/raid1/www/Hosts/bankrupt/TCREUR_Public/210730.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

          Friday, July 30, 2021, Vol. 22, No. 146

                           Headlines



I R E L A N D

ALBACORE EURO I: Moody's Assigns (P)B3 Rating to EUR9.2MM F Notes
ALBACORE EURO I: S&P Assigns Prelim B- (sf) Rating on F Notes
CASTLE PARK: Moody's Upgrades Rating on EUR12MM Cl. E Notes to Ba1
CLONTARF PARK: Moody's Affirms B2 Rating on EUR10.75MM Cl. E Notes
EUROPEAN RESIDENTIAL 2019-NPL1: DBRS Ups C Notes Rating to BB(High)

LAST MILE: DBRS Finalizes B(high) Rating on Class F Notes
ROCKFIELD PARK: S&P Assigns B- (sf) Rating on Class E Notes
RRE 7 LOAN: S&P Assigns Prelim BB- (sf) Rating on Class D Notes
TYMON PARK: S&P Assigns Prelim B- (sf) Rating on Class E Notes


I T A L Y

AUTOFLORENCE 1: DBRS Confirms B(high) Rating on Class E Notes


L U X E M B O U R G

4FINANCE HOLDING: Bond Extension No Impact on Moody's B2 CFR
INEOS GROUP: Fitch Affirms 'BB+' LT IDR, Alters Outlook to Stable


R U S S I A

NARAT JSC: Bank of Russia Terminates Provisional Administration
ROSCOMSNABBANK: Bank of Russia Ends Provisional Administration


S P A I N

AYT COLATERALES CCM I: Fitch Affirms CC Rating on Class D Tranche
AYT GENOVA IX: Moody's Ups Rating on EUR10.8MM Cl. C Notes to Ba1
AZUL MASTER: DBRS Confirms BB Rating on Class C Notes
VALENCIA HIPOTECARIO 2: Moody's Ups EUR9.4MM Class C Notes to Ba2


S W I T Z E R L A N D

EUROCHEM GROUP: S&P Raises Rating to 'BB', Outlook Stable


U N I T E D   K I N G D O M

BAMS CMBS 2018-1: DBRS Confirms BB(low) Rating on Class E Notes
EUROSAIL-UK 2007-5: Fitch Affirms CCC Rating on 2 Tranches
FASTNET SECURITIES 16: DBRS Gives BB(high) Rating to Class E Notes
GFG ALLIANCE: AIP Seeks Control of Dunkirk Aluminum Smelter
INTERGEN NV: Moody's Confirms B1 CFR & Alters Outlook to Negative

LIGNIA WOOD: Accsys Acquires EUR1.2MM Worth of Assets, Equipment
NEWGATE FUNDING 2006-3: S&P Raises Class E Notes Rating to B+ (sf)
POLAR BEAR: Set to Reopen in August After Crowdfunding Campaign
SUITE HOSPITALITY: Owes More Than GBP4 Million to Creditors
VICTORIA'S SECRET: UK Liquidation Valid, London Judge Rules

VIRIDIS: DBRS Finalizes BB(high) Rating on Class E Notes
WHEEL BIDCO: Fitch Assigns Final 'B' LT IDR, Outlook Stable


X X X X X X X X

[*] BOOK REVIEW: Hospitals, Health and People

                           - - - - -


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I R E L A N D
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ALBACORE EURO I: Moody's Assigns (P)B3 Rating to EUR9.2MM F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to refinancing notes to be issued by
AlbaCore Euro CLO I Designated Activity Company (the "Issuer"):

EUR240,000,000 Class A Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

EUR26,600,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)

EUR21,400,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Assigned (P)Aa2 (sf)

EUR26,800,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)A2 (sf)

EUR25,200,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Baa3 (sf)

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

EUR9,200,000 Class F 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.

As part of this reset, the Issuer will increase the target par
amount by EUR170 million to EUR400 million. 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 obligations, second-lien loans, high yield bonds and
mezzanine obligations. The underlying portfolio is expected to be
90% ramped as of the closing date and to comprise of predominantly
corporate loans to obligors domiciled in Western Europe. The
remainder of the portfolio will be acquired during the 6 month
ramp-up period in compliance with the portfolio guidelines.

AlbaCore Capital LLP ("AlbaCore") will manage the CLO. It will
direct the selection, acquisition and disposition of collateral on
behalf of the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's 4.4 years
reinvestment period. Thereafter, subject to certain restrictions,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit risk
obligations and credit improved obligations.

On the Original Issue Date, the Issuer also issued EUR33,700,000 of
Subordinated Notes, which will remain outstanding.

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

Methodology Underlying the Rating Action:

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

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

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

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

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

Par Amount: EUR400.0m

Diversity Score: 45*

Weighted Average Rating Factor (WARF): 2965

Weighted Average Spread (WAS): 3.72%

Weighted Average Coupon (WAC): 4.50%

Weighted Average Recovery Rate (WARR): 44.5%

Weighted Average Life (WAL): 8.5 years

ALBACORE EURO I: S&P Assigns Prelim B- (sf) Rating on F Notes
-------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
AlbaCore Euro CLO I DAC's class A, B-1, B-2, C, D, E, and F notes.
At closing, the issuer will not issue additional unrated
subordinated notes in addition to the EUR33.70 million of existing
unrated subordinated notes.

The transaction is a reset with an upsize in note balances of an
existing AlbaCore CLO I transaction, which originally closed in
July 2020. The issuance proceeds of the refinancing notes will be
used to redeem the refinanced notes pay fees and expenses incurred
in connection with the reissue.

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

The portfolio's reinvestment period will end approximately four and
a half years after closing, and the portfolio's maximum average
maturity date will be eight and a half years after closing.

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

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

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

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

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

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

  Portfolio Benchmarks
                                                          CURRENT
  S&P Global Ratings weighted-average rating factor      2,869.22
  Default rate dispersion                                  557.95
  Weighted-average life (years)                              5.50
  Obligor diversity measure                                120.65
  Industry diversity measure                                20.79
  Regional diversity measure                                 1.16

  Transaction Key Metrics
                                                          CURRENT
  Portfolio weighted-average rating
    derived from S&P's CDO evaluator                          'B'
  'CCC' category rated assets (%)                            2.28
  Covenanted 'AAA' weighted-average recovery (%)            35.25
  Covenanted weighted-average spread (%)                     3.72
  Covenanted weighted-average coupon (%)                     4.50

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

"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread of 3.72%, the
covenanted weighted-average coupon of 4.50%, and the covenanted
weighted-average recovery rate at the 'AAA' rating level and the
actual weighted-average recovery rates for all the other rating
levels. We applied various cash flow stress scenarios, using four
different default patterns, in conjunction with different interest
rate stress scenarios for each liability rating category. Our cash
flow analysis also considers scenarios where the underlying pool
comprises 100% of floating-rate assets (i.e., the fixed-rate bucket
is 0%) and where the fixed-rate bucket is fully utilized (in this
case, 20%).

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

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

"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 A, B-1, B-2, C, D, E, and F notes. Our credit and cash flow
analysis indicates that the available credit enhancement for the
class C, D, and E 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.

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

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

Environmental, social, and governance (ESG) credit factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to certain activities,
including, but not limited to, the following: speculative
extraction of oil and gas, thermal coal mining, production or trade
in controversial weapons, hazardous chemicals, pesticides and
wastes, ozone depleting substances, endangered or protected
wildlife of which the production or trade is banned by applicable
global conventions and agreements, pornography or prostitution,
tobacco or tobacco-related products, gambling, subprime lending or
payday lending activities, and weapons or firearms. Accordingly,
since the exclusion of assets from these industries does not result
in material differences between the transaction and our ESG
benchmark for the sector, no specific adjustments have been made in
our rating analysis to account for any ESG-related risks or
opportunities."

  Ratings List

  CLASS   PRELIM.  PRELIM. AMOUNT    CREDIT     INTEREST RATE*
          RATING    (MIL. EUR)    ENHANCEMENT(%)
  A       AAA (sf)     240.00      40.00   Three/six-month EURIBOR

                                                  plus 1.08%
  B-1     AA (sf)       26.60      28.00   Three/six-month EURIBOR

                                                  plus 1.75%
  B-2     AA (sf)       21.40      28.00   2.15%
  C       A (sf)        26.80      21.30   Three/six-month EURIBOR

                                                  plus 2.20%
  D       BBB (sf)      25.20      15.00   Three/six-month EURIBOR

                                                  plus 3.25%
  E       BB- (sf)      20.80       9.80   Three/six-month EURIBOR

                                                  plus 5.96%
  F       B- (sf)        9.20       7.50   Three/six-month EURIBOR

                                                  plus 8.54%
  Subordinated   NR     33.70        N/A   N/A

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

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


CASTLE PARK: Moody's Upgrades Rating on EUR12MM Cl. E Notes to Ba1
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Castle Park CLO Designated Activity Company:

EUR23,000,000 Refinancing Class C Senior Secured Deferrable
Floating Rate Notes due 2028, Upgraded to Aaa (sf); previously on
Dec 18, 2020 Upgraded to Aa3 (sf)

EUR26,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2028, Upgraded to A2 (sf); previously on Dec 18, 2020
Upgraded to Baa3 (sf)

EUR12,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2028, Upgraded to Ba1 (sf); previously on Dec 18, 2020
Upgraded to Ba3 (sf)

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

EUR32,000,000 (current outstanding amount EUR 25,759,822.50)
Refinancing Class A-2A Senior Secured Floating Rate Notes due 2028,
Affirmed Aaa (sf); previously on Dec 18, 2020 Affirmed Aaa (sf)

EUR15,000,000 (current outstanding amount EUR 12,074,916.79)
Refinancing Class A-2B Senior Secured Fixed Rate Notes due 2028,
Affirmed Aaa (sf); previously on Dec 18, 2020 Affirmed Aaa (sf)

EUR23,000,000 Refinancing Class B Senior Secured Deferrable
Floating Rate Notes due 2028, Affirmed Aaa (sf); previously on Dec
18, 2020 Upgraded to Aaa (sf)

Castle Park CLO Designated Activity Company, issued in December
2014 and refinanced in March 2017, is a collateralised loan
obligation (CLO) backed by a portfolio of mostly high-yield senior
secured European loans. The portfolio is managed by Blackstone
Ireland Limited. The transaction's reinvestment period ended in
January 2019.

RATINGS RATIONALE

The rating upgrades on the Class C, Class D and Class E Notes are
primarily a result of the significant deleveraging of the senior
notes following amortisation of the underlying portfolio since the
last rating action in December 2020. Pre-payments and sales account
for a significant proportion of the amortisation.

Class A-1 Notes have been redeemed in full and Class A-2A and A-2B
Notes have paid down by EUR6.2 million and EUR2.9 million
respectively. As a result of the deleveraging,
over-collateralisation (OC) has increased across the capital
structure. According to the trustee report dated July 2021 [1] the
Class A, Class B, Class C, Class D OC ratios are reported at
228.9%, 180.5%, 149.0% and 124.6%, compared to December 2020 [2]
levels of 184.5%, 156.9%, 136.5% and 119.1% respectively. Moody's
notes that the July 2021 principal payments are not reflected in
the reported OC ratios.

The rating affirmations on the Class A-2A, A-2B and B Notes reflect
the expected losses of the notes continuing to remain consistent
with their current ratings after taking into account the CLO's
latest portfolio, its relevant structural features and its actual
over-collateralization levels, as well as applying Moody's revised
CLO assumptions.

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

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

Performing par and principal proceeds balance: EUR148.7m

Defaulted Securities: EUR1.0m

Diversity Score: 32

Weighted Average Rating Factor (WARF): 3119

Weighted Average Life (WAL): 3.25 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.43%

Weighted Average Coupon (WAC): 4.32%

Weighted Average Recovery Rate (WARR): 46.3%

Par haircut in OC tests: 0.37%

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank and swap providers,
using the methodology "Moody's Approach to Assessing Counterparty
Risks in Structured Finance" published in May 2021. Moody's
concluded the ratings of the notes are not constrained by these
risks.

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

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

Additional uncertainty about performance is due to the following:

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

Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty.

CLONTARF PARK: Moody's Affirms B2 Rating on EUR10.75MM Cl. E Notes
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Clontarf Park CLO Designated Activity Company:

EUR20,000,000 Class A-2A1 Senior Secured Floating Rate Notes due
2030, Upgraded to Aa1 (sf); previously on Aug 25, 2020 Affirmed Aa2
(sf)

EUR23,000,000 Class A-2A2 Senior Secured Floating Rate Notes due
2030, Upgraded to Aa1 (sf); previously on Aug 25, 2020 Affirmed Aa2
(sf)

EUR10,000,000 Class A-2B Senior Secured Fixed Rate Notes due 2030,
Upgraded to Aa1 (sf); previously on Aug 25, 2020 Affirmed Aa2 (sf)

EUR21,000,000 Class B Senior Secured Deferrable Floating Rate
Notes due 2030, Upgraded to Aa3 (sf); previously on Aug 25, 2020
Affirmed A2 (sf)

EUR20,500,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2030, Upgraded to Baa1 (sf); previously on Aug 25, 2020
Confirmed at Baa2 (sf)

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

EUR240,000,000 Class A-1 Senior Secured Floating Rate Notes due
2030, Affirmed Aaa (sf); previously on Aug 25, 2020 Affirmed Aaa
(sf)

EUR25,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed Ba2 (sf); previously on Aug 25, 2020
Confirmed at Ba2 (sf)

EUR10,750,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed B2 (sf); previously on Aug 25, 2020
Downgraded to B2 (sf)

Clontarf Park CLO Designated Activity Company, issued in July 2017,
is a collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European and US loans. The
portfolio is managed by Blackstone Ireland Limited. The
transaction's reinvestment period will end in August 2021.

RATINGS RATIONALE

The rating upgrades on the Class A-2A1, A-2A2, A-2B, B and C notes
are primarily a result of the benefit of the shorter period of time
remaining before the end of the reinvestment period in August
2021.

The affirmations on the ratings on the Class A-1, D and E notes are
primarily a result of the expected losses on the notes remaining
consistent with their current ratings after taking into account the
CLO's latest portfolio, its relevant structural features and its
actual over-collateralization (OC) levels.

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements.

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

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

Performing par and principal proceeds balance: EUR398.3 million

Defaulted Securities: EUR1.5 million

Diversity Score: 54

Weighted Average Rating Factor (WARF): 2917

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.42%

Weighted Average Coupon (WAC): 3.72%

Weighted Average Recovery Rate (WARR): 45.50%

Par haircut in OC tests and interest diversion test: None

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as swap providers, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance" published in May 2021. Moody's concluded the
ratings of the notes are not constrained by these risks.

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

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

Additional uncertainty about performance is due to the following:

Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which could
lengthen as a result of the manager's decision to reinvest in new
issue loans or other loans with longer maturities, or participate
in amend-to-extend offerings. The effect on the ratings of
extending the portfolio's weighted average life can be positive or
negative depending on the notes' seniority.

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

EUROPEAN RESIDENTIAL 2019-NPL1: DBRS Ups C Notes Rating to BB(High)
-------------------------------------------------------------------
DBRS Ratings GmbH took the following rating actions on the notes
issued by European Residential Loan Securitization 2019-NPL1 DAC
(the Issuer):

-- Class A confirmed at A (sf)
-- Class B confirmed at BBB (high) (sf)
-- Class C upgraded to BB (high) (sf) from BB (sf)

DBRS Morningstar also changed the trends on all classes of notes to
Stable from Negative.

The transaction represents the issuance of Class A, Class B, Class
C, Class P, and Class D notes. The rating on the Class A notes
addresses the timely payment of interest and the ultimate payment
of principal on or before the final legal maturity date. The
ratings on the Class B and Class C notes address the ultimate
payment of interest and principal. DBRS Morningstar does not rate
the Class D or Class P notes.

The Issuer used proceeds from the issuance of the Class A to Class
C notes to purchase a portfolio mostly comprising first-charge
nonperforming Irish residential mortgage loans. As of 31 May 2019,
the portfolio had a total outstanding balance of EUR 455.9 million
and included part of the receivables securitized in the
transaction. The remaining loans were part of the LSF IX Java
Investments DAC (Java Investments) and LSF IX Paris Investments DAC
(Paris Investments) portfolios. Java Investments acquired the legal
and beneficial titles of the loans from Investec Bank plc and Nua
Mortgages Limited (Nua Mortgages) in September 2014. Paris
Investments acquired the legal and beneficial titles of the loans
from Bank of Scotland (Ireland) Limited (BoSI) in October 2014.

The mortgage loans were originated by BoSI, Start Mortgages DAC
(Start Mortgages), and Nua Mortgages. Start Mortgages also services
the portfolio. Hudson Advisors Ireland DAC was appointed as the
Issuer administration consultant and, as such, acts in an oversight
and monitoring capacity and provides input on asset resolution
strategies.

RATING RATIONALE

The confirmations and the upgrade follow a review of the
transaction and are based on the following analytical
considerations:

-- Transaction performance: Assessment of the portfolio recoveries
as of May 2021, with a focus on:
(1) Comparison between actual gross collections and the servicer's
initial business plan forecast;

(2) Recovery performance observed over the last six months,
including the period following the outbreak of the Coronavirus
Disease (COVID-19);

(3) Historical collections trend and average pay rate recorded in
the last six months; and

(4) Comparison between current performance and DBRS Morningstar's
expectations.

-- Portfolio characteristics: Loan pool composition as of May 31,
2021 and evolution of its core features, also in light of the
disposal of a portion of the underlying pool of receivables in
October 2020.

-- Transaction liquidating structure: The order of priority
entails a fully sequential amortization of the notes (i.e., the
Class B notes will begin to amortize following the full repayment
of the Class A notes; the Class C notes will amortize following the
repayment of the Class B notes; the Class D and the Class P notes
will begin to amortize following the full repayment of all the
rated notes (except for cases in which the Class B, Class C, and
Class P notes may receive excess amounts from portfolio sales)).
Additionally, the repayment of interest on the Class B notes is
fully subordinated to the repayment of both interest and principal
on the Class A notes, and the repayment of interest on the Class C
notes has a lower ranking to the payments due on the Class B
notes.

-- Liquidity support: The transaction benefits from a liquidity
structure, which entails the existence of three reserve funds
available to mitigate temporary collection shortfalls on the
payment of (1) senior costs and interest on the Class A notes, (2)
interest on the Class B notes, and (3) interest on Class C notes.

According to the latest investor report dated 24 June 2021, the
principal amount outstanding on the Class A, Class B, Class C,
Class P, and Class D notes was equal to EUR 127.4 million, EUR 31.3
million, EUR 26.7 million, EUR 38.2 million, and EUR 151.6 million,
respectively. The balance of the Class A, Class B, Class C, and
Class P notes amortized by approximately 36.9%, 8.6%, 9.9%, and
1.4%, respectively, since issuance. The current aggregated
transaction balance is equal to EUR 375.1 million.

As of May 2021, the transaction was performing below the servicer's
initial expectations. The actual cumulative gross collections were
equal EUR 91.6 million whereas the servicer's initial business plan
estimated cumulative gross collections of EUR 116.9 million for the
same period.

The transaction benefits from three reserve funds to support
liquidity shortfalls on senior costs, interest due in relation to
the rated notes and, ultimately, the repayment of principal on the
rated notes, if available:

-- The Class A reserve fund, which was fully funded at closing to
an initial amount equal to 6.5% of the Class A notes balance and
amortizes based on the same;

-- The Class B reserve fund, which does not amortize and was fully
funded at closing to an initial amount equal to 6.5% of the Class B
notes balance; and

-- The Class C reserve fund, which does not amortize and was fully
funded at closing to an initial amount equal to 10.0% of the Class
C notes balance.

Credits to the Class B and C reserves are made outside the
waterfall based on the proceeds of the interest rate cap allocated
proportionately to the respective size of the Class B and C notes
relative to the cap notional.

According to the June 2021 investor report, the Class A reserve was
fully funded, the Class B reserve had an outstanding balance of EUR
1.1 million, and the Class C reserve had an outstanding balance of
EUR 1.3 million.

The final maturity date of the transaction is 24 August 2056.

The coronavirus and the resulting isolation measures have caused an
economic contraction, leading to sharp economic contraction,
increases in unemployment rates and reduced investment activities.
DBRS Morningstar anticipates that collections in European
nonperforming loan (NPL) securitizations will be disrupted in
coming months and that the deteriorating macroeconomic conditions
could negatively affect recoveries from NPLs and the related real
estate collateral. The ratings are based on additional analysis and
adjustments to expected performance as a result of the global
efforts to contain the spread of the coronavirus. For this
transaction, DBRS Morningstar assumed reduced collections for the
next two quarters and incorporated its revised expectation of a
moderate medium-term decline in residential property prices, albeit
partial credit to house price increases from 2023 onwards is given
in non-investment-grade scenarios.

Notes: All figures are in euros unless otherwise noted.

LAST MILE: DBRS Finalizes B(high) Rating on Class F Notes
---------------------------------------------------------
DBRS Ratings GMBH finalized its provisional ratings on the
following classes of notes issued by Last Mile Logistics Pan Euro
Finance DAC (the Issuer):

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

All trends are Stable.

Last Mile Logistics Pan Euro Finance DAC is a securitization of a
EUR 510.2 million senior commercial real estate (CRE) loan backed
by a pan-European portfolio of light industrial and logistics
assets managed collectively by Mileway and owned by Blackstone Real
Estate Partners (Blackstone or the Sponsor). The senior loan is
divided into two term facilities—term A and term B—with term
facility A being advanced to non-Irish borrowers and term facility
B only to Irish borrowers. On 15 June 2021, Barclays Bank Ireland
Plc, Goldman Sachs Bank Europe SE, and GS EMI Ireland DAC (the loan
sellers) advanced the senior loan to the borrowers. Then, at
transaction closing, the Issuer purchased the loan from the loan
sellers using the 95% of the note issuance proceeds and an issuer
loan. The issuer loan is sized to represent at least 5% of the
securitized interests to comply with the applicable regulatory
requirements. Barclays Bank Plc and Goldman Sachs International are
joint arrangers of the issuance.

Unlike some of the recently issued Mileway securitizations, the
Issuer also issued Class X1 and Class X2 notes. As such, the excess
spread is distributed to the Class X noteholders. Furthermore,
there is a EUR 102.0 million mezzanine facility, representing 76.4%
mezzanine loan-to-value (LTV), that is contractually and
structurally subordinated to the securitized senior loan.

The senior facility is denominated in euros (EUR) whereas the
Danish assets and income, which amounts to approximately 6.9% of
the portfolio aggregated market value (MV), are denominated in
Danish kroner (DKK). In the absence of a currency swap, the
borrower takes on the foreign exchange risk between the two
currencies. However, the Danish central bank has pegged the DKK
exchange rate to EUR and historical data showed little fluctuation
in the DKK/EUR exchange rate.

The senior loan is backed by 113 predominately light industrial or
logistics assets across seven European countries and was
accumulated through four portfolio acquisitions and one
single-asset acquisition by Blackstone in the past 18 months.
However, as of the date of this press release, the acquisition of
the Choisy asset was not completed and its corresponding allocated
loan amount will either be held by the facility agent until the
completion of the acquisitions or be used to prepay the senior loan
after the delayed completion property longstop date. As such, the
general purpose of the senior loan is to refinance the acquisition
debts of the borrowers.

Jones Lang LaSalle Limited and its affiliates (JLL) valued the
portfolio on May 13, 2021 for a total MV of EUR 801.4 million,
including a 5% portfolio premium, or EUR 763.2 million based on the
aggregated MV of each property. Most of the MV is concentrated in
Germany (29.7% of aggregated MV), France (20.8%), and the
Netherlands (17.5%). DBRS Morningstar also noted that although the
Danish part of the portfolio is limited to 6.9% of the aggregated
MV, it is concentrated in two Danish assets. As per the May
2021valuation, these two assets generate a gross rental income
(GRI) of DKK 26.1 million or EUR 3.5 million (7.6% of the portfolio
GRI) per annum. As the income from and value of these Danish assets
are denominated in DKK, whose exchange rate is pegged to the euro,
and there is absence of any currency hedging between DKK and EUR,
DBRS Morningstar has applied an exchange rate of DKK 7.6282 per
EUR, the highest exchange rate allowed by the Danish central bank,
for all non-AAA (sf)-rated investment-grade stress scenarios and a
higher exchange rate of 12.1086 DKK per EUR in the AAA (sf) stress
scenario.

Although the outbreak of the Coronavirus Disease (COVID-19) has
negatively affected all CRE sectors, the light industrial/logistics
assets seem to fare better than the other asset types. Based on the
collection data provided by the Sponsor, for 57 out of the 113
assets that were already under management by Mileway, 95.3% of the
rent was collected as of Q1 2021.

The two-year senior loan (the initial loan term) has three one-year
extension options, which can be exercised if certain conditions are
met. Within three months following the transaction closing, the
borrower will purchase an interest cap agreement to hedge against
increases in the interest payable under the loan. The cap agreement
will cover 100% of the outstanding loan balance with a strike rate
of 1.25%. The strike rate is also required to ensure a senior
hedged interest coverage ratio of not less than two times. After
the expected note maturity, the Euribor rate will be capped at 4%.

Similar to other Blackstone-sponsored loans, there are no financial
covenants applicable prior to a permitted change of control (CoC)
but cash trap covenants are applicable both prior and post a
permitted CoC. The cash trap covenants are set at 73.67% LTV while
the debt yield (DY) covenant is set at 7.55% for the first and
second year and will step up to 7.93% on and from year three. After
a permitted CoC, the financial default covenants on the LTV and the
DY will be applicable; they are set, respectively, at 10% above the
LTV at the time of permitted CoC and the higher of 85% of the DY at
the time of permitted CoC and 7.34%. The loan will also start to
amortize at 1% per year after a permitted CoC. However, it should
be noted that to be qualified as a permitted CoC, the LTV should
not exceed 63.67% and the new owner needs to be a qualifying
transferee.

Meanwhile, DBRS Morningstar noted that the asset under management
(AUM) criteria for a qualifying transferee has been lowered
compared with previous DBRS Morningstar-rated Mileway
securitizations. The worldwide CRE AUM limit has been lowered to
EUR 2 billion from EUR 5 billion and the European CRE AUM
limitation was removed completely. DBRS Morningstar believes that
the current requirement is weaker than the previous transactions
and may lead to higher rating sensitivity should a permitted CoC
occur. The rating impact, however, is partially mitigated by the
qualified asset manager requirement, which remains unchanged except
the payment to an affiliated qualifying asset manager is no longer
subordinated to the secured liability.

In addition, DBRS Morningstar noted that the facility agent has a
weaker control on the cash trap account as compared with previous
CMBS transactions rated by DBRS Morningstar. In this transaction,
the facility agent will only have sole signing right on the cash
trap account after a permitted CoC or a loan event of default has
occurred whereas, normally, the facility agent will have sole
signing right on the cash trap account from day one. The senior
facility agreement features a new permitted return concept, which
effectively allows the sponsor to withdraw the equity it has
injected since the start of a cash trap event from the cash trap
account. DBRS Morningstar views these new features to be credit
negative and has adjusted its hurdles accordingly.

To cover any potential interest payment shortfalls, the Issuer
overissued EUR 11.4 million Class A notes to fund the issuer
liquidity reserve. In parallel, the issuer loan is upsized by EUR
0.6 million to fund the issuer loan share of liquidity reserve. The
liquidity reserve covers the Class A, Class B, and the relevant
portion of the issuer loan. DBRS Morningstar estimates that the
commitment amount at closing is equivalent to approximately 20
months of coverage based on the hedging terms mentioned above or
approximately nine months of coverage based on the 4% Euribor cap.
The liquidity reserve will be reduced based on note amortization,
if any, and in the event of a substantial MV decline of the
property portfolio.

The Class E to Class F notes are subject to an available funds cap
where the shortfall is attributable to a reduction in the
interest-bearing balance of the senior loan that results from
prepayments or by a final recovery determination of the senior
loan.

The legal final maturity of the notes is in August 2033, seven
years after the fully extended loan maturity date. DBRS Morningstar
believes that this provides sufficient time to enforce the loan
collateral and repay the bondholders, given the security structure
and jurisdiction of the underlying loan.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an economic contraction, leading to sharp
increases in unemployment rates and income reductions for many
tenants and borrowers. DBRS Morningstar anticipates that vacancy
rate increases and cash flow reductions may continue to arise for
many CMBS borrowers, some meaningfully. In addition, commercial
real estate values will be negatively affected, at least in the
short term, affecting refinancing prospects for maturing loans and
expected recoveries for defaulted loans.

Notes: All figures are in euros unless otherwise noted.

ROCKFIELD PARK: S&P Assigns B- (sf) Rating on Class E Notes
-----------------------------------------------------------
S&P Global Ratings assigned credit ratings to Rockfield Park CLO
DAC's class X, A-1, A-2A, A-2B, B, C, D, and E notes. At closing,
the issuer also issued subordinated notes.

The ratings reflect S&P's assessment of:

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

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

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

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

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

  Portfolio Benchmarks
                                                          CURRENT
  S&P weighted-average rating factor                     2,815.26
  Default rate dispersion                                  591.58
  Weighted-average life (years)                              5.19
  Obligor diversity measure                                154.16
  Industry diversity measure                                17.19
  Regional diversity measure                                 1.23

  Transaction Key Metrics
                                                          CURRENT
  Portfolio weighted-average rating
    derived from S&P's CDO evaluator                            B
  'CCC' category rated assets (%)                            3.84
  Actual 'AAA' weighted-average recovery (%)                35.71
  Covenanted weighted-average spread (%)                     3.56
  Covenanted weighted-average coupon (%)                     4.00

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 years after closing.

S&P said, "We consider that the portfolio is well-diversified on
the effective date, 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 EUR393.50 million
amortizing target par amount, the covenanted weighted-average
spread (3.56%), the reference weighted-average coupon (4.00%), and
actual weighted-average recovery rates at each rating level. We
applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate
stress scenarios for each liability rating category.

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

Until the end of the reinvestment period on July 16, 2025, 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.

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

At closing, S&P considers that the transaction's legal structure is
bankruptcy remote, in line with its legal criteria.

S&P said, "Following our analysis of the credit, cash flow,
counterparty, operational, and legal risks, we believe our ratings
are commensurate with the available credit enhancement for the
class X to D notes. Our credit and cash flow analysis indicates
that the available credit enhancement for the class A-2A, A-2B, B,
and C notes could withstand stresses commensurate with higher
rating levels than those we have assigned. However, as the CLO will
be in its reinvestment phase starting from closing, during which
the transaction's credit risk profile could deteriorate, we have
capped our ratings assigned to the notes.

"For the class E notes, our credit and cash flow analysis indicate
that the available credit enhancement could withstand stresses that
are commensurate with a 'CCC' rating. However, we have applied our
'CCC' rating criteria resulting in a 'B-' rating to this class of
notes.

The one notch of ratings uplift (to 'B-') from the model generated
results (of 'CCC'), reflects several key factors, including:

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

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

S&P said, "We also compared our model generated break even default
rate at the 'B-' rating level of 24.88% versus if we were to
consider a long-term sustainable default rate of 3.10% for 5.19
years (current weighted average life of the CLO portfolio), which
would result in a target default rate of 16.09%.

"We also noted that the actual portfolio is generating higher
spreads versus the covenanted threshold that we have modelled in
our cash flow analysis.

"For us to assign a rating in the 'CCC' category, we also assessed
(i) whether the tranche is vulnerable to non-payments in the near
future, (ii) if there is a one in two chances for this note to
default, and (iii) if we envision this tranche to default in the
next 12-18 months.

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

"Taking the above factors into account and following our analysis
of the credit, cash flow, counterparty, operational, and legal
risks, we believe that our ratings are commensurate with the
available credit enhancement for all the rated classes of notes.

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

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

Environmental, social, and governance (ESG) credit factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector (see "ESG Industry Report Card: Collateralized Loan
Obligations," published on March 31, 2021). Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average. For
this transaction, the documents prohibit assets from being related
to the following industries: development, production, maintenance,
trade, or stock-piling of weapon systems, manufacture of fully
completed and operational assault weapons or firearms for sale to
civilians, coal mining and/or coal-based power generation, oil
sands and associated pipelines industry, commodity derivatives
industry, growth and sale of tobacco, production and processing of
palm oil, making or collection of pay day loans or any unlicensed
and unregistered financing, the production of illegal drugs or
narcotics, and any obligors that violate the 10 principles of the
United Nations Global Compact. 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 Blackstone
Ireland Ltd.

  Ratings List

  CLASS    RATING    AMOUNT INTEREST RATE (%)  CREDIT
                    (MIL. EUR)                   ENHANCEMENT  (%)
  X        AAA (sf)      2.00    3mE + 0.45         N/A
  A-1      AAA (sf)    243.50    3mE + 0.90       39.13
  A-2A     AA (sf)      26.00    3mE + 1.50       29.00
  A-2B     AA (sf)      14.50          2.00       29.00
  B        A (sf)       26.50    3mE + 2.00       22.38
  C        BBB (sf)     28.50    3mE + 3.00       15.25
  D        BB- (sf)     21.00    3mE + 5.95       10.00
  E        B- (sf)      12.00    3mE + 8.69        7.00
  Subordinated   NR     30.00          N/A          N/A

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


RRE 7 LOAN: S&P Assigns Prelim BB- (sf) Rating on Class D Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to RRE 7
Loan Management DAC's class A-1 to D notes. At closing the issuer
will also issue unrated subordinated notes.

This is a European cash flow CLO transaction, securitizing a
portfolio of primarily senior secured leveraged loans and bonds.
The transaction will be managed by Redding Ridge Asset Management
(UK) LLP.

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

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

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

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

-- 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.

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

-- The portfolio's reinvestment period will end approximately 4.38
years after closing, and the portfolio's maximum average maturity
date is nine years after closing.

  Portfolio Benchmarks
                                                        CURRENT
  S&P Global Ratings weighted-average rating factor    2,789.23
  Default rate dispersion                                457.50
  Weighted-average life (years)                            5.21
  Obligor diversity measure                              142.86
  Industry diversity measure                              20.78
  Regional diversity measure                               1.25

  Transaction Key Metrics
                                                        CURRENT
  Total par amount (mil. EUR)                               500
  Defaulted assets (mil. EUR)                                 0
  Number of performing obligors                             176
  Portfolio weighted-average rating
     derived from S&P's CDO evaluator                         B
  'CCC' category rated assets (%)                          0.40
  'AAA' covenanted weighted-average recovery (%)          36.85
  Covenanted weighted-average spread (%)                   3.55
  Reference weighted-average coupon (%)                    5.00

Workout obligations

Under the transaction documents, the issuer may purchase debt and
non-debt assets of an existing borrower offered in connection with
a workout, restructuring, or bankruptcy (workout obligations), to
maximize the overall recovery prospects on the borrower's
obligations held by the issuer.

The transaction documents limit the CLO's exposure to workout
obligations quarterly, and on a cumulative basis, may not exceed
10% of target par if purchased with principal proceeds.

The issuer may only purchase workout obligations provided the
following are satisfied:

Using principal proceeds or amounts designated as principal
proceeds, provided that:

-- The obligation is a debt obligation;

-- It is pari passu or senior to the obligation already held by
the issuer;

-- Its maturity date falls before the rated notes' maturity date;

-- It is not purchased at a premium; and

-- The class A-1, A-2, B, and C par value tests are satisfied
after the acquisition or the performing portfolio balance exceeds
the reinvestment target par balance.

Using interest proceeds, provided that:

-- The class C interest coverage test is satisfied after the
acquisition; and

-- The manager believes there will be enough interest proceeds on
the following payment date to pay interest on all the rated notes.

The issuer may also purchase workout obligations using amounts
standing to the credit of the supplemental reserve account.

In all instances where principal proceeds or amounts designated as
principal proceeds are used to purchase workout obligations:

-- A zero carrying value is assigned to the workout obligations
until they fully satisfy the eligibility criteria (following which
the obligation will be subject to the same treatment as other
obligations held by the issuer); and

-- All and any distributions received from a workout obligation
will be retained as principal and may not be transferred into any
other account.

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

S&P said, "In our cash flow analysis, we used the EUR500 million
target par amount, the covenanted weighted-average spread (3.55%),
the reference weighted-average coupon (5.00%), and the covenanted
weighted-average recovery rates at 'AAA' level as indicated by the
collateral manager. We applied various cash flow stress scenarios,
using four different default patterns, in conjunction with
different interest rate stress scenarios for each liability rating
category. Our credit and cash flow analysis indicates that the
available credit enhancement for the class A-2 to D notes could
withstand stresses commensurate with higher ratings than those we
have assigned. However, as the CLO will be in its reinvestment
phase starting from closing, during which the transaction's credit
risk profile could deteriorate, we have capped our preliminary
ratings assigned to the notes.

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

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

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

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

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A-1 to D 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 D 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:
controversial weapons, nuclear weapons, thermal coal, oil and gas,
pornography or prostitution, opioid manufacturing or distribution,
and hazardous chemicals. Accordingly, since the exclusion of assets
from these industries does not result in material differences
between the transaction and our ESG benchmark for the sector, no
specific adjustments have been made in our rating analysis to
account for any ESG-related risks or opportunities."

  Ratings Assigned

  CLASS    PRELIM     PRELIM      SUB (%)     INTEREST RATE§
           RATING*    AMOUNT
                     (MIL. EUR)
  A-1      AAA (sf)    305.00    39.00     Three/six-month EURIBOR

                                               plus 1.02%
  A-2      AA (sf)      50.00    29.00     Three/six-month EURIBOR

                                               plus 1.60%
  B        A (sf)       42.50    20.50     Three/six-month EURIBOR

                                               plus 2.05%
  C        BBB- (sf)    32.50    14.00     Three/six-month EURIBOR

                                               plus 3.05%
  D        BB- (sf)     20.00    10.00     Three/six-month EURIBOR

                                               plus 6.20%
  Sub notes    NR       58.50      N/A     N/A

*The preliminary ratings assigned to the class A-1 and A-2 notes
address timely interest and ultimate principal payments. The
preliminary ratings assigned to the class B, C, and D notes address
ultimate interest and principal payments.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency  switch event
occurs.  
NR--Not rated.
N/A--Not applicable.
EURIBOR--Euro Interbank Offered Rate.


TYMON PARK: S&P Assigns Prelim B- (sf) Rating on Class E Notes
--------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Tymon
Park CLO DAC's class X, A1, A2A, A2B, B, C, D, and E notes. At
closing, the issuer will also issue subordinated notes.

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

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

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

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

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

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

  Portfolio Benchmarks
                                                        CURRENT
  S&P weighted-average rating factor                   2,836.27
  Default rate dispersion                                615.81
  Weighted-average life (years)                            4.20
  Obligor diversity measure                              139.17
  Industry diversity measure                              18.94
  Regional diversity measure                               1.26

  Transaction Key Metrics
                                                        CURRENT
  Portfolio weighted-average rating
     derived from S&P's CDO evaluator                         B
  'CCC' category rated assets (%)                          7.30
  Covenanted 'AAA' weighted-average recovery (%)          35.41
  Covenanted weighted-average spread (%)                   3.50
  Covenanted weighted-average coupon (%)                   3.80

Loss mitigation loans

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

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

The purchase of loss mitigation loans is not subject to the
reinvestment criteria or the eligibility criteria. The issuer may
purchase loss mitigation loans using interest proceeds, principal
proceeds, or amounts in the supplemental reserve account. The use
of interest proceeds to purchase loss mitigation loans is subject
to:

-- The manager determining that there are sufficient interest
proceeds to pay interest on all the rated notes on the upcoming
payment date; and

-- Following the purchase of a loss mitigation loan, all coverage
tests and the reinvestment par value test must be satisfied.

The use of principal proceeds is subject to:

-- Passing par value tests;

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

-- The loss mitigation loan being a debt obligation, ranking
senior or pari passu with the related collateral obligation, having
a par value greater than or equal to its purchase price and not
having a maturity date exceeding the maturity date of the rated
note.

Loss mitigation loans that are debt obligations and have limited
deviation from the eligibility criteria will receive collateral
value credit for overcollateralization carrying value purposes. To
protect the transaction from par erosion, amounts received from
loss mitigation loans originally purchased with principal proceeds
or loss mitigation loans that have been given a carrying value will
form part of the principal account proceeds, whereas for all other
loss mitigation loans, any amounts can be characterized as interest
at the manager's discretion. Loss mitigation loans that do not meet
this version of the eligibility criteria will receive zero credit.

The cumulative exposure to loss mitigation loans purchased with
principal is limited to 5% of the target par amount. The cumulative
exposure to loss mitigation loans 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 4.0 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 EUR393.50 million
amortizing target par amount, the covenanted weighted-average
spread (3.50%), the reference weighted-average coupon (3.80%), and
the actual weighted-average recovery rates at each rating, except
for the 'AAA' rating, where covenanted rates were used. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.

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

Until the end of the reinvestment period on Aug. 19, 2025, 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.

S&P said, "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, A1, and D notes. Our credit and cash flow analysis
indicates that the available credit enhancement for the class A2A,
A2B, B, and C notes could withstand stresses commensurate with
higher ratings than those we have assigned. However, as the CLO
will be in its reinvestment phase starting from closing, during
which the transaction's credit risk profile could deteriorate, we
have capped our preliminary ratings assigned to the notes.

"For the class E notes, our credit and cash flow analysis indicates
that the break-even default rate cushion is negative. Nevertheless,
based on the portfolio's actual characteristics and additional
overlaying factors, including our long-term corporate default rates
and recent economic outlook, we believe this class is able to
sustain a steady-state scenario, in accordance with our criteria."
S&P's analysis further reflects several factors, including:

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

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

-- S&P's model generated break-even default rate at the 'B-'
rating of 24.10% (for a portfolio with a weighted-average life of
4.20 years), versus if it was to consider a long-term sustainable
default rate of 3.1% for 4.20 years, which would result in a target
default rate of 13.02%.

-- The actual portfolio is generating higher spreads versus the
covenanted threshold that we have modelled in S&P's cash flow
analysis.

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

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

"Taking the above factors into account and following our analysis
of the credit, cash flow, counterparty, operational, and legal
risks, we believe that our preliminary ratings are commensurate
with the available credit enhancement for all the rated classes of
notes.

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

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

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

The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds, and it will be managed by Blackstone
Ireland Ltd.

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 activities that are
identified as not compliant with international treaties on
controversial weapons or to activities which evidence severe
weaknesses in business conduct and governance in relation to the
United Nations Global Compact Principles. Moreover, assets that
relate to tobacco, pornography and/or prostitution, gambling, and
thermal coal are excluded. Since the exclusion of assets related to
these activities does not result in material differences between
the transaction and our ESG benchmark for the sector, no specific
adjustments have been made in our rating analysis to account for
any ESG-related risks or opportunities."

  Ratings List

  CLASS    PRELIM.   PRELIM. AMOUNT  INTEREST RATE  CREDIT
           RATING      (MIL. EUR)        (%)        ENHANCEMENT(%)
  X        AAA (sf)        1.00       3mE + 0.55        N/A
  A1       AAA (sf)      248.00       3mE + 0.95      37.89
  A2A      AA (sf)        28.80       3mE + 1.65      28.18
  A2B      AA (sf)        10.00             2.10      28.18
  B        A (sf)         23.20       3mE + 2.10      22.37
  C        BBB (sf)       28.00       3mE + 3.20      15.36
  D        BB- (sf)       20.80       3mE + 6.16      10.15
  E        B- (sf)        11.20       3mE + 8.63       7.34
  Subordinated  NR        44.50              N/A        N/A

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




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

AUTOFLORENCE 1: DBRS Confirms B(high) Rating on Class E Notes
-------------------------------------------------------------
DBRS Ratings GmbH confirmed its ratings on the notes issued by
AutoFlorence 1 S.r.l. (the Issuer) as follows:

-- Class A Notes at AA (sf)
-- Class B Notes at A (low) (sf)
-- Class C Notes at BBB (sf)
-- Class D Notes at BB (high) (sf)
-- Class E Notes at B (high) (sf)

The rating on the Class A Notes addresses the timely payment of
interest and the ultimate repayment of principal by the legal final
maturity date in December 2042. The ratings on the Class B, Class
C, Class D, and Class E Notes address the ultimate payment of
interest and the ultimate repayment of principal by the legal final
maturity date in December 2042.

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

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

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

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

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

The Issuer is an Italian securitization of auto loan receivables
granted and serviced by Findomestic Banca S.p.A. (Findomestic). The
transaction closed in August 2019 and had an initial 12-month
revolving period, which ended on the August 2020 payment date.
Since then, the rated notes as well as the unrated Class F Notes
have been amortizing on a pro rata basis. However, certain events
could cause this feature to stop and the cash flows would then be
allocated on a sequential basis to amortize the notes.

PORTFOLIO PERFORMANCE

As of the June 2021 payment date, loans that were one-to-two months
delinquent represented 0.5% of the principal outstanding balance of
the portfolio, while loans that were two-to-three months and more
than three months delinquent both represented 0.1%. Gross
cumulative defaults amounted to 1.1% of the aggregate original
portfolio balance, with cumulative recoveries of 7.9% to date.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar received updated historical vintage data and has
updated its base case PD to 3.9% and kept its base case LGD
assumption at 81.0%.

CREDIT ENHANCEMENT

The subordination of the respective junior obligations provides
credit enhancement to the Class A through Class E Notes. As of the
June 2021 payment date, credit enhancements to the Class A, Class
B, Class C, Class D, and Class E Notes were 15.0%, 11.0%, 8.0%,
5.5%, and 3.5%, respectively, unchanged since the DBRS Morningstar
initial rating because of the inclusion of the 12-month revolving
period first and the subsequent pro rata amortization of the
notes.

The transaction benefits from a liquidity reserve, available until
the Class C Notes are fully repaid, to cover senior expenses, swap
payments, interest on the Class A Notes, and interest on the Class
B and Class C Notes if not subordinated. It is available only if
principal collections are not sufficient to cover the interest
deficiency. The liquidity reserve was funded at closing with EUR
8.7 million and its required balance is equal to 1% of the
aggregate balance of the Class A, Class B, and Class C Notes'
balance, subject to a EUR 3.1 million floor. The liquidity reserve
is currently at its target of EUR 6.1 million.

BNP Paribas Securities Services, Milan branch (BNPP) acts as the
account bank for the transaction. Based on the DBRS Morningstar
private rating of BNPP, the downgrade provisions outlined in the
transaction documents, and other mitigating factors inherent in the
transaction structure, DBRS Morningstar considers the risk arising
from the exposure to the account bank to be consistent with the
ratings assigned to the Notes, as described in DBRS Morningstar's
"Legal Criteria for European Structured Finance Transactions"
methodology.

Findomestic acts as the swap counterparty for the transaction. DBRS
Morningstar's private rating of Findomestic is consistent with the
First Rating Threshold as described in DBRS Morningstar's
"Derivative Criteria for European Structured Finance Transactions"
methodology.

DBRS Morningstar analyzed the transaction structure in Intex
DealMaker.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an economic contraction, leading in some cases
to increases in unemployment rates and income reductions for
borrowers. DBRS Morningstar anticipates that delinquencies may
continue to increase in the coming months for many structured
finance transactions, some meaningfully. The ratings are based on
additional analysis and, where appropriate, adjustments to expected
performance as a result of the global efforts to contain the spread
of the coronavirus.

Notes: All figures are in euros unless otherwise noted.



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

4FINANCE HOLDING: Bond Extension No Impact on Moody's B2 CFR
------------------------------------------------------------
Moody's Investors Service said 4Finance Holding S.A.'s B2 long-term
corporate family and long-term issuer ratings, together with the B2
long-term backed senior unsecured debt ratings of 4Finance, S.A.,
the group's Luxemburg-based debt issuing company, remains unchanged
following the approval by bondholders of its EUR150 million senior
unsecured bond extension. The negative outlook on all ratings is
also unaffected.

4Finance announced on June 21, 2021 that it had begun the formal
process to amend the terms and conditions of its EUR150 million
senior unsecured bond (ISIN XS1417876163), maturing in February
2022. The company was seeking a 3-year extension until February
2025, which was submitted to a vote on July 12. On July 16, the
company announced that of the participating investors, representing
73.2% of outstanding bonds, 97.5% by value had voted in favour of
the resolution, thereby both the quorum and the qualifying majority
thresholds (of 50% and 75%, respectively), were satisfied.

The B2 corporate family rating reflects that, while the company was
not immune to the subdued market-wide demand for unsecured credit
as a result of the coronavirus outbreak, with the decrease in both
the average balance of receivables and average interest yields
leading to negative profitability in 2020, it has since started to
recover. The company benefitted from the growth in income from its
continuing products since Q2 2020, and from the decrease in the
quarterly impairment charge (EUR12 million in Q1 2021 compared to
EUR31 million in Q1 2020) and posted a net income of EUR5.6 million
in the first quarter of 2021. The rating agency expects that,
despite the higher provisioning needs and regulatory caps on
interest rates imposed as a response to the coronavirus, weighing
on profitability, 4Finance's strategic refocusing on its core
markets and expected market-wide demand for credit should lead to a
further recovery throughout 2021.

While the 2016 acquisition of TBI Bank EAD, a unique affiliation
compared with peers, supports the company's strategy to diversify
its products and clients base, but also its funding profile,
Moody's cautions that 4Finance's gradual shift to higher volumes of
near-prime loans and longer-term installment loans from short-term
loans increases the need for longer term liquidity management, and
that 4Finances's ability to fund its lending through customer
deposits has been limited thus far. Additionally, Moody's considers
the nonperforming part of the loan book as illiquid, which
constrains the issuer's flexibility to repay outstanding debt by
means of reducing lending only. Moody's considers that the absence
of back-up credit lines relative to the company's financing needs
signals a lack of preparedness for stress events or unexpected
circumstances.

Despite 4Finance's current sound liquidity position, with EUR96
million in cash as of March 2021, and the extension of the Euro
bond to 2025, the company could still be faced with a significant
maturity hurdle in 2022 - given its 5-year $325 million senior bond
maturing in May 2022, out of which $200 million remains outstanding
given buybacks and recent cancellation -- if further impediments to
its refinancing ability arise.

INEOS GROUP: Fitch Affirms 'BB+' LT IDR, Alters Outlook to Stable
-----------------------------------------------------------------
Fitch Ratings has revised Ineos Group Holdings S.A.'s (IGH) Outlook
to Stable from Negative and affirmed the chemicals group's
Long-Term Issuer Default Rating (IDR) at 'BB+'.

The Outlook revision reflects Fitch's view that forecast strong
performance in 2021, along with a prudent dividend approach, will
place IGH's credit metrics comfortably within rating sensitivities.
It will also help the group accommodate its potential EUR3 billion
Project One without compromising its 2022-2024 leverage profile.

Fitch expects post-2021 moderation in both petrochemical prices and
earnings to coincide with the potential Project One's investment
cycle of 2022-2026, which would result in IGH's funds from
operations (FFO) net leverage increasing again towards 3x (2021E:
2.1x). However, Fitch views such leverage as still commensurate
with the current rating as Fitch expects IGH to keep its dividend
outflow and other expansionary capex at modest levels, supporting
neutral-to-modestly positive free cash flow (FCF) after 2021.

The IDR of IGH reflects its position as one of the world's largest
petrochemical producers, with leading market positions in Europe
and the US. It manufactures a wide range of olefin derivatives
serving diverse end-markets, operates large-scale integrated
production facilities with partial feedstock flexibility, and
exhibits solid pre-dividend FCF.

KEY RATING DRIVERS

Strong Momentum in Chemicals: Petrochemical markets and pricing
were buoyant throughout 1H21 on pent-up demand amid restocking
across the petrochemical value chain, and on US weather-driven
supply outages in energy and petrochemical markets. Healthy demand
across the majority of IGH's products is supported by general
economic recovery across major economies, including the US and
Europe where IGH operates. Fitch believes widened petrochemical
spreads will moderate in 2H21 as restocking and supply/demand
balance normalise, and weaken in 2022-2023 as large Chinese and US
capacity additions are not fully absorbed by growing demand.

Earnings Peak in 2021: Strong petrochemical markets will translate
into healthy 2021 performance for IGH. Its reported 1H21 EBITDA of
EUR1.8 billion was above 2020's EUR1.5 billion, and Fitch
conservatively estimates 2021 EBITDA at EUR2.7 billion, or EUR2.5
billion after adjusting for IFRS 16 (lease expenses). Fitch expects
post-IFRS 16 EBITDA to moderate towards EUR2 billion - EUR2.1
billion from 2022 as petrochemical prices and spreads moderate.

Project One Decision in 1Q22: IGH will make its final investment
decision on Project One in 1Q22. The project's first stage, ie
1,450 thousand tonnes ethane cracker in the port of Antwerp, may
require around EUR3 billion of investments. Fitch now assumes IGH
would fully own and consolidate the project, with capex starting
from 2Q22 and lasting until end-2026. Funding is not yet set, but
Fitch expects it would be a combination of project-finance debt and
IGH's own funds.

Moderate Re-leveraging Expected: Should IGH proceed with Project
One, Fitch expects its overall capex to return to EUR1.3
billion-EUR1.4 billion from 2023, comprising EUR0.4 billion-EUR0.5
billion maintenance, Project One and for incremental growth. Fitch
does not expect an affirmative decision from IGH on the second
stage, propane dehydrogenation (PDH) unit, in the near term. Fitch
forecasts FFO net leverage to increase towards 2.7x-2.9x over
2022-2024 but remain below Fitch's negative leverage sensitivity of
3.2x. Should IGH decide not to proceed with Project One, Fitch
believes it will invest in existing assets and may consider a
special dividend, similar to the one paid in 2019.

Neutral FCF Possible: Fitch expects strong EBITDA and modest capex
and dividends to translate into EUR0.8 billion - EUR0.9 billion FCF
in 2021. Should Project One go ahead, its related capex, EBITDA
moderation, and EUR200 million dividends will return FCF to
neutral-to-modestly positive levels from 2022. Positive FCF may
help IGH rebase its net debt towards the EUR5 billion - EUR5.5
billion by end-2021 and thereafter, down from above EUR6 billion
since 2H18. Fitch deems significant dividends unlikely during the
active investment phase of Project One if IGH proceeds with it.

Rated on Standalone Basis: IGH is the largest subsidiary of Ineos
Limited, accounting for almost half its EBITDA, but Fitch rates it
on a standalone basis as it operates as a restricted group with no
guarantees or cross-default provisions with Ineos Limited or other
entities within the wider group.

Financial Policy Allows Flexibility: IGH operates under an internal
leverage guideline of 3x net debt/EBITDA through the cycle, which
is less stringent than that of Ineos Limited (including IGH) at 2x.
However, the overlap of earnings pressure with intense capex or
large one-off dividend distributions may result in a temporary
deviation from the target. This was the case in 2019-2020 when a
1Q19 one-off EUR1.45 billion dividend was followed by a chemical
market downturn in 2H19-2020, which together with the Gemini
acquisition led to a weaker 2019-2020 credit profile.

Notching for Instrument Ratings: About 70% of IGH's total debt at
end-1Q21 was represented by senior secured notes and loans ranking
pari passu among themselves, and secured by first-ranking liens
including share pledges and mortgages. The noteholders benefit from
negative pledge and cross-default clauses while the debt contains
no financial maintenance covenants. The secured debt is rated one
notch above the IDR to reflect the security package. In contrast,
subordinated debt is rated one notch below the IDR, reflecting
subordination considerations.

Business Profile Mitigates Volatility: The inherent cyclicality of
commodity chemicals exposes IGH to feedstock and end-product price
volatility, driven by market sentiment, demand-supply drivers and
stocking/destocking patterns across the value chain. For instance,
IGH's reported EBITDA bottomed out at EUR261 million in 2Q20 and
peaked at EUR1,034 million in 2Q21. IGH manages volatility by
capitalising on its critical mass as a leading integrated
petrochemical producer, with a large and diverse customer and
supplier base, and by leveraging feedstock flexibility in its
production sites.

Corporate Governance: IGH's corporate governance limitations are a
lack of independent directors, a three-person private shareholding
structure and key-person risk at Ineos Limited, as well as limited
transparency on IGH's strategy around related-party transactions
and dividends. These factors are incorporated into IGH's ratings
and are mitigated by the strong systemic governance in the
countries in which the group operates, its record of adherence to
internal financial policies, historically manageable ordinary
dividend distributions, related-party transactions at arm's length,
and solid financial reporting.

DERIVATION SUMMARY

The business profile of IGH reflects its large scale, multiple
manufacturing facilities across North America and Europe, and
exposure to volatile and commoditised olefins and its derivatives.
This is consistent with that of sector peers, such as Westlake
Chemical Corporation (BBB/Stable), Saudi Basic Industries
Corporation (A/Stable) and PAO SIBUR Holding (BBB-/Stable) and
sister company INEOS Quattro Holding (Quattro, BB/Stable).

IGH has stronger market-leading positions, is of larger scale and
has greater diversification and production flexibility than
Westlake and SIBUR, which are more regional petrochemical
companies. However, IGH has an overall weaker feedstock position
due to its lower-margin O&P (olefins and polymers) Europe and
intermediates business, which translates into EBITDA margins in the
low-to-mid teens compared with 25%-35% at its lower-cost peers. Its
size, diversification and product nature are similar to Quattro's,
while its leadership position is stronger. Quattro has a weaker
financial profile due to its USD5 billion acquisition of BP
assets.

Compared with peers', the structure of IGH is complex as it is a
part of the wider Ineos Limited embracing other chemical
businesses, mostly in Europe, with three-person private
shareholding. Ineos Limited has a record of opportunistic M&A
activities, which translates into a higher risk of IGH paying
dividends to cover Ineos Limited 's investment needs, and
related-party transactions across the group, as well as upstreaming
unexpected one-off dividends from its key businesses in February
2019, albeit shortly after strong deleveraging.

These governance weaknesses are incorporated into the IDR and are
mitigated by the arm's-length basis and moderate scale of
related-party transactions, adequate financial reporting and lack
of overly aggressive shareholder-friendly actions.

KEY ASSUMPTIONS

-- Sales volumes to demonstrate flat to low single-digit growth
    in 2021 and 2022, reflecting a mixture of scheduled
    maintenance and modest output contribution from previous
    years' investments;

-- Petrochemical prices and margins generally strong in 2021,
    driven by oil and naphtha prices, tight supply and favourable
    demand. Prices to moderate in 2022-2023 as new global supply
    looms before modestly recovering;

-- EBITDA margin to peak at 15% in 2021 (2020: 11.7%), before
    normalising at 13%-14% to 2024;

-- Capex bottoming out at EUR0.85 billion in 2021 and to average
    EUR1.3 billion in 2022-2024 if Project One goes ahead;

-- Dividends at EUR300 million in 2021 and normalising to EUR200
    million to 2024, if Project One goes ahead.

RATING SENSITIVITIES

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

-- FFO net leverage being maintained at or under 1.7x through the
    cycle and through the peak of capacity additions would support
    an upgrade.

-- Corporate governance improvements, in particular, greater
    transparency on decisions regarding dividends and related
    party loans, and independent directors on the board.

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

-- Aggressive capex or dividends leading to negative FCF and/or
    FFO net leverage sustainably over 3.2x.

-- Significant deterioration in business-profile factors such as
    cost advantage, scale, diversification or product leadership
    or prolonged market pressure translating into EBITDA margin
    below 10%.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: At 31 March 2021 IGH had EUR1.46 billion
cash and cash equivalents, which were comfortably above its EUR0.24
billion short-term loans and borrowings. Its debt maturity profile
remains comfortable with modest annual repayments of below EUR0.3
billion until 2024 when EUR3.2 billion senior secured term loans
and EUR1 billion senior notes come due. This, coupled with IGH's
neutral-to-modestly positive FCF generation in 2021-2023 - assuming
Project One goes ahead - results in comfortable liquidity until
2024 maturities.

Long-term committed available credit facilities include a EUR800
million securitisation facility maturing at end-2022, of which
EUR120 million was drawn at end-1Q21.

ISSUER PROFILE

IGH is an intermediate holding company within Ineos Limited, one of
the largest chemical companies in the world, operating in the
commoditised petrochemical segment of O&P.

SUMMARY OF FINANCIAL ADJUSTMENTS

-- EUR162.9 million depreciation of right-of-use assets and
    EUR47.5 million lease interest are excluded from EBITDA.
    EUR893.3 million lease liabilities reclassified as other
    liabilities.

-- EUR118.5 million exceptional impairment charge excluded from
    EBITDA.

-- EUR349.1 million interest paid, net of EUR3.7 million interest
    and other finance income received, reclassified to FFO from
    financing cash flows

ESG CONSIDERATIONS

IGH has an ESG Relevance Score for Group Structure of '4' due to
the complex group structure of a wider Ineos Limited group and of
IGH as the recently acquired Gemini plant is an unrestricted
subsidiary with material debt and operates under a tolling
agreement with the rest of IGH group. This has a negative impact on
its credit profile and is relevant to the rating 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.



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

NARAT JSC: Bank of Russia Terminates Provisional Administration
---------------------------------------------------------------
On July 26, 2021, the Bank of Russia terminated activity of the
provisional administration appointed to manage Settlement Non-bank
Credit Organization Joint Stock Company Narat, or SNBCO JSC Narat
(hereinafter, the NCO).

No signs of insolvency (bankruptcy) have been established as a
result of the provisional administration-conducted inspection of
the credit institution.

On July 13, 2021, the Arbitration Court of the Republic of
Tatarstan issued a ruling on the forced liquidation of the NCO.

Evgeniy Katser, a member of Non-profit Partnership Self-regulatory
Organisation of Receivers "Razvitie" was appointed as a
liquidator.

Further information on the results of the provisional
administration's activity is available on the Bank of Russia
website.

The provisional administration was appointed by Bank of Russia
Order No. OD-983, dated May 28, 2021, following the revocation of
the banking license of SNBCO JSC Narat.

The reference to the Press Service is mandatory if you intend to
use this material.


ROSCOMSNABBANK: Bank of Russia Ends Provisional Administration
--------------------------------------------------------------
On July 28, 2021, the Bank of Russia terminated the activity of the
provisional administration appointed to manage credit institution
ROSCOMSNABBANK (PJSC) (hereinafter, the Bank).

The provisional administration established circumstances suggesting
that the Bank's former management and owners performed activities
aimed at syphoning out liquid assets through lending to borrowers
with dubious creditworthiness or incapable to meet their
obligations to the Bank (not conducting any real business
activity).

The provisional administration and the Bank of Russia have filed
complaints to the law enforcement bodies regarding the facts
revealed.

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

On July 13, 2021, the Arbitration Court of the Republic of
Bashkortostan recognized the Bank as insolvent (bankrupt) and
initiated a bankruptcy proceeding against it.  The State
Corporation Deposit Insurance Agency was appointed as a receiver.

Further information on the results of the provisional
administration's activity is available on the Bank of Russia
website
(http://www.cbr.ru/Queries/XsltBlock/File/31947?fileId=25898).

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

The provisional administration was appointed by Bank of Russia
Order No. OD-475, dated March 7, 2019, following the revocation of
the banking license of ROSCOMSNABBANK (PJSC).




=========
S P A I N
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AYT COLATERALES CCM I: Fitch Affirms CC Rating on Class D Tranche
-----------------------------------------------------------------
Fitch Ratings has upgraded seven tranches of five Spanish AyT
Colaterales Global Hipotecario RMBS transactions and affirmed the
others. Fitch has also removed six tranches from Rating Watch
Positive (RWP). The Outlooks are Stable apart from one that has
been revised to Negative.

       DEBT                  RATING           PRIOR
       ----                  ------           -----
AyT Colaterales Global Hipotecario, FTA Serie CCM I

Class A ES0312273248   LT  AA+sf  Affirmed    AA+sf
Class B ES0312273255   LT  BB+sf  Upgrade     Bsf
Class C ES0312273263   LT  CCCsf  Affirmed    CCCsf
Class D ES0312273271   LT  CCsf   Affirmed    CCsf

AyT Colaterales Global Hipotecario, FTA Serie BBK II

Class A ES0312273362   LT  A+sf   Upgrade     Asf
Class B ES0312273370   LT  CCCsf  Affirmed    CCCsf

AyT Colaterales Global Hipotecario, FTA Serie BBK I

Class A ES0312273008   LT  A+sf   Affirmed    A+sf

AyT Colaterales Global Hipotecario, FTA Serie Caja Cantabria I

Class A ES0312273446   LT  AAAsf  Upgrade     Asf
Class B ES0312273453   LT  A+sf   Upgrade     Asf
Class C ES0312273461   LT  Asf    Upgrade     BBB-sf
Class D ES0312273479   LT  B+sf   Upgrade     CCCsf

AyT Colaterales Global Hipotecario, FTA Serie Vital I

Class A ES0312273081   LT  AAAsf  Upgrade     A+sf
Class B ES0312273099   LT  A+sf   Affirmed    A+sf
Class C ES0312273107   LT  BB+sf  Affirmed    BB+sf
Class D ES0312273115   LT  CCCsf  Affirmed    CCCsf

TRANSACTION SUMMARY

The transactions are static securitisations of Spanish residential
mortgages serviced by Kutxabank (BBK I, BBK II and Vital I) and
Liberbank (Cantabria I and CCM I).

KEY RATING DRIVERS

Stable Performance Outlook, Additional Stresses Removed

The upgrades, removal from RWP and Stable Outlooks reflect the
broadly stable asset performance outlook. This is driven by the low
share of loans in payment holiday schemes (ranging between 1.1% and
4.7% of the current portfolio balances as of the latest reporting
periods), the low share of loans in arrears over 90 days (ranging
between 0.1% and 0.7%) and the improved macro-economic outlook for
Spain as described in Fitch's latest Global Economic Outlook dated
June 2021.

The rating actions also reflect the removal of the additional
stresses applied since July 2020 in relation to the coronavirus
outbreak and legal developments in Catalonia. Fitch considers the
stresses included in its current criteria assumptions to be
sufficient to account for the remaining uncertainty of the
pandemic.

Cantabria I and Vital I PIR Cap Removed

Fitch considers payment interruption risk (PIR) in Cantabria I and
Vital I as sufficiently mitigated in the event of a servicer
disruption. Fitch deems the available structural mitigant of a cash
reserve that can be depleted by losses sufficient to cover stressed
senior fees, net swap payments and senior note interest due amounts
while an alternative servicer arrangement is implemented.

The transactions' reserve funds have progressively replenished
since 2017 and 2018 and are currently at their required levels,
offering consistent coverage of PIR exposure amounts. Fitch expects
both reserve funds to remain sufficiently funded in the medium
term, based on the transactions' sound performance. As a result,
Fitch has removed the 'A+sf' cap on the notes' ratings, in line
with its Structured Finance and Covered Bonds Counterparty Rating
Criteria.

PIR Constrains BBK I and BBK II Ratings

The maximum achievable rating on BBK I and BBK II is 'A+sf' due to
unmitigated PIR in the event of a servicer disruption. These
transactions are exposed to a material open interest rate risk
driven by the fixed-rate liabilities and floating-rate mortgages
and the absence of a hedging mechanism. Under the prevailing low
Euribor environment, this risk has caused constant reserve fund
depletions since 2013 to cover liquidity needs that are expected to
continue. As of the latest reporting dates, the reserve funds stood
at 70.2% and 47.1% of their target levels in BBK I and BBK II,
respectively.

PIR is not an immediate risk in CCM I thanks to the robust
liquidity coverage. However, it could become a rating driver in the
longer term in an environment of sustained decreasing interest
rates. This risk is reflected by the Negative Outlook on the class
A notes' rating.

Credit Enhancement Trends

The affirmations and upgrades reflect Fitch's view that the notes
are sufficiently protected by credit enhancement (CE) to absorb the
projected losses commensurate with prevailing and higher rating
scenarios.

Fitch expects CE for BBK I, BBK II, and CCM Ito continue increasing
for the senior notes due to the prevailing sequential amortisation
of the notes. On the other hand, Fitch expects CE ratios for
Cantabria I and Vital I to remain broadly stable due to the recent
activation of pro-rata amortisation of the notes.

For CCM I's class B, C and D notes, the maximum achievable rating
is 'BB+sf' despite robust CE protection. This is because the
interest payment on these notes is subordinated to senior class
amortisation due to a non-reversible trigger breach on gross
cumulative defaults. There has not been any interest shortfall to
date, but Fitch deems the subordination excessive as it will last
until the senior class A notes are fully redeemed. Under these
conditions, Fitch believes these notes are not compatible with a
rating in the investment-grade category.

Excessive Counterparty Exposure

Cantabria I's class C notes' rating is now capped at the SPV
account bank provider's deposit rating (Banco Santander S.A.,
A-/Stable/F2, deposit rating A/F1). In Fitch's view, the
counterparty risk to Banco Santander is excessive as when
simulating the sudden loss of the cash reserves held at the bank
account, the class C notes would be downgraded by 10 notches or
more in accordance with the agency's Structured Finance and Covered
Bonds Counterparty Rating Criteria.

The upgrade of BBK II's class A notes to 'A+sf' reflects that the
notes are no longer capped at the SPV account bank provider's
deposit rating (Banco Santander). This is due to the larger CE
contribution from tranche subordination versus the reserve fund
that is held at the account bank.

ESG Considerations

BBK I and BBK II have an Environmental, Social and Governance (ESG)
Relevance Score of '5' for Transaction & Collateral Structure due
to unmitigated PIR, which has a negative impact on the credit
profile, and is highly relevant to the rating, resulting in a
downward adjustment of the rating of at least one notch.

RATING SENSITIVITIES

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

-- Cantabria I and Vital I's class A notes are rated at the
    highest level on Fitch's scale and cannot be upgraded.

-- For notes rated below 'AAAsf', CE ratios increase as the
    transactions deleverage, able to fully compensate the credit
    losses and cash flow stresses commensurate with higher rating
    scenarios, all else being equal.

-- For BBK I and BBK II's class A notes' ratings, improved
    liquidity protection against a servicer disruption event. This
    is because the ratings are capped at 'A+sf' due to unmitigated
    PIR.

-- For Cantabria I class C, an upgrade of Banco Santander's long
    term deposit rating as it is the SPV account bank provider,
    and the notes' rating is capped at the bank's rating due to
    excessive counterparty risk exposure.

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

-- For Cantabria I and Vital I's class A notes, a downgrade of
    Spain's Long-Term Issuer Default Rating (IDR) that could
    decrease the maximum achievable rating for Spanish structured
    finance transactions. This is because these notes are rated at
    the maximum achievable rating, six notches above the sovereign
    IDR.

-- Long-term asset performance deterioration such as increased
    delinquencies or larger defaults, which could be driven by
    changes to macroeconomic conditions, interest rate increases
    or borrower behavior.

-- For CCM I's class A notes' rating, a weaker liquidity position
    that exposes the transaction to PIR in the event of servicer
    distress.

-- For Cantabria I's class C notes, a downgrade of Banco
    Santander's long-term deposit rating as it is the SPV account
    bank provider, and the notes' rating is capped at the bank's
    rating due to excessive counterparty risk exposure.

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

Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the transactions' initial
closing. The subsequent performance of the transactions over the
years is consistent with the agency's expectations given the
operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Cantabria I's class C notes' rating is capped at Banco Santander's
long-term deposit rating due to excessive counterparty dependency.

ESG CONSIDERATIONS

BBK I and BBK II have an Environmental, Social and Governance (ESG)
Relevance Score of '5' for Transaction & Collateral Structure due
to unmitigated PIR, which has a negative impact on the credit
profile, and is highly relevant to the rating, resulting in a
downward adjustment of the rating of at least one notch.

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.

AYT GENOVA IX: Moody's Ups Rating on EUR10.8MM Cl. C Notes to Ba1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the rating of one note in
AyT GENOVA HIPOTECARIO IX, FTH. The rating action reflects better
than expected collateral performance.

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

EUR750M Class A2 Notes, Affirmed Aa1 (sf); previously on Jun 29,
2018 Affirmed Aa1 (sf)

EUR11M Class B Notes, Affirmed A3 (sf); previously on Jun 29, 2018
Confirmed at A3 (sf)

EUR10.8M Class C Notes, Upgraded to Ba1 (sf); previously on Jun
29, 2018 Confirmed at Ba2 (sf)

EUR10.7M Class D Notes, Affirmed B2 (sf); previously on Jun 29,
2018 Affirmed B2 (sf)

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

Revision of Key Collateral Assumptions

As part of the rating action, Moody's reassessed its lifetime loss
expectation for the portfolio reflecting the collateral performance
to date.

The performance of the transactions has continued to improve since
the last rating action. Total delinquencies have decreased in the
past year, with 90 days plus arrears currently standing at 0.20% of
current pool balance. Cumulative defaults currently stand at 1.24%
of original pool balance, only marginally up from 1.19% a year
earlier.

Moody's decreased the expected loss assumption to 0.76% as a
percentage of original pool balance from 1.07% due to the improving
performance.

Moody's has also assessed loan-by-loan information as a part of its
detailed transaction review to determine the credit support
consistent with target rating levels and the volatility of future
losses. As a result, Moody's has maintained the MILAN CE assumption
at 6.00%.

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

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

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

Factors or circumstances that could lead to an upgrade of the
ratings include: (i) performance of the underlying collateral that
is better than Moody's expected; (ii) an increase in available
credit enhancement; (iii) improvements in the credit quality of the
transaction counterparties; and (iv) a decrease in sovereign risk.

Factors or circumstances that could lead to a downgrade of the
ratings include: (i) an increase in sovereign risk; (ii)
performance of the underlying collateral that is worse than Moody's
expected; (iii) deterioration in the notes' available credit
enhancement; and (iv) deterioration in the credit quality of the
transaction counterparties.

AZUL MASTER: DBRS Confirms BB Rating on Class C Notes
-----------------------------------------------------
DBRS Ratings GmbH confirmed its ratings on the notes issued by aZul
Master Credit Cards DAC (the Issuer) as follows:

-- Series 2020-1, Class A Notes at A (high) (sf)
-- Series 2020-1, Class C Notes at BB (sf)

The rating on the Class A Notes addresses the timely payment of
scheduled interest and the ultimate repayment of principal by the
legal final maturity date. The rating on the Class C Notes
addresses the ultimate payment of interest and the ultimate
repayment of principal by the legal final maturity date.

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

-- Portfolio performance of the Issuer, in terms of delinquencies,
charge-off, principal payment, and yield rates as of the July 2021
payment date;

-- The ability of programme- and series-specific structures to
withstand stressed cash flow assumptions;

-- No occurrence of a programme revolving termination event;

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

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

The Issuer is a revolving programme of credit card receivables
acquired (Ruby portfolio) or granted (Core portfolio) by WiZink
Bank S.A. (WiZink or the seller) to individuals in Spain. WiZink
also acts as the servicer of the portfolio. The transaction closed
in July 2020 with an initial receivables balance of EUR 295.0
million and a maximum programme size of EUR 2.0 billion.

PROGRAMME AND TRANSACTION STRUCTURE

The programme incorporates separate interest and principal
waterfalls during the revolving and amortization periods that
allocate the available funds including the reserve fund and
collections of interest, principal, and recoveries from receivables
to each specific notes series.

The programme has an indefinite revolving period. During this
period, the Issuer may purchase additional receivables, provided
that the eligibility criteria set out in the transaction documents
are satisfied. For this Issuer, the revolving termination events
are set at the programme level instead of at the series level. The
occurrence of such events would lead to early amortization of all
outstanding notes at the same time, subject to series-specific
waterfalls and allocation percentages.

Credit enhancement available to the rated notes during the
amortization period consists of subordination of the junior notes
and seller interest credit facility note, potential
overcollateralization, and excess spread.

The transaction benefits from a general reserve that is available
to cover the shortfalls in senior expenses, swap payments (if
applicable), and interest on the Class A Notes of the entire
programme. The general reserve is amortizing to a target amount
equal to 1.2% of all Class A Notes outstanding balance, subject to
a floor amount of 0.6% of the initial Class A Notes balance of all
notes series. As of the July 2021 payment date, the reserve was at
its target balance of EUR 2.7 million.

A commingling reserve facility is also available to the Issuer
following the servicer's breach of its payment obligations. The
required amount is equal to 1.5% of outstanding receivables
balance. As of the July 2021 payment date, the reserve was funded
to its target of EUR 4.5 million.

COUNTERPARTIES

Société Générale S.A. (Spanish branch) acts as the issuer
account bank for the transaction. Based on DBRS Morningstar's
private ratings on Société Générale S.A. (Spanish branch), and
the downgrade provisions outlined in the transaction documents,
DBRS Morningstar considers the risk arising from the exposure to
the issuer account bank to be commensurate with the ratings
assigned to the notes, as described in DBRS Morningstar's "Legal
Criteria for European Structured Finance Transactions"
methodology.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

The monthly principal payment rate (MPPR) has consistently been in
the range of 9% to 11% since issuance. Based on the analysis of
historical data, macroeconomic factors, and the portfolio-specific
coronavirus adjustments, DBRS Morningstar set the expected MPPR at
9.8%.

The yield rate observed since issuance has been in the range of 15%
to 19%, underperforming DBRS Morningstar's 18.5% yield assumption,
mainly driven by the moratoria related to the coronavirus outbreak
and a Spanish supreme court ruling in March 2020, which deemed that
the 26.8% contractual interest rate of one specific WiZink credit
card agreement was usurious as it was considered notably higher
than the average normal money interest rate published by the Bank
of Spain for the credit card segment at the inception of this
specific agreement. After considering the historical trends and
potential compression and set-off from further usury rate
litigation, DBRS Morningstar reduced its expected yield assumption
to 16.7%.

Charge-off rates since issuance have been rising on a strong upward
trend, with the latest reported annualized charge-off rate of 8.8%
and a three-month average of 8.2% as of the July 2021 payment date.
Based on the analysis of historical data, macroeconomic factors,
positive selection of eligible receivables, and portfolio-specific
adjustments due to the coronavirus' impact, DBRS Morningstar
maintained its expected charge-off rate at 12.5%.

These portfolio asset assumptions also consider the migration of
the securitized pool towards the core portfolio over the next 12
months as the Ruby portfolio is in run-off.

As the receivables are unsecured and no static vintage data was
provided, DBRS Morningstar used a zero-recovery assumption in its
cash flow analysis.

DBRS Morningstar analyzed the program and transaction structure in
its proprietary cash flow engine.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an economic contraction, leading in some cases
to increases in unemployment rates and income reductions for many
borrowers. DBRS Morningstar anticipates that delinquencies may
continue to increase, and payment and yield rates could remain
subdued and volatile for many credit card portfolios. The ratings
are based on additional analysis and, where appropriate,
adjustments to expected performance as a result of the global
efforts to contain the spread of the coronavirus.

Notes: All figures are in euros unless otherwise noted.

VALENCIA HIPOTECARIO 2: Moody's Ups EUR9.4MM Class C Notes to Ba2
-----------------------------------------------------------------
Moody's Investors Service has upgraded and affirmed the ratings of
Notes in VALENCIA HIPOTECARIO 2, FTH, TDA CAM 6, FTA, CAIXA PENEDES
2 TDA, FTA and CAIXABANK RMBS 1, FT, RMBS transactions. The
upgrades reflect the better than expected collateral performances
and increased levels of credit enhancement for the affected Notes.

Issuer: VALENCIA HIPOTECARIO 2, FTH

EUR909.5M Class A Notes, Affirmed Aa1 (sf); previously on Jul 16,
2018 Affirmed Aa1 (sf)

EUR21.2M Class B Notes, Upgraded to Baa1 (sf); previously on Jul
16, 2018 Downgraded to Baa3 (sf)

EUR9.4M Class C Notes, Upgraded to Ba2 (sf); previously on Jul 16,
2018 Downgraded to Ba3 (sf)

Issuer: TDA CAM 6, FTA

EUR752M Class A3 Notes, Affirmed Aa1 (sf); previously on Apr 16,
2019 Affirmed Aa1 (sf)

EUR50M Class B Notes, Upgraded to B1 (sf); previously on Apr 16,
2019 Upgraded to B3 (sf)

Issuer: CAIXA PENEDES 2 TDA, FTA

EUR726.3M Class A Notes, Affirmed Aa1 (sf); previously on Dec 1,
2020 Affirmed Aa1 (sf)

EUR7.2M Class B Notes, Affirmed Aa1 (sf); previously on Dec 1,
2020 Upgraded to Aa1 (sf)

EUR16.5M Class C Notes, Upgraded to A2 (sf); previously on Dec 1,
2020 Upgraded to A3 (sf)

Issuer: CAIXABANK RMBS 1, FT

EUR12851M Class A Notes, Upgraded to Aa1 (sf); previously on Jan
24, 2020 Upgraded to Aa2 (sf)

EUR1349M Class B Notes, Upgraded to B2 (sf); previously on Jan 24,
2020 Upgraded to Caa1 (sf)

The maximum achievable rating is Aa1 (sf) for structured finance
transactions in Spain, driven by the corresponding local currency
country ceiling of the country.

RATINGS RATIONALE

The upgrades of the ratings of the Notes are prompted by the better
than expected collateral performances and increase in credit
enhancements for the affected tranches. For instance, cumulative
defaults have remained largely unchanged in the past year, below
are the exact figures for each transaction:

(i) CAIXA PENEDES 2 TDA, FTA, to 2.29% from 2.27%.

(ii) CAIXABANK RMBS 1, FT, to 1.21% from 1.04%.

(iii) TDA CAM 6, FTA, to 13.36% from 13.29%.

(iv) VALENCIA HIPOTECARIO 2, FTH, to 3.41% from 3.40%.

Moody's confirmed the ratings of the classes of Notes that had
sufficient credit enhancements to maintain their current ratings.

Key Collateral Assumption Revised

As part of the rating actions, Moody's reassessed its lifetime loss
expectations and recovery rates for the portfolios reflecting their
collateral performances to date.

Moody's revised its expected loss assumptions as follows:

(i) CAIXA PENEDES 2 TDA, FTA, to 0.94% from 1.15%.

(ii) CAIXABANK RMBS 1, FT, to 2.65% from 3.48%.

(iii) TDA CAM 6, FTA, to 6.93% from 7.79%.

(iv) VALENCIA HIPOTECARIO 2, FTH, to 1.55% from 1.70%.

All as a percentage of the original pool balance for each
transaction.

Moody's has also assessed loan-by-loan information as a part of its
detailed transaction review to determine the credit support
consistent with target ratings levels and the volatility of future
losses. As a result, Moody's has revised the MILAN CE assumptions
of each transaction as follows:

(i) CAIXA PENEDES 2 TDA, FTA, 7.20% unchanged.

(ii) CAIXABANK RMBS 1, FT, to 10.0% from 15.80%.

(iii) TDA CAM 6, FTA, to 11.0% from 14.0%.

(iv) VALENCIA HIPOTECARIO 2, FTH, to 8.0% from 9.0%.

PRINCIPAL METHODOLOGY

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

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

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

Factors or circumstances that could lead to an upgrade of the
ratings include: (i) performance of the underlying collateral that
is better than Moody's expected; (ii) an increase in the Notes'
available credit enhancement; (iii) improvements in the credit
quality of the transaction counterparties; and (iv) a decrease in
sovereign risk.

Factors or circumstances that could lead to a downgrade of the
ratings include: (i) an increase in sovereign risk; (ii)
performance of the underlying collateral that is worse than Moody's
expected; (iii) deterioration in the Notes' available credit
enhancement; and (iv) deterioration in the credit quality of the
transaction counterparties.



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

EUROCHEM GROUP: S&P Raises Rating to 'BB', Outlook Stable
---------------------------------------------------------
S&P Global Ratings upgrades Switzerland-based mineral fertilizer
producer EuroChem Group AG to 'BB' from 'BB-'.

S&P said, "We forecast revenues to increase by more than 25% to
$7.7 billion-$8.0 billion in 2021, from $6.2 billion in 2020.This
reflects higher potash volumes due to the commissioning of
Usolskiy, a 2.3 million metric tons (mmt) of potash greenfield
project in 2020, and very supportive conditions across fertilizer
markets leading to high prices. While first-half 2021 results are
yet to be reported, EuroChem is set to have benefited from higher
prices for all its fertilizer products.

"Demand for fertilizer products and high prices is currently
supported by robust agriculture demand globally and strong prices
for agriculture commodities, helping to increase farmers' incomes.
We see the current high prices for urea, potash, and phosphate as
very supportive and reflective of above-mid-cycle conditions, and
we believe tight market conditions are set to continue over 2021
and into 2022. We anticipate that robust demand will outpace
supply, notably from the capacity additions. The magnitude of
additional supply beyond 2022 and the effect of potential new
projects on spot prices and benchmark contracts are the key risks
in the medium term.

"We forecast EuroChem's EBITDA margin will increase to 30%-35% over
the next two years, from 26%-29% in the past two years.The uplift
is also supported by EuroChem's vertical integration and
competitive cost position. This should translate into adjusted
EBITDA of around $2.4 billion to $2.7 billion in 2021-2022, from
$1.8 billion in 2020.

"EuroChem will reinvest its strong cash generation to fund its
capex program.The group has approved the expansion of the NorthWest
2 project at its existing Kingisepp site in Russia for the next
three years. The project is expected to bring an additional 1 mmt
of ammonia and 1.4 mmt of urea by 2024 for a planned investment of
$1.4 billion. The growth project is proposed to be funded with a
long-term debt project financing that has been secured during
second quarter 2021 and the group's planned internal cash
generation. We consolidate this financing as part of our adjusted
debt metrics given the inclusion of a cross-default clause in the
facility agreement and the strategic importance of the Kingisepp
site to EuroChem.

"We expect the group to generate positive FOCF of around $100
million-$300 million annually.Although NorthWest 2 is increasing
our overall capex assumption to about $1.4 billion per year in 2021
and 2022, from the $800 million-$900 million we previously
anticipated, we forecast an improvement in EuroChem's credit
metrics. Under our base case, EuroChem will improve its adjusted
FFO to debt to 35%-45% in 2021 and 2022, from 25% in 2020. We
forecast the group will also sustain S&P Global Ratings-adjusted
leverage of about 2.0x in the next two years, from 3.2x in 2020,
reflecting favorable market conditions, notwithstanding the highly
cyclical nature of the fertilizer industry.

"The liquidity position has improved and we believe the group has
adopted a more proactive approach to debt refinancing over the past
year.Cash generation has also strengthened, with cash balances
estimated at above $1 billion as of half-year 2021.

"The stable outlook reflects our expectation that EuroChem will
consistently generate positive FOCF over the next two years,
benefitting from supportive fertilizer prices and additional
capacity from the completion of its recent investments.

"We see FFO to debt comfortably exceeding 20% as commensurate with
the current rating. We expect that EuroChem will maintain adequate
liquidity to fund its capex program, contribute to the funding of
the ammonia and urea NorthWest 2 project, and manage its debt
maturities over the next two years.

"We could lower the rating if fertilizer prices declined
materially, or the ruble appreciated significantly against the U.S.
dollar, which would result in FFO to debt falling below 20% or FOCF
becoming negative, without near-term prospects of recovery."

Also, if EuroChem were to witness protracted delays in the
VolgaKaliy project's commercial production, resulting in material
additional capex, this would be negative for the rating. Liquidity
weakening, in the absence of timely debt refinancing or
insufficient available funds, as well as shareholder friendly
distributions could also weigh on S&P's assessment.

S&P would consider a positive rating action if EuroChem strengthens
its financial risk profile such that FFO to debt approached 45%
under mid-cycle conditions, in conjunction with continued positive
FOCF. An upgrade would also hinge on gross debt reduction and
continued improvement in liquidity over the duration of EuroChem's
NorthWest 2 investment phase.




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

BAMS CMBS 2018-1: DBRS Confirms BB(low) Rating on Class E Notes
---------------------------------------------------------------
DBRS Ratings Limited confirmed its ratings on the following classes
of Commercial Mortgage-Backed Floating Rate Notes due May 2028
issued by BAMS CMBS 2018-1 DAC (the Issuer):

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

The trend on all ratings remains Stable.

The rating confirmations follow the transaction's stable
performance over the last 12 months and against the backdrop of the
Coronavirus Disease (COVID-19) pandemic, as the logistics assets
securing the loan have largely been sheltered from the main
economic impact.

The borrower advised that during the lockdown period 8% of the
tenants requested some form of rent relief, which resulted in 3% of
the total portfolio either receiving rental deferrals or switching
to monthly payments. However, as of Q2 2021 the number of tenants
on coronavirus-related payment plans has fallen. The borrower has
also added 21 new tenants in the latest quarter, achieving a total
annual contracted rent of GBP 29,468,522 and a passing rent of GBP
26,655,962, up 4.2% and 0.8%, respectively, compared with the
previous quarter.

As of May 2021, the portfolio was 87.6% occupied with a
weighted-average lease-to-break of 4.01 years, a slight decrease
from 4.07 years in Q4 2020. The weighted-average lease term (WALT)
increased from 6.2 to 6.3 years during the last quarter. DBRS
Morningstar notes that there is no significant deviation in
performance of the portfolio since underwriting, with rental income
remaining in line with issuance and occupancy improving in the
latest quarter following the marginal pandemic-related decline. The
vacancy rate is currently at 12.4%, with DBRS Morningstar assuming
a vacancy of 12.5% in its underwriting. DBRS Morningstar
understands that the business model adopted by the sponsor is to
increase the headline rents of each scheme by implementing
improvement capex, and as such there has been some tenant churn to
improve the rental profile. This is highlighted by the fact that
the rental income has not declined as a result of the increase in
vacancy since issuance.

The initial senior loan maturity date was 15 May 2020. However, the
borrower has exercised two (of the three) extension options,
extending the loan maturity to 15 May 2022. If the third 12-month
extension option is exercised, the loan maturity would be extended
to May 2023. The legal final maturity of the notes is expected to
be in May 2028, five years after the maturity of the fully extended
loan term. Given the security structure and jurisdiction of the
underlying loan, DBRS Morningstar believes that this provides
sufficient time to enforce on the loan collateral, if necessary,
and repay the bondholders.

Following a market revaluation in November 2019, there was a small
1.5% drop in value, showing that the portfolio metrics have not
significantly deteriorated since issuance. The LTV is still below
the cash trap threshold of 75%, but following the second
anniversary of the utilization date, the debt yield (DY) threshold
increased to 8.5% from 8% previously. The current DY of 8.29% is
below the cash trap floor and, therefore, a cash sweep event is now
in place. As of Q2 2021, the amount held in the cash trap account
is nil because of payments made toward corporate expenses, capex,
and irrecoverable costs. The loan has no default covenants until a
permitted change of control event is triggered, after which the
default covenants will be based on the LTV and DY. The LTV covenant
is set at 77.5% and the DY covenant is set at 7.4%.

BAMS CMBS 2018-1 DAC is the securitization of a GBP 315.3 million
(67.5% loan-to-value or LTV at issuance) floating-rate senior
commercial real estate loan advanced by Morgan Stanley Principal
Funding, Inc. (novated from Morgan Stanley Bank N.A.) and Bank of
America Merrill Lynch International Limited to borrowers sponsored
by Blackstone Group L.P. (Blackstone or the Sponsor). The
acquisition financing was also accompanied by a GBP 58.4 million
(80% LTV) mezzanine loan granted by LaSalle Investment Management
and Blackstone Real Estate Debt Strategies (BREDS), each holding
51% and 49% interest of the mezzanine loan, respectively. BREDS,
however, is disenfranchised and thus cannot exercise any voting
rights so long as Blackstone holds equity interest in the
portfolio. The mezzanine loan is structurally and contractually
subordinated to the senior facility and is not part of the
transaction.

The senior loan is secured by 59 urban logistic and multi-let
industrial properties. The majority of the assets are located along
the M6 motorway between Birmingham and Manchester, just outside of
the "Golden Triangle" of the UK logistics market (for more
information regarding the portfolio, please refer to the related
DBRS Morningstar rating report). As of May 2021, the portfolio is
let to 311 unique tenants for a total annual contracted rent of GBP
29,468,522. The five main tenants account for 14.13% of the total
gross rent across the portfolio.

The transaction benefits from a liquidity support facility of GBP 7
million, which is provided by Bank of America N.A., London Branch.
The liquidity facility can be used by the Issuer to fund expense
shortfalls (including any amounts owed to third-party creditors and
service providers that rank senior to the notes), property
protection shortfalls, and interest shortfalls (including with
respect to deferred interest, but excluding default interest and
exit payment amounts) in connection with interest due on the Class
A and Class B notes and, after Class A and Class B notes have been
paid down, the Class C notes in accordance with the relevant
waterfall. DBRS Morningstar estimated the 12-month coverage based
on a stressed Libor of 2.32%. The loan hedge has a cap strike rate
of 2% but DBRS Morningstar has stressed this as the loan is 95%
hedged. The coverage based on a Libor margin cap of 5% is seven
months. DBRS Morningstar notes the cessation of LIBOR will occur at
the end of the year and acknowledges the Servicer, has determined
that a LIBOR replacement event has occurred and is requesting
consultation with the Noteholders to determine a suitable
replacement base rate in respect of the Notes.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an economic contraction, leading to sharp
increases in unemployment rates and income reductions for many
tenants and borrowers. DBRS Morningstar anticipates that vacancy
rate increases and cash flow reductions may continue to arise for
many CMBS borrowers, some meaningfully. In addition, commercial
real estate values will be negatively affected, at least in the
short-term, impacting refinancing prospects for maturing loans and
expected recoveries for defaulted loans. The ratings are based on
additional analysis as a result of the global efforts to contain
the spread of the coronavirus.

Notes: All figures are in British pound sterling unless otherwise
noted.

EUROSAIL-UK 2007-5: Fitch Affirms CCC Rating on 2 Tranches
----------------------------------------------------------
Fitch Ratings has upgraded 4 Eurosail-UK tranches and revised the
Outlook on seven others to Stable from Negative.

         DEBT                   RATING         PRIOR
         ----                   ------         -----
Eurosail-UK 2007-6 NC Plc

Class A3a XS0332285971   LT  AAAsf  Upgrade    AA+sf
Class B1a XS0332286862   LT  B+sf   Affirmed   B+sf
Class C1a XS0332287084   LT  Bsf    Affirmed   Bsf
Class D1a XS0332287597   LT  CCCsf  Affirmed   CCCsf

Eurosail-UK 2007-1 NC Plc

Class A3a XS0284931853   LT  AAAsf  Affirmed   AAAsf
Class A3c 298800AJ2      LT  AAAsf  Affirmed   AAAsf
Class B1a XS0284932315   LT  AAAsf  Upgrade    AAsf
Class B1c XS0284947263   LT  AAAsf  Upgrade    AAsf
Class C1a XS0284933719   LT  A-sf   Upgrade    BBBsf
Class D1a XS0284935094   LT  BB+sf  Affirmed   BB+sf
Class D1c XS0284950994   LT  BB+sf  Affirmed   BB+sf
Class E1c XS0284956330   LT  B+sf   Affirmed   B+sf

Eurosail-UK 2007-5 NP Plc

Class A1a XS0328024608   LT  B+sf   Affirmed   B+sf
Class A1c XS0328025241   LT  B+sf   Affirmed   B+sf
Class B1c XS0328025324   LT  Bsf    Affirmed   Bsf
Class C1c XS0328025597   LT  CCCsf  Affirmed   CCCsf
Class D1c XS0328025670   LT  CCCsf  Affirmed   CCCsf

TRANSACTION SUMMARY

The transactions comprise non-conforming UK mortgage loans
originated by Southern Pacific Mortgage Limited (formerly wholly
owned subsidiaries of Lehman Brothers) and Alliance & Leicester.

KEY RATING DRIVERS

Sequential Payments to Continue

Fitch expects Eurosail-UK 2007-1 to continue amortising
sequentially. Pro-rata amortisation is being prevented by a number
of triggers, such as the cumulative loss trigger, which has not
been cured. The sequential amortisation and non-amortising reserve
fund have allowed credit enhancement (CE) to build up for all
notes. This supports the upgrades of the class B1a, B1c and C1a
notes for Eurosail-UK 2007-1.

Eurosail-UK 2007-6 breached the 90 days plus arrears trigger of
22.5% in June 2020 and has continued to pay sequentially since. If
the sequential payments prevail for an extended period, the
mezzanine notes could be upgraded due to increasing CE. The recent
period of sequential amortisation has allowed CE to build up, which
supports the upgrade of the class A3a notes for Eurosail UK 2007-6.
However, the current breach of the arrears trigger is now less than
1% due to improving performance. This could imply that principal
could repay on a pro-rata basis again shortly, implying a reduction
of CE due to the reserve amortisation. This leads us to affirm the
class C1a notes and remove them from Rating Watch Positive (RWP).

Tail Risk Not Mitigated

Fitch believes Eurosail-UK 2007-5 will be exposed to significant
tail risk. In Fitch's back-loaded default distribution scenarios,
the transaction is likely to repay principal on a pro-rata basis
until the aggregate principal amount outstanding of the notes is
less than 10% of the original pool balance. At the same time, the
transaction's reserve fund will amortise and the fixed senior costs
the transaction must pay will deplete any excess spread available
to meet interest payments on the notes, as the pool balance
shrinks. This is reflected in the current rating of the notes.

Stabilised Asset Performance

Total arrears for the transactions have fallen from the highs that
were observed in mid-2020; however, a number of accounts have been
rolling into longer-dated arrears, which is most evident in
Eurosail-UK 2007-1. Due to the moratoria on repossessions,
servicers have not been able to proceed with possession orders,
which has led to an increase in longer-dated arrears as these would
have typically been repossessed once they are three or more months
delinquent.

Payment holidays for all transaction have decreased significantly
to minimal levels, and are not expected to increase as the scheme
is now closed to new applications. It was anticipated that
borrowers who utilised payment holidays could roll into arrears as
their holiday ended. However, the majority of borrowers have
resumed making full scheduled payments, reducing the risk of
significant collateral under-performance. This is reflected in the
Outlook change to Stable for a number of notes.

Coronavirus-related Assumptions

Fitch applied coronavirus assumptions to the non-conforming
portfolio. The combined application of revised 'Bsf' representative
pool weighted average foreclosure frequency (WAFF) and revised
rating multiples resulted in a multiple to the current FF
assumptions of about 1.2x at 'Bsf' and 1.0x at 'AAAsf'. The
coronavirus assumptions are more modest for higher rating levels as
the corresponding rating assumptions are already meant to withstand
more severe shocks.

RATING SENSITIVITIES

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

-- Stable to improved asset performance driven by stable
    delinquencies and defaults would lead to increasing CE levels
    and, potentially, upgrades. This could result if the removal
    of lockdown restrictions leads to a strong economic recovery
    and Covid-19 impact remains low.

-- Fitch tested an additional rating sensitivity scenario by
    applying a decrease in the FF of 15% and an increase in the
    recovery rate (RR) of 15%. The ratings for the subordinated
    notes could be upgraded by up to five notches in Eurosail-UK
    2007-1, 2007-5 and 2007-6.

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

-- Economic uncertainty remains despite the end of lockdown
    measures and a successful vaccine rollout programme. Public
    economic support measures have thus far been instrumental in
    containing unemployment levels and preventing repossessions.
    Fitch acknowledges the expiry of these support measures may
    negatively affect overall economic activity, including a
    potential rise in unemployment.

-- The transactions would be affected by weakening market
    conditions. Self-employed borrowers in the pools would be
    particularly vulnerable, as their incomes are highly
    susceptible to economic volatility. In the event of weak asset
    performance, a rise in delinquency levels and defaults is
    likely. This could reduce CE available to the notes.

-- Additionally, unanticipated declines in recoveries could also
    result in lower net proceeds, which may make certain notes'
    ratings susceptible to potential negative rating action
    depending on the extent of the decline in recoveries. Fitch
    conducts sensitivity analyses by stressing both a
    transaction's base-case FF and RR assumptions, and examining
    the rating implications on all classes of issued notes. We
    tested a 15% increase in the WAFF and a 15% decrease in the
    WARR. The results indicate downgrades of up to four notches in
    Eurosail-UK 2007-1, 2007-5 and 2007-6.

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

Eurosail-UK 2007-1 , 2007-5 and 2007-6

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

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

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

ESG CONSIDERATIONS

Eurosail-UK 2007-1, 2007-5 and 2007-6 have an ESG Relevance Score
of '4' for Customer Welfare - Fair Messaging, Privacy & Data
Security due to the pool exhibiting an interest-only maturity
concentration among the legacy non-conforming owner-occupied loans
of greater than 40%, which has a negative impact on the credit
profile, and is relevant to the ratings in conjunction with other
factors.

Eurosail-UK 2007-1, 2007-5 and 2007-6 have an ESG Relevance Score
of '4' for Human Rights, Community Relations, Access &
Affordability due to a significant proportion of the pool
containing owner-occupied loans advanced with limited affordability
checks, 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.

FASTNET SECURITIES 16: DBRS Gives BB(high) Rating to Class E Notes
------------------------------------------------------------------
DBRS Ratings GmbH assigned ratings to the following classes of
notes issued by Fastnet Securities 16 DAC (Fastnet 16 or the
Issuer):

-- Class A1 notes at AAA (sf)
-- Class A2 notes at AAA (sf)
-- Class A3 notes at AAA (sf)
-- Class B notes at AA (high) (sf)
-- Class C notes at A (sf)
-- Class D notes at BBB (sf)
-- Class E notes at BB (high) (sf)

The ratings on the Class A1, Class A2, and Class A3 notes
(together, the Class A notes) address the timely payment of
interest and the ultimate payment of principal on or before the
final maturity. The rating on the Class B notes addresses the
timely payment of interest when most senior and the ultimate
payment of principal on or before the final maturity. The ratings
on the Class C, Class D, and Class E notes address the ultimate
payment of interest and principal on or before the final maturity
date.

The transaction features an amortizing liquidity reserve fund (LRF)
equal to 1% of the Class A outstanding balance to support the
payment of senior expenses and Class A interest. Further credit
enhancement is provided through the nonamortizing general reserve
fund (GRF), which is equal to 1% of the collateralized notes minus
the LRF.

The credit enhancement is calculated as the overcollateralization
provided by the portfolio and the GRF. At closing, credit
enhancement will be 11.9% for Class A, 8.8% for Class B, 3.9% for
Class C, 2.1% for Class D, and 1.1% for Class E. In case of an
event of default, the Class A notes are repaid pro rata and pari
passu; otherwise, they are paid sequentially (i.e., Class A1
first). Additionally, the transaction documents include repurchase
conditions, wherein if repurchases exceed EUR 50 million, the Class
A notes are paid pro rata and pari passu; otherwise, they are paid
sequentially.

As of July 2, 2021, the portfolio consisted of 25,670 loans
extended to 24,009 borrowers with an aggregate outstanding balance
of EUR 3.9 billion. The weighted-average (WA) seasoning of the
portfolio was at 6.3 years, with a WA remaining term to maturity of
22.6 years. The DBRS Morningstar-calculated WA indexed
loan-to-value (LTV) ratio of the portfolio was at 64%. The
portfolio consists of only owner-occupied annuity loans, yielding a
WA coupon of 2.8% and all are repaying loans. About 41.2% of the
loans are granted on properties located in Dublin. As of the
cut-off date, there were no loans more than 30 days past due.

The portfolio consists of 63.4% fixed-rate loans with a WA teaser
period of two years. The interest rate risk arising from the
fixed-rate loans is hedged by the time-subordinated Class A2 and
Class A3 notes, which are subordinated to the floating-rate Class
A1 notes and benefit from a low coupon rate for the first years of
the life of the transaction.

The portfolio comprises both recent loan originations (66.3%
originated after 2015) and loans originated during the great
financial crisis era (29.5% originated between 2004 and 2009),
which drives up the indexed current LTV as the properties backing
pre-2010 loans were bought at the peak of the market. However, the
portfolio has shown strong performance, surviving the crisis as
well as the Coronavirus Disease (COVID-19) pandemic without the
need for restructuring.

The Issuer account bank is BNP Paribas Securities Services Dublin
Branch. Based on DBRS Morningstar's private rating on the account
bank and the replacement provisions included in the transaction
documents, DBRS Morningstar considers the risk of such counterparty
to be consistent with the ratings assigned, in accordance with DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology.

In DBRS Morningstar's cash flow results, in two scenarios, the
Class B notes in a AA (high) (sf) rating scenario showed temporary
interest shortfall at very high prepayment scenario in some period,
which was cleared in a short period of time. DBRS Morningstar
deemed these temporary interest shortfalls as de minimis and hence
assigned a AA (high) (sf) rating to the Class B notes.

DBRS Morningstar based its ratings primarily on the following
analytical considerations:

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

-- The credit quality of the mortgage loan portfolio and the
ability of the parties to perform servicing and collection
activities.

-- The DBRS Morningstar-calculated portfolio default rate (PD),
loss given default (LGD), and expected loss (EL) assumptions on the
portfolio using the European RMBS Credit Model.

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay the noteholders according to the terms and
conditions of the notes. DBRS Morningstar analyzed the transaction
cash flows using Intex DealMaker.

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

-- The relevant counterparties, as rated by DBRS Morningstar, that
are appropriately in line with DBRS Morningstar's legal criteria to
mitigate the risk of counterparty default or insolvency.

-- The structural mitigants in place to avoid potential payment
disruptions caused by operational risk, such as downgrade and
replacement language in the transaction documents.

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

Notes: All figures are in euros unless otherwise noted.


GFG ALLIANCE: AIP Seeks Control of Dunkirk Aluminum Smelter
-----------------------------------------------------------
Jack Farchy and Irene Garcia Perez at Bloomberg News report that
private equity group American Industrial Partners has moved to take
control of one of Sanjeev Gupta's key assets, the Dunkirk aluminum
smelter, in an escalation of an acrimonious battle between the
businessman and the suitor he spurned.

According to Bloomberg, a U.K. holding company for the smelter has
been placed into administration, according to a filing last week.
The legal action was initiated by AIP, Bloomberg relays, citing a
person familiar with the matter, who declined to be named as the
matter isn't public.  AIP owns most of the senior debt on the
Dunkirk plant in France, Bloomberg notes.

The move threatens Mr. Gupta's control over one of his most
important assets, Europe's largest aluminum plant, Bloomberg
states.  It comes on top of earlier action by AIP to seize control
of Gupta's smaller aluminum rolling mill at Duffel in Belgium, and
could derail a refinancing plan he had agreed with Glencore Plc,
Bloomberg says.

According to Bloomberg, a spokesperson for Mr. Gupta's GFG Alliance
said the group would "strongly challenge any attempt to frustrate"
the deal for its aluminum business agreed with Glencore, and
stressed that the refinancing "would pay out current debt
holders".

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
recounts.  At the same time, skyrocketing steel and aluminum prices
have made GFG's assets attractive, Bloomberg notes.

AIP in April bought most of the senior debt on Mr. Gupta's two main
aluminum assets -- the Dunkirk smelter and the Duffel mill -- and
then made a bid to buy them, Bloomberg discloses.  
Mr. Gupta rejected the bid, choosing instead to strike a deal with
Glencore under which the trading house agreed to provide a new
six-year loan to allow Gupta to refinance most of the aluminum
units' debt, according to Bloomberg.

However, AIP still holds the Duffel senior debt and a majority
stake in the Dunkirk senior debt, Bloomberg states.  In a memo
earlier this month, Mr. Gupta said of AIP that he was "targeting an
amicable settlement of their debts using the facilities agreed with
Glencore", Bloomberg recounts.


INTERGEN NV: Moody's Confirms B1 CFR & Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service has confirmed the B1 corporate family
rating, B1-PD probability of default rating and B1 senior secured
rating of InterGen N.V. The outlook has been changed to negative
from "ratings under review".

Moody's placed InterGen's ratings under review for downgrade on
June 3, 2021 following an explosion and fire at the Callide C
coal-fired power station in Queensland, Australia, which severely
damaged one of the plant's two units. The review also took into
account the failure of InterGen's Millmerran joint venture, which
also owns a coal-fired power station in Queensland, to refinance
AUD212 million of project loans ahead of their maturity in June
2021.

Since the ratings were placed under review, InterGen has made a
GBP12.1 million shareholder loan to Millmerran in order to secure
the refinancing of the project's term loan facility, announced a
further delay to the planned recommissioning of the Callide C power
station and paid a GBP38 million dividend to its shareholders.
Although each of these developments is negative for InterGen's
credit quality, the confirmation of the ratings reflects Moody's
view that the risks are captured in the current rating and negative
outlook.

RATINGS RATIONALE

RATIONALE FOR RATING AND OUTLOOK

InterGen's B1 rating and negative outlook reflect the likelihood of
lower dividends from its Australian joint ventures, uncertainty
over the terms of a lease extension at the site of its Rocksavage
power station in the UK and a financial policy that appears to
prioritise dividend distributions. Refinancing risk will rise as
the June 2023 maturity of most of InterGen's debt approaches, given
weaker projected metrics at that time and lenders' growing focus on
ESG-related risks to coal and gas generators.

On July 13, following the extension of the June 2021 repayment,
InterGen announced that Millmerran had refinanced its AUD555
million debt facility into a new AUD364 million, 5-year bank
facility due June 2026[1]. The deleveraging was achieved by use of
cash at the project and OzGen, an Australian holding company
50%-owned by InterGen, and approximately AUD70 million of new loans
from the project's shareholders, including GBP12.1 million from
InterGen. InterGen initially believed that it would not need to
provide such direct support to the project. Annual debt
amortisation under the new facility, as well as expected repayment
of the shareholder loans in 2022, makes it unlikely that Millmerran
will contribute material dividends to InterGen in 2021 and 2022,
although removal of the 2023 bullet maturity makes distributions in
subsequent years more likely.

Both Callide C units remain offline following the fire on May 25.
CS Energy Ltd., which operates the plant, now expects Unit C4 to
return to service in December 2022, significantly later than its
initial expectation of June 2022. Unit C3 returned to service on
July 26, later than its original target of June 2021. Although
Moody's understands that Callide C has insurance for property
damage and business interruption for a significant part of the
anticipated outage, reduced cash flow and uncertainty around the
cost of repairs and timing of Unit C4's return to service is
negative for InterGen's credit quality.

InterGen remains in negotiations to extend its lease on the
Rocksavage site, which ends in March 2024. Although Moody's expects
InterGen and the landowner to agree an extension, failure to win a
capacity contract for 2025-26, the closure of this plant, or a
significant increase in lease expense would be credit negative for
InterGen.

InterGen also announced on July 13 that it would pay a dividend of
GBP38 million to its shareholders, an increase from the GBP30
million paid in 2020. InterGen had not paid material dividends for
several years prior to Sev.en Energy's acquisition of a 50% stake
in February 2019. Moody's regards the size of the dividend,
relative to projected funds from operations of around GBP65 million
in 2021, and its timing, ahead of resolving material uncertainties
and refinancing the June 2023 maturity, as negative for credit
quality.

In addition, InterGen's B1 CFR continues to reflect the company's
significant exposure to volatility in wholesale energy prices and
volumes, structural subordination to the remaining project finance
debt at Millmerran and the Spalding Energy Expansion project, and
relatively high carbon intensity, mitigated by its efficient
thermal generation fleet and diversification across Great Britain
and Australia. Although the company's cash balances have been
depleted by the dividend and shareholder loan, they remain over
GBP100 million, providing scope to deleverage ahead of or alongside
the June 2023 bond maturity. Since June 2021, InterGen has had the
option to repay the $410 million (approximately GBP300 million) of
senior secured notes at par.

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

The outlook could be changed to stable following refinancing of the
June 2023 debt maturity if Moody's believes InterGen will be able
to maintain FFO/debt sustainably above 8% and debt/EBITDA, based on
consolidated and unencumbered assets, declining toward 6x.

In the longer term, the ratings could be upgraded if InterGen
maintains FFO/debt consistently above 12% with prudent liquidity,
or if there were a significant increase in revenue visibility as a
result of long-term offtake contracts with creditworthy
counterparties.

The ratings could be downgraded if FFO/debt appears likely to fall
persistently below 8% or if debt/EBITDA was persistently above 6x.
The ratings could also be downgraded if InterGen fails to secure
liquidity comfortably ahead of the 2023 debt maturity or pays
further dividends before doing so, or if there were changes in the
company's business profile that increased cash flow volatility
without offsetting measures to strengthen the balance sheet.

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

Headquartered in Edinburgh, United Kingdom, InterGen N.V. is a
holding company with a 3,269 MW portfolio in operations consisting
of four natural gas-fired power plants in the UK and two coal-fired
power plants in Queensland, Australia. InterGen N.V. is owned by
Sev.en Energy and China Huaneng Group Co., Ltd. (A2 stable).

LIGNIA WOOD: Accsys Acquires EUR1.2MM Worth of Assets, Equipment
----------------------------------------------------------------
TTJ reports that Accsys, producer of Accoya wood and Tricoya wood
elements, is investing in increasing its Accoya Color production
capability by acquiring EUR1.2 million of assets and equipment from
former UK-based modified wood producer Lignia Wood Company Ltd and
its administrators, ReSolve.

Lignia was put into administration on April 20, TTJ recounts.

According to TTJ, the equipment and resources will enable Accsys to
accelerate growth of its premium Accoya Color product: Accoya that
is coloured through from surface to core.  Accsys does not intend
to continue with the production of Lignia products, TTJ notes.

Lignia began commercial production and sales in 2019 and built
momentum from the onset, TTJ relates.  However, sales were impacted
due to the Covid-19 pandemic and the company did not secure the
necessary funds to continue to develop and grow its product
offering to take advantage of the global modified wood market, TTJ
states.



NEWGATE FUNDING 2006-3: S&P Raises Class E Notes Rating to B+ (sf)
------------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Newgate Funding
PLC's series 2006-1 class D notes, series 2006-2 class Da, Db, and
E notes and series 2006-3 class Da, Db, and E notes. At the same
time, we have affirmed our ratings on the series 2006-1 class A4,
Ma, Mb, Ba, Bb, Ca, Cb, and E notes, series the 2006-2 class A3a,
A3b, M, Ba, Bb, Ca, and Cb notes, and the series 2006-3 class A3a,
A3b, Mb, Ba, Bb, and Cb notes.

In these transactions, S&P's ratings address timely receipt of
interest and ultimate repayment of principal for all classes of
notes.

Collateral performance has somewhat weakened since our previous
reviews. Although total arrears decreased for all three
transactions, this was due to lower numbers in the 30-60 days and
60-90 days arrears buckets, while arrears over 90 days increased.

Despite a slight deterioration in credit results, most junior notes
benefit from passing at higher stress levels. These classes of
notes therefore have levels of credit enhancement that are
commensurate with higher ratings than those currently assigned. S&P
has therefore raised its ratings on these classes of notes.

Compared with S&P's previous reviews, the weighted-average
foreclosure frequency (WAFF) has increased at all ratings levels
for the three transactions, mainly due to an uptick in loans in
arrears over 90 days. However, the weighted-average loss severity
(WALS) reduced slightly for the three transactions, driven by lower
current loan-to-value ratios.

  WAFF And WALS Levels

  RATING LEVEL   WAFF (%)   WALS (%)

  NEWGATE SERIES 2006-1

  AAA            47.50     28.59
  AA             42.28     21.90
  A              39.21     11.54
  BBB            36.04      6.55
  BB             32.55      3.95
  B              31.76      2.26

  NEWGATE SERIES 2006-2

  AAA             42.56    30.64
  AA              37.10    24.06
  A               34.07    13.29
  BBB             31.02     7.92
  BB              27.57     5.06
  B               26.79     3.10

  NEWGATE SERIES 2006-3

  AAA             40.14    32.70
  AA              34.65    26.04
  A               31.41    15.08
  BBB             28.12     9.78
  BB              24.40     6.67
  B               23.56     4.38

In all three transactions, the notes benefit from a liquidity
facility and a reserve fund, none of which is amortizing as the
respective cumulative loss triggers have been breached. In
addition, the transactions have been paying pro rata for
approximately five years (series 2006-1 since September 2016,
series 2006-2 since January 2016, and series 2006-3 since May 2016)
as all conditions required are satisfied.

S&P said, "For each of the three transactions, our conclusions on
operational, legal, and counterparty risk analysis remain unchanged
since our previous full reviews. The liquidity facility and bank
account provider (Barclays Bank PLC; A/Positive/A-1) breached the
'A-1+' downgrade trigger specified in the transaction documents,
following our lowering of its long- and short-term ratings in
November 2011. Because no remedial actions were taken following our
November 2011 downgrade, our current counterparty criteria cap the
maximum potential rating on the notes in these transactions at our
'A' long-term issuer credit rating (ICR) on Barclays Bank.

"Our cash flow analysis indicates that, for all classes currently
rated 'A (sf)', the available credit enhancement is commensurate
with higher ratings than those currently assigned. However, given
the ratings on all the notes are capped at the long-term ICR on
Barclays, we have affirmed our 'A (sf)' ratings on these classes of
notes.

"We have affirmed our 'BBB+ (sf)' rating on the series 2006-3 class
Cb notes to reflect their lower credit enhancement compared with
'A' rated notes. Additionally, we affirmed our 'B+ (sf)' rating on
the series 2006-1 class E notes, which, in spite of improving cash
flow results, remain sensitive to a deterioration in the WAFF.

"Our cash flow analysis also shows that the series 2006-1 class D
notes, series 2006-2 class Da, Db, and E notes, and series 2006-3
class Da, Db, and E notes can sustain a higher level of stress
compared with the ratings currently assigned.

"In our analysis of the series 2006-1 class D notes, series 2006-2
class Da, Db, and E notes, and series 2006-3 class Da, Db, and E
notes, we considered the improved cash flow results and the fact
that all three transactions pay pro rata, which benefits these
junior notes. However, we also considered the relatively high
levels of arrears and the tail risk in the transaction, due to the
low pool factor and the high percentage of interest-only loans. As
a result, we did not raise our ratings on these classes of notes in
line with our cash flow results."

Newgate Funding series 2006-1, series 2006-2, and series 2006-3 are
U.K. RMBS transactions, which closed, respectively, in March, June,
and November 2006, and securitize pools of nonconforming loans
secured on first-ranking U.K. mortgages.

  Ratings List

  CLASS    RATING TO    RATING FROM

  Newgate Funding PLC (Series 2006-1)

  A4       A (sf)       A (sf)
  Ma       A (sf)       A (sf)
  Mb       A (sf)       A (sf)
  Ba       A (sf)       A (sf)
  Bb       A (sf)       A (sf)
  Ca       A (sf)       A (sf)
  Cb       A (sf)       A (sf)
  D        BBB (sf)     BB+ (sf)
  E        B+ (sf)      B+ (sf)

  Newgate Funding PLC (Series 2006-2)

  A3a      A (sf)       A (sf)
  A3b      A (sf)       A (sf)
  M        A (sf)       A (sf)
  Ba       A (sf)       A (sf)
  Bb       A (sf)       A (sf)
  Ca       A (sf)       A (sf)
  Cb       A (sf)       A (sf)
  Da       BBB (sf)     BB+ (sf)
  Db       BBB (sf)     BB+ (sf)
  E        BB (sf)      B+ (sf)

  Newgate Funding PLC (Series 2006-3)

  A3a      A (sf)       A (sf)
  A3b      A (sf)       A (sf)
  Mb       A (sf)       A (sf)
  Ba       A (sf)       A (sf)
  Bb       A (sf)       A (sf)
  Cb       BBB+ (sf)    BBB+ (sf)
  Da       BB+ (sf)     BB (sf)
  Db       BB+ (sf)     BB (sf)
  E        B+ (sf)      B (sf)


POLAR BEAR: Set to Reopen in August After Crowdfunding Campaign
---------------------------------------------------------------
BBC News reports that a music venue and pub saved from permanent
closure by a public crowdfunding campaign is to reopen in August.

Forced to shut its doors due to the pandemic, The Polar Bear in
Hull went into administration in July 2020, BBC recounts.

According to BBC, more than GBP19,000 was raised for a Community
Interest Company (CIC) to take over the site and buy new equipment
including a sound system.

New owners Polar Bear Music Club said it was reopening on "a
shoe-string", BBC notes.

They thanked the public for their "overwhelming" support but said
the future of the venue, on Spring Bank, "continues to be on a
knife edge", BBC relates.

According to BBC, in a statement, the company announced: "This was
an incredible effort, and we've been working hard behind the scenes
to put the money to good use.

"An integral part of securing The Polar Bear, to enable its
relaunch, was to spend a portion of the money raised on lease
negotiations, legal fees and a whole host of other unavoidable
costs.

"Thanks to the generous donations we are now able to sign the lease
which will enable us to open the doors of the re-branded Polar Bear
Music Club and launch as a Community Interest Company.

"Our aim is to continue to raise enough funds to become a
self-sustaining, non-profit making community venue."

Daniel Mawer, promoter and secretary of Polar Bear Music Club, as
cited by BBC, said they would continue to look into sourcing
"crucial" funding and hoped the venue would open for four nights a
week by the end of the year, with plans to put on comedy events in
addition to live music.


SUITE HOSPITALITY: Owes More Than GBP4 Million to Creditors
-----------------------------------------------------------
William Telford at BusinessLive reports that Suite Hospitality Ltd,
a hotel chain run by former Plymouth Argyle chairman James Brent,
left debts of more than GBP4 million after collapsing into
administration -- and people are unlikely to get any money back.

The company -- which had hotels in Exeter, Windsor and Derbyshire
-- went into administration in June 2020 after talks with major
creditors and landlords failed to find a way for the troubled chain
to remain in operation, BusinessLive recounts.

Now, more than a year on, joint administrators at Begbies Traynor
Group Plc have revealed that more than GBP4 million is owed to
creditors, but there is unlikely to be any cash to pay them,
BusinessLive relates.

Meanwhile, GBP4,066,878 is owed to a range of unsecured creditors
and, again, joint administrators say there will be insufficient
funds to pay them, BusinessLive notes.

Even secured creditors are unlikely to get their money back,
BusinessLive states.

A total of GBP146,593 owed to employees for wages and holiday pay
is unlikely to be paid too, according to BusinessLive.  The
Government has paid employees up to the maximum it is allowed, but
any shortfall will be part of the insolvency proceedings,
BusinessLive relays.

The joint administrators, who have had the administration extended
until mid-2022, will continue to try to realise assets,
BusinessLive says.  But documents filed at Companies House reveal
that due to significant arrears of rent, and "significant
dilapidations" in regards to the hotel properties, the leases for
the hotels have "no value", according to BusinessLive.

A document, as cited by BusinessLive, said: "Initial attempts to
facilitate a transfer of the leases were inconclusive, as terms
could not be agreed with the landlords."

Suite Hospitality, incorporated in 2013, initially operated five
hotels and a health spa, but surrendered the lease on one hotel and
the spa in 2018.  It left it with the Buckerell Lodge Hotel, on
Topsham Road, Exeter; the Harte and Garter Hotel and Goswell House,
both in Windsor; and the Makeney Hall Hotel, Belper, Derbyshire,
all run under leases.


VICTORIA'S SECRET: UK Liquidation Valid, London Judge Rules
-----------------------------------------------------------
Law360 reports that Victoria's Secret's U.K. business move from
administration into liquidation in June was valid, a London judge
ruled on July 29, after concerns were raised over a typographical
error on the paperwork.

Judge Sally Barber signed off an order declaring that the
liquidators of Victoria's Secret UK Ltd. correctly filed notice
that lingerie company had entered into creditors' voluntary
liquidation a year after the COVID-19 pandemic pushed it into
administration, Law360 relates.


VIRIDIS: DBRS Finalizes BB(high) Rating on Class E Notes
--------------------------------------------------------
DBRS Ratings Limited finalized its provisional ratings on the
following classes of notes issued by Viridis (European Loan Conduit
No. 38) DAC (the Issuer):

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

Viridis (European Loan Conduit No. 38) DAC is the first ELOC
transaction arranged by Morgan Stanley & Co. International plc
(Morgan Stanley) in 2021. The transaction is backed by a GBP 192
million senior loan, which is split into two facilities: Facility
A, which totals GBP 150 million, and Facility B (syndicated loan,
not part of the CMBS transaction), which totals GBP 42 million. The
senior loan refinanced the borrower's existing debt. The senior
loan is advanced by Morgan Stanley Bank, N.A. to Aldgate Tower
S.A.R.L., which is controlled by Brookfield Property Partners L.P.
(Brookfield; 10%) and China Life Insurance Company Limited (China
Life; 90%).

The senior loan was utilized on June 18, 2021 and is secured by the
Aldgate Tower in the City of London.

Aldgate Tower is a modern Grade A office tower designed by
WilkinsonEyre Architects, and was completed in November 2014
without any prelets. The property was fully let up and sold to the
current joint venture in 2016 for GBP 346 million. With WeWork
recently vacating the property, it was 72% occupied as at the
cut-off date of April 20, 2021. The recent valuation by Savills,
dated April 2021, shows a valuation of GBP 330 million.

The Aldgate Tower is located on 2 Leman Street, London E1 8FA by
the Aldgate East tube station. The 16-storey office tower features
mezzanine and basement levels, each containing three storage rooms
let separately to tenants. The property offers a large floor plan
office space of 323,934 sf and has a BREEAM rating of excellent.
Apart from a small retail (coffee shop) on the ground floor, the
storage space at the mezzanine and basement levels, and circa 4,000
sf of reception, the remaining circa 316,000 sf is let as office
space.

Savills valued the Aldgate Tower building at GBP 330 million in
April 2021, representing a 58.2% day-one loan-to-value (LTV) ratio.
The appraiser also estimated the current market rent of the
building to be GBP 18.8 million (fully occupied) whereas the
current contracted rent at the 20 April 2021 cut-off date was only
GBP 12.8 million (72% occupied). The property was fully occupied
until recently. Of the circa 102,435 sf of vacant space (including
Maersk, which has notified that it will exercise its break option),
61,194 sf is due to the lease surrender of the entirety of floors
4, 5, and 6 from WeWork at the end of March 2021. The surrender was
on favorable terms to the landlord (undisclosed surrender premium
was received from WeWork and it handed back the space in a fully
fitted specification to include good quality furniture commensurate
with a WeWork serviced office/coworking center).

The 30,533 sf of vacant space is in the process of undergoing a
light refurbishment, with a GBP 2.7 million capital expenditure
budget dedicated to the refurbishment works. DBRS Morningstar
understands that circa GBP 1 million of this amount has already
been spent and the remaining GBP 1.7 million is held in the
capex/TI reserve.

According to the business plan provided to DBRS Morningstar, the
sponsor has plans in place to manage the current vacancy and the
upcoming lease rollover. DBRS Morningstar gave credit to the
sponsor's business plan, recognizing Brookfield's experience as a
commercial real estate manager and the high historical occupancy of
the building until recently.

It should be noted that DBRS Morningstar's ratings are based on (1)
the sponsor's successful execution of the planned relet programme,
(2) ongoing attractiveness of reasonably priced high quality
building in the London office market to tenants, and (3) the
analysis and reports provided by the appraiser and legal counsel to
the Issuer to date. Given the asset requires active asset
management, the replacement of Brookfield with a less experienced
asset manager or changes in London office market may cause rating
volatility.

The senior loan carries a floating rate of Sterling Overnight Index
Average (Sonia; floored at 0%) plus 2.85% margin for a three-year
term. The interest rate risk is fully hedged by a prepaid cap with
a maximum strike rate of 1.0% provided by Standard and Chartered
Bank, a hedge provider with a rating plus relevant triggers, as at
the date of this report, commensurate with DBRS Morningstar's
rating criteria. The transaction does not have a financial default
covenant. There are cash trap covenants, which are set at 7.00%
debt yield (DY) in year 2, 8.00% DY in year 3, and a 70.0% LTV for
the three-year loan term.. The loan benefits from a GBP 2.7 million
capex reserve (amortized to GBP 1.7 million at the date of this
report) and a GBP 5 million interest reserve.

On the closing date, GBP 5.5 million of the proceeds from the
issuance of the Class A notes and the VRR Loan proportion of such
amount of the VRR Loan were used to fund the Issuer Liquidity
Reserve in an aggregate amount of GBP 5,789,473.68. The Issuer
Liquidity Reserve can be used to cover interest shortfalls on the
Class A, Class B, Class C, and Class D notes.

According to DBRS Morningstar's analysis, the Issuer Liquidity
Reserve amount, as at closing, could provide interest payment on
the covered notes up to 16.7 months or 11.5 months based on the
interest rate cap strike rate of 1% or on the Sonia cap of 4%,
respectively.

The transaction is expected to repay on or before July 2024. Should
there be non-payment on the due date of any amount payable pursuant
to a Finance Document, non-compliance with documents,
misrepresentation, a senior obligor becomes subject to insolvency,
or a default arises out of a creditor's process or cross default, a
special servicing transfer event will occur in respect of the
defaulted loan and the proceeds from the defaulted loan will be
applied sequentially to the notes. Should the notes fail to be
fully redeemed by the expected note maturity, the Issuer will make
principal payments on a sequential basis. The transaction is
structured with a five-year tail period to allow the special
servicer to work out the loan at maturity by July 2029 at the
latest, which is the final legal maturity of the notes.

The transaction includes a Class X interest diversion trigger
event, meaning that if the loans' DY is less than 4.8%, 5.6%, and
6.4% prior to the end of years one, two, and three, respectively,
and/or the LTV is equal to or greater than 80%, the payment of
Class X interest amount and the VRR Loan proportion of that amount
will instead be diverted into the Issuer transaction account and
credited to the Class X diversion ledger. However, once the trigger
is cured, the held amount will be released back to the Class X
noteholders and only following the sequential payment trigger event
and enforcement of note security can such funds be applied as
available funds.

Morgan Stanley will retain a 5% material economic interest in the
securitization through the VRR Loan.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an economic contraction, leading to sharp
increases in unemployment rates and income reductions for many
tenants and borrowers. DBRS Morningstar anticipates that vacancy
rate increases and cash flow reductions may continue to arise for
many CMBS borrowers, some meaningfully. In addition, commercial
real estate values will be negatively affected, at least in the
short-term, impacting refinancing prospects for maturing loans and
expected recoveries for defaulted loans. The ratings are based on
additional analysis as a result of the global efforts to contain
the spread of the coronavirus.

Notes: All figures are in British pound sterling unless otherwise
noted.

WHEEL BIDCO: Fitch Assigns Final 'B' LT IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has assigned Wheel Bidco Limited (PizzaExpress) a
final Long-Term Issuer Default Rating (IDR) of 'B'. The Outlook is
Stable. Fitch has also assigned its GBP335 million senior secured
notes a final rating of 'B+' with a Recovery Rating of 'RR3' and
its new GBP30 million super senior revolving credit facility (RCF)
a final rating of 'BB' with a Recovery Rating of 'RR1'.

The 'B' IDR encapsulates meaningful execution risks to the
company's recovery from the pandemic and growth in like-for-like
(lfl) sales in an uncertain economic environment in a sector that
is prone to over-expansion and stiff competition.

Rating strengths are leverage that is moderate for the restaurant
sector following its debt restructuring, an established core brand,
a new experienced management team, an optimised restaurant
portfolio following company voluntary arrangement (CVA) in a less
crowded market post-pandemic.

The Stable Outlook reflects Fitch's expectations of recovery in
restaurant covers to 2019 levels by 2022 and sufficient financial
flexibility. Fitch expects healthy profitability, positive free
cash flow (FCF) and average funds from operations (FFO)
lease-adjusted gross leverage of 5.7x from 2022 onwards, in line
with the 'b' rating category. Fitch could revise the Outlook to
Negative on slower recovery, weaker profitability and large FCF
outflows eroding liquidity and leading to higher-than-expected
leverage metrics in 2022.

KEY RATING DRIVERS

Swift Recovery by 2022: Fitch expects a recovery in lfl cover
numbers for its 357 mature UK&I PizzaExpress restaurants to 2019
levels by 2022. Fitch's view is supported by reduced restaurant
supply following the pandemic, pent-up demand for eating out,
investment in its brand and a new strategy to build loyalty under
the experienced new management team. Fitch's rating case does not
incorporate further pandemic restrictions beyond mid-July, and
assumes no material impact from the 'pingdemic'.

Execution Risk in Uncertain Environment: Fitch sees meaningful
execution risks to sales recovery and subsequent lfl growth from
the challenging macro environment and planned expansion.
Uncertainty stems from expected rising unemployment, the
discretionary nature of eating out and, potentially, lower and
slower recovering footfall for sites in cities and tourist-driven
sites. Fitch also sees possible expansion by competitors leading to
an over-saturated market with discounting behaviour driving lfl
sales. Fitch's forecast incorporates nearly 50 new PizzaExpress
sites in the UK&I and 10 internationally during 2021 - 2024. This
follows a reduction of its own operated estate by around 120
restaurants via CVA and other closures during 2020, which allowed
it to cut under-performing sites.

Higher ASPH: Average spend per head (ASPH) - a key revenue driver -
is temporarily higher because of VAT reduction to 5% during the
pandemic, but Fitch anticipates some reduction as VAT gradually
reverts to 20% by April 2022. However, in line with the company's
new strategy not to engage in discounting, Fitch does not expect
ASPH to reduce to historical levels of around GBP14 (2017-2018) for
the UK&I. Lfl dine-in covers at 34% below 2019 levels in the four
weeks to 20 June are compensated by higher ASPH and higher delivery
revenues leading to lfl revenue at just 3% below 2019's.

Good Profit Metrics: The company's expected average FFO margin of
around 12%, is adequate and more reflective of a 'bb' rating
category. Profitability is helped by the simplicity of the pizza
category, food & beverage supply-chain savings, optimised staffing
and reduced rental cost following CVA. Fitch expects revenues to
trend above GBP500 million over Fitch's four-year rating horizon,
and EBITDA rising towards GBP80 million, which is after lease
expense as per Fitch's criteria. Pressures will come from cost
inflation, and the end of lower rents under CVA in 4Q23, which is
somewhat compensated by price and cover increases and growing
scale.

Reduced Leverage: Fitch expects FFO adjusted gross leverage of
below 6.0x from 2022 onwards, following the company's debt
restructuring in 2020. Leverage compares favourably with that of
some Fitch-rated peers although their ownership of assets provides
them with flexibility to reduce leverage, while PizzaExpress rents
all of its restaurants. Fitch forecasts positive FCF margins from
2022 onwards, which would support some organic deleveraging. In the
absence of contracted debt amortisation, Fitch expects accumulated
cash to be invested in expansion or distributed to shareholders.

Established Brand in Popular Category: Fitch expects PizzaExpress
with its well-known brand to benefit in a market with fewer
eating-out options available to consumers post-pandemic. It has
limited revenue diversification from international markets and only
one core brand. However, the company benefits from retail-licensing
income (around GBP10 million historically), which is
margin-enhancing and supports the brand.

DERIVATION SUMMARY

PizzaExpress is rated one notch higher than Stonegate Pub Company
Limited (B-/Negative), supported by stronger profitability and a
more conservative financial structure as Fitch expects PizzaExpress
to deleverage to 5.7x by 2023 on an FFO adjusted gross basis versus
7.0x at Stonegate. This is somewhat balanced by Stonegate's
stronger business profile with a larger size, better financial and
operational flexibility given its freehold property and less severe
impact from Covid-19 restrictions.

Comparing PizzaExpress with Fitch-rated US casual dining peers, Wok
Holdings, Inc (CCC+/Positive) and Sizzling Platter, LLC
(B-/Stable), PizzaExpress's modest size is offset by its stronger
profitability and lower leverage.

KEY ASSUMPTIONS

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

-- ASPH in UK&I at GBP15.7 in 2021, declining to GBP14.7 in 2022
    amid VAT rate rise, then gradually increasing to GBP15.3 by
    2024;

-- Restaurant covers in the UK&I at 16.2 million in 2021,
    reflecting lockdown and gradual recovery. They are assumed to
    increase to 25.8 million in 2022, benefitting from a lower
    supply of restaurants post-pandemic and additional investment
    in the brand, and gradually to 29.3 million by 2024, supported
    primarily by new restaurant openings;

-- 49 restaurant openings in the UK&I and 10 internationally in
    2021-2024, in line with management plan;

-- International sales increasing at 7.2% CAGR between 2021 and
    2024;

-- EBITDA margin at 11% in 2021, driven by lockdown at the
    beginning of the year, increasing to 17.1% in 2022,
    reflecting cost savings (F&B and CVA impact). It will then
    gradually decline towards 15% on the expiration of lower lease
    period under CVA, inflation, higher marketing expenses and
    less than mature sites;

-- Capex at 6%-9% of sales over the next four years for sit
    openings and refurbishments, in line with management plan;

-- No dividends or M&A.

Fitch's Key Recovery Rating Assumptions

The recovery analysis assumes that PizzaExpress would be
reorganised as a going-concern (GC) in bankruptcy rather than
liquidated. Fitch has assumed a 10% administrative claim.

PizzaExpress's GC EBITDA is built on expected EBITDA with
assumptions reflecting a slower and weaker post-pandemic recovery,
with lower restaurant covers and limited ability to increase ASPH
due to a competitive environment and no new openings. The GBP57
million GC EBITDA is 25% below estimated 2022 EBITDA. The GC EBITDA
estimate reflects Fitch's view of a sustainable,
post-reorganisation EBITDA level upon which Fitch bases the
enterprise valuation (EV).

Fitch has applied a 5.0x EV/ EBITDA multiple to the GC EBITDA
valuation to calculate a post-reorganisation EV. This multiple is
within the 4.0x-6.0x range Fitch has used across publicly and
privately rated peers. It considers the scale, limited
international diversification and the one core brand of
PizzaExpress.

The senior secured notes rank behind the prospective GBP30 million
super senior RCF, which is assumed to be fully drawn upon default.

Our waterfall analysis generates a ranked recovery for the GBP335
million senior secured notes, in the 'RR3' band, indicating a 'B+'
instrument rating, one notch up from IDR. The waterfall generated
recovery computation (WGRC) on current metrics and assumptions is
68% based on the new capital structure.

The ranked recovery for the GBP30 million super senior RCF is in
the 'RR1' band with a WGRC of 100%, indicating a 'BB' instrument
rating, three notches up from the IDR.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade (to B+):

-- Fitch does not envisage positive rating action under the
    latest capital structure at least over the rating horizon;
    however, a future positive rating action would be based on a
    strong post-pandemic recovery, followed by lfl sales growth
    leading to strong cash profit margins;

-- FFO lease-adjusted leverage below 5.0x in combination with the
    announcement of a leverage policy / target;

-- FFO fixed charge cover sustainably above 2.5x.

Factors that could, individually or collectively, lead to negative
rating action/downgrade (to B-):

-- Weaker-than-expected recovery, failure to achieve pre-pandemic
    operational metrics due to stiff competition, less successful
    expansion leading to lower sales and declining profitability
    metrics resulting in neutral or negative FCF beyond 2021;

-- FFO lease-adjusted leverage trending towards 6.5x;

-- FFO fixed charge cover sustainably below 1.6x;

-- Tightening liquidity position amid slower recovery or further
    (currently not anticipated) Covid-19 restrictions.

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

Adequate Liquidity: Fitch views PizzaExpress's liquidity as
satisfactory. After projected negative FCF in 2021 due to the
pandemic, Fitch forecasts the company will generate low
single-digit FCF margins and be able to self-fund its medium-term
capex plan through to 2024. Fitch projects the committed GBP30
million RCF will remain undrawn in the next four years.

Its debt structure is concentrated. However, the refinancing has
extended the RCF and notes maturities to 2025 and 2026,
respectively.

ISSUER PROFILE

PizzaExpress is a leading casual dining operator with around 450
restaurants, of which 357 are own operated in the UK & Ireland.

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.



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

[*] BOOK REVIEW: Hospitals, Health and People
---------------------------------------------
Author: Albert W. Snoke, M.D.
Publisher: Beard Books
Softcover: 232 pages
List Price: $34.95
Order your personal copy today at
http://www.beardbooks.com/beardbooks/hospitals_health_and_people.html

Hospitals, Health and People is an interesting and very readable
account of the career of a hospital administrator and physician
from the 1930's through the 1980's, the formative years of today's
health care system. Although much has changed in hospital
administration and health care since the book was first publishedin
1987, Dr. Snoke's discussion of the evolution of the modern
hospital provides a unique and very valuable perspective for
readers who wish to better understand the forces at work in our
current health care system.

The first half of Hospitals, Health and People is devoted to the
functional parts of the hospital system, as observed by Dr. Snoke
between the late 1930's through 1969, when he served first as
assistant director of the Strong Memorial Hospital in Rochester,
New York, and then as the director of the Grace-New Haven Hospital
in Connecticut. In these first chapters, Dr. Snoke examines the
evolution and institutionalization of a number of aspects of the
hospital system, including the financial and community
responsibilities of the hospital administrator, education and
training in hospital administration, the role of the governing
board of a hospital, the dynamics between the hospital
administrator and the medical staff, and the unique role of the
teaching hospital.

The importance of Hospitals, Health and People for today's readers
is due in large part to the author's pivotal role in creating the
modern-day hospital. Dr. Snoke and others in similar positions
played a large part in advocating or forcing change in our hospital
system, particularly in recognizing the importance of the nursing
profession and the contributions of non-physician professionals,
such as psychologists, hearing and speech specialists, and social
workers, to the overall care of the patient. Throughout the first
chapters, there are also many observations on the factors that are
contributing to today's cost of care. Malpractice is just one
example. According to Dr. Snoke, "malpractice premiums were
negligible in the 1950's and 1960's. In 1970, Yale-New Haven's
annual malpractice premiums had mounted to about $150,000." By the
time of the first publication of the book, the hospital's premiums
were costing about $10 million a year.

In the second half of Hospitals, Health and People, Dr. Snoke
addresses the national health care system as we've come to know it,
including insurance and cost containment; the role of the
government in health care; health care for the elderly; home health
care; and the changing role of ethics in health care. It is
particularly interesting to note the role that Senator Wilbur Mills
from Arkansas played in the allocation of costs of hospital-based
specialty components under Part B rather than Part A of the
Medicare bill. Dr. Snoke comments: "This was considered a great
victory by the hospital-based specialists. I was disappointed
because I knew it would cause confusion in working relationships
between hospitals and specialists and among patients covered by
Medicare. I was also concerned about potential cost increases. My
fears were realized. Not only have health costs increased in
certain areas more than anticipated, but confusion is rampant among
the elderly patients and their families, as well as in hospital
business offices and among physicians' secretaries." This aspect of
Medicare caused such confusion that Congress amended Medicare in
1967 to provide that the professional components of radiological
and pathological in-hospital services be reimbursed as if they were
hospital services under Part A rather than part of the co-payment
provisions of Part B.

At the start of his book, Dr. Snoke refers to a small statue,
Discharged Cured, which was given to him in the late 1940's by a
fellow physician, Dr. Jack Masur. Dr. Snoke explains the
significance the statue held for him throughout his professional
career by quoting from an article by Dr. Masur: "The whole question
of the responsibility of the physician, of the hospital, of the
health agency, brings vividly to mind a small statue which I saw a
great many years ago.it is a pathetic little figure of a man, coat
collar turned up and shoulders hunched against the chill winds,
clutching his belongings in a paper bag-shaking, tremulous,
discouraged. He's clearly unfit for work-no employer would dare to
take a chance on hiring him. You know that he will need much more
help before he can face the world with shoulders back and
confidence in himself. The statuette epitomizes the task of medical
rehabilitation: to bridge the gap between the sick and a job."

It is clear that Dr. Snoke devoted his life to exactly that
purpose. Although there is much to criticize in our current
healthcare system, the wellness concept that we expect and accept
today as part of our medical care was almost nonexistent when Dr.
Snoke began his career in the 1930's. Throughout his 50 years in
hospital administration, Dr. Snoke frequently had to focus on the
big picture and the bottom line. He never forgot the importance of
Discharged Cured, however, and his book provides us with a great
appreciation of how compassionate administrators such as Dr. Snoke
have contributed to the state of patient care today. Albert Waldo
Snoke was director of the Grace-New Haven Hospital in New Haven,
Connecticut from 1946 until 1969. In New Haven, Dr.
Snoke also taught hospital administration at Yale University and
oversaw the development of the Yale-New Haven Hospital, serving as
its executive director from 1965-1968. From 1969-1973, Dr. Snoke
worked in Illinois as coordinator of health services in the Office
of the Governor and later as acting executive director of the
Illinois Comprehensive State Health Planning Agency. Dr. Snoke died
in April 1988.



                           *********


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

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

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

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