the US, collectively garnering more than one
third of the country's market share, also allows stronger profit
margin and pricing power. However, Luna is less exposed to I&C
end-customers and to commodity risk. In addition to better business
risk, US peers have significantly lower leverage and maintain
positive free cash flow (FCF) generation due to the mature US
market.

Compared with integrated global leaders like Veolia Environement
S.A. (BBB/Stable), Luna is significantly smaller and less
geographically diversified. Luna also lacks meaningful
diversification into low-risk water activities that is a credit
strength for Veolia. However, Veolia has worse credit metrics than
Luna. Overall, the difference in ratings reflect a worse business
risk that is not offset by Luna's slightly better financial
profile.

KEY ASSUMPTIONS

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

-- Acquisition to close in September 2021;

-- Proposed capital structure as shared by the company. This is
    based on the signed agreement with CNTY for the transaction's
    purchase price and related carve outs and the proposed debt
    structure post-transaction;

-- Stable waste volumes and price growth to 2025, in line with
    CPI forecasts and foreign exchange of countries of operations;

-- Renewal rate of 83.6% for waste collection contracts and 90%
    for waste treatment to 2025;

-- New contract awards only in 2021-2022, adding on average EUR65
    million of revenue in these two years;

-- EBITDAR margin on average at around 18% for 2021-2025 (urban
    services: 15%; waste treatment: 28%);

-- Capex on average at EUR231 million per year for 2021-2025;

-- No M&A;

-- No dividend distributions; and

-- Restricted cash of EUR40.4 million linked to project-finance
    reserve accounts, overseas blocked cash and working-capital
    needs.

RATING SENSITIVITIES

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

-- Deleveraging leading to FFO net leverage below 4.4x and FFO
    interest coverage above 3.5x on a sustained basis;

-- Positive-to-neutral FCF.

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

-- Failure to deleverage below 5.2x by 2023 would be negative for
    the rating;

-- FFO interest coverage below 2.5x on a sustained basis;

-- Material changes to concession or public contracts
    agreements/regulatory framework, to the extent such changes
    are not financially favourable.

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

Healthy Liquidity Post-Transaction: At transaction closing, Luna's
liquidity position and debt structure will be enhanced by the
long-term structure of the proposed financing package. In addition,
Fitch expects around EUR500 million of Urbaser's existing debt,
largely project-finance, to be rolled over at closing.

Expected cash at closing of EUR300 million (before usual
adjustments made by Fitch) and available committed credit
facilities of EUR400 million maturing in 2027 are sized to cover
the capex plan up until to 2025. Luna is a highly cash-generative
business, so notwithstanding the high capex in 2021-2022 and in the
absence of dividends payments and M&A, cash would be accruing on
balance sheet from 2022. The EUR1,630 million term loan has a
bullet structure and maturity in 2028.

Improved Debt Structure: Post-transaction, more than 75% of the
debt will be placed at the holdco level, with a significant amount
of opco debt being prepaid at closing, easing the risk of
structural subordination. As per the proposed senior facilities
documentation, the senior facilities will be guaranteed by material
subsidiaries jointly representing around 80% of consolidated
EBITDA. The draft financing documentation is covenant-lite,
providing limited covenant protection to creditors, in Fitch's
view.

ISSUER PROFILE

Luna will become the sole parent of Urbaser after its acquisition.

Urbaser is a leading Spanish integrated waste management company
providing domestic waste collection and street cleaning services
(42% of consolidated 2020 EBITDA) as well as solid waste-treatment
activities (54%) largely to municipalities and secondarily to I&C
clients. Around 66% of the business is domestic, with the remainder
in France, Nordics, Latam and the Middle East.

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.

MIRAVET SARL: Fitch Puts 'CCC' Class E Tranche Rating on Watch Pos.
-------------------------------------------------------------------
Fitch Ratings has placed five tranches from two Spanish RMBS
transactions on Rating Watch Positive (RWP), following the
retirement of its Catalonia Decree Law additional stress scenario
analysis on 22 July 2021.

        DEBT                   RATING                PRIOR
        ----                   ------                -----
Caixa Penedes 1 TDA, FTA

Class A ES0313252001   LT  BBB+sf  Rating Watch On   BBB+sf

Miravet S.A. R.L.

Class B XS2076149553   LT  BBB+sf  Rating Watch On   BBB+sf
Class C XS2076149637   LT  BBsf    Rating Watch On   BBsf
Class D XS2076149710   LT  Bsf     Rating Watch On   Bsf
Class E XS2076149801   LT  CCCsf   Rating Watch On   CCCsf

KEY RATING DRIVERS

Retirement of Additional Stress Analysis: Fitch could upgrade the
five tranches following the retirement of its Catalonia-related
additional stress analysis scenario. Fitch expects to resolve the
RWP by 23 January 2022.

The main reason for the retirement of the additional stress
scenario is the decision by the Spanish Constitutional Court to
declare many of the articles of the Catalan Decree Law 17/2019
unconstitutional, considering certain format and fundamental legal
concerns. Moreover, Fitch has not seen widespread use of the new
provisions of the decree law during the past 12 months, as lenders
continue to prioritise out-of-court bilateral agreements, which
remain the most cost- and time-effective solution in cases of
borrower distress.

Criteria Variations: Where relevant, criteria variations as
disclosed in the latest rating action commentaries for each
transaction continue to apply.

RATING SENSITIVITIES

Rating sensitivities as disclosed in the latest rating action
commentaries on each transaction continue to apply.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Caixa Penedes 1 TDA, FTA, Miravet S.A. R.L.

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

TELEFONE SA: Egan-Jones Keeps BB- Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company, on July 12, 2021, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by Telefonica SA.

Headquartered in Madrid, Spain, Telefonica SA operates as a
telecommunications company.




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

ALBA 2006-2: Fitch Puts 'CCC' Class F Tranche Rating on Watch Pos.
------------------------------------------------------------------
Fitch Ratings has placed 115 UK and European RMBS ratings on Rating
Watch Positive (RWP) and maintained six tranches on RWP, following
the retirement of its coronavirus-related additional stress
scenario analysis on 22 July 2021.

     DEBT                       RATING                      PRIOR
     ----                       ------                      -----
Paragon Mortgages (No. 27) plc

C XS2132137410         LT  Asf     Rating Watch On          Asf
D XS2132137683         LT  BBBsf   Rating Watch On          BBBsf

RMBS Green Belem No.1

Class B PTTGCYOM0009   LT  BBBsf   Rating Watch On          BBBsf

ALBA 2007-1 plc

Class E XS0301708573   LT  BBB+sf  Rating Watch On          BBB+sf


Rural Hipotecario IX, FTA

Class C ES0374274043   LT  BBB+sf  Rating Watch On          BBB+sf


Stratton Mortgage Funding 2020-1 PLC

B XS2215922043         LT  AA-sf   Rating Watch On          AA-sf
C XS2215922126         LT  Asf     Rating Watch On          Asf
D XS2215922399         LT  BBBsf   Rating Watch On          BBBsf
E XS2215922472         LT  BBsf    Rating Watch On          BBsf
F XS2215922639         LT  Bsf     Rating Watch On          Bsf

Twin Bridges 2019-1 PLC

C XS1956178054         LT  Asf     Rating Watch On          Asf
D XS1956178302         LT  BBB+sf  Rating Watch On          BBB+sf


Mansard Mortgages 2006-1 PLC

B2a 56418MAF6          LT  BB+sf   Rating Watch On          BB+sf

IM Cajamar 6, FTA

Class C ES0347559025   LT  Asf     Rating Watch On          Asf
Class D ES0347559033   LT  BB-sf   Rating Watch On          BB-sf

AyT Colaterales Global Hipotecario, FTA Serie Vital I

Class C ES0312273107   LT  BB+sf   Rating Watch On          BB+sf

Eurohome UK Mortgages 2007-2 plc

Class B2 XS0311697394  LT  BBsf    Rating Watch On          BBsf

TDA CAM 5, FTA

Class B ES0377992013   LT  BBBsf   Rating Watch On          BBBsf

Towd Point Mortgage Funding 2019 - Granite 4 plc

Class B XS1968576642   LT  AA+sf   Rating Watch On          AA+sf
Class D XS1968577293   LT  A-sf    Rating Watch On          A-sf
Class E XS1968577376   LT  BBB-sf  Rating Watch On          BBB-sf

Class F XS1968577459   LT  BBsf    Rating Watch On          BBsf

BBVA RMBS 3, FTA

A1 ES0314149008        LT  B+sf    Rating Watch On          B+sf
A2 ES0314149016        LT  B+sf    Rating Watch On          B+sf

AyT Caja Granada Hipotecario 1, FTA

Class B ES0312212014   LT  B+sf    Rating Watch On          B+sf

Eurosail-UK 2007-6 NC Plc

Class C1a XS0332287084 LT  Bsf     Rating Watch On          Bsf

Hipocat 7, FTA

Class D ES0345783049   LT  A-sf    Rating Watch On          A-sf

Mansard Mortgages 2007-1 PLC

Class B2a XS0293446711 LT  BB-sf   Rating Watch On          BB-sf

AyT Colaterales Global Hipotecario, FTA Serie BBK I

Class A ES0312273008   LT  A+sf    Rating Watch On          A+sf

Canterbury Finance No.2 PLC

D XS2133483888         LT  BBBsf   Rating Watch On          BBBsf

IM BCC CAJAMAR 2, FT

Class B ES0305459010   LT  Bsf     Rating Watch On          Bsf

AyT Hipotecario BBK II, FTA

Class B ES0312251012   LT  AA-sf   Rating Watch On          AA-sf
Class C ES0312251020   LT  BBB-sf  Rating Watch On          BBB-sf


Canterbury Finance No.1 PLC

D XS1876157634         LT  BBBsf   Rating Watch On          BBBsf
E XS1876157717         LT  BBsf    Rating Watch On          BBsf
X XS1876158012         LT  B+sf    Rating Watch On          B+sf

Landmark Mortgage Securities No.3 Plc

C XS1110745004         LT  BBB+sf  Rating Watch On          BBB+sf

D XS1110750699         LT  BB+sf   Rating Watch On          BB+sf

Mansard Mortgages 2007-2 PLC

Class B2a XS0333340361 LT  B-sf    Rating Watch On          B-sf

Rochester Financing No.3

E XS2348604377         LT  BB+sf   Rating Watch On          BB+sf
X XS2348604963         LT  B-sf    Rating Watch On          B-sf

ALBA 2006-2 plc

Class F XS0272877514   LT  CCCsf   Rating Watch On          CCCsf

Lusitano Mortgages No.6 Limited

Class B XS0312982290   LT  BBB-sf  Rating Watch On          BBB-sf

Class C XS0312982530   LT  Bsf     Rating Watch On          Bsf

Twin Bridges 2019-2

B XS2058880472         LT  AAsf    Rating Watch On          AAsf

Twin Bridges 2018-1

B XS1834945898         LT  AA+sf   Rating Watch On          AA+sf

AyT Caja Murcia Hipotecario II, FTA

Class A ES0312272000   LT  AA-sf   Rating Watch On          AA-sf
Class B ES0312272018   LT  Asf     Rating Watch On          Asf

Finsbury Square 2021-1 Green plc

Class X2 XS2352504117  LT  BB-sf   Rating Watch On          BB-sf

BBVA RMBS 1, FTA

Class B ES0314147036   LT  BBB+sf  Rating Watch On          BBB+sf

Class C ES0314147044   LT  Bsf     Rating Watch On          Bsf

IM Caja Laboral 2, FTA

Class C ES0347552020   LT  Bsf     Rating Watch On          Bsf

AyT Kutxa Hipotecario II, FTA

Class B ES0370154017   LT  Asf     Rating Watch On          Asf

Oat Hill No.2

Class C XS2199471868   LT  Asf     Rating Watch On          Asf
Class D XS2199472593   LT  BBB-sf  Rating Watch On          BBB-sf


TDA 29, FTA

Class B ES0377931029   LT  BBB+sf  Rating Watch On          BBB+sf

Class C ES0377931037   LT  BB-sf   Rating Watch On          BB-sf

FTA, UCI 14

Class B ES0338341011   LT  B+sf    Rating Watch On          B+sf

FTA, UCI 15

Series B ES0380957011  LT  BB-sf   Rating Watch On          BB-sf

Uropa Securities plc Series 2007-01B

Class B1a XS0311815855 LT  BBsf    Rating Watch On          BBsf
Class B1b XS0311816150 LT  BBsf    Rating Watch On          BBsf
Class B1b cross        LT  BBsf    Rating Watch On          BBsf
currency swap
Class M1a XS0311810385 LT  AA+sf   Rating Watch On          AA+sf
Class M1b XS0311811193 LT  AA+sf   Rating Watch On          AA+sf
Class M2a XS0311813058 LT  A-sf    Rating Watch On          A-sf

AyT Colaterales Global Hipotecario, FTA Serie Caja Cantabria

Class C ES0312273461   LT  BBB-sf  Rating Watch On          BBB-sf

Class D ES0312273479   LT  CCCsf   Rating Watch On          CCCsf

MBS Bancaja 4, FTA

Class D ES0361797055   LT  BBBsf   Rating Watch On          BBBsf

Syon Securities 2019 DAC

Class B XS2025581195   LT  BBB-sf  Rating Watch On          BBB-sf


AyT Colaterales Global Hipotecario, FTA Serie CCM I

Class A ES0312273248   LT  AA+sf   Rating Watch On          AA+sf
Class B ES0312273255   LT  Bsf     Rating Watch On          Bsf

Madrid RMBS II, FTA

Class A2 ES0359092014  LT  A-sf    Rating Watch On          A-sf
Class A3 ES0359092022  LT  A-sf    Rating Watch On          A-sf
Class B ES0359092030   LT  BBBsf   Rating Watch On          BBBsf

Towd Point Mortgage Funding 2020 - Auburn 14 plc

Class C XS2109386057   LT  Asf     Rating Watch On          Asf
Class E XS2109386487   LT  Bsf     Rating Watch On          Bsf

AyT Caja Murcia Hipotecario I, FTA

Class A ES0312282009   LT  AA-sf   Rating Watch On          AA-sf

TDA CAM 6, FTA

Class B ES0377993037   LT  Bsf     Rating Watch On          Bsf

ResLoC UK 2007-1 plc

Class C1a XS0300474789 LT  AA-sf   Rating Watch On          AA-sf
Class C1b XS0300475083 LT  AA-sf   Rating Watch On          AA-sf
Class D1a XS0300475323 LT  BBB+sf  Rating Watch On          BBB+sf

Class D1b XS0300476057 LT  BBB+sf  Rating Watch On          BBB+sf

Class E1b XS0300477022 LT  BBBsf   Rating Watch On          BBBsf

Atlantes Mortgage No.2

Class C XS0348691972   LT  BBB+sf  Rating Watch On          BBB+sf


Canterbury Finance No. 4 PLC

E XS2347615010         LT  BB+sf   Rating Watch On          BB+sf

Valencia Hipotecario 3, FTA

Class B ES0382746024   LT  A-sf    Rating Watch On          A-sf
Class C ES0382746032   LT  BBBsf   Rating Watch On          BBBsf

Trinity Square 2021-1

Class F XS2318721326   LT  BBsf    Rating Watch On          BBsf
Class G XS2318721599   LT  BB-sf   Rating Watch On          BB-sf
Class X XS2318721755   LT  BB-sf   Rating Watch On          BB-sf

Wendelstein 2017-1 UG (haftungsbeschraenkt)

A DE000A2G87A0         LT  Asf     Rating Watch Maintained  Asf

Residential Mortgage Securities 23 Plc (RMS 23)

Class B XS0398242056   LT  AA-sf   Rating Watch On          AA-sf

AyT Kutxa Hipotecario I, FTA

Class C ES0370153027   LT  BB+sf   Rating Watch On          BB+sf

Madrid RMBS III, FTA

Class A2 ES0359093012  LT  A-sf    Rating Watch On          A-sf
Class A3 ES0359093020  LT  A-sf    Rating Watch On          A-sf

BBVA RMBS 2, FTA

Class C ES0314148059   LT  B+sf    Rating Watch On          B+sf

Eurosail 2006-1 Plc

Class E XS0253576630   LT  BB-sf   Rating Watch On          BB-sf

FTA, UCI 16

A2 ES0338186010        LT  BBBsf   Rating Watch On          BBBsf

FTA, Santander Hipotecario 3

Class A1 ES0338093000  LT  Bsf     Rating Watch On          Bsf
Class A2 ES0338093018  LT  Bsf     Rating Watch On          Bsf
Class A3 ES0338093026  LT  Bsf     Rating Watch On          Bsf

Hipocat 8, FTA

Class D ES0345784047   LT  BBsf    Rating Watch On          BBsf

Clavis Securities plc Series 2007-01

Class B1a XS0302270268 LT  A+sf    Rating Watch On          A+sf
Class B1b Currency     LT  A+sf    Rating Watch On          A+sf
Swap Obligation
Class B1b XS0302271829 LT  A+sf    Rating Watch On          A+sf
Class B2 XS0302270342  LT  BBB+sf  Rating Watch On          BBB+sf


MBS Bancaja 3, FTA

Series D ES0361796040  LT  A-sf    Rating Watch On          A-sf

Towd Point Mortgage Funding - Auburn 13

C XS2053911934         LT  Asf     Rating Watch On          Asf

Rural Hipotecario VIII, FTA

Class D ES0366367052   LT  BBBsf   Rating Watch On          BBBsf

TDA CAM 7, FTA

Class B ES0377994035   LT  B+sf    Rating Watch On          B+sf

Eurohome UK Mortgages 2007-1 plc

Class B2 XS0290420982  LT  BB+sf   Rating Watch On          BB+sf
Class M1 XS0290417418  LT  AA+sf   Rating Watch On          AA+sf

Hipocat 9, FTA

Class D ES0345721056   LT  B-sf    Rating Watch On          B-sf

Canterbury Finance No.3 PLC

E XS2198901501         LT  BBsf    Rating Watch On          BBsf
F XS2198901840         LT  B+sf    Rating Watch On          B+sf

Mortimer BTL 2019-1 plc

Class C XS1998884636   LT  A-sf    Rating Watch On          A-sf

KEY RATING DRIVERS

Retirement of Coronavirus-related Additional Stress Analysis

The RMBS tranches placed or maintained on RWP could be upgraded
following the retirement of coronavirus-related additional stress
analysis scenario. Fitch expects to resolve the RWP by 23 January
2022.

The main reason for the retirement of the additional stresses is
improved macroeconomic forecasts, the limited to no performance
deterioration observed so far, and Fitch's expectation that the
stress included in Fitch's representative pool foreclosure
frequency and house price decline assumptions is sufficient to
account for the remaining uncertainty related to the pandemic.

Out of the 121 tranches on RWP, 63 are from UK transactions, 53
from Spanish deals, four from Portuguese deals and one tranche is
from a German transaction.

RATING SENSITIVITIES

Rating sensitivities as disclosed in the latest rating action
commentaries on each transaction continue to apply.

VARIATIONS

Where relevant, criteria variations as disclosed in the latest
rating action commentaries on each transaction continue to apply.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

ALBA 2006-2 plc, ALBA 2007-1 plc, Atlantes Mortgage No.2, AyT Caja
Granada Hipotecario 1, FTA, AyT Caja Murcia Hipotecario I, FTA, AyT
Caja Murcia Hipotecario II, FTA, AyT Colaterales Global
Hipotecario, FTA Serie BBK I, AyT Colaterales Global Hipotecario,
FTA Serie Caja Cantabria I, AyT Colaterales Global Hipotecario, FTA
Serie CCM I, AyT Colaterales Global Hipotecario, FTA Serie Vital I,
AyT Hipotecario BBK II, FTA, AyT Kutxa Hipotecario I, FTA, AyT
Kutxa Hipotecario II, FTA, BBVA RMBS 1, FTA, BBVA RMBS 2, FTA, BBVA
RMBS 3, FTA, Canterbury Finance No. 4 PLC, Canterbury Finance No.1
PLC, Canterbury Finance No.2 PLC, Canterbury Finance No.3 PLC,
Clavis Securities plc Series 2007-01, Eurohome UK Mortgages 2007-1
plc, Eurohome UK Mortgages 2007-2 plc, Eurosail 2006-1 Plc,
Eurosail-UK 2007-6 NC Plc, Finsbury Square 2021-1 Green plc, FTA,
Santander Hipotecario 3, FTA, UCI 14, FTA, UCI 15, FTA, UCI 16,
Hipocat 7, FTA, Hipocat 8, FTA, Hipocat 9, FTA, IM BCC CAJAMAR 2,
FT, IM Caja Laboral 2, FTA, IM Cajamar 6, FTA, Landmark Mortgage
Securities No.3 Plc, Lusitano Mortgages No.6 Limited, Madrid RMBS
II, FTA, Madrid RMBS III, FTA, Mansard Mortgages 2006-1 PLC,
Mansard Mortgages 2007-1 PLC, Mansard Mortgages 2007-2 PLC, MBS
Bancaja 3, FTA, MBS Bancaja 4, FTA, Mortimer BTL 2019-1 plc, Oat
Hill No.2, Paragon Mortgages (No. 27) plc, Residential Mortgage
Securities 23 Plc (RMS 23), ResLoC UK 2007-1 plc, RMBS Green Belem
No.1, Rochester Financing No.3, Rural Hipotecario IX, FTA, Rural
Hipotecario VIII, FTA, Stratton Mortgage Funding 2020-1 PLC, Syon
Securities 2019 DAC, TDA 29, FTA, TDA CAM 5, FTA, TDA CAM 6, FTA,
TDA CAM 7, FTA, Towd Point Mortgage Funding - Auburn 13, Towd Point
Mortgage Funding 2019 - Granite 4 plc, Towd Point Mortgage Funding
2020 - Auburn 14 plc, Trinity Square 2021-1, Twin Bridges 2018-1,
Twin Bridges 2019-1 PLC, Twin Bridges 2019-2, Uropa Securities plc
Series 2007-01B, Valencia Hipotecario 3, FTA, Wendelstein 2017-1 UG
(haftungsbeschraenkt)

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

BELLHILL LIMITED: Administrators Put Lorne Hotel Up for Sale
------------------------------------------------------------
Scott Wright at The Herald reports that the renowned Lorne Hotel in
the west end of Glasgow has been put up for sale as administrators
take steps to liquidate its owning company.

Thirty staff were made redundant in May when administrators at
Interpath Advisory, the former restructuring arm of KPMG, were
appointed to Bellhill Limited, The Herald recounts.

According to The Herald, the hotel, located in the fashionable
Finnieston area on Sauchiehall Street, has been historically
profitable but had seen turnover plunge and recorded trading losses
in the 15 months following the outbreak of the coronavirus pandemic
in early 2020, and imposition of restrictions to halt the spread of
the disease.

Administrators noted at the time that an "adverse legal finding" in
May had left the director with "no other option than to place the
company into administration", The Herald relates.

The hotel, which incorporated the award-winning Bukharah Indian
restaurant and Bilberry cocktail bar, ceased trading when Bellhill
went into administration, The Herald notes.

In documents filed at Companies House, joint administrators Blair
Nimmo and Alistair McAlinden of Interpath state that the "most
likely" exit from administration for the business will be a
creditors' voluntary liquidation, adding that "we propose to seek
appointment as liquidators", according to The Herald.

Documents show that the administrators have appointed property
agent Christie & Co to market the freehold of the property, which
had a net book value at appointment of GBP11.56 million, The Herald
discloses.

According to the filings, the sole secured creditor of Bellhill on
the appointment of administrators was the Bank of India, The Herald
relays.

The company had two term loans with the Bank, totalling GBP3.256
milllion at the time of the appointment and subject to continuing
interest and charges until they are repaid in full, The Herald
states.  The loans were secured by standard securities over the
hotel, along with a first rank floating charge over the company's
business and assets, The Herald notes.

The administrators add that they expect to ordinary preferential
creditors, including employees due wages, holiday pay and pension
benefits, to be paid in full, according to The Herald.

It is estimated that unsecured creditors receive a dividend, with
the amount and timing still to be determined.


CELEBRITY ESPORTS: Enters Liquidation After Partnership Deals
-------------------------------------------------------------
Tom Daniels at Esports Insider reports that Celebrity Esports has
gone into liquidation, months after securing partnership deals with
the likes of Grenade, Primark and NOW, among others.

The company, founded by Leo Skagerlind, was launched in March 2020
and looked to appeal to a wider audience with esports by using
celebrities to take part in tournaments.  In January 2021,
Celebrity Esports secured investment from former Dragons Den
panelist Richard Farleigh.

Nevertheless, after one episode of the CES Superstar League,
Celebrity Esports is closing down, Esports Insider relates.  As a
result, all assets of the company are now being sold to repay those
who the firm owes money to, Esports Insider discloses.

Esports Insider says: "Despite gaining a multitude of highly
reputable sponsors and celebrities, Celebrity Esports is an example
of how difficult it is to establish a niche product within the
sector.  In theory, the thought of having celebrity-driven esports
competitions to attract a mainstream audience seems like a smart
move.  However, it seems that executing that plan proved harder
than anticipated and the company has shut down as a result."


FERROGLOBE PLC: Moody's Affirms Caa1 CFR & Rates Sr. Sec. Notes B2
------------------------------------------------------------------
Moody's Investors Service has affirmed Ferroglobe PLC's Caa1
corporate family rating and the company's Caa1-PD probability of
default rating. Concurrently, Moody's assigned a B2 instrument
rating to the company's $60 million backed senior secured notes due
in 2025 and a Caa2 rating to the new $345 million backed senior
secured notes due in 2025 both to be issued by Ferroglobe Finance
Company, PLC. Moody's also downgraded Ferroglobe's existing $350
million backed senior unsecured notes due in March 2022 to Caa3
from Caa2. The outlook on Ferroglobe PLC remains stable. The
outlook on Ferroglobe Finance Company, PLC is stable.

RATINGS RATIONALE

The affirmation of the Caa1 CFR and Caa1-PD PDR ratings reflects
the conclusion of the funding of the transaction as previously
expected by Moody's as well as further indication of continued
progress of Ferroglobe's underlying recovery as evidenced by Q1
2021 results published on May 18, 2021.

Moody's already upgraded Ferroglobe's PDR to Caa1-PD from Ca-PD and
affirmed the Caa1 CFR on April 26, 2021 following the company's
announcement of a successful conclusion of the consent process with
holders of the existing $350 million backed senior unsecured notes
under the lock-up agreement the company had entered into on March
27, 2021.

The transaction entails the exchange of around 98.5% of the
notional of the existing $350 million backed senior unsecured notes
at par with new backed senior secured notes with maturity in 2025.
Moody's expects the remaining 1.5% of the existing backed senior
unsecured notes to be redeemed at maturity. The transaction also
entails the issuance of a new $60 million backed senior secured
notes maturing in 2025 and $40 million of equity increase. By
refinancing the vast majority of the March 2022 notes and receiving
net $74 million (after deducting transaction-related costs of $26
million) of new liquidity, the transaction removes the substantial
refinancing risk and improves Ferroglobe's liquidity position.

Ferroglobe's Q1 2021 affirmed that the company continues to
accelerate its turnaround in terms of reported adjusted EBITDA
generation with $22 million generated in Q1 2021 compared with $5
million in Q4 2020 and a loss of $18 million in Q1 2020. Moody's
continues to project that the company will further improve its
profitability over the next few quarters driven by ongoing cost
reductions and recovering product prices.

Despite the additional liquidity as a result of the conclusion of
the transaction, Moody's continues to consider Ferroglobe's credit
quality as commensurate with the current Caa1 CFR as the company's
liquidity remains weak. In addition, the exchange of the notes
addresses the large March 2022 debt maturity issue, but it does not
lower the company's overall debt quantum.

LIQUIDITY

Ferroglobe's liquidity remains weak despite the materially improved
debt maturity profile driven by the exchange of the $350 million
backed senior unsecured notes. As of March 2021, the company
reported unrestricted cash and cash equivalents of only $78
million. Ferroglobe's liquidity reduced during Q1 2021 mainly due
to the cancellation and repayment of the previous $100 million
North American Asset-Based Loan (ABL) revolver of which $31 million
were drawn at the end of 2020.

Although the exchange of the notes alongside the injection of fresh
capital improves Ferroglobe's liquidity to some extent, Moody's
still considers the company's liquidity position as weak due to the
expected significant cash outflow of around $100 million in 2021
related to the turnaround initiatives. Moody's highlights that
Ferroglobe might needs to raise additional capital to fund working
capital requirements.

STRUCTURAL CONSIDERATIONS

Moody's has assigned a B2 rating to the new $60 million backed
senior secured notes reflecting the senior ranking in the capital
structure ahead of the new $345 million backed senior secured notes
which are rated Caa2. Ferroglobe's existing senior unsecured notes
due March 2022 were downgraded to Caa3 from Caa2, two notches below
the CFR. This reflects the more severe subordination by the
issuance of the $60 million backed senior secured notes as well as
the $345 million backed senior secured notes. The B2 rating of the
new $60 million backed senior secured notes takes into account the
possibility of Ferroglobe entering into a new asset based loan
which is permitted under the debt documentation.

RATIONALE FOR OUTLOOK

The stable outlook reflects the material improvement of
Ferroglobe's debt maturity profile as well as Moody's expectation
that the capital injections related to the debt restructuring
transaction will improve the company ability to fund the cash needs
of its operations for the next 12-18 months. The stable outlook
also reflects more tangible signs of a recovery of Ferroglobe's
operating performance driven by improving market conditions and
cost efficiency measures.

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

Positive pressure on the ratings could develop if the company:

Improves its operating profitability and credit metrics with
Moody's-adjusted gross debt/EBITDA falling to less than 6.0x and
positive free cash flow (FCF) generation on a sustained basis

further improves its liquidity position such that it can be
considered adequate

The ratings could be downgraded in case of a renewed market
downturn, preventing further meaningful recovery in the company's
profitability in the next twelve months. In particular, a downgrade
could be triggered if its Moody's-adjusted gross debt/EBITDA
remains above 8.0x for a prolonged period.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Manufacturing
Methodology published in March 2020.

COMPANY PROFILE

Headquartered in London, Ferroglobe PLC is a leading producer of
silicon metal and silicon/manganese alloys, with revenue of $1.1
billion in 2020. Ferroglobe, which is post the equity increase
49.3% owned by Grupo Villar Mir, S.A.U. (Grupo Villar Mir), was
formed in December 2015 through the combination of the Europe-based
Ferroatlantica, a subsidiary of the Spanish Villar Mir industrial
conglomerate, and the US-based competitor Globe Specialty Metals
Inc. The company is listed on the NASDAQ and had a market
capitalisation of $0.9 billion as of July 22, 2021.

GFG ALLIANCE: Chief Investment Officer Leaves Group
---------------------------------------------------
Jack Farchy and Eddie Spence at Bloomberg report that Jay Hambro,
chief investment officer at Sanjeev Gupta's GFG Alliance, is
leaving the group after falling out with his boss over the sale of
its aluminum assets, according to people familiar with the matter.

Mr. Gupta is battling to maintain control of his group following
the collapse of his main lender, Greensill Capital, in March, and
the announcement of an investigation into alleged fraud and money
laundering by the U.K.'s Serious Fraud Office in May, Bloomberg
relates.  At the same time, skyrocketing steel and aluminum prices
have made GFG's assets attractive to a range of suitors, Bloomberg
notes.

According to Bloomberg, Mr. Hambro's relationship with Mr. Gupta
soured after he became involved with a private equity bid for GFG's
aluminum assets, people familiar with the matter said earlier this
month.

In April, U.S. private equity group American Industrial Partners
bought most of the senior debt on Mr. Gupta's two main aluminum
assets -- the Dunkirk smelter in France and the Duffel rolling mill
in Belgium -- and then made a bid to buy them, Bloomberg recounts.
Under AIP's plan, Mr. Hambro would have left GFG when the assets
were sold and taken a job as a top executive of the newly separate
aluminum group, Bloomberg previously reported.

Mr. Gupta, disappointed by Mr. Hambro's willingness to jump ship as
well as the relatively low price offered by AIP, rejected the bid,
instead agreeing a financing and trading deal with Glencore Plc,
Bloomberg notes.

But the battle for Mr. Gupta's aluminum assets is not yet over.
AIP has responded by pushing the company that owns the Duffel plant
into administration, leading to Mr. Gupta being ousted and then
temporarily reinstated to the plant's board, Bloomberg relays.

It's not clear whether Mr. Hambro, who has long been one of the
public faces of Mr. Gupta's business in dealing with banks,
investors and the media, will be replaced, Bloomberg notes.


JAD JOINERY: Enters Liquidation Following Record Turnover
---------------------------------------------------------
Scottish Construction Now reports that Edinburgh-based JAD Joinery
Limited has gone into liquidation less than a year after recording
a record turnover.

Alistair McAlinden and Blair Nimmo of Interpath Advisory were
appointed as joint interim liquidators on July 15, Scottish
Construction Now relates.

Founded in 2002, JAD Joinery is a multi-accredited construction and
interior fit-out contractor providing turnkey solutions, Scottish
Construction Now discloses.

It became a limited company in 2012 and recorded a GBP5.5 million
turnover in 2019/20 in spite of the Covid-19 pandemic, nearly GBP1
million up from 2018/19, according to Scottish Construction Now.



OXIS ENERGY: Redundant Workers Take Legal Action After Collapse
---------------------------------------------------------------
Rebecca Whittaker at The Herald reports that workers who lost their
jobs when technology company Oxis Energy Ltd went into
administration have now started taking legal action against the
company amidst allegations that they failed to properly consult
staff during the redundancy process.

The lithium-sulfur battery manufacturer which has its headquarters
at Culham Science Centre near Abingdon, has announced its collapse
following an announcement earlier this year that the Covid pandemic
had forced it to suspend operations, The Herald relates.

According to The Herald, while administrators at accountancy firm
BDO are reportedly facilitating the sale of Oxis Energy's
specialist equipment and multiple patents, the majority of the
firm's 60 staff are understood to have been made redundant with
immediate effect.

National law firm Simpson Millar says it has since been contacted
by around 20 former workers who claim they were not consulted over
the job losses, and that its specialist employment team has now
begun investigations and are looking to secure a Protective Award
for those affected, The Herald discloses.

In response, the firm has also launched an eligibility checker so
that people can see if they are eligible to make a claim, The
Herald sates.  Where an Employment Tribunal finds in the favour of
the employees, they will be able to access the funds of up to
GBP4,304 via the Government Insolvency Service, The Herald notes.


RICCALL CARERS: Goes Into Liquidation After CQC Inspection
----------------------------------------------------------
Nathan Hyde at Yorkshire Post reports that Riccall Carers Ltd, a
company which provided care and assistance to vulnerable people in
Yorkshire, ceased trading a week after it was rated inadequate.

The company, which supported people in York and Selby with
dementia, disabilities and other conditions, was placed in special
measures after a number of concerns were raised during a planned
Care Quality Commission (CQC) inspection in June.

The CQC found medicines "had not been managed safely", safeguarding
concerns were not being investigated thoroughly, risk assessments
were not always carried out, and appointments were "frequently
cancelled, late and on occasions, missed".

"We found multiple concerns at this inspection which could
compromise people's safety and impacted on the quality of support
people received," the inspection report states.

In the week after the inspection was completed, the company, which
had more than 170 private and local authority-funded clients,
ceased trading and was placed into liquidation.


VERY GROUP: Fitch Rates GBP575MM Sr. Sec. Notes 'B-(EXP)'
---------------------------------------------------------
Fitch Ratings has assigned The Very Group Funding plc's planned
GBP575 million senior secured notes an expected rating of 'B-(EXP)'
with a Recovery Rating of 'RR4'. Fitch has also affirmed The Very
Group Limited's (TVG) Long-Term Issuer Default Rating (IDR) at 'B-'
with Positive Outlook.

The Positive Outlook reflects Fitch's expectations that TVG will
maintain its strong pandemic trading levels, underpinned by
supportive secular trends and an enhanced online presence from
lockdown trading. The constraint on an upgrade immediately after
completion of the proposed refinancing is the absence of a
committed financial policy in light of its under-capitalised
finance subsidiary, Shop Direct Finance Company Limited (SDFCL).

KEY RATING DRIVERS

Refinancing Leverage-Neutral: The planned refinancing will only
result in small re-leveraging of the capital structure by GBP25
million with a minor impact on Fitch's forward-looking leverage
metrics. Based on the envisaged capital structure, TVG should be
able maintain for its retail operations a funds from operations
(FFO) adjusted gross leverage of around 7.0x. This will be achieved
through building on its FY21 (financial year-end June) earnings
over the four-year rating horizon and reduced utilisation of its
revolving credit facility (RCF).

Synergies with SDFCL: SDFCL provides consumer financing as a
complementary core offering to TVG's online general merchandise
retail operations. Around 90% of sales are made on credit. The
profitability stemming from revolving credit provided to retail
customers allows the financing unit to help pay the expenses for
operations, IT and marketing costs, supporting retail sales volume
growth in a symbiotic way.

SDFCL's Capitalisation Key: TVG's IDR remains vulnerable to
deterioration in SDFCL's capitalisation, as this may disrupt the
subsidiary's ability to continue supporting the group's retail
operations. To reflect this, Fitch adds back around GBP400 million
of debt to TVG's retail operations at FYE20, as Fitch views this
amount as a form of equity injection from TVG into SDFCL to attain
a capital structure for the subsidiary that would require no cash
calls by the subsidiary to support its operations over the rating
horizon.

SDFCL's Weak Capitalisation May Persist: SDFCL's capitalisation has
deteriorated as the final PPI charges have been finalised. Fitch
calculated gross debt/tangible equity at 17.1x at FYE20, up from
6.4x at FYE18. While Fitch envisages modest improvements in
tangible equity over the rating horizon, planned growth in the
retail business, with credit to customers funded through the use of
further securitised notes, may keep SDFCL under-capitalised
relative to underwriting risks.

Franchise Strengthened During UK Lockdowns: TVG has strengthened
its presence during the UK lockdowns. For FY20 and preliminary
FY21, retail-only revenue grew 5.8% and 18.3%, respectively, well
above the trend of 1.5%-2% pre-pandemic. Growth continues to be
driven by the success of the Very brand, which accounted for 75% of
the group's retail sales, counteracting a managed decline under the
Littlewoods brand. It is unclear to what extent the shift away from
online consumption will be over the medium term, as non-essential
store-based retailers in the UK operate without restrictions.
Nevertheless, Fitch believes that TVG will emerge from the pandemic
with an enlarged and receptive customer base.

Operational Milestones: During the pandemic the group has
transferred its operations to its new fulfilment centre, Skygate.
Fitch believes the new warehouse will facilitate disciplined
management of distribution and administrative costs to service
higher dispatch volumes, exploiting operational leverage.
Dual-running costs are set to end in FY21 with fulfilment
operations being solely run through one site. In tandem with the
end of administrative PPI-related charges, this should improve
earnings quality with lower exceptional costs from 2HFY21.

Governance and Group Structure Complexities: Fitch continues to
assign a Relevance Score of 4 for Group Structure due to the
group's complexity, and certain related-party transactions, which
may lead to some misalignment between shareholders and creditors'
interests. This includes frequent material transactions with the
parent Shop Direct Holdings Limited, with distribution companies
Yodell Delivery Network Limited and Arrow XL Limited, in addition
to sub-optimal board composition and effectiveness relative to
peers'.

DERIVATION SUMMARY

Fitch assesses TVG's rating using the Ratings Navigator for
Non-Food Retailers. Non-food retail remains one of the most
disrupted sectors, even before the pandemic, due to changing
consumer preferences, technology, digitalisation and data
analytics, accelerating brand and product obsolescence,
environmental considerations and the changing face of UK high
streets.

These challenges require retailers to continuously reassess their
business strategies. The pandemic has accelerated certain trends
such as digitalisation and exposed inherent weaknesses of
retailers' business models. This will shake up the competitive
landscape in the near- to-medium term, as weaker retailers exit the
market, while those capable of adapting to and embracing new
challenges, such as TVG, should benefit from technology and service
leadership.

TVG stands out as the UK's second-largest pure-play digital
retailer with a complementary consumer-finance proposition that is
commensurate with a 'BB' business profile. This is balanced by an
aggressive financial structure, although FFO adjusted gross
leverage has improved towards 7.0x and financial flexibility has
strengthened.

TVG is rated at the same level as Douglas GmbH (B-/Stable),
Europe's largest beauty retailer, which demonstrates strong online
and omni-channel capabilities. The Positive Outlook reflects
Fitch's expectation that TVG would be able to deleverage to below
7.0x in the near term whereas Fitch expects Douglas's leverage,
which shares the same upgrade sensitivity, to remain higher to
2023, at around 8.0x.

Pure online beauty retailer THG Holdings plc (B+/Positive) is rated
two notches above TVG, mainly due to its more conservative post-IPO
financial policy with FFO adjusted gross leverage projected to drop
to 4.4x in 2021 and 2.6x by 2023 as the business strengthens its
global presence with in-house online capabilities supporting online
retail volumes.

KEY ASSUMPTIONS

-- Contraction in retail-only revenue of around 3% during FY22,
    followed by rebound 2%-3% per annum to FY24;

-- Retail-only EBITDA margin to steadily improve towards 9.5% in
    FY23 (despite the envisaged revenue contraction) as recent
    cost-initiatives drive better utilisation of operational
    leverage;

-- Retail working-capital outflow around 2% of sales per annum;

-- Capex of GBP60 million per annum to FY24;

-- Year-end RCF drawings of around GBP100 million in FY22,
    reducing to GBP50 million by FY24.

KEY RECOVERY RATING ASSUMPTIONS

Fitch assumes that TVG would be considered a going-concern (GC) in
bankruptcy and that it would be reorganised rather than
liquidated.

In Fitch's bespoke GC recovery analysis Fitch considered an
estimated post-restructuring EBITDA available to creditors of GBP71
million, derived from discounting FY21's retail-only EBITDA of
around GBP150 million by 35%, after excluding a GBP45 million
"run-rate" contribution for operating cost from SDFCL.

Fitch envisages SDFCL being restructured in a default, in tandem
with the retail operations given their strategic integration with
TVG. Therefore, Fitch assumes that SDFCL would be restructured by a
third-party/joint-venture and creditors of the restricted group
would have claim to the retail operations only. Accordingly, Fitch
treats the GBP1.3 billion non-recourse securitisation financing as
outside the restricted group.

Fitch has used a distressed enterprise value/EBITDA multiple of
5.0x. This reflects TVG's exposure to rapid online sales growth and
leading position in UK underpinned by high brand awareness.

For the debt waterfall Fitch assumes a fully drawn super senior RCF
of GBP100 million ranking ahead of TVG's planned high-yield bond of
GBP550 million, and the GBP50 million RCF ranking pari passu with
the bond. After deducting 10% for administrative claims, Fitch's
principal waterfall analysis generates a ranked recovery for
noteholders in the 'RR4' band, indicating a senior secured
instrument rating aligned with the IDR. The waterfall analysis
output percentage on current metrics and assumptions results in a
36% recovery. On completion of the refinancing, the GBP25 million
debt increase would result in a 35% recovery.

RATING SENSITIVITIES

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

-- Adherence to conservative capital allocation that favours debt
    repayment and/ or permanent cash accumulation within SDFCL,
    boosting its capital position such that Fitch-calculated
    retail-only FFO adjusted gross leverage is sustained below
    7.0x (6.5x net of cash);

-- FFO fixed charge cover above 2.5x;

-- Steady retail-only profitability, and solid cash flow
    conversion, for example reflected in 1%-2% free cash flow
    (FCF) margin on a sustained basis.

Factors that could, individually or collectively, lead to revision
of Outlook to Stable:

-- Maintenance of high leverage with retail-only FFO adjusted
    gross leverage remaining above 7.0x based on Fitch's operating
    forecasts;

-- Subdued profitability under more challenging market conditions
    as UK store-focused peers re-open, constraining FFO margin
    below 5% and FFO fixed charge coverage below 2.5x;

-- No visible improvement in SDFCL's capital position, thus
    undermining the division's ability to continue supporting the
    group's retail activities.

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 improvement has been driven by
strong retail trading since the onset of the pandemic and the
shareholders' equity injection of GBP100 million at FYE20 to cover
outstanding PPI mis-selling payments settled in FY21. TVG repaid
GBP60 million of its RCF in June 2021 although Fitch expects around
GBP100 million to be frequently utilised intra-year due to
seasonality requirement of the business. Incremental securitisation
proceeds and enhanced quality of earnings will further support the
group's liquidity position.

ISSUER PROFILE

TVG (formerly Shop Direct) is the UK's second-largest pure-play
digital retailer as well as one of the largest unsecured lenders in
the UK with a complementary consumer-finance offering.

ESG CONSIDERATIONS

TVG has an ESG Relevance Score of '4' for Group Structure due to
group complexities and material related-party transactions, which
has a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

TVG has an ESG Relevance Score of '4' for Governance Structure due
to sub-optimal board composition and effectiveness relative to
peers', which has a negative impact on the credit profile, and is
relevant to the ratings in conjunction with other factors.

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.

VERY GROUP: Moody's Affirms B3 CFR & Rates New GBP575MM Notes B3
----------------------------------------------------------------
Moody's Investors Service has affirmed the B3 corporate family
rating and B2-PD probability of default rating of The Very Group
Limited (The Very Group or the company), a leading UK online
retailer. Concurrently the rating agency has assigned a B3 rating
to the proposed GBP575 million backed senior secured notes due 2026
to be issued by the company's subsidiary The Very Group Funding
plc. The outlook for both companies remains stable. The B3 rating
of The Very Group Funding plc's current GBP550 million backed
senior secured notes due 2022, which will be repaid upon closing of
the new notes issuance, is unaffected.

RATINGS RATIONALE

The Very Group's B3 CFR reflects (1) the company's strong
performance during the Coronavirus pandemic, which has benefited
from increased online consumer demand as successive lockdown
restrictions have forced shops to be closed; and (2) Moody's
expectation that further deleveraging and improving cash flow will
be possible over the quarters. In addition, the CFR also takes into
account the company's (1) long history of offering credit to
customers to drive purchasing decisions and loyalty; (2) diverse
product range and wide supplier base; and (3) ability to benefit
from the ongoing secular shift of retail spend online.

Less positively, the CFR also takes into account The Very Group's
(1) financial policies which tolerate persistently high leverage
(bearing in mind securitisation borrowings) (2) focus on a specific
subset of consumers (i.e. those that buy on credit) in a single
country; (3) historically uneven growth in profits and cash flow
constrained by exceptionally high PPI payments of profit; (4)
dependence on ongoing access to securitisation facilities (although
the long track record and stability of loan book quality are
notable).

The Very Group's intention to refinance comes after strong trading
by the company through the pandemic and means the company will
continue to benefit from a stable capital structure in the medium
term.

In the nine months to March 31, 2021 The Very Group's revenues grew
by 16.7% compared to the same period of its fiscal 2020, which
ended June 30, 2020. While a change in revenue mix away from
fashion towards products such as electricals and home led to a
dilution in gross margins, control of overheads helped the
company's reported EBITDA grow 17.7% over the nine months, while
its Moody's-adjusted EBITDA on a last twelve month basis increased
to GBP275 million from GBP240 million in fiscal 2020. As such, the
company's Moody's-adjusted leverage, measured as gross adjusted
debt to EBITDA, has improved from 9.6x at the end of fiscal 2020 to
around 8.5x pro-forma for the refinancing. While this is still high
for the B3 rating category, Moody's expects that continued trading
momentum will facilitate further deleveraging in the coming
quarters. Moreover, Moody's expects the company's cash flow to
improve materially over the next 12 to 18 months as payments in
respect of historic PPI claims will no longer be a strain.

While Moody's has always treated costs in respect of historic PPI
claims as non-recurring for the purposes of adjusted leverage and
interest coverage metrics the company's, the significant strain on
free cash flow has constrained the company's credit quality.
Payments in respect of these claims totalled GBP370 million in the
three years up to and including fiscal 2020 and a further GBP111
million was paid out in the first nine months of fiscal 2021.
However, the company expects that the remaining provision of GBP18
million at the end of March 2021 will be sufficient to cover
payment of remaining claims. As such, the company's cash flow will
be stronger in the years ahead. That said, Moody's nevertheless
expects the continued growth of the company's credit book, in line
with sales growth in a mid single digit percentage range, will mean
that the company's Moody's-adjusted free cash flow will remain
negative and its gross debt will increase due to higher drawings
under its revolving securitisation facilities.

ESG CONSIDERATIONS

Moody's considers the most material ESG risks associated with The
Very Group relate to governance, and specifically the shareholders
tolerance for high leverage. Nevertheless, the rating agency notes
positively that the shareholders injected GBP100 million additional
equity in fiscal 2020 to cover two thirds of the additional funding
need identified that year in respect of PPI claims.

LIQUIDITY

Moody's continues to view The Very Group's liquidity as adequate,
with the company having capacity to deal with seasonality in
working capital. However, the rating agency notes that as of March
31, 2021 the company's fully drawn revolving credit facilities,
which total GBP150 million, exceeded its cash balance at that date
of GBP92 million. Moody's anticipates that the company will
continue to need at least seasonal use of these covenanted
facilities.

STRUCTURAL CONSIDERATIONS

The Very Group has a long history of using securitisation
facilities to fund a large proportion of is credit book. The
existing structure has been in place since 2013 with an established
practice of seeking an extension to the three-year revolving period
each year. This means that, subject to continued adherence to the
performance triggers within the securitisation documentation, The
Very Group should be able to maintain the status quo business and
financing models indefinitely. Following the latest agreed one-year
extension in December 2020, the current maturities are in December
2023.

Under Moody's Loss Given Default for Speculative-Grade Companies
methodology the securitisation facilities are considered to be
self-liquidating in the event of a default. Therefore, the rating
agency has assumed a 35% recovery rate for the remaining financial
obligations, which results in a probability of default rating (PDR)
one notch higher than the CFR. The senior secured notes are rated
in line with the CFR at B3. The notes rank alongside a GBP50
million revolving credit facility but are contractually
subordinated to a GBP100 million super senior revolving credit
facility.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's view that over the next 12-18
months the company's should be able to sustain good trading
momentum and may deleverage somewhat. However, the rating agency
expects the company's Moody's-adjusted gross leverage will likely
remain above 7.5x during this period and moreover its free cash
flow will remain negative after taking account of increased
securitisation borrowings driven by growth in revenues.

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

The ratings could be upgraded if The Very Group's financial
performance continues to improve, and its Moody's-adjusted gross
leverage is sustainably below 7.5x, and the company demonstrates
capacity to sustainably generate materially positive free cash flow
(excluding increased securitisation borrowings driven by growth in
revenues).

Conversely, a rating downgrade could be possible if revenues or
profitability develop a negative trajectory or if there is material
deterioration in the company's liquidity.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Retail Industry
published in May 2018.

COMPANY PROFILE

The Very Group has a history dating back over 120 years and much of
that included both physical stores and home shopping, via mail
order catalogues printed and distributed twice a year. The company
is a pure-play online retailer, with an integrated retail and
financial services model delivered via two core (digital department
store) brands: Very and Littlewoods.

In its fiscal 2020, The Very Group generated sales of GBP2.06
billion and underlying EBITDA (as defined by the company) of GBP264
million. The business has been owned by the trusts of the Barclay
family since 2002.


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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-
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Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
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Editors.

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